hedge101,My guess is that everyone here lost money (including...

hedge101,
My guess is that everyone here lost money (including me). Some bought cto when the sp was around 50 cents in 2007.

The following lead me to believe that they have unprofitable mine:

1- For 4 years. they never showed a production above 5000 ounces per quarter which is less than 7% of what they promised.
2- SPP from shareholders is per sharholder and not per the number of shares eachone hold. This means the family hold 40% of the company but they do not want to participate in the CR.
3- They have problems to raise fund from "smart people". I mean from professional VC.
4- I think 300,000$ per yeare per director is not that bad.

So, instead if being honest and shuting down the mine as unprofitable business, they keep digging and praying for more gold. Nothing is wrong with that except the fact they are using my (and your) pocket for this.

My friend-welcome to the greatest scam of all times: The Australian spec companies. They cost ordinary people to loose billions of $ each year and no one say a thing about it. The true business of these companies is to mine your pocket. They are digging inside your pocket and they are getting the 300,000 ounces per year.

Why ASX and other financial institutions keep quiet? For the fees and for insider trading as well.

Have a nice weeked.
Amer.