GREY:ADEXF - Post by User
Comment by
Greenandgold.on Feb 02, 2012 12:38pm
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Post# 19480360
RE: Hope Bay suspended......
RE: Hope Bay suspended...... Altius has already written off its Wager Bay, Nunavut project, such is the life of the prospect generator. Spent $400K on prospecting and got nothing. It happens a lot with companies that venture into Nunavut. But better squandering $400K than $50 million.
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That 2009 agreement with Roche Bay plc is one of the worst agreements I've ever seen for a junior explorer. A guaranteed $1 million a year in advance royalty payments Roche Bay plc, whether or not production ever happens? That's murderous. AXI's going to have to give the property back if no financing comes through. $50 million down in the drain in that scenerio.
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Don't buy geothermal! Those companies burn cash about as fast as AXI churns out press releases. I'm looking forward to the press release announcing AXI's Summer 2012 drilling plan. What's the target this year? 10K meters? 20K? How about 100K meters just for kicks? Announce a high number, maybe it'll trick the marketplace into think you've actually got cash in the bank.