No ordinary mining operation, development mining operation, or exploratory operation is like SFMI.

SFMI is unique.

They are totally unique because they have above ground rock and they run their company differently because their circumstances are totally different than any other mineral company on planet Earth.

Answer me this, people:
What is better: having no proven reserves (because SFMI has not filed a 43-101), but having a mill, having 800,000 tons of above grond rock, and being able to pour dore bars or having to spend 80 million dollars and 8 years to generate a 43-101 so you can say you have proven reserves?

And even though I hate the way SFMI handles keeping shareholders informed, I understand why they do it and I realize that, when it comes time to sell the company, everyone who had patience and held on to their shares will be hugely appreciative of what management did on their behalf.

I know and a few others on this board know that, as crummy as the way the news is handled is, SFMI is actually doing us all a big favor, and if anyone actually wants to figure it out, they might want to read posts going back a year or two. The explanation is in a single post, not made by me BTW, a long time ago.

Thats all I'll say.

But let me get back to this thing about SFMI being totally unique.

Consider comparing SFMI to another company that has just become a precious metal producing company.

Unlike a company like, for example, Exeter, SFMI did not need to spend 80 million dollars to get rock into above ground piles that they can grind up at a mill they have built.

Quote: SFMI is totally unique because it does not suffer from the need, like other companies, to get in the rut of spending a vast fortune to QUANTIFY its reserves prior to becomeng a producer.

SFMI saved a vast fortune because it has the tremendous advantage of having above ground piles.

SFMI is not at all like any other company that produces precious metal concentrate and turns it into dore bars because SFMI can not legitimately claim to have proven reserves.

So I consent to the debaters their "debaters point". SFMI has no proven reserves because they have no 43-101.

They do have a few things of some consequence, I suppose, LOL.

They have a mill site
and dore bars
and a ball mill
and shaker circuits
and front loaders
and conveyors
and employees
and trucks
and a weight station
and a guard gate
and 10-plus tons of concentrate
and pictures of people holding hot dore bars in their hands
and pictures of dore bars being poured.

And they are building a thick walled vault and their own smelter, both of which have repeatedly been photographed.

But they have no 43-101 proven reserves.

Now, bear in mind that obviously a mining company can have value without a 43-101, because Minefinders sold yesterday with their 43-101 still PENDING, and they sold for $1.5 billion dollars.

So obviously, a 43-101 is not as necessary as everybody says it is.

Which brings me to the answer to my original question:

Quote: Seems to me that, having 800,000 tons of above ground rock and being a year and a half ahead by being up and running is a far better situation than having to spend 80 million dollars to be able to say to all the debaters out there, that you have proven reserves.

It seems to me that SFMI is in a unique situation and that they have been wise to have realized this and done what they have done.

In that Exeter had to spend 80 million dollars to get proven reserves, how has it financially hurt SFMI to be without proven reserves?

Minefinders selling with their 43-101 pending is a case in point.

No prven reserves is a situation at SFMI that did not cost them 80 million dollars.