RE: RE: RE: RE: News on Orvana Minerals "... i offer you my quick back of napkin recollection of events of the past four years." "...-acquired kinbauri for roughly $50 million....leaving about $60 million in cash.- orvana estimated pre production capex for evbc to be $53 million (scott wilson report suggested $122 million....guess who was right-orvana estimate of UMZ pre production capex was $20 million....who knows how many millions they were over budget.- EVBC annual production estimate in 2009 was 100k oz gold per year....where are we at today? About 60k or 40% less then projected.- EVBC production to start in fiscal 2011.....nope-estimated total capex required for bringing the 2 mines up was $70 million...ok because we had $53 mill in the bank and growing with the satelite deposit being mined.Today we have about $72 million in debt and two mines running at about 65% of original estimated gold production. Also forgot to mention that Copperwood was predicted to be up and running in 2013. No chance.You see, i am willing to cut anyone some slack....but to suggest you have confidence in them making Copperwood a success anywhere near budget or on time or in the best interests of shareholders is laughable. They need to sell this and get out of the new mine development business...the track record is not that good. Yes things can happen but there was no good surprises for shareholders.Yes, unbelievable that i still hold stock here. I have waited years for this to turn around and make money. I think we are finally there...but Copperwood scares me for the many reasons highlighted above.Yogi...>
Absolutely, as I said, "There were delays but managment navigated through them and made managment changes." The prior managment did not have a good track record but the new managment has turned things around. This is the managment I am talking about. This current managment is now focused on cost control and improving efficiency and production. Desipte failings of prior managment, the escalation in costs all miners were facing through that period, and a softening commodities, Orvana arrived in fair shape.