Post by
RollingDice on May 29, 2014 11:54am
I'm out! EGX is Garbage
Sold my stake in EGX. Here's why.
1) IR just told me the big Miners are unable to buy EGX due to Ecuador's mining regulations. Only small operations can move in.
2) Glenn is also running other companies. Total compensation plan per year from EGX is $520,000. Not bad for a part time job. Why would he even want to sell the business when he can keep riding the break and take that fat salary.
3) The Chinapintza project has some kind of delay in their plan for December drilling. They're unable at this time to get a permit, so instead they are using the small amount of drilling allowed in their exploration permit to start "producing". From what I understand this isn't even enough to stop dilution when salaries need to be paid next year.
4) EGX bought this land from previous exploration company (apprarently it's been passed around) who know couldn't do anything with it. Ever wonder why Glenn was able to get it so cheap?
Been lied to enough by this company and their reps.
Comment by
ShipitIndustries on May 29, 2014 12:02pm
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Comment by
seeknfind on May 29, 2014 1:08pm
Yeah you retard. You pumped this one hard and also said xme was a no-brainer. Egx could never get any traction.
Comment by
ShipitIndustries on May 29, 2014 1:11pm
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Comment by
Chowcow on May 29, 2014 12:08pm
It's not like this information was released after the NR. If this information were true, you would have figured it out before the NR and got out before it tanked. I don't see why, after tanking, Glen is now the bad guy who is in it for himself. A few days ago, you were promoting the fact that Glen was a great CEO etc etc.. Anyhow, I'm holding this one for the long run.
Comment by
RollingDice on May 29, 2014 12:10pm
Explain that to my kids when I tell them they can't have McDonald's tonight.
Comment by
Gekkoin on May 29, 2014 12:24pm
Snake eyes.... you gamble your kids dinner money in the market....? Maybe you should explain to your kids why Dad blew the happy-meal money on the craps tables again...( as in the venture exch) LOL Suck it up princess its just one down day and gold has been getting killed all week....Gold down $50. in 3 days pal....
Comment by
peter234 on May 29, 2014 12:27pm
he was a great ceo until he pulled a stunt like this today and also when he gets 520k per yr for a junior mining company without any production? GLta
Comment by
McColgan1 on May 29, 2014 12:35pm
Goodbye ragers, Hello to the new investors. Nothing changed, just getting a better PEA later.
Comment by
RollingDice on May 29, 2014 12:52pm
Down 32% on PEA delay, third by my count. If they don't delay again, it'll be a year since it was scheduled the first time. Lied to about the cause of the previsou two delays (needed to add resource increase to technical report). Stock dilution to cover salaries. Am I raging? Not exactly, but I do think we have a reason to be.
Comment by
RetiringYoung on May 29, 2014 1:03pm
I knew as soon as I kept reading about 10M oz and nobody challenged the fact that they have zero Measured (counting inferred on a junior, really?) that this would be one to sell on any positive PEA and take profits. Unsubstantiated rumours of buyouts, again unquestioned. Glad I didn't get in, another 6 months wait, I'm not a trader.