After they reportedly acquired 1st 68 drill hole reports in May 2011 those results led to the Coloso vein. As a result, in pics starting ca Sept 2011, we saw a vastly enlarged mine foot print-now they had some direction they hadnt had but it required and called for lots more equipment to properly utilize-operationally they are working on a longterm plan as Bullitt and Bob had reported before. So they apparently put off the planned buyback for some time because of equipment needs. They are also replacing rented equipment w cwrn owned equipment-which saves money.
60k ore sold in Dec finished paying off previous investors,who as Sunny said still own ca 70 million shares but they are paid off-which is an important operational milestone. Apr 2011 PR indicated 75% of cash contributions had been paid off w 1st ship revenues but now the equipment notes are paid off also-important milestones.
Previously, he had said as you report that it would be sometime before buyback would begin(due to equipment needs and those notes) but the last time any mention of this issue was made he said hopefully they would be able to do something before long with regard to the shares (buyback was also promised on a ship by ship basis ca 2-28-11 PR as well as Nov/10).
Inventory, if u include the 200k tons which will now be processed by the trommel and the last reported 150k 1-3mm, is huge. He reported in an email posted by somebody else-Rocket or grajekk? that the Cemex cement byproduct was apparently covering most of the overhead now-which would be utilities ,labor costs etc-which are small in comparison to the millions being spent on equipment.
I have told him many are hurting who bought at 1-3c based on his words of a major move soon (nobody could see the perfect storm of dtc/otc/broker games which was all made possible by a new antibusiness attitude at the sec and doj-which gave brokers etc the lattitude they had never had before to attack pennies-which they had aways hated).
And that due to lifes circumstances some are forced to sell at a great loss and are losing homes etc as my bestfriend-(who had a wife and children) who got me into this -did, as well as losing his life-he didnt have money for medical treatment despite my help and I've already lost much of what I had had due to helping him and the stocks he got us into-including this one--his plan was that I would use my profit from this trading to buy some of his land so he could avoid foreclosure-he had built a big house for 1st time just before great recession eliminated all his consrtuction co's business) and in helping him plus an unplanned babysitting of this stock against bashers for 2 and 1/2 years- for which I am not paid in the midst of an already 100 plus hour /week schedule -so I dont take kindly to any suggestion I exaggerated anything-I've spent all my life fighting for the truth and helping people without pay against a deluge of "do nothingers" and singleminded "shorters" .
(bashers/shorters actually pm me that my friend losing his home and life encourages them -that their efforts to destroy peoples lives are succeeding- I've been trying to open peoples eyes to basher/shorters true motives/methods but nobody seems to believe and nobody will come into agreement w me to stop them via methods available-an age long story-but its nevertheless my responsibility to open peoples eyes as a time of vistation, so I sneak it in once in a while-I've seen most have severe limitations on the amount of truth they can handle in the midst of their silent majority "dont upset my comfortable life" worldview--which allows the singleminded bad guys to win every battle by DEFAULT-where would we be if the U.S. military had the same do nothing attitude? we would all be dead).
Thus he said hopefully they will be able to do something w the shares before long (which as we know from PR disclaimers of no market awareness etc refers to buyback). Bob is aware of the pps, he doesnt believe it will fall much below what it is now, he has noted it wouldnt take much buying at this very low volume to raise pps considerably and reminded me that they are limited to buying 25% of the volume -as balahi has reported from official sources several times. I've also reported here before that it wouldnt take much buyback at these low volumes to raise pps.
