RE:RE:RE:RE:RE:RE:RE:The sellers of SGN can't read financial statements very well
If you read the MD&A filings, the ugly facts were all there, including the ore grades being less than model and less ore found than the model predicted. Drinkwater pit used to be opposite, always more ore and higher grades than predicted. You seem to want to find someone to blame for this companies nosedive.
Unfortunately this is the mining business and worse than this happens all the time. SGN started mining quickly with no feasability study or anything, and made it work. Now it isn't quite working with lower gold prices and they are operating in the USA.
Whoever decided to veto Coral Reef offer and go into debt figured that things would turn around or maybe Goldwedge would hit big. They gambled and so far have lost. Peter Hawley tried but this isn't a dictatorship.
If Coral Reef deal closed, the company would probably have used the extra cash to make some acquisitions and the Share price may even be higher than it was at the time of the deal, and I would still be a shareholder.
All hope is not lost in this company. My biggest concern is that insiders are not buying at these low prices which makes me think they may just be there to collect a salary while they still can.