FNT will ultimately fail, for a couple of reasons.
Firstly, they will be up against some mighty opposition to any mining on or near the Kokoda Trail, and although strictly speaking, it's a matter for PNG not Australia, there will be a lot of opposition and negative sentiment.
Secondly, it is a company run by the McNeils, Bob and Peter, father and son, who also run Macmin among others. They are very adept at mining - shareholders' pockets! But they are geologists not miners, and their pathetic attempts to mine silver at Twin Hills through Macmin are there for all to see. The company has done nothing but raise money from shareholders, while the directors have drawn their salaries, and they have been promising to become a sliver producer for the last 4 years or more. It was all going to happen in September 2006, then early this year, then later this year, then.... and it STILL hasn't happened. The share price has languished, the MD Denis O'Neil (no relation to the McNeils) has departed (don't know the reason) and all in all the whole schemozzle has been and remains a fizzer.
Then there is the attempted pump by FNT in July 2006, where they reported a fantastic resource near the Kokoda trail. Look at the chart for that time. The collapse in the SP came when the ASX took them to task and they admitted that they actually hadn't FOUND the resource - it was just based on some projected computer modelling..... in theory! Look at the chart for July last year and you'll see the story.
Now they are on the pump again, and the next thing you'll know is that there will be share placement plans announced to raise capital - anyone want to bet on that?
Personally, I wouldn't touch FNT with a 40-foot bargepole!
Just IMHO - make own decisions etc..... ;)
FNT Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
