Donald Smith & Co. also participated in follow-on financing, as filings show today.
Recall Pershing Gold's PEA is due to be released by the end of the quarter. With gold's recent rally, and the demonstrably low all-in operating costs at Pershing Gold, it makes sense why these guys are buying. It's a NI 43-101 and PEA-backed gold mine where they can buy gold $300-400 cheaper than current market prices.
If you're going to invest in gold, why not buy shares of PGLC? This mine will be operational within a year, and you're better off here than even physical gold, in my opinion. So much cheaper to buy PGLC shares... you get 25% or more off the price of physical gold.
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