RE: RE: RE: RE: adding info on Canaccord position. "The only thing i look at is the stock price which always tells the real story and when i look at this stock price i think that some things could be fumbled and stumbled because after all the drilling and the results one would expect certain enthusiasm which i do not see here...I personally think it has gone from runner-up to amature hour and thus i believe it will sink further"
fortun8, you probably had an agenda with mostly negative comments during the past six months but I will be the first to admit that some if not most of your comments during the past one month have been fairly objective and accurate despite the pessimism.
The one thing that I concur with is that the stock traded at or very near (within one cent) of 52-week lows from mid-May to third week of June within the brutal bear market for all juniors. However, the notable with this stock is that it never rebounded along with the sector from the late May lows into early June with the most realistic rally being just one whole penny and from 52-week lows too. Then the draft PEA was received (internally) during the last week of June and coincidentally there was also suddenly increased selling at the 52-week low and it intensified with new daily lows on consecutive days being established for the rest of that week.
Now I have been waiting and watching for the first rally from the new 52-week low which occurred during the first week of July. I wanted to see if the last week of June was one of those shaking out of weak hands before the stock runs up much higher since it coincides with the PEA. The best it could do was rally just one whole penny from the realistic 52-week low of 5 cents (only about 50,000 shares traded at 4,5 cents) and on the strongest day of strength which was July 5, I observed that several large strong bids when it showed up at 6 cents were getting hit in its entirety typically in one shot including one for 287,000 shares bid later in the day. Very next day only had one large block at 6 cents for 393,000 shares and the rest at lower prices. The negative trading highlight for me was Jul 10 when I saw 290,000 shares get bid at 5,5 cents and someone dumped maybe 400,000 shares at that price in the early part of the day.
At this point I will admit that I do not see public release of the PEA to be a saving grace. In fact, based on the situation presently I do not see this working out from rags to riches unless you got in exactly at the new bottom of 5 cents. Buyers at previously low prices at 7, 8, or 9 cents will likely be just attempting to somehow salvage their investment at break-even prices by averaging down and hoping for a mini pop. I followed in the footsteps of giants (i.e. Giustra) and even got greedy and accumulated a total of 500,000 shares at average price just under 10 cents looking for the kill shot. It was probably 300,000 more shares than I normally would be comfortable with but as I said it was a greedy all-in type of bet. At this point I liquidated a large chunk at sickening low prices between 5,5 to 6 cents and took a bath with actual losses nearing close to $20K. I am keeping a token amount of 50,000 shares and calculate my new break-even price to be near 50 cents. I could have kept slight more for a better b/e price of 25 or 30 cents but as I am alluding to I have lost faith with this one.
In retrospect I wonder if Giustra bought in big for 15% controlling position and also those weird unknown flash buy at market trades that drove up the price into the 14, 15 cents on those two trading days on Mar 26 and Apr 2 have to do with my following conspiracy theory: Both "insiders" got the inside scoop that the common management team (CCY and BAJ) were expected to eventually get bought out by BAJ for a significant premium and very lucrative and profitable exit strategy. But then the sudden and unexpected huge cost overrun at BAJ essentially destroyed that company and ousted the managment resulting in that favourable scenario no longer occurring. And the result is what you see for the past several months ... a steady drift with no retail investment interest despite fulfilling the terms of their option and a PEA that defines the economics of the project to be released in the near term.