norseman gold employees, page-9

I've seen lots of speculation about what's happening with Norseman's employees - but not much real info. Well here's the REAL info -

Norseman Gold (and I am guessing on L2's advice)issued a letter to all employees citing an intention to terminate and advising that employees should re-apply to L2- management. If you re-applied and were successful L2 then sent you a letter offering a contract that if you didn't accept would count as a RESIGNATION. neat huh!? Norseman sacks you and then L2 offers you a non-negotiable contract (and they tried to make everyone move to 2 week on/2 week off roster) that if you don't sign means you resign.

Needless to say approx 3/4 of the workforce - mine workers, admin (including ALL ESO staff) and plant workers told L2 to stick it up their jumpers and promptly went off to the MANY other surrounding mines and were quickly re-employed. Surprise surprise - Gold production has pretty much stopped - as of two weeks ago they didn't even have an emergency repsonse team and possibly still don't. There was only one 1st class mine Manager left trying to cover two mines and only 3 or 4 airleggers left. That's why you aren't seeing much change in the Real Estate of Norseman - most of the workers are still employed in the area - there are many many mines in the adjacent countryside.

Check our Seek.com to see how L2 is now trying to recruit for ALL staff - the list is LOOONG. Nobody is left...the place is a ghost town. Other mines around WA are ecstatic! They have had an influx of highly sought after, well trained miners etc dropped in their laps in the middle of a boom - I know of one mine Flying Fox that has snapped up 6 Norseman miners and is very happy with them. The problems at Norseman didn't come from the lowly workers.

So Norseman gets stuck with ALL the Unfair Dismissal cases (of which there are MANY) and L-2 carries on with its plan of for some reason halting all gold production.

NGX reported that it relies on its gold production for cash flow, and I'm not saying this is the plan, but it looks to me like L2/TULLA could come in and snap this baby up for a song - or force NGX to the wall and then buy the assets cheap. Or there may be some contractual clause that will get them the leases.

For small investors - hope and pray for an actual takeover bid - that might send the shares up a bit but, in all honesty, I think TULLA with the help of L2, will end up owning a very cheap piece of WA Mining history.