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Message: My subjective editorial blog on WITM

My subjective editorial blog on WITM

posted on Apr 20, 2008 07:53AM

I have recently read that Au has a long way to go until it hits it's inflations/fiat money all time high equivalent, in nowadays money, of $2350 - from one of Taipin Financial editors sent out this past week. Seems high but it's I do not think it's the exact value that matters but rather the multiple of present level. This 2 thousand plus level is a long way away & will take years (how many?) to get breached.

As far as Witm, a public company, goes, I really do not appreciate nor understand the actions of either Vance White, chair, nor Steve King, CEO? I am for the time being leaving Dr Smith out of this scenario of negative characterizations since we don't seem to hear much from/about him. I wonder why our Chief Geologist is kept out of the limelight?

There have been so many rumours flying around - actually not all rumours. For example the recent trip to NYC & London. Sources identified that both these meetings took place but nada from the management to indicate, nor summarize, what the meetings agenda was nor content was all about. Wouldn't a "message to shareholders" from our chair or pres, go miles to get info to us shareholders?

One other thing: It seems logical to expect that the Chinese Fe mine owner will, at some time soon, run out of patience waiting for Wits (SKing?) to finalize purchase $ transfer. If that happens, I really think that a shereholders mass movement should takes place to take steps to remove our King from CEO position. He really seems to acts mostly as a salesman meaning SKing overenthusiasm pumps the value of a deal but then real problems crop up making a satisfactory conclussion hard (if not impossible) to consummate!

My greatest let down centres about BH mine. That was the basis that formed my original reason to get into WITS - a gold rush romantic is what I am! If our mgnt had only focussed more attention on getting BH back into operations over the last 21/2 years plus (de-watering, confirming resource estimates, drilling sooner etc), then we could have an Au producing (or close to it) mine right now. Instead, mgnt zrewed around with other blue skies like the EK merger - what a fiasco that turned out to be with still a whole bunch of unanswered question hanging around like how could mgnt not realize back at start of DD on EK what a shiaster Lee was, then run away as fast as possible.

King is not alone in this. How could Lowenthal, an Ex SA stock Exchange pres (= someone with abundance of business/deals smarts) not fully anticipate SSC Mandarin fiasco once he gave up that control by stepping down (due to conflict of interest?). Was he just too trusting of Robin or did some private deal blow up or what?

Anyway, my WITM sentinent has changed over the 2 years from Strong Buy to present hold & see. Frustration has started to creep in. Sell off or hang? Decision deadline must be by end of June. Time will tell. Really hoping I don't get burned!

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