GDR overdrilled the resource and ONR has stated they will be doing more of the same. This outfit may do OK if they conduct a holding operation waiting for a buyer for their top drawer tenements. Within three years, both MCO and HRR are likely to be cashed up enough to be looking around. Well before then, the district is likely to be attracting attention. The Woods Point/ Walhalla zone is endowed with some seriously mineralised quartz reefs.
Don't get overly excited by this placement. The price is certainly attractive but the quantum is seriously limited. From my reading of today's announcement, the total $$$ value of the placement is $200,000. That's two hundred thousand smackeroos to be shared between all investors.
Allocation of the new shares will be entirely at the discretion of the directors.
I'm a geologist , not a finance guru so if I've read the announcement wrong, someone please tell me.
cheers.
GDR overdrilled the resource and ONR has stated they will be...
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