Management's GambleManagement has decided to spend money to drill other areas of the property and delay starting production even though there are 13 areas where indicated gold has been found. Not inferred, indicated. Think of that, they have 13 areas that could be mined for production and they want to find more areas. The mill they brag so much about is just sitting there and won't be in use under managements plans for another 2 years. There's enough gold now to operate the mill at 2200 tons a day for ten years with enough profits to drill anywhere they want and avoid further dilution. Under managment's current plan, more dilution is coming in early 2017. I guess management believes it can keep the share price rising with more drilling results from new areas. Today's drop in SP should have tipped them off that that is not going to happen. Every day the SP remains down, the risk of a low-ball take out attempt becomes more likely. What's management going to say if a major offers $1.10 per share which represents a 40 percent bump over current SP? The PEA to be issued in October may show a value higher than $1.10? Doesn't look as likely now. We could be gone if the big investors go for it.
The results for 172 holes drilled at Triangle from 2009 to present have been published. That should be enough to develop a mining plan for the upper levels of Triangle. Management could start production in mid 2017 or sooner if they choose to. The 172 holes drilled at Triangle is 6 times as much drilling that has been done on plug#4. If they can decide how to mine plug#4 with 29 drill holes, they should be able to come up with a plan for an area similar in size with a 172 drill holes. I'm certainly no expert but IMO, management needs to change its plan.