DON'T BE FOOLED $18.5 Debt is due less than a month from now. Do you want them to issue another fistfull of shares to the financiers? Oh and you can't forget the commission for the transaction. I hope Mr Chadder, the useless CFO, would renegotiate at better terms.
I know they are assuming that even with the new issue of shares and consolidation happening (GOOD LUCK), the company will press the 'reset' button and infuse shareholders with more lies and promises to stay afloat. You guys have been warned in advance.
What lies have they told us over the years? here's a few:
1) Original plans was to produce 40k+ ounces after 2 years. Truth be told, go look at their mine plan. This mine will produce 30-35K/year MAX.
2) They lost 10k recoverable ounces in 2011 because they thought they can reuse the old leach pads. They couldn't own up to this until year end report was out.
3) In late 2011 they said they will initiate a drilling program to target up to a 1M ounces (This was when tmm only had ~700k reserve - look at them now). Instead , they didn't churn the rig at all.
I would rather see this company start packing their bags and put a For Sale sign up at Lluvia-Jojoba. Many lost a pile, including Berlet.. It's too bad, the mine is profitable even today but management have dug such a big hole, they have no clue what to do. The reality is that the SP has been moving downhill since September 2011 and Gold prices went all the way up to $1900. During this period they neglected shareholder concerns and more than doubled shares outstanding (money issues? You bet). Even analysts turned their backs on this dud (did you read the Ceasar's report?)..
Let's see this mine go to a company with proven operational capabilities. Q3/Q4 is the time to sell..
AGM is coming..