Why taking profits is a good thing, especially when you're an idiot

The following post is entirely Otto's fault. He started it. I couldn't get it outta my head. It's 1AM and I'm still writing this.

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I bought Century Mining at something like .37 last year. Went up to 80 cents. Then they got CTOed for failing to file financials on time, and so when they finally resumed trading I dumped. 67 cents or something. Thought with the downward price action I should get outta dodge, and was a bit pissed at having been locked down in a CTO. That was, well, probably back in mid-May of 2010.

I had something like 75% of my money in CMM. Yes, 75%. I'll just let that sink in.

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OK, I'm back. Their old CEO was Peggy/Margaret Kent/White, who (if you've been a long-time reader of IKN) has a sort of... famous esteem. At the time I was in, all they had was the San Juan mine in Peru, which to me looked like something out the 19th century. But oh, wow, they were bringing the Lamaque mine onstream: that's in Quebec, in the Abitibi, and wow they were gonna mine 90,000 oz/y and CMM would be worth like $3 or something in no time.

Anyway, with the CTO, and the 20% price drop after it was lifted, I thought it best to get the hell out of dodge.



I had a big profit, I took it. What a great idea that was. Ho-ley crap, I look back on that now as my finest hour.

Peggy eventually quit as CEO. A major shareholder at the time was Maxim Finsky, owner of some phantom company called White Tiger that you might have read about on Dances With Bears. I never trusted Finsky. I never trust any Russian. It's probably something about radioactive polonium, I dunno.

At the time Finsky was still a minority shareholder. But later on, with CMM's continued money problems (having trouble turning a profit mining gold), he gained over 50% control.

Here's what's happened to the company since then. And remember: this is after Peggy left. You can't blame her. It's not her fault.

2011 Jan 4: Century Mining Announces New CEO, Formerly From Ecometals, Also Worked In Russia: Foreshadowing?
Feb 3: Century Mining Gives 2011 Production Guidance, Asserts Sunbeams and Bunnies: After All They Have Gold, and That Seems To Be Worth Something
Mar 8: Century Provides Operational and Financial Update for Lamaque Mine: Cone Crusher Broke, Mine Continues To Suck
Mar 14: Century Announces Merger With White Tiger Gold, Company With Nearly Zero Assets Run By Russians: Boy You Know This Will End Well
Mar 21: Deutsche Bank Approves Proposed Merger With White Tiger: Illustrates Germans Must Have Genetic Flaw That Causes Bad Judgment Regarding Russians
Mar 23: Century Receives $3.3M of Total $4M Loan From White Tiger: Proves There's Nothing Wrong With Borrowing Money From Russians
Mar 31: John Helmer Points Out That Strange As It May Seem, Century Actually Has More Gold Than White Tiger: Takes Nothing Away From Legendary Trustworthiness of Russians in General
Apr 6: San Juan Mill Idled, Tailings Facility Mocked By Peruvian Mines Ministry
Apr 12: Century Mining Achieves a First, Files Year-End On Time: First Year Without Cease-Trade Order In Fuck Knows How Long
Apr 12: Century Announces San Juan Working Again, Duct Tape Is Awesome
Apr 18: 630,000 Stock Options Granted at 42.5 cents: Must Be Reward For Filing Year-End On Time, Or Maybe For UPSing the Duct Tape to Peru, Cos They Certainly Didn't Turn a Profit
Apr 18: Helmer Reports: Group of Century BagShareholders Suggests Effect of White Tiger Merger Will Be Comparable to Forcible Anal Penetration By Particularly Spiky Monster Penis, One Attached to the End of Highly Radioactive Jackhammer, Which Is Being Operated By Large Silverback Gorilla Bent on Exacting Vengeance For Death of His Mother
May 9: Concerned Century BagShareholders Stridently Request Updated NI 43-101 for Lamaque: Skip Ahead To June 30 For Lesson In Keeping Your Fucking Mouth Shut, Bitch
May 16: Century Hires Terre Partners for Investor Relations: Because James West Just Ain't Enough
May 27: Century Mining Announces $1M Flow-Through Financing at 0.38: Alarm Bells Sound For All Canadian Investors
Jun 13: Century Mining Announces $1.5M flow-through PP at 0.38, Plus Further $1M Loan From Russians: This Gold Mining Thing Not Going So Well, Going Further in Hock to Russians Also Generally Bad Idea
Jun 20: Russian Company With No Assets Still Waiting To Take Over Century, You Really Gotta Wonder
Jun 28: Century Mining Corporation Reports 1Q11 Net Loss $3.6M, Despite Mining This Thing Called "Gold" Which We Hear Is All the Rage With the Kids of Today
Jun 30: Well, There's Your Problem: Century Mining Releases Updated 43-101 Resource, Learns They Don't Really Have A Lot of Gold at Lamaque After All, Shoulda Kept Your Mouth Shut Bitch
Jul 12: Century Estimates Second Quarter Production At Lamaque (a Modern Mine in Canada) Will Still Be Less Than At San Juan (19th-Century Hole in the Ground In Peru Operated Entirely By One Trained Donkey Named "Solano López")
Jul 12: Century Apparently Finds It Hard to Pay Lamaque Miners On Time, Surprised at Resulting 96% Strike Vote: Strangely Stock Advances 15% On News
Jul 25: Century Mining Can't Supply Deutsche Bank the Gold They Promised Them, Takes out Loan at 25% Instead
Jul 29: Century Takes out $1M loan at 17%, Convertible at 27 Cents: In Other News, Gold PM Fix $1625
Aug 5: Century Announces $1M Private Placement at 25 Cents: In Other News, Gold PM Fix $1659, I'm Only Sayin'

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Man oh man. Just assembling that list I gotta wonder why Otto doesn't mock CMM anymore. I mean, fuck! It's the gift that keeps on giving! It's like being Jon Stewart with GW Bush in office. Every day Is Christmas.