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Bobby Joe: Hope that someday you get something from all this. Today, I told my broker to sell all of my SFMI and GHDC stock and close the account. I originally bought into both companies knowing that there was still a lot of silver and some gold in WEM. But at this point, I really don't see how it can ever be mined at a profit given all the claims and sub agreements and all the money that management took. This was one of my few ventures into penny land and they saw this country boy coming. I will stick to my oil and gas stock that actually produce something. To those of you who had a belief in the mountain, sorry but I think we lost our shirts. To those who really don't care if the mountain was mined, was only in it to buy at the lows and sell at the highs, and to those who spread a lot of BS, hope your cows come home. Geomine
Up In Smoke: I think that most of your facts are correct, you have much better insider and local information than most people, but I question that mining will be a profitable operation even after the current management is gone. There has never been an ore reserve study, economic or feasibility study,no evaluation of all the cross payments, sub leases with GHDC that would show that the ore can be mined at a profit regardless of who owns the mill. It would be nice if all the contractors who are owed money could get paid, but I think that us stock holders are left with an empty shaft. Geomine
if anyone was going to bail him out, they would have done that a long time ago before he, family and insiders ran this into the ground with all the inflated fees, etc. As my buddy Craig Morton used to say: "Turn out the lights the party is over." the only thing left to do is watch the long time pumpers try to come up with more ideas to keep the stock alive. Who would invest in an operation with so many bad deals, payments to GHDC, fees for using the tunnel, only lease about 30% of mineral rights from GHDC, don't own the rest, no permit for leaching, etc, etc. Even some of the long term supports are down and out. Geomine
So what is next for SFMI: If the judgement is final what are SFMI's options. Chapter 7??, Chapter 11??, someone dumb enough to loan them money to pay off all the judgements (there are still some outstanding legal actions)?. What if they pay off all the judgements, Who is going to give them the money to construct a new leach line (let us assume that they actually file for a permit, don't think they have as of now). Who will give them the money to drill and complete a reserves study?, Who will give them the money to complete the work in Sinker Tunnel?? And if they get all that money, do they really have the rights to the ore that they would take out thru the tunnel?, nope, I don't think that PQ can turn this around. And what about the mother ship?, going in the same direction, big paychecks for the family, paid too much for equipment with little returns. Could GHDC be a front for other South American operations? Well my money is all gone, so watching what happens to SFMI is going to be the only thing I get out of this. Geomine
we have been hearing this chart stuff for years. For SFMI, the charts don't mean squat.The only way for this to make a huge run is for everyone in China to buy a hundred shares, and then as soon as that hype is over, down she will go again. Look at their filings, who that can speak english would buy enough to make a huge run. Geomine
so how long have we been posting on the stock??If you are not trading stock, then IMO all of us have lost our investment in SFMI and the mother ship GHDC. We have no one to blame but ourselves for this situation. Instead of doing DD on the mountain, we should have been doing DD on management. At this point, no one with any mining investment skills would loan SFMI enough money to complete the mill, leach facility and smelter to process the type of ore found in the mountain. Any management with mining experience would have known that from the start. The lease with GHDC, lack of complete ownership of minerals and claims and no estimate of remaining reserves is proof that the business plan for SFMI can never be implemented. Now all this stock is worth is watching a few minutes of idle speculation, stock cheer leading and crying in our beer each day. Geomine
UP In Smoke, is that 40 page decision posted somewhere that we can read it??? Geomine
UP-IN-SMOKE: I could not find on the case history that you sent that the final ruling has been issued? Could you provide a link for that or just tell us if the final final ruling has been issued and who told you that? Also what do you think will happen if SFMI goes into bankrupt proceedings. How many creditors are out there and who has priority? Geomine
I wonder what idiot mining company would send their ore to a mill that cannot even process their own ore. If you were a miner would you take your ore to SFMI's mill? would you want some references from other miners that have used them? might want to see the mill in operation first? I can just see that mining company trying to explain to their investors, well we had 2 oz per ton gold when we took it to them, don't know where it went. This makes no sense to me unless the other mining company is also a scam, or maybe its GHDC, oops, same thing?. Geomine
N43-101 report?? There seems to be a lot of discussion on this board and other boards about A N43-101 report for SFMI. Supporters of this stock seem to believe that a N43-101 does not require any drilling and that a N43-101 can be updated at any time. It is true that the reports can be updated, but if the report does not include a reserve estimate, it will be a non-compliant report and be worthless to any investor, Canadian, United States, Chinese or any investors of any nation. It is hard to understand why any holder of any significant amount of this stock would not have looked up the requirements. If you want to see what a N43-101 report would look like, look up the other Owyhee mining company, Thunder Mountain Gold and take a look at their report. One look at the fact that SFMI does not own the major mining claims and the lack of a resource reserve calculation, would make them run or at least not purchase any more of this stock. Geomine
Why pic on Walter? I think he is like many other independent geologist. They normally work for other firms on a contract basis and don't really need a web site since most of their direct clients know them. It really does not matter who he is if he is a qualified person under the law. The real question is what is he going to produce. If he produces a geologic report based on existing data, then it may be a good report, but will not meed the standards of a N43-101. It will not give ore reserve estimates, etc, all the things that a N43-101 needs to be complete. IMO, they just hired him, gave him a small consulting fee and will get a report that they can show to really dump investors. Geomine
I guess when you been down so long it looks like up. Loved that PR. The stuff that SFMI puts out makes me think of the Everly Brother's song Cathy's Clown. Sort of goes like this
Don't want your BS anymore
Don't Want your stock, that's for sure
I die each time I hear RK's sound
Here he comes, that's PQ's clown
Geomine
I think that Up in Smoke has the best info on what is going on in Idaho. His information is pretty consistent with what I found, except he has a lot more detailed knowledge. But it hard to figure out what info people are using to buy this stock and why they are buying. Maybe they think they can sell it before it drops again. IMO, the only way to make any money on SFMI is to pump and dump the stock, because the profit off the actual mining is not going to happen anytime soon if at all. For many of us, it is just not worth the effort to sell our stock, and for one, I have concluded that my investment is down the drain. Geomine
most of time SFMI hires consultants or contractors willing to work for shares. I have had trouble finding several of the consultants, vendors that they have used including the consultant that was to file the leach line permit application with the DEQ. This practice goes back to the beginning with deep rock drilling and others. Just look at the line of bs on the refinery, first one in the mid east, then another one then another one, Looks like a shell game to me. Geomine
Another week and another dollar down the drain. Looks like there was not any impact on SFMI from the little pop on the reverse split of GHDC. Guess maybe we will have to buy some stock in the new mill owner's company after he takes over. Geomine
Martin: I assume you are just poking a little fun and actually know that there are two legal actions, one against earll and the other against SFMI. I see no reason to doubt what Up in smoke is posting. If he was wrong, it would not take much effort by SFMI to post corrections. And if he is right, then the count web site will let us know. My guess is that within a short period of time, SFMI is gone along with my money and anyone else not working for the family. Not sure what will happen to the mother ship, the reverse split has occurred, lots of build up but not a lot of action. Maybe, PQ and friends will ride the mother ship down also. That casino business with used equipment sounds like another pie in the sky. Geomine.
I don't know who is buying the millions of shares that are sold each day, but they must not be reading Up-In-Smoke's post. Up-In-Smoke, while you are doing all that DD, have you checked to see the status of the preliminary use permit that was issued for the smelter. I think it was to expire this year?? also I think that Owyhee County hired a building inspector., Did he approve what was built so far. The last piece of DD would be on the status of the leaching system? They said they filed the application at the end of 2012, but I don't think they did and the consultant they used is not in the phone book. Geomine
Cyanide system: Before they can construct a Cyanide leach system, they would have to have a permit from the DEQ and as far as I can tell they have not filed an application for the permit and there is nothing about it on the DEQ website. Although they said they were going to drop off the application before December 2012 at the DEQ, apparently they never did. Another PR stated that they were going to truck the concentrates to another nearby facility for processing, but I think that must have been BS also. Geomine
Sorry Garick, but I think that the facts show that JL is not running SFMI He apparently is not even an employee of SFMI, but of a subsidiary. Only the family has the power to change the way things are ran and it is my opinion that they will not change because no one will invest the money necessary to get this off the ground with them in control. And i assume that the fact that SFMI is going to file a N43-101 is just like the fact that they filed a permit with the Idaho DEQ for a cyanide permit? Check the files of the DEQ to see if you can find that permit application. In my opinion it is all just a bunch of BS. If you have facts, please post here with references, otherwise I assume that what you state are your opinions and not facts. Geomine
Garick: I don't think that he is running SFMI. He is the CEO of a new subsidiary of SFMI. He is still under the thumb of PQ and family (I assume they are on the board of directors of the Subsidiary) These comments that he is running the show (what show) are just not correct. Also if he is saying that he is going to do a 43-101 without drilling, means that he is just wasting money, as a 43-101 without new data is a waste of time. SFMI has already put out a report with all the historical information. Did not do much for the stock. Any investor with the necessary money to actually develop the mountain will want to know what are the ore reserves. The next step is a feasibility study to determine if the silver and gold can be extracted at a profit. Unless this is done, this stock is just a pump and dump operation. Take a look at the other Owyhee county exploration company operating in south county. At least they are approaching it right, with experienced management, with low salaries and some partners to work with. Wonder why SFMI was not able to do this with War Eagle Mountain. I think people that were approached smelled a rat. Geomine.
Goldland, last time I read the PR about John Leliever and Walter Hanych it said they were going to be hired? Have they been hired? are they employees or just consultants? Also what do you know about their experience? Have they just been associated with other penny or sub penny stock companies or have they had management positions with any of the real mining companies? You seem to suggest that you have some inside information? If so do you know the answers to the following.
1. When will exploration start both in the tunnel and on the surface?
2. When will the cyanide leach permit application be filed?
3. What happened to the tolling contract?
4. What about the new company that Leliever is to be the CEO? does it have a BOD made up of family members that also gets paid?
5. What is the status of the lawsuits?
Geomine
I never talked to Roger, but since he was a geologist, and had worked in the mining industry for a number of years, it would make sense that he would want to define the resource. He knew like all the other mining companies, that you have to define the resource before you can determine if the project is going to be successful. I think most geologist agree that there is more silver and gold left in the mountain, but it going to take 10s of millions of dollars to extract the ore and process it. The first thing is defining how much reserves there are, then completing a feasibility study of the methods of extraction, necessary permits, recovery methods, etc to see if it is economical. I guess he realized that that was never going to happen with the current management, so he left. The PR about his wife being ill was probably just more of the same SFMI BS, since he immediately went to work for another company.Geomine
I hope that you do make some money, Management and unnamed consultants sure have. If you by on the lows and sell on the highs, I am sure that many day traders will make money. I am not a day trader and have only invested in a few penny stock, so far they are all losers. If you are averaging down, and never sell hoping that someday they go into production, not sure if you will make money, will depend on a lot of issues, mostly unknowns, lawsuits, development money,permits (I wonder if that building permit for the smelter from Owyhee County has expired?) etc. I really would not recommend an investment at this time until all of the unknowns are defined. I wish I had taken my own advise. Geomine
Breached contract? what a joke. You can't finish a job unless you are paid. I think that everyone knows that this is a mickey mouse outfit, total Pi** Poor management, and a lot of unhappy, unpaid contractors. Is everything else Bill Earl's fault? NO, the smelter and other unfinished projects are not Earl's fault. It is all management and the BODs, real useless people. geomine
Goldland: Probably should let the Rodger thing alone. Unless you know him (not just talked to him) no one knows why he left and no one knows if he looked at the property early on. I think Rodger was just one of many of "we are hiring the best of the best" lines of BS that the company has put out over the last several years. Best mining engineer, best mill people, best geologists (more than one time), etc. Pure and simple, management is a greedy bunch of people, no experience, family grab bag, minerals in dispute, don't pay contractors ( and will have trouble actually hiring any name brand consultants or contractors), contracting with two of the "Best smelters" then blowing them off with the report they were no good, promising to file for cyanide permit at end of 2011 then not filing permit, telling us they have a smelter, when in fact what they have are some outdoor furnaces hooked up to propane tanks, telling us that floatation unit was what we needed, then telling us that Cyanide unit was what we needed, then saying would carry concentrates to another mine for processing etc, etc,. Before anything can really happen to turn this around, there is a lot of infrastructure that needs to be build, drilling and exploration to be done, etc. So the stock may go up and down many times if they survive the lawsuits, before any of us longs see progress. Geomine
Goldland: Please explain to us how the split at GHDC will impact SFMI. SFMI needs $$$$$$$ to do anything (drilling, cyanide leach system, smelter construction, settle lawsuits, etc (not to mention the overhead cost that has been running many $$$ per year.They are not going to get it from GHDC because they will need it all to pay the consultants, management, etc. I own both stocks and I do not expect to see long term improvement in either stock. Those who day trade may make some money, but most of us have pretty much lost our investment. Now just along for the ride since the stock is not worth the effort to sell. Geomine
Nuggets in Sinker Tunnel; Positive thoughts, I was pointing out that most geologists or experienced miners would NOT use the term nugget in a hard rock mine. Most of the gold in War Eagle mountain is in quartz veins and is tied up in complex minerals along with the silver. If the gold was in the nugget form, then the crushing, and floatation system at the mill would work. That is the reason that they are not getting good recovery and need a cyanide leach system. Can you find a nugget in hard rock?, yes, but not often. You need to really look at other gold mines and see how they operate, or even read the history and old geologic reports of this mining district.
People are really expecting too much too fast with not enough capital. I really don't care what the New Geologist says, I would agree with him that there is gold and silver left in the mountain. I really don't think there is any doubt of that. The problem is, how much is there and what will it cost to extract it. It will take a drilling program to determine how much is there and if they file a 43-101 before they drill it will be worthless because they cannot estimate the amount of gold without drilling. They need tens of millions of dollars to drill and then equip the mine and the mill, will need more permits, more infrastructure, etc. Lets face it, with the current management that is not going to happen. You can buy this stock and pump and dump it, but if you are not a day trader, most of us, we will never see a return on our investment. Many of us invested based on what we knew about the potential of the mountain and did not do sufficient research on management. Geomine
Positive thoughts: I repeat, there are no nuggets in sinker tunnel unless someone planted them there. There are veins of ore with silver and gold, but not nuggets. If there were nuggets of gold, there would have been photos of them. PS. I have been in sinker tunnel and I have talked to a lot of miners and others that have been in the tunnel. Look at how long the tunnel was for sale. People should get real about mining. It takes moving a lot of rock to get to a small vein of ore that has relative low percentage of gold (most of the ore has more silver). That takes a lot of money to develop such a mine. No one in their right mind would invest millions of dollars without doing a reserve study. That will take a lot of drilling both inside and outside the tunnel. Look at their annual reports, they kind of tell you how much money they need for the work, plus all the money for management. Look at Thunder Mountain which is also in Owyhee County, this is a similar project. It will require a very advanced milling and recovery system to recover the gold from the ore rock and the current system does not do the trick. Read that this will require millions of dollars, good management and a lot of time to make the mine productive. I do not see that in the future with the current set up. Why did the big boys not jump on this, they are not dumb. One reason is the lack of clear title to some of the claims, that will make for a real messy legal battle someday. Geomine
Gold Nuggets in Sinker Tunnel. Give us a break, geologists have been looking at Sinker Tunnel for years and there are no reports of nuggets. Veins of ore with gold/silver mineralization yes, nuggets no. This kind of talk only makes people that know a lot about war eagle mountain and mining operations distrust people who make comments like that. Is there gold in the mountain (yes, but a lot more silver than gold). Can it be mined? (yes, with several million dollars investment and good management)Can the ore be processed with the existing mill set-up? (probably not). Can the Silver Falcon make a profit? (not on your life with the greedy not mining people running the show). Can they sell out to someone? (probably not so long as the ownership of some of the minerals is in dispute). It is kind of nice to see the stock run up. If it goes up very much, I am going to take my losses and run. Geomine
The debt advisor has been doing a really good job, look at all the debt they have. What they need is a profit advisor. Geomine
Goldthinger: It is true that the gold is still in the mountain and will probably stay there for a long time. there has really been no progress in about a year? and you really can't have a 43-101 without drilling. So where are we? Years away from any production and the cost keep going on. Management is sucking this thing dry. Only people making money on this is management (consultants)and people who are day traders that pump and dump the stock. The only reason I don't sell my stock is that it is about worthless. Geomine
Smelter on site??? There is part of a building on site that was to be the smelter, but I have not heard anything about it being completed. Last time I saw photos of the site, they were using some small furnaces outside fired by propane tanks. Hope you are not calling that a smelter? But for SFMI, maybe that is a smelter. What a joke. Geomine
Stockstuffer: Are you talking about SFMI? One of us is on the wrong message board. This stock will never go back to $0.40, or .30 or .20 and I don't see how it will ever go back to .10, where some of us that invested some years ago might even think about breaking even or even making some money. My error was to spend my time doing DD on the potential of the mountain, which is great, and not doing enough DD on management and the many double dipping family members which in my view are a bunch of greedy people who have ran a business just to mine the investors, not the mountain. IF you are a day trader and don't really care what the stock does in the long run or even if the company survives, this may be a great stock. But the wild predictions do not impact day traders, only those who like me did not do the DD on the management of this stock. Geomine
Second Lawsuit: Check out the Idaho Judiciary Repository web page. There are the two cases of SFMI against Earll and then there are two cases against SFMI, one by Earll and the other by Drake mech. Looks like someone else is owed money. The last one is scheduled for Jury trial in June 2014 so I don't think there is going to be any good news until then unless these lawsuits are settled. Geomine
No Last Week, probably no news next week or this year. Wonder if SFMI management is having a Merry Christmas. I was doing a follow up DD on the Earll litigation, and found that the next hearing is scheduled for March 2014. But I also found another law suite against Silver Falcon Mining by Drake Mechanical which is scheduled for Jury trial in June 2014. I do not remember seeing any mention of this legal action in SFMI's SEC filings so I wonder what gives. Any of those who claim to have the real scuttle butt on the company have any thoughts. Geomine
it is a DOG: yes, I agree with you that SFMI is a dog, and I have not added to my stock in well over a year, and I assume that I will lose my investment. But i was only trying to establish if the loss of the mill was final and it looks like no information has been filed since the 10-Q. so this is still up in the air. as to an appeal, they could issue stock as they have for all of their other consulting contracts or stock for services. I am sure when the issues of ownership are resolved (no more appeals), there will be some type of notification. Geomine
Mill Ownership: I think most people read the SEC filings, but that filing seems to indicate that more appeals would be filed. Is there something later than this to suggest that it is all over?? Also I seem to recall that there is another issue with the land, including non payment of the note to the original land owner. My guess is that unless there is some real money put into SFMI that ultimately they will lose the mill, but we still seem to be in some type of holding pattern. Geomine
Why call the CEO, what is he going to say? If he is on the company payroll, he will toe the party line. A 43-101 without new drilling data is not worth the cost of the paper to produce the report. All it can be is a rehash of old data and that has been produced several times. A reserve estimate based on that old data is not going to interest any real investors and I did not see anything in the news that a drilling program is going to start up. with out a reserve estimate, the 43-101 is useless. Guess this news, if one is silly enough to invest anymore money, is just going to help the day traders on this. Geomine
Well it has been some time since we had all the great news about SFMI. Been so long that looks like even some of the really big boosters have started to have second thoughts. Maybe it has sunk in that all of us that have invested in this have lost our investments. Only ones to profit are the day traders, and looks like they are the only ones posting. Get on board, train leaving, next week is the last time you can get at these prices,etc. So sad that management is such a bunch of greedy, deceiving people, Santa will hopefully leave them a lump of coal. geomine
Yea, that is my point, not only another paycheck, but does that company have a board of directors made up of the same board as SFMI that now they too will have another shot at collecting money. I really don't see how SFMI can survive another year, seems like they have just about sucked this thing dry. Geomine.