DSE 2.63% 19.5¢ dropsuite limited

I was just looking at the full year accounts. The gold mine is...

  1. 362 Posts.
    I was just looking at the full year accounts. The gold mine is not in the NT, it's in the shareholder's pocket and the miners are the board...if you get my cryptic drift.

    The managing director Tim Lagdon paid himself $329,000 in cash in 2010....lol...omg...but he also paid himself $970,000 in options and rights...LOL..

    For that, they hired some outside experts who told the company that previous estimates by "expert people" were erroneous...annnnddd...in the coming year, the directors plan to sit around and think about the company's resources.

    This is from MiningAustralia in May 2010

    According to Excalibur's Tim Lagdon, Juno was closed when the gold price was only around US$100 per ounce and there was a cut-off grade close to 10 grams per tonne.

    "When the mines shutdown, there was demonstrated gold mineralisation left over," he said.

    "So we are looking to redefine and expand this mineralisation with a view to opening a new mine.

    "We think this approach of revisiting old assets that operated under different conditions than those of today is a low risk way to establish a new gold mine."

    The company recently completed a drilling program at Juno targeted at the areas above and around the old mine's underground workings.

    Excalibur will release its new resource statement in the coming months, but Lagdon is confident the deposits will support the development of a mine in the future.

    Evidently he works for Virtual Consulting International and does this managing director job on the side...(my evaluation)

    Of course, I am just a non-expert unqualified shareholder so you can completely disregard the above...

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