Re: We have liftoff (or the goose is about to lay a golden egg) I hope.
posted on
Mar 18, 2010 12:52PM
(Edit this Message from the "Fast Facts" Section)
Okay, you may have a good point there DC. I see the glass half full and Iggy sees it half empty (on the one hand, but then again, on the other hand) ....but just in case it turns out to be half full for him, then it will pay off. I spent a lot of time back in 2007 investigating Pierre for instance. His former partner was shady...but Pierre was also duped and wiped his hands clean of the guy. I believe, but can not confrim going from memory that Pierre actually took legal action against him. Pierre paid offf some obligations to former personnel. Dicut shareholders shares were coverted to SFMI. There was a ton of material, some of it very outdated and erroneous, to go through... and some phone calls. Yes, there were questions, no doubt. Tell me when there isn't and Ill buy that stock immediately.
I came to the conclusion that Pierre would have to prove to the shareholders that he could give them a return on their investment given the fabulous resources awaiting both processing and mining. Two people I know have spent time with him, and thought Pierre was very savvy and had the moxxy and determination to make a success of this "revisitation" of War Eagle Mountain. So, we conferred about Pierre's character in an attempt to make a judgement call. It was assumed that mistakes would be made and there have been. There is much more but who has the time?. Hey, John Embry is right in saying that the number one factor to look for in the exploration business is management. But guess what, the road is paved with the good management types that have gone bankrupt. There are always very complex qualities that come together to make a successful miner...and they can be as dfferent as the pictures in a kaliedoscope. there are also many that became succeesful with unproven management. Of course, once that happened, they became "good managers"
We took a chance on Pierre and 2 1/2 years later here we are...about to go into production. Yes, there were delays in the mill...and there were deadlines that were not met, but not because the intent was anything other than expedience with respect to the old potato warehouse ( and perhaps a learning curve re other timelines). It was a wrong move, not a dishonest one and it backfired and took a year off the clock. The upside is that the new mill is far superior and has many advantages. I wish people would look around the junior mining sector and realize how much time, stock dilution, effort and money it takes to get to where SFMI is today. It is very rare that any one of them does....what Iggy, one in a thousand? Iggy knows this but gets the uninformed all jittery and now he wants to narrow it down to how long it takes to set up a mill. Who cares if we are that far ahead of the pack ? What the hell difference does that make. If Iggy's not happy why does he keep his shares? He will probably say that Pierre had the resource handed to him on a platter or some such thing.
I guess I wonder why someone would hold a stock that they see so much wrong with. Yes, I defend my investments until proven wrong. that's why I' here. Iggy, Why not sell and go for a winner? I'll even give him one...but it's not as good as SFMI. Doesn't make sense to me. Nitpick, nitpick, nitpick. One gets the impression that it will never end, even if SFMI goes to $5...there will alwasy be complaints. Why the hell do I care if the stock is $5 and the guy wo got us there makes a fortune?? That's the reward for it all for XXXX sake! And the shareholders make a beautiful return on their money for all their risk and patience. If it doesn't where is it written that there is a guarantee?
As Iggy knows, all these juniors are in a high risk sector and no matter which one you choose, there are all kinds of questions. One could be unproven management and another could be a hyped property with tons of PR that will be a bust.
Pierre doesn't owe Iggy anything and Iggy isn't running the show. So, my conclusion is that he might as well sell and enjoy the coffee eslewhere. No one is forced to keep a stock. There is lots of volume and it is easy to sell. But he won't. Why? Is he going to nitpick Pierre all the way to $5? Then he can write a book about nefarious Pierre who made all these mistakes in building a thriving mining, exploration and development venture.
Am I being unfair to Iggy? Maybe. Maybe he just likes to ask all the discerning questions because he has so many doubts. There will always be questions and doubts. Is he one of the the suspected bashers on all the other BB's? Perhaps not. Perhaps so. Don't know, but made guess.
As for the stockholders meeting, Iggy can openly ask questions and he will get answers...not like some of those Wall St. banks and investment houses where it is not permitted.
And I am unanamous in all of that.