Hi West Aussie, you and ROY need to present something a tiny bit more substantial than old GBG publicity if you are seriously trying to convince anyone.
There is an overiding disclaimer to the whole box and dice that sums up the whole deal-
"The paucity and age of the drilling data means that the potential quantity and grade can only be considered conceptual in nature. There has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource."
Basically, they are paying $30m (not $5m as suggested) PLUS all associated costs to bring it to a BFS, in 5 or more years time. Then add at least another 3-5 years before first production leaves a concentrator. I'd guess 8-10 years in all to startup.
And the whole deal is based on a 40 year old postulation of an unidentified "Whitten".
I love the very last bit on the end of the announcement, which I interpret as-
"Oh, we nearly forgot, we need you guys to fork up so we can pay for it." "We don't want to use our own money because it's a little risky and expensive, and in any case, later on, once you've paid for everything, we'll just issue ourselves tens of millions of shares if it all works out"!
Shouldn't that have been at the start???
MFE Price at posting:
7.8¢ Sentiment: None Disclosure: Held
