MCO 0.00% 11.0¢ morning star gold n.l.

i too have been to woods point......and weipa!

  1. 1,702 Posts.
    Ok so not too recently to WoodsPt...... but over the past months........ chief you make me laugh....... 'pass the dutchie from the left hand side'.... PLEASE!!!!!!!!!!

    So this morning I get back from Weipa with a bunch of investing mates and I can tell you I have a sore ar*e and it's not from the mardi gras up there....... bumpy old cruiser we had....... and it's not an understatement to say a long long way....... but what a spot and what a mining set up!!!!!! Odd to think that Woods Point was at one time this big........

    I was amazed to read this stuff today on here and the usual knockers so I went straight to the source and rang the company this morning (the lord's day for some) and got the answer machine, left a massage....... and low and behold 18 mins later get a call from the boss.......nick garling coffee in hand he tells me no sugars....... firstly I say why would you be in the office on the sabbath.....he makes some remark about escaping the kids!!!!!!

    There are some changes afoot at MCO from what he says....... I am going to try and encapsulate a 15-20 min phone call into a few phrases...... here goes.....

    Money was getting low as we all know but cap raising happening right now and not only is garling putting in money himself but so are holders 2,4 and 5..... I like the sound of that immediately...... The mine??? what is going on????? Maxwells plan has been badly implemented......has been way over time and budget and had to put a stop to the present implementation of plan.... Quote "it is my responsibility solely to see any plan implemented properly" quality i've said before....

    what is happening with mine jobs and the like???? wages at around 40-50k per fortnight have been our biggest expense and we need to take stock and reduce costs while money is low and while we're in a period of due diligence from other potential investors and while we get the planning right on maxwells reef...... 'our staff are 90% local and can start and stop on a days notice'......

    what's wrong at maxwells i say...... 'the plan was implemented slowly and is too harum-scarum........+ we have a good plan we believe in but delays have blown out timing of trial production and we need to do urgent reef modelling as have come across new structures off in a different direction to maxwells plan... (i assume here we are talking northwards as maxwells is a south development from pics)...... he said a program of face sampling was underway and will be done with assays to follow asap to determine which reef on which reef was most promising....... he said they are still a way from the maxwell sweet spot indicated from drilling in terms of horizontal drive development along the reef.........

    he didn't know exactly how much ore was on the pad but said 'several hundred tonnes' and that was separate from mullock that had come out of the rises....... he said no reef assays have been returned as yet...... so it would be development ore I am guessing mainly on pad????? that is a guess but I assume this is correct... Maxwells update will come out tomorrow and an update on Waverly drills which he said he was very positive about but they lost some rods and drill bit on last hole which is 'just part of the game' but frustrating none the less as happened in waverly dyke....... he said the next hole at waverly is the first really key hole looking for grade as will head down the length of the dyke by design not across the narrow structure.............

    i said what about funding,,, what way fwd what about the options?????? time is short etc... he said it would be nice to extend the options for a fee and they have had a lot of positive thoughts and feedback about this.......... he said they had cash to survive from recent hit up on large holders and verbal commitments for more.... no surprise here, the man owns 30% of the company and he obviously has a buck or 2............. he said they are also in a period of due dil as others had inquired about the company and could they have a look at the mine and he said he'll be down there next week to show one corp around which he hopes will be positive........

    so overall my read was he was upbeat and positive but blunt and realistic about the current markets, maxwell being run badly and needing to improve and how to get there....... it's pretty much what I expected....... hasn't changed my view one iota............

    PS........ I have not rung the pub yet as I didn't need info on beer kegs and cashew nuts!!!!!!!

    LOL to all.............
 
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