Ann: Trading Halt, page-55

I'm not sure there is much of a leaky ship. The SP was trading at 0.028 even five days after the inspection. The inspection allowed a right of reply from Alan which was largely rejected by the regulator.

I think the whole thing is a bit overblown but Alan and the oversight of drilling contractors have clearly been sloppy.

The quarterly spend last quarter of some $800k+ for the amount of drilling and exploration was woeful and the raise of $1.2m recently will not go far with this mob. 

I'm in two minds about which way I think this company should go. I reckon they have a really good idea of the geology now and they know that the supergene exists and its approximate location. I just don't know if they should keep trying to find a juicy 40m intersection given the wrath invoked by the regulator which indicates it may never be mined again.

Maybe Broken Hill should be the focus or even Mt Oxide. I'd be happy to see Alan replaced, his salary is low but if you pay peanuts you get monkeys. And realistically what's $200k for someone good given the way this company churns through cash?

The voluntary suspension is very suspicious and just delays the inevitable. The SP will get smashed as confidence in the stock has simply evaporated.

Time for a complete reassess by directors I think.