Glad to see so many responses and get the discussion ball rolling. I'm not sure I have time to respond to all but hopefully others will join in. Let’s start with Whaler since he was the first to comment.
"With "so many red flags"....... Do you really care to hear the discussion?"
The answer is yes. The discussion may actually take down some of those red flags. You see Whaler when I first look at an investment ALL the red flags are up. Through further research and investigation the flags start to come down. I will invest only when most of my questions have been answered to a level of my satisfaction that I am making a safe and wise investment. Over time the flags can go back up and down and if too many go up, I get out (such was the case with LBE). So discussion is important. Outright pumping and bashing raises flags, discussion tends to take them down.
As to your second response I'm not sure what you wanted. Yes I did read the latest MD&A, a great resource for raising and lowering flags. The announcement of the NI 43-101, the VTEM survey, and the metallurgical analysis certainly did lower some flags while the permitting discussion has kept those nasty flags up.
The NI 43-101 is a resource estimate which is a step in the right direction to prove up the ore body of the project. Unfortunately, there is no reserve estimate mentioned anywhere. The difference between the two is what takes a project to the viable mine status. The VTEM survey is also a positive but I question why the Lutha(sp?) property was not included in the survey. Money, as you highlighted, should not have been the limiting factor, so then why are they skipping this property that is adjacent to Langmuir? I once lived in Lakefield and can attest that SGS is a top notch company, a wise selection on ISM's part.
The permitting is still questionable. To date, there are no applications for dewatering or advanced exploration permits that I can find. Both should be accessible through the appropriate government websites. What I think you have to do Whaler is read those lines very carefully because English is a very wonderful tool. Specifically they state:
a) commenced the process of applying for Advance Exploration
and
b) completing specific permit applications such as a Permit to Take Water
In both cases this clearly states the processes have started for applying and thus no applications have been made nor granted to date. Without these permits, there is a considerable amount of planned work that will not be allowed to start. As some of you know from following LBE, it’s a long, laborious task to complete and a longer time to receive the permitting. Red flags still up on this one.
Overall, ISM has come a long way lately but the path still has many miles to go.
v.
