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NORTHERN SUN MINING CORP LBEFF



GREY:LBEFF - Post by User

Comment by victor2009on Sep 21, 2011 1:15pm
316 Views
Post# 19066979

RE: LBE drills 36m of .82% Ni at Hart East

RE: LBE drills 36m of .82% Ni at Hart EastNickel77,

Thanks for posting the news release, some news from LBE was long overdue.

However, I'm more than a little disappointed on the company's interpretation of information that shareholders are entitled to. Unless I missed something, this is the only reference to the mill:

"Liberty owns and operates the Redstone Mill which currently has a permitted capacity of 1,500 tpd. This is the only operating mill located within the Shaw Dome region and the Hart East discovery is approximately 6.0 km away."

Unless I've missed something, this mill hasn't been operating for seven months, and I assume that means there continues to be no operating revenues in the company. Surely those responsible for investor relations cannot believe that they are fulfilling their duties by spouting the above two sentences and failing to comment on the progress towards returning to milling (and mining) operations. Anyone interested in this company knows the permitted capacity, its location, and exclusivity of the mill in the Shaw Dome. What shareholders and potential investors want is some indication of when the mill will again be operational, the problems that were encountered, how they are being dealt with, what has been done to avoid similar problems in the future and when permitted capacity will be increased. It would also be nice to get some estimate of potential net revenues when all this is achieved - but I doubt that will be forthcoming given the present management's aversion to keeping minority shareholders informed.

Beginning almost a year ago, I expected that minority shareholders would be taking more of a back seat, when it came to management priorities. There is no doubt that the prior CEO spoiled this group of shareholders as far as communications, and a feeling of importance were concerned. However, I never dreamed that from announcement of the shutdown in February, there would be so little information on such a significant problem. I would hope the controlling shareholder is updated at least weekly, including some target date when the bleeding might stop. Other shareholders would also appreciate a few crumbs of information.
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