RE: RE: RE: RE: RE: RE: RE: RE: 8Saturday8Saturday, I will never agree with anyone who condones diluting a company's position by almost 20% at ridiculous levels of over 90% below the trading price. NEVER! I'd really like to see the names of the 38 subscribers LOL. That the property has outstanding potential has been suggested by many qualified, independent individuals - there should be no question of that. However, there are limits to eventual valuations. I know no one wants to hear it, but that's the way the game is played. After several years, CAN has pretty much proven up 4-5 million ounces on Handeni, plus owns another seemingly superlative property in Ethiopia that could be just as big. They're also awaiting a bump up to the big board on TSX. Guess what? The markets are currently giving them a market cap of $900,000,000, fully diluted.
As an example, I'll give you an outfit named Bontan (BNTNF - I owned this stock for over 2 years). They started out with more than 70% ownership of trillions of cubic feet of gas off the coast of Israel, plus the possible added bonus of millions of barrels of oil. The discovery next to them (Noble) was called the greatest NG find in over a decade. Their particular license was supported by 2D and 3D seismics, and carried a widely speculated value of billions of dollars. Management managed to squander that 70% down to a little under 6%, and now might be left with NOTHING. The legal manuevering is ongoing, and it might takes years to get a court decision. The right or wrong management is the difference between "dream making" and "dream shattering."
After this long-winded dissertation, the bottom line is we will be drilling soon and should have enough cash for at least the next two years, or the first 200 holes, whichever comes first and dependant on a myriad of other costs. I don't sugar coat anything - I've been around for a long time and learned to look at everything realistically. My opinions are my own, and everyone else has to form their own based on due diligence. BTW, I was at a couple of Chicago conferences and several PDAC's and they're nothing but cheerleading sessions which invoke a lot of "safe harbor" statements and whispered innuendos. I remember Morongoro (our failed JV with CAN) very well and the predictions spouted in Chicago. They all turned out to be nothing but hot air. Take everything with a grain of salt.