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Conditional exploration exists on some of the tenaments I think...

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whyyyyyyyy

285 Posts.

29

05/11/18

08:37

Post #: 36387239
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Originally posted by Resourcesareme ↑

Well Munckton hasnt exactly played his hand he has been dealt with very well if you are using SP depreciation as a guide. He was the architect of the now infamous halt order and he has to be held accountable, it is his fault not Sproule and Harper’s fault for the SP destruction and now the subsequent massive CR. Tell me why do they need to be do discretionary exploration and works when the sole focus should be on getting into production? He is on record as saying he wants to make the resource/reserve positions bigger BEFORE they look st actually developing the mine. Even worse he intends to fund this by further inflicting pain on shareholders. Dixon was responsible for starting the mess and Munckton has just been a disaster.

we all knew the risks involved in the original strategy but given the very small capex to get into production meant even with a “significant” cost overrun of say $10m and a delay of 3-6 months would have been (and still could be) a better outcome than what the incumbents have and intend to do.

there are a lot of people who just don’t understand (including the incumbents) what the original strategy was all about and how it was going to be managed. So what do they do is get rid of one of the few people who does. To say Sproule should not of resigned is ridiculous because that would have meant the company going through a 249D he knew he was going to loose. So he “maned up” and did the right thing at that point in time.
things have now obviously changed with the self inflicted implosion by the new board who quite clearly have not a technical clue what to do. The new board are hoping if they state the words it’s “ all about prudent risk management” and “resetting a project with no fatal flaws due to undisclosed “significant” cost overruns enough times the masses will believe them.

fortunately for shareholders there are some people who are prepared to dispute the incumbents diatribe and methods. The question has already been asked who or he current board has designed and built a mill and/or developed a mine? So why are people so quick to support the incumbents when I have no doubt they had to pay someone how to read the Como report?

It’s like asking me to build a rocket when I can’t even read a flow sheet never less design the rocket!

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Conditional exploration exists on some of the tenaments I think for around $2 mill. Not sure when that expires.

Yes they've changed direction of the project and not necessarily for the worst. I'm comfortable that they needed to do it. I'm more comfortable not holding as this whole situation is a mess and best avoided.

Drops mic, exits stage left!

Last edited by whyyyyyyyy: 05/11/18

KIN Price at posting: 8.4¢ Sentiment: None Disclosure: Not Held
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