Holders didn't like the Share allotment shortfall at all, even though it was underwritten. Oh, well, they are free to bail before the drill results if they like.
I had a look at ATV, and noticed the response from one of the posters there about SMC. Tend to agree, ATV has a much bigger resource at better average grades. SMC has about 340M shares/options all up, ATV about 440M. If we gnore SMC Soapspar and the other low grade cutoff ore then SMCs have 351k ounces at avg 1.6g/t, about 1/3 of ATVs resource. ATV SP is at 6.4c SMC at 2.2. I think SMC has slightly more cash than ATV at the moment. Also dont forget SMC is due to revise their Woolgar grades DOWNWARDS. IMHO this is why SMC and their head geo had a parting of ways. If the Sandy Creek grades are revised down significantly, it is possible that Woolgar is not economic. Despite it all sounding like doom and gloom I reckon Big Vein has the potential to be an absolute stunner. You dont need may tonnes of ore at 39.3g/t (1.2ounces) to build up a big resource. The capex and opex for such shallow high grade ore would also have to be very low, assuming the extraction is not too complex. In terms of managment, looks like they are doing a more than reasonable job. SMC has a JORC (although crappy), doesnt have a gazillion shares on issue (like BCN for example) and has rustled up the money to investigate Big Vein. Ok by me so far.
SMC Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
