traxman it's not in the bag yet.............. I quote from the...

traxman it's not in the bag yet.............. I quote from the release.....

"Goldstar advises that it has received a letter of commitment from a company associated with a
major shareholder stating that it will enter into an underwriting agreement for the rights issue,
subject to completion of due diligence, finalisation of a Prospectus for the Rights Issue by 15
August 2008 and there being no material adverse change in circumstances."

Not in the bag...... But Capital aside as many of its peers have capital issues and it's a tough market for capital....... My issue is the board apart from an untested MD who doesn't start for another 8 weeks or so, are all now in the failure category........ they have failed badly with this venture or perhaps just failed to watch adequately what King was doing wrong.............. My biggest issue is lack of proven resource and the 'jumping here and there' biz plan which has seen a hugely hyped & infrastructure costly project at Eureka give way to a much hyped Tubal Cain which returned to my mind (IMO) a very very sketchy JORC statement......... the fundamentals seem flawed......... I would like to see BDG or Lihir MCO or another engaged Vic focused mine developer + explorer just take it out...... chuck out the present fools and make the most of the imposing cache of Exploration Licences and ELAS................It's cheap enough now for someone just to buy it or bid the fools for their land.................