Spoke with the Office today
First i will confirm that there WILL be another hole drilled at Santa Rosa.
I dont know when but there will be some analysis done with the database and another target selected. I have a personal idea where this will be but i wont speculate at this point.
Sabodala is going along fine with 3 drills turning at the moment.
The Pre feasibility study is due to be released this month on time.
They are preparing to attend the prestigious Denver Gold Forum. It is by invite only so it is an honour to be there.
As for Grandich, they still have a cordial relationship, he did his thing at the time for us and the company decided to re allocate the funds elsewhere.
some details onthe denver show
Denver Gold Forum 2009
September 13-16, 2009
Grand Hyatt Hotel – NEW VENUE!
Denver, Colorado
ATTENDANCE AND REGISTRATION
The Denver Gold Forum is a private precious metals investment conference. Attendance is by invitation only and is limited to institutional investors, portfolio and fund managers, buy- and sell-side analysts, and representatives of sponsor and member companies.
Caliche,
Thank you so much for being the eyes and ears for all of us. You know far more about all of this than me and it is really nice to have things broken down by you.
THANK YOU
I look forward to sitting down and talking with you face to face in Vancouver later this month.
Caliche—–Thank you for all your efforts and time expended….Good news on the oil , I think……Not really much insight given by mgmt on the gold play but it appears to me they are curtailing all expenses possible in an attempt not to run too low on funds before a buy-out negotiation….(Cut-back on drilling , severing Grandich contract , ????? )……Obviously , just my opinion…
Caliche, thank you very much for making the call to the office. I am truly shocked at the level of confidence with which you report… “I confirm that there WILL another hole drilled at Santa Rosa.” That is nothing short of amazing. I would have certainly thought they would have given you wiggle words and not what appears to be an affirmative and absolute resolution to re-drill at SR. I’ll call it a Schwarzenegger-ism as in……I’LL BE BACK….well hell that’s the some best news in my life….. if indeed it’s true….
But to rely on that feels like I am about to consider relapsing on the promise of the same purported wonder drug I’ve been taking ever since I bought this stock… I’m just not sure I can go through the withdrawal again…that latest NR on SR was very painful…
Hope they’re not leading us on. I trust that they are not.
Thanks again! Oromint
If these cutbacks in cash burn rate result in a 40-45% decrease in expenditures , that probably means that they have until June or July ’10 to finalize a buy-out or raise more money……Comments anyone ??
Caliche—-You have already announced your speculation re the next oil drill as being either just off crest or up against a fault zone to the southwest……Are you now saying there is a third possibility in your opinion????
hi arlene.. thanks for paying attention 🙂
they didnt say where it would be and i didnt want to put words in their mouths in the post in case people thought they told me where it would be .. i still think it will be to the southwest
sorry for the confusion..
Caliche—–Is that not the general area was a previous hole was dug but just missed the fault line??? BUT did show presence of hydrocarbons…
you are correct sir!
it was drilled between the fault and the dome.. so im hoping that there is a large buildup of oil trapped behind the fault..
it is on the western side of the dome closer to the producing fields!
From what I understand, a second hole is not guaranteed and there is still a bit of seismic work needed to be done and a conclusion may not be had until the end of the year. So we should not all get our hopes up, like I did on the first hole.
Hard to understand why they only have three drills running in Senegal as I figured they would be going all out up unttl the pre-feas… The more gold they show, the more liklihood of a buyout, and additional funds wouldn’t be needed.
But that thinking may be too logical for Oromin…
Take care,
G1
Good going Caliche. Thanks and much appreciated info!!!
One question..you write the following
“The Pre feasibility study is due to be released this month on time.”
When is that date exactly?
Caliche
Can you give us your best outline as to what information we can expect to receive on the Pre feasibility study due out this month. I was under the impression that it will not include the most recent drilling results. Is that true? Will we be advised of the grade of gold found thus far? Will we get an update on any new findings? Will the PF go into future expectations? Thanks or everything.
Roro
Goldchaser—–No one knows the exact date……..Caliche has stated previously that he definitely believes that it will be released sometime during August with a 50-50 chance being before or after Aug 15………I have expressed opinion that week of Aug 24 is most likely..I doubt that Chet could pin it down any closer at this time…Even he is not in total control….
Roro—–It is my opinion that Caliche does not really know all the answers to the questioins that you poised……He can correct me if I am wrong….It is also my opinion that it would take him at least 2-3 weeks to put together a speculative outline as you requested and since the real PF will most likely be out in that timeframe , it really is not worth the effort……..He does , after all , still work for a living…I apologize if I have spoken out of line , and maybe I should have waited for Caliche to answer you….However , he is basically a very nice (and knowledgeable) person and is reluctant to say “no” to ANY request made of him by members of this web-site……Don’t abuse the priviledge….You can google what info is typically included in a pre-feasibilty study for gold …..Sometimes people should do their own work….
Goldn 1 —-I believe , but do not really know , that Ole probably did go all out in drilling for the PF….Cut-back in drilling probably happened later part of June….Add six weeks for assay all the samples and you are to the first part of August….Then they have to incorporate the results into the study to be released in August….Just a thought….Maybe they are logical , sometimes….
Caliche—-The fact that Ole is participating in the Denver Gold Forum starting Sunday , Sept 13 , should give some added confidence that the PF will be released some time before that date……Lots of people at that show should have a high interest in what it says (and it will be very current)…I hope Ole mgmt gets as many copies into people’s hands as possible…
Prefeasibility Study:
In large (and usually joint venture or multinational) projects, a preliminary study undertaken to determine if it would be worthwhile to proceed to the feasibility study stage – which is – the analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake.
Here is a link to Uruguay Mineral Exploration’s (UME) Aug 4 press release for their PF study:
http://www.foxbusiness.com/story/markets/industries/industrials/uruguay-mineral-exploration-announces-positive-prefeasibility-study-results/
h1