I would say thats putting it mildly.

Geez Nickel, in your haste to share all that great exploratory news you sort of missed one key piece of news from the company you love so much - its Q1 results. Or lack of them.

At first I was a bit surprised to see some sort of cash balance on the balance sheet for March 31st. Then it quickly stands out that that cash came from, you guessed it, more borrowings/debt from JJ.

If you recall early in 2011 a further life line of $8,000,000 was granted by JJ, and $5,000,000 of it quickly was used up. Well it looks like an extra $2,000,000 was handed over and now the last $1,000,000 in April. Wonder how long before that wallet has to be replenished again.

Whats interesting about these reports now, without the bias of the previous CEO who destroyed this company from the get go, is that there are more honest comments being issued finally.

The usual risk paramaters are disclosed at the end on the financials, but comments like "As such, the Company's ability to continue as a going concern is in significant doubt". The last two words are new.

And I like the way the Company states its Income Tax issue at note # 19. " The Company has not recognized deferred tax assets in relation to prior years as it does not believe that there will be sufficient taxable income in future periods to utilize these losses." HELLO!

With over $100,000,000 and counting in accumulated losses todate, why is this operating if theres no hope to recover these losses.

Makes one wonder just what JJ gets out of throwing all this cash at such a venture. Don't get me wrong, if one throws enough cash at anything something good will eventually happen.

So I guess Nickel's prediction of Q1 and Q2 being turnaround quarters won't happen (again). Yes Q2 will be poor as I said before. But we now know that the mill is still not operational at the time of these reports. So most of Q2 will be shot.

Anyway, no real surprise once again. But as I said before, watch where the money comes from to develop the Hart project. McWaters ain't goin pay for it since it can't pay for itself. JJ has to develop Hart if it has any hope of getting back any of its monies.