For those who came in late: no pussy foting around by not naming Ray Wright as the entity I believe is behind the selling and he has every right to sell as we all do. He and Max Garling were close mates and ran the A1 mine down the road in days gone by. They had a bitter falling out and a court case in which Wright won back control of over 5 mil shares.
Wright, I believe was also the main seller leading up to the MCOOA options expiry that led to the failure of the issue and the company nearly running out of cash before Christmas a couple of years ago. Wright, in fact, sold the mine to MCO, that's how he ended up with so many shares.
Nick has done a great job resurrecting the company over the last couple of years with all this bubbling in the background. Retail investors have suffered to some extent because of this falling out between mates and, once again I believe, is why the MCOOB options were such a great deal for those who were burnt by the 1st unsuccessful options issue.
Hopefully soon all outside influences on the share will fade into being a mere distant memory as the company kicks goals by bringing several high grade mines online.
If you read the books on the area it becomes bleeding obvious that only the Morning Star was extensively mined and ( I'm getting sick of qualifying everything I say with I believe but) I believe more mines the size of the old girl exist on MCOs tenements. Far from what a naysayer said about not expecting too much from the regional targets as the old timers were pretty thorough, I believe the opposite was the fact. Gold diggers flooding into the district looking for a quick buck and raping and pillaging the bonanza stuff and disappearing to the relative comfort of Melb to get drunk for the next few years. No geological knowledge and no drills. At the surface many of the old mines literally had gold lying about on the surface and as they crushed 15 oz/t was not unexceptional but as they got under the surface the rock became harder and their ability to get water and some form of power were minimal. Remember things had to be packed in on horse on barely formed roads. Try packing in a boiler and 15 stamp battery into some of the steepest and most unhospitible ground imagineable and the winters were bitter.
Those who went up last December can probably imagine how hard it was, they were tough men and one can only admire how they found any gold at all. ut they only scratched the surface.
MCO though still have to prove they can did it out and process it profitably, that's the punt we are all taking. A lot think they can and some think they can't( with a wink to the lurking Mickyd/sharpshooter, lol)!!
Sorry for the rant, haven't even had a drink, just a nutter!!
Cheers Mal
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