Scott,
In my original post (https://www.siliconinvestor.com/readmsg.aspx?msgid=7242208), I was stating that Paddy reported to me that Asarco and others had previously worked the Portugese property. If anyone tells me that a major has explored the property and has probably misinterpreted the data, my ear prick up. That's why I asked 'Red flag?'. Asking questions and not just accepting the company's word is all part of due diligence.
In the subsequent post, I was giving (somewhat facetiously, if you noticed the smiley) the examples of St Jude and Bre-X. Everyone knows about Bre-X, but they may not know the property was previously drilled by not one, but two companies! I'm glad to see that you follow St Jude, and so you would know that I am a regular contributor on that thread. Their property was previously explored by a subsidiary of Placer Dome, I believe. They have yet to release a reserve estimate, but my calculations show at least a million ounces so far in their various deposits.
So, between the two examples, we have one that has (so far) shown positive results, and another that was a bust. That's precisely what I was trying to show with that message - sometimes you win, and sometimes you lose.
If Abacus has been able to bring Phelps Dodge onside, they would have obviously performed some due diligence. More than we little peons would be able to dig up too! That would lead me to believe Paddy's report, and that is one reason why I am long Abacus (Manchuria is the other).
Neil. |
