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This update made no mention of the Juruena drilling program...

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seaemay

7,811 Posts.

1255

02/02/18

18:33

Post #: 30781567
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Originally posted by chelkn ↑

I'd love to be corrected if I've mis-read this. But Juruena won't be in the picture until well into 2020 -- well a scoping study that is. In that on their timeline slide they show they'll be drilling throughout 2018 with a "multi-rig drilling program" in the 2nd half of 2018. Then the only future commitment is that they are "Targeting (a) Economic Resource" in the 1st half of 2020.

You know I understand that circumstances change. That companies need to adapt where necessary in this stone age. But to say that a scoping study would be released by October 2015 for Juruena -- To what we have today, which is I'd say no PFS or scoping study until no earlier than H2 2020 is pretty bad form WITHOUT any explanation. What was with the hiring of mining equipment if I remember correctly??? BC Iron went from first hole drilled to first Iron Ore shipment in under four years!

An MD of a mining company told me once that he stopped reading Hot Copper posts because posters didn't understand the company's circumstances fully and it was making him frustrated. Okay I understand that, and with that mind, maybe in CAS's circumstances they knew that they couldn't find a backer to kick things off. So instead of wasting money on a PFS or consultants, they choose to drill instead ... Hang on hang on, why drill if you're broke??? This is my problem, I have absolutely NO idea what's REALLY going on. I said in my last post that management have treated their valued (sic) shareholders as suckers. Well in my opinion, what's currently happening regarding Jururena is your prove, as mentioned, in my opinion. Scoping study for Juruena will be delayed by five years with NO explanation. Maybe it's that they are now focusing purely on Borborema. Maybe this, maybe that, not that they would tell me.

The headline of their presentation from May 2017 (memory) read, "Brazil's next Gold producer". Not much wiggle room with a headline eh' Well that desperate headline is gone now, lol. They also once again show the peer comparison slide showing how badly the market rates CAS in relation to CAS's peers. But CAS management seem to think it's because the market is actually blind to a hidden gem going by the code CAS.

This company seems desperate. Management are desperately trying to talk up future ambitions and goals but instead are consistently letting down shareholders. I do feel sorry for them that they feel cornered like this to behave in such a manner. But how much of this mess has been self inflicted? Also, when I realise how much money they have lost my family, I quickly lose any sympathy I might have felt for them. Why hasn't a EGM been called?

I really wish management would stop trying to hide the truth with these false facades trying to indicate that everything is a-okay. Just tell us why Juruena has been delayed by five years. Build some trust with shareholders. The share price is at record lows. Why is that? My worst fear is that things are a lot worse than any one could imagine. Maybe tomorrow's AGM may shed some light. Miracles do occasionally happen.

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This update made no mention of the Juruena drilling program announced as being about to commence in the 16th Jan announcement so I rang the company today. Apparently a small drilling program took place and presumably assays will arrive in the next few weeks. Also asked about the AIM listing and was told that is hoped to be achieved next month and that they are planning a series of roadshows in Europe. They hope to raise around $20M. Presumably this would be at some discount to current SP - perhaps 400M new shares at around 5c. That'd make about 3/4 billion shares on issue but at least there'd be sufficient capital available to push things ahead. Any thoughts?

CAS Price at posting: 6.7¢ Sentiment: Hold Disclosure: Held
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