Bdell
I understand you are a disappointed shareholder, so I am but I think you have gone a bit over the top here. While it looks like they will struggle to average 950 because of the january results in the end if they averaged 950 for the rest of the quarter no one will care.
The following comment is just strange
"undoubtedly they are too embarrassed to publicise that actual production was less than 800 oz/wk. How the hell do they now expect to jump December’s sub 800 oz up to 979 in Q1 with only 8 weeks remaining ??"
I dont understand this - they publised weekly production numbers for every week. Also 2 of the 4 weekly numbers in Jan are 950 and above.
I was also at the meeting and let me help you a little. The nov and dec numbers were low because of a issue ISA mill which effected particle size which lead to inefficient oxidsation which lead to sulphide levels being too high entering the CIL process which causes the CIL to not work efficiently causing recoveries to be low and gold production low. This problem was not your usual one off which last a few days and is fixed. The issue lasted for 6 weeks . These type of major issue dont happen very often.
Also at the meeting James Tyres said that they are tracking below plan in Jan as they are processing a lower than plan grade portion of the tailings. So when they move into a higher than planned grade area the numbers will rise.
You also should consider that it was stated at the meeting that they put in extra detail into the document so they could use it to present to potential new shareholders in North America in preference to having to raise a seperate Investor presentation document.
The company is working very, very hard to rebuild some shareholder value and develop the company into a significant gold producer. I have faith in the management as i make the effort to speak to them. What always amazes me at shareholder meeting's is that at the end everyone gets up and leaves. I always attempt to hang around and talk to management. I was last to leave.
I am certainly not going to sell at these levels. For anyone who wants to sell there will be a buyer. In the short term the share price can always drop a couple of pips but it will be higher within 6 months. Adriano's forecast of 1 cents is just a fantasy.
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