Weewillie re 8833: What shines through in your posting is well developed sarcasm but little substance to reflect any brain activity. If you don’t think a COO selling shares in the middle of what he knows is a dismal quarter isn’t a sell signal then you have a wee brain as well. The actual results just confirmed why he sold a month before quarter end.
haul out your Q3 report. 32560 oz produced. Add the production costs, smelting and royalty ($35.884 million). Divide to get C$1,102/oz. Now add in general, interest and exploration and you get C$48.376 million. Divide and you get C$1485/oz. I ignored the Fx amount. Completely rationale and number based. The PERFECTLY LEGAL US$589/oz reported does NOT reflect the total costs. Cash cost per ounce SOLD (not produced which is where the money went) is narrowly defined and can be manipulated based on timing sales.
I only found this board a short while ago and it doesn’t look like anyone with mining experience comments here, only speculators. The optimism I speak of comes from comments on the exploration report and promises and more promises of the CEO, many of which come from other boards. The management has been telling everyone everything will be OK for a year now. It’s not OK and there doesn’t appear to be any chance it will be OK if you know the mine. The defeatist tone of the COO was unmistakable on the Q3 conference call.
The institutions still own millions of shares. Enough to play it and affect the price for a time. With high costs and only low cash, I expect they will make it to the end of the year. Early in the new year, I expect some very bad news for shareholders. Between now and then the only question is whether there are enough fools out there to bid this up short term.
