Spoke with Jim...I spoke with Jim last week... First 43-101 is expected by the end of the month, and he repported no bad news - nothing contradicting our expectations/projections.
He confirmed that my earlier post, "As far as I am concerned...", was pretty much on the mark, except for my conversion factor (specfic gravity). It should be 2.55 not 3.5, which reduces the tonnage to 96,000,000, which would be 96,000,000lbs of moly based on our avergae grades. My original number was actually a guestimate, as I had not been able to reach Jim at the time to get the correct specific gravity for the ore. I expect/hope that our fist 43-101 will contain roughly 100,000,000 tonnes containing 100,000,000 lbs of moly.
Also, Jim expects the recovery to be the recovery rates during processing the be in the range of 80-90%, and explained how the moly ore at Gamma/Nithi has better characteristics than that of Endacko - something about the flakiness of it and the fact the moly could be more easily 'floated-off' the host rock (ore) during processing.
He also mentioned something about Endacko having some blue-quartz (I think) veins hosting moly at high grades, but that TCM have been able to release the moly from this stuff during processing, so obviously its affecting their recovery rates. Just because the high grade stuff might exist in your deposit, it does not necessarily mean that you will produce more moly - metallurgy may prevent you from actually isoloating it from the ore. Jim reports we have no such issues with our Nithi moly ore.
As long as the world continues to need moly, and that markets sustain +$15/lb prices, this a a great story that requires only patience for MINIMUM 10-bagger success from these levels...
Intstitions hold 45% of this company, and according to Jim have not sold. In fact, apparently some want more... Jim reported that he is is fending off money from several sources hoping to to get the SP up to much more reasonable levels so he can do a financing with much less dilution. He also mentioend that he has enough money to get his 2008 drilling program in gear, and plans to start doing more exploratory drilling in the other zones at Nithi this year, concurrent with continued 43-101 drilling. He expect to be able to increase the intitial resource at Gamma (this does not include the other zones) by between 50% and 200%.
One other thing, the results of all their recent geophysics surveys utlizing some very intresting new technology (I will not get into the details because I did not remember/understand everthing he said) has given them a very interesting picture of Nithi, which indicates that there may be more going on at Nithi Mountain than originally suspected. The implicit suggestion Jim made was that there could be even more moly in the area than the current know zones, or that those zones could much bigger than previously suspected.
For those of you looking for "stateside", I think you may find him over on the MET board licking his wounds... Maybe he will come back over here and enjoy some success with us.
My suggestion... Buy, buy, buy.
Regards,
B.