I felt it was my solemn duty to repost some our posters here..posts from "that" other site. It has erased several of m posts as well...especislly when I mentioned the likes of JP Morgan. Here, gentlemen, are your posts again"

This is a CANCELLATION (forgiveness) of the lease payments that have accrued. The detractors here have been insisting that the master scheme of management was for Goldcorp to foreclose on SFMI and that this was all due to the lack of arms-length dealings. They have been insisting that the close relationship between SFMI and Goldcorp was a "conflict of interest" that created increased risk for us as shareholders

But many of us have been pointing out that just the opposite was likely true. Because of the close relationship and the fact that principle owners of Goldcorp are also major stock holders in SFMI they have a huge interest in doing whatever it takes to see SFMI succeed. I hope everyone understands what has happened with this news announcement today. Someone correct me if I'm wrong, but my understanding is that Goldcorp has just CANCELLED (forgiven) approximately 1 1/2 million dollars in lease payments owed to them by SFMI. The agreement between Goldcorp and SFMI was that SFMI was to pay Goldcorp 1 million dollars per year (beginning January of 2009 if memory serves, correct me if I'm wrong) as a base fee for being given control over the mining rights of the claims that Goldcorp owned. If I have the beginning date correct they have forgiven 1 million for 2009 and 1/2 million for the first half of 2010. The news release also says they will consider delaying the start of payments even longer if that is needed to insure the success of SFMI.

The mill equipment they have will do up to 100 tons per 8 hour shift. And yes, they do have very promising assay results of the piles of ore left from the mining operations of 100+ years ago. And yes they do have independent verification of large piles of completely unprocessed and mineral rich ore sitting at the bottom of some of the mine shafts just waiting to be scooped up and run through our brand new state of the art mill without the need for any actual mining operations

43-101s, Reserves, and Feasibility Studies

43-101 is a mineral resource classification scheme for the public disclosure of information relating to mineral properties in Canada. It does not apply to non-Canadian companies. The reserves of SFMI properties are well documented by historical data and documents, including the report from the Idaho Bureau of Mines that puts the remaining totals in the millions of Au equivalent ounces. You are not required to have "proven" reserves or a feasibility study in order to mine. A company like SFMI does not need to do more drilling to "prove up" reserves or complete a feasibility study before they process or mine ore. These are conducted in order to get financing- banks won't lend without following strict guidelines, such as having a 43-101 in the case of Canadian companies. In SFMI's case, the assets are so obvious that they have been able to obtain the relatively small amount of financing they have needed through other methods- issuing shares and private financing. Private financiers can make any loan they feel comfortable with, and in SFMI's case, the backers are obviously pretty comfortable with what they see (which is probably more than we do). In one case, the backer is so confident that he agreed to be paid back in the gold that SFMI will be producing soon! Anyone who says that SFMI doesn't have reserves, or needs a feasibility study, is either ignorant or dishonest, and should be ignored.

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Private financiers can make any loan they feel comfortable with, and in SFMI's case, the backers are obviously pretty comfortable with what they see (which is probably more than we do).

Yep they DEFINITELY know more than we do. If you were investing millions of dollars into a start up, wouldn't you need to know more than us bottom feeders know? I'd be signing NDA's and hiring independent geologists to test the stockpiles.
Now that I think about it, one of the shareholders I've spoken with in the past IS a geologist and he independently tested some of the 'tailings', and he was happy with his DD. I'll have to check back into that...

SFMI is funded through mill commissioning and the start of revenue. And if you've been paying attention, you know they won't need any more outside funding after that.

As far as the webcam, those of us who have been watching know they have drilled a well, bulldozed to prepare the site, constructed the building, put in the floor (including reinforced areas for equipment), built concrete pads outside where equipment is now situated, moved lots of equipment on site, etc. In the present view you can see them adding to the tailings pile. Their progress has been pretty well documented.