No decision today. It's expected tomorrow at 2:00 mountain time. The judge had initially said 1:30, but within a couple of minutes changed it to 2:00. This of course is 4:00 Eastern, which just happens to be the end of the trading day. I assume it's just a coincidence.
The highlight of the day came during the SEC's closing argument. Mr. Fussfield said, as he had done before, that the May 22 PR had stated that the company had reserves "worth billions of dollars". This is a clear lie. The judge said, "I don't see that in the PR. Could you show it to me Mr. Fussfield?" (Snickering was heard directly behind Mr. F. It was ge-believer.) Mr. F said, it's not in the PR, but millions of ounces are worth billions of dollars. The judge said, "Are there not recovery costs involved? The gold is not actually worth $300 per ounce, as you said." Mr. F was forced to agree.
Some thoughts from Dr. Hausen: (he didn't testify because of time limitations)
He called the company's statements concerning reserves "very conservative". Concerning reserves, he said, "We KNOW (emphasis his) they are there."
He vowed to do everything he could to find a JV partner for the company, without any compensation. He was quite confident that he would be able to do so. He also said that he didn't think a major would be too interested before a paper on the Cangalli Deposit was published. Fortunately, he's working on one. He and Guido are also going to collaborate on a larger one in the future. It's worth noting that he received his PhD from Columbia for his paper on Carlin, which was published in National Geographic. He also said that the only unsuccessful project he's ever done was a deposit in Siberia a couple of years ago. He said it was a promising deposit, but nobody would touch it because it was in Russia. He had contacted more than 40 companies (N. American I believe) to find a partner for the Russian's. I'm thrilled that he's on our side. |
