Ig,

1. So who would you compare it to? Fact is, there really isn't a good comparison. While there were some delays, getting to production this quickly is pretty good. And getting there with minimal dilution and essentially no debt is a tribute to management.

2. So how are they maximizing profits for themselves at the expense of shareholders? By loaning money to the company instead of diluting and selling shares? By deferring salaries? Frankly, PQ et al. deserve to get rich if we do too. I'm already well on the way.

3. Spending 15% of gross (not profits) will buy a lot more than 1-2% per year. And considering the float, it will make a real difference. And stock options will be issued anyway, so that argument falls flat. Would I like to see a dividend? Maybe, but remember a dividend is taxable, stock appreciation is not until you sell. And if you run the numbers, they will have plenty enough cash to do everything they want to do, even after the buyback plan.

4. A reverse split is completely different from a buyback (I would hope you understand the difference). The only thing this might accomplish would be to raise the share price comparably, making any one person's share of stock worth the same amount as before the split. Maybe raise the price enough to get on a big board, but I think that will happen split or no split- especially with the buyback. A reverse split is simply accounting, not making any one person's block of shares more valuable. A buyback actually reduces the number of people holding shares, making those of the holders who don't sell more valuable. I intend to hold.

As far as management maximizing value for the shareholders, I think they should build a mill, get to production, start milling the highest grade ore available, use the profits to reopen the Sinker, start a drilling/exploration program to find out where the best places to mine are, and start mining. They should also bring some geos/engineers/mining people on board (as opposed to hiring them on contract). But wait! That's what they have done/are doing.

As far as your comments about those who went to the shareholder meeting being conned (along with all the non-attendees), maybe you should have gone. I wasn't "conned" by what PQ or anyone said. I was impressed by the mill, by the gold and silver coming off the table less than a year after they bought the property, I was impressed by the improvements and work on the roads and properties, by talking to the people working there, and by the mountains of ready-to-mill high grade ore. If you think that's a "con", then it's a pretty elaborate and expensive one. Just changing all the historical documents to make it look like WEM is full of gold and silver must have been a herculean task.