This PR was a disappointment. Expectations were high based on what we've gotten from SFMI. RK told shareholders at the Oso pile that it was 4 oz/t. I would have been happy with anything approaching 1 oz/t. We were also led to believe that the mill was producing above 33 tpd. I expected 75-125 tpd, and would have been happy with 75 tpd of 1 oz ore. Instead, we're getting less than one tenth the amount of gold I expected. I'm not surprised that people are dumping.
That said, pic is perfectly correct that the long term is what counts. The above ground ore was supposed to fund getting to production from the mines. Instead, we will probably use much of the LOC. I should have realized there was a problem when I saw that announced- there would have been no need for the LOC if the Oso ore was as good as thought. But now we're left to wonder how much longer before we start mining and produce some real revenue. Another year? Yes, we'll get drill results before then, maybe even a 43-101 to goose the sp. But the payoff we expected to begin now has just been delayed for a while. SFMI remains a huge bargain, but more of a long term one than it seemed to be yesterday.
And in case you're wondering, yes, I did buy more this morning.
spiny
