I am not sure where you thought I said it isn't going to workout. I don't think it could be further from the truth.
While we really don't know why the financing hasn't closed. Merle has told folks there is nothing wrong just taking longer. Whether that is an accurate statement or not who knows, can't see him misleading anyone but also don't know how much in the loop he truly is. Typical of SRSR to leave everyone hanging and speculating. Not a management skill I think is been helpful.
While it has truly been less than fun waiting for this story to come together, 4 years ago no body including Scott thought it would be so long it closer than ever to knowing if it going to make it or not,
The rocks are still there. Interest in the field seems higher than ever with the Brazilian deals. We have the gold property, although IMHO they have missed getting this to the market at peak gold prices it certainly has potential. If they really were ready to announce a JV like they recently speculated that might show some life and the spin if it happens should as well.
I certainly may be wrong about missing the peak in gold but unless there are some new developments I expect gold to be down in 2012. As it looks like the US economy may be showing some life and that alone probably can keep the Euro from collapsing. However if the Euro blows up gold may move higher.
Anyways it is clearly time and actually beyond time for Scott and company to actually complete some of the stuff they have been jawing about now for the past few years.
I have been talking for the last few years about the lack of progress directly tied to lack of capital and access to such. Despite getting hammered as a basher and so on by all the people who thought that couldn't be true or Scott's Dad or TCK would write a check or someone would JV for 100's of millions of dollars or all the other silly talk. The fact is they struggled to find the money they needed. The deal that we voted on at the shareholder meeting has taken close to two years of Scott's time. It is very difficult to negotiate when you have no leverage and that is the case with SRSR, while we have a great potential property without money its not going to get you too far.
Eventually the size of the property's potential will land the capital at terms more favorable to the market cap than today's market cap. Will that be next week or at least with the present group I have no idea. I can never be happy about something taking 3x longer than management originally thought as they had reasons for those expectations and haven't provided any color on why those expectations were way too optimistic?
The company has laid out another time line, one I doubt they will meet with the ST spin but things are closer than ever here and after having waited this long I can't see any reason to not continue to wait over the next few months because it very well may be all coming together finally.
If they get the money they can do the rest. Its pretty simple at this point!
Sorry for responding here but I haven't renewed my ihub account so can respond to your message.
AI
