RE:They have had the cash for at least 6 months
You suggest others do due diligence, but I don't think yours was deep enough. There is nothing to suggest that this management team has the ability to buy low and sell high. They have shown the ability to burn cash and sell low. They had some good JV's with Rio Alto and Mr. Black. Rio backed out when they couldnt actually drill the mineralized deposit at Ichuna, now that is a well run company, they saw what they were dealing with and cut bait. You saw the recent update, they probably spent 1/4 to 1/2 million doing some random sampling to find a mineralized area that does nothing. You will be very surprised by how fast that money will go and how little they get with it. There has to be a ton of companies out there close to shutting down (two being the other two Reeder, Brunell and Hamilton run APM,RYO) that should be ripe for the picking. Before they sold Aguila, they put out a statement that their goal was to increase shareholder value, here we are, all time low and they are out looking for places to drill. Why not do what Penoles did to us, find a company that did all the work and has a resource estimate, then rape them and pay less than they put into drilling the property. Free Work, presto. But no, these fools are running around and will waste money drilling so they can sell later for less than the cost of drilling. They dont learn from their mistakes, but I do, there is no way I am averaging down until Reeder is 86'd. Still no wager??? not much confidence I'm sensing. I can see Reeder doing a deal with RYO or APM, so that we can overpay for them so that he still has a paycheque over there. This is a class act card shuffle act.