News ReleaseSidebet, I just got done reading todays news release. Boy these company news releases just keep getting better. Lets see where do we begin.
Lets start with the lab. It must cost less to send your samples to a lab then do it yourself. Hummm can you say layoff the personnel and shut down the lab. Not good.
The Bachelor lake camp is now being rented/leased to the company doing the power distribution line. The good news is the company now has some revenues. Albiet from leasing the bachelor property and not from the mill running.
No more infill drilling on Barry. Instead of building resources they have decided to go exploring at Duke and other areas (Sidebet, tell them about Moss). I've been saying for years Barry was a high cost to produce deposit. This news release confirms both the open pit and underground are just that. So much so they are walking away from it. In the last 6 months Bachelor lake, Moroy, Barry open pit and Barry underground, and even gladiator have all been walked away from and scrapped. So much for the Gladiator portal and underground drilling.
So now we will try the Duke property. Nothing like starting from scratch. 10 holes and a little over 3000 meters. How long do you think it's going to take to prove up ounces here starting with 10 holes? 5 years?
I certainly hope the light bulb has finally went on for most here (Sidebet, present company excluded). If not I'll spell it out for you. The company is slowly bleeding to death. It's pretty clear they are having trouble convincing new investors to pony up more money for poor deposits. It's so bad they had to lay off the lab personnel and rent the mill property not to another minier but a power line installation conpany. Plus they are now using their tax credits and remaing cash in the bank looking for a Hail Mary. If this company is still around in 12 months I'll be surprises. To me it looks like the last of the money is being used to help Osisko punch a few holse to see what the Duke property has. Which will all end up in Osiskos hands when it's all said and done. When the money runs out Osisko gets this for pennies. The question is does it sell for less then the .07 cents that Metanor went for.