Rick and Dirtpoor,
Firstly, in reply to Dirtpoor, I too bought shares in MLSM. The reasoning was that after reading as much as possible about the Potter property, I thought it had good exploration potential and even if results were only so so, we might have a good market. Nothing has changed except the exploration program was not done. Big question now seems to be who has who by the throat - HDG vs MLSM. In someone else's hands, the property might have potential. With MLSM, I seriously doubt it but who knows.
Here's what Rick says he's been told by MLSM types
<< Here is what I have been told by MLSM: estimated 8 million tons todays market price worth about $40.00 a ton, total value is: 320 million dollars, half of this would be for mine start-up and operation now you have 160 million dollars divide by 30 million outstanding shares total per share would be about $5.00, If they find an additional 8 million tons then the cost per share would be about $10.00. >>
FWIW I believe those statements are total nonsense -$40 of what per ton and what's the recovery rate. They give no grades nor even mention whether copper or zinc, gold or silver, etc. My bet is these statements were made off-the-cuff by MLSM staff none of whom are geologists or engineers. You'll notice that nothing like that is stated by their professional consultants who have to place their seal and credibility behind them.
One last point. As mentioned, I too made a number of phone calls to both MLSM Toronto and North Bay last summer and heard similar nonsense. One incident was pretty funny. A chap who should know more, was describing what they seemed to be getting in drilling. When I asked if it was chalcopyrite, he replied he wasn't sure but that it was "the stiff that is brownish and turns greenish after awhile." Later when talking about the envelope of mineralization, he said there was no such thing as barren sulphides. Geez he threw me. So much so I phoned again next morning to explore some more. Initially I thought he was simply having fun at my expense. After the second call, my believe was that the man simply did not know the difference between chalcopyrite (a copper sulphide)and sphalerite (a zinc sulphide) or much else about their own property. Stunning!! That's like a house framer not knowing what a hammer is... or what he's making. So when they roll out tonnage numbers, I'd pay no attention.
As mentioned before, MLSM list heavy data on their web site. If their own professional consultants like Dave Gamble state proven and probable, many will listen. Until then, it's fantasy and the market reflects it. That's all FWIW and IMHO.
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