I dont see you guys reading the announcemet properly. My paraphrase is
1) we had a reserve 2) we infilled for the last year to prove even more confidently it is correct 3) but when we dig, we did not find the reserves as the infill drilling proved was there 4) even though we did not find the silver where our drilling said it was we are sure it is there and we dont know why digging at the same place as the drilling happened did not produce the silver 5) in spite of 4) we trust our numbers... we trust our infill drilling more than we trust the actual ore that came out 6) oh, and we accidentally overstated the stockpile grades by 33% - they should be 45 and not 60; and we used that grade in our forecasts, but really it does not matter
Wouldn't it be great if you could actually sell the ore based on the infill drilling and the jorc declaration. Why even bother with separating the silver from the ore? Who cares about that.
I do not know what the share price should be. I bought from 70 cents down to the high 50s. And I subscribed at 60 cents. You see, the plant was up and running. And I always buy PM in the ground. That is cheap.
This is my first experience at jorc being next to useless. And my first experience of the ore not having the PM and the Company saying 'oh, not to worry'.
Good luck to buyers. My 'stockpile' of shares is, like the stockpile of ore, about 33% down.
Since NOBOBY apparaently knows what silver is or is not there... and will never know, this just becomes a punt for me. I will not sell to vultures or day traders. I would never do that. I just hope in 20 years we say 'well, that was odd, when the first tonnes that came out did not have silver, that was odd; and the Company was right... all the other ground DID have the silver'
Can we perhaps guess at another possibility. If the jorc and infill drilling is true, but what comes out the end of he plant is only half what should be... mabye some nightime silver fairy is theiving the silver.
CCU Price at posting:
33.0¢ Sentiment: None Disclosure: Held