Outstanding Results!.... The Push North is proving up additional mineralization....not included in the Updated NI 43-101 Resource Estimate.
Section 90+50E:
E12-175......139.80 metres @ .82 g/t
E12-177......143 metres @ .72 g/t
E12-182......316 metres @ 1.38 g/t
It is important to note that the above mentioned holes are spaced about 25 metres apart on the same line on Section 90+50E and moving to the North.
The only negative finding with these latest expansion findings if you can call finding additional gold resources negative is that they picked up the mineralization about 400 metres downhole....we do not have access at this time to the actual angle and direction of drilling at this particular point in time but I would estimate the findings to be located at a vertical depth of approximately 350 metres.
I strongly believe that due to the current, most excellent Strip Ratio of about 2 to 1 there is plenty of room to expand the present Cote Lake Open Pit Parameters and go after much deeper mineralization that expansion drilling is beginning to delineate and mine it in a most economical manner. The Push North involves 4 drilling rigs....the findings do not surprise me at all....totally expected! My study and analysis were pointing to expansion to the North and to depth which I pointed out on many occassions.
Question: Will this be enough to sway the vote?
Let us hope that we will get a strong "against" vote in the upcoming days! Remember...and this is very important....the proxy vote deadline is tomorrow..June 13, 2012 at 11:00 AM. This is regarding the proxy vote only where we have instructed others to vote on our behalf...instructions must be received by the deadline...otherwise "they" can vote them in any fashion that they so please. You must vote by then.
However, actual shareholders or representatives of such can vote at the meeting...this thing is not over!
The market action is telling me that some still believe that this can swing either way!
It is very disappointing that the Preliminary Economic Assessment will not be released...it would of helped...no doubt...but...it still may if we get a no vote...it will buy us time!
Facts to date: Iamgold holds 17,547,800 voting shares....9.90% of outstanding shares.
Management holds 2,988,891 Common shares
4,872,000 In the money options
Management plus other entities that signed on to the Plan of Arrangement
hold 8.4% of outstanding shares.
Total Confirmed that will vote "for" (yes)........18.30%....they need 48.36% more to get to 66 2/3% to pass the agreement.
Another thing to keep in mind is that Iamgold presently owns 9.90% of the outstanding shares....question....what will they do if they get a "no" vote? In my opinion they are going nowhere...too much at stake....up the bid...to be sure!
Please...do not be afraid of a "no" vote....the shares will not come crashing down as some have predicted....not going to happen!
A "no" vote will open the doors once more and we will get more money!
Yes...they will have to honour the terms for 12 months...but...so what...an improved offer will come swiftly...Iamgold wants to keep the upperhand.
Digger144
P.S. The share price will hold....a tremendous amount of shares were purchased in the $3.29 range!
I believe a "no" vote will quickly move the shareprice upward....to a range which reflects a more realistic value of what we are worth!