RE: So quiet......I would doubt any of the top 1/2 dozen bidders now are playing the "stink bid" game. I think the "tire kickers"were weeded out in the first group of 50 companies that showed interest in the property. Everyone knows the value of the deposit. Many of the Indian companies have gone to additional expense on this. RNIL, separate consultant reviews of the property , NMDC tendering for joint vendors for this proposal in which Arcelor Mittal has bid to be involved. With the growth of India not likely to slow and the reserves of India at 6 billion tons, they would love to get their hands on another 9 billion to support future growth. That being said, some of the big boys, BHP, Rio, etc are not going to sit back and watch that happen without raising the stakes, etc. A bit more patience required but likely still some downside possible in the share price while we wait
JMO
brax21
Interesting Info from the last release
MILESTONES AND BUSINESS OBJECTIVES
2007 Milestones
The Company outlined three main business objectives for the 2007 fiscal year. These are
restated below along with the milestones achieved.
1. Securing a strategic investor by December 31, 2007.
This milestone was not completed, but significant progress was made in search for a strategic
investor through a defined process by our financial advisors, Credit Suisse and Miller Mathis.
This continuing process has lead to the receipt of confidential non-binding expressions of interest
from several potential strategic investors.
2. Concluding a Pre Feasibility Study on the KéMag Project by June 30, 2007, which
included an in-fill drilling program and metallurgical testing.
This milestone was completed. The positive KéMag Preliminary Assessment Study results were
published on July 30, 2007.
3. Selecting the KéMag or the LabMag project for advancement to the Feasibility Stage by
September 30, 2007.This milestone was completed. The KéMag Project was selected for advancement to Feasibility
Study on July 30, 2007.
2008 Business Objectives
The 2008 objectives of the Company are:
1. Start DSO Impact and Benefit Agreement (“IBA”) process by Q1 2008 (completed)
2. Obtain DSO strategic investor by Q3 2008
3. Initiate DSO bankable feasibility study by Q3 2008
4. Complete a 5000 meter DSO drilling and bulking sampling program by Q3 2008
5. Establish NI 43-101 DSO Mineral Resource Estimate by Q4 2008
6. Complete agreements in principle relating to three railway tariff agreements for
transportation of DSO products and a port agreement for the loading of vessels at
Pointe-Noire by Q4 2008
7. Complete a 4000 meter KéMag winter drilling program by Q2 2008
8. Obtain a KéMag strategic investor by Q3 2008
9. Start a KéMag bankable feasibility study by Q3 2008
10. Complete a KéMag summer infill drilling and bulk sampling program by Q3 2008
11. Update existing NI 43-101 KéMag Mineral Resource Estimate by Q4 2008
12. Reactivate discussions concerning the LabMag Project with the Government of NL by
Q2 2008.