LancairDriver
Super Nomad
Posts: 1603
Registered: 2-22-2008
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Boleo Mining Project
Don't panic yet and start selling your Boleo stock.There is still hope the project will be re-organized and additional financing obtained.
Check this link for details.
http://finance.yahoo.com/news/mount-kellett-comments-critica...
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woody with a view
PITA Nomad
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Mood: Everchangin'
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dump that turd.
my stock tip of the year: http://www.gwmg.ca/index.cfm
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goldhuntress
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And the rich get richer! John Greenslade has got to go, if it's all true. I've been keeping up on this a little lately and found the "web of conflict"
here interesting. http://www.shareholdersforbaja.com/docs/Circular.pdf
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BajaBlanca
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Location: La Bocana, BCS
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VERY INTERSTING THREAD.
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Pescador
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Registered: 10-17-2002
Location: Baja California Sur
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Yeah, depends on who you listen to. Reuters has a new bunch of reports that give a whole different slant to the whole thing. Yahoo is reporting on
the Mount Kellet side of the story which give the slant to what they are trying to do.
I find the whole thing pretty amusing as we are only talking about somewhere around a 20 percent cost override, which means that when they started
moving all of this equipment down to Santa Rosalia and started setting up a major mine they found the steel and gasoline were there two major cost
increases that they underestimated.
The second area where they ran into problems were not understanding the culture of the people who were setting up the mining operation and some of the
workers. It is cheaper to put them in a dormitory situation and provide some of the basic necessities like beds, recreation area, and the like, but
with the restrictions about no alcohol, being in bed by a certain time, etc., etc., they found that people preferred to live outside of the compound
and in a place like Santa Rosalia that can be a challenge because of the lack of proper housing. I think the management of the mine was doing a
magnificent job in assessing all of the needs, adapting to the community, and getting the job done, but the pencil pushers probably had other ideas so
it may get turned over to the bean counters (which will probably cost more in the long run), but seems to be one of the things that must be gone
through when setting up a business in a foreign country.
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bajario
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Registered: 1-7-2008
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I voted for management knowing that Greenslade had conflicts. Shoot he was at the helm when they secured a billion dollars the last go around.
Pescador you mention 20%. Which equates to $240 or so million. Not a drop in the bucket by any means. But I don't pretend to know the ins and outs of
the project and what could go right or wrong. I do feel cheated by mgmt. in the fact that this news came out 3 weeks after Kellet lost the vote by the
slimmest of margins. On top of that 4 people on the board quit. They had to know. And that's where my beef lies. Along with the stock plummeting,
which is like a kick in the teeth. I'm either getting a yacht or going down with the panga.
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KaceyJ
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Registered: 10-7-2011
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In black and white
The subject piqued my interest so I read thru a few PR's
Market wire red flagg near a month ago--
"Our preliminary analysis of trends indicates that there may be inflationary pressure on several key components of the Project. This includes costs
for fuel, steel and labour that are higher than anticipated in our original internal plans. "
It's a Canadian stock and traded on the pink sheets .
I wouldn't touch it with ten foot pole
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bajario
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I don't know Kacey. $240+ million is alot to be off. Ask any GC what they'd do if they were off 20%. The guys in charge probably wouldn't be around to
answer that.
But I'm a gambler, and a lousy one at that. So bad I've actually picked up some more as it drops. Cost averaging down. But hopefully I don't catch
this falling knife to 0.
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redmesa
Senior Nomad
Posts: 580
Registered: 3-12-2008
Location: Van Isle and Bahia Asuncion
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Cautionary tale about the Vancouver Stock Exchange. In 1999 it merged with Canadian Venture and Alberta but many of the same players are involved
with the Boleo Mine stock. Here in British Columbia, many of us are very weary of mining stocks because of their history of speculation and
corruption. I have been keeping my fingers crossed for the Boleo project but....
"In 1991, it listed some 2,300 stocks. Some local figures[citation needed] stated that the majority of these stocks were either total failures or
frauds. A 1994 report by James Matkin (Vancouver Stock Exchange & Securities Regulation Commission) made reference to "shams, swindles and market
manipulations" within the VSE[2]. Regardless of the low opinion several held it in, it had roughly four billion dollars in annual trading in 1991.[3]"
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