Well you can still buy on market for the same price as the rights issue(closes 12th April) so unless they can pull something out the hat in the next week or so I doubt many holders would take up the offer. I for one will be taking up the offer as I intend to top up at these prices anyway so the freebie options and no brokage, albeit small, is better than a kick in the teeth(unless the sp drops lower obviously).
I emailed Kim-Stanton Cook back in mid January with a few questions(he promptly replied the next day):
1) "Diamond rig moving to Burra Copper Mine"...
That was on the 3rd Dec, we can assume it arrived by now and started drilling as it was booked for and expected to be on site by the 2nd week in Dec, so how deep are they? Found anything?
2) Golden Cross Resources (GCR) has completed first-pass air-core drilling over selected zones within the 2800 km² Rast tenement package south east of Cobar. Drill traverses were sited to test maghemite channels with samples taken from the channel fill, base-of-channel and basement rocks. Samples are being analysed for a range of elements including base and precious metals.
So it's been 6+ weeks where are the results?
At Mulga Tank in Western Australia, a program of 5000 metres of air core drilling will commence next week. A series of drill traverses have been designed to test the gold, nickel and uranium ionic-leach soil anomalies defined by GCRs soil and sand sampling program over the covered Archaean greenstone sequences.
Next week was 5 weeks ago any news?
At Copper Hill, a total of 2700 metres of RC and core drilling is planned for step-out, infill and deep drill holes beside and within the known deposit. Metallurgical test work continues with satisfactory results to date. Further improvements to both copper and gold recoveries are anticipated as grind sizes, pH and reagents are optimised.
Planned for when exactly? Next few months? Next year?
His answers:
1) RE: Burra Copper Mine; Drilling has been completed except for a core tail to be drilled in the next two weeks subject to the rig returning. Assays from first round are awaited.
2) RE: Rast Tenement; We have results but they have not been processed; both geologists involved are on annual leave and the results have to be matched against various levels within each hole, i.e., near-surface, channel fill, base of channel and basement. Please be aware this drilling program is a first pass, grass roots approach to test this method prior to embarking on more widespread exploration drilling in the Rast tenements. The airborne VTEM survey has not yet commenced as the contractor has been delayed.
3) RE: Mulga Tank; Drilling has been completed and assays are being matched against drill logs and will be reported when the compilation is complete
4) RE: Copper Hill; Drilling will commence at Copper Hill later this month using the rig when its finished the core tail at Burra. All drill sites have been finalised and Surface Disturbance Notices lodged with Department. Results for latest round of met testing at Metcon were received last Friday and will be reported to the market in due course.