goldstone a very poor investment

I have done some research on Goldstone Resources and it makes me wonder why UML invested in them at such a high price.

Remember UML own 34% of GRL. So if GRL have 65% of a 600k resource that implies that UML's net attributable resource is 34% of 65% of 600k.

I make that about 130k oz ! Is that a good return on all the cash and time UML invested ?


Looked at the annual Final Results statements of Goldstone for the last three years.

2010
51% of 280k
LOSS $600k

2011
51% of 405k
LOSS $1,500k ($1.5m !)
CUMULATIVE LOSS of $2.1m

2012
65% of 600k
LOSS $5,700k ($5.7m !)
CUMULATIVE LOSS of $7.8m !!!

So after 3 years of results they have added a pathetic couple of hundred thousand ounces to their resource but spent almost $8m of SHAREHOLDERS money doing it.