Wildbilly, after averaging in at 3.7, I sold at 13, 12.5 and the...

Wildbilly, after averaging in at 3.7, I sold at 13, 12.5 and the last lot at 9.8, so no bitterness there - and I sold all the MMN at 29.5, so that was OK too.

The negative feelings are because the company's announcements are vague, and they cannot be contacted for clarification. The production estimates are falling after much confidence that they would be 1.5 to 2.0m oz/yr to 1.2 to 1.5m oz/year, and from a cash cost of $13.5/oz to $20/oz (on top of which you have admin and management costs). So the new process incorporating the Merrill Crowe circuit and the improved crushing technique doesn't appear to be working nearly as well as anticipated - and we are six months (at least) away from finding out how well it will really work.

I was enthusiastic about the new management when I bought in. They have put a lot of their own money in, they had a plan for producing efficiently after abandoning the EWE plant, but it is unfortunately not turning out as planned, and they now have cash flow difficulties which they are covering with loan capital. Presumably in the hope that it will come good and it can be repaid quickly. On the other hand they should have told shareholders when it occurred, not a month later when $750k had been drawn down. So, not only is the process not working well, but communications to shareholders are not as open as they were a year or to ago, and for me that is a warning sign.

Good luck! I never buy on charts (although yours do have some very attractive squiggly bits :-)), only fundamentals - but it works for me. The way the silver price is tonight, you should get them even a bit cheaper tomorrow.