Can someone please help me understand managements response. If I'm interpreting this correctly, CF managment is saying that it took an outside person (Jim Gray), to discover that TT's regular updates "were not as they had been told" or is it that TT has been misleading CF Managment in these regular updates. So who blew it? Was it CF Managements lack of close supervision and scrutiny of TT's progress or TT misleading us? Either way, not real professional.

Part of any DD conducted while evaluating an investment is the estimated time period expected for the situation to develop. In other words, how long will your money be tied up before the opportunity reaches maturity or in this case the buy out.

Timing is a difficult thing to predict under normal circumstances, but when the insiders/professionals reponsible for reporting these timelines are misleading investor either as a result of incompetance, lack of close supervision or out right deception, any chance of understanding the true risk reward of this invest dwindles.

The longer this gets delayed, the lower your real ROI. Granted we will see a more realistic BFS with the updated 2011 drill results included, so lets all hope there isn't another delay and the expected increase in the RE offsets these delays.

Still long, but much more skeptacle.

MTF