RE: RE: RE: MMY-Classic Value Investor Rehash While I am always keen reading Your posts and often enough they are quite informative I don't agree with your attitude with regards to other shareholders. As far as I am concerned it wasn't my plan to flip MMY as soon as the market value it fairly, say at around 1 to 2 $ instead of 60 c which it was when I bought into MMY almost 2 y ago. Along came Baldock with his masterplan to purchase Mengapur which I opposed rigth from the start and what was even worse he came up with the now dreaded PP of 70 M at a share price of 45c + warrants + finders' fees (10% no less). Now that was def. NOT what I bargained for when I bought into MMY ! Lo and behold the share price dropped soon to around 40c. Now how would you expect me to "get out and move on" under these circumstances? Why on earth wasn't the cash generated by MMY sufficient to develop Mengapur at least as far as a bankable Feasibility Study and then partner up with one of the bigger boys, SPECIALISING in larger low copper base metal mining ventures. We don't have the expertise for that anyway. So the strategie of going it alone is not a realistic one. Thus we should take our time with Mengapur and use most of the funds to develop the gold mining further to get to our 80 and eventually over 100 koz of Au bullion ina year or whatever it takes to get there. Once the cash generated reaches something like 100 M / y we can think of actually developing Mengapur if we must.
Also as far as I am concerned we are not getting any substantial news on the further development of theSelinsing area gold expansion at all. A year ago it was stated that it is aimed to double the production to 80 koz. Wheh will we achieve that and what are the future plans on this? Practically nothing had been said about Mengapur, the size of the envisioned operation NOW and realistic concentrate sales and the amount of gold extracted from it , the approx. time frame and just an educated guess as to the development cost, again TODAY and not back in 1989. I am not even sure if the project is viable. Any comments? Especially enlightenment from Baldock et al would be very much appreciated and might just work wonders for the now even mor edepressed share values. All we get are just another PP this time for a measly 23 M $ just to dilute the shareholders some more. The only good news are the quarterly reports, however due to all the other uncertainties, the share price remains very much depressed. Now wouldn't it make sense to improve communication in a serious way and let the share price appreciate from it and THEN thinking of raising funds if that's waht we must do (which I am not convinced would be necessary at this point in time anyway).
My 2c worth, Wolf E