Aarons/Hubb:
You guys are almost 2.5 years into FLPC's 'alleged' "Restructure". I am sympathetic with those who have the patience to remain, hoping that this company is really doing what they say. I am sure that the Shareholder's trust in FLPC has waned to the point that the company's integrity to those who have offered support in the form of buying what now are virtually worthless shares, have written in to Bob Reynolds and demanded he try to explain whether or not the company will carry on or wait until the cash simply runs out and they close the doors.
It was a year ago when Bob told me they were going to file for Insolvency but decided to carry on and fund FLPC from 'their own pockets'. It rather begs the question why...if they really are? After all, FLPC's been running for what, 7 years and all they have to show for it is perhaps 1000 Tons of Ore which has been shipped from place to place and nothing else!
There has been NO sales of any product in all this time which means they have made no money (or even break even). So far, nothing illegal has happened, but the truth and facts have been stretched so far as to make people believe that FLPC would by now have become a profit making organization. So far from the truth.
I have written to the BoD on numerous occasions only to receive a revamped e-mail of answers the same as all the others, only put differently! Some think it's a very well laid out scam which I'm inclined to believe now. If someone writes in to the BoD and asks whether they will continue or come back with a REAL Mining Program, it would be interesting to see what they say. There is NO Joint venture and no money in the bank as such. I really don't think that after all this time a company will come forward and offer them funding to what is very likely to be an unprofitable mining exercise when the Fencemaker Mine has been mined heavily twice. It's going to be one hell of a lot of costly blasting to get anywhere near quality Ore if it still exists.
It will be totally uneconomical to proceed with this Mine based on possibility rather than probability this will yield big profits for someone as it would have been done again since the 1980s. It's OK to theorise, but in practice, it would most likely to be a lost cause and a VERY expensive mistake which any company would walk away from. I think FLPC is on a hiding to nothing now, and consider this: with at least $1.3M owing in one form or another, does anyone think they can stay in 'business' and satisfy all their creditor's AND make a profit even IF any Mining was to actually happen? Don't forget the 1000 Tonnes of Ore still sitting dormant waiting to be processed before the 'Sell by' date!!
AI
