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This guy certainly is putting way toooo much effort into knocking our progress, to be here just for 'entertainment'.
On a side note talk about a mining friendly state of Idaho, have a look at this release today....... times are a changin'
Idaho Bill Permits State Taxes Be Paid With Silver
By The Associated Press 03/15/10 - 02:48 PM EDT
BOISE, Idaho (AP) — Idaho lawmakers are backing a plan that would allow state tax bills to be paid down with silver medallions instead of cash.
The bill approved Monday is intended to encourage the use of silver as a form of currency and reinvigorate Idaho's silver mining industry, which has been in decline for decades.
Athol Republican Rep. Phil Hart told the House State Affairs Committee that consumers should rely less on money printed by the federal government because inflation will diminish its value. His bill reignites a long-standing debate about the value of paper money not backed by commodities.
Hart's measure also includes tax breaks for any company that agrees to process silver ore for the medallions.
Lawmakers in Georgia considered allowing citizens to pay taxes with gold and silver last year.
There has been people watching this story, waiting to see if the company could prove itself, which according to the numbers released is starting to look good. The ceo is a very bright, no bs leader who will take this company a long ways. I spoke to him a few weeks ago and he was fairly tight lipped [which he should be] but did say there's lots more in the pipeline and was confident that there products where finally getting the attention and recognition they deserved. The investment banker who brought this company thru the listing process was hoping to see .70-.80 down the road, but only time will provide the verdict on that estimation.
I've been down twice. Toured the mtn. checked out most of the old tailing's sites, the old workings including their new purchase the Sinker Tunnel. I haven't had a chance to get down to have a look at the new mill operation, but plan on getting there in the next few months. I do know some other shareholders who get there more often.[and they're still accumulating]
There is no tailing's pond requirements. This state of the art mill is a gravity based circuit that only requires water. The water component is recirculated thru the system. The tailing's [from processing the tailing's] will be a damp sand and the arid climate will allow the water to evaporate. Hope this helps.
Give it up downerboy. Your conspiracy theory is full of crap and has been all along. As if PQ is shorting this thing. He has put an enormous amount of time, effort and his own dollars bringing this company to this point. Finally the hours of sweat equity are coming to fruition with the immediate start up of the mill and the new listing. There's no way in hell he would of gone thru the extensive audit process [with both sec and finra], the multitude of permitting for the roads, mtn. and mill just to go short. The amount of time you've spent bashing this is ridiculous and by the way we have gained 400% from when you started. nuf said..
Finra has done the back and forth question thing for a year. The last response was no further questions and is going thru the implementation process/procedure of initalizing the new listing asap.
There was a resource study done on the tailings, which is contained in the info on the website. The companies primary goal is to be cash flow positive thru the proceeds from the milling of the tailings. The cost of processing the tailings is under $200/ton as there is obviously no mining costs. They have the rights to mine 15 mines on their properties, plus have purchased the Sinker Tunnel Mine. They will work towards a plan for detailed exploration and development of the old time mines. These mines were last mined in the early 1900's and the old timers discarded anything under 2 oz/ton as everything came off the mtn by mule. At this time they have no need for a 43-101, but will incorporate that into the new mining plan. There is lots of historical info available from the Idaho Bureau of Mines including all historical drilling.[the grades are amazing]
check out the website for SFMI where some of the historic numbers are posted or call IR, Rich Kaiser at 1-800-631-8127 [very knowledgable] Hope this helps
I checked this story out very well. There isn't alot to support this price other than promo. He's had a few other stories that have had runs, but ended up ugly. I love gold stories and that's all I do now is research for the best plays.
There's one you might want to consider that's still cheap, but justed started moving 2 days ago.
It's called Silver Falcon Mining [ SFMI ]
IT has been totally audited and will have the new OTC listing from Finra with the week.
They have a new state of the art mill going into production next month. [near Boise, Idaho] Totally permitted
They have a resource estimate of 300,000 tons of tailings to process that should average at least half an ounce/ton.
They have 15 old working mines to develop with the proceeds of the tailings, which the Idaho Bureau of Mines study indicate to be the richest grades in North America.
I have a few posts on the SFMI on ihub with a few details or they have a great website with live webcam showing the mill construction.
I travelled to the mine twice and met with management a few times.
This story will have some legs, but as always do your own DD.
cheers
ps. there's a short who posts over there called downsideup,don't believe a word of his lies.
Yes it's about time shorty left town. Interesting it takes 10 mil of churning thru shares in the 4's, yet only 1 mil to go thru the 5's. What does that tell you, the bums are on the run.
It just might have something to do with startup early next month AND the fact that FINRA has indicated that they will come thru with the new listing as soon as today or at the very latest by next Wed. We have the momo on our side, so not the time to sit on your hands!
Here's a report from Yeager and Co. showing what's sitting at the bottom of the Illinois-Cental....
An ore analysis was reported by D.A. Yeager, and C.K. Ikona, of Pamicon Developments, Ltd. "Investigations indicate at least one year's reserves in place at the bottom of the Illinois-Central; with ore indications of 11,205 tons @ 103 g/t Gold (3.6 oz Gold/ton)," wrote Mr. Yeager.
They didn't include any silver credits here, so if we do a back of the envelope est. of 11,000 tons @ $3600/ton= $39 mil. in ore available from one shaft. Not bad for starters!
A few more historic results....
total of 49 holes were drilled by NERCO, Inc. The holes ranged from 70-feet in depth, to 700-feet in depth, with samples taken at 5-foot intervals, and were intended to test near-surface average mineralization. The drilling used reverse circulation methods and was not designed to provide results similar to blocked-out or core drilling methods, which yield a detailed analysis covering the entire length of the core.
"We are definitely pleased with the exploration and drilling results that have been obtained thus far in the area. Hole 'W14' indicated nearly 445 vertical-feet of mineable-grade ore at .18 to .85 oz Gold/ton; while, hole 'W40' returned nearly 380 vertical-feet of .11 to ..45 oz Gold/ton. The remaining holes indicated yields from .24 to .88 oz Gold/ton over scattered intervals. We look forward to defining the reserves at these locations with additional and more detailed drilling," said Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc.
A few more historcal numbers.....
The independent drilling program was conducted by Donald Tully, P. engineer. “Five angle holes, totaling 684 meters (2,245 feet) were drilled In the Oro Fino area. Two angle holes, totaling 312 meters (1,025 feet) were drilled in the Keystone & Illinois Central area. Three vertical holes, totaling 209 meters (685 feet) were drilled in the Cow Cornice Basin area,” wrote Mr. Tully.
Mr. Tully added, “The two holes that were drilled in the Keystone & Illinois Central and North Empire zones of the Central Vein system on the Mountain, approximately midway between the North and South shafts of the Poorman mine, struck extremely strong new veins. These structures showed mineable width indications of mineralization, with results of 1,000 ppm of Gold, or 660 g/t Gold (23.27 oz Gold/ton). It is concluded that the War Eagle Mountain property is an excellent exploration bet in a favorable geological environment for discovering additional and new deposits of precious metals, in addition to mining of the existing deposits.”
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc. said “The vein structures on War Eagle Mountain clearly extend to depth, and without any evidence of diminishing ore values. The deepest veins discovered, so far, extend to the 610 meters (2,000 foot) level and show values of 64 g/t Gold (2.5 oz Gold/ton) over 2.7 meter (9-foot) widths. We are extremely pleased with the drilling results to date.”
There's a few reports out on War Eagle mtn. There's one from the Idaho Bureau of Mines which is a 2 page summary of the veins. There is also a 125 page detailed report available from the Idaho Bureau of Mines detailing everything including all the historic drilling numbers, it can be obtained for a fee of about $20.
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].
The company is well aware of these reports and chompin at the bit to get the mill producing the cash needed to poke a few holes in these veins to validate the richness. The samples the geo's have found from there work support these historic grades and then some.
Now we just need to get thru this week in the pm markets [typical and predictable take down for option expiry today] and gold should be off to the races.
"More likely than not that what is there at the staging area at the bottom on the hill is the stuff from Melba"
You are so flippin' WRONG AGAIN. LIES LIES and MORE LIES!
Actually the ore did get moved down and is at the permitted staging area which they call the old corral site at the bottom of the mtn. So there you go WRONG AGAIN shorty. keep trying
The straight answer isn't that complicated to most of us. It's called starting up, fine tuning, then ramping up, more fine tuning, more ramping, more fine tuning, more ramping......
Ya get it now or is that toooooo complicated for you're unminered mind?
Additional grinding capacity will be availble thru the instal of the new rod mill.
Some of the delays can be attributed to the implementation of suggestions from the new Barrick manager to git er done right on the first go and that I consider to be the only way to go.
Fire away Boy George!
Yes this story is progressing fine. There is lots in the pipeline, but it is a process getting the deals done and our patience will, as always, be rewarded
Our downerboy has been chewing on everything he can find or invent since the end of July. There isn't an area or comment he hasn't ragged on. At one time he was so desperate that he was giving snow predictions eluding to them having an impossible build in the winter months. Well apparently his weather forecasting along with every thing else is severely flawed.
PQ is one site this week and will stay on site to view the initial powering up process.
Some one asked earlier about the how long the tailings would last.
It depends on whether they choose to increase production or not. At 100tpd we have a ten year minimum supply.
They will be making a decisions this year as to their plan of attack on War Eagle Mtn. This is where the real money is, as these veins are the richest found in the US. There is more than enough existing ore at the bottom of a few of the shafts to cover all the start up costs and then some. All of this without the need to blast a round and you don't find that very often.
Yes this story has some growth to it. They have done everything right and now the revenues are starting to increase. CEO Ron has done an amazing job of keeping the company on track down the road of profitability. I've been involved since inception [when they were still operating out of Vancouver]and particapated in the original financing.
There will resistance at the 5 cent level. The shorts have had this line in the sand for awhile, so it's time to buck up boyz and move this thru to the next level. When we clear .05 we should be off to the races. You know what they say, first the volume [which we are seeing] and then the price move. Here's a post from another board......................................
This stock has a very good chance of being involved in the next few months in a naked short squeeze. It is my understanding that this company might have a short a naked short position in the stock to the tune of 40 million shares. If that is true? It will be very difficult to cover without extreme share appreciation of price in the stock. Im going to hold tight till that time. Their will be a lot of pressure on the shorts in the next few weeks and months to cover. Once we get uplited to the Bulletin Board that will add more credibility to the stock. It will bring in new investors. We are also very close to starting mill production of tailings. This will bring a lot of excitement. They are planning to add another camera to the inside to show production. This should be very beneficial to any skeptics that remain. After that we will annouce after approximately 4 weeks that we are sending our gold to a smelter. That should generate more excitement. When we get tailing results back which takes about 3 weeks. We should be off to the races. The company also plans on from cash flow buying back stock. This is a very exciting time. I expect a squeeze if it occures should send the stock from 40 cents to 2 dollars. It all depends on how many people come on board at that time.
I hope this was helpfull. Hang on to your shares, and do not get shaken out. I am not selling any of my shares till much higher prices.
Totally standard disclamer.
The tape was telling the story somewhat yesterday. especially in the last hour. This contract will be viewed as a small contract one day compared to what's in the pipeline, but of course that's just another 'rumour' for another days discussion.
glta
Now that was funny snoopdog. Most wouldn't get it unless they saw that crazy guy singing that on the tube. They will eventually have 3 web cams on site [security reasons]. One will be in the mill building and 2 outside. Nice reversal today in the pm prices. With option expiry today that usually isn't allowed to happen. More treasury auctions this week also, so the US buck will be artificially supported.
Nothing more than the usual "rumour mill". I know, how many times have we heard soon? I did chat with IR this morning and as usual very tight lipped, but it does look like the colonel will be back this week.
You're totally correct sphindog, it will never be over until he covers. Notice everbody, how he conveniently side stepped my point in why no one else was believing his conspiracy bs, which is so easily explained by absolutely no interest in the Goldcorp Holding's shares.
I don't have the time or need to go thru the many times you've been wrong, but even your reply to my last post where alleged that they turned the camera's off because they were hiding something. Try some major wiring going, which just happens to be a important part of getting ready for start up. Beyond funny once again.
The oil guy is a trader as is MrT. You're right, in that they thought contracts would be awhile and the fast money moves on. MrT. did post on another board that he still has his core, as the possibilities here still remain long term extremely bullish. Short term it all boils down to getting that first contract done and then the rest of the story will fall into place.
The colonel has been there for close to a month and apparently should return this week as his pen ran a little dry. Could be a sweet week!!
When the company gets only 7.5 ounces per month to cover it...
Let me guess, you majored in fictional journalism in school cause your math really SUCKS. Add another weiner to the pot....
Lets get some math done here to look at your assertions a little closer.
First off right now there is a loan for $143k that may or may NOT be repaid with a gold discount. This lender has also said he has funds available to a max of 500k. Frankly I'm extremely thankful that someone has this confidence to support the need of providing funds to allow the move to full production.
IF SFMI needs the full 500K and IF the lender chooses to go repayment with the gold option, which isn't due for settlement for 2 years, lets run some numbers.
It's my firm belief that 2 years from now we will be at $1500-$2000 gold. Using $1500 minus the $460 discount we come up with a settlement price of $1040. Now the tailing's have very inexpensive processing costs estimated to be about $160 per ton.
This should leave a very reasonable profit still available and keep in mind we are only talking 500 oz or less here which once full operation commences will likely be processed in under 2 weeks.
They have a confirmed resource of 300,000 tons of tailing's which at today's value with silver credits included is over 100 million.
We also know that thru the Idaho Bureau of Mines that estimates the veins on War Eagle [richest in North America] contain an estimated 3-4 mil oz of gold.
It may have been a long wait [not really in the mining industry]but the rewards will be worth it. imho
Sorry mister but you are very WRONG AGAIN and this is were your lack of understanding, ignorance/arrogance costs you.
The fact is they are not 2 years behind.
The news release that you pasted from Nov.07 was executed. What you neglect to understand is that this mini mill was in fact operational. The mini-mill the company is referring to can probably fit in the back of a pick up and is used only for grinding 4" minus ore to basically sand so you can do in house analysis. I've used them before and they do a decent job. In April 08 I was on site and saw the mill and min-lab.
So here we have you again, with your know it all attitude proven very wrong. However, your whole fictional conspiracy allegations are based on unprovable inuendo that only you and you alone believe. Give it a rest kid.
Post # of 5354
"I'm posting my opinion... which, I note, has been either EXACTLY RIGHT or merely SPOT ON thus far."
" The only correlation I see is that the SFMI project is now ALSO 2 years behind..."
What a pile of bs basherboy. Exactly right, spot on and you are trying to tell us they are 2 years behind. Get your facts straight at least. 2 years ago they were just starting to think about there options for a mill. Yes, they are close to a year behind, but your spot on 2 year behind story isn't exactly spot on ,now is it.
Also, you must be real new to this mining industry and totally ignorant to fact that delays are the norm. I don't care what company or what part of the process they are at [scoping study, prefeasibility, feasibility, permitting, or development] 1-2 years behind is very common.
The fact is they are progressing very well. Since the need for a change in venue and with the opportunity to purchase land close to the mtn, they have got things done. The planning and permitting alone, using mutiple government agencies was a huge hurdle, which was accomplished in a very efficient manner. They also managed to get adequate tailings off the mtn, enough to last until summer and this was accomplished in short order, as there was a lengthy road use permit delay. This story is coming together very well and soon enough the sp with reflect the value of the resource avaiable.
No worries mate, there seems to be a few hungry for a few more shares today. Did ya have to dump a few more shares of our Idaho gold story? Back in Oct. when we had a big volume sell in SFMI, it was a few longs dumping about 10% to move over here and so far it's been a good move. I've been averaging up here since mid Oct. but still hold all my SFMI. You know the pot of gold at the end of the rainbow thing. It's been a long wait over there [2 yrs.], but there are certainly making progress and the patience factor should reward itself soon enough. It sounds like the first contract announced will be very sweet [if you know what I mean]. glta
So it's you that keeps trumping my bid. It's hard to get a fill and if you put a big order in, those flippin market makers just move it up a little. This story has lots of upside if they can pull it all off, which I'm thinking they will. I hear we might have a contract announced soon. glta
"Selected samples TEND to give very much higher assay values than properly taken random samples that give average values for the whole resource. The consistent CHOICE to take and report the results of selected samples AS IF they represent the average... is a MAJOR RED FLAG in a mining operation. It tends to suggest they are knowingly and purposefully misrepresenting what they have. Otherwise, it suggests they know so little of what they are doing in managing a mining operation that they don't know what methods knowledgeable mining investors will assume is apparent as fraud."
I seriously doubt that you have any knowledge what so ever what is involved in industry standard sampling. All you want to do is create doubt crying your fictitious fraud story. Some of us qualify as knowledgeable mining investors. As I've mentioned in previous posts, I started sampling/assaying underground 37 years ago. The group I'm with of long term holders have made multiple trips to the site and done some of our own sampling. Cracking some of the oversize tailings [6 inch+] and seeing visual pms, isn't a bad start. Their sampling using a large excavator to dig deeper depths revealed consistent grades allowing for a profitable operation. Do you really think they would have moved forward towards production if the grades were even close to questionable.
So diesel gensets are expensive to run are they. Now what experience do you have to back that up? I'm thinking swf. I've had 30 years thru my business and I'm calculating that it's less than 2 oz of silver per day. Marked diesel fuel is cheap. As far as running in land power, in my last operation it was for an 8 mile install and my companies share was 20K. I was required to clear a right away, but had lots of iron around so it wasn't a problem. There is no trees in that area so makes it about as easy as you can find. There's also lots of gov't incentive grants available. I see you're working a double shift these days downerchild, does running around a naked got you a little nervous perhaps!!
Now, you have to pay for installing power... AND pay for getting and operating generators to provide power... ALL AT THE SAME TIME... even though you had YEARS of planning lead time to enable you avoid that problem.
Lies, lies and more lies from you downerchild. You say
"Years of planning", when the opportunity to purchase this land only came available 4 months ago ago. Unbelievable thing is I think you believe your own BS sometimes!
Sorry about that, I must have you confused with the other another dutch. My comments were only repeating what I got from IR yesterday, as he had just got off the phone with PQ who was on site. Yes the live camera will be of interest to those needing to watch the daily progress. Yes, I know it was to be up and running last month, however the contractor couldn't get a strong enough signal, so they have gone with Hughes Satellite, which should be operational fairly soon.
I was hoping you could give us an update on that dutch, you are on site daily aren't you? I hear PQ spent the week there and that we should get an update real soon. [they seem to like Mondays]. I did hear the steel beams were in place and that the tailings move was going well and I believe there were taking ore from the Illinois central [one of the richer tailings piles].
cheers
Jim Willie, uses the term the "Chinese Put" to describe the relentless buyer that has recently appeared in the Precious Metals (PM) market. Because of the magnitude and the brute force buying power of this purchaser, it could only logically be a sovereign nation and is most likely China.
However, until this deep pocketed buyer showed up, the Cartel had all their bases covered to manipulate gold prices downward and keep it down for almost infinitum. For every long contract of demand from free market buyers, the Cartel would simply add 2 contracts short and the demand was neutralized. Illegal, but effective.
The last twenty years has seen an odd couple relationship between the USA and China in that they provided us with plastic junk we didn't need, and in return we provided them with worthless paper. No inflation resulted from all this money printing in the USA because the goods were cheap enough to drive prices down and we were the reserve currency of the world. Meanwhile, China's booty was our manufacturing base, jobs, capital investment, technology and a build up of huge capital reserves.
It is this huge capital reserve that is now in jeopardy……The surface story is that China is the largest holder of US dollars and US Treasuries and since they have 2 Trillion of these dollars on hand, they must quickly diversify out of these assets. They need to convert their US paper assets into hard assets as quickly as possible before the dollar takes a major dive.
But looking a little deeper at this situation we see that China also has a fiat currency and for all the same reasons that the Cartel want to keep "real" money down, so should the Chinese. It is both parties interest to keep the dollar strong. Because both country's economic future depends on a strong dollar.
So, at best.... there is a balance of power because this is a Mexican stand off and a tolerable situation as long as China holds as many US dollars as they do........ But what if China has a way out of this monster dollar position? What if China starts buying the one asset that will soar with a dollar collapse? What if China is able to get this asset subsidized by the USA?
Well of course this asset I am referring to is precious metals. So this explains that JPMorgan and company are throwing down short contracts for hundreds of millions of ounces of silver/gold..... and no matter what quantity of shorts are bought, China continues to accumulate.
Why does China continue to accumulate? Because they are taking the economic advantage by buying the one asset that is anti-dollar in a dollar bear environment and they are actually getting this asset subsidized by the USA. Another words, as the west does everything to push down the price of gold the Chinese are buying it up with both hands and saying thank you very much….. They are killing us with our own sword !!!
We are providing for them an exit door out of their huge dollar position and doing it at our expense. This rocks the balance of power and makes our partnership null and void.
At some point the US will have to cry Uncle.... no mas....... because the result will be that the west will have a worthless currency and no gold and the east will have a strong currency with all the gold. Are our leaders so narrow minded that they do not see that precious metal suppression is helping our enemy more than any one else ????
So ironically, the very antithesis of free markets - the Chinese Government - is now our biggest ally and the only one that could effectively knock out the gold cartel. Also ironically, the single most influential factor that will govern the gold market in the next year is China. China will decide when and how much gold goes up when the suppression stops. If the suppression is allowed to go on too long, then the USA will fall into the economic abyss – broke and helpless.
Remember there is still an absolutely incredible amount of short positions that must be unwound……. So an explosive rise in the metals would most likely result from this phenomenon.
"I'm not impressed by "progress" when the pace is far too slow to have it matter to"
DO YOU REALLY THINK THAT ANYONES CARES WETHER YOU ARE IMPRESSED OR NOT. NOT FRIGGIN LIKELY DOWNERBOY
You clearly are baffled by your own bullchit. If you had any knowledge how Finra operates you would understand by now that speed isn't one of their better attributes. I've been thru the process twice this year in other companies that I have positions in [non mining], which have done everything possible to do things as accurately as possible and there was still months of delays.
So take your waste of life responses elsewhere, where people might actually give a chit.