Picking up pieces.
I sold out at 3 1/2 after the PR. The property has great potential, but I lost confidence in management. The continued mysteries about Auric, Friendship, Behre Dolbear, and Lycopodium relationships, the careless PR that didn't bother to mention that IPM drill results nearest the randomly selected samples were similar (in the low range), the long silence during the summer while we were left with expectations about the recovery process (that was dismissed in a sentence without explanation), the sense of spin always with no discussion of mistakes or explanations of changes in strategy, the loan to Namibian Copper (presumably to pay Alan Doyle) that appears in the latest 10Q transformed into shares of Namibian, and the fact that I could never determine (and management would not answer my question) whether Le Furlong was claiming a degree he did not earn (my daughter-in-law in Washington checked; Eldon Slife's son (a student at the college) could find no record of his graduation; I gather from Kim that it was discussed at the AGM, but I don't know what the discussion concluded), all of these taken together are enough to lose my trust. Management may have the best intentions and work 12 hours a day, but if I don't trust them I can't base decisions on the info that they release, and I can't enjoy being a long time holder (in a small way paying them for bullshitting me).
That said, the company may do very well in the long term. I hope so. Certainly there will be good opportunities for the traders.
John
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