Hiya George! I saw your post & forwarded it to MMU prez Rick Boulay (which was great
because he responded promptly, to the benefit of us all).
Here is what RB was generous enough to reply:
====================================
The questioner may not understand that we are not allowed to "drop notes" we can
only disseminate information by news release or in response to a direct
question. Ask and we will respond.
We cannot comment on our stock price. However, we do note that the mineral
exploration market is awful. One company we know very well has over $5 million
in the bank and has an advanced project. Their market capitalization is lower
than ours. Does not make sense but there it is.
As to the diamond samples, we expect news within days. It has been a long haul
and some of the delays are related to our requirement that we fully evaluate the
metallic mineralization character of the core. This took time and delayed the
processing for diamond and diamond indicators. Also, frankly, we introduced
about a two week delay into the analytical procedure for cash management
purposes. We have to watch the cash outflow very carefully. Oops! Just made a
promotional mistake. I'm not supposed to inject the harsh realities of running
an exploration program into messages to shareholders. But the reality is that
this game has a business management side to it just like any other business.
Anyway, as it happened the samples took a lot longer to process and we
introduced a delay that was not necessary for cash management purposes. It was
a small mistake but we like to pay our bills on time and keep current with our
contractors. Now we are in waiting mode just like everyone else. However, the
wait turned out not to be material to the conduct of the exploration programs.
We have had a strange bonus in that the highly unusual snowfall last winter and
recent rainfalls in Alberta have prevented us from going to the field. The total
delay is about a month and even now we do not feel that we can effectively begin
sampling for another four or five days, maybe a little longer. This situation
has given us a lot more time to define targets based on a structural study of
the area. The outcome of the study is really interesting and has yielded a
number of target areas and target situations we did not anticipate. We
incorporated our own structural analysis of the actual Ashton pipes into the mix
and the pattern is far from a simple point and shoot based on magnetics as many
observers thought. Should be an interesting summer.
I agree with the comment that the Golconda project sounds fascinating. We have a
good investment in a spectacular project and as shareholders we are not on the
hook for a share of the exploration costs. It sure is interesting looking core.
It is described accurately in the Golconda news releases but the description
does not fully convey the potential of the project, in my opinion.
There was come comment about the "end being near". Not quite, we are running
very lean but we have a valuable land base and we are fully confident that the
Alberta Diamond Play will reactivate with a vengeance. Probably before the big
land turnover in mid-2000, likely to the dismay of some of the major players who
would benefit from a dead ADP for at least another 14 months. It will be
interesting to see the bidding strategy develop as the land drops away and the
relatively few real players make their decisive moves to acquire the freed land.
But that is for next year. This year its really very simple. Its a bet on the
Alberta Diamond Play. Ashton is a steal at its current price, it has accessible
pipes and explorable land. The next best bet is Marum, not only because of our
exploration efforts, but because we control a significant percentage of the
explorable and mineable real estate in northern Alberta, defined by good geology
and thin glacial till cover. Its not complicated.
As to the metallic play, we are excited by the astounding preliminary results
but we do not yet have the extensive data base required to give us a "feeling"
for this new play.
As to our anticipated news timeline. We expect diamond analysis results within
days, then we expect to announce the begining of the sampling program when it
actually begins as dictated by ground conditions, probably between 6 days and
two weeks from now. Then an announcement of visual field results, if warranted.
Then visual results of field processing of diamond samples, then metallic
results on selected samples, then, eventually more diamond laboratory results.
Following two months of relative quiet, mid-July, August and September should be
a noisier and more fun. Stay tuned. I'll try to post some of the structural
images in about a week as we redo the project website.
In closing, I repeat that I can respond to direct questions addressed to
president@marumresources.com
Attribute this to me if you post it.
Rick Boulay
====================================
-----------
Best always-- the goods are still in the pen, ;)
-j
:> |
