The MD George Bauk has, on a number of occasions, extolled the prowess of the Western Metals board and when the share price was surging on the back of the uranium run, I remember a comment on how they presided over a company that has increased its market cap by over 1000%. All was good then. But no comments now about the decline in the market cap.
Fortunately they raised funds at the right time and now appear to be well cashed up to meet commitments etc for the next couple of years – a good thing with the current state of the credit market. A portfolio of diverse tenements in diverse locations is also a big a plus I feel. And we will now be seeing a lot more activity as the scheduled programs etc get underway for 2008.
All has gone well thus far for George and the Board - except for the Company’s share price over the last year. So after telling us about all the experience the Board has (mostly ex Western Mining), and all the grand plans and determination to succeed and grow the company as “An emerging resource company developing a portfolio of world class Uranium and Base Metals/Gold Projects”, if they blow their charmed run and over $30m in cash, then their credibility and reputation will be zilch.
I’ll give George and the guys a chance to prove themselves – just for a little while longer - surely such highly self- regarded individuals couldn’t stuff this up?
My opinion only of course.
Nick D
WMT Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
