High River Gold Mines Ltd HRIVF

Mark to Market, Severstal Mark to toilet!

[cjsell]

Not sure how the new IFRS standards affect HRG and Severstal.  But is would appear that Severstal only wants to mark down, but then again if you use the same principle of true valuation....why does HRG not MARK UP their investments?  HRG has BIG GAINS on most of their gold holdings......any IFRS accountants out there care to comment?  So maybe HRG should take some cash off the table to pay down more debt, or be used to fix/increase production.

I was amazed by the Q3 SGA expenses, most of the folks in the Toronto office had golden parachutes and I am guessing those expenses were realized in Q3.  One would expect a BIG reduction in SGA expenses from now on....unless SEVERSTAL is going to start charging management fees......that's how they are going to continue to screw us! Just you watch.

Oh yes I answered my own question SEVERSTAL DOES NOT USE STANDARDS!! While on one hand it may appear legal, it is none the less not ethical. Oh yes SEVERSTAL HAS NO ETHICS!  As others have pointed out, they are bullies and cowards.  They will have to face true valuation sometime, and what a bunch of dummies, they could have made 5X their investments and made a gem of a gold company with their other holdings.

The only way to put new lip stick on this pig, is to sue the BOD and shame the Severstal management into treating their other shareholders.  HRG is not a piggy bank for Severstal!

CJ