Back in mid 2010 a little pissant explorer called Northern Star,...

Back in mid 2010 a little pissant explorer called Northern Star, with its sub $10 million market cap, acquired an old unwanted mine that started in the 1930s and never amounted to much - called Paulsens. NST, despite a couple of dips here and there, hasn't looked back since. That's an example of what an old high grade mine can do for a company, with a little luck and a good team.
Also, consider these quotes;

Colin Patterson, incoming Chief Executive Officer commented: “The strategic shift towards South

Korea represents an exciting move for Bluebird. The prospect of refurbishing old gold mines in a large

gold district offers the potential to create significant value for shareholders. Compared to most

countries in the World, Korea is an excellent jurisdiction to rapidly get mines into operation at a

modest cost.”

Charles Barclay, incoming Chief Operating Officer stated: “The opportunities afforded in reopening old

gold mines with existing resource and excellent potential to delineate further resource are many. Most

old mines were never abandoned in an organised manner with a lot of broken ore never cleaned out.

This presents a good opportunity for cheap production. Apart from this the value of hundreds of

meters of developed infrastructure is enormous.”


I remember seeing this YouTube video a while back. It's best watched over a pint of Guinness (or maybe a Saturday am. Coffee) and addresses many issues that you (@MIStragic) talk about. Brent Cook (who I've followed several years) is as pessimistic about the Juniors as ever (this was 4 years ago). There's another bloke there, who's even more pessimistic - SAU's very own Doug Kirwin. Please listen to him (and the others) carefully.
Please also draw your own conclusions. For me, I think we're in very good hands with SAU, its people and prospects. Doug is obviously a good man and I'm sure Chris Bowden is some sort of protege' of Doug (Ivanhoe connection). We've also got a Geological stud named Justin Gum leading Kalgoorlie. We're cashed up. Simon Mitchell seems a really good bloke who's obviously talented and driven.

It's healthy to get a point of view that's bit of Negative "Yin" to the chorus of Positive "Yang". Many of us, I dare say, are probably already aware that we're investing in high risk/ high reward sector and company. Is your intention to warn us all about the risks of being frustrated and disappointed? I personally understand these risks and still manage to sleep like a baby (maybe after a Guinness or two).