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Silk Energy Ltd SLKEF

Silk Energy Limited is a Canada-based resource company. The Company acquires undervalued oil and gas assets in Kazakhstan. The Company, through its subsidiaries, owns a 50% interest in the KMG Ustyurt license (Ustyurt). The Company focuses on exploring and developing Ustyurt, an onshore oil and gas concession comprising approximately 6,500 square kilometers in the Caspian Sea region of the Republic of Kazakhstan.


GREY:SLKEF - Post by User

Bullboard Posts
Comment by victor2009on Dec 20, 2010 1:55pm
134 Views
Post# 17871525

RE: Is This An Achievement?

RE: Is This An Achievement?doingthejob/aatozz, is busy trying to defend the legacy of his idol Randy Miller. What he refuses to acknowledge, is that if Randy Miller was doing such a bang up job - why did doingthejob/aatozz initiate the Survey that confirmed what a lousy job the respondents thought was being done? And why did doingthejob/aatozz offer to get answers and provide them to survey respondents? And why did aatozz/doingthejob, not do the job of keeping his commitment to those survey respondents? Things don't add up, do they? This self professed business expert, who has a record of being caught in ludicrous blunders on business basics, is not only poorly informed, he's two-faced.  In the spring of this year he got all pumped up with his own importance in being leader of a team to bring sanity to ISM communication, governance and operations - and eight months later he's singing the praises of the guy who made him look like a naive fool - by promising a dinner date that never happened.

Anyway, let's look at one of the goals that Randy Miller set back in 2007 - and how he has moved to achieve that goal. For starters, it's obvious  that the inability to execute this objective has been another of the many failures involved in this company. And it's not just a minor thing - it is identified by Miller himself to be of great potential importance in developing a property that he has identified as being of huge potential - and the major asset of ISM. It must still be recognized as a requirement, because its been referred to in numerous ISM releases, including the most recent Management Discussion and Analysis disclosure. The company that doingthejob likes to belittle, in that same period of time, obtained countless permits, from the same government agencies, for properties in the same area. That is clear evidence that it is not the difficulty of the task that's the reason for endless delays, it's the inabilities of those attending to the task.

August 24, 2007 Corporate Update
Due to the encouraging drill results to date, the Company has commenced with the permitting processes for the dewatering of the Langmuir No. 1 Mine. Depending on the permitting process and the completion of the closure plan required for the advance exploration at the Langmuir No.1 Mine, the Company intends to begin dewatering as soon as possible, which could be as early as October 2007. The underground exploration activities are designed to continue outlining the nickel mineralization for a mineral resource calculation, extend the existing ramp to the 425 foot level, begin underground drilling via the ramp, and allow for a bulk sample of the nickel mineralization estimated to begin as soon as dewatering is complete
.

August 13, 2008 MD&A
The company has commenced the process of applying for Advance Exploration status with the Ministry of Northern Development and Mines for the Langmuir No.1 Mine site. This process involves governmental filings for various environmental permits and constructive discussions with representative of the First Nations in the Timmins area. Inspiration has engaged Blue Heron Solutions for Environmental Management Inc. of Timmins to assist in the permitting process. AMEC Earth and Environmental, Sudbury, Ontario office, has also been engaged to provide technical services for environmental baseline and groundwater studies, in addition to completing specific permit applications such as a Permit ToTake Water for dewatering activities associated with the Langmuir No. 1 Mine.

August 16 2010 MD&A (Exact copy of MD&A disclosure December 29, 2009)
To fully test the Langmuir No. 1 Mine deposit, core drilling from the subterranean workings needs to be performed. Those workings are currently flooded and the Company has applied, and is in the process of obtaining, the designation of Advanced Exploration Status from the Ministry of Northern Development & Mines, which is necessary for mine dewatering. That application process involves numerous environmental permits and constructive discussions with representatives of the First Nations in the Timmins, Ontario, area.
During the fiscal year just ended, Inspiration identified potentially affected First Nations as well as key government and non-government stakeholders.

The last sentence is a perfect example of the low standards of communications and execution ISM is known for. First of all, because of the habit of copying prior releases to fill space in the current "discussion and analysis", the "fiscal year just ended" was actually eleven months previous. And the company is stating that over three years after stating the permitting was commenced (for dewatering as early as October 27, 2007) - they have managed to identify potentially affected First Nations and other key stakeholders!  Now that's really quite an accomplishment isn't it? During a period two years after they expected the permitting to be approved, they have identified the key people involved. Now that is one hell of an achievement! If they'd asked, most mining CEO's could have given them that information during a two minute telephone call.

If you're impressed by that sort of execution, doingthejob, it says much about the standards you have applied in declaring that Randy Miller is "business oriented and has taken appropriate action to ensure that ISM will cruise though these tough times". There are a number of shareholders, and fund managers that bought tickets during the flow through debacle, that wouldn't share your exuberance over this cruise that Randy has taken them on. Maybe you should take another survey!

The last sentence is a perfect example of the low standards of communications and execution ISM is known for. First of all, because of the habit of copying prior releases to fill space in the current "discussion and analysis", the "fiscal year just ended" was actually eleven months previous. And the company is stating that over three years after stating the permitting was commenced (for dewatering as early as October 27, 2007) - they have managed to identify potentially affected First Nations and other key stakeholders!  Now that's really quite an accomplishment isn't it? During a period two years after they expected the permitting to be approved, they have identified the key people involved. Now that is one hell of an achievement! If they'd asked, most mining CEO's could have given them that information during a two minute telephone call.If you're impressed by that sort of execution, doingthejob, it says much about the standards you have applied in declaring that Randy Miller is "business oriented and has taken appropriate action to ensure that ISM will cruise though these tough times". There are a number of shareholders, and fund managers that bought tickets during the flow through debacle, that wouldn't share your exuberance over this cruise that Randy has taken them on. Maybe you should take another survey!

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