Garick,

Just to correct the record...PQ said by time the company were in a place to be bought out (meaning mill circuit complete, 43-101, Sinker Tunnel rehab complete and drilling program complete etc.), they would have approximately 750 million total outstanding shares. That is where his "no less than $2/share valuation and $5 is his dream price" was coming from. And THAT was the extent of the dilution, not this immediate doubling in dilution shareholders just absorbed. He approxmated 450 million shares dilution for the 10K.

The rest of this post is not directed at you, it's just my thoughts on SFMI in general. I apologize if my opinion no longer gibes with many of the shareholders whose opinions, due diligence and feedback I respect and appreciate.

PQ lied to my face and Carmine's on several occasions during those meetings. I don't care how much mineralization is in WEM. I simply can't put my investment dollars to support an operation run by someone who has lied to my face in order to gain my support and investment dollars...and then triples his and his family's salary on the backs of shareholders when the company is already cash-strapped and in a desperate dilutive posture seeking financing - especially after what can only be described as an abject failure in Q4 with regards to the recovery grades of the gold. Pull up the YouTube video of the SHM in September where PQ stated they have 86% recovery grades of gold and approximately 30% of silver. Investors, like myself, invested based on that publicly stated information and the expectation of legitimate revenues from dore sales. How do you go from 86% to 15-25% recovery grades in just one quarter? I know everyone has their own theories. While some are plausible, I have not heard or read one that makes unequivocal sense to me. The bottom line is when you have made a mistake of that proportion that directly affects the share price, the shareholders and the near-term operations of your company, you are NOT worthy of a 3-fold increase in your salary...and certainly not worthy of my support. What would Donald Trump say to PQ if PQ had to explain what has gone on with the company in the last 6 months since the SHM? A responsible CEO would be taking a salary furlough UNTIL that problem was corrected and he could demonstrate to investors that the recovery grades were improving and that the revenues from dore sales were preventing more dilutive measures.

I'm invested in companies where the CEOs aren't taking salaries or shares and only received compensation when they delivered on their promises to shareholders...when they rightfully deserved their compensation.

I had a lot of investors in several forums (outside of I-Hub) with a lot of cash anxious to take positions in SFMI based on my feedback from those meetings. That's not empty bluster. I was personally surprised just how many e-mails and phone calls I received from people wanting to know my opinion on SFMI and when would be a good time to start taking a position and where I thought the share price was going. Thank God I told them to hold off because I felt there were too many questions than answers after the broker meetings. For the last 2 months I have been working on a 30+ page due diligence primer on SFMI which I was going to e-mail to some 150 interested investors in one of the forums I assist...regrettably and thankfully that document will never see the light of day.

I honestly wish nothing but the best for SFMI shareholders going forward. I have no intention to bash the investment that good, hard-working and honest people believe in and hope to profit from. That's not my m.o. I believe SFMI is at or near its lowest low...barring any other surprises from PQ et al. Based on what I've read and heard, I feel WEM has a lot of potential to add shareholder value to SFMI shareholders. However, for the personal reasons stated above, I can no longer support an operation run by a CEO who has made serious mistakes affecting the progress of the company and at the same time is lining his pockets at the expense of shareholders. What's left of my last position that I bought at .038 I will hold on until we regain that price or I will use it for capital gains offsets.

To quote FDR: "We have always known that heedless self interest was bad morals, we now know that it is bad economics."

Best of luck to all of you.

Rick