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Sterling payout was made, $.06 per share.
Court battle between bondholders and Silver Opportunity still continues. Court did say sale from ARI to Silver Opportunity was valid.
Still amazing how last Sterling CEO Voorhees and CFO Meek ran company into ground. Imagine at this price of silver what Sterling would have been worth !
Chester Mining (OTC CHMN) still has ownership of key claims for future growth.
Well,well since you requested comments :
In order to forecast EPS based on hypothetical forecast revenue, even if one accepts the forecasts, one would need a reasonable estimate of shares outstanding.
Let's look at the financing that will be required
1. Current negative Working Capital will need to be covered at some point.
2. How much is needed to complete any rehabilitation and development work ? Working capital to operate with until there is positive cash flow ?
3. Forecast shares from settlement of convertible notes ?
Without factoring in shares required for (1) through (3) I am a bit confused how you can forecast EPS ?
Also timing is an issue, is there sufficient information to make a ball park estimate of whether the timing of the revenue projections can be met ? Has this management met prior projections ? Is there a reason all projection do not contain much detail ? Has a preliminary economic assessment been prepared by an outside firm ? Is there a reason the press releases on assay results contain so little detail ?
Also, looking at management salaries and G & A costs,have you factored in shares to cover these costs as well ?
This may be a great speculation after a 5000 to 1 reverse split as owning a mill is a great asset for a junior mining company. However unless mistaken, seems very hard to forecast EPS without a reasonable estimate of dilution required to reach the revenue forecasts.
heard through grapevine kugelman not involved,who is running the show ?
1. Payments went out to all old Sterling stockholders of a few cents per share.
2. Hearings underway in lawsuit between old bondholders and new mine owners. So Sunshine Silver now probably won't or can't go public until next year. Maybe Dave Bond of silverminers.com might comment.
3. Amazingly the management that drove Sterling into the ground, (Roger Voorhees, James Meek)still around, Voorhees became director of Shoshone Silver for a while, and Meek apparently director of another silver valley company ( United Silver).
Hecla gearing up for incredible first quarter 2013, and 2014. Lucky Friday should be back up producing by next March, and their new exploration should start producing news by end of 2013.
They lost US Silver by being , as usual, over-conservative.
But this stock should double or triple in 2013.
Seems he has been around a lot of years as a newsletter writer/analyst, and previously a stockbroker.
Good Evening,
The old Sunshine Mining Company sold the refinery to Formation Capital who retro-fitted it to process cobalt but can take silver for refining.
United Silver if you look at their press releases it seems finally in August they are presenting their project for what it is, an excellent exploration project. For some reason they tried to present the Crescent as a near-term production project. Seems great price now but two concerns. They get rid of Brackenbusch an experienced mining engineer and add Jim Meek. Meek you will recall was a key player in destroying Sterling Mining.Second, seems they have a partner in some New York capital firm, wonder how this will complicate management.
$.25 seems a good price before silver takes a run.
US Silver dont know effect of merger so cant comment.
You are welcome !! Will be interesting when Sunshine Silver finally gets listed.
Also, besides the Sunshine Mine they took over Sterling's other assets in Idaho.De Motte had built up from 340 acres to over 20,000 acres I think in mining claims in Silver Valley, only Hecla has larger land package. It seems Silver Opportunity Partners kept a lot of those mining claims.
Oh well , guess it will be several months at best until Sunshine Silver listed !
Saga continues. Court date is for September between old bond holders and Silver Opportunity Partners.
The results of the new management in 2008 ( Jim
Meek, Roger Voorhees) certainly clear. Besides stopping production, underground fires, collapse of Silver Summit shaft - now announced they are stopping work on shaft repair.
Still a great silver mine. When De Motte and Mclean running things it had a bright future - eventually should have again.
I also couldn't reach Kugelman on that number. Didn't someone in a prior post mention they talked to him ? Keeping an eye on this stock, but very disappointing nothing has developed.
So now instead of finding Waldo, we need to find Kugelman ! And Kugelman needs to do something to show signs of life in WDAS for the future.
Do you have WDAS phone number ?
Anyone hear anything ? Kind of hard to buy this stock without any indication of activity ? Not even a home page on a website.
When will news come out ? Kind of hard to buy stock if no news at all, even just a corporate update ? Still think if someone with experience like Kugelman has taken over, something will happen with company.
Will this company ever do anything ? Kugelman has experience so what is he waiting for ?
Has anyone talked to Kugelman ? Will anything every happen to this stock ? On the other hand, no where to go but up !
Has anyone talked to Kugelman ? Will anything every happen to this stock ? On the other hand, no where to go but up !
No problem. Interesting thing will be if old Sterling shareholders get any payout at end of year.
Still think Sunshine Silver will be great speculation. When Demotte ran Sterling it had 3 producing operations and over two hundred employees. Investors did well, $.25 when he started and over $2 when he left, and traded between $3 and $6 for quite some time.
Problem was early 2008 there was management change, and new management ran Sterling into the ground in 12 months, but Sunshine Mine remains incredible asset Now with Kaplan behind it should do well when it goes public again. Of course like all stocks a speculation !
Appears Minco Silver suit settled for $600,000. Next step how much payment to creditors, and from what is left payments later in year to old SRLM shareholders.
Next up September court case between old bond holders and new owners.
So doubt Sunshine Silver will be trading before the fall.
Good Bye Sterling !
Last breath is court case with Minco Silver starts June 5th. IF aything left after paying creditors , understanding is would be paid out to shareholders, who knows maybe $.02 per share.
Roger Van Voorhees, last CEO, and James Meek, last CFO led group that took control in May 2008 and ran the 100 year old company in a short 9 months into the ground.
Good Bye Sterling !For shareholders quite a ride !
I havent heard anything about any new deal, but from my perspective the basics need to be in place:financial reports on otcmarkets.com, a basic website. Otherwise it may join the list of stocks that have had trading halts. Right now just speculation that someone with experience like Kugelman being involved means something will happen. Has anyone spoken to him recently about WDAS ?
WDAS better hurry up and get their Pink Sheet filings done. 369 penny shell stocks just halted by regulators, and have 10 days to get current information posted. Otherwise stock will probably go to grey sheets if it trades at all. Still think someone like Kugelman must have a plan for this company.
All I have heard is IPO delayed until the lawsuit with the old bondholders resolved. The Sunshine Silver filings indicate bond holders asking for $75 million. Better long term play on the Sunshine is Chester Mining (OTC : CHMN). thinly held tiny company but they own very key claims at the Sunshine. Though frankly for long term investor Hecla looks interesting at these prices.
Gold ( and more silver) definitely has history on its side as simple econmic is governments cant keep on (in industrial world) as they are going these days- but when the collapse of paper currency will happen and how, who knows.
Chevron has a powerful base in natural gas, and top management has a culture of delivering to strict benchmarks for a number of years Whether they can transition to alternative energy in the long run another matter- every single oil company in 70's and 80's ended in disaster (Electro-Lux, Montgomery Ward.)
Seems oil is the only game in town, better than CD's to be sure.
Is AGS the symbol expected for Sunshine Silver ?
Seems lawsuit between the old Sunshine bond holders and Silver Opportunity partners/Sunshine Silver holding back the IPO. (More results from the management that took over in May 1998 ( i.e. Meek/Voorhees/Berchst)
Also rumors seem to be that the "upper country" strategy De Motte and Mclean started back in 2005/2006 is paying off with recent drill results very promising.
However with fire at 3100 level still not resolved , who knows when IPO wil happen ? Any thoughts ?
Quite agree. I am just speculating Kugelman wouldn't have taken his position unless he was serious. Once we see updated financials and a website then we will know something might happen.
I hope so too !
According to info sourced from Google he has experience as a stockbroker and in investor relations. So I am guessing him taking a position in this company means he has some plans for the company, and has contacts to pull it off. Seems he has lots of experience. In fact prior post someone identified he was CEO and apparently talked with him.
Don't know why no news though.
I agree, faster we see development, faster we know something will happen !
* Even unaudited financial statements !
* Basic Website
* Corporate Update Press Release !
Kugelman should get moving and probably once he does things will start happening, but what is he waiting for ?!!Seems like he has been around and would not have got involved unless it was serious.
Good point that they should be careful what deal they do. However I still think to show they are serious the financial statements should be posted and a basic website set up. With only 36 million shares outstanding this could be a winner.
Jump Start yes finally ! Can't be too difficult to update financials and get a website up. With only 36 million shares outstanding (?) maybe they won't do a reverse. Something should happen otherwise why would somoeone with experience like Kugelman get involved ?
David Kugelman getting involved would seem a plus for sure. Wonder when financial reports will be updated and new website prepared ? If only 36 million shares out doesn't seem they would reverse shares.
I have not been following stock for long and do not yet own any shares. Reading the prior postings etc on this site seems at best the people running this company in the past were somewhat challenged to deliver results.
However, there can be opportunties in such stocks hence my observation that last two months appear to indicate there may be some faint faint light at the end of the tunnel. Based on limited information I believe it is a better buy at $.012 with even unaudited financial statements filed, than $.0007 with no financial statements filed.
I was only looking at the last two months and giving opinion there are some faint signs of life, and estimating if the stock got to $.01 bid perhaps that would be a signal things could be turned around. Of course someone has to step in and get financial statements and pink sheet filings updated.
Don't know if it will break $.01 this week, but that I believe should be key objective for the company, as well as updating financial statements.
What else happening with company and assets formerly reported ?
Nice article , note the comment from US Silver consultant.
US Silver does seem undervalued at this price of silver.
His comments about the Sunshine show he doesnt know much about the Sunshine. The original Behre Dolbear NI43-101 report in 2007, and the update are both available at SEDAR. In particular :
1. Ore Under Water
Not sure where this comes from. There is ore at 2700 and 3100 levels, and potential from the upper levels that doesnt need the secondary escapeway,i.e. the shaft that evidently collapsed.Prior to the management change in May 2008 Sterling was producing from this area. There is also identified ore also at the 3700 level which may be under water. They can de water to that level relatively easily.
2. EPA Issues
All mines in district have to deal with EPA.
3. Shaft Collapse
Yes ,during the management under Roger Van Voorhees and Jim Meek
the secondary shaft the Silver Summit evidently collapsed.
However at this price of silver certainly a justifiable investment to rehabilitate. There is a question of how long to repair. However the NI43101 report clearly indicates the current owners prefer a lot more exploration before starting production again. So there is time to repair shaft.
Alex is a sharp guy and should do well for US Silver. As always Sunshine though seems to attract urban legends.
I agree. My point simply is that the last two months there are some faint signs of life. Better to get in early than too late. Also that the $.01 is a threshold company needs to pass.
Shells can come to life though they often have to clear up old baggage. I would guess signs this would have chance to become serious would be (a) when bid goes up to .01 again to leave "sub penny" status. (b) financial statements updated.
Actually if you look at volume and price in October and November there are indications that things may be starting to change.
Steady narrow spread, increased average trading volume bodes well for this stock. The public float must be small as there was only 5 million shares oustanding before new management took over.Evidently some of the same group evidently took over Shoshone Silver which is also showing signs of life, and a narrow spread betweem bid-ask. Could a merger be in the works ?