Ann: More Bonanza Gold Hits from Paddy's Flat, page-23

Thanks for the reply bizzo

It is tempting to buy some WGX shares for a trade, but at present this looks like a falling knife with almost 50% of the trades being shorts and GDXJ portfolio rebalancing happening (GDXJ is to sell down some of its shares understand) around the same time as the US FED is raising rates.

https://www.asx.com.au/data/shortsell.txt

I think Cookie lost it a bit when he decided to start the mill at Fortnum. The plan there is only to produce 60-75k ounces pa with an average grade of 2.4 g/t from open pit and underground mines. They should have left this project alone until they had the other mines operating profitably. They have too many balls in the air with 6 pits and 6 underground mines going concurrently at an early stage of their life.

The only good thing I have found is that the annual accounts had a positive surprise. The quarterly report indicated that they only had about $56.5m in cash but the annual accounts indicates its much higher at $73.4m. I suppose that is why Cookie has not yet made a move to raise cash via an asset sale or whatever.

I might have a dabble if the share price gets closer to $1.00. But its hard to see any major turnaround until as you say they have the mining sorted out, or perhaps the AUD POG does a runner.

loki