OTCPK:NGMBF - Post by User
Post by
Durkastanon Sep 09, 2010 9:52am
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Post# 17428628
Waste of time
Waste of timeI sold out of my entire position at .11 a couple of weeks ago. I took a pretty big loss considering I bought in at .15, but I had to take a step back and evaluate the situation.
I can live with the fact that Mine #1 was operated at a loss. I can even live with the fact that Mine #2 may not be profitable. My reasons for holding had everything to do with Mine #3 and beyond.
But the one thing that I can NOT live with is that the management of this company is truly and utterly without regard for its shareholders. Their communications - both their NRs and their almost non-existent IR - are pathetic. There is not a single other company that I own that has such little consideration for its shareholders. It's basically a crime. We're kept in the dark on matters the most important matters in NRs, only to be shocked with unforeseen events.
For example, being told that there was enough money in order to fund mine #3, only to be told later that "Oh, by the way, a new PP is needed!" without being given ANY details as to why the fiscal situation turned so quickly. Details about mine profitability, as well as the permitting process and cost for any of the mines, are scarce and a require a lot of guessing from shareholders.
The fact that management holds virtually zero shares is also a huge red flag.
Everything they do is shady.
This company is dead in the water unless someone who values shareholders' interests comes to the helm. I doubt that Charles is going to step aside anytime soon, so I stepped aside instead.
I would encourage many of you to do the same. I know that you all hate selling at a loss as much as I do, and that it's easy to want to aim to break even... but I personally just had to ask myself: Am I more likely to make my lost money back by staying in this stock? Or by putting my reduced cash into another company?
The answer for me was clear.