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RD759

05/25/13 8:05 PM

#57630 RE: 536hr #57625

My interest in ADL goes back about 3 years; there was some talk of ACA Howe overseeing a drilling/exploration project there and I was asked onboard as a consultant for part of the project. In the end the whole project fizzled out and never got past the planning stage, but as part of my DD I digested all the available Howe data and was intrigued enough to maintain an interest. I have worked in Chile and the ADL has many of the features I was familiar with from my work there.

I haven't been to ADL as the site visit never materialised, but as most of my commentary has been related to best practice and QA/QC that's not really required. The data my opinions have been based on is that produced by ACA Howe, which is pretty much the only solid data available; much of the rest is merely responses to geological/mining inconsistencies, bad practice and poor interpretation.

As for my CV, I have a PhD in mining geology and over 20 years experience in production mining and exploration in Europe, Asia and the Americas, much of it working with porphyries and gold.

I don't belive any of the 'World Class Deposit' hype that surrounds ADL at present - it's not World Class until it's proved to be - but it has a number of features that look interesting and the vast majority of the claim area is unknown, so who knows what may be found there? The problem is that since 2001 no follow-up to the Howe programme has been run and you cannot attract bona fide JV partners without tonnage and grade backed up by high quality data (if then, at the moment investors are not putting their money into exploration and it's becoming a serious problem that is threatening many juniors and even squeezing the likes of RTZ). Better to self-fund the early exploration stages until you have a good story to go to the markets with, but such a move would require MDMN to up it's game and become fully reporting and I don't see the urgency to do that given the history of the company.