Dan,
You are obviously close to management so perhaps you can answer or obtain the answers to the following:
(1) Is it not true that one of the persuasive factors for many investors in Clifton Mining was not only the BD report of their silver reserves and the potential for much higher reserves... but also the high lead byproduct which was proportedly going to offset the mining cost of the silver so that the company could be profitable even with a low price of silver?
(2) This being the case, do you believe management was aware of the new law which was certainly discussed openly in the public arena? If not, then, IMO, they are guilty of malfeasance and breach of fiduciary duty.
(3) If they were aware of the new law or even the potential that it might be put into effect, don't you believe this was a material issue that should have been disseminated to shareholders? Again, IMHO, if they were aware and did not report this to shareholders, they are, IMO, guilty of breach of fiduciary duty.
(4) In e-mails with Keith Moeller there was never any remark made to me about the inability of Clifton to mine their silver reserves because of the new law. In fact when I asked about the sudden drop in price from over a dollar/share (during an already weak precious metal market) he blamed it on shorting by market makers. In fact when I asked about a PR firm to catch the supposed shorters off guard, he said they had one and PRs would be released on a regular monthly basis... but, again, no mention was made of the new law which essentially appears to have made their silver reserves worthless. Do you call this honest?
(5) The price of Clifton's stock dropped almost 90% from it high (during the bad market). Who was selling? People who were aware of the new law and how it would affect Clifton? Did insiders sell any of their shares during this time period? This certainly would not be difficult to ascertain.
Frankly, Dan, I am tired of listening to the balderdash about the poor PM market. Clifton was going against the trend based upon its announced silver reserves and the important fact that the value of the lead would offset the silver mining cost and help to make Clifton profitable... even with the low price of silver. IMHO, it certainly would appear that just the opposite has occurred and the presence of lead has become a major deficit. Unfortunately, we as shareholders were not informed and I held on for quite a while based upon the proclamations of management. I was wrong in my post of a few days ago as I had 40,000 shares... not 30,000 shares. Yes, I am angry... not at the price of silver, but because I strongly and sincerely believe I and the other shareholders were totally mislead by management... and, IMO, they were not honest and forthright with their investors.
I sincerely doubt if you'll get an answer to all my questions from management, but rest assured... I do not intend to just forget this. I have invested in many juniors before and am well aware of their speculative nature. Clifton, however, was a completely different story as reiterated above and their stock price went contrary to the market even in 1998 based upon the company's reports. Unfortunately, they somehow forgot to mention the one that may be their downfall. They apparently have silver they cannot mine... and they didn't tell the shareholders about it until the market had taken the price down 90%. IMO, someone knew and was selling.
Marty |
