thanks for the article eyeknow.watso would not be surprised if...

thanks for the article eyeknow.

watso would not be surprised if the author of the story, reads hot copper.

lol - here is an amusing part of the article

"The June 30 annual report shows Salter, through Superite (2010), earned more than $500,000 in consulting fees for seven months' work in 2010-11, which means he charged the company for working the equivalent of about 70 hours each week and, according to sources, it is doubtful whether Salter, who suffers from arthritis and back problems, would have been able to work such hours.".

lol - 10 hours per day, 7 days per week (or heaven forbid, 14 hours per day, for a 5 day week) -

director visits to paynes find, must have cost the company thousands and thousands of dollars. it could be, that relevant costs of director visits to paynes find, are included as part of "exploration costs" ..

the cold hard facts are, that the gold is not there. the article mentions the following..

"Paynes Find Gold sold its vision during last year's initial public offering by saying it would use modern exploration techniques to transform the historic underground mines into a single open-pit gold operation."

the company probably drilled (stage one drilling) in an area, where there was plenty of previous activity. one thing for certain, is that there are enough holes there, to calculate a resource of some sort.

indeed an early company announcement indicated that a resource figure would be released, upon the completion of the stage 1 drilling. the fact that a resource figure was not released, could indicate, that the gold is not there

if the company was serious about an open pit, and considering the extensive "previous activity", then the company should have raised the funds, to pattern drill (maybe 40m x 40m) , to drill the known mineralized zones . not much money would have been wasted on director fees, or geologists .

people who contributed to the ipo, have been shafted.. all at the same time that a director is groping (allegedly) an employee, and being upset, because he has to pee into a bag - on a one hour flight.

wow - in the distant past, watso used to endure 5 hour flights - but there was no alcohol prior to leaving perth (in the morning) , and no alcohol, leaving the exploration site - oh there was a 2 can daily limit of alcohol (provided by the company) - which was enjoyed in the evening