re: Ann: Extension of SPP closing date and dr...
Honest question deserves an honest answer – no. but that’s not to say I still don’t buy in and out of them. The undercover story sounds good but is no different to that same under cover story being thrown about by some spec stocks in the Thomson and Lachlan Folds to the north (at least they have bigger and better operating mines nearby). VIC spec stocks play on the old history of the area but the geology sometimes just doesn’t stack up. I’d be more confident in this stock if they can ever entice in a real JV partner with deep pockets to fund the expensive drilling required to get the holes to depth. If this company can’t get someone big on board that agrees with their methodology then we’ll see the standard series of capital raises and dilution. The other thought that comes to mind is that if they are having so much difficulty in getting their holes down now; imagine the problems that may arise if they were to ever mine it. We win some and lose some on spec stocks, for me this one is not for my superannuation. As I said in my previous post, this CR is a real marking point in the company. If they release positive information before closing, they would install a little more confidence.
CYL Price at posting:
46.5¢ Sentiment: None Disclosure: Held
