Re: Last hour of trading
in response to
by
posted on
Sep 14, 2011 03:51PM
(Edit this Message from the "Fast Facts" Section)
I've seen getting a 43-101 done mentioned as a priority, which in a way it is. It's the accepted standard (even though it's a Canadian one) for proving up reserves. However, a 43-101 is a lot of work and it takes time. A 43-101 can only cover the area that is drilled with a certain density of drill holes, etc. SFMI can certainly do a minimal 43-101 covering only a small area and requiring a minimal number of drill holes relatively quickly, but that will of course also mean a minimal amount of reserves proved up. Proving up all of what is in WEM, or just within reach of SFMI's claims, will be an enormous job, and would probably take a number of years of extensive and intensive drilling. As far as a buyout, any major would probably be able to look at the historical data, drilling, and mining results, and make a bid without a 43-101. It would probably have to be self-financing, such as a stock exchange, since outside financing entities would likely require a 43-101 (like getting an appraisal for a mortgage). So I'm not relying so much on a 43-101 to justify a bid as I am on drill results, assays, production of new high grade ore, and revenue. SFMI really only needs drill results to guide them in their mining, not to tell them whether or not there is gold in WEM. So I expect them to start mining in the Sinker after some initial drilling, and then focus on drilling outside the Sinker in areas they control 100% to work up a 43-101.