Ein paar Auszüge aus dem Q2-Bericht:
http://xml.10kwizard.com/filin…p?repo=tenk&ipage=5098486
In the second quarter of 2007, the Company
·Completed a $34.2 million public offering of equity.
·Established a strong cash position with $32.3 million at June 30, 2007.
·Initiated preparations for the advanced exploration and delineation drilling program by:
·Ordering a $1 million water treatment plant and building;
·Hiring additional staff at the Libby adit site to support initiation of underground activities at the Libby adit, including dewatering, rehabilitation, advancement, drifting, and delineation drilling;
.Placing a $2.8 million order for Sandvik underground mining equipment.
·Advanced the permitting process by working closely with state and federal agencies to provide technical and other information in support of the preparation of the draft environmental impact statement.
The Company expects that results of the drilling program, if successful, would provide data to support the completion of a bankable feasibility study, allowing the Company to convert a portion of its mineralized material/resource estimates into reserves.
The net cash expenditures for operating activities for the quarter ending June 30, 2007 was $1.6 million. The Company believes that the recently completed financing provides sufficient working capital for rehabilitation of the Libby adit and commencement of the delineation drilling program over the next two years. In order to complete the planned program through bankable feasibility, the Company would need an additional $10 million in external financing.
Advanced Exploration and Delineation Drilling Program
During the second quarter of 2007, the Company initiated the first stage of its planned advanced exploration and delineation drilling program, during which it expects to dewater and rehabilitate the Libby adit. Delivery of a $1 million water treatment plant, through which the water discharged from the adit will be filtered, is expected to be delivered during the third quarter of 2007, following which commissioning and startup is expected to occur. Also during the second quarter, additional staff, including a chief geologist and two project engineers were hired, and the construction of additional office space in Libby was initiated in preparation for commencement of dewatering and rehabilitation of the adit. Eight full time employees are on staff for the project as of June 30, 2007.
The Company expects to begin rehabilitation activities shortly after dewatering begins. These activities are anticipated to include scaling the back of the adit, installing new roof bolts and extending utilities into the adit; including electricity, piping, ventilation and dewatering infrastructure.
In preparation for commencement of the planned second stage of the program, the Company has ordered primary mobile mine equipment, including a roof bolter, a twin boom jumbo face drill, one four cubic yard LHD unit, one six cubic-yard LHD unit, and two underground twenty-four cubic yard trucks, all of which are expected to be delivered during 2007. The Company expects capital expenditures of $12 million during the remainder of 2007 for equipment and activities related to the advancement of the drilling program. This stage is expected to include advancement of the Libby adit by 3,000 feet towards the middle of the deposit, commencement of 10,000 feet of development drifting and establishment of drill stations,
Also in the second quarter, the Company performed quality control and assurance review of its initial revised mine model. The Company expects to confirm the accuracy of this model by inputting the data gathered during the delineation drilling program, which, if the Company is successful in obtaining the permits necessary to support further development of the Montanore Project is expected to support a bankable feasibility study.
Permitting and Environmental
During the second quarter of 2007, the Company continued to work closely with the U.S. Forest Service (USFS) and Montana Department of Environmental Quality (MDEQ) on the draft environmental impact statement (EIS). Chapter 2 of the EIS (Proposed Action) was completed in draft form and submitted to the agencies for review by the Company’s third party EIS contractor in late July 2007. In addition, the Company participated in the discussion and development of proposed alternatives for placement of tailings, plant site and portal locations that will be assessed and analyzed as part of the overall EIS review.
The Company also continues to work with the State of Montana on additional technical details related to the MPDES discharge permit, transmission line, and other state authorizations required for the Project. Once the draft EIS is completed, the Company will update its permit applications to match the agencies’ preferred alternatives, and will include the 404 permit application submittal to the Army Corps of Engineers.
The USFS and MDEQ have advised the Company that they now expect to begin internal review of the completed draft EIS in October 2007. The Company has submitted comments to the agencies on ways to improve this schedule. Once the agencies have completed their review, the draft EIS and draft permits will be provided to the public for review and comment. The agencies may consider public comments in preparing the final EIS and final permits. When the public review process is concluded, the agencies would proceed to determine the form of the final EIS and permits and would issue a joint Record of Decision setting forth their decisions on our proposed plan of operations and hard rock mining program. The agencies have not set a preliminary schedule to issue the final EIS and Record of Decision. Management expects that the number of comments received will determine the schedule but does not expect a Record of Decision before the end of the fourth quarter of 2008.
In meinen Augen läuft das alles recht gut. Natürlich dauert das. Aber wer hat jemals etwas anderes gesagt. Man bekommt MGN momentan sehr günstig. Alleine der Cashberg von über 30 Mio.$ decken knapp die Hälfte des Börsenwertes ab. MGN bleibt Bestandteil meines Minendepots, die ich vor kurzem erworben habe.
LG
ADERA
Ich werds mir anschauen. Auch ein paar Tage später in London sich zu präsentieren ist unheimlich wichtig, um neue Investoren zu finden. Bisher hatten sie das nicht gemacht. Dobbs hatte mir aber schon vor geraumer Zeit mitgeteilt, dass sie nach Europa kommen wollen.