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It says billions in future profits but not stockpiles.
I'm sure myself or one of the others will sticky note it. It takes 48 hours after its posted. Good to have you onboard.
Perhaps the confusion is that 208 million tonnes of ore actually make roughly 50 million tonnes of concentrate. Or could you be referring to #18 of the amended CC? I'd like to believe what you're saying but in all my research I haven't heard of billions being stockpiled. Not trying to be confrontational, just want to make sure the numbers are somewhat accurate.
Its good to see WITM have a good steady climb rather than a quick push to ten cents and a big pull back. Patience is what's needed at this point.
Barney, wouldnt LM have to announce in a filing when they have crossed the 5% ownership mark in WITM? That would only be around 9 million shares. If WITM actually went to a dollar that's only $9 million of the $650 million, a proverbial drop in the bucket. Also, someone mentioned to me yesterday that it probably wouldn't look too good to the court that LM is buying shares of WITM on the cheap either while they are both involved in litigation with each other.
I'm adding whenever the cash is available. Trying to hold back selling other stocks to raise cash but the more research I do the more tempting it gets.
When WITM and London Mining PLC signed the CGMR deal WITM only gets 1% of the profits until LM gets their $44.5 million investment back.
Thanks for the reply. The problem is for WITM to realize that number they need a 50/50 split on the profits. As of now they only have 1%. Also they have to have agreement from London Mining to do an IPO, take on third party financing, etc to realize the value. That's the quagmire they're currently in. However, if the counter claim is correct and WITM settles out of court or wins the jury trial scheduled for next December, I see the value at least double what you project.
Buying another 25,000 by next Tuesday. Slowly but surely accumulating.
CGMR Shareholder Agreement Between London Mining PLC & Wits Basin
http://sec.gov/Archives/edgar/data/912875/000114420409028625/v150269_ex10-2.htm
Actually my plan was just to put the link to the Counterclaim up and the CGMR shareholders agreeement but adding balamidas's post is great too.
Hey Mick and Ryguy26, I was just added today as a moderator and I was wondering if you guys wouldn't mind if I put a sticky up with a link to the Counterclaim and a link to the CGMR shareholders agreement. That way it makes it easier for people to do their research.
It was in post #859.
Read the counterclaim.
Great analysis Balamidas! It really is "unreal" that more people don't understand the assets and the possibilities a settlement will bring. IMO, this will never make it to trial because a jury would probably be very sympathetic to WITM and London Mining would be paying out even more. At a minimum I see WITM getting $50 million and the upside could possibly be a lot more. Good job!
High22
Here ya go Carmine, your link.
http://newsblaze.com/story/2012012608050200374.cc/topstory.html
What SFMI needs is a mezzanine financing for the $10 million PQ said They needed for the underground development stage. JMO
http://www.standardchartered.ae/media/press/en/2011/201110301.pdf
Ourigan;
I thought SFMI already had a contract with the refiner in Abu Dhabi so why do we need a contract with one in the USA?
Sounds like you're counting on the 61% Fib pullback. You could be right. That would take SFMI down to .0585.
CapnDon;
You're totally right and I thought about this later after my post. It would be better in my opinion to also have a prominent financial person (no dis to LG) as well on the board. Perhaps an individual that will be part of a large financing or someone that wants to to be involved via preferred shares etc. With that being said I think SFMI is going in the right direction assemblying its "teams". The geological team looks great, the mill team looked very productive, and with a couple changes to the board, SFMI will be looking great personnel wise.
Rockyx/Bill2222
TD;
Let me get this straight. So you still have a problem with the costs that will be incurred with developing the property and that's fair but you're changing your tune on management. With Bommarito moving on and RS taking a reduced role but staying on the board only leaves one spot open on the board unless DQ steps down. When I was at the two day extravaganza it was the consensus that we needed a mining person on the board in her place. I don't know the woman personally and she is probably very nice but we need to have a board filled with experienced mining people. So with that being said, do you think DB and DQ will be replaced with more mining savvy people? Also, do you think they will be able to work with the COO? Thank you for your insightful thoughts even if sometimes I don't agree with them.
Rockyx/Bill2222
DetermingFactor,
Do you like SFMI? I also noticed that you follow Medefile. Is it just a coincidence that Medefile was also on "New To The Street" just like SFMI. Seems weird. I'm just sayin'.
Rockyx/Bill2222
I reviewed Ed37's numbers last night and he deserves kudos for finding the error in the 2012 calculations. I'd like SFMI to have $7 million in revenues but in reality the calculations show about half of that. I hope the company is aware of the error and will post a correction.
Imperial Whazoo,
Nice work. Thanks for taking the time to do the comparisons.
I wonder if they will start segment two at the SHM? Maybe news has been stalled to coincide with the second segment?
I saw this from MWalsh on another board. Segment two to be shooting soon.
https://mobile.twitter.com/#!/newtothestreet
Bobby Joe,
Thank you for your pictures over the last year or so. Despite some of the foibles of the company you've been the bright spot.
Yes it does. Thanks.
Why no drilling? They don't have the big financing nailed down yet. I would think a driller is looking for a client to have a major financing in place before they begin work. JMO
My guess is .12
Mont20,
So the bottom line to get to the proposed economical grade and milling for SFMI is a big infusion of cash, correct? Like I said yesterday, the Centurion deal is in limbo, we have no idea what $$$ SFMI has in concentrate, so it seems to me that they are looking for some big time cash. If they do get a big infusion as in a PP, I hope the investor demands that PQ drops his family members from management (hell, they can still work for GHDC) and also demand a real plan for unlocking WEM's value.
Looking at the price action coupled with the volume over the last couple of weeks gives me a gut feeling of a significant private placement. The next couple of phases are going to require a lot of cash and with the Centurion credit line in limbo, gold sales in November/December, I don't think the little 7% deals are going to be enough to get the ball rolling for the big expenditures. JMO
TD,
If you were going to the SHM, what would you ask PQ, Breitkrutz, and RS? Thanks I always appreciate your insight.
Mont20,
Hearing these "rumors" like "who came to visit" etc has really gotten old. Why is it that everyone who proclaims to be in the "know" never has any details?
What I would like to hear is what TD laid out for us yesterday. The key item being preferred shares in a combined company exchanged for cold hard cash to finish the next two phases.
As for the SHM I will be looking intently on the message boards as reports roll in as to whether RS gets much time to talk about the project or if it turns out to be a PQ only show. Kudos to PQ for having the guts to make it this far with SFMI but he needs to combine the two companies and put it in the hands of mining professionals to unlock the true value of WEM.
TD,
Very nice! The only part I might have a problem with is the milling. If SFMI is able to make some money on the old tailings/ore and they are able to use the lab to find higher grade material it may still be a positive but only time will tell. As for the structure of the company I like the idea of the preferred stock. Makes me think of the restructuring of LODE. I would much rather have a company like Scorpio who has some cash buy in with some preferred shares than have to deal with a stock reseller who only cares about making a quick buck instead of a long term plan. Thanks for your quick summary on what you would do if you were the SFMI decision maker, I appreciate it.
TD,
If you were making the decisions at SFMI how would you tackle the financing of the next few phases? Thanks.
Sitting in my bunker today pondering SFMI, gold, silver, and the geo-political situation. These are ramblings and rantings so I apologize if I hop around.
SFMI. The rumor 6-9 months ago was that there was an offer of $6+ for the company. If that was true why did they settle for financing from Centurion? What I would like to see is a deal with Scorpio Mining whom has over $16 million in their coffers if the deal is done right. Done right meaning SFMI only has to give up 10-20% of the company. I would much rather have a mining company that understands the biz buying a stake rather than a "stock reseller". Like most of us understand the U$D is worthless or will be over the next couple of years so gold will most likely be in the neighborhood of $3-$4,000 by the time SFMI proves up 500,000 to a million ounces of Au. Maybe the listing problem is a blessing and SFMI gets a deal with more value.
GHDC. My thought on that was that perhaps PQ burned got burned on that. Burned that he was only counting on $650 gold. Myself and others have run numbers and despite the Sinker deal SFMI will benefit more than GHDC. Some are only buying GHDC because PQ owns more GHDC than SFMI. The first thought is to follow the money but unless you know some inside info it doesn't add up.
As for the geo-politcal situation I see that people involved with PM's need to vote for Ron Paul if they really want to make a difference. You may say he doesn't have a chance but do you want globalists that are picked by the elite in office? People, if anything buy a little physical gold or silver to protect yourselves from the coming financial implosion. Even though I have disagreements with a couple of the more positive posters here I respect the fact they"re smart enough to be in the PM stocks. The bottom line is that gold and silver will be our financial saviors. A friend that posts sparingly mentioned something to me a few weeks back. Back in the 70"s we didn't have GLD. He mentioned that perhaps if we didn"t have GLD that more cash would be flowing to mining shares and I'm in total agreement. However, someday some entity will want delivery and the paper will default causing quite a stir and the gold and silver mining shares will flourish again.
This is more than I normally write but It's important to note that most of us are on the side of PM's rather than the U$D.
Clearview,
If the listing problem is so easily fixed why do they have to pull the registration? If they had to pull the registration do they have to redo all the paperwork with Centurion too? That will take time. This was a big part of their plan and will delay progress. Who knows, maybe they do have a better financing option even though they said they do plan on using the LOC after the listing problem is taken care of. You have to admit that in the past SFMI has said one thing and done another on at least a few occassions.
Seems momentum has been lost. BUT, the sp has held up. I tire of companies supposedly waiting after holiday weekends to release PR's. Let it go because the real players are always paying attention. No BS SFMI just let the info flow.