# Colossus Minerals CSI.to



## Sherlock (Apr 18, 2010)

Down 52% today to $0.20. Anyone else hold it?

I bought 200 shares for about $4 a few months ago, and then another 1000 shares for 50 cents a few days ago.

They have a mine in Brazil which is supposed to start producing in early 2014 so this sharp decline is confusing. Anyone have any insights?


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## phrenk (Mar 14, 2011)

Sherlock said:


> Down 52% today to $0.20. Anyone else hold it?
> 
> I bought 200 shares for about $4 a few months ago, and then another 1000 shares for 50 cents a few days ago.
> 
> They have a mine in Brazil which is supposed to start producing in early 2014 so this sharp decline is confusing. Anyone have any insights?


There was a press release yesterday, and they basically stated that the company is no longer a going concern. Oh, and 3 board members resigned. 

http://www.marketwatch.com/story/co...ons-and-financial-update-2013-11-14-171731852

" The Company has historically relied on financing to fund the exploration and development of the Serra Pelada Mine. The Company will need additional capital in 2013 or 2014 to fund the completion of the development and the ramp-up of production and to meet existing obligations of the Serra Pelada Mine. The Company is currently investigating this financing and alternatives to strengthen its balance sheet to have further flexibility should other unforeseen circumstances or production delays occur.

The Company's ability to raise additional funds and its future performance are largely tied to the health of the financial markets and investor interest in the gold mining industry. Financial markets are currently volatile, and are likely to remain so throughout 2013 and 2014, reflecting ongoing concerns about the stability of the global economy, sovereign debt levels, global growth prospects and many other factors that may impact the Company's ability to raise additional funds to execute on its business plans.

Although the Company has been successful in raising funds to date to fund operations and the construction of the Serra Pelada Mine, there can be no assurance that adequate or sufficient funding will be available in the future on terms acceptable to the Company. *These circumstances indicate the existence of a material uncertainty which may cast significant doubt as to the ability of the Company to continue as a going concern*. "


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## humble_pie (Jun 7, 2009)

um ... the company also said the mine is flooding faster than they can bring on equipment to pump the water out ... it's said they punctured an aquifer ...


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