November 27th 2015 Mutsk they needed to spend another £187,000 by August, which is 11% of the $2.5m at current market rates. £273,000 at Silverton. Total minimum spend £460,000 By end of August. So two drill programmes
How they spent 890,000 in 2015 is beyond me given the lack of activity. However that works out to be about £75,000 per month or 600,000 buy August 2016. We know they have to spend money at Mutsk by August to get the buy in. Though it's not clear how much. I think this will be done via a drilling programme. And £273,000 at Silverton. So I think by August early September we should expect to two drilling projects completed. And with only about £300,000 in the bank or 5 months at their current burn rate. They will need to have proved Mutsk and found something of significant value to keep this business going.
We can only hope, wish and discuss theoretically what may or may not happen. However with ORE "the absence of news" can be assured. I don't think that we will hear anything of substance until late August early September now.
Hi mate. Yes, good point. The volume of that big trade ensured a duff selling price was offered and unfortunately taken. The sp probably didn't actually budge all day. Lol.
You could buy back, having made a few bob, but realistically, can you envisage anything at all happening with Mutsk? Particularly when considering the BOD spent about four years drilling and sampling on Deli before eventually shelving it. It has been nothing but disappointing for going on six years.
Of course, ORE could be bought out by Birdy's tie-in company, but that is just a guess. I suppose if you still fancy ORE, you will have to weigh up if you feel the sp will recover from here or if it will go even lower, before you fully plunge back in with concrete shoes. Lol.
In the absence of news, and with the final earn-in on Mutsk due in three months, will we have enough cash, or is another fundraise on the cards, perhaps with consolidation? Is the ORE team doing any work on the ground now, based on the 3D model? They haven't told us anything much, hence I'm not certain, with all the wages to pay, just how much we have left in the coffers. A fundraise would knacker us further.
I'm holding on, but I feel the BOD has, and continues to treat shareholders in a contemptible manner.
With regard to your existing shares, I suppose you could always just leave in what's already in, don't add further at the moment, then see what the next news brings. Take it from there. Difficult to know if the next news will be good of course.
Hi Eric, I suspect it was just the volume they offloaded that meant they got such a bad price..... as you know the price to sell / buy can be impacted by the volume you want to get rid of or purchase....
Anyway having sold 9M a couple of weeks ago (which was the high trade that day) at .000251 I could potentially get them back now & have change.....question is do I have the trust to do that or should I sell the remainder of my holding here & disappear elsewhere.... hmmmm
And above 0.10p not? My avg is terrible too 0.085p now we sre at 0.022p imaginee... well The bod will need to unload their shares someday and i suspect it will not be at 0.02 Or 0.03p for sure... hold and wait Game...
Yes, when we acquired Mutsk it looked promising, but for some reason, even though Mutsk is apparently not a complex gold play, ORE has done very little with it for going on a year and a half. I know they need funds to drill and sample, but I don't mind that if value is being added on the ground. We really could do with that JORC, but it has yet to happen. The Company spent four years or so drilling and sampling at Deli Jovan, a more complex play, yet hardly any time to date on Mutsk, the easier, open pit play. Really bizarre. I know the market hasn't helped, but over the last couple of years it looks like any money raised via shareholders has simply been to fund the vast wage bill and not much else.
Strange goings on, but not in our favour unfortunately Cookie. Looks to me as if it's running as a shell, with the BOD not intending to ever do anything. That's how I feel about it now, having been invested for nearly six years.
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