99m shares given away in dodgy deals and plenty more issued at 02 recently. Couple this with very little progress and a weak market, it's not surprising to see AGU getting sold down. The last announcement disappointed many also as most people were expecting a conceptual hematite resource estimate which didn't come, only news of some drilling towards the end of this qtr. In AGU speak that probably means next qtr before commencement of drilling, then a long wait for results.
Many companies hold JORC resources and are still undervalued so AGU has a lot of work ahead of them to prove their true worth.
Since listing AGU has been little more than a corporate play for dodgy characters to make risk-free money at the expense of investors and the only way this perception will change is when management start showing they strongly believe in the company's future.
Good buying for anyone wanting a cheap entry into a potentially large fe resource. The sp should be much higher in a few months if the company gets serious and puts together a comprehensive drilling campaign. It's fine to check out a few prospective areas but put most effort into Telecom Hill. Get a JORC hematite resource figure from there asap. Give the market and s/h a sign that they mean business and are capable of taking the company forward.
AGU Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
