Post by
ALLEN4 on Jul 12, 2013 8:54am
Is this Good news or Bad news?
I think its good in the sense that it is very honest and detailed indication of how they intend to deal with the current market conditions which have been terrible for some time. Its good to know that their line in the sand for full development of the project is $1350.00 gold. I can live with that and my sense from recent POG activity is that we will be above that line in the sand sooner rather than later. In the meantime, I am glad to see there is a real recognition of the need for capital preservation. The alternative would have been to plow ahead, continuing to enrich management and employees at the expense of shareholders. And the other positive aspect is that they think they can come up with a smaller scale project that will work in a lower gold price environment, with the option to ramp things up to a full scale project when the price of gold resumes its upward trajectory, as I am sure it will.
Comment by
mjh9413 on Jul 12, 2013 9:18am
It's the sensible business decision...no point throwing money away in this current cycle.
Comment by
explorer14 on Jul 12, 2013 9:29am
The last time I was in touch with Kevin B. he mentionned they had 10,4 million left in the bank & he was expecting to last a year with this. I'm happy to see they will put the brakes on the spendings
Comment by
Goldflow on Jul 12, 2013 10:38am
Too bad they won't put a break on the FAT salaries that Kevin and the rest of the directors are getting paid. They should cut off all salaries too. Or are they just postponing the spending on drilling because they're scared there won't be enough left to pay their salaries?