Ann: GCM awards drilling contract for Boulia Cu-Au Project, page-3

Nice little account CrimsonCarp.

Your point about the company itself is well taken: over a billion shares on issue, almost no cash, low market cap and in the midst of litigation, which you summarize as shareholders angrier than a pit of cut snakes. You say you would not put a cent in this company, that it is less than ideal.

Then your description of the project, pointing out that the company is speculating and inferring that the veins are definitely porphyry without evidence, the spacing is not close enough to define a target, and if anything they are "scout proofing' rather than shooting for ore.

It's interesting to me that this company already had 4 tenements at Boulia (Coorabulka, Valroy, Mulya and Korella, all rare earths and some phosphate). Korella in particular had the company's first trial mining licence for its JORC inferred rare earths, and had sold the tenement for significant cash, but retained rights to everything except phosphate. The current management disposed of all that when they took over.

In my view it definitely all comes down to the quality of management.