Feedback from the CompanyS/W Jennifer Bates. Nice person, but in way over her head. Same goes for MGMT.
Reason for decrease in production, regulatory issues. Mgmt did not foresee this, the 43-101 numbers came as a surprise to them. (herein lies the incompetence of mgmt)
The full report will be released shortly(whatever time frame that means)
Money in bank today, has to be alot less than last Q report, which was $22 million
They have one continuous miner paid for, downpayments for 2 others. Will buy the remaining 7 with the proceeds from the equity financing. They will also use the proceeds to build the rail road, which is expected to be done by June 2012.
Bottom line for me is this, speculative buy at best. Looking to avg down and get out of dodge if and when the price comes back. What else can you do now, no sense in selling at $2.75
Like i mentioned before, if it gets up and running, this one is going to be taken out.