RE: Tamerlane Contracts Major Drilling Program foNot only do they save in shipping, they get significantly higher prices for the concentrate, so it's a win-win with lower costs and higher realized prices.
Had TAM not started the process back in '04 when prices were low, they'd have chosen an entirely different development path. If they had, they would have done the confirmational drilling on the entire deposit in '05, moved it all into 43-101 compliance and had a 15+ year mine life. But they chose the ultra conservative route to simply start on the extremely high grade R190 deposit unaware that prices would double or triple.
Now, rather than the market realizing what most on this board already realize (ie that significant portions of the 60MM tonnes of resource will be mined), we have a disjointed story that has confused the market. Couple it with an extremely lame promotional effort and we get a company that carries a lower mc than rank exploration plays instead of a company with a well deserved $100+MM mc as we sit today.
If the share price doesn't rebound soon, some institution is going to wise up and snap up TAM for a pittance. I'd pay $50MM for TAM as I'm sure in a few years I'd triple my money and over 10 years, see 20x return on investment.