Your very first post to SI, a trial membership, and you write exactly like another regular here who has slammed the company every time he wanted it to go down. My bet is you still need to cover your short, or you are flipping and need to stock up again. You sure as hell have not put this much work into a lengthy post to save us from being burned.
The depth you claim to be so weak varies in strength considerably. At the moment there are 62.5k bid @.28 which is reasonable support (and you never know who is waiting there to pounce on cheap shares).
House 7 has a net position of over 3.2M shares accumulated since Oct./97. Further it is pretty damn clear to me from the trades, that they have been involved in manipulation to hold down the price for some time now (normally with house 2). We are talking over 8 months of steady accumulation....I highly doubt that they would dump now just when so many positive factors are beginning to fall into place....Indo stabilizing, beginning of drill program in BC, Steppe in trouble and ANZ grabbing a big piece of the action, the sale of Rappa helping financial situation....
By the way, as I write this the last 2 trades show house 7 buying.
As far as Toodoggone results a "bust", I disagree.
Kemess South is based on a large amount of ore grading ONLY 0.018 ounce of gold per ton (and 0.22% copper). The results to date from AGC/ANZ are suggesting plenty of widespread lo grade ore at Toodoggone, and if the Royal Oak infrastructure can be used, then mining Toodoggone could become very economically viable, unlike the case for Energex. Since you claim to know the Energex situation so well, then you must know that one of the factors that killed them was the expected cost of processing.
For example...based on a study by Kilborn back in '86, the projected costs to heap leach only 30k tonnes for Energex:
Mining: $750k
PROCESSING: $1.2M
Power: $20k
General and administration: $75k
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About the only statement you made that I can agree with is that the market for Jrs. is bad, and many very good companies are extremely undervalued at the moment, including ANZ. |
