RE:Response to some of Javaman12 quotes.Fernand I understand that you may have become personal friends with Mr. Hinse, over the many years that you have accumulated so many shares. It is clear that you may have had the utmost respect for the man. That's OK with me! I didn't hate the guy as much as others on this forum at that time. But I understood their position very well!
I can't deny that his moves to acquire the Elder Mine and Sleeping Giant mine were astute and timely! I have already said as much!
But in the past, as you were aware, everyone did not share your most kind and heart felt views towards Mr. Hinse.
And the website still needs to be updated with all pertinent information included.
A lot of investors including myself lost a lot of money buying these shares in the past. And Mr. Hinse was very secretive about his last operations at the Elder mine. Why wouldn't investors have had the expectation that Mr. Hinse had been using some underground drilling to better define where to open up new and costly stope development? Are we to blame ourselves for expecting the best from management? I think not!
But at this point, this matter is all 'water under the bridge' and those bad days, now need to be forgotten!
I am going to have to take some time to review the latest video presentation that Abcourt presented in its video conference zoom format. I will get back to you with more comment when I have had a chance to do that!
Somehow I missed the fact that Abcourt management had sold a 2% NSR to Maverix for 2 million dollars. The company must have been on the verge of bankruptcy to give up so much at this time!
That is my fault for not doing my due dilligence about this matter! Thanks for the update! This is an very important fact that is likely a major part of the reluctance of some new shareholders to get aboard with a purchase. I did believe that that the SG mine was free of such a burdomsome encumbrance!
My mistake and I most sincerely appologize for this serious blunder on my part!
But really, if the company does achieve profitability in a way that I expect, then a 6 million dollar payback to Maverix might be achieved fairly quickly! But admittedly, we can't determine this matter yet!
Certainly, Maverix thought that this royalty was an very good investment possibility for them, with little risk involved. They didn't provide this upfront funding, out of the generousity of their heart!
They must have engaged in some significant consultations with Abcourt management at that time.
The recoverable ore is of a very high grade so if the company does enter production with these good grades to mill, then it may well be possible to get that NSR quickly reduced down to 1% in some, very short order!
The old stopes on the upper levels will be cleared out fairly quickly, I would expect. So in terms of future drilling plans, the company is still dependent upon drilling at these upper levels to best determine where to open up new stopes to mine.
You must remember that the current resource estimate is for all levels of the mine, as it is presently understood!
So new drilling at surface is essential unless management wants to guess, where to mine, like old Mr. Hinse!
No one wants any further dilution or any roll backs in share price which apparently once, had been considered!
But from my first perusal of the last video conference session, I had thought that these matters had been put on hold or forgotten completely!
Fernand do you now have some different information?
Cleaning up the old stopes on the upper levels will provide some upfront capital as well as milling that small bulk sample from Pershimex.
I understand that after transportation costs to the mill have been subtracted that the bulk sample should provide the company with about one and a half million dollars.
2% of that is about $30,000. So that leaves still a considerable amount to add to the kitty! I am not sure what the muck in underground stopes will provide. Maybe the company doesn't yet know either?
But I would expect that above ground drilling will commence in short order after the bulk sample has been sold. It doesn't have to done, all at once!
Try to remain more positive instead of expecting the worst! You are one of the biggest company shareholders and I expect that you will soon become, filthy rich!
What are you going to do with all of the money you stand to get? You can only drink so many cases of the finest beer!
Are you going to be a world traveller or pass your life savings on to future generations to enjoy? They are going to very pleased with you!
I will look again at the video conference call and get back to you later!
Fernand do you have any up to date information about how much the company still has in the till? Perhaps they have shared more information with someone as important as you?
All the best! Java