Lets see, where do we start with this news release. I know lets start with a quote from IKN on mining news releases.
“The IKN First Law of Mining News Releases: Considering that anything contained in a mining news release is presented in the best possible way for the company in question, any piece of information contained in a NR that comes across in any way negative means the real news and/or events behind it must be very, very bad indeed.”
OK now to the news release.
1) Bachelor Lake and Moroy have ofically reached there watery grave. Never to be herd from again.
2) The 2400 TPD mill expansion they have been working on for years just got downsized to 1800 TPD, and they still have questions that need to be answered. Which means no permit and no money to fund the building of the expansion.
3) The are having a hard time finding mining contractor to operate the mill, haul the ore and perfrom the mining. (WHich translate into $$$$$$$).
4) Costs are rising rapidly (see #3 above).
5) Mining the open pit just got delayed due to drilling. Which translates into they are having issues finding the $22 million to upgrade the mill and also answers the question of Wexford funding everything up to production.
There is not one item in this news release that was positive. The comapny is in cost saving mode and operating on a shoe string budget. Oh, does that $1.60/share buyout that Pascal and the Board rejected without giving the shareholders a vote loom large now. I hate to say this but with tax loss season upon us and combined with this news release this is headed lower.
As I have stated before on this message board I will never give anyone any investing advice. It's your money you invest it as you wish. However Sidebet /stupid, I think it's time you STOP averaging down. If you have been purchasing shares as much as you say you have. It's a very deep hole indeed and there is no sense of digging it any deeper.
As I see it with this news release there are only 2 options left here. Backruptsy, or it gets sold for peanuts (and peanuts are a lot less than the current share price).
The train wreck continues. I feel for MAP. He walked into a mess and it has to be overwhelming on what he's going thru.
Best of luck everyone, your going to need it.