In 1993, I bought shares in a little diamond explorer at $.35 per share. It ran to $1.05 on huge volume then started to back away. I did not sell. Many around me took the trade and then reloaded twice as much on the pulback to $.50. Then in 1994 it scooted back through a dollar on massive volume and again I held on due to the indicator mineral trains in the NWT containing really good chemistry. At the end of October that year, there was a scandal where Kennecott terminated a JV agreement with the Kettle River group and the entire diamond sector CRASHED and I mean crashed. The little junior I saw at $1.00 was trading at a new low by tax-loss period 1994 at $.39. On the last day of tax loss selling (Dec 23rd) I through up a bid for 50,000 shares at $.365 as a support bid and with four minutes til the close WHAM! I got filled.
After a miserable Xmas and New Year's I refused to even look at the market and then on a Saturday morning in March going into the grocery store my cell phone rang and heard the words "KIM-BER-LITE!" The next Monday the announcement was made and within six weeks, I was selling shares in the $5-6 range. Later in 1996, I sold the rest at $9.50.
The supreme retribution was that all of those traders that reloaded twice and laughed at me became "liquidators" of their entire positions at $1.10 in March 1995 thinking that they could buy it all back again at $.50. They left MILLIONS on the table.
The person running my little junior was a retired radiologist who was seen as a "donkey" by all of the traders and wiseguys. He had the final laugh and made $30m on the move to $9.00.
EXS is about TEN TIMES as explosive as any NWT diamond deal but just as it took three years for the little diamond deal to mature, EXS is running along the same time line.
If you cannot hack it, liquidate your positions and the market will absorb the shares at some price. It is obvious that the "blame game" is easier than patience so everyone has to deal with the adversity of a penny mining speculation in their own way.
It was my patience back in 1994 that made me several million dollars and I have a feeling that EXS will be no different.
