I knew management was bad and I figured SGR was way over priced based on documented gold reserves and actual production numbers but holy cow. this new comprehensive 43-101 and the current production and forward guidance indicate that this company's market cap should be a fractions of the 1.1 billion market cap they have now.I thought the market was so high because it was inferred that there were milioons and millions of high grade gold in the ground ripe for the picking.
Seriously, I am shocked at this news release and what it says. Resources have DECREASED from previously documneted 3 million to 2.4 million ounces? After all that additional drilling? I don't know what to think? Are they just incompentent? Did they lead everyone on? Are we just misunderstanding the news release? Are they saying that previously documented ounces are no longer considered minable? (is that the deep Rice Lake ounces?).
If I owned any shares, my first instinct would have been to dump them all in a market order sell.
I''ll be watching to see what happens next week but once this news release sinks in, I can't help but think what's going to happen is not going to be pretty.Hopefully a news release will come out on Tuesday putting everyone's concerns to rest and that this is all just a big misunderstanding.
What did someone mean Hugh is no longer running the company? Who is then?
Good luck all long term holders. Let the lawsuits fly.
Wowser,
JFF7
