auction failure, page-16

Hightrax.
I own both of some of HEG and MCO. Also LGL which is very interested in this kind of mining. (A take over by LGL wouldn't be a bad thing IMO). You have clearly indicated in other posts the hit and miss nature of drilling in this type of country. But the Lachlan Fold not WA is where it is at. The market just does not know it yet. To treat this tenement as if it is in WA is a huge mistake.
In a credit crunch this company has buckley's chance of raising money advantageously. Management has to realise it has to be unpaid until the company gets cash positive. That means a subsistence wage with the balance in options and warrants or something like that. The company has to be run as if it was privately owned. The Chairman has to go, and possibly another director as well. The company cannot afford them.
The goal has to be to produce as soon as possible. If you don't produce, then put the company up for sale, or get someone else in to mine all or part of it and take a royalty. Dilutions are unacceptable. The tenement is arguably the best of all.
Drilling I believe does not work here to measure the resource, but can be used to locate a pocket. Once that is done then get it out and deal with it by toll treatment. There is not enough cash for anything else, even the new technology you mention. Otherwise get royalties until there is enough cash to do the job yourself.
Management is what keeps me out of this company and I feel frustrated by that. The company has the ingredients apart from menagement to be at least a ten bagger. I don't have the confidence that I do have with say MCO or LGL. Is there any chance you could talk to the new MD and see what his thoughts are ? Then give us your report. No harm in telling him how dissatisfied the shareholders are with current management. I don't live in Australia at the mo, otherwise I would be on to him myself. Anyway I am not as knowledgeable as you, so far better someone like you or anyone else with good knowledge to do it.
The company is in the current state of paralysis due to appalling management. In the past they have not looked upon the shareholders as partners in a business, but as victims. Of that I am absolutely certain and is borne out by the current chairman's crooked activities to do with phoney fuel enhancers, showing up his lack of character and integrity. Choices made by such a person are not to be trusted.