The degree of ignorance and cluelessness is pretty amazing sometimes. These childish and crude insults that try to portray JB and LL as being slothful and ignorant are as unhelpful as they are off the mark. There is no question that funding has been a problem. But the idea that it is due to laziness or stupidity is just plain wrong. I, as have others, have spoken to these gentlemen many times. And where they are and what they are doing is, in fact, working incessantly to secure funding- both through negotiations with large entities and by seeking funds in smaller- about $50K increments- through private placements. In fact, if someone wants to do something more constructive than hurling insults, one could simply call them up. I'm sure they would be happy to speak with any serious investors.
The funding problems are, I believe due to several factors. Partly, there is still a legacy from the A&P affair. One could argue that this was due to management missteps. Others would argue that it was the result of being in desperate survival mode- where, without someone with JB's ingenuity and fortitude the company would not have survived. In any case- another factor that is impeding funding is the general economic environment. And probably most important, is the demand on the part of large entities that there be drill proven reserves. Now, we understand the value of ZTEM and other data we have on our claims. But apparently these entities are less astute- want absolute certainty and will accept nothing less than core proven reserves. Of course, the Catch-22 is that you need that very money to do the required drilling. That's why the private placement moneys are so important. Relatively small amounts are needed- about $350K to complete the ZTEM at Hay Mountain. And then an additional relatively small amount- on the order of several hundred thousands to get those drills turning. Once a small, highly directed successful drill campaign is completed there- then huge amounts of funds will flow. Big Chunk will then follow in short order. In my opinion.
