{australien_flagge}It was an expensive oversight: A transmission error in its announcement released yesterday cost Conico Ltd (ASX: CNJ; FRA: BDD) a whopping A$20 million in market value in Australian trading today. The stock lost 18.2 percent in heavy volume in Australian trading to close at A$0.045. Remarkably, Mt. Thirsty JV partner Greenstone Resources (ASX: GSR), which had released the same announcement with the same errors in text, lost only 5.6 percent (just under A$6 million market value). Both shares closed at similar high market values of A$79.87 million (CNJ) and A$74.79 million (GSR). Both companies have since corrected the errors. [..]
Conclusion: If there wasn’t so much money involved, one could smile about the incident. Mistakes happen. The corrected figures do not change anything. The gist of yesterday’s news was that the mineralized Callisto target horizon continues on the Greenstone and Conico JV area. How thick and how high grade the mineralization actually is will not be known until the drill core is evaluated in the laboratory. This has been communicated as such. All observations made so far by Conico/Greenstone on the geological stratigraphy at Mt. Thirsty support the Platreef analogy brought into play by neighbor Galileo – spelling mistakes or not. Let someone claim that the stock exchange has nothing to do with emotions!
It was an expensive oversight: A transmission error in its announcement released yesterday cost Conico Ltd (ASX: CNJ; FRA: BDD) a whopping A$20 million in market value in Australian trading today. The stock lost 18.2 percent in heavy volume in Australian trading to close at A$0.045. Remarkably, Mt. Thirsty JV partner Greenstone Resources (ASX: GSR), which had released the same announcement with the same errors in text, lost only 5.6 percent (just under A$6 million market value). Both shares closed at similar high market values of A$79.87 million (CNJ) and A$74.79 million (GSR). Both companies have since corrected the errors.
At issue are preliminary results from two holes, MTRC007D and MTRC014D at Mt. Thirsty, whose figures had to be revised downward. According to the report, the former hole has only 76.8 meters of disseminated sulfides from 227.0 meters, not 122.0 meters. The second hole has not 108.2 meters with disseminated sulphides from 208.0 meters, but only 51.2 meters and the strongly disseminated sulphides were not 72.3 meters thick, but only 15.3 meters. The information on the other two reported drill holes in yesterday’s news release was correct. None of the published results included laboratory analysis on ore grades.
Conclusion: If there wasn’t so much money involved, one could smile about the incident. Mistakes happen. The corrected figures do not change anything. The gist of yesterday’s news was that the mineralized Callisto target horizon continues on the Greenstone and Conico JV area. How thick and how high grade the mineralization actually is will not be known until the drill core is evaluated in the laboratory. This has been communicated as such. All observations made so far by Conico/Greenstone on the geological stratigraphy at Mt. Thirsty support the Platreef analogy brought into play by neighbor Galileo – spelling mistakes or not. Let someone claim that the stock exchange has nothing to do with emotions!
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According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Conico Ltd and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of
the company at any time. Furthermore, GOLDINVEST Consulting GmbH is remunerated by Conico Ltd for reporting on the company. This is another clear conflict of interest.
