Management are IMO a disgrace and I'm not sure the company will go anywhere positive in 2011 or any time soon. One of the things I look for in companies is development and exploration I've just reviewed RNG website - under exploration and operations they show the following:
1. South Australia - last update was November 2008 - they spoke of 3 tenements and a JV with Minotaur - they spoke of Air Core drilling and finished the report with "results awaitied" - I can't find any updates on this November 2008 report or publishing of any results.
Minotaur don't currently show the JV or tenements in their projects.
2. WA - Indee Exploraions and operations - opened and closed down after a poor period. Last specific reports were November and December 2008. The tenement has been mentioned in general group reports - in December 2009 the farm in was signed with NWII. In May 2009 the general exploration update stated that Indee drilling was to commence in mid June - General Report of 28/06/2009 talked about the farm in agreement but nothing more - subsequent reports keep it in the standard talk of what they are doing, but nothing seems to develop. 3. Victorian assets - last report November 2008 - still listed in assets, talk of farm ins, but no updates.
Yes the company has concentrated on Mt Morgans for the past few years, but reality is that if the gold price wasn't at current highs, I doubt that Mt Morgans would be viable.
I like many am a long term holder - my sentiment is hold but it's only because what I have tied up isn't worth selling anymore and I am prepared to wait in hope - there's always athe Tax Loss.
Bottom line is the company needs to get busy finding more instaed of just continuing the hype surrounding Mt Morgans.
Good luck to all RNG suffering holders.
All just IMHO - Cheers Lj
RNG Price at posting:
66.0¢ Sentiment: Hold Disclosure: Held
