The AGM was pathetic. What happened to Buckreef and its production target date of late 2014? We have a meaningless Preliminary Economic Assessment for Buckreef which is just a lot of arm waving. The real costs will come at full feasibility which they probably won't even start this year. Count on production costs to be 50-100% higher than the PEA and development costs too. Then they need to raise non-dilutive production financing which of course is no problem for the great financier, Jim Sinclair. (He was a little short of specifics on this subject at the AGM). Then they have to get a development team together, order equipment, and build a mine. In addition, the Duval law suit should hit the court system this year and be very public. Oh, let’s not forget Kigosi which according to the presentation at the AGM the company only owns 60% of. Do we deduct the 15% interest TRX gave to Stamico off this? How about royalty interests payable to the government right off the top? The cash flow from this pig will be negative and will never help fund anything let alone Buckreef. This thing is a sad joke and Sinclair’s shareholders will end up drinking the cool aid just like Jimmy Jones’ followers.
Soon he will start promoting his nickel project in the Kabanga area, claiming he has some expertise with the metal from his days at Sutton. Nickel has been the worst performing commodity among the base metals. Did the Chinese ever spend any money on Kabanga? And what did they do to get their 10% interest. Was Sinclair just looking for a Chinese partner to legitimize the joint venture? Stamico is run by a bunch of inept government bureaucrats and they bring nothing to the table.
What do you think you heard? They dusted off all the projects that were put on hold to devote all resources to Buckreef. Buckreef was the primary focus now its not. What happened to the project being easy to finance? I guess not. No mention of Chinese partners at Kabanga. No mention of more drilling. Where is the expanded 43-101 on Buckreef with the results of all the drillling? No time frame given for that either.