RE:RE:RE:BCU BEARS ARE STILL IN HIBERNATIONTerribly enempt management. A recent example on display would be their idiotic decision to NOT protecting shareholders with a legal binding agreement on the land they plan to drill on next. The have a "handshake agreement" oh boy.
This handshake agreement is on the land where supposedly the holy grail of all copper deposits is located. The same place where Rio Tinto did not wish to drill to maintain their position which they FREELY gave away AFTER spending $3 million bucks. Do you really think they would just walk away if they seen any chance of a 10 Billion lb copper target?
Now let me ask you, if you actually thought there was any chance in hell of their being a 10 Billion lb copper deposit their you would damn well secure a legal binding agreement before drilling! And if you were Rio Tinto, you damn well spend another few hundred thousand dollars to drill out 1 more hole in the middle of the targeted area that the CEO claims is where the prize is.
Its an intriguing story that you can sucked into and throwing a few dollars at as an investor, but that was BEFORE the recent developments. Namely, Rio Tinto bailing on their position and freely giving it back, and the management NOT securing a legally binding agreement on the land for where they believe the copper deposit is.
If there was even a chance, you would secure the land with something more than a handshake agreement. Not to mention Rio Tinot bailing...which I could live with...but the land handshake pissed me off to no ends.
I sold my position last Monday for a 15% haricut from my initial buyin. I was cheering on the company, but am warning others now.
GLA