Hi Bunter, The mistakes aren't in exploration it's in strategy. What we've got here is a company who has a really large porphry. They had to drill it out costing a lot of money. The more SP efficient way to do that is to JV (joint venture) with a senior partner who provides the capital for say an 80% stake. If we keep raising capital we dilute the value of each share till we get what we've got now.
I'm as guilty as anyone of not recognizing that. it's always been classified as speculative. In effect I (we) tried to hit a six and have been found about 3 yards out of my crease with the wicket keeper ball in hand smiling meaningfully at me. (Sorry if you dinna ken cricket).
All of that is in the share price. We are now trying to recover with a golds strategy. Which has some merit particularly if gold does what gold bulls expect.
XAM Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
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