Golden wings..?, page-6

As I understand they were so broke so quickly from blasting and mining areas where the gold they were expecting (from geologist info) just wasn’t there (or was barely there)
….and they had such pressure from hedging arrangements to produce ‘at any cost’
that they did not have the luxury of time, nor funds to close shop and drill to redefine targets.
Even when GCY was placed into administration (partly to rescue it from that hedging commitment) they kept shovelling dirt because that’s the way the company had been set up … and by that stage they were so broke that the contractor had been obliged to lend them money - so they were further caught between ‘the rock and the hard place’.

The problem seems to me to be that -from the start - they needed to produce according to the original mine plan and what the financiers wanted.

But I dunno … But i do know the contractor is not to blame - it’s been doing a good job over at the open cut at Great Boulder and it stood by GCY (and possibly kept First Sentier on side) for a long time.

Laying off the contractor and putting the mill into care and maintenance to focus on drilling was a courageous step by Simon but something needed to change and through that courage he was quickly able to get more investors on side to support more exploration whikst that expensive mill lies idle.

…And sometimes I wonder what it was that made the illustrious Ian Murray from Gold Road quit after just 16 days as chairman ….. Maybe there was other stuff going on as well?

cheers