What the company said with regards to the JORC announcement was in the RNS of OCtober 3rd;
"The Company is also pleased to report that preliminary JORC-standard resource
calculations at the Songpanguo deposit has commenced. The Company expects the
results to be completed by the end of the month. The calculations, including
results from nearby Shuiniujia deposit, will be updated again at the end of the
field season."
The results from the drilling were still being collected till the end of October and then they were going to calculate the JORC figure.
The end of the field season is apparently mid December. Last year they gave an exploration update in December and a couple more in early January. Personally I think January is a better time to announce information than December.
As to expectations the company said on the 18th July;
"Our goal is to demonstrate 1 million ounces of gold at Songpanguo."
If they got this they would have a total of about 1.5m ozs to Canadian or JORC. The present market cap is about £14m. There is a possibility that further dilution may be a voided if SJG comes on stream as expected.
If they found 1m at SPG then the valuation in the ground of the company assets to Can/JORC would be about $19, assuming no further dilution.
That is before the upgrades from the Majestic holdings, and Nimu as well as Shuiniujia.
It would seem cheap to me even if the news is taking longer than some would like. If you don't like delays then I wouldn't bother to look at miners.
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