whaler,
"So you have to wonder what's happened in that year since the Micon recommendations were "handed down"?"
If you wade through the financials you will glean that since the Micon recommendations were "handed down" ISM spent $626,925 on exploration at Langmuir. The published results released from this expenditure have been described by some here as "weak".
If you take the following into account then the only wondering you have to agonize over is time and money. Proceeding at their current pace it could take approximately 5.5 to 8 years just to fulfill this recommendation. For the fiscal year just ended for every $1.00 spent on exploration $1.63 was gobbled up in General and Administrative fees. Something else to consider is ISM has $1,690,786 in cash the remainder of their money is "held in trust" or "cash equivalents". If they only spent $626,925 on exploration at Langmuir in 2010 (when they had $3,095,352 in cash), how much of the $1,690,786 would you expect them to spend in 2011?
"Additional exploration is warranted and it is anticipated that a budget of between $3.5 and $5 million in additional exploration expenditures will be necessary in order to explore the four (4) exploration targets and to continue exploration work on the current resource targets along with the outside exploration of multiple targets on the property."
