Look Tasgra and everyone else. This is ramping in the absence of...

Look Tasgra and everyone else. This is ramping in the absence of any paradigm change within management of this company.

No company with such 'great' assets in 'abundance' if their figures are to be believed which I don't, would have like any sensible managers and corporations not 'made hay while the sun shone'. This is a ramping horse.

MacMin have demonstrated previously like many others in their league, that they have a tendency to ramp up their figures of inferred and proven resources based on two or three separate conclusions they draw from their 'geological' reports based on 'their' idea of an independent drilling.

The company's accounts leave a lot to be desired. The way ASIC has treated MacMin and several others have been a source of great encouragement for closely held companies like this one to be less than frank and dare I say honest about their financial positions.

When mining companies go to the Yukon (Canadian Bourses) for a 'North to Alaska' rush for cheap and highly speculative funds it should ring alarm bells. Whats wrong with a tried and tested Australian market for the same? I tell you whats wrong, the smell of previous failure and absence of accountability or consistency is whats wrong.

Take a look at a company called Madison in Canada. They claim to have spent C$38 million on a place like Mt. Kare in PNG which Carpenter Pacific Resources was a JV partner in. What a load of Baloney. Yet Carpenter Pacific are now in the clear no questions asked turning into an oil play whilst Madison is under criminal investigation in Canada having not spent anywhere near that amount in or on Mt. Kare. Where did the money go to? Thats the Canadian Bourse for you. Busang territory.

The same old tired heroes come out of the wood work to back this one by attempting a ramp and dump every so often and people buy it.

MacMin will continue down this track for a while because the only asset the company has of any great significance is the listing. It offers great opportunities for PNG fund managers to channel their client's monies into and to send them from there into oblivion. It has been done before and the evidence is on public record. Their legal advisors in PNG had to change their names for the corruption and rorts they pulled as lawyers. The board members of their shareholders the POSF and other funds have been charged with theft and corruption in PNG. They fail to make critical disclosures when required.

Unless the company can demonstrate a change of heart in their management strategies and inmanagement altogether, here's a Busang waiting to happen. Their history is one of 'would have beens' had vigilantes not caught them out.

The sooner MacMin changes or decides to go into some decent business and make profits and pay dividneds instead of remunerating themselves at shareholder expense, I would not do the proverbials on ths one if they were on fire.