The bottom line is no discovery after 5 yearsLots of opinions on the board but the bottom line is that after 5 years of drilling and what must be coming up to a hundred plus holes in all directions and at all depths, there is no economic story to be told.
Jens will have some explaining to do down the road when the market makers, that he had convinced last fall that Melkior could wisely spend the millions of dollars enroute to a discovery has in fact not happened as of late and may still not when the money gets low later this year, wont buy the same story twice., and this is where i am sure where managements concerns lay right now.
Melkior had the chance to deal with Lakeshore in 2010 but declined and this decision may come back to bite them just yet if some major results don't come back prior to the financing sources possibly running out later this year.
Exploration is not easy and most juniors are in the same boat but the increasing exploratory funding burn rate that will still be needed to continue on the projects when weighted against what appears to be a gradually lessening results return base, makes one wonder about possible competancy issues being in place for the chosen exploration approaches.
2011 will be a make or break year for Melkior and if things dont work out, a change in management may be warranted.
T.O.