I too would have preferred "monies spent in NZ being spent on drilling for the BONANZA Zone at Agate Creek", since it is clearly LNY's intention to establish a firm financial footing and significant cashflow from the initial high grade gold production @ Agate Creek, to further progress the other set of projects.
However, 0n 30 Nov 2017, LNY states:
"The hole will substantially complete Laneway’s statutory drilling obligations for this permit prior to the expiry of the current 5 year term and possible Extension of Duration."
On 01 Feb 2018, LNY reports:
"A 5-year Extension of Duration (EoD) was recently granted by NZP&M over the Owharoa EP 54216. The Project area now covers 58km2."
I'm guessing it was a case of use it or lose it!
Moreover, if you are seeking a respectable JV partner/s, then you need respectable bait.
Also worth noting, with respect to NCM's reported dislike of "snail-paced progress with the bureaucracy" - LNY report: "drill ready with all permits in place and drill access completed".
Cheers,
LNY Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
