About two and half pages of last Sunday’s 31 page Weekly were dedicated to a discussion of the recent ups and downs at Continental Gold (CNL.to). Here’s how that note ended:
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Discussion
and conclusion: To sum up, we have a company that hides the
fact its EIA permit application was denied but now swears blind that evrythin’
gonna be alright, a sellside brokerage world that’s keen as mustard to promote
this stock using any sort of conjecture it can lay its hands on (but neatly
ignores passing on hard facts when they’re negative to the storyline) and then
just after Corantioquia gives its side of the story to the press and directly
contradicts the neat CNL narrative, a key member of the permitting and legal
team who bails at an optically awful moment citing a weak reason for the
decision (effective immediately).
And on top
of all that, this is the company run by the very same team that blew up
hundreds of millions of dollars in the Colossus (ex-CSI) debacle at Serra
Pelada in Brazil, in which everyone (including the main and bigtime insto
investors such as ARC Fund and Sandstorm) was kept totally in the dark about
the massive and very fatal flaws in the project until it was way too late to do
anything about it.
I continue
to marvel at the way in which the world of mining will believe anything told to
them by anyone, just as long as there’s some shiny metal dangled as the prize
at the end of the narrative. CNL.to isn’t an investment opportunity, it’s roulette.
Whether it’s the traditional casino or Russian version is up to you to decide.
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For successful living, avoid ownership of this company.