Good Morning CJR
If I recall, the ramp idea began with a musing on a site visit between Tilsley and a shareholder. The idea being that, you use a very large bulk sample by ramping into the bedrock, to confirm your hypothesis that the actual grade is much higher than the drill shows. This is meant to confirm this hypothesis and not to be profitable. It would merely have some offsets throught the revenue from the gold recovered. It involves stripping, blasting, loading, hauling, crushing and then recovery through gravity. A very expensive undertaking that would probably not be able to generate more in revenue than the cost, imo.
A JV may be a very good idea, but you need to understand that it isn't in managements own best interests to replace themselves. This usually comes from the BoD or a large shareholder who demands change. No one on the board has enough skin in this game to want to do this, and the whole company isn't worth enough for a major shareholder to bother. imo. No one else is really active in our direct nieghbourhood to join up with, as they are concentrating their financial resources on their most likely targets, or they are out of capital themselves.
Several people have warned for some time now that we are in trouble. Some simply sold out and moved on. I've sold the majority some time ago and only hold a small number of shares.
I'm not saying I agree with Mr. Takefman. I've not even spoken to him, outside of a short email the day of his News Release. Credibility is about leadership that puts forth alternatives that are productive. You need to demonstrate that credibility, outside of merely being a bully. I don't agree with his past methods, but it is difficult to dissagree with the message. He has issued a wake up call, and that isn't bad. The problem is that to effect change you need to demonstrate to mangement that they need to institute such change. To many shareholders are content with the status quo. We are spending valuable capital on overhead. We are diluting through absurd options to directors and executives. They justify this because warrants have expired and the share price is low, so they need many more shares as compensation. They don't see that some of their actions have caused the depressed share price they now benefit from.
People ask how Bernie Madoff could have gotten away with it for so long. It's because human nature allows hope to overule doubt. Hope is positive, and it is emotionally easier to grasp hope, than to accept the realities that come from doubt. You need a healthy dose of both.
This is a forum for respectfull, mature and rational discussion. We don't share our thoughts because we think it will change the minds of people who think differently. We share our thoughts to show the people who already think like us, that they're not alone.
PC
