Your analysis is reasonable but i believe that the...

Your analysis is reasonable but i believe that the representations on grade were made based on expected mining dilution. The dilution was greater than expected and that is what has caused the issue.

Except for losing out on the investment, I don't think anyone should feel bad about this company. Think about what you have punted and then consider it in light of what Byrnecut and the Sophisticated have done. Given how much better placed they were to determine if the company targets were achievable coupled with the fact that they invested large sums of money tells me that management had very credible and reasonable grounds to believe that the grade could be extracted.

This was always a skinny operation and everything needed to go right however Mother nature doesn't read spreadsheets and in mining, the best laid plans could go wrong when the next round is taken.

It's a real shame this project didn't deliver at depth. I do believe there is hope because exploration has picked up in the area and the major creditors are mining people. Mining people will be more pragmatic than say a hedge fund or a streaming financier.