Must read from Stockhouse. Thanks for the heads up Idle
allhatnocattle0
3/8/2010 6:49:22 PM | | 49 reads | Post #28003038
I had a chance to speak with the folks from Allana today at PDAC.
Key News:
1. PP closed on thursday. That this closed so quickly at .40 is a very bullish sign!
2. PP gives us enough cash to prove up the property without having to back to the markets.
3. Drills start turning next week barring an unforeseen difficulties. British drilling crew very experienced in this part of the world...didn't hesitate for a second to take on job. We should start seeing results coming back in April.
4. Obviously, the road work and customs led to delays which were understandably frustrating; the plan is to move forward as aggressively and quickly as possible now that those challenges have been dealt with.
5. We can expect NR's detailing all of this as it unfolds over the coming weeks.
6. Just as an aside, I discovered more details regarding the offtake deal we signed. Apparently, the 20% of production that is going to the Chinese at cost plus is "cost plus 100%". In other words, we mine at $120 and sell for $240 to the Chinese. Nice!
Very competent crew running this company...the next couple of months will be very interesting (not to mention financally rewarding!)
As a final note to the naysayers and bashers on this board: why not pick up the phone or email Farhad if you have any questions. All involved are straight shooters who have never BS'ed me in the year that i've been invested.
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