RE: RE: CRJ Opened 2012 @ 1.41 down -64% YTD December3,
What a well reasoned response. I see your position.
As a Canadian, 1 hour or 10 year holding times is the same for capital gains purposes. Send it all to Harper :)
I agree that CRJ is still a falling knife. I do tend to invest too early and sell too soon. I'm working on and that is why cash is my single biggest holding. So, I might well get stopped out of my CRJ position -- if it starts trading below 47 cents then I'll take the exit. I already had to exit Rubicon from my shopping list -- day after I bought in a nasty First Nations land claim issue arose. I won't hold anything that has the taint of a First Nations land claim. Life is to short to suffer at their hands.
So, yes I have to say your advise is golden. Look for a true bottom to be put in BEFORE buying, I'd love to have that discipline.... but I find that hard to do... So, I really appreciate your observations.
I believe that the new COO is the right position to help CRJ start making smarter mining decisions. I totally agree that the past senior management did not do well for shareholders (your charts prove that in spades). However the recent upturn in gold production is encouraging and the development work on Madsen is a smart investment. A permited mine with high grade ore and existing infrastructure is, well golden. My back of the envelop estimate puts Madsen at more than $100M (roughly $80 per ounce and 1.23M ounces, 75% Measured + Indicated, of high grade ore). Rubicon in the same mining camp and at roughly the same development stage is priced at roughly double which is fair since the deposit is larger and closer to Goldcorp.
So, I guess if you are saying drilling at Madsen is a waste, I can't agree. However, I won't argue that financial engineering at CRJ was less than optimal, to say the least.
Thanks again for your straight comments.
BTW, I assume you aren't an investor in CRJ, at least at current prices, so I wonder why you are posting -- not that I am complaining. I appreciate your time and insights. Just curious though as to why you'd spend time at CRJ?