For what it's worth I don't have much confidence in MCO. I don't like saying that because I like Nick and I know quite a few holders but the truth is MCO is in trouble at the moment.
I think Nick though his contacts may be able to sort out a solution, but I think some damage has been done and no one can deny that.
I'll also add to newbies that Minerjoe was a key employee of MCO at Woods Point. The last time I was at the mine and inspected the mill and the Rose of Denmark was about a 18 months ago. I talked at length with Minerjoe and see no reason why his his story is not true. In 2008 MCO was in similiar troubles and had to stop work and did exactly the same.
The way forward from here is a guess. I'm hoping that Nick can come up with financing options from the out side or within existing shareholders, but I think the biggest hope is with the Chinese in Ample Rise. They have a large JV and are major share holders and also IMO have enough cash to save the situation before longer term damage is done.
The very ugly side to this IMO is an end game. Ample rise or the Russians may bid an offer to take control. I'm not sure if that much forign ownership is possible. MCO operations may stop and stay at care and maintenance as Minerjoe has indicated. The worst case is that MCO becomes insolvent.
The positives for MCO are that they have assets in a working mine, mill, offices, a resource and many good prospects.
Sincerely, good luck to MCO employees, management and holders.
Ari
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