My Concerns
BAR seems to believe that the road back to respectability is via exploring and finding new deposits. DW has mentioned the company being rewarded for this in the past. Well, that was the past, now is now and I don’t think that will work anymore. I’d much rather see a major effort to expand what is already found. Since Martiniere is dead until they get some assistance for deep drilling that leaves Grasset. I can buy into expanding the Grasset resource at this point in time. Would be nice to have 1 major asset that is substantial enough to interest some larger players.
What I find difficult to rationalize is continued exploring of some of the virgin areas. Even if something is found, it will just be a baby step in developing it to a full resource that can be sold, so why bother at this stage. The limited funds left need to be used wisely before dilution becomes an issue with the next funding round. We spent $450,000 recently for a study of the 810 area and results were supposed to have followed. You would have thought that if something promising was found that you would release some news? So far, haven’t heard a peep about what was found? Perhaps I missed it? Also, I don’t remember seeing the last 3 holes drilled in the Winter program ever being revealed in any detail? Perhaps they were just loser exploration holes? Perhaps I missed it? The detail in the Summer drill program doesn’t tell you much about how much drilling will be done at the various locations. Also, would be nice to know how much they plan to blow on exploration holes. As was mentioned, 7,500 meters of drilling is very modest, I hope they plan to do a large portion on Grasset. Like always, the devil is in the detail of the Summer drill program which we don’t really know at this point. BAR’s new motto is “silence is golden” don’t tell anyone anything in detail. Which is exactly how they got into trouble with the Gold MRE. As posted before – the lack of insider buying (especially at these prices) is an issue, along with no JV or Major support. Just makes things look suspicious – with 95-97% of the stock held by retail buyers that BAR hasn’t figured out how to support or communicate with.
Since the BAR employees and hopefully board members are supposedly paid on a PERFORMANCE BASED plan, to be decided in December( I believe). I would assume a large reduction would be in place, similar to the corresponding drop in share price over that time period. DW’s $280,000 salary is a lot for a guy who occasionally pops in to the site once in a while. The board gets $25,000 – $35,000 per member, and apparently some special contacts and perks. They have been quite useless in guiding DW and the company in the correct direction which has clearly been demonstrated by the declining share price. Perhaps just a bunch of “good old boys” that are yes men for DW?
Enough moaning and groaning. Just hope that BAR can get something positive going, but looks like it will be another long wait until we get any additional news. I still think the potential is there, and hope that BAR can get its act together quickly. Sure would be nice to see things turn around.