warning signs

Over the past year there had been a number of warning signs that few took notice of. The first was the very low profit result in the 2010 year. I could see it a mile away.

It should not be a shock to these people to see where the company is now.

I do feel for the people who brought these shares leading up to when the administrators were called in. I never thought Admiral Bay was a great asset - it's too deep and won't be cost effective to mine - because of this the $200 million value is not justified - maybe someone looking longer term will buy for $20 to $40 million and no more.