"WRITING IT OFF" means selling it to me..... "Thanks for additional reserves" - yeh, thanks for the whopping 90,000 ozs., proof that the grade is low, and showing us that the "new areas" for exploration are SO GOOD that no assays were released on them and EB dropped them... Whether you liked the EB deal or not, having them drop this property is bad,bad,bad... there is no one else kicking down our doors and IF they do, they will pick up this property for 1/10th of what EB was giving us!!! Do you honestly think that Newmont( for example ) will do a pp for $3.00/share? How about $1.00? How about $0.20? We are basically going to have to GIVE them control of the property and let them do all of the exploration, which is why you will note that we are now hearing or will be hearing more about the new property and future properties... Buffalo Valley is over for us , we have not the time or money to explore it.. we spent $3.0m Canadian ( or more ) on exploration and DID NOT find anything of significance... if these "new areas" are so good whywere no assays released? Tom Kelly has already stated that the "minerization" between A/B/O and L was not economic,etc. What exactly do you expect from this property in 1998? Even if the POG goes up the money available to exprloration companies will take a long time to get back to where it was which means we can expect little cash infusion this year... the best bet for this company is to create some excitement on the new property so they can once again promote the "blue sky" potential.... where the hell is that Antler Sequence when you really need it...
Sorry for rambling but after two years of excessive optimism it is time for some serious pessimism..... The real question we are left with as investors is not - will this stock rebound? It is - can my money (whats left of it)be put to better use? ..... As you stated there are a lot of companies at alltime lows and a lot of them have much more upside potential then this one IMO....
Good Luck to all and here's hoping I am totally wrong...
EW |
