AUL 0.00% 28.5¢ austar gold limited

A bit of history

  1. 1,058 Posts.
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    Morningstar mine has been mined for well over a hundred years. During that time it has been through many owners. WMC , GMA, Mount Conqueror MCO and others. Now it's MNM'S turn. This mine has gone through more dollars than a Nigerian Investment Scam. Also it has a very bad reputation for not delivering on promises.
    Now you may think I am bagging it ! But I own one five hundred and fiftieth of it. I have spent weeks researching it. Looking at all pros and especially the cons. I feel very very sorry for the MCO ex shareholders. They came so so close but an agreed finance deal with Chillee went south as well as the Company spent a considerable amount of money on unnecessary drilling on Rose of Denmark et al. Old timers know that the geology of Morningstar mine is not about proving a JORC. It's about getting to the lode. The A1 mine SP back in the early eighties went from one dollar to nine dollars in one year due to just bringing the gold up. There was no drilling of reserves. POG is now 6 times what is was back then. So MNM will get good Au from the Stacpoole reef which was found maybe in the year 2007 by MCO. Then it will become harder as each easy reef is exhausted. CTL is finding that through the A1 mine as has started to mine Maldon due to that fact. So in the long run MNM will probably fail. But in the shorter time frame the SP will go up. I appreciate there are historical detractors of the Morningstar mine and maybe they are partly right. Though as a dedicated trader , I see the upside to 5.3 cents over the next two years. So to all hot copperites when you see things getting tough for MNM , please press the sell button. Read the MCO threads over the years and see the heart break it caused. Many hot copperites didn't return from MCO.
 
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