RE:RE:RE:RE:RE:Drumlummon Gold & Silver Mine timeline - The bottom line on DrumLemon is that it's uneconomic.
DrumLemon Closure
"During the first quarter of the year, Drumlummon produced 21,044 ounces of silver and 2,161 ounces of gold at a by-product cash cost of $2,288.73 per ounce gold."
From the press release dated April 24th, 2013
The price of gold has never been $2,288.73 an ounce, yet SandraSoyle and PBG just love DrumLemon. They love it so much they'll tell you how great it was to trade 30% of your USA shares for it. They'll even tell you that giving insiders millions of options while the DrumLemon mine is closed and the share price drops 70% is great, too.... Those fine gentlemen will even tell you that maybe there is more gold at the DrumLemon...... No one knows for sure because there are no reserves but it was a great deal that allows us to pay maintenance costs on the uneconomic mine.
It never crosses their minds that RXE was headed to bankruptcy with cash costs of $2,288.73 an ounce and that USA would have had an opportunity to buy the bankrupt mine from the receivers in the not too distant future for pennies on the dollar.
Nope... it's all GREAT! Why is that? Who in heck doesn't mind losing huge money? And continues to espouse the wonders of a massive loss in value as fantastic?