Not many people reading and watching the company. For good...

Not many people reading and watching the company. For good reason- it has been going down for about a year. I bought in years ago and watched it fly then die. Toms Gully had a lot of promise but poor management ( MD sacked in November last year) followed by torrential rains filling up the mine in Jan/Feb didn't help. Ultimately the company put the mine up for sale and a canadian company called GBS Gold Inc have bought it. The sale will be finalised after a shareholders meeting 16th July called to approve the sale. They will get my votes! Don't want to hear the name Tom's Gully anymore. Practically no-one is buying the shares and with tax loss selling going on this month I don't expect any great rises in price for a couple of weeks.
When the sale is complete the remaining assets are 420,000 oz of gold at a project called Agate Creek near kidston QLD. Drilling on this should start soon. Plus they have a undrilled project at Eidsvold in QLD ( near cracow). They have some coal assets but I don't know what they are worth or if they are any good.

From a shareholders perspective, i want to see some drilling at Agate and a new gold credentialed MD who knows what he is doing. The last one was a disappointment..

They have a mcap of about 30M.
Can't help but agree with ferret that this has been an ugly episode for the old portfolio but then again gold stocks have been moribund or slowly getting into deep problems for a while now. Bendigo, Tanami, Renison, BMA, Ballarat, Wedgetail and Beaconsfield. The list goes on but you get my drift. I will stay becuase eventually the sentiment will turn.
has been a painful exercise but overall the portfolio isn't too ugly.
cheers
omg