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Rob's definitely a Canadian (couple of curious pronunciations). Some good some not so good. I was glad to see he took on the 7 million dollar new shares issue. They're up to 20 employees. They may or may not need 1 million dollars to finance operations and expansion; that's contingent on how quickly they're in the black. What they're shipping to the refinery is 90% metal, gold with some silver and platnum thrown in. Refinery cost is .5 to 1% of spot price of gold. No on site refinery. No Bharti and no 43-101. They clean out the Knelson every four hours. Processing 8 hours a day, working a 12 hour shift. No production numbers until May 15th 10Q. Water is still an issue. That's it in a nut shell.
The production numbers are still the elephant in the room. Couple of conjectures and thoughts about the water issue . Since they're bringing in outside help does that mean that John Rae is out of the picture? This has been the problem all along since 2007 and he has not yet solved the issue. That calls into question the test run in late 2010 which now appear to have been inadequate and failed to anticipate the need for more geotubes. Looks like the plant manager has been canned.
The PR campaign appears to have been a bust. A lot of bang, but no buck. Looks like the share price will remain pretty stable and in the current range. Sounded like he wasn't too happy about Evergreen's 7 million additional capital projection.
I'm pretty sure that's what I said. \V/_
How about a calculation based on numbers? \V/_
That's kind of a fluff number; I was using hckyguy's numbers and worked out the grams per yard. It has nothing to do with the geotubes. \V/_
That works out as follows: Inventory 27,600 yards valued at $288,982 Gold @ $1,400 yields 206.42 ounces or 6,420 grams with a recovery rate of 0.23 grams per yard. Not great, but profitable. \V/_
Go ahead and record it just in case. \V/_
It's a lot easier when you're dealing with the usual suspects, far less tension. We'll know for sure in a few hours. Rabbits seems to be the thread for the day. \V/_ ;-}
The $288,982 was all in stockpiled ore; see the top of Page F7 of the 10K.
Just some general notes from the 10K. If you combine the MSHA hours worked (20,027) with the 10K's labor costs ($295,989), you get an average wage of $14.78 an hour. A lot lower than I expected. I also noted that there was no mention of the twin sand screw which may bode well for the CC. If you go to the MSHA site and click on the Mine Employment and Coal Production Totals at the bottom of the page there are no employment figures for 2010. They got cited for not notifying MSHA of recomencing operations (30 CFR § 56.1000) on 1/5/2011. Guess they forgot to submit the employment figures too. They're also still delinquent on violations from 2007. The website has an o/s of 824,125,389 and the the total based on the 10K is 837,103,039. That's a difference of 12,977,650. The recovery rate for quarter was 0.072 grams per yard and they were running at 57.78% of capacity. They are down to 15 employees. They may have laid of the truck drivers. I didn't see any trucks running in Zapito's video.
Not much else of interest in the 10K.\V/_
Semper Fi, 0331. Good to see you are still here. Thanks for your earlier recon efforts. Hinky is accusing me of being reasonable which is funny. If I were that reasonable, I'd be in non taxable municipal bonds and save myself the gut wrenches of penny land. Tomorrow will tell the tale. There's a difference between good advertising and blowing smoke up investors' butts. \V/_ Live long and prosper. ;-}
I truly hope your optimism is proved out by the CC. There's been much too much unecessary drama of late. If you've been right all along, I'll be the first to congratulate you. With respect \V/_
Well, you'll either fill your wastebasket or wear it tomorrow. What's your take on the CC? Don't hold back, like you usually do. \V/_
Semper Fi, Maverick. Ok I won't include you. This whole PR campaign appears to be an exercise in futility and has weakened many longs' faith in the company. Way to many antics for my tastes. The could have saved $22,500.00 and 3 million shares if they had posted their 10K on time and provided forward guidance in it without all of this tap dancing which has raised the angst in many a long's heart. The worst of this has been the increased perception that PCFG is just another pump and dump, stinky pinky. There is no better hype than good production numbers. Plus it's cheaper. The money spent on this PR campaign might have been better spent on a new gravity bowl.
Further, the Evergreen report indicates that they need an additional 7 million dollars which they will get by selling shares. Not very good news for current shareholders.
If this is perceived as bashing so be it. I for one am not going to ignore what's going on and try to guild the lilly.
The one valid argument about the CC is that it wouldn't be ocurring if they didn't have good news. We'll hopefully know what's going on this time tomorrow. Until then it'll be more smoke and mirrors. After all of the clutter of repetitious posts on this board, we're down at the end of the day; so much for more bang for your buck. A lot of people are watching, but they aren't buying until they see the first quarter results. \V/_
Probart just voiced everyone's fear that PCFG has become a pump and dump and a lot of the recent activity gives his position a certain amount of validity. We'll know tomorrow afternoon. Let's hope he's wrong. \V/_
The only one producing is Black Rock Canyon; the others are all in the development stage.
Yeah, like three months of no PR's and no forward guidance. Try at least to get your facts straight. \V/_
Right on SN. This is just a BS announcement about old news. \V?=
There's a reason for a cetain amount of cynicism in regards to PCFG. A lot of people got burned during the last runups with the ensuing bear raids. It happened again last week. We're still essentially in the dark and, no matter how educated our guesses are, they're still guesses. This board did a a great job by holding down expectations on the 10K. Most of what it contained had been anticipated by many of the posters here. That contributed greatly to today's stable price. The fact is that they have yet to deliver. There's some evidence that they're doing OK, but we won't know until the CC.
One last thought on the dilution issue. As a current share holder, every time another share is issued, my share of the pie is reduced. It may be necessary to fund the company and may have a long term benefit, but I still end up with less pie than I started out with. \V/_
It's on page 37 of the Grassroots report under Financing Activity on the chart. Thought I was the only one who spotted that. Not a whole lot of information that we didn't know in the 10K. A few tidbits though. They're down to fifteen employees now.
Give Nobody a break. His concerns are legitimate; he's not expressing his concern well with the proper terms, but they are legitimate. From what I can tell, he's upset about the O/S going up and that it will continue to do so in the near future. In a sense you're both right. He's concerned about the 31,641,534 shares added during the year regardless of the source. He's also concerned about the additional 61,728,854 issued this year which were largely conversions. I've got the O/S at 837,103,039.
That's of some concern to me. The last debt conversion just simply sucked and shares were issued at a huge discount. Hopefully, that won't continue. We shoud know more after the CC. He's also concerned that they will issue more shares to finance additional equipment. I'd prefer that expansion would be paid from gold sales. Given, some of his predictions are wild eyed but he does have a point about the O/S going up. Right now, we don't even know if we're breaking even. The share buy back is on the back burner at this point.
I also noted that you're now considering heap leaching as an option now.
Additional questions for the CC:
Has the sand screw made a difference?
What percentage does the refinery take from the current gold price?
What's the monthly operational cost?
How much for the new bowl?
Which note is the lawsuit over?
\V/_
Wondered where you were at. Still trying to get cheap shares. Bundy bought them all. Time to grease the pole again.
He's compiling a list for us so we can get a sense of what the general sentiment of the board is and we can pick which ones are most important to us for our two questions. Giving his list to Mitch is a good idea too. \V/_
You might adjust #4 to, "When will you be 43-101 compliant?" Here's aa few more. What has been the problem with clean water and what's been done to remediate the problem? Explain the spinoff of the Vanadium property and the dividend in detail. Give a detailed rundown of the 1st quarter. Give us a projection for the rest of the year. How will you finance plant expansion? Why don't you keep the website updated? Any new pictures or video of plant operations? Why the long period of silence? What's the status of the Blackfire deal? What's up with the new lawsuit? How many hours are you running the plant? What's the cost of the rented vehicles and did you get an adjustment to the price? And, finally, did you have any problems due to the tire shortage?
Those are just off the top of my head; hope that helps.\V/_
Like TOB stated it's a standard disclaimer. After a quick look at the financials it doesn't look like there's been any dilution by offering new shares which indicates that they're funding operations through production. Wait until the dust settles and we can look at all of the numbers.
The number is right, but they apparently have some gold in inventory, so who knows what the recovery rate is. \V/_
Sounds like you sat on it. :-}
Bundy at the ask? Thought I'd never see that. Oh to die a flipping bid sitter's death with no shares. ROFl. Good luck. \V/_
All this conjecture about a buyout has nothing to support it but the imaginations of those pushing the idea. Our small operation is chump change to some one like Barrick. It would be nice, but highly unlikely. Almost all of the other operations in the area are using the heap leach process and are mining bed rock--not alluvial deposits.
You're probably right, but we need to have the 1st quarter numbers before we start having a cow. It would help if we had them before the CC. \V/_
Well it's out and as everyone has said, no big surprises. It's interesting that they didn't give any real forward guidance about the first quarter. Probably saving it for the CC. It will take some time to crunch the numbers, so how about everybody cooling their jets until things settle down and we can use substantive numbers and not just be shooting from the hip.
Just as a side note, looks like they figured out that the need an experienced plant manager to run the operation and that clean water continues to be an issue. \V/_
Anyone keeping tabs on the questions to be submitted? \V/_
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If it were, we'd probably be a lot more mellow. ;-}
Check out page 35 of the report it says $120,000 for the year. Where did you get your info? If it's $120,000 for the 4th quarter, it's 86 ounces. I mistakenly posted the third quarter ounces previously, it's 51 ounces. I need one of Wolverine's Moutain Dews. \V/_
See what happens when you don't have your morning coffee. ;-}
They reported income for the third quarter @ $71,019 with what they get from the refinery @ $1,400 per ounce that works out to about 86 ounces. That leaves $48,981 in income for the 4th quarter or 35 ounces. Not good, but we already knew that. \V/_
Even if they are restrictricted they add to the overall share count which is dilution. If it were an option it wouldn't be dilution until the actual conversion into shares. "A billion here, a billion there, pretty soon we're talking real money."
I'm not opposed to advertising, per se, but it would help if we had actual numbers and not projections to advertise. We saw the results last week. We went up for a couple of days and went back down to the levels we had been trading at for a couple of months. UWF nailed it when he attributed the uptick to day traders and flippers attracted by the advertising followed by MM manipulation. The best advertisement for PCFG would be timely reporting of sustainable, substantive results.
They shot themselves in the foot on this one. You don't create a lot of interest and then drop the ball by failing to fulfill the expectations. Not a huge error in the grand scheme of things, but still an error. Guardedly optimistic. Even Robo is in now and Bundy is out. Good signs. \V/_
It says right in the report that they were given 3 million shares subject to rule 144 which restricts resale if my memory serves me correctly. Check out Fox's post on this. They've added a bunch of shares between the third and fourth quarters without reporting them.
Thanks, Fox you beat me to the punch on this one. Pages 42 and 43 of the report under "Compensation." Wonder where I got the $18,000 figure? It's actually $22,500 and 3 million shares (more dilution). Now that I think about it, that was the identified compensation from the mysterious and ellusive third party. \V/_
Would you prefer, I and others in lieu of we? I don't wamt to beat this to death and wish I had your unbounded enthusiasm, but every time the company makes an error I don't have to put a positive spin on it. The paid PR firm and the third party firm just don't sit well with me. A lot of the rose colored postings seem to me to be whistling in the dark. Do I think the results will be positive? More than likely. Being late again is not one of this company's best moments. Mitch and Rob will stay in my doghouse until the 10K is submitted. There's nothing wrong with looking at both sides of the coin. We're all on the same side here (well at least most of us). It's just so frustrating when they do this.
Ok, let's drop this thread and wait and see what the actual numbers are. I'd like to see them get the Bharti and Robertson report out in the open. Nobody has been able to find it. So, that would be one of my questions for the CC. I'd also want to know when the company will be 43-101 compliant and how much it would cost. \V/_
PS: The conference call location has been moved to Argentina. ;-}
Too much lipstick being put on a pig for my tastes. UWF said it best; the problem is perception. The share price is where it's at because that's what the market thinks it's worth. Major short position, the MM"s, and the yet to be identified third party all have had their effect on the share price, but the major, overall contributing factor has been the company's inability to deliver the goods. By being late again, they have seriously eroded their credibility in the market. We need to stop making excuses and start asking questions. OK, I;m done. This company can be so frustrating at times. For once, I'd like to see them make some gains and hold them. \V/_
Good analysis as usual. It's stand and deliver time. If the numbers are good the shorts and mm's will cease to be a problem. The problem right now is perception. And still, without the production numbers. "Nobody knows nuttin."