Hi All, i'm new to CLY as i'm in today. I did think there was a good chance of sp getting to this level and it may even fall further in the absence of news. Continued price weakness will also occur if there is weak uptake of SSP and underwriter has to take up significant no. of shares. In the absence of a good announ, share price will be soft until ssp is finalised.
But given the relative small number of shares (140m fully diluted after ssp) and the number of highly prospective tenaments,I believe that CLY has a better than even chance of going much much higher in the future. They sensibly farmed out much of their commitments to Goldfields and concentrated on a few highly prospective leases. I'm really in for the East Orange drilling which with its current known geology and some nearology to ALK's MacPhillamys is a very good prospect. drilling here was to be completed much earlier but is now starting this month. I doubt if there will be any results from here prior to ssp finalisation so I'm just putting my shares away for a while.
CLY Price at posting:
8.1¢ Sentiment: LT Buy Disclosure: Held
