Its the end of the line for Reveleigh - this is ridiculous and must be stopped.
There are no exploration results that justify crunching the company to undertake drilling at Ebagoola. At Queenslander there might be 100k ounces [that should have been proven at the outset rather than chasing carboniferous shale] and data from the south of the prospect has not indicated any worthwhile drill targets - Reveleigh knows this and won't complete a fortnight's work that otherwise might reveal this fact to be obvious.
Ebagoola should be JVed. Wollogorang should be JVed and Nowa Nowa results properly written up and reported.
What this announcement is about is "Graphite Graham" making a desperate attempt to hang onto his excessive emoluments at the expense of shareholders. THe SSSP will fail and Reveleigh will then attempt to place it with his mate Kelso. The same Kelso who stagged his subs to the float within hours of listing then rang around brokers to sprukee 2M subs stock held in a company that he & Reveleigh were the Directors of and hd refused to escrow claiming it would not come out.
Reveleigh has repeatedly demonstrated incompetence as an exploration geologist and mining manager [witness also HEG] and is demonstrably incompetent on all other levels, corporate and management and a whats more a liar! GLM is lucky to get 20hrs a week out him when he's otherwise ill in bed or working on BUY, HEG and private consulting.
The needs to be a new Board, new management and new projects that may attract new capital.
GLM Price at posting:
2.0¢ Sentiment: None Disclosure: Held
