Trey Wasser

Crystallex’s Speculative Shine Begins to Tarnish

A message to KRY shareholders.
I happen to agree with Mr. Bane and appreciate his work. One reason why I started to publish my due diligence on SA was my frustration with message boards on individual stocks. The message boards have become nothing but a place for longs to hold hands and perform their cheerleading routines. Anyone who actually does due diligence, like really reading the SEC filings, does comparative valuations of similar companies, or otherwise reveals negative aspects of a stock, is labeled a basher (or worse) and discounted completely. I salute Mr. Bane for his work as he has obvioulsy done his homework and has expressed his opinion very diplomatically. Anyone who disagrees with him should suppport their view as concretely. Better yet, write your own report on why KRY is such a great value and have the guts to submit it for publication. I wrote a report gold.seekingalpha.com/... comparing GRZ and KRY. Just because you are long the stock is no reason to belittle Mr. Bane. You should appreciate someone pointing out the negatives, then do your own research. Anyone who believes that KRY is all about a PERMIT, is simply wrong. KRY is extremely overvalued for what they actually own (or don't own). The MOA has a real problem with no copper production. Leaving the copper in the waste rock will be an environmental nightmare. For this reason, I believe the permit is a long way off and the MOA will have to be renegotiated. Financing will be a real problem for a project in Venezuela that does not inlcude actual ownership of the reserves. There is a reason for the revolving door at KRY headquarters. Ask yourself, why is KRY selling at 4 to 5 times the enterprise value of GRZ? I believe, the answer is that many of those willing to buy or hold KRY at today's price are not doing their homework. Even worse, they are discounting those that do. Mr Bane and I may be wrong about KRY, but that is what makes markets.
Trey Wasser
III-D Capital

Why Gold Reserve, Not Crystallex, is the Better Bet in Venezuela

Fred
I mentioned the offering in the article.
III

Why Gold Reserve, Not Crystallex, is the Better Bet in Venezuela

Fred
The points I brought up are all correct.
1. The MOA does not include mining copper and thus the mine plan does not include processing copper. I do not know what they will do with it, I assume they will leave it in the waste rock. This could be a big problem.
2. The share structure at KRY is correct 250MM shares and $100MM in debt. I did not include warrants and options which I am sure would push the market cap higher.
I do not know who Bane is but the rest of the comments are all mine and are researched. I feel the stock is very over valued compared to GRZ.