bennett v popal, page-8

some things wrong with your post burntgambler - and in no particular order. caveat emptor - watso might be wrong

the meeting tomorrow (ie friday) is to vote directors in, not to vote directors out, watso is not too certain about berresfords position - as he is the company secretary, so maybe he can be sacked - but he is also a director.

anyway, at the meeting tomorrow, the idea is to get popal, and muscat on the board - and along with taylor, then one side has three, and the other side has three.

too complex to work out - but watso loves the yarn about gangsters, porn kings, strippers etc - anyway, that all fits in with a very early post of watso, where he mentioned something about a little mine, in a caravan. lol - one of the on site workers, lived in a caravan with his gf, and the concept of a "farm out" took on a new meaning - but the end result was the same - a nice little mine, in the caravan - a true mine, complete with shafts and a glory hole.

watso very much doubts that the company would be using the existing battery, for any proposed alluvial operation - the battery is used to pulverize the ore (it is called a stamp battery). the alluvial operation the the company has mentioned, would probably be nothing more, than scooping up heaps of dirt, washing it, and the heavier gold being collected by gravity.

in all fairness though, but the stamp battery, would be able to treat 4 gm/t dirt, and provide a return to the owners of the dirt. watso has no idea of the existing capacity of the stamp battery - suffice to say, that the original state (as in the state of west australia) batteries , were set up by the government, so that small scale operators, could have somewhere, to treat their ore.

re

"unless they somehow find a massive discovery that has been missed for the last 100 years. "

lol - they have not missed it, because it is not there.

in the prospectus, the consulting geologist mentions a previous idea about a conceptual pit (in the top 50 metres - and this is the zone, that the company has been drilling) - however, when the consulting geologist makes a conceptual target (ie his own, and not the previous one), he disregards the top 50m - claiming that that has been previously mined - and he mentions "remnant mineralization".

the stark reality is, that every little bit of gold (in the top 50 metres), has been chased up - and what is left, will not justify any mining operation .

off course, at the beginning, everyone was in bed with each other. the company only raised the minimum level of subscriptions. there are two points that come into play - on the one hand, the company needs a minimum number of shareholders (for listing requirements) , as well as a minimum level of subscriptions (probably as part of the ipo) . watso can only speculate, but maybe enough shareholders (to meet the shareholder spread) subscribed to the float, but extra funds were required from some larger investors - so that a listing,could be assured .

it would be interesting to know, who got all the freebie options - perhaps this should be in the public domain.

watso has had the gut feeling, that this company was set up , so that 95% (??) of the upside went to the promoters (who were free carried) , while the gullible public, paid for all of the costs. damn it, but the promoters made sure (just a guess - watso could be wrong - after all, those hours and hours that the directors collected fees, were hours, that were spent in serious thought about the companies future) ,...... that they were ripping off , as much as they could, from the very start.

watso has this vague idea, that when a director, woke up in the morning, and was having a crap, and he was thinking about his director fees - then this was time, spent on company business - and then he needed to be paid for the time - and on top of that thinking time, they have to pay a geologist .

all too crazy for words....


one report mentioned that salter was earning at the rate of $900,000 per year - and what for - just a few sq km of ground at pains find - and the guy is not a geo..


an issue at 3c.... probably less - maybe at 1c