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Marimaca Copper Corp T.MARI

Alternate Symbol(s):  MARIF

Marimaca Copper Corp. is a Canada-based exploration and development company focused on base metal projects in Chile. The Company’s principal asset is the Marimaca Copper Project, located in the Antofagasta Region of northern Chile. The Marimaca Copper Project is situated at a low altitude in Chile’s Coastal Copper Belt, 25 kilometers (km) east of the port of Mejillones and 45 km north of Antofagasta, Marimaca has access to water and power, road and rail networks supplying sulphuric acid and other consumables, as well as deepwater ports. The Marimaca Copper Project comprises a set of concessions (the 1-23 Claims), properties 100% owned and optioned by the Company, combined with the adjacent La Atomica and Atahualpa claims, over which Marimaca Copper has the right to explore and exploit resources. The Company also has an option agreement to acquire the Pampa Medina project (Pampa Medina), which consists of four mining concessions totaling 144 hectares.


TSX:MARI - Post by User

Bullboard Posts
Post by Oregonduckon Mar 30, 2018 8:52pm
130 Views
Post# 27809404

Note a Pretty Picture

Note a Pretty PictureCORO MINING (COP) just released its annual financials (based on the pooling of interests for non-controlling assets) for the year ended Dec. 31, 2017 expressed in US dollar.

Here are some salient points:

(a) COP took $19 million losses and asset impairment charges that blew a friggin' hole in the balance sheet. Net equity is now only $22 million or roughly $0.03 per share (rounded).

(b) Current liabs. exceeded current assets by about $6.0 million, before getting $8.0 million from Greenstone to plug that gap.

(c) COP indicated it has 100% interest in the SM claims which property has not yet been paid for.

(d) The Strategic Review is still ongoing. Spinning off Berta is problematic as it is not yet been declared having obtained "name plate" production and has serious costs overrun to boot. In addition, it carries accrued liabilities of some $10 million and is locked into a bad offtake agreement for 100% of its production over the next year at low copper price. Who would want it??

(e) Insiders had exercised some 2 million in vested options - mostly 1.6 million of $0.04 options - over the past year. Got to think the shares had been dumped onto the market already.

There is no mine for old man. This crabby penny stock had been bottom feeding and bouncing off the sea floor for close to a decade under prior management. New managment should follow Facebook's Zuckerberg motto 'Move Fast and Break Things'. Like football when the team is down a lot with time running out - facing $10 million in loans coming due in 10 months - three yards and a cloud of dust by grinding it out on the ground wouldn't cut it. The Co. needs to take big risks and start throwing the long bombs.

The only positive aspects going for the Co. are that Greenstone Private Equity firm seems committed with an exit plan, and the stock has strong speculative appeal as a takeover candidate with major miners looking to buy copper assets.

Drill, Drill, Drill. Dummy.




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