Thanks for your kind and considered reply peterking!Yes I am...

Thanks for your kind and considered reply peterking!

Yes I am sure there are mechanisms to alter the conditions of the options.

No you are right. The management didn't get me into this one.

All they did was:

1) Inform the market of fantastic gold sample grades from the Maxwells mine

2) Repeatedly told the market of their intention to mine from both tailings and the Maxwells mine, and give glowing reports of preliminary trials

3) Any problems they were having with processing and the plant were dismissed as being minor and just 'teething problems'.

4) Failed to inform the market of any impending financial problems for at least a few months until the shares were actually suspended.

The fact of the matter is, the interests of those who hold heads are at odds with those who own options. You only hold heads. You don't want any further dilution of your heads by conversion of options. Finances for this struggling company have already been arranged by massive dilution of the heads. Those who have heads stand to lose a fair bit. Those who have options stand to lose everything.

I only hold options. I have well over half a million in total. Conversion of my existing options at the current strike price would have given the company over $100000. I imagine had all the options been converted before the financial crisis then there would have been no suspension and no need for further financing options.

There is no way I will invest any more $ in this company personally in any case. John Cahill may be a decent bloke by all accounts, but for whatever reason, this company has been woefully inadequate in informing shareholders and the market at large repeatedly. Not only did they make incorrect statements, they never bothered to apologize when what they said would eventuate never did, and when they bothered to give revised forecasts these too were incorrect.