Jrowl, Good point - seems strange to be leaving when UML...

Jrowl,

Good point - seems strange to be leaving when UML appeared to be on the up with 1) high gold price 2) production at Henty and 3) excellent exploration results in Africa and Tas.

What concerns me is the issue regarding allegedly leaking arsenic from the now on care and maintenance mine in Victoria. It turns out there was a community meeting about it in Bendigo - naturally UML via Rod Hanson ( the now departing CEO who is leaving)says its not an issue.

I have enclosed a link to a letter in the bendigo paper - make your own minds up.

http://www.bendigoadvertiser.com.au/news/opinion/letters/general/its-imperative-to-assess-mine-waste-risk/2284707.aspx

Either way it seems to be poor operating management to have allowed water to have leaked from the ponds regardless of whether there are toxins in them or not.

UML does have $6 million in Environmental Bonds that it stands to lose if this isn't sorted out.

I just hope that the CEO doesn't get a big fat pay check on leaving only to have this blow up afterwards.

In the annual report released on the 25th Aug it was stated on page 7 that limits in regards to environmental monitoring were exceeded 14 times - I wouldn't think this was a good record.

I believe the company needs to come clean on this, especially on the potential cost of any cleanup and if the state can sue the company over and above the enviromental bonds.

I rang the company on Monday and spoke to Investor relations and asked if anything was going on that we should know about - they said there wasn't - I was then alerted to the arsenic issue in Vic on this forum monday afternoon - given they omitted to inform of this issue I proceeded to sell all my shares - there are plenty of cashed up gold stocks out there pumping out heaps of cash - I'd rather be in one I trust.