So what if more dilution occurs... - Dilution is a bad thing, let me explain so you understand. When a company adds shares the value of your current shares are devalued. For instance, if there are 100 shares in a company and you owned 10 of them then you would own 10% of the company. If the company was sold you would receive 10% of the benefit. If the company adds 50 shares then you would now only own 10 of 150 shares, or 6.6% of the company so you just lost 3.4% of the total take. With enough dilution your shares can lose a lot of their value.

It can be said that management suffers the same devaluation. However, in this case management gave themselves enough shares to completely offset any loss of value. So, while your shares lost 40% of their value company insiders didn't lose anything.

Dilution matters, it matters a lot. This is one of the reasons the share price is so low. Let's say that prior to the dilution the stock is trading at 6 cents. Then another 40% of shares are added to the outstanding pool. Well, it stands to reason that your 6 cent shares are only worth 60% of what they were before, or 3.6 cents. As a result the share price drops. It creates another problem as market sentiment sours. No one likes to see the value of their shares drop 40% while the company insiders don't lose anything. This causes downward pressure on the stock.

the key is to get this company either in joint venture or sell to the highest bidder. - This may be true and if so the more of the company that you own the more actual dollars you will walk away with if it's sold.

I don't think PQ wants to run a full blown mining operation. - Running ore through a mill for two years indicates to me that they do want to operate a mining operation. However, with a recovery rate of only 20% it indicates to me they don't know what they're doing and as a result have spent a considerable amount of capital on a losing proposition. This has hurt shareholders considerably.

The historical grades on WEM are spectacular and that is why many shareholders have been invested in SFMI for years. To date shareholders have not realized any benefit from this. We need a strong showing at the shareholders meeting.