I cannot get out of my head that the CN is really just to pay CRH back and that talk of all the other uses for it - like exploration - is to keep us happy (ill-informed). I have seen a few of the outlandish statements JG has made (that youtube clip) and I have formed the opinion that he might skirt the edges of credibility at times if he needs to. There is simply no excuse to have no news with all the alleged exploration going on. The last meaningful news was in relation to Mestre level 6 panel samples - AT CASCAVEL not exploring. WTF are all the other exploration activities producing? Other companies on ASX will ann that they've found an abandoned port-a-loo on site which will save them money. What are these guys announcing? ZIP, Nuthin, naff all.
The fact that they stated the CN is for exploration when we can quite clearly see from the last quarterly that they have no cash flow from operations and not much in the bank means they are using it for operations and they are using it for debt payment (CRH). If they DID have cash flow from operations (producing gold) then they would have announced it don't you think? My conclusion is they are therefore making bugger all gold AND they are not using the CN for exploration. Therefore my faith in management telling me the truth is a bit shot right now.
On the other hand the chairman has spent another $10K on shares recently. Why would he throw good money after bad? I'm not selling but I am pissed that we are sweating a quarterly for goodness sakes - a document that, for this end of the market, traditionally just summarises what we already know!
