Dear Glenrice67:
Let me give you some friendly advice: be very careful about “making bold market calls”, especially negative ones, as the end result may be that you suffer significant financial losses.
NT Mining paid 480K plus six million common shares (three million prior to the 2 for 1 split that took place recently) for the Bullmoose Mine. That is significant compensation to pay to the owner of the leases, based on today’s closing share price of NTMG (approx. $3.5 million total). The Company has stated that it will spend approximately $2.5 million dollars to get the Bullmoose mine back into production.
In terms of the value of the property, the previous owners/operators of Bullmoose spent $31 million on the property, with $8.5 million of that $31 million being raised through the sale of 20,000 ounces of gold produced from the property during 1986 to 1987.
NT Mining has secured a fantastic property at an extremely attractive price for its shareholders. The owner of the leases stands to make a lot of money too on his NT shares and I am sure there are other compensations, royalties, etc. added in fro him. No one is being “dumb” here, as you suggest, except perhaps…
Maybe for now you should sit back and observe how NT goes about acquiring its second property, Valentine Mountain, and see how you feel about “making bold market calls” at that time.
I wish you the best with your trading and with your investment in NT Mining.