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12/18/13

The IAMGOLD (IMG.to) (IAG) strategy in Colombia: When in hole, keep digging

Not satisfied with its previous forays into third party juniors in Colombia for example...

Buying 15.38m shares of Tolima Gold for $10m (those are now worth $0.46m)

Buying 11m shares of Bellhaven Copper & Gold for $6.05m (those are now worth $0.36m)

Buying 12m shares of Colombia Crest for $3.42m (those are now worth $1.2m)

...FireSteve Letwin of I! AM! GOLD! (IMG.to) (IAG) today decides to earmark another $36m of his company's cash on a third party junior mining project in Colombia, with Solvista (SVV.v) the recipient of the kiss of death welcome sponsorship. That instead of IMG paying shareholders their half-yearly dividend that would have cost the company about $47m of its treasury. Which is nice, isn't it?

Letwin should read up on what happens to company chiefs who double then triple down on their own deeply held convictions rather than face reality. Take the recent Eric Sprott happenings as your starter point, Stevie.