GREY:GRFJF - Post by User
Post by
mlmackon Feb 09, 2009 9:08am
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Post# 15763068
Cost going up, production guidance down
Cost going up, production guidance downI sold all my shares last week in WGI due to the horrendous guidance given by the company on January 19th. For 2009 production was forecast in the 170,000 ounce range in the October 6th new mine plan guidance, now down to 140,000 - 150,000 oz. for the year. Average cost per oz. is rising from $430 to $595 - $605 for the first three quarters. How could they miss these numbers by such a large percentage. Also fourth quarter production dropped from 47,000 oz in the 3rd quarter to 30,000 oz., this was projected to be 37,000.
These guys had huge overruns in early 2008 and blamed fuel and tire costs, now they blame stripping ratio's, were these figures created on the back of a napkin. After McWhirter's #1 pick and the CEO on BNN that drove the SP to $2.55, got out in the low $2.40's.
With management missing the new mine guidance given in October, they better hope for a buyout !!!