RE: Argonaut Warrant Excercise Argonaut raises 115 million probably to get those Prodigy ounces.they just bought... They could get us 40 million (20 million market cap and 20million debt payment) and still have plenty of money to play with on just this warrant excercise. How sad are we at 13 million market cap very angry and frustrated with management, Remember the days when chris would say he wouldn't even consider a takeover unless it was over 60 cents. What a joke this has turned out to be....Hopefully the castle gold guys we just hired will step up and their connection to argonaut can help us get out of this mess.
The only credit I will give chris and his directors is that they bought in to this most recent pp at .05 even though it seems no one else will. Some argue that it is an achievement that they are producing profitably...Consider the four month delay due to the pad blunder, SART screwup, and now they realize that their is no way they can possibly run two different mines. Glad they figured that out but still wondering if they can handle the copper at Jojoba.
If we consolodate to 25 cents a share will we be shorted down to oblivion...our market cap is already that of an microcap explorer how much lower can we go???
GLTA in 2013 we need it
==================
Umm.. I don't want to kill your hopes or beat up on a dead horse, but even LUCK won't help here I am afraid - unless luck is in the form of Cris being lucky to find another job somewhere else and passing on leadership to someone who might have a magical stick to turn this ship around - Even then one has to wonder if a magical stick would be enough - this outfit is in deep doodoo - Consider the following.
Compare the October presentation with the Fall presentation, and you will quickly notice that contrary to your hope for 2013 - Jojoba is no longer in the plan , sent back packing for now (pages 4 and 15 Fall presentation)
-
You will further noticed that Cash Cost , which was at $800.00 an ounce before and contrary to perception here - is not Industry average but rather in the top range, said is now forecasted to rise to $900.00 an ounce. Need I remind you that in 2010 , Cash Cost was forecasted to come in at $526.00 for 2011.
-
Further note and understand that the Reserves number in terms of Ounces of Gold - stated to be at 385 000 ounces, is conditional on a yield of 0.63 grams of Gold per Tonne processed and that's combining BOTH Lluvia and Jojoba, and further consider that the yield plan for Lluvia was 0.50 g/t and Jojoba the highest yield sitting at 0.77g/t.
Now read what the MD&A states for the the 3 and 9 months of 2012 ( page 9). The yield for the 9 month is 0.39g/t and for the last reported Q is even lower at 0.37g/t. A far fetch from the targeted yield , let alone the NI43-101 ain't it?
So where does this potentially leaves the NI 43-101 and it's estimated 385 000 ounces of Gold?
=====================
Take a very serious look and Compare the presentation of October 2012 with the Fall presentation, and pay close attention - What the company is saying, page 15 and 16: BACK TO SQUARE ONE, focus on lluvia, and let's redo all that we did in the past, and try to drastically improve reserve forget about going into production on anything else.With luck increasing reserve might artificially improve the Company value in someone's eyes!
----------------
Now tell me, given the demonstarted failure time and time again, and inability for this Management Team to stay the course on a Business plan for more then 3 months, the serious fiancial handicap and tons of money given away at the financeer, the debt held, let alone on top of the high interest paid on the loan , but a Life time 2.5% Royalty on any gold coming out of the mine. There is an obvious questionable viability of this project.
-
Tell me why would any Company with a half a brain CFO and CEO would even undertake to buy this financially dead outfit?