My Analysis...I spoke with Mark on Friday and I can tell you he certainly knows of the frustration of everyone here and expressed his own. Some of which I think is reflected in the PR. I don' think this is the complete release Mark wanted to put out, but since he's been left swinging in the wind with little option he had to say something.
I appreciate that OX have clearly pointed the finger at thegeologists, employed by OSK. Certainly this won't Mark many favours... sort of the "Ireally want to do this but the lawyers won't let me" ploy. If its the truth though it should sting and maybe something will happen as a result. At least we can debate and argue the timing and the contents of the next press release for our endless amusement.
Really annoyed though that these PR never get simultaneously released byboth OX and OSK and put on the web page all at once. Really seemsdisjointed in that that OX looks like it's speaking for OSK and in this PR they commit them to drilling. Presumably their board approved the drilling campaign but yet they feelno need to tell their own shareholders? Frankly it smells like theystill want to keep some distance so they can cut us loose in the future. I said earlier I think a game of corporate poker is being played. Right now my gut tells me OSK is trying to shake the tree on management and shareholders with the AGM coming up.
No one has been told where the RC drill holes are located. They had one monster truck up there, so where the heck did it go and drill these holes?
Did anyone notice that Paradox is now dropped as an IR firm from the press releases? On the last one both firms were listed.
From the MD&A here are a few things I noticed:
On the bottom of page 3 related to the drilling "In the last Mineral Resource Estimates (MRE) compliant with the NI-43-101 Technical Report dated August 4, 2009, the results of some historic drill holes were assumed at 0 g/t Gold; the 18 holes of the Phase 2F were drilled in order to replace some of those historic drill results by assay results which are in conformity with the QAQC Sampling and Analytical Protocols actually in application; those changes will increase the ounces of gold in this portion of the Goldboro Property in the next MRE." However its a bit confusing, because later on they mention 2D & 2E drilling to replace non compliant resources but don't actually mention whether this will increase the resource count.
I also find it interesting that for the Dolliver mounting drilling they imposed a cut-off of 60g/ton but not on any of the other results?!? Certainly the Dolliver Mountain stuff will definitely increase theinferred resource count. They did come up empty on a few more holes than I thought.
1.4 Million Warrants have been exercised since January of this year. 7.4 Million warrants expire on December 30th of this year. It will be interesting to see what happens with those.
Company reports $613,514 in Cash and Equivalents but avoids really discussing that there are $2,509,268 in term deposits (mentioned only once). So really the company at the end of June had $3,122,000 in cash to spend. The presentation of the company's balance sheet is messy - you have to dig to figure out just how much liquidity and current assets they have. Regardless with respect to the cash and term deposits - none that is reserved for future exploration - this means all the money raised through Flow Through shares is spent... and management can spend that 3.1MM on whatever is required (mill, facilities, staff etc.) So the company is in fairly good financial shape.
Also no forward looking statements with regards to claim renewals. We have 900+ square kilometers of claims that come up for renewal on November 26th. We have not indiciation on what will be kept and what will be let expire. Presumably they've had 6 months to pick out the claims that they want to keep. They cannot possibly have done enough field work on everyone of the claims to keep them current without spending renewal money.
The net for me is we see the source of the delays, perhaps an effort to pressure the big guy in the marriage (J/V) with what little leverage we have (calling them slow-pokes) while we hold onto their cash.
Interesting but not earth shattering. Lets see the RC and Metallic Assay results.