Member Info for Impecunious2

Hi, Break

I think this is too pessimistic. Drilling may well start again, before some convoluted Colombian legal process is concluded.

But I admit, optimism is my original sin.

It's an editing problem, as Mamba has implied. Louis (or Brad) forgot to change the verb tense from the present to the past.

"Two additional holes are currently underway from new pads in an attempt to better define the geometry of the mineralised body at Pepas," should read "two additional holes were then underway from new pads, etc" ("then" meaning "on 21st October").

Those holes were PEP008 and PEP009, and we received results from them on 2nd December.

I think we need Ageos to sort out this problem. If a hole was being drilled on 21st October, and is still being drilled today, that's three months (even allowing one week off for Christmas). Is this normal? It seems not. According to Ranger Drilling (Australia), "Diamond drilling is a slower technique than the other forms of drilling such as Reverse Circulation and Air Core and can vary on time depending on the ground formations and hole depths. Generally, a standard hole can take up to a couple of days."

Perhaps MMA are economising by using a tooth-pick.

Hi, Mamba

You may well be right. I find the whole thing very confusing, to be honest. But if drilling is ongoing (regardless of when it began), presumably at some point we will receive some results.

Hi, Dr

There's a difference between saying that MMA is able to continue drilling, and that it is actually doing so. For which reason, I consider today's update good news.

Hi, Dr

Yes, I too had noticed that sentence at the end of para 3. As far as I'm aware, no-one has told us that before.

Hi, Jackbal

Para 1 was what I was intending to write myself; but got diverted by other matters.

Best wishes

Hi, Ageos

You know much more about this than I do; but I, too, think Rob is mistaken in believing that MMA is deliberately concealing results from OMI. "The industry simply doesn't work that way as the reputational damage to the perpetrator would be terminal."

Sometimes, it's possible to be too mistrustful.

The reason the chatboard is so silent, is that we've all said everything we have to say. We need Harold Macmillan's "events, dear boy, events" to change this.

Hi, Swakop

Thanks for the reply.

I see from your past posts that you're pessimistic on Tati and Molopo. Are there any POW projects that you like?

Best wishes

Hi, Elric

Reading this makes me wonder why Thor sold it for peanuts.

Best wishes

Hi, Swakopmunder

I'm not a geologist, and can't comment on your remarks about Tati. But I was interested by your username. At first, I thought it was an anagram, and spent some time trying to decode it. Then I discovered that Swakopmund is a town on the coast of Namibia (formerly, German South West Africa, governed by Heinrich Göring from 1885 to 1890, the father of his more infamous son). Fascinating stuff.

May I ask, were you born there? and do you still live there?

Best wishes

Hi, Rob

Seingred's old enough to look after himself; but it's not right to accuse him of selling on the slightest rise. He (and I) failed to sell at 13 pence, before the last dose of bad news.

It's also worth pointing out that those who sell on a rise, then have funds to buy back later, and therefore to support the share price (after the inevitable fall). As I understand it, this is Seingred's policy, and certainly my own.

Best wishes

Hi, Bhargav

My reference to 50 pence wasn't intended against you. We've all been guilty of over-optimism at times, including myself.

You've changed your mind, when the evidence has changed. That's what matters.

Best wishes

Hi, Sotolo @ 8.29

I'm not saying it's silly to sell, if the share price rises. One should do so, if the rise is irrational and exuberant (people start drawing rockets on the billboard, and forecasting 50p by tomorrow morning). In this case, the rise (from 6p) has been modest and sober (unlike myself, at the present time), and therefore should not be sold into.

Best wishes

Hi, Bhargav

I wasn't one of those who baled out. In the mid-teens, maybe; but at the present price level, it's silly to sell.

Hi, Jackbal @14.47

It's not the CEO who is dealing with this; it's the (executive) chairman, Louis Castro. Today's RNS went out in his name, not Brad's. Brad does the geology; Louis does the negotiations (he speaks fluent Spanish, which Brad doesn't). It's a division of labour, the sure foundation of prosperity, as recommended by Adam Smith in 1776.

Best wishes

Hi, Stout

I remember you from the GGP days. We all thought it was a buy at 20 pence, having fallen from 35. How wrong we were.

Best wishes

As Worzel said earlier today, PJ is one of the very few CEO's who can do a fund raise, without damaging the share price. Dilution doesn't bother me, if the share price remains stable.

Hi, Nookie

This reminds me of a very angry shareholder about two years ago, who coined the phrase, "Bandit Brad." It's funny, but I don't think it's true.