RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Annual MeetingKylemcc10 wrote
Good points. Upside potential is too big so I won't be selling unless dilution continues to get out of hand. Just seems like the excuses are piling up and the latest meeting was sad. CFO resignation doesn't help either along with the sketchy marketing rollout. They sell a good story and there's lots of experienced guys with skin in the game. We'll see, but patience is getting thin.
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Yes i hear you. The news release from today also tests a persons patience as they are finding more problems to repair which need more parts to be ordered and then installed while the weeks and months spin by with all kinds of bill to pay and no gold being produced. Now they have hired a couple more workers and are training them. Costs keep increasing but no gold is being produced. The six day trial they did was only at about one third of normal production.
I would not be surprised to see another private placement soon that is if they can find anyone to give these bumpkins any more money. The company that has lent them so much money over the last year must be getting tired of the results here and i may not be in to much of a hurry to lend them more cash.
The fact is we are only talking about a small 150 ton per day mill here. Instead of doing a major inspection of the whole mill when they had it running for a few weeks a couple months ago or even much earlier than that as they have had the mill for quite some time it appears their idea of starting up a mill is to look around a bit and do a few repairs and then start the mill for a few days and then discover more things to be replaced and order more parts which takes more time and on and on.
Now they need to replace things like electrical boxes, conveyor belts etc. They couldnt tell months ago that a conveyor belt was old and needed to be replaced? How many Fu#cking conveyor belts are in a 150 ton per day mill maybe 3 or 4. The mill has also been sitting for years and those belts are likely cracked and brittle just from sitting. Why not just replace all the conveyor belts right at the beginning? For every month of production they are losing without the mill being at full production they arer losing aprox. $5.5 million CDN. in revenue. That money would buy a lot of conveyor belts, electrical boxes etc.
What we appear to have here is another example of the ways things usually happen when a micro cap, junior gold miner trys to start up a mine and mill.
They make a lot of promises about the huge potential at the start but then the vast majority of the time the reality that they are Underfunded, under manned with experienced people in the right areas and have poor management overseeing the mill startup.
Now i am starting to remember why i havent "invested" in one of these Mickey Mouse type of companies for quite a few years. All of a sudden that old familiar sickening type of feeling is coming back as i realize that things may not work out here as they usually dont with this type of stock.
Now here i am stuck just like the rest of you waiting for something good to happen which never seems to come. As you say the potential is still here and having waited this long i am willing to give them some more time as i would hate to sell out now after all this wait only to see them get going in the next couple weeks and watch the shareprice go way up having sold out at the bottom. Done that too many times.
At the same time todays news release confirms that these guys are bush league at starting up a very small gold mill and are only good at making excuse afer excuse for months on end. What happened to being at "Full production" by May? Every time i have seen nothing but endless excuses and no results before which is actually most of the times it never seems to end well. Will this be the exception to the rule?
If i dont see a good news release within the next month saying that the mill is up and running steadily with some serious gold production i will say goodbye to WGC forever no matter how many more excuses they make.
Good luck to all. We are going to need it.