PQ talks about listing on the TSX (Venture exchange, most likely), but the TSX frowns on nepotism. Not only does PQ not remove CQ and DQ from positions they aren't qualified for, but now he hires his daughter for a position she's not qualified for. Does the hiring of his daughter indicate that PQ is not serious about a TSX listing?
Seriously, was PT THE most qualified person they could find to put together all of the information from the on-site geologists, as well as information from the drilling program, and to do the geologic mapping (surface and underground)? As well as dealing with MSHA and handling the permitting and mining claims, which was recently effed up? (Interesting that "amending mining claims" is also in there- I guess they trust her to fix what she effed up).
These responsibilities cry out for someone with mining industry/regulatory/geological experience. Idaho is a big mining state- were there no experienced people available? Hecla recently had to shut down a big operation in Idaho- Were there no people from there available? If you were a Ph.D. geologist, would you be happy handing over your information to PT so she could coordinate it with the information from the other geologists?
I wasn't a big critic of PQ when he had family working for him at the beginning- You can trust them, and arrange things like deferring pay more easily. I also didn't mind them getting some shares- after all, it meant the company didn't have to dig up the cash. At this point, though, SFMI really needs to get the best people they can, especially in positions that require experience in the industry. Such as the mill manager position that requires someone who can get the mill running at better than miserable efficiency in less than two years, or a claims manager who can manage to file mining claims and fill in the name of the correct company. Instead, PQ is not only loading up more family, but literally loading them up with shares by tripling their salaries and prepaying them with shares for a whole year just when the share price is at its lowest and and the number of shares required is at a max.
I'm still confident of SFMI's success, but this stuff stinks. And the share price reflects it.
