translation into plain english

Mr. Morgan: "timely disclosures have been made with respect to each concentrate shipment"

Translation: "All shipments have been announced. There is no more tungsten than that. We failed to produce more than this pathetic quantity."

My comment: I did walk you through all the shipments and numbers. Why do you continually refuse to accept the fact that this company MISSES all its targets and deadlines by a wide margin? They said they would start production before the end of 2011 but did not. They said they would drill Tara but they didn't. They said they would produce 5000MTU per month but they did not (in fact it's 750MTU per month during the most recent shipment period). They said they would generate revenues of 10M per annum but do not (actual figure 1M).

Mr. Morgan: "The equipment that has been purchased by the company to date has been associated with modifications to the materials handling section of the *tailings* retreatment plant"

Translation: "To date we have not ordered any equipment associated with the hard rock project."

My comment: They said they would order long lead items for the hard rock project but they did not. This is just the latest addition to a very long list of failures. The presentation that was provided to us in February, particularly the timeline on page 22, is waste paper already.

Can't you see the HUGE gap between what these gentlemen say and what they do? Can't you see there is ample reason for the share price performance? During the last 6 months the stock has basically been cut in half. I am a shareholder just as you are and I am suffering losses just like you. Believe it or not, we're all in the same boat. The only difference is I don't blame it on a HC poster who calls a spade a spade but on management!