RE: Ken Bates Integrity Questioned I would not be using "sincere" when describing Mr. Bates. "Sincere" implies honest. Here are quotes from some of Mr.Bates' releases:
July 14, 2010: "The coal mine development plan is on schedule and within budget. Production will ramp up to 1.3mm tons in 2011"
Dec 23, 2010: "Cline has achieved mine start-up. Production will increase over the next year, with the goal of reaching 3mm tons by the end of 2011"
Aug 10, 2011: "Cline reports first commercial sale of its coking coal. Production is expected to ramp up to 3mm tons by 1Q 2012"
Given the actual results from the mine, Mr.Bates is either a liar or completely incompetent - even by fairly loose standards of junior mining business. If not for the new executives from Xstrata, I would not see any point in holding Cline's shares. JMHO.