Ann: Toamasina Graphite Project Update, page-149

I follow this stock only out of interest. Now having heard both sides of the story, I would have concerns about the operations of both companies. Perhaps some of you might like to comment on my points below.

♦ Interesting, DNI Metals claim that CGM sent and used the wrong drill rig necessary to capture the range of graphite flake sizes in order to properly evaluate the resource. With all respect, if Swick is a leading innovator and highly experienced operator in the drilling business, surely ensuring one had the appropriate drill rig for the commodity being drilling for would be the first thought to consider, analogous to 'Dummies for Drilling 101'. What was CGM thinking?

♦ Also, why did CGM not notify their shareholders earlier in the piece of the developing issues with DNI Metals. If you're having "unavoidable" delays...surely you would want to document that for shareholders, albeit in the event you might need it as evidence to support your extension requests.

♦ Regarding CGM, if you wanted to expedite the project, why only assign one drill rig to the project (and by the sounds of it only one drill operator?). Their lithium activities in Brazil are still at an early exploration stage, so surely additional rigs could have been dispatched, no?

♦ If the assertions are true that CGM's drill operator was falsely imprisoned by Dan Weir (including attempted imprisonment of Randle Swick), then I would say that is a highly indictable offense and an extremely nasty tactic for delaying the operational activities of CGM, their JV partner.  Proving this assertion will most likely be CGM's winning ticket if this ever ends up before a magistrate in the Canadian courts.  

♦ What I don't know enough about is why did DNI Metals seek a JV partner in the first place. The scoping study and preliminary geo samples would have surely indicated that they were sitting on a highly prospective graphite resource, that was also clearly very cheap to mine (saprolitic material).  Cougar obviously saw the tangible benefits of being a JV partner on this project!  

Anyway, just a few of my musings. Welcome people's thoughts on the above.
Cheers
S