There are plenty of Geos's around. But what a busted ass explorer needs is an MD who is chief Geo and MD. Boots on the ground stuff. Not office monkeys costing +100K.
Unless the new MD has someone lined up already or he has the skills to do the job, to find someone really good would take time. So I suppose what they have done is bought a consultant to keep them going. This will not be cheap. I don't know what a consulting geologist would charge but a good engineer for example would cost you anywhere between 1500 and 3000 a day.
In any case it could slow the entire project right down.
For a small explorer this is death. No progress good or bad only preserves funds for paying directors and they bleed to death. It does nothing for the company.
Punters like me will move on to the next opportunity simply because I cannot afford to have cash tied up in a stalled company doing nothing.
To me MRD finding anything of value was probably 1 in 1000 chance earlier in this game. I thought the risk in this one had been decreased somewhat by some good science. Further it was very close to being resolved. So to my mind the probability of hitting some thing in the next 2 months was 1 in 100.
Now with what has happened I have no idea if 1 in 100 is appropriate. what I am confident of (unless a rabbit is pulled out of the hat tomorrow) is that the probability of finding something is 2 months is zilch say 1 in 10000 if they do not keep progressing NOW.
I can get better odds elsewhere. For example FNT a real dog of a stock but at least drills are going in the ground. What do we have, a REVIEW.
MRD Price at posting:
1.0¢ Sentiment: None Disclosure: Held
(20min delay)