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Multi-Metal Development Ltd V.MLY

Alternate Symbol(s):  MLYCF

Multi-Metal Development Ltd is a Canada-based mining company. The Company's projects consist of CuMo Project in Idaho and Bleiberg Project in Austria. It operates in three geographical areas, being Canada, the United States and Austria. It owns a 100% of the CuMo Project, which is rich in molybdenum and also contains very significant credits of copper, silver, rhenium and potentially tungsten. The CuMo Project has two distinct layers of diversification: the upper half contains higher grades of silver and copper compared to molybdenum; the lower half is rich in molybdenum, with lower grades of silver and copper. The CuMo Project is situated in south-central Idaho, approximately 15 miles northeast of the town of Idaho City. It consists of 105 unpatented mineral claims. The Company intends to acquire a 100% interest in approximately 116 mining concessions making up the Bleiberg Property, located in Austria.


TSXV:MLY - Post by User

Bullboard Posts
Post by ironringeron Feb 26, 2015 3:41pm
215 Views
Post# 23469320

Time to get real!

Time to get real!I respect that you trying to put a positive slant on the present state of affairs but the reality is appears to be much different. As of Sept. 30 cash on hand was $33,000 and current liabilities were $1,130,000. Fu is also still owed $2,324,000 on top of the $1,130,000. So I question your description of "We are on VERY stable ground". In July 2012 there were equipment and real estate assets of $8 million which are now at $6000? What happened to the money from all these assets. It seems that the managements duty is one as custodian of the assets of the company and I wonder why there was what appears to be a blow-off of all the assets and taking that money and accomplishing what appears to be very little. In the last published 3 months the management team took $182,000. There doesn't seem to be much value received when nothing meaningful was done on the project. They probably recycled this money back into the private placement. If true, this displays questionable ethical conduct when Directors are paying themselves fees in front of non-insider debt. The rest of the drivel about new PEA, World class asset, financing offers coming in, meetings with partners/financiers should be added to the long list of unsupported and unfulfilled promises for the bag-holders. I am not going to list all the promises Dykes has made since he took over but he must please stop with the big dream propositions and get real. As for the 5.5 cent market, how much stock is washing around to get a reasonable and financeable price level. It is fine for the insiders to finance the company at 5 cents with money from fees and invoices but a real financing to advance the project done at 5 cents would be catastrophic even if you could find investors. Maybe Conroy can save the day?
Bullboard Posts