I've been investing in penny stocks for over a decade, though mining stocks are a little new to me (~3years trading), and have noticed poor management is almost a constant in these size companies.

Its really not their fault. Start-ups are usually lead by the technical leader (a geologist in mining and patent holder in tech) who are likely not the best managers. I wish the Microsofts and Intels are more common where the head techy has excellent management skills. I am personnally tech based and as the few unfortunate people I had to manage can tell you, I suck at it.

Even after management changes hands to someone more finacial savy, they are usually limited who will join the startup. So I have seen this type of over promising - underdelivering often. So I assume it is common, or I have an attraction for poor managed compaines.

So as you say, MTS, the price of gold will probably insure the sale to go thru. It will take longer than expected. Then fixing the leach pad will take linger than expected, finish processing the heaps will take longer and finally starting to process the open mine will also take longer. Will the cash hold out?