Whaler,
“Here is the one and only time I know of that ISM wrote of the Micon commissioning wrt a second phase of the 43-101. I have not heard mention of it since and even when Micon delivered their report on Jan/10 it was the missing info many would have liked to see. Jump ahead to today I see no further reference/s to phase 2 in the two news links I have provided earlier tonight for you”.
Why would ISM want to stall out any longer producing the phase of the Micon Ni 43-101 Resource Report they were so excited about three years ago if the company was that confident and positive it would prove out an economical extractable resource? Obviously the market is not being fooled any longer by all the hype that surrounded this stock a few years back. The market certainly seems to have figured out all the games this company plays and has priced the stock accordingly. The first phase of the Micon Resource Report summed up what most in the market needed to see to know ISM will have a very difficult time proving up any economical extractable resource in the L-2 that will be saleable. As I have said many times before, in my opinion, L-1 may show an economical extractable resource, but it will be more in line of the size and grade of a McWatters when all is said and done. Being so small, ISM’s options will be very limited on what they can do with the L-1.
The L-2 has been and still is the touted Company Maker Story going on 6 years. Those holding this stock fully expect to see the “information” they thought should have been included in the last phase of Micons Report this time round in late Aprils Phase 2 Ni 43-101.
“In terms of an updated 43-101, I was counting on a simple increase to the resource tonnages based on further drilling and as per Micon instructions and directions, but if you know of better things on the horizon, I am all for it!! Bring on phase 2!!”
Whaler, it is time to stop the nonsense; no one including yourself is just counting on ISM to only add in a simple increase to tonnages and nothing more in this next “phase”. Shareholders expected a lot more information from the last Ni 43-101. If it is going to take ISM 16 months to produce a 43-101 with no further information than simple increases to tonnages, ISM shareholders can easily do the math to see that Management and IR stipends will clearly eat away all money left in the kitty over the next years. Shareholders will be left with nothing. Either ISM has the goods or they don’t and this upcoming Ni 43-101 Resource Report is expected to deliver that information.
“IMHO if there was a "phase 2" (as described below) being worked on, we would have seen a lot more fanfare and trumpet blowing from the company. I expect they too know it's value to shareholders, investors, stakeholders, and prospects who may indeed be kicking the tires at Metal Mines.”
I agree fully with you Whaler. ISM management does indeed know what value the Langmuir Properties hold, as do many others, and in my opinion, that is why there is no trumpet blowing going on. Time is not on ISM’s side any longer and they had better show the recovery % on the bulk of their of resource defined to date from L-2 ( you know, the 85% of the low grade mineralization in ISM s total resource defined to date).
Best
Nickel77
