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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: ogi who wrote (22440)	12/1/2004 10:08:22 AM
From: sporky	Read Replies (1) \| Respond to of 312643

Ogi, you raise some good points, points that I have also thought about lately. I am also long TVC and hope results are good, getting impatient though.

To: ogi who wrote (22440)	12/2/2004 6:54:08 PM
From: ogi	Read Replies (1) \| Respond to of 312643

A Tournigan Update for the thread I spent 3/4 of an hour talking with Gary Stock from TVC yesterday. Damien Reynolds has gone to London U.K. then home to Australia for a break. Gary has suggested he will get me together with Damien when he returns. I did not bother emailing Damien. It was a long conversation and difficult for me to summarize all but I will try to give you what I can. Regarding non compliance issues. This appears to have been triggered by some confusion between the historical reporting and the Peatfield report from 2003, which was compliant and took the old numbers into consideration. The company was submitting everything through the TSX.v FIRST and so thought they were acting beyond reproach. Then it turned into a nightmare of bureaucracy. I don't really understand all this but I was confident they were basically sideswiped unexpectedly into a morass of picky interpretation by regulators. I am sure I have seen lots of press releases from other cos not really any different and they never faced the same censure. So, I don't hold them as much at fault as I might have before. The Sprott financing is John Embry who did not participate last time. He has apparently taken a more positive view of the company now. The financing gives greater flexibility as they would have spent most of their cash to complete current work. Did not want to finance between work programs with a lower treasury.They want to move forward doing underground development at Currinaughlt rather than extensive infill drilling. This will aid future mine development, bulk grade and metallurgical testing. This will also allow for exploration of new structures across strike discovered in the last deep drill. They were pleased that the deeper drill found within 10 metres the vein they projected would be there. There is already 700 metres of underground development at Currinaughlt. The prefeasibilty report being done by AMEC is late because that company was uncomfortable with the guys that were doing the resource estimate at Currinaughlt. Did not feel confident that they had the right experience with this type of vein deposit to accept their modelling. So TVC had to bring in a new company to do the resource estimate and start over to Amec's satisfaction. That resource calculation is very near completion and will allow the prefeasibility to get done. The drill results are slow because they have been shipping core to the lab in Ireland from Slovakia. Slow, slow shipping. The Irish lab was very reliable for Currinaughlt but they are weeks behind with the Kremnica assays because of silver.They did not assay for silver in N Ireland so did not foresee the Irish lab's delays with silver in Kremnica core. So slow shipping and slow silver assays.Gary S had worked for Argosy and helped get the Kreminca property deal for TVC. He is not aware of an accredited lab available in Slovakia but did comment that Argosy went to a lot of trouble to have a sample preparation lab when they worked the property to make shipping easier and speed the assay process. TVC just ships to Ireland. They have drilled 7 holes outside of the measured Sturec zone at Kremnica. Results are now being compiled. They have also drilled 8 reconnaissance holes in the area of Kremnica south which is a very large area. They have not done Geophysics ( ryholite cover interference?)but geochem on 200x 20 spacing at Kremnica So. Six holes were drilled on a hill in approximately a 300 x 300 metre grid. Then a step out to a ridge up to 3km away. There are two drill rigs working but it is apparently tough going and drilling is costing as much as $300/ metre. There are warrants expiring the end of December which he feels have been a source of selling. Shares are held 35% institutional, 20% management, 10% corporations. They need to build ozs at Currinaughlt and overcome skeptics regarding mining in N. Ireland. They still want to get modest production there to create cash flow. I asked if it wouldn't be easier putting Kremnica into production. He said that scenario has been considered but the CAPEX would be much higher than Currinaughlt so that remains the focus for now. My overall impression is that the value remains there but they are having enough problems to greatly slow the timeframe from what I would have had in mind when I bought in. I don't think there is gross incompetence, just hurdles to overcome. Drill results from Kremnica must add to the resource. Kremnica South drilling is basically scout holes and if they are poor could hurt the stock. Hope this helps. Cheers, Ogi