RE:RE:The reason why Pobrdje is delayed...
Calabrese,
It has been refreshing to read this board lately because the discussions are finally about factual items.
I think that we all now understand why Pobrdje has not been given to Erin Ventures / Balkan Gold or to anyone else for that matter. With nearly 450 judgements against Resavica, it's impossible for any part of the 9 mining companies' assets to be given away or sold to anyone without violating the court ordered judgements or seizure orders.
We all hope that the pressure by the IMF and the baillifs' asset seizure attempts will compel the government to finally act and provide the funds necessary to settle the lawsuits brought against Resavica by the miners. The miners' union representatives from all 9 mines met recently with the management of Resavica. A plan to restructure Resavica has been submitted to the Ministry of Mining two weeks ago. Hopefully a resolution will be swiftly implemented so that Pobrdje (and the coal mines) can be formally dealt with.
Pobrdje remains the easiest catalyst to getting things going with Erin Ventures / Balkan Gold. Instutional financing and other doors will open once Erin Ventures / Balkan Gold becomes a mining company with near term cash flow rather than an exploration company with continuous funding requirements and shortfalls.
The updated MRE, even without part of the resource being upgraded to Measured, would make a potential partner very happy. Previously reported inferred material has been upgraded to the indicated category. All of this is fantastic news although I too had hoped that we would get some of the resource upgraded to Measured. I won't get into the reasons why this did not occur but SRK made this decision for a very specific reason and it's a legitimate one. I'm OK with it.
The question is not...
Would this updated MRE make a potential partner very happy?
The question is...
Did this updated MRE make a potential partner very happy?
Try as I might, I cannot find anything definitive about a potential partner preparing to make an imminent move to invest in Erin Ventures / Balkan Gold's Piskanja and Jarandol deposits.
Piskanja requires $3 million to complete the Feasibility Study and it will take a year. Until we raise the $3 million, we are always going to be 1 year away from completing the Feasibility Study. That annoys the heck out of me but those are the facts with respect to Piskanja.
I sometimes buy a Loto Max ticket and, if I win, I'll lend Erin Ventures the $3 milliion to complete the Feasibility Study. :-)
That's how I feel about the current situation with Erin Ventures / Balkan Gold.
Cheers,
VB