Anyway, during the next 12 months while they are mining the last of the gold from Henty, they can start selling all their other assets and do a deal with whoever buys Dargues that they will thrown in all the mining equipment and skilled employees from Henty for free 1/2 way through 2015.
Andylgo, I appreciate your position, but I think you are too negative on some of UML's assets. Dargues obviously is worth a lot of money. I think the best bet is to spend the next 12 months liquidating all assets by putting them up for sale while they have positive cashflow. If they put these assets on the market for 12 months, they should get reasonable prices for them. On the other hand if they continue mining with the expectation they they will get financing to develop Dargues, they probably will never get it and the whole company will be twiddling their thumbs while wondering what to do with everything while burning through cash, at the last minute everything will be sold for a plate of beans.
If they sell everything for 50 million which I think is easy to do, we will make 6-7 times gains from the current shareprice when they distribute the cash to us.
UML Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
