No bo de .... I regret you got drawn by my bad joke re buying a round of drinks with the profits of a trade ( if I make it ) I agree it does
NOT represent an exciting achievement especially as I will be letting go of 200;000 purchased at average 3:6 at the same time. Basically I have finally decided to quit this stock at a loss in small packages that make little difference to the general trend.
Rather than treating it as a hotel it seems I have been living here for years .
But I very much admire those smart enough to use the revolving door approach.
I feel it’s what Management itself would do!
Anyway Luckiky for me I have not been in as long as the good folk who bought at 25c in the IPO seven years back and watched their investment deteriorate whilst Management divvied up the c9mpany a few times and whipped up a money raising here and there and tried very hard to flog Penny’s Find o Anglo Gokd for $4 million.. and also seemed to have simply lost a number of the original swag of tenements that lured their investors in.
And of course paid themselves fat consulting fees.
And sadly I doubt they did any digging or shoveling in al that time.
Beyond this clarification, (and you may already know this as you clearly understand the mining business) I will I remind you that at least 10 or was it 12 well funded exploration companies including Esso Australia went over this ground (only 50km out of Kalgoorlie ) with a fine toothpick before Empire ‘bagged’ it.
The ground was mined out in the 1880s but with new extraction methods in the 1990s a lot of big players did their numbers with this one...including Esso Australia.
(See
http://www.resourcesempire.com.au/docs/EmpireProspectus.pdf page 39 previous exploration.)
Nobody wanted it till Empire decided they could make a silk purse.
Their partners have the same address as a bankrupt ASX listed company and also failed to list their current venture despite trying - the ASX knocked them back this time round.
There is so much more money in floating a company than mining some old tenement after all..
I hope I am wrong for the sake of all of us holders but I do not think this stock is likely to suddenly turn into the story of a little Aussie Battler that came good.
Except perhaps in the editorials of the media company that loaned them $250 grand.
Down ramping appears is what one does when they want a stock to go lower for their own profit.
I am not doing that.
I am simply calling a spade.
My average is much higher than the current price .....even higher if I add the losses so far capitalised.
So I am just sharing my story, my research (that I did too late) and my views.
Btw I am fairly sure Anglo actually paid a deposit before they did their due diligence and walked away
(20min delay)
