Personally, I don't think there are any outright lies or frauds etc. However, they have for the last 2 years been trying to put up a brave face on poor results, and unfortunately in my mind non-economic findings.

Lets look at the last results: If I remember right they present highlight drill results from 3 drill holes(out of 11). The 3 holes are not even close to be economic even with gold at 10,000 per ounce. You just can drill down 100 to 300 meter of nothing, before hitting 20-50 meters of marginal grades of 0.4 to 0.6 g/tonne. They claimed potentially bulk minable stuff, sure potentially at 50,000 $/ounce, yes not a lie but just potentially in Alice the wonderland. (what about the 8 they don't report any data on). Any mining engieers around that can correct me if I am wrong? If they want to claim potentially economic they have to find lots and lots of that stuff(<1 g/tonne) at and near the surface, not deep below.

I remember Bre-X, my neigbour lost at lot of money on that one. Actually I sat in on a presentation of one of the top geologists(not Felderhof and not Guzman) in the old Mining Building at the University of Toronto about 1 year before it all fell apart. The guy sounded good and credible, but I have no clue if he knew anything or had some bad internal senses. You would think that an expert should have felt that something was potentially not 100%.

Remember this is just my oppinion and I am definetely not a mining engineer. Do your own dilligence before investing (or selling)