Juina Mining Corporation (GEMM)

[sarals]

regarding license delay...

By: eastcoaster10 $$$
Reply To: 2975 by eastcoaster10 $$$ Thursday, 12 Jul 2001 at 10:33 AM EDT
Post # of 2983


Clarifying the Brazilian delay is appropriate. Here's my understanding of it. Management was told that upon approval by FIMA that the mine met environmental standards, the license would be issued by IBAMA, the mining authority, in a matter of days. Hence, when management received the approval from FIMA three weeks ago, they told us what they had been told and expected the license in a few days.

Unfortunately, the person from IBAMA who has to sign the license is the head of the district in Cuiaba. But the old head left and a new one is taking his place. That new official hasn't arrived yet. He's in the process of moving. So our license sits on a desk waiting for the head to take office, which we're told will happen by August 1 at the latest and hopefully a lot sooner.

Choose what you want to believe. I absolutely think it's true and trust management. Personally though, I hope a bunch of people get scared and dump their shares. As I said, I have a bid in at 12 cents.

I'd like to add that management has resisted several attempts by self-interested parties that has not made them (management) beloved by those interests, but it has made me trust and appreciate our present management for protecting my interests as an average shareholder. Basically, there are some wolves out there who would love to see management removed so they can press their own agendas.

So any time you see a call on this board to remove management, ask yourself what might be behind the call? Is it interests who want to buy 9.6 million new shares at 8 cents per share, diluting us more than 33 percent? Or is it from others who want to have rights to buy certain types of produced diamonds under favorable conditions and/or want their friends put in positions of authority?

http://ragingbull.lycos.com/mboard/boards.cgi?board=GEMM&read=2976