All very interesting happy Rexers! Some good discussions on the...

All very interesting happy Rexers! Some good discussions on the threads!

A lot of true believers out there! And Im going to cop flak for this post but I like to play the devils advocate so, I'd like to make a few observations:

1. I'm sure a lot of people will make a lot of money out of Rex, especially if you got in early, and really that is the name of the game! But,

2. Aren't these guys basically the same management who, when with Ballarat Goldfields (BGF), decided Ballarat was to be one of Australia's largest gold mines again, sold it off to Lihir, who then lost hundreds of millions of dollars when it turned out to be quite different to the BGF model?

*http://www.smh.com.au/business/lihir-gold-dumps-ballarat-for-just-45m-20100305-pmqd.html

I note with interest that only the Company Secretary includes Ballarat Goldfields NL as a previous employer, on the Rex website? The other two directors involved with BGF clearly dont regard that as a career highlight?

3. It is hard to be 100% confident in what is going on at Pine Point in SA, when the same players got Ballarat wrong!! By their own admission the technical team say that Hillside is a complex structural environment (see Prospectus and announcements). Will they get it right this time? Are they getting it right??

4. In a recent article in the Australian, the MD said:

"It is a big project and it needs a lot of drilling," Olsen says.

*http://www.theaustralian.com.au/business/light-bulb-moment-for-rex-minerals/story-e6frg8zx-1225926427474

Alright good call, but with more than $40 million in the bank is there a whole battery of drill rigs out there hammering away night and day??? You tell me?? There should be!!!

Last I saw there were 2 diamond rigs and an RC drilling pre-collars....not exactly going hard? Ive been involved in a lot smaller projects, with smaller companies (and a lot less money at hand) that have ramped up drilling a lot more than Rex have, and at a much early stage.

If Hillside is so good, why arent they drilling the s*#t out of it?? Having worked for a few smaller companies over the years, and the Blue Sky Mining maxim is that - the worst thing you can do to a good project is to drill it!! Is that in operation here??

Rex have been mucking around with this project for years, telling everyone how big it could be and when theyll be in production, which leads me too,

5. Ive watched this stock on and off for a long time, basically because I was a long time sceptic of Ballarat Goldfields and was proved to be very much correct! I even saw management present for the Rex IPO, but it seems to me that the Company spends more time promoting themselves than they do exploring the project? And the share price reflects that, so maybe theyre doing a good job?

Where are they going?? Maybe Pine Point is being dressed this up for another take-over so everyone can exit with a tidy sum, leaving someone else to deal with the reality of the project?


Im not saying there are not some impressive results. Hillside makes a great story, market clearly loves it. Im just not sure as to whether I believe it yet? And Im far from being alone.....

Personally I think DML has a far better story, better deposit and is a better value for money than Rex but thats just me. Im going to keep an eye on this one and Im sure Ill be making further comment!