"The flotation line is currently processing polymetallic ores on a custom milling basis and the leaching line is processing gold ores that are purchased from the local market. "
Translation: The flotation line is processing the ore for some OTHER CLIENT so THEY keep the silver and THEY keep the money. Any cash we get from the contract goes to J&M and NOT PLE. That's why we only have $16,000 in the bank. The gold ores that were processed were purchased by J&M since PLE has so little cash that we can barely afford a glass of tequila from the local bar. Any money from the sales of the gold will also go to J&M.
"The second ball mill (5ft x 8ft) installation has been completed and is expected to be operating next month on additional feed."
Translation: PLE wrote that this would already be working by the 3rd quarter, but is now months and months behind schedule. Waiting until December to inform you all of this means that Bedard can say"next month" instead of "next year". Then the next time someone asks him when it will be up and running he can use the word "SOON" without feeling pangs of catholic guilt.
"Plexmar's subsidiary and J&M Business, the two partners in the joint venture operating company will carry out an accounting review of all investments, expenditures, costs and revenues incurred to date in order to define and share the operating profits on a 50-50 basis as dictated by the contractual agreement. Additional investments incurred by J&M may need to be reimbursed prior to a 50-50 split of profits."
Translation: Do NOT expect any revenue to PLE in 2012 since J&M wants ALL of its money back before giving us one red cent and they've probably already spent millions upgrading the plant, buying the ore, operating the plant and PLE has spent nothing since we only have $16,000 in the bank. Proof of this? The plant has actually INCURRED REVENUES but none of them have shown up on the books of PLE so they must all be going to J&M. Once again, this would explain why PLE has only $16,000 in the bank.
Cheers,
The 16,000 Dollar Man (with apologies to Lee Majors)
