Re: What the #$%@*?....
posted on
May 21, 2012 12:54PM
(Edit this Message from the "Fast Facts" Section)
Actually, that post was about as unemotional as I could make it. I simply compared the statements in the PR with reality. You wouldn't want to see the "emotional" post I could have written. And I don't agree that it was a benign release. As another in a continuing series of poorly written, weasel-worded, unprofessional PRs, it just makes it that much harder for SFMI to shed its reputation as the gang who couldn't shoot straight. As much as I want some real news, I would rather have not had a PR than one like that. Investors don't like it when the the company presents itself so poorly.
As of now, the focus on the waste ore is misguided- but that wasn't always the case. Earlier PRs, as well as direct communications w/ RK, had led us all to believe that the ore was ounces per ton, not grams, that the mill was running at well over 100 tpd, not 40, and that the recovery rate was 85%. If those representations had been true, then this company would already be profitable and swimming in enough cash to more than fund everything they needed to do to get at the gold in WEM. The waste ore was what made SFMI different from all of the other startups. But it was all misrepresentation and weasel wording.
And just in case you think I'm nothing but a basher, my criticism of the PRs and a number of the aspects of the company itself don't negate my belief, like yours, that the resources in WEM will eventually make us all rich. But that also doesn't mean that criticism isn't warranted. You know as well as I do that this company should be trading at much higher prices right now, and that much of the reason for the present low sp is due to the actions of management and the poor face they present to the public. Overreacting? Actually, I think underreacting. Non-constructive? I hardly think that suggesting that they finally get their act together, complete the smelter, drill the Sinker and the mountain, get rid of family deadwood, provide truthful status updates, and put out substantive and honest PRS is "non-constructive". There may be legitimate reasons for the smelter, revenue, and drilling delays, but we have no idea without honest PRs. Today's PR was anything but, and is the kind of thing that provides fodder for bashers and drives prospective investors away. I'm just the messenger pointing it out.