Member Info for ChameleonMan

And yet of all the miners I hold, ABG has been the star performer this year!

To me this highlights the problem of holding a share with one majority (70%) shareholder - if they want to sell, they don't have to give you any notice and you just have to ride out the the wave. I imagine we can expect another 10% to be dumped in 120 days? Interesting that the Chinese have clearly shown no interest in buying again? Could this be a way of forcing their hand? "Last chance guys!" Or have the Chinese decided that they can buy as much bullion as they want that they dont want to be bothered with digging it out of the ground?

Yes, that is a positive that I was unaware of on my last post.

A widening loss and a deteriorating cash position is a cause for worry in my mind. I wouldn't normally invest in companies with less than £1m in reserve. Will "sweating the assets" by 24hr working turn a profit? Only if the basic operations are profitable otherwise the loss will increase? Is there time for the higher-grade ores to come into play in H2? One also worries about plant maintenance issues arising on 24hr working as well. I am pleased to see a rally in the SP this morning but I feel it will be short-lived so I am keeping my hands in my pockets for now. It would be good to know how far advanced negotiations are with development partners to support mine development costs as news on this may have a significant effect on prospects. Maybe there will be some clues tomorrow night?

I am currently planning to go and have a reserved a place.

What are you forecasting, worst case? 4p? What has happened to D10B? Has he been banned?

This is the pressing issue facing AVM and with reference to earlier posts, there is little time left to fix this. It needs to be sorted immediately or this will not be a "going concern" as stated in yesterday's results. This is why I have taken half my stake off the table albeit at a loss. With refinance, I agree AVM has another chance but funds are required to develop the potential here and it seems that the current AVM board is not being successful in securing any. This is not looking good.

I admire your optimism but I can't support it I'm afraid. Just sold 100,000 as I doubt I will see this money again otherwise!

The key statement in here for me is: "significant doubt on the group's ability to continue as a going concern". If Ecobank don't come up with the cash, this bird is a dead duck I'm afraid!

So no dividend in 2014?

I have similar fears about the interims and the follow-up presentation so will not top-up this week either. Some clealy disagree and are buying this morning although the price remains stubbornly fixed at 5p. There seems to be a general appetite for gold miners this morning with the Ukraine effect and the POG accelerating upwards. I only hope it is enough to balance the inevitable bad news?

Remember general dispair and disheartenment are signals to buy! Some steady buying this morning already! This bird can still fly!

Anyone planning to go?

Sorry - brain-fade! Its not quite 4p yet!

As I expected, this is drifting lower. Patience will provide an even lower entry point to average down. Just remember to get in before D10D throws the trust fund at it at 4p!

We could be in for another good day? Surprised we didn't lose more ground today - a bit of resilience is a good sign!

Sensibly I should wait until after the interims on 10th March before averaging down again. There won't be any other news to affect the price which I imagine will tend to decline unless gold takes another leap forward. Buying before the interims will be pure speculation which might go happily right but could go horribly wrong. I am comfortable with the stake I have here (9% of my portfolio) and have not lost any confidence in the share (although I am impatient with the Killimapesa situation). For those considering a first entry point, I guess that now is as good as any time to buy, but for those already invested my opinion is, HOLD.

From Morningstar, last purchases were December, as follows: Director Dealings Traded Action Notifier Price Amount Value more... 05/12/2013 Purchase Brian Moritz 7.25 250,000 18,125.00 13/06/2013 Purchase Russell Lamming 7.50 126,700 9,503.00 08/03/2013 Purchase Russell Lamming 10.25 145,084 14,871.00 Not exactly betting the ranch on it!

Point taken but there must be other options available to reduce cost further? I hope they dont waste any more time in coming to a decision.

I don't know why GDP wanted to get into mining in the first place as it was an unneccessary diversion from their core activity of gold recovery services. Now that they have found the mine to be unproductive they should cut their losses and stop wasting our money on it. If a buyer can be found, fine, but until the gold price rises considerably, who will want to buy an unproductive mine? A decision to stop will immediately reverse the share price decline. I can't understand why they are delaying.