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  • keepshorting keepshorting Jan 7, 2012 8:00 PM Flag

    Natasha Statistical Analysis

    In summary, he appears to not like information directly from the company and seeks to discredit it.
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    why would anyone believe anything from the company? they have missed 100%, I repeat 100%, of their deadlines/targets. they also stopped insider selling after Barron's spooked them.

    In my opinion, the Reid's cannot be trusted. Especially when William Reid refused to answer Mark Haines question about how much they make from actual gold and not gold equivalent. They used to double count the base metals and then corrected it in their presenations. Most likely because they read about it on this message board. They also used artificially low gold prices to boost their gold equivalent count estimates and they partially corrected that.

    Bottomline - The REID's are WEASELS and anyone who trusts them deserves to lose every penny they got. And you will!

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    • <<They used to double count the base metals and then corrected it in their presenations.>>

      Hi Keepshorting. Hope all is well with you.

      From what I have gleaned so far in my research, I could not agree more with you that the management of this company works harder at hype, than disclosing reality.

      But, since I am fairly new to the company, could you expand or give me a source on your claim that management was double-counting base metals credits?
      I am assuming that you mean double counting in their investment presentations, yet NOT in their SEC filings?

      If it's in the former, that's certainly decptive to investors and potential investors.
      If it's in the latter, we are talking about accounting fraud, since I have not seen amended filings.

      Thanks in advance for your response, keepshorting.

      • 1 Reply to engynear
      • But, since I am fairly new to the company, could you expand or give me a source on your claim that management was double-counting base metals credits?
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        OK. I am sure you know what gold equivalent means, right? As an example, say gold is at 1500 and silver is at 25. If you got 10 ounces of gold and 600 ounces of silver, you can say you have 20 ounces of gold equivalent. Because 600 ounces of silver in this example is the same dollar amount as 10 ounces. This is what the Reid's do. But their original estimates included zinc, silver and lead using the same basic formula listed above. That is where the FRAUD took place. The Reid's were going to use the money generated from the sale of base metals and apply to their production costs. You can't do both. You cannot use the base metals towards the resource size and use them as cash credits. That is where the double counting took place. They have fixed it but only after it was brought up on this msg board.

 
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