1manband has posted over and over logical support for his comments about the misleading and incorrect disclosures made by this company concerning NI 43-101 and SEC guide 7. A quick glance at any NI43-101 report accepted for filing in Canada, or how companies disclose under SEC Guide 7, will show this company is not following normal and correct industry practice.
Promoting metal values in the ground as they do in their press releases is frowned upon by every regulatory body.
This should concern all shareholders.
1. Regulatory Issues- Without any doubt the day someone from SEC engineering ofice reviews their filings they will be forced to issue retractons and re-statements. Costly, time consuming, and potentially damaging to public perception of the stock.
2. Financing issues- Company through the paid research report and public filings has indicated they need $3 million to rehabilitate the mill, and $11 million to achieve their business plan. I know of no serious private placemet money in this difficult financing environment that looking at their press releases this year + how company is managed, that would even remotely consider putting up this sort of money.
3. Management Ability and Experience- The company's track record of meeting their own projections is abysmal.The press releases have simply not been effective in the market considering the continual price decline this past two years. Can anyone say their marketing plan is successful in raising funds for company and building market credibility ? Andif not successful why do they folow the same unsuccessful path ? The only logical reason is (a) they are imcompetent (b) dont care becasue they make their own money somehow doing all this.
I realize everone can have different opinions about subjective matters,but this is pretty clear and straightforward IMHO.
AI
