Elgin Mining Inc ELGMF

What a disaster

[maurizion]

Lots of unhappy shareholders bailing today. They want lower cost of production but it is what it is.

Cannot expect $500 on ounce costs. Higher gold price is going to have to bail us out. Lupin might as well be 100 years away. Nobody cares just what have you done for me lately.

[the_ocotillo]

I think the subject title "what a disaster" would have been more appropriate at the time the reverse merger was approved by shareholders. The margins at the Bjorkdal mine are fine with me, if new management can improve on them, all the better. What is wrong now is that you have that single 45K ounce mine trying to support a much bigger company, developing 3 brownfield properties instead

[maurizion]

They should just put Lupin on hold or slow down the spending there dramatically until Gold is much higher. I can see them getting into a finacial bind if they keep on loke this. The SP is telling us so.

[the_ocotillo]

Yea, I can't figure out why they want to inflict a liquidity crisis upon themselves. In 2011 Gold Ore was on sound financial footing, $22m of working capital, no debt, nice little profitable mine creating +$25m of annual "gross profit", under 90m shares outstanding.......seemed like the perfect time to do something for Gold Ore shareholders like start a dividend policy. Now all

[rob2000]

To late to sell IMO....oversold, but in this bearish gold market that can last a while.  Lets say gold heads to $2000, can we see this get back to $1 per share?  opinions?

[ppp]

This has got to be the cheapest gold company on the TSX.  What happened???