RE: RE: RE: RE: poor market I agree that startups do encounter problems. In the case of Scorpio, you cannot pass them all off to startup issues and you have to be transparent and forthcoming as soon as you encounter problems, otherwise you lose you shareholder base and have to start over. (Look at Scorpio mining). The MR property is obviously a difficult property to extract the gold from as evidenced by the issues experienced over the past 9 months. I wont get into the timelines or discrepancies but I think we all know that something was not adding up. You either have the Gold or you do not, the weekly Gold reports tell you all you need to know.
Now they have a boxed themselves into a corner and we will all have to sit back and wait on the Q4 gold production. After 3 quarters they are pulling under 22,000 ounces of Gold out of MR, they were suppose to be hitting 40-50,000 oz run rate at this point, so I expect to see 10,000 oz of production (Not Gold sales from inventory). We still have to get through Tax loss selling so I hope they are sitting back accumulating shares under teh NCIB as the tax loss continues for those who bought in at higher prices.
As for Goldwedge, does anyone know what the value of the Mill and equipment? What would it sell for at auction? Not to suggest they would sell it but just curious as to its market value today. As for Gold production, I would take whatever number they toss out for Goldwedge and discount it by 30-50% as the property has issues that the two previous operators could not solve. Very similar to MR when the previous owners struggled to extract the gold. SGN was fortunate to pick off the low hanging fruit which allowed them to payoff the loans but they have not solved the leech pad issues and the Gold shortfalls.
Waiting on success....come on SGN, get this resolved and show us how you will turn this company into a mid tier producer. You will have to show success at MR and Glodwedge to convince the street. Get to it.