Hi Jimone, by my calculations we should now have about 8 million in the bank ($3.5 million at the end of the September quarter plus the $4.8 million raised in October?) - enough for at least 2 more quarters (with nil production).
The real problem is that these Brazilian production guys continue to pump through LOW VOLUMES of low-grade development material (or roadbase as SJB suggests) while still spending millions on development? and almost a million on staff/admin!!!!??? per quarter...
Why not put through some high grade stuff to increase our cash flow?...it is not rocket science.
We know that the gold is there, we know that the new mining method works - why the slow expensive crawl towards full production?... The only benefit of a low share price is as a takeover target...
It is time for our Brazilian production team of Mr Klaus (El Presidente) Petersen (Geologist) and VP Mr Marcello Carvarlho (Geologist) to be replaced by real miners who understand the BUSINESS of running a mine.
Mr Dawson (our CEO) and Mr Brian Thomas (our Chairman) should either remove these two or explain to shareholders immediately why we continue to pay them for this mess. If these two don't have the kahoonahs to make the hard decisions then they should step aside and move onto running a smaller business such as a fish and chips shop rather than a multi-million dollar mine.
I don't usually believe in conspiracies (except for the fact that Obama and Hillary are reptilian creatures of course) but if it looks like a duck, walks like a duck and quacks like a duck then it is usually a.... DUCK.
OGX Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
