Temex news not all that positive... at least not for Temex, it seems, at first blush. From July 15: "due to increased commitments with other issuers, Mr. Gregory Gibson has resigned as Chairman of the Board of Directors."
Yes, that's the same guy that was part of the Trelawney team... who is now busy with other things.
However, the new guy is no slouch: "Mr. Marion brings to Temex approximately 30 years of operations, mineral exploration and mine development experience and a successful history of corporate development. He was most recently President, CEO and Director of AuRico Gold Inc. ("AuRico") where he built AuRico into one of the "Top 40 Mining Companies" (Canadian Mining Journal, August 2012). Under Mr. Marion's leadership, AuRico executed several transformational transactions which included the acquisition and development of AuRico's flagship Young-Davidson Mine.
AUQ is being carried to production at the Young-Davidson (by LSG, who partly through their own mismanagement had to take on a big pile of debt in this horrible market to get their mine built) was one of my top picks for sustaining value through the current mining stock route... which it has done quite handily, even if not providing the more dramatic trading potential that partner LSG has had this year, with a run from down around $0.20 recently to get back over $1 now.
I don't dislike finding decent trading opportunities like that when they happen... but, I'd still rather have the management of companies I own succeed in preserving value rather than create them.
I was previously a fan (and a holder) of Northgate who was acquired by AUQ to get the Young-Davidson property... and I always like to find management that recognizes (and preserves) the value I recognize too. |
