It is just so flippin rediculous that we shareholders may now have the "GATES of HELL" in our sights! All they had to do was get 8-10 billion shares assigned from the get go and raise the money to do the project when the PPS was much higher. I spent 30K for 1 million shares when I began this nightmare. They could have raked in the money to ensure the success of this project. I guess issuing shares wasn't what MD wanted to do because he was such a large shareholder and thus, by so doing he would potentially cost himself millions of dollars through dillution (which he ended up doing anyway). So he trickled out just enough shares to keep things going while waiting for LTF to come through. That screwed him and it may screw us little guys in the end too if we go BK. For the want of a slightly higher percent ownership in the company he gambled and now here we are "on the brink of Hell". There is no excuse for this project to have come to this point. LTF was not neccessary 2 years ago but it pretty much is now. Strictly going with shareholders could have built this company if they did it the right way. When they did dillute they would go totally nuts and drive the PPS down so fast instead of doing it a little at a time. Remember those 50MM share trading days that came out of nowhere (usually after I just bought some more shares)?
Anyone who has toured the mine knows that CPRK has some very good hearted, down to earth people working there. One of the guys on the tour even told me not to worry...."I would not lose my investment." (I know...famous last words.) Could they really be plotting to screw all the people who have brought them this far?? It is beyond my wildest dreams to believe such a thing! Hopefully, someone in charge will demand that they do the honest and right things for all parties involved including the share holders. (There has to be a devout Mormon down there in the mix somewhere that will demand they do the right thing....wheres that secretary when we need her??). Maybe their wives will make them be "Real Men" if neccessary. Maybe I am too trusting just like all the rest of you longs out there?
Most of us have heard rummors of MD being offered a buyout opportunity or two. Why wouldn't they just put the project up for sale if they can't pull this operation off themselves? At 10 cents per share MD would have to get by on $20MM! That should be better than a BK and screwing all your fellow shareholders and possibly himself too. If they try to BK then they should have to sell off everything including the leases. A package deal with the mill (and all debts :)) for 1B! What a bargan that would be for china. I heard they ran Rio Tinto out of the office when he offered to buy them out! Maybe well have to eat crow and call him back. This deal would be a sinch to sell!! I don't know much about the BK process and how it works but IMO worst case senario they can always sell out and still make most of us a bunch of money!
I have said it before and I will say it again....Someone will be out there mining these leases in short order whether it is CPRK or someone else. 10B in proven reserves are not worth zero as one poster said before. He needs a new calculator! If they are really worth zero then I'll go out on a limb and publicly bid $1.00 for them right now. How nuts. They said in one of the reports that proven reserves are worth approx. 10% FMV. CPRK's proven reserves have higher ore concentrations than most mines from what I hear so they might be able to get even more than that since so much less ore tonage would have to be processed for the 10B vs other plays and thus, profitable in any economy!
I am amazed that the share price has held this steady lately. According to the reports posted last week they have 3MM due this next week. That must be getting push back or they will dillute this week but I doubt it. I almost have to believe that they got some funding from somewhere to get things going again but who knows? I'm waiting for it to fall again and I'll buy more. I'm going for broke here. If I lose it I'll know it was because I got "hooked and crooked" out of it not because it was a loser idea!! LTF guys can "go pound sand" if they bring their BS terms with them. Lets sell before we give this away to any "theives".
P.S. I also heard through the grapevine that they were shipping ore to Kennecott awhile back...maybe to see if they could figure out how to process it or to raise some funds. Who knows if that is true maybe just another rumor. I think it would have to be the high grade ore to be worth it though but that could raise some fast cash if it was doable and Kennecott would allow it.
