RE: What is McNeil's plan ?Art,
I recommend you play the CEO's meeting from last year (it's a media file) and review the shareholder teleconference also from last year. I certainly hope you did some DD prior to buying...
From the September conference call alone - you would learn - straight from the CEO's mouth:
*CEO Bob McNeil reiterated Sinivit is on track with August press release. (didn't happen)
- 6,500 Oz expected for Q4 08 ( oops - we know they missed that goal by almost 50%)
- Q1 09 2,500-3,000 Oz anticipated production per month (oops - that's now estimated to be 4,500 total for the quarter)
- Imwauna potentially 3-5M Oz
- economic feasibility study 6 months from September 08 to complete (I guess that means it is due any day now - oops)
- resource estimation 9-12 months out from drilling (drilling program only recently re-started)
whole
presentation took 9 minutes, questions took another 34 minutes
[CEO paraphrased]
"we are not really interested in selling until Imwauna is a 3-4M Oz resource"
[CEO paraphrased] "we hate hedging too, no hedging for you"
[CEO paraphrased] "vats are more an art than science and not all that common these days. Sinivit vat geometry constrained by mine topography"
[Jim Kauffman paraphrased] "so how long 'til we have a 3-4M resource estimate for Imwauna?"
[CEO paraphrased] "a couple of years"
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