Selected explanations on where we are with the updated 43-101. Looks like we are working with those who own L2 as well. :)
"Although data is yet being compiled and analyzed for an updated reserve report on the various mineralized Langmuir zones, more drill corings have been recommended to provide the data which the engineers deem necessary for accurately determining those reserves. A drilling plan, specifically coordinated for that purpose, is being readied for that data.
Efforts continue toward completing an updated NI43-101 reserve report to include that additional tonnage indicated by additional drilling in the Langmuir Extension and the North Zone. In a review in preparation for that updated report, it was determined that more detailed information was needed in certain areas that report was to encompass. To obtain that data, the Company is just now completing preparations for that that drilling. A plan authorizing that drilling is expected to be issued shortly.
A fundamental issue in rendering a reserve report yet includes the cut-off grades of the mineralization to be considered. Factors at issue are projected costs of mining, the availability or cost of transportation or processing facilities and, of utmost importance, the projected price of the minerals recovered. Mining of nickel occurring in the range of 0.20%, particularly where large reserves are present, open-pit mining is possible and processing facilities nearby and other needed infrastructure items already exist, appears to be in the range of economic feasibility when nickel prices are at the range or above those presently prevailing.
Apart from the exploratory activity being carried out in the field, Management is encouraged about recent conversations with adjoining claim holders. Initial discussions indicate openness to joint venture exploration and possible future development of the larger bodies of lower grade mineralization trending from the Company‟s Langmuir Property onto adjoining areas. Those discussions also suggest openness to the same type of arrangement of the higher grade mineralization in the area of the Langmuir No. 2 mine."
