Scott & Everyone: I have just spoken with an attendee at last
Saturday's meeting at the refinery. I regret to report that the
meeting did not come off as promised. It would appear the agenda
of the mill owner, Mr. Stan Wardell was different from what everyone
had been led to expect. First, there was no check for any of GPGI's
product which had been sold. There were no assays presented and lastly,
there was no evidence presented of any refined metal in the plant.
When it came to discussing their process for dealing with GPGI's metal,
Mr. Wardell claimed it to be proprietary. In short, the presentation
turned out to be a NON-presentation. Mr. Wardell stressed that he needed
$10 million to bring the facility up to speed, which seemed to be his
primary agenda for holding the meeting.
Mike Wendell, who is highly respected did make the observation that
there is "no doubt GPGI can produce PGM's in commercial quanitites."
BOTTOM LINE:
This is very disappointing to everyone concerned. We had supposedly
been promised a six week turnaround by this refiner, and it has now
been nine weeks. However, all is not gloom and doom at this point.
First, GPGI will be making shipments to other refiners in the very near
future. Russ Twiford will be delivering a shipment I think tomorrow,
and will be working with the new refiner. This refiner is anxious to
work with us and has promised an extremely quick turn-around time.
Secondly, I was told by Dick Jensen that GPGI is going to be getting
an office, and completing the financials to get off the "designated"
listing. This is very positive. It will erase the "mom & pop" image
some have of GPGI at this time and give us increased prestige within
the brokerage community.
Thirdly, the mill is to be upgraded and our refining and electro-winning
capabilities increased.
Fourth, the Oro Grande needs to be proven up by drilling. The drill
results could prove exciting as prior assays show it to be an extremely
rich ore body.
If the right things start happening, GPGI can raise some money and all
of the needed things I noted above can become reality. By "right things"
I mean finding a refiner that can turn our product into cash flow. It
may take longer than we'd all hoped. but remember, you don't want to
leave until the fat lady sings.
Regards,
Jeff
PS: For Scott -- A "Fatal Exception Error?" Sounds like something
out of MI-5 that would be tendered to James Bond for implementation. |
