This is a total setup inside job if you ask me.  CEO comes in - previous experience with waterton, quickly indebts the company to waterton.  Gives no indication of the true state of affairs in the last 4 previous quarters, each previous quarter mgmt says we beleive we have sufficient funding to deliver - then boiler goes down - for 3 weeks whoppee - he drops the bomb that he has handed over 60 percent at about a dollar and once of gold.  No shareholder rights issue, PP etc

The permit statement in December was a clear lie clearly – they had submitted it and did not have the funds for the bond – this was and is dragging it out.

My first blatantly obvious question in why the hell are we worrying about old ore – its been processed and 40% recovery is not what we are after – the current mine plan should of always have been new ore or blending it with the other processed ore.

Mgmt saying in 2 months they expect to do this is to close for comfort considering that they have screwed up pretty much everything to date and it’s the end of feb so this would be april.  – they then have 3 months to process and find the 5.6 million.

As suggested we have rat on board – we as shareholders need to act quickly and A get this deal over turned else we will be funding years of litigation.  There is absolutely no need for waterton to do anything – it will work out better if they just sit on their hands and blame JTO. JTO will be the fall guy and waterton will walk away with the prized asset.  Our prized asset.

Man I am livered after listening to that conference – is anyone interested in having a shareholder conference call to discuss next steps.  I have little confidence that the regulators will do anything.

Some did mention that the best thing would be to allow Waterton to show its cards.  And let them have it then take proceedings.  I would rather go down fighting at the coal face then allowing this issue to be decided by the courts at no-one’s benefit apart from the lawyers.

What a complete cluster f#############k