Second drill results from Baramine expected mid september
Follow up drill from Baramine end sept with results end october.
*Targeting DSO Mn orebodies (.5-2mt) on structures
Resource estimate Feb 2010, initial reserve target of 2-3mt with initial production rate of 500,000tpa
Placement stock (15c) became available this week. (second to be approved by shareholders). AGO and OMH participated in the placement. AGO took up $800,000 (9c) in a placement in may to maintain their holding.
**Atlas holds 42.7% **OM Holdings 12.5% or $3.4M (on market from may? to 04/08/2009) Avg. 16c Paid as high as 22c **M/C 28M
**before recent capital raising
IMO:
OMH and AGO have put over $4.5M into SRR in the last 4 months and that doesn't include what they put into the recent 5M capital raising. Apparently who buys shares in a co. is irreverent, or so I have been told.
It took me 2 months to get my holdings as I didn't want to pay more than 17c, than a quick offload by a placementee? to 15.5 this week, ffs. Market responded well to ARM.
If the results don't impress it would be a low exit, so be careful. A tax loss isn't going to hurt me at this stage so I'm prepared to write off my entire holding (doesn't mean I would be happy about it).
Current resistance at 18c.
AGO and OMH are both currently cashed up.
SRR Price at posting:
16.2¢ Sentiment: Buy Disclosure: Held
