RE: RE: Insufficient Offer I totally agree...it stinks.
One might ask why an additional $20 million to $30 million in funds might be needed.
The only significant expenditure is Cosmos and that has already mostly been incurred.
The excavation of Cosmo's primary ventilation shaft already has been successfully completed and secondary ventilation fans have been installed in preparation of the commissioning of the primary ventilation network which was expected to have been completed before Xmas.
As part of the Cosmo underground operation ramp up, and in preparation for ore stoping in the first quarter of 2012, two new 50 tonne capacity trucks were delivered to site in early Dec and are being commissioned. This brings the total mining fleet to operational levels in preparation for the start of mining and to allow scheduled development to double in the first half of 2012.
Mine planning for the wider and higher grade Cosmo East Zone has also been completed and transverse mining method in wider and higher grade areas will increase the si ze of the production stopes from 2,800 to 8,500 tonnes.
This will positively impact the Company's gold output and production costs during the initial stages of the Cosmo ramp up.
That Cosmos is just coming onstream with higher production at much lower cash costs is the real reason why Luxor is making its predatory move.
Dont tender your shares.