Baz77, The facts are that the shareholders don't like this stock, hence the collapse in price. If Purdy was right that they have the support of the major shareholders, then surely those same shareholders would be buying up big at current prices and providing some support to the SP. Another fact is the MBN needed to draw down on a fresh credit facility just to get through last quarter. Promises of $6 cash costs by end of the year seem very optimistic given they were above $7 last quarter. The bottom line is that this is a very low grade mine owned by a company drowing in debt - facts!
Purdy's comments are pure buffoonery. He can't understand why the stock is being sold down, he considers $41 million in the bank a strong position, and this is the guy at the helm??
By the way, I wonder if he was the one who decided to close out the hedges in a market of falling metal prices. Would have been much better off closing them out now, or even better - keep the precious cash they paid to close out the hedges and let the hedges run their course!
MBN Price at posting:
24.8¢ Sentiment: Sell Disclosure: Not Held
