mun record low .... below 2008 gfc panic lows, page-32

Loki01, I bought into MUN based on what turned out to be complete pie in the sky gold production forecasts. Even allowing for things being a little different, who could have imagined the cash flow negative company MUN has become based on the following:

The market believed as a result of MUN's announcements to the ASX that Engenho was going to be a low cost, very profitable gold mining operation based on just US$750 gold. That's right. US$750 gold. Today gold is near US$1200 and yet MUN is cash flow negative.

The market believed as a result of MUN's announcements to the ASX that MUN would be a beaut little earner with cash costs at a token AUD325. That's right. Just AUD325. A beaut little earner that would give MUN plenty of free cash and enable MUN to carry out a very active exploration programme. See Background Information at http://www.asx.com.au/asxpdf/20080428/pdf/318s6xkwbz0dbh.pdf

MUN expected to make EBITDA of A$17 million a year based on just US$750 gold. We were even told that the gold price had improved since MUN did its budget "which all adds to the EBITDA." http://www.asx.com.au/asxpdf/20080204/pdf/3178nf7ck6jgl1.pdf

The reality now is adversely light years from what was predicted.