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You are not going to see a buyback until they're profitable.
Well the whine level is getting high around here and that's a good sign.
Well, we at least know that Blackfire is moving along nicely. BRCM is still the great black hole and right now, "Nobody knows nuttin!" The 10K will be telling. We will at least have some numbers to play with and hopefully some forward guidance. If we can produce 100-150 ounces per month we can actually say that we are a producing gold mine and will be able to pay our bills. I've had some doubts about our ability to recover .4 grams per yard; .25 to .35 would seem to be more realistic. The fineness of the gold in the deposit and the inability to recover a decent percentage of it has historiclly been an issue. Placer mining becomes increasingly less efficent with microscopic gold. The other mines in the area use the heap leaching process.
Just got an email from Blackfire:
Interesting inspection by MSHA. No violations which is good. Wonder who the snitch was? The workman's comp truck driver? One of our negative posters? An MM provocateur? This should add some fodder to the conspiracy theorists.
Check out JT's post #78826:
Too bad it's not true for people too. \V/_
If your dd is so good, what price are they receiving from the smelter? Did you hire nobody as your textual editor?
Is the Bundy curse lifted? You bought and the share price went back up. \V/_
If you look at JT's video, the only conveyor that was running was the output one and there wasn't anything on it. Also there weren't any trucks running. Weather is a factor on the mining side. They've already had on accident and they've got a big stockpile, no need to push their luck. They've had a pump failure already and there are a host of other things that can come up in such an operation. Remember what happened when we had unrealistic expections before. I'd rather err on the side of caution. Like I said before plant output and recovery rate are the two big unknowns. Right now nobody knows nuttin. \V/_ :)
We've been down this road before. The 6,000 projected is an ideal situation. They are limited to 150 yards per hour. There is little likelyhood that they'll get to the 500 ounces per month in the near term. Not when they're working out the kinks in the system. The weather has been pretty bad this winter which adds to the problem. Then there's the recovery rate. There's a lot of "if's" that need to be resolved before they're up to speed. At this point it is highly unlikely that they will meet their alloted mining limit. Let's see if they can break even first and what the recovery rate is.
Your estimate is a bit extreme. The limiting factor is the plant's capacity. Optimally they can produce about 300 ounce per month @.4 grams per yard working a forty hour week. That's $420,000 per month with smelter price of $1,400.00. At this point we are well aware of the problems with equipment failure and recovery rate. If we produce 100 ounces in December I'd be happy. The size of the claim has nothing to do with the monthly output.
No one has said that the 4th quarter will be stellar. Unless they file for bankruptcy, I really can't see it going sub penny. Let's see what the 10K has to say before we go off the deep end. Lighten up you're starting to sound like Carhauler.
The stock has traded in the .02-.013 range since Nov 17th and basically has hovered around .015 to .016 on low volume. Barring an earthquake or a precipitous drop in gold prices that would seem to be the case until production rates and recovery rates become publicly available on the 30th of March. Even if there is some minor dilution to finance operations, it wouldn't effect the share price enough to drop it to .004. If you want to worry about something, worry about the weather up there which has been cold and wet this winter. For each 100 ounces of gold that they recover they'll get around $140,000.00. The market, like us, is waiting to see what the results are.
Thwy are strapped for cash right now and had to dilute recently to get enough operating capital to run the operation. Do the math; there's no way that they can run the operation and buy back shares at the same time. Right now everyone is just waiting to see if they can break even.
Excellent analysis as usual. We'll know for sure on March 30th. All bets are of pending an announcement of production and recovery rates.
ROFL. Your right too much time. \V/_
Still waiting for the paint to dry. No way would I want to be ring master of this bunch. It would be like herding cats.
That follows my thinking. They just hold on to the note and draw interest until the share price is above .07 and then exercise the option. I'm not sure what all the fuss made about this over the past couple of days.
Here's a couple of questions for the market gurus on the board. The convertible note doesn't have to be converted, does it? I'm having trouble finding the note in the 10K's anyone got a link? If the note is modified would there need to be a 10Q filed? Could the note holder just hold on to it and wait until the share price is more advantagous?
Still got a sore butt from your cheerleading days, I see. We all got burned on the projecteced numbers back in August. You're right to suspect projected numbers, but it stops there. The actual numbers in the 10K will tell us if they're producing. Live long and prospect. \V/
PS: Try a little pole dancing to reduce your anxiety. It's too cold up there for your yachting excursion on your inner tube on the geotubes. Don't forget your life belt if you do go.
Morning JT, what's the groundhog doing today in your neck of the woods? When you were at the site did you notice a pile of sand at the the sand screw outlet and was there a pile of gravel at the outlet?
Morning Johnny, it's going to be boring until we get news. When you were talking with the locals did you get any indication of how often the plant was processing gravel? Today's the last day of the month, so maybe we'll get an update for Dec and Jan if the results were any good. In the mean time we'll just have to watch the paint dry.
Fernley is pretty much on the back burner right now. Let's get BRCM up to speed first.
We need to make a distiction between mining and processing. Minining is the easy part. The large pile of gravel is ample evidence that that part of the operation is up to speed. Processing is another thing. The large gravel stockpile indicates that they are not processing the gravel at anything close to their capacity. Hopefully, the additional geotubes and the Archemedian screws will allow them to approach their stated goal of 150 yards per hour. There's also the issue of the recovery rate which is unknown at this time. To stay operational without dilution they'll have to recover gold at an acceptable rate. Based on their previous reports they'll receive roughly $140,000 per 100 ounces of gold recovered. Also based on a few very rough calculations I've made, they'll need to recover between 150 to 200 ounces of gold a month to break even.
Morning Dee. Love the picture. Looks like we're back to watching the paint dry.
No sniveling. Perhaps it has to do with your diplomatic way of saying things. \V/_ ;)
They have to be profitable to buy back shares.
I think most of our unexpressed worries center around financing; if they can't meet production costs with revenue they'll have to dilute further to finance operations. A liitle bone for the investors before the due date would help the share price immeasurably. If nothing else, an announcement that all the geotubes are up and running.
Since it's a boring day, just a few personal thoughts. It's the end of the month and no PR. If they produced anything over a hundred ounces in January, we could see an announcement within the next couple of weeks. If we don't get a PR, it would be a prety good indicator that they're still adjusting the process. December and early January were relatively wet months in that area which could have effected the mining operation. Too many variables to make any real predictions . Just hoping for a recovery rate of .2 grams per ton.
Oops! Should be $20,000 Royalty.
Good dd. BULM owns 2,000,000 shares of PCFG. If I've read our 10K's, correctly these were shares issued in lieu of payment of the $2,000.00 annual royalty
I was referred to that website by the USGS, but it only covers stuff relevant to Alaska. No Robets there.
Yep that's him. Trying to find a copy of the US Geological Survey Professional Papers 400-B. p. 17-19 is another thing I 've contacted the USGS and they don't have a copy. If you come across it, please post it.
The weather is pretty bad and has been particularly wet and cold up there this year.
Interesting link and character linked to Crescent Valley: insert-text-here
I suspect that there's some association between Roberts and John Uhalde. They seem to have been contemporaries and had an association with the the University of Nevada. Both were familiar with Crescent Valley. Having found a definitive connection though. Good find with 1936 U of Nevada 1936 publication.
Thanks Trapper, I've seen that before. What I'd like to see are the Robertson and Bharti reports themselves.
Be patient, I'll have to do a little digging. I should have it sometime tomorrow.
I did some research on Barexor. They were pretty long on promises and pretty short on results. If you compare some of their press releases to some of PCFG's early releases (2006-2007) they sound eerily similar. Have you or anyone else been able to find the elusive Bharti or Robertson reports?