Spoke to a Geo mate in the west and his comments below have made me put in a stop loss on this one. Hope I don't get taken out , but many posters on HC have urged stop losses and had I used more of them,my super fund would be looking a lot better, Expensive lesssons!
"I have asked a few mates about CRK but no one seems to know much about it. I think it’s a spec without much upside at present. It is held mainly by one bloke, Frank Carr, and does not seem to have much geological expertise. I haven’t heard of the “competent person” and the new Company Secretary has no qualifications in the field.
Many mineral deposits are capable of producing the types of assays that CRK has stated in their reports, but few have gone on to be mines.
In addition, CRK mentions “lateritic nickel” as a potential sweetener. You might have noticed that BHP just closed their $2 billion lateritic nickel mine at Ravensthorpe WA yesterday. So CRK have little hope of getting off the ground with theirs.
Mate, it’s one horse in a many horse race. If you can afford to lose all your money, stay with it. If not, bail. I don’t know what is going on in the mind of Frank Carr, but it seems that he is using the company’s strong cash position to buy equity, perhaps taking advantage of the current financial crisis."
CRK Price at posting:
63.0¢ Sentiment: None Disclosure: Held
