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LINK TO CONTINENTAL RESOURCES GROUP'S SURVIVING MESSAGE BOARD
Here is the link to the current message board for Continental Resources Group (CRGC): Pershing Gold (PGLC).
http://investorshub.advfn.com/Pershing-Gold-Corp-PGLC-18956/
Click the link and browse through all the insider buying reported to the SEC on Forms "SC 13" and "4". Unbelievably impressive!
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001432196
Lots of insider support that has only been growing over time. All major shareholders of Continental Resources Group have converted their stock into Pershing Gold and CONTINUE TO HOLD without ever having sold.
Honig has bought over $1M PGLC THIS MONTH!
http://www.sec.gov/Archives/edgar/data/1432196/000152153613000844/0001521536-13-000844-index.htm
This man believes this company (former CRGC shareholder, now consolidated as PGLC) is undervalued. It IS UNDERVALUED. Everyone is thinking this is just one mine. It is TWENTY FIVE THOUSAND ACRES! This will be mining country, not just one mine. Alfers knows what he is doing. This is going to be his magnum opus.
Billion dollar NYSE stock in the making.
$PGLC - The Future for Gold and Encouraging News from Nevada
http://www.discoveryinvesting.com/uploads/MNs_Thursday_May_30_2013.pdf
$PGLC - Pershing Gold Identifies New Gold Target Area and Confirms Gold Intercepts in Historic Drill Holes at the Relief Canyon Mine, in Pershing County, NV and Sells Its Valor Gold Stock
http://ir.stockpr.com/pershinggold/press-releases/detail/424
LAKEWOOD, Colo., May 30, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has identified a previously unrecognized zone of highly mineralized, gold-bearing jasperoids that expand the North Target Area and represent an exciting opportunity to increase the gold resource at Relief Canyon. The Company has also confirmed there are significant gold-mineralized intercepts in at least two historic drill holes that are located outside of the current resource estimate in the 2013 NI 43-101 Technical Report that need to be added to future resource estimates. Additionally, Pershing Gold recently sold its equity interest in Valor Gold (OTCBB:VGLD) for approximately $1.5 million.
Stephen D. Alfers, Pershing Gold Executive Chairman, CEO, and President described the discovery of the new jasperoid target and the confirmation of gold in historic holes that are not included in the current resource estimate as significant developments that will likely lead to a significant expansion of the Relief Canyon gold resource. "Pershing Gold geologists continue to upgrade the Relief Canyon deposit through a well executed program that includes detailed geologic mapping and a systematic review of the massive historical database that is available for Relief Canyon. I believe this work will lead to new discoveries that will expand the Relief Canyon Mine gold resource."
Identification of Gold-Bearing Jasperoids Expands the North Target Area
Based on field mapping conducted in March and April 2013, Pershing Gold geologists have identified a promising new gold target that could significantly increase the size of the North Target Area located north of the northern rim of the North Pit at the Relief Canyon Mine. Through detailed mapping and surface rock-chip sampling they found gold-bearing jasperoids that are replacements of deformed (stretched and folded) limestone that have been altered by hydrothermal fluids into highly silicified rocks. These jasperoids occur in fault zones, along sheeted fracture sets and/or foliation surfaces, and extend the North Target Area to the north, east and west (See Figure 1). The black jasperoids locally contain green fluorite and cover a surface area that is about 200 m (656 feet) wide and 230 m (755 feet) long.
The Company's geologists believe that multiple, steeply-dipping, NNE-trending structures have served as primary feeder zones for the fluids that formed the gold-bearing jasperoids within and around the Relief Canyon pits. Other steeply-dipping structures with variable northwest and northeast trends, as well as multiple stacked thrust planes, also appear to be important ore controls where they intersect the NNE feeder zones. Pershing Gold geologists are conducting detailed geologic mapping to refine their understanding of the complex structural controls on the gold mineralization at the Relief Canyon deposit.
Most of this expanded target is located on claims owned by Pershing Gold's wholly-owned subsidiary, Gold Acquisition Corp. The rest is located on claims that Pershing Gold controls pursuant to its minerals lease and sublease with Newmont USA Limited, doing business in Nevada as Newmont Mining Corporation (Newmont) (NYSE:NEM). Pershing Gold acquired the leased claims and adjacent subleased private lands in April 2012 when it purchased the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp. (TSX:VIT-V) in the 2006 Mineral Lease and Sublease with Newmont. The leased lands and claims are subject to an Area of Interest ("AOI") with Newmont.
The company believes the gold-bearing jasperoids represent a large, untested area of highly prospective geology in the North Target Area. Because this area has never been drilled, there is no drilling information to determine the extent of the gold mineralization. Figure 2 is a cross section through one of the jasperoid zones. Figure 3 is a photograph taken in the newly expanded North Target Area that shows black jasperoid in a deformed limestone host rock.
Figure 1: map showing newly discovered gold-bearing Black Jasperoid is available at: http://media.globenewswire.com/cache/19459/file/20010.pdf
Figure 2: cross-section N25E is available at: http://media.globenewswire.com/cache/19459/file/20011.pdf
Figure 3: photograph of Black Jasperoid is available at: http://media.globenewswire.com/cache/19459/file/20012.pdf
Geochemical analyses for surface rock chip samples collected from northeast-trending black jasperoid-fluorite zones show strongly anomalous gold (Au) and silver (Ag). Samples of northeast-trending jasperoid (feeder) faults average 1.25 gpt Au and 12.2 gpt Ag. Samples covering about 50 meters (164 feet) of true thickness along the hanging wall contact of the deformed limestone host rock average 0.62 gpt Au and 10.7 gpt Ag. Another group of samples representing 25 meters (82 feet) of true thickness along the footwall contact average 0.55 gpt Au and 10.5 gpt Ag (See Figure 2). Additional analytical results for samples collected from the rest of the jasperoid zone are anticipated in the near future.
Mapping and sampling have identified a second jasperoid zone that is located east of the above-described zone and along the same structural-stratigraphic horizon as shown in Figure 1. Additional geologic mapping and sampling efforts are ongoing in this eastern extension of the jasperoid zone.
In commenting about the newly discovered jasperoid zone, Steve Alfers said, "It is truly remarkable that this gold mineralization has remained undiscovered and untested throughout the history of the Relief Canyon Mine. I am confident that our geologists will continue to find additional attractive targets near the mine that will provide potential opportunities to expand the Relief Canyon deposit." Alfers added, "This discovery supports our belief that Pershing County is an under explored part of Nevada which holds promise for new discoveries."
New Assay Data from Historic Drilling Expands Gold and Silver Mineralization
In April 2013, Pershing geologists completed a strategic, site-wide geological re-evaluation of the historic drilling database that involves re-examining and re-assaying the core from selected drill holes of previous operators. The assay results received to date are quite encouraging. For example, results for NT08-DO4 that Firstgold drilled in 2008 confirm the presence of strong gold and silver mineralization from 387.4 feet to 492.0 feet, or 104.6 feet at a grade of 0.033 opt (1.12 gpt) Au and 1.03 opt (35.37 gpt) Ag (Table 1). NT08-DO4 is located on a claim that Gold Acquisition Corp. owns and is approximately 725 feet north of the northernmost boundary of the North Pit.
Re-sampling of core from another historic hole, NT08-D03, which is located about 300 feet east of NT08-04, returned assay results that confirmed a 30-foot interval from 442.0' to 472.0' that averaged 0.01 opt Au (0.39 gpt) and 0.16 opt Ag (5.4 gpt). Additional narrow intervals in NT08-D03 include five-feet from 777 to 782 at 0.039 opt Au (1.34 gpt) and 1.1 gpt Ag, with strongly anomalous arsenic and weakly anomalous antimony, and a 10-foot interval from 857.0 to 867.0' that has 0.047 opt Au (1.62 gpt). Analytical results for core re-sampled from NT08-D01 are pending. Figure 1 shows the locations of these holes. Figure 4 is a cross-section (116N) with drill hole NT08-D04.
Figure 4: Cross-section 116N is available at : http://media.globenewswire.com/cache/19459/file/20013.pdf
Table 1. – Summary of Gold and Silver Intercepts from NT 08-D03 and NT08-D04, North Target Area at the Relief Canyon Mine, Pershing County, Nevada.
Drillhole From To Width Au gpt Au opt Ag gpt Ag opt
feet
NT08-D03 442.0 472.0 30 0.39 0.01 5.4 0.16
777 782 5 1.34 0.039 1.1 pending
857.0 867.0 10 1.62 0.047 pending pending
NT08-D04 387.7 492 104.6 1.13 0.033 35.37 1.033
including 417 487 70 1.52 0.044 51 1.49
including 462 467 5 2.06 0.060 420 12.28
Note: True width of intercept is =90% of reported width
These new assay data are significant because the gold intercepts in NT08-D03, NT08-D04 or in some of the other older holes north of the North Pit in the general vicinity of these holes were not considered in the recently announced Canadian National Instrument (NI) 43-101-compliant Technical Report and resource estimate that Roscoe Postle Associates USA, Ltd. ("RPA") prepared for Pershing Gold. (See January 24, 2013 press release which describes an in-pit mineral resource estimate of 463,000 ounces of measured and indicated gold, plus an inferred in-pit resource of 101,000 ounces of gold.) http://ir.stockpr.com/pershinggold/press-releases/detail/393/pershing-gold-corporation-increases-mineralized-material-at-relief-canyon-by-a-factor-of-nearly-five-and-announces-an-in-pit-gold-resource-estimate. Figure 1 shows the boundary of the block model resource developed in the RPA NI 43-101 Technical Report relative to the locations of NT08-D03 and NT08-D04.
The silver mineralization in the new assay data for NT08-D04 is particularly noteworthy because the silver values are significantly higher than the silver mineralization typical in the Relief Canyon Main Breccia Zone. This could indicate system zoning, with higher Ag/Au ratios in the mineralization to the north. Alternatively, the higher silver grade could also represent multiple, superimposed precious metal systems.
As noted in our January 24, 2013 press release, historic production from the Main Breccia Zone at the Relief Canyon Mine included recoveries of silver at a ratio of one part gold to three parts silver. However, silver was not included in either the 2010 or the 2013 resource estimates because the database for most of the historic holes does not include silver assays. The silver assay reported for NT08-D04 is part a systematic program to re-evaluate strategically located historic holes and to assay future holes for both gold and silver.
Pershing Gold's program to re-log, re-split, and re-assay strategically located holes in the North Target Area is advancing the Company's understanding of the controls on gold and silver mineralization north of the North Pit. Stephen D. Alfers stated, "I'm very encouraged by the results obtained to date from our geologic re-evaluation program which suggest there is good potential to expand the mineral resource to the North of the North Pit and to add silver to a future resource estimate. This is a great example of how a careful and strategic review of an historic database can enhance the geologic understanding of a mineral system and upgrade the deposit."
Sale of Valor Stock Provides Company with Additional Working Capital
Pershing Gold recently sold its 25 million shares of the common stock of Valor Gold Corporation (OTCBB:VGLD) for net proceeds of approximately $1.5 million. The Company sold 3 million Valor Gold shares in the first quarter 2013 for net proceeds of $300,000 and the remaining 22 million shares were sold in the second quarter 2013 for net proceeds of approximately $1.2 million.
The sale of this stock was part of a plan that Pershing Gold launched in May 2012 when it acquired the Valor Gold Corporation stock as part of the purchase price for the sale of the Red Rock and North Battle Mountain gold exploration properties in Lander County, NV to Valor Gold Corporation. Pershing Gold sold these early-stage projects for $2 million cash and a 1% Net Smelter Return (NSR) production royalty. Pershing Gold used the proceeds from this transaction to help fund the exploration and development program at Relief Canyon in 2012.
In describing Pershing Gold's involvement with Valor Gold, Stephen Alfers stated: "We made the strategic decision to sell the Lander County properties last May so we could focus our resources and attention on Relief Canyon. Similarly, we decided it was time to sell our Valor shares this May to provide funds to advance Relief Canyon. We still retain a royalty on future production from both properties which are located in the Eureka-Battle Mountain Gold Belt – one of Nevada's most important gold trends. This retained royalty provides us with upside potential at these attractive projects."
About the Relief Canyon Mine
The Relief Canyon Mine property includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap leach processing facility. These assets present Pershing Gold with a unique opportunity to achieve a fast-track path to production at the Relief Canyon Mine. Pershing Gold's landholdings cover over 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with an exceptional opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein including the planned reopening and recommissioning of the Relief Canyon mine and processing facilities, commencement of production targeted for 2014, anticipated drilling and other exploration on Pershing Gold's Relief Canyon properties, results of drilling, interpretations of exploration results and other geologic information at Relief Canyon, anticipated expansion of the resource at the Relief Canyon properties, and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, inability to obtain external financing to fund the recommissioning of the processing facilities, and the reopening and commencement of production at the Relief Canyon Mine, planned exploration or maintain property rights; interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for planned production, exploration and other activities, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; and maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Annual Report on Form 10-K for the year ended December 31, 2011 and each subsequently filed Quarterly Report on Form 10-Q and Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.
Cautionary Note to United States Investors Regarding Estimates of Measured, Indicated and Inferred Resources: We use certain terms in this press release, such as "measured", "indicated" and "inferred resources", that are defined in Canadian National Instrument 43-101; however these terms are not recognized under the U.S. SEC Industry Guide 7. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. "Inferred mineral resources" have a high degree of uncertainty as to their existence and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are urged to consider closely the disclosure in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Scientific and Technical Data
All scientific and technical information related to drill and surface samples for the Relief Canyon project has been reviewed and approved by Robert B. Hawkins, P.Geo, who is a Qualified Person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay to ALS Chemex, Reno, Nevada, while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold Corporation quality assurance/quality control (QA/QC) procedures include the regular use of blanks, standards, and duplicate samples.
CONTACT: Stephen D. Alfers
Executive Chairman, President and CEO
Phone Number: 720.974.7248
Email: investors@pershinggold.com
www.PershingGold.com
Post Unavailable
$PGLC - Coeur on the Prowl
http://www.321gold.com/editorials/moriarty/moriarty052813.html
Bob Moriarty
Archives
May 28, 2013
Coeur Mining (CDE) is in a pickle of their own making. In September of 2011, Coeur Rochester neglected to pay their claim fees on some BLM land under part of their Rochester/Nevada Packard mine in Spring Valley Nevada. Rye Patch Gold (RPM) realized the mistake and 56 days after Coeur had not paid the claim fees, staked 402 claims on land that had been controlled by Coeur Rochester. The issue is naturally in dispute and a two-week trial is scheduled for September of 2013.
Coeur claims that Rye Patch didn’t make a significant mineral discovery. Rye Patch claims Coeur didn’t pay mandatory fees on time, therefore lost their right to the claims. It could go either way but if Coeur wins, the industry will be in a pickle.
Someone sent me a presentation made by the CDE CEO Mitchell Krebs at a Barclays Conference last week. It’s quite interesting because he makes it clear that they have undergone a period of rapid growth in the last five years and intend to continue. In five years, sales are up some 600% and operating cash flow up 3300%. They spent about $2 billion to accomplish that.
Coeur has a policy of establishing a toehold in junior companies by buying between 5 and 15% of companies worth in the $50-$100 million range. In the last two years, CDE has invested in eight juniors. In his presentation Krebs adds, “They have projects we think we ultimately would like one day to own, build and operated ourselves.”
I just came back from visiting Silver Bull in Mexico. I wrote about them just over a week ago. At the time I thought that they might be a natural takeover candidate for CDE but now I have changed my mind after reading the Coeur CEO’s presentation. CDE just completed a buyout of Orko Silver in Mexico. I now think they may be looking a little closer to home and will let First Majestic takeover Silver Bull.
The disputed Coeur Rochester/Nevada Packard Mine is located in Spring Valley. Just south of the Nevada Packard Mine is a project named Relief Canyon owned by Pershing Gold (PGLC). I don’t care for OTCBB companies but Pershing is an exception. The company is run by one of the sharpest people in the business, Steve Alfers.
Mr. Alfers was the Chief of U.S. Operations for Franco-Nevada from 2007 until 2011. Prior to that he was President and CEO of NewWest Gold that Fronteer Gold bought for $187 million in 2007. He continued to serve as an advisor to Fronteer until Newmont bought them for $2.3 billion in early 2011.
At the very least, Steve Alfers knows what the majors want to see on a project before doing a take-over. He has initiated and supervised a drill program that increased the resource at the Relief Canyon Mine by 500% to over 550,000 ounces. The drill results show open mineralization in all directions and have been completed on just 3% of Pershing's land holdings thus far.
More importantly, Steve has consolidated the land position in a series of deals whereby Pershing now controls more than 25,000 acres of land and mill sites, up from 1,500 originally. All of this work was designed to make the project more interesting to the major. This area has never been consolidated before and it took a series of deals to complete the land package.
So we have a major in the Spring Valley with a legal problem that could lead to losing a lot of their potential future and we have a junior with a giant consolidated land position in the Spring Valley that the major has already taken a position in. Pershing has 273 million shares. In June of 2012, Coeur participated in a private placement and bought some 11 million shares. Coeur’s position is a tiny 4% of Pershing.
Coeur knows the ground and type of deposit in Spring Valley better than any of their other projects. After all, they mined at Rochester for 25 years. Their technical people understand exactly the potential for Relief Canyon and they need a backup in Spring Valley.
Steve Alfers has made a major leap forward with Relief Canyon in his land consolidation program. The company owns a mill and leach pads at Relief Canyon and has plans in place for getting back into production in 2014. He’s completed a drill program that increased the resources by 500%. Pershing can either go into production or sell the asset. Alfers is quite used to selling assets at a nice profit.
I think Coeur is either going to step up to the plate and take a major piece of Pershing or simply buy them out to protect their Rochester Mine.
I own shares in Pershing purchased years ago as an investment in another company therefore I am biased. Neither Coeur nor Pershing is an advertiser. All information is from public documents. Do your own due diligence.
Coeur Mining
CDE $13.49 NYSE (May 24, 2013)
CDM-T $13.91 (May 24, 2013)
90.3 million shares
Coeur Mining website
Pershing Gold Company
PGLC-OTCBB $.39 (May 24, 2013)
273 million shares
Pershing Gold website
###
Bob Moriarty
President: 321gold
Archives
321gold Ltd
Nikki1027, there is a copy/paste internal email message from TD
Please check out the latest from TD Ameritrade at your earliest convenience copy/pasted here:
TD Ameritrade's Restricted Stock eMail Notice Account Holder Requirements going forward
this is not a TDAmer issue.
head over to the PGLC board to hear the retard(TallDude) bitch and complain about what is happening with your shares
I am new at the stock market & trading, just learning but I thought something didn't seem right with crgc/TD Ameritrade when nothing had happened or changed in more than a month. Thank you for explaining this much to me. I will contact TDA this is not the 1st time they have cost me money due to their beliefs or policies per say. Im very grateful for your site & info. God bless.
Thank you, mineallmine. We collectively look forward to your report. Every bit of 1st hand dataset helps us all.
I am definitely going to voice my displeasure. I will wait until Schwab gives me an official "verdict" which should be today or tomorrow. But would be interested in any feedback you or anyone else gets from Pershing.
Excellent advice, stockmule. Thanks for that nudge for self-advocacy.
All restricted shareholders need to call the company and voice their disappointment (continuously) until management corrects the problem. No one likes the phone tied up, restricts business, but be pleasant. It can be done by the board at no cost to shareholders, speak up or take what they decide to give you.
Thank you, Tommy, for all you have done for this forum and for us CRGC shareholders. We now now find ourselves as RESTRICTED SHARES OF PGLC certificated holders instead of holders of free trading shares.
Much angst being expressed around the 'net by those caught up in the lack of liquidity trap that has been sprung on the old CRGC shareholders.
Congratulations to all who are to prosper in the their Pershing Gold
shares
This will most likely be my last post as Moderator.
sputniko, there are several posters keeping each other informed on the PGLC thread here on iHub. If you have a chance to check in, you may be able to be more informed about the goings on in this "conversion" from CRGC--->PGLC shares process currently ongoing.
GLTY
Does someone know when it would be possible to trade these PGLC stocks (converted from CRGC)?
As of COB today I show a quantity of Pershing Gold restricted shares which have shown up converted from Continental. The quantity & market value of Continental is shown as well so I'm guessing that's what you're seeing, the value of CRGC. PGLC is there for me just not trade-able yet.
Have you already received the Perhing Gold stocks inro your account? My account shows only "CRGC value" since a few days. Before it was only "CRGC". Do you know what could be meant by this "value"? Thanks a lot.
What you call "lucky" sounds more like a disciplined and experienced penny stock trader, who likes hanging out in the resource sector, yes?
Good job!
Even a blind squirrel finds an acorn now and then, lol. I guess I got lucky selling my shares and will continue to observe. As my profile says "I am a moron but not stupid".
16:46 EST, 3.1.2013, CRGC Delisting=formally announced.It's over!
Final CRGC Hammer price on final daily vol. of 22K shares traded: is shown as $0.35
1.25 multiplier = $0.4375/sh equivalent PGLC, which closed at $0.44
As someone previously projected:
PGLC came down to meet CRGC.
Important market maker lesson/observation for all involved in "how these things work."
At a recent $0.61 PGLC bear rally peak on the 1QResource P/R report,
CRGC (at 8:10) should have achieved and been allowed to trade at or near: $0.488...it NEVER got above $0.39 on the mm bid as I recall.
That is a heavy hand. Said mm skimming should be noted by those new to this game, imho.
Same source who noted delisting at 16:46PM EST, Friday 3.1.2013, also noted conversion CRGC to PGLC shares are slated to be available to CRGC shareholders as of business on Monday, 3.4.2013.
Let's see how that works out.
ORDERS TO batten down the hatches and "dive,dive,dive" command may be the order of the day by PGLC market makers on Monday.
Someone pls "turn out the lights?"
CRGC: Shareholders of CRGC will received 8 shares of PGLC for every 10 shares held for a total amount of 76,095,215 of PLGC shares to be distributed on a pro rata basis to record holders of CRGC.
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/01/2013&mkt_ctg=OTCBB
Okay.
All I was saying is that the gap between PGLC and CRGC was closed by PGLC coming down to CRGC's price (distribution adjusted, of course.) Those that bought PGLC when it was about .55 are now in the hole. Those who bought CRGC at that time are now about even, distribution adjusted.
So exactly as I stated and what I thought would happen. My confusion came from your post on how great it was that you maintained value in you crgc shares and it was the better trade and didn't lose as much. At one time there was arbitrage in buying one vs the other but that all changed.
You get eight shares of PGLC for every ten shares of CRGC you own. Once the distribution is made, CRGC dissolves and is no more.
I expect the PGLC shares to actually show up in our accounts in about two weeks.
Once the distribution is made and the shares are in your account, you can sell the PGLC shares you got.
It's possible I don't understand the crgc to pglc exchange. Do you get .8 share of pglc per share of crgc and retain something of value to sell on the market or does each of your crgc shares convert to .8 share of pglc and crgc disappears (which is what I thought).
If so it would not matter, unless you were to sell now or when I did, if crgc was .20 or $1.
As I said on the PGLC board, the author of that Seeking Alpha article seems like a shill to me. Four puff pieces in as many months, and now we get an "interview" with Alfers.
I believe there is fear among insiders and big holders that we will all dump our PGLC shares when we receive the distribution. Well, such a fear is not unreasonable. Almost all of us have a nice profit, have watched PGLC plunge lately, and can just stand aside and wait for a cheaper buy-in price, if we are interested in the company and not just the arbitrage discount we got.
We dodged the drop because the arbitrage gap was closed by PGLC's plunge, while we essentially stood still. I'm glad I bought CRGC and not PGLC. Aren't you?
Thanks Tommy. It won't be long now.g
$CRGC - $PGLC - Exclusive Interview With Pershing Gold's Stephen Alfers
http://seekingalpha.com/article/1219881-exclusive-interview-with-pershing-gold-s-stephen-alfers?source=email_rt_article_readmore
Continental Resources Corporation (CRGC) and it’s Last moments in market. Let us review the recent market response of Continental Resources Corporation (CRGC). In 2012, CRGC was traded at a highest price of $0.36, the lowest prices of $0.16 and the year end market price (on December 31) was $0.28. It is found that the price of the stock was almost stable from September to December in 2012. Following its likely win-win dissolution and liquidation in exchange of stocks with PGLC, the price was considerably increased in last week of January and first week of February in 2013. In 2013, the highest market price of this stock was $0.39 due to the above reasons. The company was traded at a closing price of $0.32 on February 21, 2013 with a decline of $0.07.The effect of dissolution and liquidation of CRGC has made a temporary observer to the investors. The company is now trading at a price of the stock is $0.34 (22.02.2013).
What is the impact of dissolution and liquidation in market? Investors are monitoring the last moment’s trading; as Pershing Gold Corporation (PGLC) and Continental Resources Corporation (CRGC) jointly announced Continental’s record date for dissolution and liquidation. The record date is March 01, 2013 and liquidation will occur shortly, as per press release by PGLC dated on February 21, 2013. I think that dissolution and liquidation of CRGC was a time worth decision to give return to its shareholders. The company’s recent financial health was too weak to run independently. Excess investment, operating expenses causes CRGC’s serious liquidity crisis as the company was yet to make any revenue. The company management has no good alternative to source fund. As, PGLC was comparatively better position than CRGC, a dissolution and liquidation in exchange of PGLC share to CRGC shareholders may not lose CRGC shareholders. As such, the PGLC will enjoy some benefits too which may give long term advantage to the shareholders.
The Impact of Dissolution and Liquidation Continental (CRGC) With the press release on February 21, 2013 by PGLC, the investors community now came to know that Pershing Gold Corporation (PGLC) and Continental Resources Corporation (CRGC) jointly announced Continental’s record date for dissolution and liquidation. The record date is March 01, 2013 and liquidation will occur shortly. The above will enforce to complete share transfer and therefore, Continental will discontinue reporting with SEC. This is the result of an ‘arbitrage opportunity’. Investors are rethinking for the future of Pershing Gold Corporation and the share holders of Continental Resources Corporation. This arbitrage strategy was not as obvious as CRGC was 80% worth of PGLC. The process was started on July 21, 2011 when GRGC had entered into an agreement to sell CRGC’s assets to PGLC as part of a plan for liquidation of CRGC. Subsequently, on July 22, 2011, both CRGC and PGLC completed the assets purchase agreement to sell entirety of CRGC’s assets and liabilities in exchange of PGLC common on stock. While entering into the agreement, the Board of PGLC agreed to issue eights share of the company (PGLC) to the common shareholders of CRGC in against ten common stock of CRGC. This share issue agreement was based on “CRGC is worth 80% PGLC" rumor. As a result, PGLC delivered total 76,095,214 shares to the shareholders of CRGC, which are to be distributed at liquidation of CRGC. Now the shareholders of CRGC hold around 30% share of PGLC collectively, which has created a minority interest in PGLC. Although the above dissolution and liquidation will end the mission of CRGC, investors foresee a synergic effect of this liquidation which may advance operating result of PGLC. The above may impact on reducing a god amount of operating expense and may give financial flexibility in operating activities. A combined effort may bring anything good for the holding company PGLC.
A cost reduction strategy of CRGC and PGLC. Pershing Gold Corporation (PGLC) and Continental Resources Corporation (CRGC) have jointly announced Continental’s record date on March 01, 2013 for dissolution and liquidation of the company. We know that companies engaged in mining related operations need to invest huge fund for the first two or three years of operation and after successful digging, they get natural resources such as gold , silver, uranium, etc. as output to add with revenue pie. Both Pershing Gold Corporation and Continental Resources Corporation are engaged in same time of business. They required huge investment in initial stage of operation. Lastly, the situation came to such a stage they had exhausted working capital or liquidity. The situation was very vulnerable for CRGC. Due to large amount of preliminary expenses, the present financial flexibility of the company is not sound. As a result, “the Company has incurred a net loss attributable to Continental Resources Group, Inc. of approximately $9.6 million for the nine months ended September 30, 2012 and cumulative net losses of approximately $36.5 million since its inception and requires capital for its contemplated operational and marketing activities to take place”(SEC filling). The Management of CRGC stated their doubts whether they would be able to raise additional capital by issuing more common stock. They cleared that (SEC Filling), “the obtainment of additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial doubt about the Company's ability to continue as a going concern”. The company was planning how to minimize operating expenses to run the company in future. Similarly, Pershing Gold Corporation (PGLC) was facing almost same type of problem though this company was comparatively in better position than CRGC. However, PGLC management was also seeking a way to reduce their operating expense.
Perhaps, the above situation brings a good solution for both PGLC and CRGC. Their joint declaration will cause dissolution and liquidation of CRGC. The Shareholders of CRGC will get shares of PGLC. A lot of common expenses will be eliminated to make financial flexibility of PGLP. This cost reduction strategy will bring cost effectiveness as well as less pressure on liquidity. As a result, it is likely that PGLC will move well to generate more revenue as well as more profit margins.
Thanks Tommy. What we've all been waiting for.
Gulf, I disagree. We'll have to wait and see, I guess. LOL
Great news Tommy. Thanks for the update. I still think the company will release additional information regarding the drilling program maybe prior to the change over to hold the stock price up.
$CRGC - $PGLC - Pershing Gold Corporation and Continental Resources Corporation Jointly Announce Continental's Record Date for Dissolution and Liquidation
http://www.nasdaq.com/article/pershing-gold-corporation-and-continental-resources-corporation-jointly-announce-continentals-reco-20130221-00346
LAKEWOOD, Colo., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCQB:PGLC) ("Pershing") and Continental Resources Corporation (OTCBB:CRGC) ("Continental") today jointly announced that Continental has set March 1, 2013 as the record date for Continental's dissolution and intends to commence its liquidation shortly thereafter, including the distribution of Pershing common stock to Continental shareholders, subject to approval by FINRA. In connection with these actions, Continental also intends to discontinue reporting with the SEC prior to the due date for its 2012 Annual Report on Form 10-K. Continental's shareholders approved the dissolution in 2011, subject to the effectiveness of Pershing's registration statement which was declared effective on February 12, 2013.
88,595,215 Shs----PROSPECTUS---(2.14.2013) Great reading.
Current info up through and including Feb 5, 2013
Link Found in "intro section" above PFLC's postings.
Sorry. Meant to say that trading is happening. Weakness, at least temporarily, setting in to the trading.
I noticed that too, but I think if a buyer met the ask, .38 when I looked, a trade would go through. Maybe no one wants to let go of their CRGC shares too cheaply knowing that the merger is coming...any day?
Has CRGC stopped trading?
I'm showing no activity,,,, zero.
TIA
Not yet, at leased I haven't seen any published date as of now.g
Does anyone know what the shareholders of record date is(when)?tia
IMO Mad Moose I like you and others have shares not listed on the S1/A,most of mine are though, because we purchased them after PGLC recieved the list of shareholders, when ever that was. After the date trading in CRGC is halted a final and more accurate list of shares and shareholders will be provided to PGLC/CRGC and the distribution will be done using the new and latest list. I have no intention of selling my CRGC shares before that, I'm very long here too. It looks like we are very near to owning PGLC shares out right.GLTA.g
Thank you, it didn't make sense that it would still trade, but I am curious why the S-1 is compiled if it needs to be redone. So, even shares accumulated today will be part of the exchange? I don't understand why someone would sell right now?i do appreciate your help.
See G37 post. He is right. If you own the stock as of the record date, you will get the distribution. The record date is in the future. We will be notified of the ex-date. That is the date when trades will cease. It will be at least a few days before the record date.
So Steuvin, what becomes of the shares like yours and mine, that ate purchased after the cut off? What are you doing/ have you done with them?
$CRGC - $PGLC - Pershing Gold Corporation's Resale S-1 Registration Statement Becomes Effective Permitting Continental Resources Group, Inc. to Finalize Its Dissolution
http://ir.stockpr.com/pershinggold/press-releases/detail/413
LAKEWOOD, Colo., Feb. 13, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation ("Pershing") (OTCBB:PGLC) and Continental Resources Corporation ("Continental") (OTCBB:CRGC) today jointly announced that Pershing's Form S-1 Resale Registration Statement has been declared effective by the United States Securities and Exchange Commission ("SEC"). The Registration Statement satisfies a condition allowing for the dissolution of Continental.
Continental has held Pershing shares since July 2011, when Pershing acquired the business and assets of Continental via an asset purchase of substantially all of the assets of Continental in exchange for shares of Pershing common stock equal to a ratio of eight shares for every ten shares of Continental's common stock outstanding.
Consequently, Continental was a controlling shareholder of Pershing from July 2011 through December 31, 2011 and continues to hold significant share ownership. As a result of the effectiveness of the Form S-1 Registration Statement, Continental is planning to proceed with its plan of liquidation, including the distribution of Pershing shares, on a pro rata basis to Continental shareholders as of a record date set by Continental. Continental expects to complete the distribution as soon as practicable.
Neither Pershing nor Continental are issuing any new share capital via this Registration Statement and will not receive any proceeds from the sale of the registered shares.
A copy of the Form S-1 Resale Registration Statement can be viewed at the address below:
http://www.sec.gov.
This press release shall not constitute an offer to issue or sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Pershing Gold Corporation
Pershing Gold Corporation is a new gold exploration and development company focusing on acquiring, exploring, and developing gold deposits in Pershing County and elsewhere in Nevada. The Relief Canyon Mine property in Pershing County is owned by Gold Acquisition Corp., the Company's wholly owned subsidiary.
No, I thank you for the info, I used Fidelity fit the trade, they couldn't give me any information as to the status of the shares. If they don't convert, then I assume that they are worthless, so I hate to do it, but I believe that I don't have any choice but to sell and move over to PGLC without the discount. My question is, shouldn't it have been halted once the list is made? I mean, why would anyone buy this it if it's not going to convert, and why would anyone sell it if there the shares are on the list? There is nothing left except for PGLC shares. I couldn't get any info or advice from my broker, hahaha, after telling me that I was asking great questions and giving me no answers he asked me if there was anything else he could help me with, funny, he and two others shot blanks on everything that I asked and they ask for more.
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