At These PricesAt these prices, all the speculation about the coal play, permits, when, where, how much, etc. doesn't really matter. Because anyone who buys SMI at these prices is basically getting the coal play for free-- the Atlin gold play alone is worth the $5-to-$7 million(depending on if you count dilluted or undilluted) market cap. That's why I picked up more today at 16.5.
As for the question of why this stock has dropped so much, it's following GXS, which has dropped just as much if not more. Look at all the GXS-area plays--WGF, BTT, NAG, CAJ, etc.--they've all dropped about the same. That's the nice thing about SMI--the market is discounting it as if it's a clone of GXS, but we've got value that the market is not taking into account. Add to that the fact that GXS itself is way undervalued, and if the analyses of the coal intercepts they just drilled come out good (as I expect they will), you could see it jump, and all the area plays will follow suit. Add to that gold results and coal permits (whenever they come) for SMI, and you've got a recipe for good times ahead for SMI shareholders.