As I see it, there are most likely 3 ways this could play out..
1. Davey is correct, and they will not mine and will continue to push out the date, continually selling shares from the AS. This would loose all confidence and tank the stock 80% as he has indicated, pushing the market cap from a low 25 million to 5 million or less. (essentially it is just a scam company.)
2. They will release some nice news at the same time as the R/S, dilute to pay off their debt (but not dilute significantly past the new OS), announce financing, and begin mining by early 2011. This should stabilize the stock and we could see the market cap increase from 25 million up (as Extreme4 as suggested)
3. The will not release news at the same time as the R/S, and we will see a significant drop as they dilute to pay off their debt. (somewhat bad for the longs) They will eventually announce financing, and begin mining. This would eventually stabilize the stock and bring it back up to 25 million in market cap, and then increase from there in 2011-2013. (If your holding long term, you'll be ok, but will miss out on big gains)
If you believe the company is a share selling scam, then you fall in item 1. (frankly, if you believe item 1 then I would be surprised your reading this post and are watching this stock at all. you have to at least believe something else is possible) I'm hoping for item 2, as I hold shares, but it is looking like item 3 is in store for us (although I hope I'm wrong). Those that sold and are planning to buy in later, as some here have suggested, would make out big on item 3.
Time will tell... I'm hoping Extreme is right and something resembling item 2 plays out.
Cheers and best luck to all!
