ELG Reports 3rd Quarterhttps://finance.yahoo.com/news/elgin-mining-reports-third-quarter-223205975.html
They reported a net loss of $2.8 million.
Cash is $13 million
Yes - the loss sucks but my sense of it is these guys are better than the previous guys and
their reporting is much more to the point.
The 1 curve ball was this - and does it imply anything -
Lupin Gold Mine - Nunavut, Canada
During the current quarter, the Company continued with its regional drill program and drilled over 12,500 metres by operating two diamond drill rigs. Drill assays returned from this regional drill program did not identify mineralized intersections with any meaningful grades and widths, however, management still believes the area possesses good exploration upside and may pursue additional drilling next summer pending a critical review of the area''s exploration data.
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Bottom line we drilled 12 meters and hit nothing, correct?
On the other side of the coin -----------
The Company now intends to follow-up on the successful surface drilling program completed earlier in the year on the shallow upper portion of the WZSOS by re-opening the mine portal to gain underground access to conduct underground drilling in the WZSOS over the winter months. The Company''s objective is to prove up additional resources and reserves in 2013 to justify a positive production decision at Lupin with the possible restart of gold production shortly thereafter.
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So my question is: Was that 12,500 meters blue-sky drilling - or were we counting
on it?
regards
John