Re: Exciting news from WEM so far
in response to
by
posted on
Sep 24, 2011 07:53PM
(Edit this Message from the "Fast Facts" Section)
Finally have time to log in while waiting for my 3rd plane of the day. I couldn't do the mtn tour as have prior commitments tomorrow.
Bottom line it was a good SHM and very professional. The feeling I got from existing shareholders was that no one was selling and some would be adding. Most have a realistic time frame in mind, as this is and has been a growth story, as are most miners. I see there has been a few posts/updates already so will try and add a bit.
To clarify one point regarding the escape exit. It is NOT necessary for the drill program, but does have to be in place before actual mining starts. So they have plenty of time to do this. They need to drill about 150-200 feet and will hit the Goldent Chariot adit[which they have been pumping out] and this will be used as both a ventilation and escape route and has a cost of approx. 150K.
One thing the geology dept has completed this summer was growing the number of claims they own. I believe the new number is about 50 up from 8 claims.
They do have 3 geo.s now and are considering a 4th. They also employed a new mining engineer for planning the development on WEM. They have found a lot of very prospective drill targets for the above ground drill program to start as early as weather permits next year. Drilling the Sinker will begin as soon as MSHA gives the green light which is expected soon. One of the new geo's is very experienced in handling the permitting fro both MSHA and BLM.
They have barely touched the tailings piles, but to access some of the others, they will need to build new roads which requires BLM permits and are in the process of obtaining these. Some of the piles are owned by others and they are working on obtaining these.
PQ at the meeting did say they are looking for 2 new BOD members which must have extensive mining experience. I did ask the question wether these would be to replace the current BOD that have no experience and in a very evasive answer I had to assume it was a big no. Darn!!!
Thats about it for now gotta flyyyy.