TO: Bob Walsh, et. al.:
I find it very interesting that, on the day following the April 30
announcement, MM's find it appropriate to knock the stock down to
2 5/16 as I write.
Tell me where the bad news is here. As I interpret Dick's release,
they are on the verge of dropping a dore bar on the table. The only
question is, how much metal will it contain? This is bad news? No
other company in the US (including Stillwater) has managed such to
accomplish the feat of producing PGM's from raw ore. As to the
specifics of ore grade, leach contents, etc., I seem to remember an
earlier letter from Russell Twiford which talked about $10,000/day as
estimated revenues from a leaching operation of moderate tonnage.
Assuming this figure is reasonably accurate it should get us started
and enable us to ramp up production to six figures IMO, especially
when we get going at the Oro Grande.
Russell mentioned to me yesterday that he expected to have the process
fine-tuned within a week or so. Once that is done, production will
start. The MM's know this. They must be licking their chops at the
opportunity to pick up all these cheap shares. Again, if I am wrong,
please tell me where I find the bad news in the last announcement.
Regards to all --
JW |
