RE:RE:RE:RE:RE:RE:RE:RE:Annual MeetingKylemcc10 wrote
Not sure why there was no formal announcement about the mill running since they had June 21 as the target date. Surely they didn't expect us to assume it started on the exact date since when do they hit targets on time. Really becoming concerned now. I think another raise is coming. Gold on the balance sheet by Q1 21? I don't think we see any in the coming year.
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If they start up the mine for a couple days and then do a news release that it is open what happens if they have more problems and have to shut it down again. Do another news release that they had to shut down? Would it not be better to have the mine up and running for a month steady to see if it will be reliable and then announce that they have been running for a month then announce they have produced a bunch of gold with a reliable mill that keeps producing gold everyday?
This saga has dragged on for quite some time with not much good news in the last many months. Pretty much typical for these types of juniors especially trying to start up an old mill that hasnt run for years.
The hard truth is that after following and investing in many of these type of junior miners in this situation is that most of them never ended up doing well for shareholders either never producing up to expectations for one reason or another or going broke.
For me this one seems different in that they have high grade gold with quite a bit of exploration drilling and development and an existing mill. From my own experience investing in these juniors i have learned quite a bit of what to look for. Does that mean i am an expert in gold mining, financing or operating a mine? No i am not so i look to those who are and see what their thoughts and more importantly actions are to confirm my thoughts about a company and its project.
The person at WGC that i look at is the Chairman Carrabba an experienced mining man with a degree in geology and an MBA. With all his education and experience with several large mining companies over several decades he seems to have thought enough of this mine and mill to buy it and invest $3 million of his own money in it and go through all the problems of trying to get it up to speed and producing gold. Does anyone think that he doesnt want this mill to get up and running and producing a lot of gold? Does anyone think he wants to lose his $3 million?
I am quite sure he is trying his hardest to get things up to speed and the mill running steadily and reliably and producing lots of gold. Will it happen? Many others that seemed promising never did end up doing well. and only Time will tell if this one will be a winner. At the same time my patience is not endless and i have also learned the hard way that if there are only endless excuses for years on end odds are it will never do well and its best to take a loss however large and move on.
The one thing i do like here is that we have a man as the companies Chairman that has a lot of knowledge, experience and his own money invested in this company and has a huge amount of incentive to make it work.
Although this does not guarantee anything and he could end up just as many other experienced people who invested heavily into these juniors and lost big. For now at least i am willing to give him some more time to get this mine and mill operating up to expectations.
Be right and SIT TIGHT.