The results from Santa Dominga are currently being rechecked by the analytics lab; there was a minor query about some of the cores being confused and they are just being doubly sure. (I suspect this is a delaying tactic). Martyn said he thought the results when released will be viewed positively as they should define the resource in more detail. He wouldn't say more than that. They should have all results in the next couple of weeks but they don't want them to get lost in the Christmas lull so they will probably hold them back for the New Year
MK gave me the name of the Consulting Engineers who are doing the scoping study for Filipina Grande. In his words they are "World leaders in this type of study" I have had a look at their website and they employ 500+ people and certainly look the part. I got the impression that he would prefer the name not be bandied about, so I've applied descretion. Hopefully this report should do the trick as it will be independant confirmation of the resource size rather than an in-house report. The report is due mid January
He was happy with the situation at Western Goldfields. We briefly mentioned the Investec Bank facility that WG had agreed at the end of November. Investec actually have stakes in both Latitude and WG, but this didn't directly influence who the chosen lender was, apparently Investecs terms were the most favourable (they are apparently becoming leaders in this specialist area of finance).
I asked about Tanami the other external investment to which MK said thats not a problem and although the delays with their gold recovery plant are disappointing it will be turned around. In his view "all they needed was some decent engineering skills, which are now in place". He was very relaxed about this holding.
MK reiterated the disappointment we all feel that the worth we see in Latitude has not been recognised elsewhere. He emphasised that he has a lot of his personal wealth tied up in Resourceworks and thus in Latitude and that he feels it as much as us.
I didn't ask whether Resourceworks were in a close period and unable to buy shares. i know they were upto the release of the results, but I suspect that the promised drill results and/or the FG scoping report may put them in this position too..
The AGM will be held on Thursday 1st February at 11.00 am in the Cafe Royal, 68 Regent Street, London W1B 5EL. I and a couple of friends will be attending, so I look forward to seeing other posters there, are you up for it Rickus? Cynicalone? hell maybe even Minvest could come if he buys some shares (or maybe he already has!)
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