GXY executes MtCattlin agreement, page-3

The directors of General Minings are none other than Craig Readhead and Robert Wanless. The very directors recently dismissed, who oversaw the disaster that was Iggy Tan, his adventures in China, and his disgraceful golden parachute.

Now the very same people are circling the sick animal they played a big role in producing.

Have no doubt that this is a fire sale move driven by desperation. Essentially, General Mining have only exposure to the upside from this deal. If the dollar keeps falling, making Mount Caittlin profitable to refine out of, then they have a locked in future price. If not, they make a bit of cash in the meantime, and walk away. That $30 million will only ever be available to GXY shareholders if it turns out to be a bad deal for us Put differently, if General Mining are willing to pay $30 million in 3 years, it will probably be worth a lot more than that.


Also, I wonder whether this option remains valid if GXY goes bankrupt? Would be a great deal for General Mining, especially if they can exercise the option before the Chinese could get hold of the asset through administration process.

This company is beyond a farce now. The only people who've made money off this thing are directors past and present. Disgusted.