SNAKE WELL update:
the company is going to spend approximately $US 2m on setting up a low cost plant to begin mining the low surface laterite gold deposits. This will be announced shortly.
Laterite deposits, because they are so near to surface are generally quite cheap to mine, therefore, the company will be reaslising production cash flow toward the end of next year, and all into 2008. This is fantastic timing, as I am expecting gold prices to continue their strong price run of late into this year and next, allowing GIR to maximise their profit margins at Snake Well
In addition, the company is going to announce an upgrade to their resource base at Snake Well, which will be more good news.
More details will be announced in their quarterly report which will come out by month end, however, I suspect that the resource upgrade announcement will be a separate ASX announcement.
As stated before, Bell Potter research analysts have been looking into the company, and I understand that GIR is now on their watchlists.
It has been a long time coming, but the market is finally waking up to what GIR is worth. There is still such a long way to go yet.
announcement first week of feb likely, page-7
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