The Evil Diaries: Pantheon and Orosur

As ever, trying to judge what is going on inside a company from the utterances of John Walmsley is completely impossible. But I am not selling Pantheon (PANR). Now 90p.

Anyway he and Ignacio Salazar of Orosur (OMI) were round here yesterday afternoon – John is also of course chairman of OMI. My difficulty is that I have lost all credibility on this stock but, yet again, OMI looks very cheap. All the development opportunities are still there – Pantanillo, Anillo and Colombia and there is now the chance that there might be a fresh field below Arenal. Whether this yields 50,000 ounces or 125,000 ounces or more remains to be seen – it should be high grade. Drilling gets going in December and OMI expect some sort of result (either way) within a few weeks.

Cash remains at perhaps $2.5m and, as ever, all swings round the gold price. On balance, for gambling investors, this must be cheap below 10p. However, I have not bought any more since my family, holding 4m, have got quite enough.