december quarterly - profit of $14m, page-45

I think you may be right cashman which just goes to show the disrespect holders have been treated with regards Murch.

When you have been shot and are bleeding profusely you don't delay medical treatment until a more opportune time do you?

After raising capital they have just proceeded to throw it down the drain, now they are trying to delay the fallout from it, management have previously talked about the importance of margins and not mining for the sake of mining.
They have just done exactly what all the ordinary goldmining companies did in the past, dig dig dig regardless of the cost.
Essentially they gambled on the goldprice rather than make economical decisions.
I bought in to SLR after telling myself i would never own shares in a goldminer because i thought management weren't just shameless goldbugs who thought gold was going to $5000 per ounce, i thought they would only mine at an appropriate margin.
They can still turn this around (very easily actually) and start making us serious money, if they shut down Murch they can pay off debt, build up some cash and develop Hollandaire without leverage, if prices improve and cash is flowing then revisit Murch.
Patience and good capital mangement is all that's needed.

I'm more than happy to eat my words and be horribly wrong about Murch and management, i'll even send them a written apology if it manages to become profitable at $1350AUD gold(they called that the line in the sand).