Loading ...Goldfinger: Let’s turn to the junior mining sector. Novo Resources continues to have a tough time trying to get any traction past this $2.00-$2.50 range it’s been trading in for a while. They put out an NR on Egina recently, what are your thoughts on that?
Bob Moriarty: We have to take a step back a little bit to understand what’s going on with Novo. The hard rock project Novo has at Karratha is one of the most difficult projects to figure out of any project i’ve ever heard of because it’s very nuggety gold in a hard rock environment. The alluvial project at Egina is also quite tricky because for ten months of the year you have no water whatsoever, which makes processing very difficult. You’ve got very nuggety gold so it’s very hard to measure just like Karratha. However, it’s right at surface and i’ve seen areas where it’s 10 meters by 10 meters and they pulled out 10 ounces in total nuggets from that area over a three hour period using a metal detector. Some of what exists at Egina is so special that i’ve never seen or heard of anything like it anywhere else in the world.
Novo is going in and trying to use modern technology to try to figure out these puzzles at Egina and Karratha. They’re using ground penetrating radar and they’re finding out where the ultra-rich zones are should be. At Egina they have something like 1,000 square kilometers, much of which has alluvial potential. The biggest problem Novo has right now is dealing with the government bureaucracy and sorting the native title issues. Quite bluntly there are some areas of Australia that are extremely difficult to work in. Karratha is one of them. Novo is on track and they’re doing a good job, they’re finding gold and they will be producing gold. I think Novo is going to be one of the great success stories in the mining sector over the coming years.