More matter with less art

This Thing Isn’t Like That Thing, silver wheaton (SLW) and sandspring (SSP.v) edition

This thing is from Silver Wheaton (SLW) in November 2013:

VANCOUVER, Nov. 11, 2013 /CNW/ – Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX:SLW) (NYSE:SLW) is pleased to announce that it has entered into an Early Deposit Gold Stream Agreement (the “Early Deposit Agreement”) with Sandspring Resources Ltd. (“Sandspring”) for the Toroparu project located in the Republic of Guyana, South America.
“Silver Wheaton continues to push the streaming model forward,” said Randy Smallwood, Silver Wheaton’s President and Chief Executive Officer. “The Early Deposit Agreement model allows us to get our foot in the door on high-quality, earlier stage projects such as Toroparu for relatively little upfront capital. From Sandspring’s perspective, these funds will allow them to complete the bankable feasibility study without subjecting their shareholders to excessive dilution that today’s challenging equity markets would deliver. Yet again, Silver Wheaton has developed another innovative, win-win business model. In todays market environment we expect this model to be very attractive to junior exploration and development companies looking for funding.”

That thing is from Sandspring (SSP.v) today:

The Company announces that it has completed all field and design engineering work required for the feasibility study for its Toroparu Gold Project located in the Upper Puruni River Region of western Guyana. However, the Company has elected to defer the additional expenditures required to complete the final stages of the Toroparu Gold Project feasibility study such as value engineering and optimization studies.

And then, insult to injury and all that, SSP goes on to explain how it’s going to set up a small scale mining operation on the property in 50/50 partnership with a company set up by insiders who bought in for $500k, undoubtedly money that moved from SLW’s treasury to SSP’s and thence to director’s pockets. 

“Pushing the model forward”. Yeah I liked that one…pushing it until it drops over a cliff, more like. Randy Smallwood, Sandspring saw you coming a mile away. 

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