Management Error and 6 month delayI communicated my dissapointment and displeasure yesterday with management. Bottom line is we now have a 6 month delay which is a huge setback for any project. Management says that the second request for info from the provincial gov't is nothing unusual. I would agree with that statement given my previous experience with environmental assessments. I typically have seen many iterations take place before the final EIS is accepted. The issue though is one of management not properly managing expectations.and losing credibility. Management was conveying to shareholders and the public based on their timetable and upcoming catalysts that EIS approval would be received before the end of 4th quarter. Why the timetable was based on only one iteration with the provincial government yet two with the federal is beyond me. Why not include some kind of contingency or buffer just in case? If that is the milestone that is communicated then one has to ensure that all the information is provided on the first iteration. Clearly it wasn't. So much for on time on budget. Will the mine build be any different. I have my doubts.
I still believe this will be bought out so given the share price deterioration I did add to my position. 20,000 at $2.63 and 20,000 at $2.54.