Ann: Quarterly Activities Report-MNM.AX, page-11

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29/07/16

23:57

Post #: 18405039
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Originally posted by NavyGulf ↑

03boz, I have also been doing a lot of research on the internet and other gold producing companies concerning gravity systems etc and I agree that we may yet be months away from going into production. In the last two years we have secured Norton and Morningstar - it has been a long slog but we are finally getting there. If it takes another six months to go into production at Norton I am happy to wait. The fact is we are moving forward, not stalled and certainly not going backwards. I have only two worries at this time 1) with all the resignations, I will not be happy if IK resigns. Norton and Morningstar are IK's babies and I just don't trust any of the newcomers on the board. I trust they are probably very good but I really do believe that IK can think outside the square, more so than most other gold miners. Hopefully the new board will support him. If not then I would most likely exit the stock because I believe IK is the only one that can bring Morningstar back into production and make it profitable. MCO could not do it but I believe IK can - Can the new board though if IK resigns & 2) my only other worry is that they may offload our Brown Coal assets. I hope not. I think BC will have its day but the new board may think otherwise and look they may be right - maybe BC is a lost cause.

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How misguided can a person become!! It appears that MNM have around $3m in the bank - $2m is committed to settling Morning Star. There is absolutely no way that Norton will be cash flow positive (if ever) by the time that the Feb instalment for MCO is due but there is no doubt that the $1m remaining funds will have been expended = more CRs.
Why would IK (whom ever he might be) be the saviour for MS? Read my previous postings regarding Morning Star and take heed. The quarterly report is your archetypal flowery document that is strong in verbage but totally lacking in substance.

MNM Price at posting: 1.4¢ Sentiment: Sell Disclosure: Not Held
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Ann: Quarterly Activities Report-MNM.AX, page-11

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