Thanks Cal for the excellent summary. Between your report and Cowboy's post, I think all of us can get a good sense of the situation.

The delay in things happening is acceptable as long as things eventually happen. But it's not good for morale (or drawing in more investors) when they continually fail to meet self imposed deadlines.

I sure hope PQ has come around to finally listening to others. For years it was said that he would step down as soon as the company got going and hand things over to professionals. I thought this had happened when RS came on board, but evidently PQ was neither ready to hand over power nor listen to others. PQ's decisions and stubbornness are directly responsible for the situation SFMI is in now. Let's hope it's not too late.

I'm skeptical of the proposed toll milling contract. Unless the contracting company's ore is extremely high grade and geologically dissimilar to our ore, there is no way they can generate $30k/day. Maybe in total value of product, but not in fees or profit. $30k is around 25 oz, which for a 50-75 ton/day mill means 10-15 g/t just for the $30k. How much richer could it be to justify giving $30k to SFMI? And unless the toll ore doesn't require the leach system, they will still have to spend more to refine it elsewhere. Doesn't make sense to me. I'd like to see the details.

CQ said they know where 2 oz ore is. What about the Sinker? I know the Sinker needs more work before they can mine on a large scale, but if it's 2 oz/ton in there, even the legally allowable test batch would be substantial money. Maybe enough to fund getting to the ore elsewhere on the mountain. Did PQ say anything about progress in the Sinker and what needs to be done?

As usual, seems like the SHM raised as many questions as it answered. I'm looking forward to seeing the details of the changes that seem to be taking place.