RE: Argh!I was at the presentation yesterday. I'm no mining expert but there was a couple things I didn't like:
They will try to find used equipment for the libertad mine to cut down on when production will start again. Their goal is to re-open in 2009 but with the used equipment, if they find suitable stuff, could start production sooner. Sorry guys, I think this is the mine they recently shut down. Its the one the one they are switching from heap leach to milling.
For 1, using used equipment can cause more problems. Its a red flag in my view just from what I've read. I hope they don't find some and are forced to buy new.
#2, he never mentioned present costs. He only said it will be under $300/ounce after they are up in running in 2009 in all their mines. That's may be true but if i'm a new investor i'm going to want to know the costs now. Better to be brutally honest than gloss over the hard facts.
Anyway, there seemed to be good interest in Glencairn at the presentation. The slides clearly showed their mines are well run.
Regards,
annacotsteel