Just spoke with Richard
posted on
Jul 31, 2008 11:38AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
He was busy as I tried 4 times yesterday and twice today. Yesterday he was working on the news releas.
Windfall- They are down to zone 11 and 17 and have to go to zone 100. This is for phase 1 of the project. They will reach zone 100 by the end of September early October. In the next two weeks they have to make a decision on phase II. Isked if it looked good to proceed and he said "Oh Yea!". He said they are stock piling all the rock that comes out and it will be tested at some pont befor eit is sent to a mill. He said it looks good so far and told me to look at the website for the museum piece which turns out to be 3,000 oz per ton for that piece.
Mexico- The courts have ruled and he is waiting for final report on what it will cost and it is very close to having the issues resolved. He has been aproached by several companies that want to drill on the properties. Richard said this is what he will do, he will pick some one to drill and spend the money while we retain part ownership. He said there is too much going on right now and it would be beter to have another company doing the drilling.
China- Will be commencing drilling by the end of this summer.
Burnt Hill- Doesn't know what is happening
Double Eagle- I asked about the 43-101 and he it will be completed by August the 15th. Then he said he will be able to talk about the find we have with the Chromite and what it means. He was very pleased with the Chromite and I asked which of the majors are involved with Chromite. He said XSTRATA has the biggest Chromite operation. I asked if they know about our find and he said "Oh Yea!". Can't say more about this but it looks really good for Noront and time will show it.
We talked about the drills and he said that the 3rd drill is in the Blackbird 2 area. He has a fourth drill coming in a week and it will be put in the north end of the belt on our property where WSR, Mettalex and Orbit are. I asked if the movement on WSR and MTX today has anyhting to do with us and he said no. He said WSR is moving up because the guy that runs it also owns a company called Gold Eagle and there was a takeover bid on it today for $1.9 billion by anothe rcompany. He said that guy made $150 million today.
I also asked if there was going to be a promotion and he said they are out on the west coast right now and will also be going to Europe in the next while. The promotion is on.
I asked if there was blue sky ahead and he said it's all blue sky!
That's all I can remember for now. If I think of anything else I will post. Overall he was positive and we just need to be patient guys. Things will happen. I feel very fortunate to be an owner of Noront shares. Still holding strong.
GLTA, and lets havea great summer. Gotta go back to working on my back yard now. Tcp.