Friday, October 23, 2009

FREEWEST : chat with Mac

Well lets see. Mac seemed confident almost to the point of being his lo-key self.
We touched on CLIFFS and Rob McEwen, but he did not let anything decisive slip to me.
CIBC is in fact still the advisor, and discussing the response to the offer, he indicated it would be mailed by Wendesday of this coming week, as required. While we talked about the impending NI 43-101, he said that a "Resource Announcement" would be forthcoming soon.

As we discussed the tonnnage in the James Bay ROF camp, I suggested that FREEWEST has half the tonnage under it's control and he laughed and asked me to "give me a break", indicating he thought the percentege controlled by FREEWEST was much higher.

Talking about ways, means and reasons for rejecting this spurious offer from Noront, as to stockholder value Mac pointed out that FREEWEST has the proven track record of discoveries and that this would not change. He agreed that the new 52 week high was a good indicator of the companies prospects and agreed when I suggested I thought the current stock position was unlikely to correct much beyond 45cents on this particular move.

So I'll be watching the stock's action, anticipating the response by Wendesday, and the forthcoming "Resource Announcement". I will look for a straightforward statement, with no misleading components as we so oft have seen from other outfits.
This company has earned a reputation for honesty and it continues.

Overall I found the chat positive and told Mac I was using it in this short post, as those following this stock wanted to hear something from him.

Personally I got into this stock for a 10 bagger a year and half ago, and nothing has changed my mind so far. IMO, anything below 50 is where I will look to get somemore for however little time it goes there.

Meanwhile Good Luck to all.

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