The consolidation was 1 for 12

BGT

Yes, even with all of my past wining and complaining I still have some stock and am happy to see SNO come back on the board. For awhile, I wasn't sure.

With the news about the previous uncompleted financing I imagine the price will remain around the 10 cent mark for awhile. Then, we will see if they can actually get started on the property exploration. Does anyone know what they are planning?

Reading the May 5, 2010 news release again, the terms of the agreement for the claims seems quite generous,

"The terms of the agreements with Smith and Luxwing were identical whereby Snowfield will earn its 100% interests in the Claims by respectively, subject to regulatory acceptance, making cumulative cash payments totaling $50,000 each to Smith and Luxwing over a 23 month period to be completed by April 30, 2011; issuing a cumulative total of 12,000,000 shares from treasury each to Smith and Luxwing over a 19 month period to be completed by December 31, 2010 and expending a cumulative total of $450,000 on three programs of exploration and development each on the Smith and Luxwing Claims to be completed by December 31, 2011."

(Note: I wonder if the December 31, 2010 date above should be 2011? If not, then Smith & Luxwing would likely have old shares and maybe some new ones. Anyway, this is a mystery to me. Anyone have an answer?)

Unless this agreement has been modified and the shares issued are new shares, then number of shares outstanding would sit at about 40 million fully diluted. And, they haven't even started exploring yet.

If they have to spend $450,000 on exploration and this present financing only brings in $300,000 if fully subscribed and if the warrants are all exercised then they will barely have enough. Which means we will see several more financings happening fairly quickly.

In my opinion, with good knowledge of SNO's past and since they have the same management and directors, I'm expecting to see 50 - 60 million shares outstanding by the end of 2011.

Anyway, with the market as hot as it is and with Uranium looking like it will be in short supply for awhile maybe we will get lucky and see the stock price improve significantly. But, I still would have to get about $1.50 a share to break even from the diamond debacle.

As Montrose says, "Upwards and Onwards!"

Best of luck to all,

BGT

I don't know if anyone actually reads this forum anymore but if so, consider this.

By the time SNO gets their act together, considers whether or not they actually want to do any exploration again, and for what commodity, we will probably be well into the gold and silver bull market. Probably too late for SNO. And diamonds are not even on the map much right now. With the exception of Peregrine and possibly Stornoway who's exploring for diamonds with any real effort?

So, what's one of the next big commodities to consider? How about Uranium? The Globe Investor today talks about the up and coming need for Uranium and China's growing demand. From TD,

"China’s uranium imports are skyrocketing. At the end of August, 2010, import levels were up three times over the same period in 2009. And as demand increases, TD noted that hedge funds are coming back to the market"

"To account for this interest in uranium, TD increased its 2011 forecast price by 25 per cent to $62.5 a pound, and moved its 2012 and 2013 projections to $75 a pound."

IMO, SNO should get themselves ready to look at their Uranium claims, hopefully, with better results and leave the diamonds until next time.

BGT

I agree with you about the science. The indicator minerals (green garnets, etc.) said that significant diamonds should be in the vicinity. The Mudlake kimberlite is diamondiferous and I too expected to see better results.

I remember the rumour about the dynamite. What evidence is available that says the dynamite was too close to the diamonds and caused the problem you describe? Why would an experienced, international company like Dyno make such a basic mistake?

Lawsuits can be very expensive and time consuming. How is suing Dyno going to help SNO? What are they trying to get from Dyno? Why hasn't SNO released any news about their intentions in this case? Do they expect Dyno to come back and try again? Would the money and time that SNO will spend be better spent on developing some other part of the business like exploring their Simpson Island Uranium claims.

SNO doesn't keep their shareholders well informed about anything they are doing. I hope this isn't just another attempt to generate some interest with a good story. I need more than a good story to rekindle my faith in this company.

Having said this, I still believe a viable deposit exists somewhere in the vicinity. The science says so but whether SNO has the money and/or expertise to find it is another story. Times are tough, money is tight.

Time will tell and I wish them luck, I believe they will need all they can get.

BGT

Dyno Nobel is a very large, international company with deep pockets. IMHO, I hope SNO has a strong case otherwise they have chosen another way to throw "good money after bad".

BGT

After floundering around since the end of January, my chart tells me that PEZ is ready for a rise in price.

Drilling on their Baja project is expected to begin in May and could add substantially to the resource base. Hopefully, we will see it hit the $2 range in the near future. Keep your fingers crossed.

BGT