What the heck?
First off, I've got a heck of a lot more on plate than monitoring a bulletin board. Glorieux is on vacation, and I've got a very full life. I'll comment when and if I have something valid to say. I don't post to hear my own voice.
Some have questioned whether I was misled by Mr. Major at the show. Nothing could be further from the truth. He discussed the challenges he has faced and is facing, in putting the mine and mill into commercial production. There have been significant problems, which he clearly and openly described, but he also told me about the solutions he's implemented or implenting for those issues. My post here could have emphasized all the crap that's happened, but I know full well that Murphy's Law is a powerful influence on the plans of both mice and men. What I was interested in learning from him was two-fold: how well he understood the problems (what precipitating forces were at play), and how he has chosen to manage them (including preventing their re-occurrence). I summed that all up by saying I trusted him to do as he said. He's a good hands-on manager, with extensive training and experience to back him up.
I did not foresee that news release. Nobody did. Why it was as negative in tone as it was, I'll leave to other people to surmise. Conspiracy theories abound, but I don't have time to waste considering what they might be.
Here's something to focus on, instead. Mr. Major talked at great length about newly conceptualized large mineralized zones which are relatively thin vertically, but which extend to great distances horizontally. Reasonably enough, they're calling them "flats". And, they're just realizing that they are stacked, like pancakes. When they come across a shear with vertical displacement, these same stacked flats appear on the other side, just as expected. But because what applies on one side of the shear applies on the other, they can learn a lot about unexplored zones simply by extrapolating across the shear.
What he said was that there is a lot more gold down there than they realized, but none of that new gold appears in any resource calculation. Moreover, all the gold they've produced since the mill came online has come from zones outside of the resources, so those remain undiminished.
The old mine workings are still be dewatered. They're only at about the 700 level, and the workings went to 950, or thereabouts. This project is still being rejuvenated. In my opinion, I hope we don't get a takeover offer. I'm far better off as a long-term holder of CMM paper.
Mr. Major must answer to shareholders. But when some of those shareholders hold more than 1/3 of the OS float, those voices carry more weight. There's an elephant in the room. Que sera. I still like the fundamentals.
Lar
