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Message: Re: 298mil shares in the flow
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Apr 12, 2012 09:29PM

Apr 12, 2012 11:04PM

Apr 12, 2012 11:12PM
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Apr 12, 2012 11:13PM

Apr 13, 2012 06:23AM

Garick- Some of your questions, my comments:

What aren't they using the 100% owned SFMI ore?

According to what RK has told peole, they are using 100% ore. Lots of needless confusion and teethgnashing about the 29% claims. Don't know where that rumor came from, maybe from the less than expected revenue. See next answer.

Why did they only create a revenue check of 174k worth of gold and they have 5.5 million stored? The 5.5 million could fund alot of this project.

From what I heard, they sent two small shipments of dore to the refiner, intending to send a larger one before the end of the year. But someone didn't check to see if the refiner would be open during the holidays, so the third shipment didn't make it by the end of the year. What I heard, anyway. There should be larger amounts of revenue in the coming 10Q. As to the $5.5M, that's not dore, it's in the form of partially depleted ore that they'e already removed 15-25% of the gold from. Needs to be leached, which requires the leach circuit, which requires permits and financing, etc. But if that $5.5M is the ~80% remaining in the ore, then they should have already extracted maybe $1-2M as concentrate that can be (has been?) smelted and sent to the refiner.

Why did PQ pay himself such a hefty salary?

Absolutely agree. See page 45 of the 10K. PQ's compensation essentially tripled to $975K, DQ's tripled to $329K, and CQ's more than doubled to $737K. And that doesn't include almost a million shares each for serving on the BOD. That's obscene and an insult to the shareholders. What the hell are they doing paying a secretary (DQ's title) $329K? Most of these awards were in stock in lieu of cash, but it doesn't matter. When SFMI needs cash, it's ridiculous to use stock this way. And it's equally ridiculous to issue so much stock when dilution has suddenly become a real issue. That asinine PR about those being restricted shares is irrelevant and insulting. The doubling of the number of shares, restricted or not, cuts in half anything stockholders who PAID for their shares get in the case of a buyout (which I think we are all anticipating and holding for). I hope I can make it to the SHM this year, so I can join with Pic in giving them a real earful. Make sure there are no kids around.

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Apr 13, 2012 10:14AM
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Apr 13, 2012 10:33AM
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Apr 13, 2012 06:30PM
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