Well,
1.Re Mill :I dont know for sure of course, but I dont think such a leap to say the mill probably wont open in 5 months to profitable operation.Even if granting they had unused "credit" on the prior convertible arrangements they have (a) costs to operate were around $400,000 last year (b) costs to meet permit conditions (c) mill rehabilitation costs (d) working capital to operate mill. (e) that they will not only meet conditions for permit, but surely state will do an inspection.(f) I am not really sure where the mill feed will come from on a steady basis.
2. Re Press Releases- There are 2 issues, one is releasing material information as is required of a public company, second IR strategy. What would you call a company that says there have NI43-101 compliant report, blatantly claim $200 million in value (contrary to NI43-101 guidelines),closing March 6, then by March 28th still havent announced whether deal closes ? Does that build confidence ?
Ok so you are saying CFO is very conservative worried about reputation during a period of heavy fund raising requirements ? Somehow imagining this CFO as worried about such things strikes me as odd compared to their press releases. I admit I never dreamed in a million years anyone would consider after their recent press releases this CFO being considered conservative.
-As far as CFO's shoes, I would think best course for him would be to be upfront and start trying to build credibility.Sooner he tells market they wont re-open at a profit in September the better.Second, get a JV partner to reduce capital requirements.Otherwise even an estimate of 200 to 300 million shares outsanding may be too low.
By the way I always appreciate your posts which ae very well presented, though I often disagree.
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