re: i'll be watching this over the next week or so SandyORO is...

re: i'll be watching this over the next week or so Sandy
ORO is either a dead duck just waiting around to sink, or a calculated grab by those in the know

They started out a few years ago with a resource of 700k odd oz & a production train in reasonable condition on care n maint & then took over 2 years to produce a BFS that ended up declaring it uneconomic
even though the resource had increased to 800+K & the POG had also firmed considerably
At the 2003 AGM a total cost of $420 per oz was given & a refurb/restart figure of $8m. The co. doing the plant refurb stated that the plant was in reasonably good condition requiring refurb only.
At this time there were 20 odd million 17 cent oppies in the money ~ $3.4m
In private conversation a director was asked why they didn't just do an equity placement into a strong market to raise the additional $5m & get started strait away.
His answer was that the co. preferred debt to equity . . . . not altogether surprising when noting that he held around 10% of the co.
The BFS was verbally guaranteed to be completed well before the expiry of the oppies in March 2004. The second announced delay in the BFS drove the oppies out of the money & they subsequently expired that way (500+K held by moi) While the latest ann re failure of BFS saw the fps hit 3.3 cents from its 2002 high of 18.5 (from memory)
From that low, the fps has steadily increase on daily volumes larger than usual, but most significantly (I think) is the entrance to the registry of a new "significant" shareholder domiciled in Luxembourg (a location noted for its strong enforcement of privacy of info).
Draw from this what you will, but I find it curious that O/S interest has appeared at this time, when for all intents & purposes (by their own findings) the co. has ABSOLUTELY nothing of value.
Drilling continues with the results of Barrick's latest deep holes due soon . . . . . will we see ORO do a Lazarus ?????