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NG deserves a kick up his behind for what has transpired with MCO.

The worst part of it was the report he got Karn to write with all sorts of promises of a bright future and mining to commence in mid 2010. The MCO story was pretty compelling for goldiebugs like me. However, I got "saved" from staying in because my portfolio was collapsing in April 2011 and the minerals analyst at my broker pointed out to me that MCO was very high risk, with uncertainty as to what gold they really had there. This is an ex-WMC geo, so I suppose he had a bit of insight into MCO. I did explain this at the time on the MCO thread.

Given NG's background in the finance sector I wondered why he had not managed to get some of the local brokers to back this project. Now I know why, because he could not get support. So he went overseas and got whatever he could, which in the case of the Russians far exceeded our expectations. I guess the Russians have wised up to this company and are not willing to offer more cheap finance.

Basically MCO has to find gold to feed its mill. Everything is there for a successful mining operation, except the gold has yet to be located.

As noted by Sharpshooter a couple of years ago, NG took care of his own future by selling millions of his own options to the Chinese (for $6m?). I can not remember whether he also sold some of his shares to them.

In the meantime he fooled some poor sods with wild stories about the high grade gold in them there VIC hills, especially all that gold in "the Gap". Whatever happened to plans to explore that for gold? Too costly to explore and develop it?

So what does one do if one holds shares in MCO. I dunno.

But I feel really disgusted with NG and his incompetence in running this outfit into the ground. It is beginning to feel a lot like my other former big hope, AAM (now SHK) which could not find the gold once they started processing the dirt.

It is hard to believe that after 3 years MCO could not find any ore in that region to put through the mill and make the company cashflow positive.

I am gobsmacked by what has happened and how easily I could be fooled. I am also stunned by the continued ramping by some MCO posters in the face of the bare facts.

One takeaway for me from this company is sell out when a director sells down a large part of their holding, or when a company keeps failing to keep promises.

Good luck all, especially quinty1 &2.

loki