peelwood 6 months away, if in fact ever.

Hi all,

I found out about SSC thru a broker friend, late last year. Too be honest I hardly knew anything about the company so I first bought about $10k worth. Then on the thought of an imminent mining approval at Peelwood, I bought more. Ended up owning about $35k worth at an average buy price of $0.011.

So for what has been around six months I have watched this stock daily, hoping for good news, seeing it run to around 2c a couple of times then back down.

During the whole process I found the announcements for this company to be vague at best and I have even complained on several occasions on this site about company management and their lack of detailed information. (with some very interesting replies posted)

Like everyone here, I got impatient with the constant delay of what appeared to be a mining approval for Peelwood, so on Wednesday the 16th I called both the council involved (Upper Lachlan Shire) and Derek.

Firstly I called the council and told them I was looking a purchasing a large parcel of property in the Peelwood area and that I wanted to speak to someone about the proposed reopening of the Peelwood mine. I asked if a formal application had been put to council and the lady said she knew nothing about it and that I should ring the company involved. Playing along I asked what company it was and she googled it and told be it was Sultan Corp.

So I called Sultan and got Dean who told me Derek was away and would be back on Friday. So I thought Id get the usual run around and never get called back. However to my surprise Derek called me back about 30 mins later from his mobile. He told me he was in between meetings in Sydney.

I have to say here that Im normally very thorough with my research but with Sultan I, like everyone else here, was blinded with false hope about Peelwood. I put this down to the vague and slightly misleading company announcements and a lack of research on my behalf. I posted the below firstly as I mentioned in a previous post a couple of weeks ago that;

The ULS or JRPP dont mention anything about this project other than a presentation was made to the ULS on the 19th of November 2009. (council meeting miniutes)

Therefore if the ULS hasnt received the DA (presuming this is the case because there hasnt been any announcement for public submissions) we are a minimum of 6 weeks (30 days plus 2 weeks) away from the JRPP giving their recommendation. Let alone then the official mine approval.

Back to the callSo I told Derek I was a shareholder and I asked straight away if a the formal application for mining had been lodged for Peelwood. He dodged the question slightly and said that he was frustrated with the NSW government and that they made it hard for small people like him to get approval. He went on to say that the people in the Peelwood really want them there but its the government that is making life hard. He came across very frustrated.

To my disbelief he said with another $200k and 6 months we could get mining approval at Peelwood

He said to be honest he was more excited and interested in Montenegro and that both the Montenegro government and people wanted them there. He said where Peelwood had intercepts of 3-4m, Montenegros were 20-30m thick. He said he wanted to start drilling straight away and when I asked him what straight away was, he said the next couple of months.

He said they may keep the process going with Peelwood but if there was a buyer for Peelwood that in fact they would look at selling it.

I asked how long Montenegro would take before the JORC/BFS (not knowing really what I was on about) and he said 2-3 years.

So with a company fast running out of money and a capital raising around the corner and nothing going to happen anytime soon I decided to SELL all my stock.

So in the 10 days since this phone call, myself and a couple of colleagues have gone about selling our collective 5-6mil shares. Thanks to a keen buyer this morning we no longer hold any Sultan stock what so ever.

So excuse the delay in relaying this information on to everyone but I had my own interests to look after here.

So I LOST around $12k personally on this one and colleagues lost a bit too, but I think selling now will prove to be a good decision. IMO this will go a lot lower before it comes back up, sorry that should be IF it comes back up because I dont understand how they can fund Montenegro without Peelwood.

As the guru WARREN BUFFET says, invest in good management. I took a straight out gamble on this one and should have done my homework far earlier than I did. This company is poorly managed IMO, (blame the gov depts like you all want to) but the application has not even been submitted and the lack of information to shareholders about the process is bad.

There is potential in Montenegro but it is not going to happen soon, and on the precedents set by this company, Im not willing to hang around to find out and be given misleading information.

I hope they do the right thing soon and announce this information, because it is nearly the end of the 2nd quarter.

I have Dereks mobile number if anyone wants to call him direct and confirm any of the above.