DueDillinger- that's some praise... I'm not a basher for the sake of bashing though. I'm not really a basher. I've always been cautionary about the statements made on this board. My recent concerns though, are based on management's apparent duplicity at every turn. There's no transparency. They haven't delivered on the reporting they promised. There doesn't seem to be any money in the till to conduct any exploration of their meager claims. (For comparison look at Diamondex's budgets)
The 2004 summer exploration program, budgeted at $2.6 million, will consist primarily of ground geophysics (magnetics), detailed stream and till sampling, and auger drilling, which will be followed by diamond drilling. This program, operated by Diamondex personnel and assisted by Dr. Nikolai Pokhilenko and a team of six highly experienced Russian geoscientists, will commence approximately July 12, 2004.
Since March 2004, $950,000 has been expended on exploration on the Lena West project, with a total 2004 planned budget of approximately $3.5 million. Since exploration commenced in late 2002 in the Lena West area, approximately $3.7 million has been spent by Diamondex, mainly on airborne geophysics, stream sampling and land acquisition.
More significantly, a lot of us bought into NSDM on wild claims of prospects in Ukraine. ???? You know what I mean? When was the last time we heard anything from there?
I thought this company was headed for dilution or bankruptcy, and I stll think so, but he's found a way to keep it limping along, drilling a hole or two at a time [our next season is fully funded (both holes I guess)] and preparing to "sell diamonds on the internet." That's original. I'd love to see his projections, but you know Walter. He doesn't want to tip his hand to the competition... (y'know, like in case Kay Jewelers or the Hanoush Brothers never heard of the internet.)
There's no explanation for the lack of transparency. NSDM has been around long enough to understand their own financial condition and business relationships and report them to the shareholders. If they ever do find a Diamond, I think we're going to find that Aurora owns that claim or Walter owns that one personally. That's what he's hiding.
I think mostly Walter sells stock... When this business is gone maybe he and his ruthless crew of chat-room manipulators can vend the same claims to another group of believers. Nothing overtly illegal of course... a little sleazy though. Don't you think?
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