This is my first post in what must be close to 2 years. I spat the dummy after HC moderated me over next to nothing and I decided not to contribute to their business for free anymore. After all the posters are what make their business, especially the more entertaining ones.
However your post regarding the accounts made me decide to have a say.
I gather that you are not to happy about the amount of money being spent over the last year or so.
Let me just put my view to you in the hope that I can give you a little reassurance.
First up, I met John McKinstry at the recent Noosa Mining Conference and I got a good hearing from him.
He said to me that the first thing that he always does is apologises to any Carrick shareholders that he meets.
Now that is fairly good of him as the poor bugger has only been there for about 9 months so not to much of what is wrong with Carrick can be his fault.
There is no doubt in my mind that Frank Carr had a different agenda in mind for Carrick. My thoughts are that he only ever intended to sell Carrick on to another miner and not for us to become miners ourselves. I may be wrong as I am sure my wife can verify that I am often wrong, maybe even almost always wrong in fact.
With all due respect to Frank Carr, and I have shares in 3 of the companies that he controlled, I think that he was a little out of his depth with this one.
Mining is a very specialised business and you have to know what you are doing. I think that Frank was a very clever man and tied up some very good ground in a premier location, which no one had been able to do before, however when it came to proving up the ground his inexperience showed.
A lot of my thinking on this goes back years to when the feasibility study was supposed to be being done but was never released.
This is where I feel that the wheels fell off for Carrick as I do not think that the drilling done by Carrick up to that point was thorough enough for the study and that is why it all turned to crap - to use a technical term. My understanding now is that most of the drilling done in the past has to be redone or at least reassessed to enable the grades etc to be verified. This is a very expensive exercise.
3H ,I do not know your history with Carrick but I have been in there since just before Adam and Eve started high school, and I still have faith.
The crew that is there now all have very good reputations in the industry and they do not come cheap. I know this because I come cheap and I am definitely no good. I am sure that any one of them could get a job with much more established companies in the area so I have to ask myself why did they come to Carrick if it is a bad bet. They will be mindful of their reputations and so will not be looking to fail with some hopeless tin pot company.
I have held in there as I feel that Carrick will turn around under this new management but give the poor buggers time.
One thing that John said to me was that Frank left the company with plenty of money in the bank. I think that if this had not been the case then Carrick would have gone to God by now. How many companies have had to do raising after raising over the last few years.
Finally, I have a good number of shares in a company called Regis (RRL). I held them for years and they did nothing but bleed me dry. New management came along and well, just have a look at the chart to see what happened to them then, 8 cents to $3.00 this week over just a couple of years.
I think that with the new management Carrick could be another Regis.
Well I had better get back to work as the boss is watching and he wants me to earn my $2.34 an hour.
C'ya
Lockitt
CRK Price at posting:
48.8¢ Sentiment: Buy Disclosure: Held
