RE: RE: sell stock piled ore at Trixie
Have to agree that no one is going to like the way this stock has charted, but in looking at the entire junior sector, 95% of pre-production companies are down big over the last 18 months. My entire portfolio of juniors (which is mainly made up of small producers) is off by over 60% in the last year. I have to defend management on one major point here, and a place where mathmatically, unless you have accesss to information that the rest of us don't, that is rather eronious. According to Canadianinsider, Gordon has sold 103,500 shares, while puchasing 100,000 in the last four months. So using a $0.25 average for 3,500 shares equals about $910 dollars, which is a bit short of where I'm guessing the companies expenditures would have been. I think that bringing in the Sentient controlled company as a jv partner for Utah makes sense (we all would have liked to have seen another Rio Tinto deal, and I expect that the market would have reacted much more favorably if the jv had been with a major or mid-tier). They have a background in delopment, production and supplying end user for metals, they have the money, and since it's an earn in agreement, Andover doesn't spend any more money (or have to raise capital and massively dilute shareholders, especially at current levels that everyone is so unhappy with), to see the projects advanced to production, and for that, Enirgi group can buy up to 51% of the Trixie/Burgin. Less money spent and downside risk, but it does mean that once the projects are in production that we split half the profits.
No doubt it has been a tough year and patience and confidence are waning. Since Andover doesn't look to be at risk of folding, hopefully we see a much better year for the company and the sector in 2013. A rising tide lifts all ships.