The News Release, signed by Peter H. Smith (“ON BEHALF OF THE BOARD”) [caps in the original], omitted the most important numbers of all. Dr. Smith bungled the company’s explanation of how to make sense of the “historical” Magpie information he put in the News Release.

Even though Dr. Smith speaks “ON BEHALF OF THE BOARD,” I doubt he consulted with many of the Board Directors, concerning his decision to refer to the NI 43-101 only by its rough May 2012 date. Of course, it was a terrible blunder to leave out the actual summary numbers of the NI 43-101 (compared to his having included the outdated “historical” findings).

The British Columbia Securities Commission questioned the wording of the disclaimers associated with the company’s descriptions of its “historical” resources. To repeat giving the “historical” numbers (whose disclaimers are being reviewed), without giving the unquestioned NI 43-101 numbers, misses the most important point of all. Of course, the reported NI 43-101 numbers are very compelling (even more so than the “historical” numbers).

I am not questioning Dr. Smith’s geophysical competence. On the contrary, he’s used his great geophysical expertise to back up each share of our stock with great geophysical resources.

The problem is, this latest slip-up running our business affairs is on top of all his others. If I didn’t know better, I would say he’s put in extra hours of hard study to secure the company’s current appalling reputation in the financial marketplace. In this latest episode, we had the opportunity to turn adversity into advantage. Instead, Dr. Smith managed to turn adversity into worse adversity.

When it comes to the price of our shares (maximizing shareholder values), every day he’s running the company’s business affairs is one more day we suffer the financial consequences of his failure at common sense. It’s one more day, on top of years’ worth of other days, of his slapdash un-businesslike failure to recognize simple business logic.