Hi, Shaw:
Ya, good point. I think the run began in Sept 99 and it was done before that(?).
Just saw the NR for Messina acquisition, dated 4/14/99.
A few other ways that value has been added to Messina in the past 2 years:
- Increased reserve/resource from 10M oz PGMs to 16M oz.
- Initial feasibility called for production of 160k oz/yr. Recently stated publicly that the goal is to increase production to 600,000 oz/yr in 5 years.
- Bulk sample testing revealed that ore processing costs could be reduced, using simpler methodology, reducing capital costs.
- Recent API initiative, putting us into limited production a year early.
Makes management kudos even more warranted, imo. With PT and PD pretty well doubling, SUF was in the tank and got no pop off it, after the Messina acq. Now with a sound plan, share distribution, tinkering institutional interest and some solid IR, it's flying! Very well done.
Either someone was very astute in making the initial purchase of Messina, or very lucky, or both.
Geoff |
