RE:Pending Results - comment from presentation?It was actually the key to the presentation in my mind anyway. The question that lead to it was why haven't we got back results from the technical holes drilled more than a year ago and as you know, there is a rumour that the deposit isn't amenable to block caving is there any truth to this.
The technical holes are very important here as they will provide answers to how the structure of the rock holds and also look at recoveries.
Simon said something to the effect that the cores have been frozen and are sitting in some place in arizona or some such state. he goes on to state that freeport would not be drilling again if they felt there was anyway this could not be block caved because they are only interested in finding freeport sized deposits (read greater than a billion tonnes). This makes 100% sense in that this deposit could never be up to Freeports standards unless it is amenable to block cave mining. So the fact that they are back drilling speaks volumes.
In my opinion this is why the stock is so strong at the moment. Yes it hasn't gone up much, but at one point today I could see 50+k shares bidding above $3.50 and only 11,000shares on the ask all the way up to $5.
For me, the key here is that I believe this rumour of not being amenable to block caving has now been completely debunked. The only way the rumour could possible have legs is if the technical holes had been analyzed which we now know they haven't.
Simon would be sitting on a legal landmine if he lied in the CC so we know for sure that RMC has not received any info back from the tecnical holes. Furthermore if Freeport has indeed analysed the holes and is sitting on the negative news then why are they back drilling?
If Freeport thought there was even the slightest chance that there were some technical problems possible, they would analize the technical holes immediately without delay. If there was indeed a problem found it would be to their advantage in the current negotiations to have it on the table as the project would be devalued and therefore their position strengthened in the negotiations.
It makes me really wonder where a rumour such of this could have come from. I do believe that floating it out there has put serious pressure on our share price and weakened our position in the current negotiations.
Let's hope that some of the lemmings that sold us down, do some serious rationalizing, realize their mistakes and fight each other to get back in. In my opinion, RMC under $5 is just plain stupid.