I think said Geo also inferred that the parties at DCN had been...

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4leedy

287 Posts.

79

03/02/20

11:15

Post #: 42712693
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Originally posted by loki01: ↑

If they get an ore reserve of 100k ounces at 8 g/t and can mine it over 4-5 months then it will pay off the loan and provide cash for more exploration. But its clear that DCN ore reserves were goosed to make them look good to gain shareholder and funding support. He was probably hoping for a takeover so everybody could walk away with bundle, but it has not happened as the due diligence process picked up the issues with the gold deposit. We did have a geo posting here before the selldown last year that there were issues with this gold deposit. I think this explains the high AISC.

Rohan Williams is finished in the gold mining sector. He was very lucky to be able to find a Canadian patsy to sell Avoca to last time when the gold market was booming - look how well that deal went for them. Rohan has been able to fool people for a long time, especially with his revised mine plan - but that is now at an end.

I do not think that DCN is finished yet, but its future looks bad at present, and it will trade lower. A CR is probably a necessity unless they can mine Phoenix Ridge soon. I do not know who would be foolish enough to put more money into DCN.

loki

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I think said Geo also inferred that the parties at DCN had been involved in similar before. Once again the sell down prior to the crunch, glad not to be exposed this time around. Sorry for those that are. My only regret is that I didn't buy shares in that posters company (as they stood back then) as he seems to be quite open and dare I say, honest.

DCN Price at posting: $1.40 Sentiment: None Disclosure: Not Held
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I think said Geo also inferred that the parties at DCN had been...

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