Not to take anything away from what should be the main focus of this board (which is the announcement of the long awaited MICON Report); but with the audited statements now being digested there seems to be some complaining about ISM being a merchant banker and not disclosing things.

But the failure to spend flow through money on exploration still hasn’t raised any complaints. Maybe it’s because the $1.2 Million penalty for not using flow through funds on exploration is not explained very well. That’s those bracketed numbers on Page 4 Consolidated Statements of Loss. It says Flow-through share tax expense (note 19). But when one looks, Note 19 doesn’t explain the amounts. Just says something about approximately $6.4 unexpended exploration expenditures, resulting in a potential liability of approximately $2.9 million. And it says management believes given the circumstances, no other potential liability will occur. In my opinion, I’d say this approximately, potential, believes, stuff sounds a bit scary. Or maybe it’s just the old easy come, easy go style. Get money for exploration and end up not spending 6.4 million. That’s sort of “found” money (except for the $1.2 million penalty and a believed approximately potential liability of 2.9 Million)

Now we find out 6 million has been lent to another unnamed company with no real explanations. One would think that a 6 million dollar loan would make for a material change in the company that would require them to give shareholders a little better explanation of what that money is intended for. It very well may turn out to be a positive, but surely a clearer explanation should have been given. I wonder if those that participated in the flow through financing have any concerns after witnessing such a significant decrease in their stock price investment. Whether I was in that original financing or not, I would have to wonder why on earth would the company not bring in multiple more drills to spend those remaining funds with all the promotion going on that the Langmuir Drilling was showing economically extractable ni in every hole. Surely funding on more drilling would have ultimately expanded the resources and boosted the share price. Just seems very odd to me that no one is the least bit concerned that the company left that much money on the table when so much more drilling could have occurred.

In any case, the most important priority at this time is for shareholders to see the long waited Mid December Micon Reports. If the report backs up the claims of most posters on this and SH’s boards that ISM will prove up one of the largest financially extractable Ni finds in the world, the stock price should propel to the teens over night.

Is this what the Market is indicating to us?

Nickel