Replies to post #539 on Sutter Gold Mining Inc (SGM)

[NorCalMinerals]

The AP report yesterday seemed to imply that the mine was closed due to flooding. Maybe this explains some of the large drop in SP.

How they concluded this:

About 1,000 tons of stockpiled ore was processed before flooding led operations to be shut down at the end of February

from this:

The inability to dewater tailings necessitated the suspension of milling operations at the end of February.

is hard to ponder...

NorCalMinerals

[Blindsquirrel]

Something is wrong with this picture.

The pr says

A work program is being finalized for recommendation and will require approval by the Company's Lender, RMB Australia Holdings Limited, for continued funding.

and then

Rick Winters, interim President and CEO, commented, "It is unfortunate that despite our best efforts we could not overcome the design and installation issues that resulted in the failure to achieve our objective of processing all our stockpiles and completing the mill commissioning. There is no sense operating the mill and incurring additional costs until we have addressed the issues we know preclude efficient commercial processing. This is even more disappointing in respect of the positive work achieved underground, the well behaved nature of the orebody with further development and the positioning of the mine for initial production mining as development continues. The work program we will propose to our Lender, we believe, will define to a high degree of confidence what is needed to put the Project into production. We are all but there and will continue to pursue all alternatives to obtain the funding that will be needed to achieve that end."

But Rick Winters is President of RMB. The website bio says

Mr. Richard A. Winters
Position: President & Chief Executive Officer

President of RMB Resources Inc., a wholly-owned unit of the Rand Merchant Bank division of FirstRand Bank.

It sounds like he is asking himself for money. Or else the parent company already said no more and hes looking elsewhere. Not too comforting.