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Crabby you must have missed the explanation posted numerous times yesterday. The .75 oz/ton is gold equivalent. Gold equivalent means there is a mix of other metals, but in SFMI's case it is a gold/silver mix. The ratio doesn't matter as when you value it, the end result is based on .75 ounces of gold per ton. Yes, this has been confirmed by the company.
I talked to a large investor who was on site with PQ yesterday and when looking at the tailings piles he said you could see the visible gold!
I like the way this is trading the sellers are holding things a little closer and those wanting any number need to reach a bit.
It will take a few days to work thru the overhang of cheapies from panic day and ugly markets certainly can't be helping.
glta
This will be a bit of a ramble, but iub jail has me at 2/day still.
I emailed RK and the .75oz/ton is gold equivalent meaning gold and including some silver credits. All mining companies use gold equiv. standard. Some have various credits due to base metal contents. The old timers left all the silver and in the Bureau of Mines report the ratio for War Eagle is 16:1 Darn fine and considering they were starting with low grade this will prove very profitable. The mill manager form Barrick apparently said he's never seen grades this good!
The news on the roads being open, means to the top of the mtn for the upper tailing access and for the newbies, the Sinker Tunnel where the winter work will be done is open year round.
Bob Hoye has an article at 321gold. it basically said we needed to see gold in the $1190's [done] before moving to $1290 in early
June. this guy is always 99% on the money.
The shareholder meeting is tentatively scheduled for Sept.17
They plan on having a helicopter on site for airport shuttles and mtn tours. Big improvement, last time we had mini vans!
I notice the poster who spread the lies yesterday is conspicuously absent after being busted. hopefully jailed!!!
There's lots new, it just hasn't been out in a NR yet. Yes the sp suffers until we do, but I thought you might like that easing closer to your number. I do know the new assay lab in Boise enables SFMI to have quick turn around times on the assays.
Yes some real nice support coming in. That wash out on Friday was needed and normal. I was speaking with a very market savy individual on the weekend who watches this story close and he said with the big spike we had last week, it really opened the door for a short take down, especially on a Friday afternoon with few on the bid.
I'm thinking we should have a mill update any day along with some assays perhaps. There's a new lab in Boise now, which can provide quick turnarounds for SFMI.
Also we will hopefully have an update regarding the real exciting news of last month as follows..............
Mr. Pierre Quilliam, President, stated, "We are very excited by this opportunity to start a long term relationship with the high caliber of people involved in this cooperative effort. We now have the opportunity to advance SFMI's international presence with pending listings .
Quite a battle in the gold pits today. The price being way up in Asia over night, only to get beat up on the open of London and NY. Well we know where it's headed long term, but as always very bumpy getting there.
Sorry for the rambling, but only allowed 2/day here.
glta
The info I was referring to was the 120 page historical review on War Eagle mtn and the mining and drilling done. Very thorough and lots of geo. reports. This was available 2 yrs ago for $20. Sorry no links.
There was also a 2 page summary paper done for the Idaho Bureau of Mines. This was emailed to me from another shareholder, but is in pdf and can't copy and paste.
I did find part of it from another poster info from another board awhile back so here it is...
A few excerpts from this report show increasing richness and a 5-8 mil oz. gold equivalent...........
The Oro Fino system is known to extend at least some 12,000 feet in a NS direction and has been observed to vary in thickness [0.5 ft to 25 ft] and mill grades [0.5 to 1.25 Oz Gold/ton]. As is typical for this kind of precious metal bearing quartz vein system, several large "pockets" of very rich ore concentration occur throughout. These veins are the so called "Hot Spots" locations where mill grades of up to 25 oz Gold/ ton are encountered. Some areas showing grades as high as 90-300 oz gold/ton. All of the ore produced to date on War Eagle Mountain has averaged 2.52 oz. Gold equivalent [Gold and Silver values combined].
The depth of the vein systems is known to be in the 2,000 to 2,500 foot areas. Estimates of reserves range from 500,000 to 3,000,000 oz. of Gold. More recent surveys have tended to confirm these estimates and with Silver values included, reserves, could reach 5-8,000,000 oz of Gold equivalent. War Eagle Mountain has a rough ratio of 1:14 [1 0z. of Gold for every 14 0z. 0f Silver].
The Cumberland vein, also part of the War Eagle structure, is clearly a seperate vein system. This vein is 100 to 200 feet east of the Oro Fino vein. The Cumberland vein is oriented N-S Dips 60 degrees to the east and is one to twelve inches thick. Very rich ore, some as high as 9 oz of Gold to 40 oz of Silver exists within this vein.
The Poorman vein, also part of the War Eagle structure, is an identical major vein to the Oro Fino vein, but about 1,000 feet to the west, running parallel to the Oro Fino vein. This vein is mostly Silver. The Poorman vein produced the largest nugget of Silver ever mined in the United States, at 8,000 oz [500 pds].
Actually you predicted the share price to be sub one cent last year. Who are you trying too fool here. The ficticious story you laid out is and has been totally false.
Again I see lots of posts concerning the mill. The big money that has arrived here and the bigger money coming, are not focused on the day to day progress of the mill.
So I'll repeat once again that the big story is the huge resource available on War Eagle mtn. Those of us that have taken the time to contact the Idaho Bureau of Mines and the geologists that recognize the size and scope of what exists, know why the big money is showing up. Always follow the money.
Well BC, you had a nice run and were our biggest cheerleader. Knowing that you've stated that you would like in again lower, please do us all a favour and not join the likes of the detractors, solely for personal motivation. Thanks in advance!
Someone was mentioning silver, so here's a bit more from Stewart Thomson article at 321 gold. Also for those interested David Bensimon is interviewed [audio] on Kitco with a very good take on where things are headed in the metals and general markets which have a bearing on SFMI.....
24. Subscriber GoldLion, who is the greatest gold juniors trader in the gold community and the world, and recently laid out an upside Gold Gridline to $1400, routinely books 100 wins a week in gold juniors stocks using my pyramid generator. He has committed to a monster silver buy program into $14, which he completed, and has been extending his sell points, eyeing an incredible $33 an ounce for this coming intermediate move. Silver is not a replacement for gold. You don’t need much, but you have something in silver, here and now, that you don’t have with gold and that is: The Silver Gridline. The high for silver in 1980 was $52.50 by some counts, $54 an ounce using the highest point reached on the futures contracts. With Gold, we’re in new high territory, and gridlines are theoretical, not historical, except for the inflation-adjust chart, which does have value. With silver, you have historical actual silver horizontal support and resistance gridlines, an HSR roadmap if you will, all the way to basically $50 an ounce!
We have just barely started with this story. Here's a bit of reading from Stewart Thomson's article at 321gold......
14. What you are looking at is a chart with relative strength rising up from a pullback to the 50 marker, and all the oscillators hooking into buy signals. I predicted in January that the global theme for 2010 is: The Gold Punisher. Soon Queen Gold is going to turn her wrath on the gold-stock bashers, in a very big way. Gold stocks, and particularly gold juniors, handled the Dow Meltorama last week extremely well. As I write this, gold is about 1209 and the Dow futures are down about 100 points. This is NOT 2008. It’s 2010, the year of the Gold Punisher. Those living their financial lives today like it is 2008, will be financially obliterated again. That is the only similarity between now and 2008.
15. With each passing day, gold stocks are breaking their asset-destruction link to the Dow, and tightening their link to gold bullion. It is an ever-more leveraged link, as the hedging programs are wound down and even eliminated. The gold community’s wiener prediction that Barrick would blow up on their hedging program, has done the way of the do-do bird, as the banksters simply billed the $5billion tab to new shareholders with a stock issue, while banking the other side of the trade, 5 billion dollars, for themselves. Today is another test day, one I believe gold stocks will pass. Down Dow, Up Gold Bullion, Down Gold Juniors is morphing into: Down Dow, Up Gold Bullion, Gold Juniors Super Sprout!
16. Remember that the transition is not an event. It’s a process.
17. Here’s the weekly chart for GDX, going back to the early part of the bull market. The gold wiener patrol wants you to believe there is a “non-confirmation” between gold stocks and gold. WRONG. There’s a TRANSITION between gold stocks following the Dow, which is far from making a new high, to following gold. My gold glass is half full while the wiener patrol’s glass is all-empty. What’s yours?
It's just a little bit more than frustrating when incorrect information is posted by some who swear they are never wrong.
Your statement regarding the need for another genset is totally false information. The unit they have is more than capable of the power demands. So once again someone is totally guessing yet writing as fact. One clue for you if you were observant, was that the generator building was designed and set up for the one unit.
Do you not understand power applications? I've been using them for business for 30 years. How do you think towns in the north make it or how about offshore drill rigs [4,000 in the gulf, minus one] which have massive electrical needs. nuf said!
You're right , you didn't. It's more like............
Post #8696
Probably drop below .065 tommorrow on its way down. Big sell off coming as market getting wise to this little tangled mess of metal. Looks like they plan to feed the mill with a wheel loader, can't see anyway conveyors are going to cross over to the main building. Course if its only 30 tonne or less a day they could almost pack that in wheel barrows.Just wondering if they are ever going to get working on the electrical infastructure. Maybe I better ask Herman!!!JMHO
Paid
So please explain sir how you are right every time.
I agree with you totally UREC. I still don't think most poeple here [especially the detractors] even come close to getting it.
The mill is such a small part of this story. Yes it's great, but to sweat over when it's going to be up to speed is a waste of time. It will happen when it's ready and then away we go.
I can't emphasis enough that what is going to launch this share price is news regarding the the Brazilian listing, the implications, and the people connected thru that endevour. Then, when the drill results start coming in, the mill will seem like a small detail.
With gold likely to be $1500 by year end juniors as rare as this will take off and never look back.
Yes, it was an interesting day yesterday. IW summed it up well. Our big seller was from DLNY the market maker [Jack]. He was the one that sold relentlessly until .20 broke, knowing full well that stop losses and fear would send this down. Guess who was waiting at the bottom. The mm shorters probably did well yesterday, anyone have the numbers.
That post from Goldbandit on the SFMI write up was a great one and should be posted again. It sums up things well and touchs on the Brazil listing, which one really needs to read between the lines on as this will be THE biggest development this year.[well later on it will be the grades from the drill bit]
Anyone else having posts removed for being a weee it to critical on our resident paid detractor.[only 12 posts yesterday]
I'm thinking that our first gold sale could be at $1250/oz or better. Yesterdays move of big money into the gold market spoke volumes to the world and hopefully the media, who just never seems to get it.
Sorry for the ramble, but I'm on ihub rations at 2 per day.
Revenues will be a great addition, but I'm trying to hammer this home to everyone that you don't need revenue to have an appreciating sp. Just look at what the drill bit did for Ventenna [symb T.VEN] last year. It went from .04 to $12.00 [still over $10.] on the drilling alone. No production, no revenue, but some amazing results from the drill. Almost as good as some of the historical drilling done on War Eagle by Nerco in the 1960's.
If your basing value here on whether or not the mill is up to speed or not is ridiculous and you fail to see the big picture. The big money that came into this over the last month and is still supporting the sp is not here because of the mill. Granted it's an added bonus that very few start up mining companies have, but the money is here because of the potential of a huge high grade resource on War Eagle mtn. When that drill bit gets going and starts hitting some grade, it's then the real fireworks start.
Get a copy of the reports available from the Idaho Bureau of Mines and then you will see why some are talking about a couple of bucks down the road.
The markets are having a few ugly days. It happens. Gold bottomed today around $1157 and that should mark the bottom for this take down. Ugly markets create fear and MARGIN CALLS and don't think it's not happening here. The most money is made by buying on days like these and the smart traders here are adding right now.
Here's a brief read for a quiet day.......
Dear Friend of GATA and Gold: MineWeb's Lawrence Williams tonight describes a fascinating new issue of Paul Mylchreest's occasional financial letter, the Thunder Road Report, which explains what Mylchreest calls the "Third Gold War." Williams reports: "Mylchreest reckons we are now in the 'Third Gold War' since the Second World War and this is being waged between the United States in conjunction with other Western countries/institutions, notably the International Monetary Fund, and various opposing sectors worldwide. In his contention, the United States and its allies lost the first of these 'gold wars' to the French (then under De Gaulle) and the second to the Middle East, helped significantly by the then-pro-gold stance and purchasing power of the German Deutsche Bank. "This latest gold war has been/is being fought covertly. 'High-profile sales of physical gold have, for the most part, been replaced by sales of 'paper gold' in the form of futures, OTC options, and unallocated gold, etc.,' asserts Mylchreest. But this time he reckons that the veil has been lifted and the whole charade is beginning to unravel. Instead of France or Arab nations, the opponent this time is China -- the 800-pound gorilla -- potentially an even more formidable opponent, with a huge treasury of trillions of dollars with which to back its moves." Williams' report is headlined "China -- the Gorilla in the Third Gold War" and you can find it at MineWeb here
The reality is that with the daily volumes we're seeing here it is split between investors and traders. Some buy the news and some sell the news. The huge markets sell off across the board today created fear and I believe we saw a bit of that here. Nothing wrong with a little correction as it moves shares in to stronger hands. The story keeps getting better here as the company executes as fore casted. With the target of new listings on the horizon giving us much greater exposure in what is soon to be a rush into jpm's we're sitting pretty here.
Good luck trying to get filled. Those friggin' market makers pizz me off. I put in a premarket order for 100k at .235 and the order never showed for 15 min. The MM's filled themselves for 80k but my order never got touched. Nice news, but the big news is still ahead.
Yes when the drilling gets going I'm expecting things will get more than a little exciting around here. Here's a bit of info from the Idaho Bureau of Mines report....
A few excerpts from this report show increasing richness....
The Oro Fino system is known to extend at least some 12,000 feet in a NS direction and has been observed to vary in thickness [0.5 ft to 25 ft] and mill grades [0.5 to 1.25 Oz Gold/ton]. As is typical for this kind of precious metal bearing quartz vein system, several large "pockets" of very rich ore concentration occur throughout. These veins are the so called "Hot Spots" locations where mill grades of up to 25 oz Gold/ ton are encountered. Some areas showing grades as high as 90-300 oz gold/ton. All of the ore produced to date on War Eagle Mountain has averaged 2.52 oz. Gold equivalent [Gold and Silver values combined].
The depth of the vein systems is known to be in the 2,000 to 2,500 foot areas. Estimates of reserves range from 500,000 to 3,000,000 oz. of Gold. More recent surveys have tended to confirm these estimates and with Silver values included, reserves, could reach 5-8,000,000 oz of Gold equivalent. War Eagle Mountain has a rough ratio of 1:14 [1 0z. of Gold for every 14 0z. 0f Silver].
The Cumberland vein, also part of the War Eagle structure, is clearly a seperate vein system. This vein is 100 to 200 feet east of the Oro Fino vein. The Cumberland vein is oriented N-S Dips 60 degrees to the east and is one to twelve inches thick. Very rich ore, some as high as 9 oz of Gold to 40 oz of Silver exists within this vein.
The Poorman vein, also part of the War Eagle structure, is an identical major vein to the Oro Fino vein, but about 1,000 feet to the west, running parallel to the Oro Fino vein. This vein is mostly Silver. The Poorman vein produced the largest nugget of Silver ever mined in the United States, at 8,000 oz [500 pds].
Well the excitement is building. Fact is people taking positions now will do just as well as those early birds. Why, you say because too many will leave tooo early. This story has barely started. I was buying a company back in 2004, started at .05 and averaged up to about .30. They had a small mill, but started hitting some grade. By 2006 they went to $3.60 just on the drill bit and my pf was 7 figures higher.
This story is amazingly similar. Except War Eagle mtn, has historical grades much much higher than anything I've ever researched. These grades are backed up the senior geologist from Kinross and the Idaho Bureau of Mines Dept. Yes it can happen and Carmin's thoughts on multiple dollars and more than real.
Timing is absolutely perfect when considering the gold/silver market. The next few years are going to be life changers for many who hold precious metal stocks, especially juniors that have the goods and that SFMI has that and more.
Yes a big move in the metals today and with option expiry next week even more impressive. Nice and needed consolidation with our sp, the question remains for how long?
Here's an accurate read on what's coming, it doesn't look like the charts copied........
That one is easy to answer. We go to the one secular bull market that’s left. The one area where the fundamentals are actually improving. The one and only sector that stands to benefit from these insane monetary policies.
Gold! Precious metals.
This is the one sector where the fundamentals aren’t impaired. In fact, they are only getting better and better as the powers that be continue down their misguided Keynesian path to ruin.
Now let me point out that every secular bull market in history eventually ends in a bubble. Gold will be no different. After it has gone up far enough and long enough we will reach a point where the public comes to believe that gold is a sure thing, just like they thought tech stocks were a sure thing and just like they bought into the housing myth that real estate only goes up in price.
The difference is that the precious metal markets are fairly small markets. When the public finally catches gold fever it will drive a bubble the likes of which none of us have ever seen before. I expect $5,000 gold is probably a conservative estimate for a final top.
Now keeping in mind that this secular bull is far from over, let’s take a look at mining stocks.
Unlike the S&P and energy sector the mining sector has already tested the old highs. As a matter of fact the mining sector has led this bull from the very beginning.
When the rest of the market was putting in a final bottom in March of last year, the miners were already over 100% above their November lows. How’s that for relative strength?
From today’s level back to the old highs would yield miners a 20% gain. That’s probably equal to the best we can expect from either the stock market or the energy market.
However, miners are not limited by impaired fundamentals like virtually every other sector. The mining sector has an incredible wind at its back. Does anyone really believe mining stocks ($HUI) would be trading anywhere close to $519 with gold at $1,500? How about with gold at $2,000?
Before the secular bull is over I expect we will indeed see $5,000 gold. I would be completely dumbfounded if mining stocks don’t have 500-1000% of potential in them during the remainder of this secular bull market.
So one can fight with a secular bear market and impaired fundamentals for small gains or one can just get on board the only remaining secular bull market and hold on for one heck of a ride. This is how millionaires and billionaires are made. Not by trying to trade in and out of impaired markets.
So if we are on the verge of an asset price explosion I want to be invested in the one area best poised to benefit from the fundamental driver of that explosion…gold!
Toby Connor
GoldScents
www
The bid/ask gap says it all. The amount of shares available now is getting tighter daily. Most of the longs are very long as they understand the true life changing potential of being patient. There's some very deep pockets involved here that are in it for dollars not pennies. Few know that some of the original players from 07 are employees of Rio Tinto and own shares personally.
SFMI's announcement yesterday of a major drilling program is exactly what I was hoping for. When the drill bit hits those high grade veins that exist and are documented by historic results and the Idaho Bureau of Mines, this little company could explode. Stay Long! Very Long!
Hey Silver Falcon, now I've got you pegged. We travelled back on the same flight out of Boise, the morning after the shareholder meeting. I'm in the main group picture at the entrance to the Sinker Tunnel. Rich K is in the red coat in the middle and I'm in back with the light colored shirt.
We all had dreams back in those days that are now becoming reality. I've had my ear to the ground lately and I'm feeling we will all do much better than originally expected. Stay long, for rewards will come to those who wait!
glta
Time for some reality guys. There will be no gold sales in a few weeks. You really neeed to understand how comissionsing a mill works. There is always a slow start up process. They start with the low grade material until they fine tune everything. There will be adjustments and more adjustments until they get it right. It's the norm. If they don't start on the 19th big deal. If there is no news on the 19th big deal. We know it's progressing close to schedule and that's all that matters.
For those totally focused on the tailings processing are really missing the big picture. War Eagle mtn. has a resource that the Idaho Bureau of Mines estimates at 3-5 million oz of gold with high silver values.
The investing public is just barely waking up to the precious metals market. When the drill bit starts talking with the grades that they will find, this thing will be capable of a buck in a week.
Sure it's exciting to have a breakout and take some off the table if you must, but NEVER forget the big picture.
Yup been here since Dec.07. I followed the story close and made my first visit to the area in april 08. real nice country.
It amazes me some peoples need to be right and end up missing the boat. Any one with basic charting 101 saw where this was/is headed. The news is only going to get better, with 90% of the hurdles behind us. By the size of some of the buys today there was some very deeeeep pockets chasing this and I suspect they're here for the long haul. BTW those MM's were at it again with an after hour trade for 100K at .128 They sure no how to work it!
Actually they know exactly what they are doing, but apparently some with many years experience don't. It's really not that complicated. The genset will be placed on the slab and the enclosed portion of the building [in the right hand side] for the electrical control center. What they are digging are trenches for the underground wiring heading from the conveyors to the load center. Now wasn't that an easy lesson for the day. BTW SFMI is also a STRONG BUY.
Rumour or no rumour the chart was saying this was ready for the next level. Everything is coming together for this story and it was a just a matter of time and patience, before an valuation in line with potential was achieved. We need a double from here just for starters.
I'm thinking that you either don't understand or would prefer to NOT understand, so to reiterate my previous post. The wiring in the mill was completed long ago and the various components have already had a run up. That genset on the back of the flatdeck has been on site for months. Yes it will take a few days to have it installed in the new gen shed, but I'm sure they are well aware of this move and will have the wiring in place for a quick connect.
The fact is all the wiring inside the mill has long been completed and they have in fact tested many of the components. The genset will come off the back of the flatdeck it currently sits on and into the shed. Not a big a deal as you think. I've probably moved a dozen myself over the years.
The outside wiring to the conveyors needs doing and that would take a couple of days. If they make the 19th great, if they don't I'm not sweating it, they will be very close though. Some of us stay close to the story and actually know what's going on, verse the ficticious guessing game portrayed by others. Besides gold should be over $1200 soon enough and with $200/ton processing costs for tailings, that leaves a lot of room for more profit. Not a lot of selling today, can't even get my .088 filled. glta
I'd be surprised to see this below .085, unless the MM see a quite spot on the bids and jump on it. I know of a few who are ready to pounce on anything under .085. This seems to be fairly well bid and with start up in a few weeks there is more interest daily. I was watching the trading on another small gold pinky today which jumped 150% on news of year over year sales of 1.3 mil.
Once we get fully commissioned and up to speed, we should be doing that per month.
The market maker games really smell of desperation again. Anyone notice 1/2 hour after the close yesterday for the 100K trade at .087. Also this opened up today at .095, which doesn't show on the tape, but did in my account on a 50K sell[only 2% of PF as traders]. They are doing all they can to keep the excitement down and cover their sorry arses.
I'm thinking that framing going on for the building viewed in the web cam might be for the generator. There is a large opening in the framing [big enough to move a genset in and out] and it's right beside the fuel tank containment area.
Smart money backing off on the bid, waiting for the traders to unload their haul for the day. imo
I'm ready for that. Those that don't trade and are very long should sit tight as this is barely getting traction on a zero promotion program. Back in 2004/05 I had a company in the same type of deal with gold at $450 and I started buying at .04/05 and in 2 years in went to $3.60. I feel even stronger about SFMI, plus we are heading into much higher gold/silver prices, where the public and investments funds are finally just starting to wake up. glta
This post was deleted yesterday so I tweaked it a bit and we'll see if it pasts the moderators rules. [didn't mean to be personal]
It seems very few take the time to in depth DD, but some do ....
However making assumptions based on bullboard bs, where some peoples motives are at best questionable, leads to opinions that can be far from the truth and narrow minded at the least.
Maybe CONSIDER the fact that the company hasn't released all the info on the tailing's and the geo.'s sampling for a very sound practical reason. Maybe the numbers are that good that advertising them, opens the door for a hostile take over, which at this point the company wants no part of. They have already been approached numerous times. I'm thinking very few have even considered this, but I stay in touch with some who stay very close to this story on a daily basis, own over 15 mil in shares and were buying alot of those shares on the 3 mil plus day we had on Thursday. Do you really think private money would come in and fund this build without turning over every rock. Yes, the mill will be small [though very profitable], but this whole tailings operation is only a very small part of the big picture.
On another note it's amazing the discrepancies on valuations of different companies. Weiss research a very reputable investment company has been sending emails promoting a company AMOK. They have an option to earn 70% of a project in the Carlin Trend. Yes, great area but are only going on a few historic drill holes which don't show much [27m of 0.8 gr.] done in 1996. Thru a ton of promotion suggesting a ten bagger from it's already lofty level of $2.50/share on basically nothing. They also have 150 mil share outstanding. Crazy, but thats what pumping and big promotors can do for a story. There will be a day when SFMI choses to expose themselves, but at this point I'm happy to still accumulate on the dips and can wait for the big payday.
glta
So how did you determine that the grades are totally unknown? Have you bothered to pick up the phone yet and ask, or are you just assssssumming, backed by zero knowledge on the story.
"SFMI took surface grab samples and a few chip samples from inside the mines, right ???"
WRONG trying doing some usefull DD rather than guesssing at everything. You know better than to assume things, at least that's what you have been telling us. BTW, how come no response to DC's EXTREMELY REVEALING post # 8161 today Downside. For those that missed that post it's a MUST READ. Downside reveals some very credible references last year to his thoughts on the high values of SFMI's deposits. Maybe some one could repost #8161, it really does say a lot.
cheers
We've been thru this water thing before and you're LACK of dd shows again. There is one shaft on the other side [and its not 1000's of feet] that has water and it's so far down the road to deal with that you are wasting your breathe and our time. Why are you trying so hard to discredit everything is beyond me, but your motives remain the big question?????????
Great picture, that mtn. was something else. Nobody believe's me when I told them we had 40 feet of snow some winters and everything operated fine. Mind you lots of iron and graders 24 -7 keeping the road open for the white hats to make it in from Stewart.
Never say never on older mines. These old ones were barely touched in the late 1800's. Heck, in the news last week PKL who is exploring the old Pickle Crow mine in Ont. hit a good hole and there stock when from .60 to 1.50 We checked out the 300,000 tons plus of tailing dumps and there's definitely some grade there. The old boys left all the silver for sure. Also got hold of the people who prepared the reports for the Idaho Bureau of Mines and they had lots to say. Also know the previous owner of the Sinker Tunnel Mine that they bought, who knows the mtn very well. I know enough people in this who hold about 15 mil. in shares and some have some good experience.
Also, the guy they hired to run this from Barrick comes with excellent credentials. He spent 2 months doing thorough DD on SFMI before agreeing to move over, so there must of been something he really liked or why waste losing the benefits that a big co. like Barrick provides.
The mill is small and pretty much designed for the tailings. When I was on the hill with the pres. he explained his plans for the main mtn and that's definetly where the big bucks are, that's if there isn't an offer on them before they get to that stage.
As far as I understand SFMI at this stage, has only announced that the legal beagles are doing the ground work on the feasibilty of such a listing.
Now for some on/off topic examples of what a few good holes can produce, here's one that released some numbers yesterday on a canadian company who's drilling an old mine site.
" Gold Inc. has received assays for the second of two previously announced holes (see the company's news release in Stockwatch dated March 8, 2010) which cut thick intercepts of the newly discovered No. 19 vein at the company's Pickle Crow gold mine property in Northwestern Ontario.
Highlights:
43.28 grams per tonne gold over 13.13 metres (1.26 ounces per ton over 43.1 feet) in hole PC-10-052-W02;
Including 138.89 grams per tonne gold over four metres (4.05 ounces per ton over 13.1 feet);
Including 201.96 grams per tonne gold over 2.02 metres (5.89 ounces per ton over 6.6 feet);
Including 299.10 grams per tonne gold over 0.48 metre (8.73 ounces per ton over 1.6 feet).
THE SHARE PRICE HAS DOUBLED TODAY. It went from .75-$1.50
Yes, these were great intercepts, but the grades in the mines that SFMI will be working with this summer have all that and more. The historic results from previous drill operations and from the Idaho Bureau of Mines study indicate that holes like the above will be the 'Norm'.
Also, this company has no tailings to receive cash flow to fund operations or operating mill.
It just goes to show you that good results are rewarded big time in this market these days.
I've seen the same story repeat itself a few times in the last weeks, where shareprices doubled tripled or more on nothing more that a few good holes. The potential we have here is enormous and PQ has always said the mill and tailings are a very small part of the overall picture.
glta
Hey paid my way, ya need to do a little bit more in depth dd and this picture will become a lot more clear. Kinross did not give up the property. They were going broke at $240 gold [in 2000] and had to give the property back to the chinese, who they owed lots of dollars.
The chinese sat on it for 5-6 years and then thru a few contacts got in touch with Rich K. who then started the ball rolling with PQ. Phone RK if you want the live story.
glta
Interesting trading today and it looks like IW was 100% correct again. I've been in this since the end of '07 and todays trading is a little different. A decent bounce on smaller volume which I've rarely seen. Perhaps downer and co.[the shorties] have backed off and are starting to realize this company is moving forward rapidly and there's nothing going to stop them now.
The pm prices should be soft for a week with option expiry coming up and there's no way gold will be allowed to close over $1100.
Sad but true. After that the tech guys that I follow are looking for a strong spring run. Adam Hamilton has a good article on Kitco that explains whats happening.
I think downer was saying no studies were done on the tailings. Well here's one from the Poorman tailing's piles...
,
Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) today released the results of an independent sampling study conducted on the Poorman mine's tailings of War Eagle Mountain, a gold/silver property.
The survey of the waste dumps was performed by D.A. Yeager, and C.K. Ikona, of Pamicon Developments, Ltd. "The dumps were created in the 1800s with ore that was considered low in value and was stockpiled for the day when metal prices were higher. Generally speaking, the cut-off value for ore to be further processed and transported to the refinery was 2 ounces of Gold per ton. The ore that did not meet this requirement was stockpiled. It seems apparent, both from a perusal of the history of the mines and from the results of the preliminary sampling, that the mineral reserves of War Eagle Mountain were by no means exhausted," wrote Mr. Yeager.
Initial findings estimate that probable recoverable gold and silver metals from the tailings stockpiles could exceed 19,200 Gold oz, and 221,440 Silver oz, or approximately $19 Million gross ore value.
This is just the Poorman's study which has a present day value of about 25 million.