GOLDEN PHOENIX MINERALS, GPXM Message Board

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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

GPXM 0.000001000

-99.0%

May 28 1:24 PM EST

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To: hubris33 who wrote (670)	1/14/2010 6:34:24 PM
From: LoneClone	Read Replies (1) of 811

The sale of Ashdown to WEX is set up so that ownership reverts to GPXm if WEX can't make their payments, which wouldn't surprise me at all. There are too many details for me to recall without looking them up, but that's the gist of it. There were several problems with Ashdown under GPXM's administration. First, the development costs of the mine were higher than expected due to problems with rock integrity. Then there were all the legal shenanigans and the foolish decision to go to arbitration with WEX, a process that consumed lots of money and never did finish before the sale came along. (Did I mention that I detest WEX?) But most important, just when they were about to become profitable, moly prices did the big plunge. Without the latter, the mine and mill would be humming along full speed right now spinning out money. LC

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