WAF valuation, page-190

LOL.. I'm no master planner. I am a long time investor, speculator, ex-geologist who's been around the traps. Junior resources are a passion but ultimately smallish part of my master plan. Too much insider trading, manipulation and risk to swing it all at the next good thing like the good old days. I'm not that old but I did start out learning the share price each morning from the paper so I'm not that young either lol. 

Sure there are games played but usually no where near as much Machiavellian manipulation as the tin foil hat brigade make out. Often it's as simple as fund guys making good money selling down into no news then buying back their position (either buying back shorts or re-stocking long positions) when some bad news or market wobbles shake out some liquidity at much cheaper prices. Why not make extra money by playing the price up and down during the long periods of illiquidity and news vacuum right. I stopped wishing the market was something it wasn't a long time ago, better to embrace the devil you know and go with the flow.

I have watched WAF for some time but unashamedly look to buy deep value and at opportune moments. Got in at 25c after the last cap raise (on market... don't deal with brokers or placements) happy with the discount and to wait for the weak hands to wash out. Should be a straight forward mine build and metallurgy, shouldn't need more cash and who knows when the next M&A event happens. Got enough money to be patient but I'm not the patient type. I'll admit to reading on Reuters early Jan when the last outbreak of violence happened and a couple dozen were killed early Jan, and selling down over half my holdings on instinct before any damage was done. Bit of research since then to get my head around things, this last Canadian tragedy and the share price weakness brought me back in Friday.

Don't know when or if the M&A will happen but the project looks great. The latest deep drilling into M1 Sth almost proves anther half million high grade ounces going deeper will flesh out the last 4 years of the current mine plan at +200,000 Oz/pa. The punt is that we are right regards the project location and Burkina Faso remaining solid and supportive of the gold mining industry. Don't know who will do the M&A but I just can't see WAF staying under valued and alone once the mine is up and running, vomiting cash and extending the mine life. I can't see the management wanting to spend the next 10 years of their lives running a gold mine, surely management and large early investors will be pushing behind the scenes for a M&A opportunity to cash, buy a kick ass boat and head off to Rottnest for the summer.

I can see the gold price walking back this year a bit if the US economy and markets keep on keeping on so there might be further weakness to come but that may also flush out the M&A guys who have been quietly running their ruler over targets but waiting for the right time. Not too much gold weakness mind you or the bankers will shut up shop and nothing will happen. HC can be a great asset and place to share ideas, test one's inherent confrontational bias. Don't get personal and don't takes thing personally. Keep an open mind but take information and opinions with a pinch of salt because of course there are agendas. Play smart, keep liquid and make profits is the name of the game. If there is some interest and fun to be had along the way all the better. 

Good luck to all holders as they say.

Cheers