When i was a holder of the old ABU i instigated a protest with other holders as to the debacle that was Old Pirate. There was no supervision, the BOD would only fly in for a day. I received numerous phone calls from people working in the open pit stating that ore was trucked & dumped in the mullock ( waste ) heap. The scam that was pulled on us by the BOD in trucking the ore to Coyote which included refurbishing the treatment plant at our expense & then after the OP closure giving the plant back free of charge. Nothing was mentioned at the AGM of the move to treat the ore at Coyote, but the day after, the BOD announced it. This was after stating on numerous occasions the the ore would be treated onsite. One of the members of the BOD was a major share holder in Tanami Gold & i believe he was also on the board of said company. Talk about a conflict of interest. The previous company failed because of arrogance, ignorance, taking on a project in which ambition far outweighed their capabilities,. There was no professional mining engineer until the final days. There were some highly suspicious maneuvering by the BOD that should have been investigated as i & a great deal of other people were very badly burnt, but they walked away scott free. Another anomaly was the auto ore sampler at Coyote that was suddenly turned off so we never got the head grade results. You might have a team of highly qualified geologists on board, but the big share holders are still the same ABU people pulling the strings.
PRX Price at posting:
4.4¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)