Let me explain
1) The mining of Old Pirate was a complete failure-fact known & we all agree -tick.
2)Reasons the mining of O/P actually failed was method & economies of scale used
that resulted in massive dilution of grade per tonne during processing -fact-tick.
3)Would the better option have been to use our on site plant & mine Old Pirate
using precision methods-that is mine Old Pirate with a tooth pick meaning
just chase the vein with minimum of disturbance & use extraction methods
that minimised dilution with a very small mining & processing team -absolutely-tick.
4)Did many investors at the time believe there could or was ulterior motives regarding why & who
made the decision -recommendation to the BOD to override & not to take the decision of the
review panel (that recommended not using or leasing Coyote from Tanami)
Do we remember the revelations -The smoking GUN !
So we would give this a resounding Yes-Tick.
5) Was the end of Year AGM a chance for investors to have there say-Yes & Tick
6) Did yous truly & Bobminer & other discontented give the BOD a shellacking
You bet we were furious.
7) Was our M.D ATT-D.H.-Conduct disgraceful as he didn't have the balls to even show up
to the AGM & face investors -You bet-tick.
8)Do I think D.H.-NOT showing up was tactical as if he wasn't there he could not make
thing worse as could not answer difficult questions that would have been known to
be forthcoming -Yes tick.
9) Did a lot of heat get directed towards the BOD from a multitude of directions -Yes-Tick
10)Did they deserve the heat they received & more-Yes-tick.
11) Did it result in the directors falling on there swords as they deserved -Yes-tick.
Part two
a)Was there a stoush between our two largest share holders that had there eye firmly fixed
on the prise -ABU's tenure-Yes -tick.
b)Do we believe the stoush was over Old Pirate ?
some may -Many Don't !!-I don't.
c) Do we remember the post titled no one fights over the ugly Girl ?
Meaning if our two largest share holders are willing to lower there moral standards
& get into real scrap a doosee of a blue- there must be by realistic reasoning -motive & that
motive undoubtedly is that what they were fighting for control of was likely to be
worth many times more than what the existing share price was at the time ?( or why bother)
(there behavior was revealing when you remove emotion.)
I know I do -tick.
D) The cold hard reality- the slug fest resulted in a stale mate & neither party achieved
there ultimate objectives .
A good thing for investors imo-Tick
Part three
Did those that were responsible for the debacle at least deserve a kick in the nuts-Yes-tick
Was there reputation tarnish to say the least -Yes -tick.
Did you Hm & others think about or action other avenues to pursue those believed to be
accountable , Yes & that's a Big Tick to you Hm.
Part Four
1)Has every Director associated with the Old Pirate debacle left the company-Yes -tick.
2) Has the BOD since been replace -Yes -tick
3) Can we turn back the clock & would we want to now, the surface veins that were easily
assessable at surface have been blasted & mined inefficiently the pits have been filled in as per
environmental rehabilitation responsibility, could O/P be mined efficiently again in the future ?
I think this is relative to the gold price- but the surface cream is gone the strip ratio is going to
be very high & costly to excavate & recommence mining & extraction through open pit,
the onsite plant would need refurbishment & primary crusher upgraded.
Could a small experienced team of patient & determined miners with air leg equipment mine O/P &
make a small fortune as Bobminer has suggested -almost undoubtedly but not without
investing capital & time.
Has Old Pirate resource been downgraded -Yes
Has ABU sold divested O/P as yet-well no, therefore as many have been in the data room
& crunched the numbers then its been independently reviewed & there are no takers as yet
its a great asset that was fcked up- it will sell when the numbers add up a -rising gold price
will reduce risk imo.
Part five.
The corporate shenanigan's that took place in ABU was a disgrace -Fact-tick
We have IGO now on the registry a billion dollar company keeping a watchful eye.
Our two largest holders don't send each other Xmas cards & there nominees would
watch each other like two hawks -nothing wrong with that !
Is the M.D. vision to extract value from ABU's tenure through exploration on prioritised
targets & extensional drilling of discovered deposits increasing in ground value that has
potential to grown resources & attract new money & investors the way forward ?
imo yes- how else do we move forward & return value to investors as an exploration
company !
Remembering Matt Briggs presentation only half a percent of ABU's highly prospective
tenure has had significant exploration -you should take into account he was involved in
tenement acquisition at goldfields -you get that wrong to many time s & your gone.
Hm many investors have joined ABU's registry since the O/P fiasco & have likely
done very well thus far, personally I wish I was one whom had only just brought in
but alas I'm under water like many other LTH.
I am thankful that we have very competent Directors we hope with far more integrity
than the charlatans we had.
Old Pirate is done with for now ABU is an exploration company it always was,
it had a go at mining & for all the wrong methods implemented it failed.
As for pursuing those that were responsible go for it- in what ever way floats your boat
but there not here Mate, we both hope karma catches up with them in some way eventually,
life's like that-live by the sword & deceit -then well - the reality check has a way of correcting
these imbalances
Time has moved on Hm -best of luck to ya hope you can digest that current holders
you speak to on H.C are not responsible for what transpired in the past.
Current share holders are hear for current exploration & its potential the only thing
common in ABU is the name as corporately at BOD level there has been a 100% change
yes the two largest share holders are still there on board & have different nominee's
keeping an eye on there investment but that's ok as they check each other also.
All above imo
gltah-salt
ABU Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
(20min delay)