TMR 3.03% 16.0¢ tempus resources ltd

JORC

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    So I had a chat with BB late afternoon on Friday. Actually it was first an email then a telephone conversation. I have to say the guy knows these projects inside out and at a very technical level. He's a geologist after all. I won't go into technical things he spoke about. Not because he couldn't explain them to me in simple terms but because there is a chance I could misinterpret what he said.

    The gist of the conversation was that the delay in JORC was essentially for the best interest of shareholders. Resource modelers and estimators needed to get out into the field to be able to resolve some data issues before doing the JORC but were unable due to snow. They could have done the Jorc without visiting the site but they would have had to be very conservative and that would have not been in our best interest. Furthermore, since around the time when the snow would melt we were going to drill, with significant new targets for drilling including a strongprospect for a potential new discovery , it would be better to include all info in the JORC. He wasn't happy about the delay especially when it could have been easily addressed during the Due Diligence process by the staff in Canada. It sounded like a case of "not happy Jan" from the yellowpages advertising years back lol.

    I asked about the resource and if the existing resource is sufficient to go to production. He said that the existing resource was declared under NI43-101, which is very similar to JORC. And according to the Preliminaries done by Sona 2011 , which is public information, the project is viable. I guess what he's essentially saying is that your worst case scenario is doable. Again he is not confirming anything until PFS or FFS but he is clearly drawing my attention to the study. By the way, that would give us an NPV of something like $100M. I can't remember the number exactly and I forgot to ask if that was using current POG or POG 2011(around $1000/oz USD or $1550/oz USD). Also a benefit in our project is the tailings dam. We have somewhere to start very cheaply that would generate cash flow straight away.

    I asked if he was still confident about a 1+Moz resource and he answered very technically drawing some comparisons with other similar geologies of other companies where they achieved over 4+Moz. He clearly said that he is not suggesting that that would be the case here but he was confident we can reach 1+Moz gradually and over an extended period of time but again no promises and no time frame( he was very encouraged by the new discovery 2.5 km from the Elizabeth Deposit) . I hope I've made this point clear because it's something that's been on my mind, he sounded confident without giving a clear yes or no. Don't forget he did mention it in his speech in England, Mining121 .

    I did ask about Ecuador. He didn't go in too much detail which is understandable but sounded very positive. We are waiting for water permits and we are going to drill. We are going to drill before Canada by the looks of it. Some data was received Friday(still in it's raw form) but will need to be looked at and analyzed along with other data and the market will be informed in due coarse. My summary on Ecuador is that it's not a side thing we have. I was more focused on Canada in the past but Ecuador could be a mammoth resource that the market has under estimated. These are not BB's words these are mine but he sounded thrilled , confident but cautious not to give anything away that the market doesn't know yet.

    I didn't ask about The Mineral Creek Gold Property ,I completely forgot.

    I know nothing said was new info and it's all been out there in public but at least now we know the reason behind the delay of JORC and I'm happy to know it's a technical/logistical issue that will be resolved once the ice melts. I'm also happier to wait for drilling and get a juicier JORC. I believe the JORC will be much better once we have results from drilling.
 
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