QMN 0.00% 16.8¢ queensland mining corporation limited

Why do I get the feeling, the the only goal of QMN is to...

  1. 405 Posts.
    Why do I get the feeling, the the only goal of QMN is to continue drilling and never actually progress to mining or processing of any sort?

    I mean drilling appears to be a relatively strees free process for management - you pay someone to drill, and by comparison to say setting up a mine, a fairly mangeable cost in the near term.

    All that is need then is to hit 'paydirt' when you can report a magnificent find (a la CDU/SFR/FMG or any other big hit in the last 24months) and you have the means to either be taken over - or sell off the resource for a major boost to the share price - all the while getting paid (handsomely) for the privilege of waiting for this moment.

    Progressing to mining on the other hand would seem to be a fairly intensive and costly process - pretty hard to do if you don't need to and considerbale more expensive and time consuming than just drilling.

    I mean has there been ANY progress on any lease in respect of progressing to production - I mean real progress not just words? The closest thing I can think of is the much mentioned BFS update - but where is it - where is the real progress? Where are the details about resurrecting the processing facilities QMN own - where is the progress on selling or having the stockpiles processed? There is just none.

    Shareholders would love a spike in the shareprice - but they just don't have the luxury of getting paid to wait for it. Shareholders have invested their own money, into the trust of the company in return for progress and promises to be delivered. It is just such a shame in this case. I really do feel for those who are in this stock from $0.50 on a false promise. It's more than a shame - it's a disgrace.

    It is great then to say 'well don't trade', 'sell your shares' etc - but that just allows the company to continue the cycle of promises and failed progress - it's just not right.

    This is different to when a company asks for your money to drill and they do not find anything - that is just plain bad luck. But when they ask for money to purchase assets, and then do nothing with them - that is just plain wrong.

 
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Currently unlisted public company.

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