update, page-133

Just my utter frustration boiling over Guys .
As you all well know , I have supported SBR through and through , but there comes a time when you have to speak out . NO-ONE can justify the recent performance of SBR . Yes you can make excuses , but which one of you would like to sit across the Boardroom table and have to justify collecting your pay cheque during the first half of 2014 if you were the SBR manager ? But then , you would be looking into a mirror , seeing no embarrassment reflected whatsoever .
The tenement (s)
....have been put under a very strong microscope by at least one worldwide Financial Institution which has the $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ to arguably buy the best mining investment opportunities going round .Having narrowed a substantial range of opportunities down ....they actually wanted in on this one .
In fairness , I don't know the content of the actual offer .But guess what , we knocked it back ...when the sp was much higher , and we now have a market cap of < $6m with ~ $3m in cash in the bank .
I reckon I could still get them to buy -in now , but no , let's destroy any value associated with the prospectivity of the tenement by fartarsing around with inadequate equipment and about 1/4 of the drilling resources necessary to get the job done in a reasonable timeframe .
Sure Cu is down @ the moment , but we need to prove resources up now so we have them when the market rebounds and reap the benefit @ that time .
We are invested in a minerals exploration company ....if the money that we have is not being applied to exploration what the hell is its intended purpose ?
No complaints if we have a go and it doesn't pan out , but just to fritter it away on o/heads is criminal imo .

Sutto ....yes , we have hole 61 assay results to come , and yes there may be some positives that come from the Matt and Paul Mazzone trip to Na . So , I am not suggesting that anyone write off their SBR investment just yet as the tenements hold great potential ...but my God , the leadership strategy to progress the project is absolutely abysmal . Unless , of course , they don't have one , or haven't communicated what it is , to us .

They say madness is continuing to do the same thing and expecting a different result . Well we have seen what the efforts to date have achieved ..... surely they can't be so stupid as to continue their current approach .

The role of a Board , and Management , is to increase shareholder value .
Now let's say that our tenements would be worth ~ $10 m on the open market , we have ~ $3m in the bank ; and we have ~220m shares .
My calculator gives a value of 6c /share .
At the current sp ( which gives a market cap of ~ $5.5m ) , it is an indication that the performance of the Board and Management is having a negative impact of ~ $7.5 m . And , that is without any blue sky .

All I am looking for is some clear leadership ( strategy) , some performance accountability ( timeframes that are measurable) and some outcomes .
Last , but not necessarily least , wouldn't it be refreshing if the Board , and Management , realised that we are all consenting adults out here in shareholder land .
We have to take the good and the bad news . If you sugar coat the story , the market eventually comes to price that in anyway ...as we have now .
What is far worse imo is to not actually set any performance targets for the organisation and staff ; don't have anything that can be actually measured ; so no -one can be held accountable .Yep , they are the hallmarks of a finely tuned organisation .
IMO many shareholders work in organisations with those management/ accountability structures providing the foundation for their performance .
I would much sooner have performance targets in place and occasionally miss one , rather than have none that are visible , no failures , but a scenario where the market provides feedback and in effect says " Your performance stinks." That is the REAL PERFORMANCE SCORE .

All the above may sound negative , but I truly believe that the SBR tenements contain real value .
I just want to see a changed approach that backs a real go at realising our potential .

MEMO TO BOARD AND MANAGEMENT
Your current approach is not working !!!!
And , please treat this as tough love , as I want to see you succeed .

GLTA ... and I hope we get some good news soon .Don't give up !!

Q