in the doldrums, page-4

One reason is Management have on a number of occassions said there would be no more fund raisings and then the next week they go and do another. I know there are a few managers who have given up because of that.

I also think they are being too greedy with the mineral sands. It looks like they want to both raise cash and keep a significant and controlling interest - which means more fund raisings later.

To me that is management just trying to keep all their toys in the their sand pit. They would be better off IPO half and doing an in-specie distribution back to their shareholders (for no cost as they already own it) and then focus on Sabodala.

On gold they either need to hunt or be hunted. I'm sorely tempted to sell but it looks so undervalued I'm willing to hold on for another 6 months but if management haven't done anything by then I'm out.

E007