I wrote a short piece about Moneta Porcupine about two weeks ago. At the price of the shares then, their 4.3 million ounces of gold were valued at $9 an ounce. After a blistering two-week rally, the shares are now valuing an ounce of gold at Moneta at $10.15.
Be still, my beating heart.
On Tuesday the company announced the hiring of Roger Aubertin as Vice President for Exploration. The stock promptly dropped.
Roger Aubertin was the project manager for Detour Gold on the Detour Lake gold deposit. The company went from an IPO in 2007 at $3.50 a share to almost $40 in 2011. Today it has a market cap of $3 billion. Mr Aubertin supervised a 450,000-meter drill program that put 14.9 million ounces of gold into proven and probable reserves at Detour. He knows Ontario.
And the stock went down on the announcement.
You should buy absurdity and sell stupidity.