Update I've leared that ARZ doe NOT officially need to pony up the remaining $9 million (Phase 3) until the final day of the final phase (around May or June of 2013 if I'm not mistaken). ARZ is dealing with some of its own issues right now – it has forecasted 150,000 ounces of production this year and is roughly 10,000 ounces behind on production. If it misses the 150K target, the stock won't fare well. So it's focusing itsresources on getting back on track to reach 150K ounces this year. Otherwise, ARZ is very pleaed with NOX and Marban. Funny, if ARZ did not proceed with Phase 3 (highly unlikely), that won’t be so bad for NOX – they’ll have been gifted $11 million in exploration dollars (already spent – you can see the return on that - $2.1 million ounces and counting) and they’d still own 100% of the project!
Also, with respect to the last 43-101, ARZ chose the third-party that handled it and the highly conservative approach used probably cost NOX another 600,000 ounces (30%). Add in perhapsanother 400,000 ounces from Phase 2 (NOT included in the last 43-101 update), and NOX is over 3 million ounces – that’s a lot of gold at $1,700.00 per ounce.
NOX has some of its own news coming out soon. It’s unfortunate the stock has gotten hit like many of the other juniors, however it appears that the fundamentals are better than ever. Always do your own DD...