one too many times in the past. Hence I no longer come here making positive 'assumptions'. The old addage that one should always look at management first above all and make bloody sure you know what their integrity, talent, experience and capabilities are...has never rung deeper than today. Of course I agree that it is somewhat smug of me to say this in hindsight, although in fairness I have often doubted PQ openly...along with trading 'interference'. However, I always came back to give him the old 'BOTD' (benefit of the doubt)...and convenienltly overlooked certain 'inconsistancies'. In spite of all this, many longs were periodically assured by certain shadow players 'close to the scene' that we would all be happy with our investment in SFMI 'very soon'. This was also a refrain echoed in many, many NRs, in that the time expectations set up were almost always not much more than wishful thinking. Was this just ignorance...or ?

As the years rolled by and we overlooked this (potato barn) and that ( 2 oz/ton ore piles) and all the 'other things' (BOD, Listing) etc., etc., But today it is all very difficult to swallow as we quietly observe that we have been misdirected and 'milled' just once too often. Some of it is clearly inexperience at several levels, and other factors are basically disingeniune, whether it be from the inability to admit to mistakes or just plain personal shortcomings. Ego, greed, power and ignorance are a bad brew. Hiring people on the cheap and then having to dispense with them can cause huge problems. Losing other's trust is the icing on the cake. All of this is merely my opinion in hindsight.

There are many very good, intelligent and honest investors in SFMI. The litany of misteps in our SFMI adventure reflects on all of us...because we have erred in omission and we have enabled management. Many have strongly voiced their opinoin on the nepotisim of PQ and the BOD....and asked all the right questions along the way with respect to the qualityof various personnel. Today, we have seen the cost in both lost time and capital that all the errors have resulted in. Is PQ a bad guy? Probably not...just not the right guy in the right place at the right time. Did he have the acumen to see a sweeheart deal? Yes. Will he be personally successful with it? Yes. Will the shareholders? Good question.

But there is another concern I have always had...and that is the 'interference' in the trading of the shares...made even more appealing by poor management decisions. Today, SFMI is absolutely a perfect victim, vulnerable for all maner of said 'interference', whether the motivation is sheer theft (naked shorts)...or whether it is just that a powerful entity out there wants to squeeze SFMI into a situation whereby a very cheap 'buy in' is made possible...as in today at under 4 cents again. SFMI needs more capital to do so many things. Ahhh, the Achilles Heel. This is where the Paranhas lie in wait. Choke the junior into the trap.

WHY? BECAUSE WEM IS WORTH BILLIONS! It's a tall order to expect PQ to be able to handle those who are after the treasure. Time and money is now on their side. The time and resources required to properly mill and refine the ore piles....and hire capable staff and managemnt and BOD....and get all the required permits...and deal with all the roadblocks and dirty tricks...and hire crew to get into the tunnel and drill and get assays... and get a 43-101 and top it up with news assays...etc. ...is now looming over the long time shareholders. So, how long will it really take? How much will it really cost? How credible will it really be? What kind of a deal will finally be made? What is in it for the shareholders going forward? WHO will be buying out SFMI and what will be done in the best interests of the shareholders?

There is one very big last question. What will happen if gold and silver take off before a deal is done? Let us shareholders hope it is very soon...by summer latest. THAT will change everything.

All of the above does not mean that SFMI will not appreciate from here to 10, 20, 30 cents...but that is where it should be now.

Sorry for the candidness folks. I know many of you are quality people. You deserve much more than this....and I would be most gratified if SFMI becomes the investment it can be. But it certainly won't be this week or month.