Roxmark Roadshow.......Toronto Report....
Here goes: There were about 50 people in attendance. Representing the Roxmark were Monir Younan and Philip F. Cunningham. Was told Jim Richardson was there but I did not see him (he did not speak anyway). The presentaiton lasted about 40 minutes with some questions.
What's new:
-Northern Empire Gold Mine - Slides showed Contact Zone drilling done confirmed 25,300 ozs. as NI 43-101 compliant(proven) with inferred 300,000 ozs.
They report drilling only the surface of the Contact Zone above the diabase. Monir said the mine has "resources to justify re-opening it". They also indicated that they were not doing more surface drilling in this area. They feel confident about the 10M estimate to de-water and re-open this mine but did not say exactly how they were going to raise the money. When asked about a JV for this project, they indicated that they would prefer to operate this mine on their own without a JV partner but also, did not rule that out.
Local government is re-training forestry worker to operate this mine. The re-training will be paid for by the government and not RMK.
Regarding their mill, it was said that they will provide "custom milling" to interested parties as a source of revenue. The mill can be easily upgraded at "minimal cost" to 500 TPD. What was interesting was the fact they reported that the mill has already had its closing costs paid by the previous owner. Therefore, when they are finished with it, they can simply walk away from it, at no cost.
Their focus seemed to be on the Nortoba-Tyson Moly & Gold property. There is a second bulk sample underway.
They also reported that they have found significant copper along 400m strike.
Also, they plan to drill gold viens No. 1 & No. 2 in the spring of 2008.
They suggested that gold values here are better than 1 oz. per ton.
They are also stripping, channel sampling and mapping in this area. They seemed to be the most excited about this area and the gold & moly prospects it holds.
Regarding the Geraldton JV with PG, Monir confirmed that PG has five cors samples with visible gold and that PG is "EXTREMELY EXCITED" about their progress to this point. They can't wait to drill "paraell structures" in the area.
He also said that PG will spend 8.5 to 9 million here and not the 7 million previously reported.
The first year will see 2.5 million spent on this mine.
Also, Monir said that PG could gain up to a 51% ownership in the LLMine and not the 70% previously reported (maybe this was a mistake on his part).
Cunningham said he liked the "macro environment" for gold and also said he got involved because of his confidence in STan Malouf whom he has known for 40 years. He also suggested he wanted to diversify his holding and thought RMK was an excellent way of doing it. He kept saying the word "potential" and indicated that RMK was just "scratching the surface".
Cunningham seems to be the brains behind this in a Cheney-Bush kind of way. That is fine with me as Cunningham was probably the reason so many industry people were there today.
All in all, it was a professional presentation, not over slick and right to the point. This area is "heating up" and good things will come to holders of RMK.
GLTA By: arachne - at another RMK forum
http://www.roxmark.com/pics/n-empire_longitudinal.pdf
it was a rich Gold mine in the first case - and the oldtimers only got a sniff of the Au treasures bellow - Imo. Tia. God Bless |