Remember this from IKN on September 30th?
And Robex (RBX.v) provides the NR of the dayFirst the background, provided by this quote from the NR dated September 10th (less than three weeks, my how time flies in the wonderful world of capitalism):
The Company’s management confirms that the problems relating to the proper functioning of the elution system have been resolved and that the last elution proved positively conclusive.Hey wow, not just “conclusive” folks, but “positively conclusive”.Now for the moneyshot from today’s award-winning NR:
Robex’s management wishes to inform the market that the research of solution with the current elution problems did not give the expected results. Continuing with these current installations will strongly affect the profitability of the Nampala site.And oh look! RBX.v share price just happened to drop 19% on heavy volume yesterday. Sheer coincidence, of course.
Well now we have this:
QUEBEC CITY, QUEBEC–(Marketwired – Oct 9, 2014) – Robex Ressources Inc. (“Robex” or the “Company”) (TSX VENTURE:RBX)(RB4.F) is suspending their operations at the Nampala mine for an undetermined amount of time.
Considering i) that new capital investments are necessary to make changes to the Nampala mill; ii) the time for fabrication, delivery and installation of necessary equipment for a profitable operations of the Nampala mine iii) the decrease in the price of gold; and iv) the risks and costs of surcharges related to geopolitical and health risks including the proximity of Ebola outbreaks, Robex’s Board of Directors decided, during a special meeting of the Board of Directors, held on October 7, 2014, to suspend ore extracting activities in the Nampala pit. Robex will thus reduce the local and expatriates workforce to a minimum at the Nampala mine.
Ebola was the straw that broke the camel’s back though, it wasn’t the company’s fault. Honest.