I dont think lawsuits impede selling ore at all-in late summer prices crashed,most articles said steelmakers stopped buying to allow overgrown inventory to subside-which bingo had told us he guessed would happen by October-and prices have been on such a wild ride that likely complicates negotiations- and as bingo said in the following post Chinese are always tough negotiators.
If you are referring to any taint in Chinese eyes Chinese dont usually think that way-remember they invited Nixon to China in grand fashion/grand honor/accolades after Nixons fall-they have a history of people returning to power-and we saw Pres's of Bao Brazil and USA touring another CWRN concession w Bob in July pics. Plus mainland Chinese are so gungho capitalistic now that we forget they are still communist until you read the documents that come out of the central committee etc-a stark reminder-so profit seems to be the primary motive.
I too look forward to the company officially breaking silence-which they say is complicit w counsels advice-though Rocket posted new pics recently.
I am hoping they have been doing the groundwork for uplisting as per May 26 2011 PR, so when the sec matter is settled they will have that ready to go and thus be sec reporting w published financials.
That area has been covered back up for now as the light grey magnetite drops off in Fe percentage and will need to be concentrated to give it a huge Fe lift. Magnetite feed-stocks for DRI pellet plants are in short supply and great demand as most of the iron ore sold in the market is Hematite. Magnetite is high in Fe0 and is the desired material used to make DRI (Direct Reduced Iron) pellets. The materials are ground down to mesh sizes in ball mills and then wet magnetically scrubbed 1 to 3 times depending on the total Fe needed; the materials can be up-lifted to the high 60’s, i.e., 66-69% Fe and brings a much greater value than the current market prices for Fines and Lump Raw Crude Iron Ores.. The structure of the Guadalupe iron minerals are disseminated Fe203/Fe304 down to 50 meters at the highest elevation and only 4 meters at the lower elevation where drill-hole 70 was placed. It’s not practical to give out guess-timations of the magnetite deposit; however, it is safe to say that it’s a billion dollar plus reserve, only further wide area and deeper drilling will start to improve the picture. The two new drill-holes are set 105 and 130 meters parallel to 275dg NW at 05dg-NE and should reveal the same materials as DH 69,70 and 71. As an added value the waste materials from this procedure will leave Al203 and Si203, the alumina can further be processed to the higher values and sales for approximately $300.00 per metric ton. Originally Guadalupe was thought to be a nice little mine that could produce maybe a 100 million dollars over a few years, but now that is blown out the window, this puppy is the largest iron mineral deposit known in Baja and maybe even one of the biggest in Mexico., yet to be proven. All this sounds nice, but it will take a very large investment to turn it into a major play, two large steel mills and a couple pellet plant operators are currently in talks with management about investing in the project, and we will see how all this turns out , Bao Steel is coming back tomorrow and they have been very persistent in wanting in… but, as you might guess, the Chinese are never easy to deal with. . LOL
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