RMG 0.00% 0.7¢ rmg limited

interesting bits from announcement

  1. 12,897 Posts.
    Here are some interesting bits from the Half Yearly Report that I have extracted:

    "In November and December 2007 field trips were carried out on the South Australian leases 3812 and 3813. Activities included rock chip and stream sediment sampling together with XRF analysis of samples. The data acquired is currently being reviewed."

    My Commentary:

    So expect some news on the XRF analysis of sampling from SA leases 3812 and 3813.

    "The leases in Queensland are subject to native title negotiations and once completed the company will undertake a reconnaissance drilling program on targets identified by
    the air photo interpretation."

    My Commentary:

    Native title approaval does take time but assume that this will happen in due course and drilling will happen. Thumbs up.

    "A drilling program is planned on EL 3812 in South Australia and approvals are being submitted to the South Australian Mines Department. Once approvals are received
    drilling will commence and the program will be completed in the first quarter of 2008."

    My Commentary:

    "Once approvals are received drilling will commence and the program will be completed in the first quarter of 2008" - Odd way of putting RMG but it seems safe to assume drilling will be completed by end of next month. So, could we have some preliminary results within the next 12 weeks??

    "As was announced to the Australian Stock Exchange in December 2007, the Company entered into a conditional farm-in agreement with Copper Road Inc, a company interested in pursuing exploration for copper mineralisation. Although the
    two deposits have been received, the remaining conditions attached to the agreement have yet to be met. The Company is continuing to liaise with Copper Road, however
    is continuing with its own initiatives in its exploration areas of interest."

    My Commentary:

    We have the cash in the bank and its non-refundable.
    Not sure about what is happening with Cooper Road.

    My Overall Views:

    Things appear to be moving, albeit slowly. Expect results from South Australian leases 3812 and 3813 after the end of March. We could have drilling commencing in Queensland on the Toolebuc leases as soon as native title approval has been granted. We will keep an "eye" out for public approval notices just in case they forget to let us know whats happening.

    With everything else happening with Holloman in Australia, expect the unexpected with RMG. Good luck holders. Good luck believers.

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