re: Ann: Mutiny to raise $4.15M to drill gold... My last post...

re: Ann: Mutiny to raise $4.15M to drill gold... My last post was overly flippant which comes from a feeling of helplessness when you are caught up in a self destructing circus which you feel you can do nothing about.Do you go down fighting or do you just stand there with a silly grin on your face waiting to get run over.Either way the result will be the same.Needless to say many of us,due to having been repeatedly let down by those failed "this is imminent" type of announcements, have built up a thick crust of cynicism.

Latest developments give us some hope of moving forward, but I would caution that throw any lifeline at desperation and it will be seen as some sort of a saviour.We were speeding towards insolvency and the latest moves by our acting CEO are completely sensible and necessary.Now we may just have a future, but it will be by the skin of our teeth.I am not overly comforted by the $4m to be raised-with irresponsible
spending that can be burnt up with nothing much to show for it, which brings me to main point of this post.

How effectively will this money be spent? Proving up more of Deflector-absolutely spot on-this is the heart of the company.

Now the rest-admin costs-the Achilles Heel.Will we see rational remuneration from top to bottom? All will have to take a haircut,and show commitment to the company by example of austerity.This is the key to restoring confidence and critical shareholder support. With HC retail investors now having a voice and a vehicle to express their scrutiny of director performance,the old days of conducting a glossy AGM,with a compliant show of hands at the end,and with skeletons kept well hidden in the cupboard,are over. Accountability is now the name of the game-ignore that at your peril.

OK I am in.But only with with one leg.It's the unresolved issue of legal expenses which the company incurred on the witch hunt of irksome HC posters.The board has to fully reveal this,and if any misappropriation of funds did occur (the known $1,100 is a possibility),then those lost monies,if any, have to be pursued and recovered.You cannot successfully move on without making peace with your shareholders.Remove this weeping sore.It will not go away.Many are livid about it.Do nothing and the sheer offensiveness of it will haunt and keep on biting you. Notwithstanding sheer common sense,anyone with a keen sense of history knows this only so well.Resolve this issue and I will be in with the other leg as well.

Despite my reservations I am encouraged by the latest developments, and if the board gives me the incentive to support it by setting the correct example, then bygones will be bygones, and my focus will return to keeping my eye on the ball rather than on the man. Derision will be replaced by respect if MYG returns to be a focused mining company in every sense, rather than largely being a vehicle delivering a "life style" to a certain few.