I, for one have not posted much of late. Those old timers, such as SG, might remember a time that seems long ago when I was a fairly prolific poster. But now it seems that there's not much that needs saying. It's fairly simple- we all "know what we have in the ground"- and I, like many others, believe what we have at HM is fantastic. But- until we have funding and begin drilling, it remains in the ground, not doing any of us much good. And that's it. Like everyone else, I am very frustrated that funding has not been achieved. One can recite an all too long list of what were reportedly near misses- with a very international cast of characters. These include- the Chinese gambit, with work done by L. Liang, the Toronto meeting with the Chinese, and JB's trip to China. Then there were the various Middle East efforts, which included sending emmissaries to the Gulf States, in part stymied by the "Arab Spring". Then there were the Saudi Arabian efforts which were coupled with the plan to provide training to the foriegn nationals in return for their investments. And then there was the Filipino group- a deal which seemed tantilizingly close- at least based on what we think we knew- before it, too, fell through. There was also the the quick buck precious metal surface mining plan for self funding, which never quite materialized. Certainly JB can not be faulted for lack of trying. Of course there were and are many other efforts- some we knew about and, I'm sure many others- probably on a daily basis, that we don't know about.
But unfortunately- despite all this effort- and despite having something of immense value to offer- first Big Chunk and now HM- it has all thus far been for naught. Actually- I believe the only successful deal LBSR has achieved- was the result of drilling- when we extinguished about $5 million in debt in the NAK deal after drilling our one hole. Maybe there is a message here.- We need to drill!
I know that JB and others here have long argued that it is just too risky to throw everything at just one hole. And there are contracting and cost issues as well. And even the $ 1 million 10 hole plan is cutting back from the $2 million originally hoped for before drilling was to begin. But times awasting. We do not have unlimited time- and I don't mean just because we are all eager for immediate success. I mean- there comes a point where, if action is not taken, opportunity can disappear altogether and forever. Things can happen- even, God forbid, things like health issues that can disrupt plans unexpectedly and perminently.
So I would argue again that we need to proceed as soon as possible- even with 1 or 2 holes as soon as the next $150K is in hand. Even if it means, in part, using expensive and dilutional Tangier monies. It's been used for other costs. Why not this? Once drilling is successful- all these financial issues will essentially resolve themselves. If not successful- well then- maybe this wasn't meant to be.
But we expect success. That's why we all have remained here. I, for one, have tremendous confidence in the scientific findings at HM. I have been and remain a strong supporter- and appreciate all that JB has done. And for the record- continue to increase my holdings here. But until we drill- there will be X's on maps and much in the ground- but there it will remain- until those drills start spinning.
