Hey y'all I'm back from the AGM...just logged on, would have posted more from the R-C but my laptop bit the dust. Anyway, had a great time, mets lots of fantastic people, will certainly add a new dimension to posting here.
Spoke to Sam Shaw at length after the meeting, great guy, real gentleman, very smart, softspoken, grandfatherly type of guy.
(1) Fire assays: this is important because not only does it bring IPM back into the "mainstream," it makes assaying much quicker and easier. He thinks this will enable them to start estimating reserves quickly...from talking with Eli also, I think they will go back and re-assay the 121 holes from the drill program using fire assays, very quickly
(2) Friendship Metals: they are in Nevada, a fantastic lab in Las Vegas, both Eli and Dr. Shaw compared it to a "clean room." Is either about to be sold or has been; the guy who owns Friendship is bulding another. Dr. Shaw confirmed their existence: if you think he is lying, get some help.
(3) Refiner report said not only au, but silver--91 percent. Eli sez: this iwould be a great funding source (hint hint). Eli: how to fund the extraction plant? Prove up a reserve on the 121 hole program using fire assays, get 10mm oz at, say, $50 per ounce in the ground, bank says, we'll loan you 70% of that, so IPM now gets $350 mm. Not bad!
(4) Big quote of the day: "we do not want to be, nor do we intend to be, a marginal producer." heard it from Eli, Alan Doyle, Dr. Shaw.
(5) use of water om production: Dr. Shaw envisions it as a closed system, most of the water can be recycled, except for about 20% that goes out with the tailings. Factor this in to any water cost calculations.
Lots more, need to kick back and digest, think about stuff...glad I went, hearing about the phenomonal amount of work they have done, and are doing, and will do, on so many different fronts, convinces me more than ever that this thing is FOR REAL
Regards to all, Otter |
