RE:RE:BAD NEWS!!sonofcroy wrote
yes and for some reason they are "pleased to report" I've been defending these inept people for too long now. What a joke this management gas turned out to be. Very very disappointing news and it really pisses me off that Derek is so pleased to tell us this awful news. I dont think this will end well. A major will take them out for pennies after they go bankrupt and can't get financing. Not very often does a junior make it to production. Almost as if it was planned out and we get screwed now. I'm ready to f$%king strangle this pr!ck
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I remember posting on this board a year or so ago when the shareprice was aprox. 3 times higher than it is today that while i liked the potential of AOT i believed it was to early for me to buy shares as in my many years following and investing in junior gold miners especially those trying to start up their first operation there will likely be a lot of problems getting the operation going and producing Free Cashflow. Things always seem to take longer and cost more than originally budgeted. And when these thing happened the shareprice usually drops a lot giving the opportunity to buy shares a lot cheaper.
That being said i thought that with all the advantages that AOT had in existing mill, underground workings, etc, etc along with lots of resonably high grade gold close to a paved highway, small city and ocean and not least experianced management that things may not go as bad with this start up as for many others trying to start up a mine from scratch.
Wrong again. This is proving to be quite a mess. First they lose some equipment off a ship causing delays. Then financing that was arranged is withdrawn which leaves a lot of doubts And now they are in limbo and waiting to hopefully arrange financing at some unknown point in the future while production gets pushed further and further into the future.
Quite a mess. Then again there is always worse. Look at Argonaut Gold. 7 months ago it was trading at $4.10 today they are down to 57cents and just announced they are going to issue another aprox. 434 million shares at 45 cents which will likely drop the shareprice down to the 45 cent range or lower tommorow. That is close to a 90% drop in the shareprice in 7 months compared to AOTs 65 to 70% shareprice drop.
Has anyone ever made any money with these useless gold stocks?