Goodoh, your posting is the best I have ever seen in translating technical info into what we lay people can understand clearly. Keep up the good work. I did not even want to comment on wild rambling by SDG which cannot be substantiated with facts. Norman Seckold and Dudley Leitch are two of the most respectable miners in town. They kept a low profile and work diligently behind the scene. I bought into Bolnisi Gold in 2000 and realising what honorable people they are, took positions in KMN in 2003 when it had nothing. Bought purely because I trusted them to do the best for shareholders. Before Bolnisi, they had another mining company and shareholders were blessed by it too. Late last year had been a very tough year for KMN and other explorers. When the audit was done late last year, the company obviously did not have sufficient funds to satisfy the auditors that KMN can be funded for the next 12 months. I understand both of them personally guaranteed to make up for any shortfall in company fund. Dudley also stopped taking his director fee and he forgave the company a sum of $100,000 for his accumulated travelling expenses. All these years none of the directors have given themselves any share options(free or exercisable at low prices). They have made their money and another million is not going to make them any happier. In their position, they find satisfaction in having a good name and seeing others being bless. They are too many directors who are out to mine the investors and it is easy to conclude every one of them are selfish and out to feather their own nests. Before the GFC, they were looking at a capital expenditure of over $300m for Cerro D Gallo. When the downturn came, it was a matter of survival and the scoping studies for the massive processing plant had to be cold storaged. Now , we are looking at a different process and of course, the scoping studies have to be changed completely. The delay is inevitable. If anyone can make this into a successful project, it will be the existing management team. If they are not convinced this is a very viable project, would they dare risk so much time and money to progress it? For anyone to rattle off that this project is not feasible obviously do not understand the technical info published so far. I picked up more at 20c this morn.
KMN Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
