So certainly qualified, even over qualified, to be MD of a little mining company. No one is happy with the situation the company is in at the moment, but would it be any different no matter who was running the show? Unfortunately the mine never preformed as I, we, thought it would have, and the debt along with commitments dragged us under. Chancery along with a hand full or investors that still believe in the project have put money in, and many many hours of time, to try and save the project. As the administrator said, should anyone want information to contact Chancery, no secret society, no cloak and dagger, not conspiracy, no tin hats needed. Before Chancery got involved in the attempted restructure, MOK tried his best to save the company, even after the administration was appointed. He tried to stitch up a deal between Anglo and Cartesian and anyone else he could find but failed to get an agreement. When all else failed, Chancery put up a proposal to the administrator to hold of certain liquidation at the very last minute. The deal was basically to provide funds to pay the incidentals and ongoing costs involved in restructuring the debt and reducing operating costs to give the project a chance to get back on it's feet. Chancery put their money in first, quickly followed by a hand full of people that believed the project could be turned around. In the first few months it was touch and go on more than one occasion, extremely risky as deadlines set by the administrator for payments approached without funds there to cover them, sometime even past the dead line, before payments where made. however things have moved on and most of the commitments have now been meet, vastly reducing the risk. Not sure how many have put in as of today, but it is a ever growing number. The ultimate aim is to re-list as soon as possible, so those of us that are actually invested here can at least get something back....
Out of the five investors that visited the mine last year, I was the only one with actual mining experience, I understand the problems involved in narrow vein mining and the issues arising from a lack of funds for maintenance that quickly snowball into bigger problems. Have seen the gold first hand in situ and in the tailings that where coming out of the plant, no question in my mind that the gold is there.. As stated many times before, getting it to the gold room in economic amounts has thus far been illusive.
Good luck to all invested here.... and if I burn the rest of my money,, it was my choice..........
OGX Price at posting:
0.3¢ Sentiment: None Disclosure: Held
