Silk Energy Ltd SLKEF

RE: One More sure Thing - 43-101

[millright]

cadomin shows his ignorance on the 43-101 that ISM commissioned as a requirement to get on the TSX - he says its inspiring! Its a bare bones report that gives no 43-101 estimate of resources, and comes up with this conclusion by the expert: "Inspiration’s Langmuir Property is of sufficient merit to warrant continuation of the ongoing diamond drilling program with additional definition drilling at the Langmuir No.1 Mine and deeper drilling down plunge of the 2 higher-grade nickel mineralization shoots at Inspiration’s Langmuir No.2 Mine – North Zone is also warranted. Additional diamond drilling is warranted to evaluate the seven basal till nickel geochemical anomalies and follow up drilling on historical nickel mineralization intersected by either Noranda or INCO." Big deal! The expert has said that additional exploration is warranted in the amount of $1.9 million and that as a result of this "Inspiration may determine that increased spending is warranted if favourable results are encountered and may conclude that less spending or discontinuation of the program is appropriate if unfavourable results are encountered." So at December 31, 2006 the expert said spend $1.9 million and if results are favourable ISM may determine increased spending is warranted. So what happened in 2007? ISM spent about $4 million on exploration. It can be taken from this that they concluded that additional spending was warranted to continue outlining the nature of their resource. On new sites, the company has done nothing other than drill single holes on a few sites. The geologist has set out the work necessary to continue to outline the known Langmuir sites and attempt to locate other sources in 2008. The company didn't even manage to get a third drill operating in 2007, in spite of much talk of multiple drills. It spent a piddling $4 million on exploration in the year, and darcell and others would like to pretend that in one year they've gone from a property that may or may not warrant additional exploration to a conservative $1 billion dollar resource value! Who are you trying to fool! Liberty spent well over double on exploration in nine months, of ISM's twelve month effort - with better drilling results and with ore that hasn't got the recovery problems of Langmuir 2. Its already converting its resource into cash, in 2008 it will have one mine at a ten year life and quite possibly a total NI43-101 resource that will supply its own state of the art mill at capacity for ten years. ISM has a computer, and is talking about dewatering its main mine! And ISM is worth a conservative $1 billion? What a laugh! Then there's the Shaw Dome that Cadomin and wailer seem to think puts ISM in an attractive potential position. ISM has 1090 hectares of Shaw Dome land holdings. LBE has 12,266 land holdings in the Shaw Dome. Liberty has already taken a new Shaw Dome property and in 18 months applied its technology to turn it into its third mine - still being delineated as open east, west and at depth with a NI43-101 schedule for Q2 of this year. ISM has drilled one hole at a few basal anomalies - and its geologist suggests they investigate further in 2008! Not only has LBE got 11 times the Shaw Dome land base - they're doing a lot more exploration and development to prove it up. And Cadomin does a bit of lying about broken promises. Lets have a look at ISM promises - they don't promise much, and they don't deliver what they do promise. As wailer pointed out ISM stated they would be spending $1 million a month and have additional multiple drills by the end of summer 2007 - still not accomplished at the end of December 2007! This bush league outfit can't even schedule a meeting and pull it off! cadomin, wailer and crew can go on about resource valuation, and excuses for NI43-101's not being done. I think its obvious - a NI43-101 valuation would come in at a fraction of the Darcell fantasy - and would show how ineffectual management has been at ramping up exploration.