Member Info for kulabkhan

Totally agree Goldman. However this BOD have never done that. They blew away £17million in cash in the Bank since Spring 2013. Rewarding themselves but not the shareholders. The BOD has a track record. Bob has already said the BOD is looking at an acquisition to burn away the relatively small amount of cash Altintepe might produce. Admin costs are far too high unless you have a burning ambition to spend spend again on the next gamble. Look at Black Rock the BOD blew £5million plus on drilling dust, with constructive accounting capitalised the cost (worthless ?) as an asset then burried the project in Thani Stratex ? This BOD have an addiction to spend your money I am sorry to say.

Can't help thinking that the old Chinese proverb is appropriate : "He who thinks by the inch and talks by the yard deserves to be kicked by the foot" Just briefly glance at Stratex 2012 Accounts : "Altintepe production is scheduled for end 2013/ early 2014" "In early 2011 a new epithermal gold district was discovered the Blackrock project" "Deep drilling commencing" "In April we announced the discovery of Oklila a major gold vein system at Pandora in Djibouti" "Drilling should commence mid-year" "In March we embarked upon a fund-raising exercise and issued 103,606,558 shares @ 7.625p" "Muratdere project has a JORC compliant resource of 51million tonnes of 0.36% Copper, 012 g/t gold 2.40 g/t silver etc." "We welcome Silvrex Chairman John Cole-Baker, giving us access to the Dalafin project. Drill program commencing" "Total Cash Now Exceeding £17 million" "Directors Remunneration for 2012 £1,088,307" and so on. Now we have arrived this pale, milked dry shadow of a company in 2015. As the Chinese say "Hushuo"

And the EIA is being challenged in Court whilst this may not succeed why on earth would Bahar not decide to wait whilst the Court passes judgement. They would surely use discretion No ?

Fair enough and surely they have to wait the outcome of the Court case, although the BOD have studiously not said it.

Sounds about right in a sensible world. I was thinking about locals complaints about the access road, damage to houses, noise etc. There are 5 zones only 1 is ready to produce the locals' environmental issues may affect 1 or more of the 4 zones still to be accessed and cleared of trees.

Guess they are waiting for the outcome of the Court case challenging the EIA supposed to be due in 10 to 14 days ? Who knows with the Law. Outcome should back Bahar as experts on side, the question is will the Court place restrictions on Altintepe ? to appease the locals. ? Could affect the economics of the project ?

End 2012 the BOD paid itself allin a million pounds. Spring 2013 seventeen million cash in Bank virtually spent. Admin costs OTT. Shareholders nada nothing. Go figure !

The directors' record over the past three years shows that they indeed 'do what thy want' which is to reward themselves and spend on drilling Dalafin which turned to dust and investing in early stage companies with little value and no return to the shareholders.. £5m down the drain at Blackrock £5 million plus at Dalafin, Tembo more waste. Trust them if you wish but the writing is writ clear, three years of waste and you have to have the 'Faith' and believe the Directors' blabber and blurb to quote their wreckless promise of what may come. Any cash from Altintepe will go in rewards to the Board and what little is left will blow away in the African wind

Phong Se ko bong

Toxi The odds are in favour of Bahar, the 'experts' are on side, on the other hand the Court could take on board some of the views of locals etc with perhaps some uncomfortable restrictions ? Who knows until the Fat Lady sings ! Bob and all the directors on the Stratex main board and associated boards are a tangled web itching to spend again and again to justify their existence. The money drains away. Cole-Baker and West Africa scare the pants off me. Reading the glowing words last January was sickly when compared to the waste and failure. Now Bob wants more of the same with no Oksut cash pile he will raise the money some how some where. Once is a mistake a bad one, twice is a a rotten habit at shareholders expense ? All in my opinion etc Good luck am going back to sleep.

Altintepe recent report in Ankara. http://umutgazetesi.org/fatsa-halki-siyanur-kisi-secmeyecekbugun-dogmamislarimiz-da-tehdit-altinda/ 21 October 2015 : British Stratex International's local partner Madencilik'l Bahar completing construction of the planned mine. Fatsa-Ünye Nature Protection Platform, took to the streets ahead of the EIA revocation proceedings which will be held on October 30. Whatever the outcome Bob’s interviews make me laugh spend spend spend

Toxi your post is pure concoction. I have merely tried infrequently to bring some factual balance into an otherwise bullish Board. The subject of my posts has been for example : The wasted expenditure of £13million cash over the past two years. The dubious balance sheet capitalisation £10million of Blackrock and Dalafin drill costs. The bad timing of the suggested sale of Oksut NSR or Muratdere JV Your post is wholly inaccurate I have not recommended selling at 1p or any other price . This is a high risk stock and any discussion is stamped on by rubbishing the poster.

http://www.marketwatch.com/story/centerra-gold-announces-positive-feasibility-study-on-the-oksut-project-2015-07-28-171731032 With current gold price the Oksut NSR would be sold at a relatively low price. A poor move. Muratdere with desperately low copper prices the same. Cash needed for drilling dust. Flog them off Lads.

Oksut, not good.

Blinkered eyes

15 Posts on Wednesday mostly separate ?!

Never in my attempts at trying to justify to myself and others a wrong investment decision did I post so many posts ramping a share, Stratex or otherwise.

You getting paid a few Bob for this Punk?

Escalation of commitment was first described by Barry M. Staw in his 1976 paper, "Knee deep in the big muddy: A study of escalating commitment to a chosen course of action". Recently the term sunk cost fallacy has been used to describe the phenomenon where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the cost, starting today, of continuing the decision outweighs the expected benefit. . Or this might be a case of : "Throwing good money after bad", "In for a dime, in for a dollar", or "In for a penny, in for a pound". Diversification is perhaps a better avenue ?

Disgraceful indeed, unreliable management who scrap the company's dividend for no valid reason , disgruntling many shareholders with double pain of sp drop.