Geo was kicked out of the mine Aug 2011 after 2nd ship Loreto left ca Aug 8,2011
Dillon company was then contracted for the role of ship facilitation as per PR below- though Bob probably hand a hand in it because of bad experience w shipping sharks for 1st ship Kriton- which was reportedly delayed about a month when the ship company chose to change ships
emphasis added
Sept 29 2011 www.prnewswire.com/news-releases/cwrn-remedial-drilling-underway-at-mina-guadalupe-130771998.html" target=
Remedial Drilling Underway at Mina Guadalupe
CWRN Management stated today that the original drilling program consisted of 68 shallow drill holes into the Guadalupe iron ore bodies; 66 of the 68 drilled holes contained iron ore lenses varying in thickness from 2 to 14 meters thick. The deepest drilled hole was 20 meters in depth. The last shipment of iron ore and the current stockpiles of finished products have all come from a small section of the 1,500 meters long Coloso Vein (one of four long iron ore veins on the mineral concession) and 26 meters of overburden and iron ore have been extracted out of the section. Currently the company has begun a remedial drilling program to extend the drilling depth to a minimum of 25 meters under the previously discovered iron ore lenses and up to 100 meters deep should the ore body continue at greater depth. In the first of a series of mini drilling programs, four drill sites were chosen approximately 300 meters apart along the 275 degree Northwest Coloso strike in areas of confirmed heavy ore bodies</strong>. The results of the program will be made available to our shareholders and the general public upon completion.
Shipping Update: Bulk vessel shipping is currently on hold, pending the evaluation of cost savings on shipment size. The first two shipments of Guadalupe raw crude iron ore were delivered via HandyMax at 38,500 and 36,000 dry metric tons of ore, the latter shipment ended at a cost of $43.00 per wet metric ton of product. Shipping cost has recently decreased, primarily on larger capacity vessels; therefore, Management has asked the John F. Dillon Company, LLC., to assist in finding and negotiating the best Seaborne dry bulk freight rates available. A decision will be make within the next couple weeks to either ship numbers 3 and 4 separately in HandyMax or combine the two shipments into a SuperMax at 58,000 WMT or a PanaMax at 70-75,000 WMT shipment.
Imo. Do your dd before investing. I'm not a financial adviser nor compensated for my posts. They don't believe what they say, so why should you?
