PEX 0.00% 10.0¢ peel mining limited

Well, Happycamper, great to see your optimism. At this stage we...

  1. 506 Posts.
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    Well, Happycamper, great to see your optimism. At this stage we don't have the same gold as Hera and if our discoveries were so good they would be well on the road to production now. The reality of the Cobar region is boom and bust and even in the boom years some just go bust as you need high base metal grades and volume or high precious metal grades. Optimistic crew and most promising on the ASX, maybe, but share price should be well above $1 by now. PEX can't cash in on the gold market and the base metals-precious metals mix is just enough to put it in that gloomy area of the diversified resources market. I was able to read the PEX Diggers presentation and I was a bit turned off my the "chest beating" and the old marketing ploys of comparing deposits. Most puzzling was the grand statements about comparing Wagga Tank to some of the high grade mines in WA, Tassie and even the Hera mine. Mallee Bull maybe has the legs and if you mine the high grade core of Wagga Tank, maybe, but will we make money? Who will fund the CAPEX and what the hell is the story with the Mallee Bull PFS? I would not be surprised if CBH put their 50% stake in Mallee Bull on the market and the Japanese own the other half of Wirlong which was a mine 100 years ago. Wirlong is a down dip test of the old mine and Southern Nights is an an along strike extension of Wagga Tank. We should not take anything away from Rob as he is the driver of discoveries at PEX and has been there through thick and thin. The cash burn at PEX over the past 10 years has been massive. We can't go on funding the boys club discovery quick fix and subsequent share price roller coaster through dilution and JV farm outs. So many are still fuzzy from the Southern Nights intersection headlines but the resource is small and the high grade core is even smaller. Remember that the Elura Mine was 27 million tonnes at discovery and more ore was found. The Roseberry Mine in Tassie is very large with over 50 million tonnes of high grade ore with high gold grades not taking into account depletion. I would not be surprised if the tailings resource at the Century Mine is larger than the Wagga Tank Zn resource and PEX think their thing is up there with the big historic discoveries. Really? I find it ridiculous to see some people at PEX waiting for Jim Simpson to turn up and expecting miraculously changes. For our sake PEX get out and start showing us the road to cash generation before the share heads towards 10c, like it has done so many times before.
 
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