Thursday, November 01, 2007 5:06:24 PM
Again, I agree with your restraint on expectations and looking at this for the long term, however, there are several things that make me think there is more risk than reward, even long term. I am not here to bash this company as I have been a long time supporter.
I don't think that the 30 miles was a typo. We don't have claims 300 miles away nor is that where the tailings pile is located. I am not even sure where the name of that mine came from and how the pile of ore we have is associated with it.
As for this statement:
"But to say that this company doesn't have probable reserves is incorrect. They aren't provable, but they are probable."
Then why won't Rick quantify the probable reserves. Give me a detailed breakdown of how much probable reserves are on each of the claims sets. Other than the historical report they are drawing on, what evidence do you have of probable reserves? Probable reserves are based on limited evidence and it is a stretch to say we have limited evidence. I hate to play devil's advocate, but I need to with this guy.
What would have been better than this fluff PR about a found tailings pile would be more detailed info about the claim groups. Then give the exploration program for each claim group. Then give the history of the claim groups and any evidence of probable reserves. This is what would move the company in the right direction and bring validity to your statement that the company is showing signs of returns.
I have no beef with you and I am not out to pick a fight, I just don't see anything beneficial at all from this PR or the direction of the company. I am glad that you are holding long as I am. When Berman finally gives a PR that is constructive, informative, well written and answers more questions than it generates, I will be super positive, but until then, I will watch him like a hawk and scrutinize everything he says and does.
Best of luck to you.
-faz
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