removal of directors

I think the notice to remove directors says it all. Management has demonstrated its incompetence since listing with the share price never reaching the issue price of $0.20. However I don’t understand why the MD is not being removed. He appears to only work part time for COY, apparently spending most of his time in Mexico looking after his personal interests.

I expect Barrack is pulling out because the drilling results were average at best and certainly didn’t indicate the presence of anything large enough to interest a major. Existing resources may economic to exploit, but this will be impossible with current management.

As a shareholder I shall be supporting the initiative to change the board, however it does not go far enough and I doubt we will see any investor support even if it succeeds. This company is a clear demonstration of the truism that with speculative companies you should back the people ahead of the projects. I backed the projects, a mistake I hope not to repeat.