Silk Energy Ltd SLKEF

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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.

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Silk Energy Ltd

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Post by victor2009on May 03, 2011 2:29pm

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Post# 18523974

Within 90 days?

Excerpts from February 3 News Release:

“We have long believed that Langmuir was a world class, high tonnage-lower grade Ni deposit

much like that of Mt. Keith or the Talvivaara deposit in Finland. It is very encouraging to start

to see the data coming in to support our theory of the project. We look forward to aggressively

advancing our program and to producing an updated 43-101 report within the next 90 days,

which we are confident, will clearly demonstrate the significance of the deposit” said Ian

Stewart, President, Inspiration Mining

Ian Stewart has made a couple of promises that seem to put him in the same category as the CEO he works with - their word is less than reliable.

To me, within 90 days from February 3 means sometime between February 3 and May 4. So can we expect this very important NI43-101 tomorrow? The recent volume and price numbers indicate that the market has not been anticipating the imminent demonstration of a Langmuir deposit of world class significance. So let's see if Mr. Stewart passes the tests that his sidekick and mentor has so often failed. Will the timeline of a promised NI43-101 be met - and if so, will the results warrant the advance fanfare?

When the Ontario Securities Commission reviewed the Press Release in which Mr. Stewart announced production of an updated NI43-101, they slapped his wrist and required that the non-compliance with accepted disclosure be corrected. If ISM again fails to deliver a NI43-101 within the promised timeframe, maybe the OSC should step in and do something about this reporting fiasco. Randy Miller promised a multi phase NI43-101 reporting within the year of 2008 - and so far it has consisted only of a single preliminary (and very disappointing) report in January 2010. In my opinion, announcing disclosure of this magnitude and importance to the investor - and not having delivered it within two and a half years of the promised date is deceptive. The company and it's executives should be answering for this, just as the OSC forced them to correct the improper disclosures in their February 3 News Release.