GREY:BKSLF - Post by User
Comment by
amtbnton Oct 24, 2014 9:05am
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Post# 23057709
RE:RE:OH CR@P
RE:RE:OH CR@PYou are correct in saying I "had" some confidence. They have a good geology/exploration team that can find the gold.. Though we have not recieved any news on drill results for quite awhile, so I have a concern with that.
They have a good underground production team that can break the rock and get it to surface. In spite of upper missmanagement.
However none of this amounts to a pile of beans if they cannot process the ore. First they had the DMS plant that was lucky to get a 60% recovery when it was running. Of note is the tailings from this became the substantial stockpile. Why process ore once and get the gold out if you can process it twice and still not get it all out.
Then after my recent buy. Information came to me about the new plant having problems staying in operation.
This was preceded by a couple of missleading and or confusing news announcements from Mossman. Referring to averaging 200 ton per day and over 90% recovery from the so called substantial stock pile.
It is my opinion the weak link in this operation is at the top. We have at the very least a missguided management wasting investors money. The % of turn over of employees at this mine also suggests a problem with management. Having spoke with Mossman I find him a young arrogant engineer that has surrounded himself by people that tell him what he wants to hear and feed his ego. Not people that speak their mind and tell him what he needs to know. For this reason I would vote him off the Island.
I am selling my shares and taking a loss. Will wait till I see something positive that changes my opinion. JMHO