Marcos, NGT AGM
Expecting announcement on acquisitions in 3-4 wks.
Cash from the 45 short form offering and 2/3 of the
55 PP went thru (even though stock was lower) giving about 1.3M in treas, better
than I expected, enuf for the PDG payment 500k next
mo and about enuf for the 875k due Nov 23 (my guess may need little more by then, spending is heavy, read fin repts).
Lawyers working on getting operatorship for AAS in Mex
(PDG ok still needed even though they signed off on JV)
then will have sub working on stripping. Seems some of
the PDG permits can be re-activated without too much
delay for the follow on work. (Alamos has been unable
to do any real work until they get operatorship,except
the prev shallow drilling).
They have new hire with lot of exp in mine dev, re-working
PDG data (PDG assumed linearity of grade for all calcs,
did not optimize mine plan for the hi-grade structures).
Trying to firm up a mine plan that would be economic at
low POG, need to vet this with independent consultant of
course, already on board, expect some results 2-4 wks.
Then if AAS recovery testing pans out, would have more
favorable economics. (I'm not saying the economics may
not already be good at todays POG.)
No news on the JV partners getting together, but I had
expected that further meeting on this were due soon, will
be following up on this.
Overall their cash situation is better than it's ever
been, AAS may get operatorship in about a week and
be able to finally get moving on Mulatos, and maybe we
see better mineable grade (calcs being done for larger
mine size than the Estrella zone 10MT, up to 25MT, dep
of 1.5M oz or more).
Then we should be hearing some new
prop news (seems to me would have to be low cash entry
with the PDG payment requirements). Could this guy
pull another rabbit out of the hat ? Roulston seems to
think new assets for NGT while AAS works Mulatos are
where we're going.
Not investment advice, I am long both NGT and AAS,
holding because of the value I see in Salamandra. |
