Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
OK let's settle down guys, both of you are respected posters. No need to do the "he said", "no, he said" thing. The dilution argument has been debunked and Robo's and Sumdude's credibility have been questioned. Time to move on. \V/_
Sometimes you don't make sense. The plant's full production capacity is 1,200 yards per day. The additional geotubes will allow them to approach that number. We have not tripled production capability. We have the ability to approach the plant's capacity. Nothing more.
There's some interesting stuff when you google Minerais Barexor and Maymac Petroleum. Two individuals pop up also John H and Harriet Uhalde. Apparently Barexor had a deal with Maymac for a joint venture. They reneged on the deal and delt directly with the Uhaldes who were probably the owners of the claims. Maymac never received their shares and sued. Both companies went tits up in the late 90's. What's interesting is the Uhalde name which seems to have some clout in Nevada politics.
What's really interesting is the Barexor's Main Projects report from your first link. Rob gave an interview in the 2006-7 time frame that sounded as if he was reading from this. Check out also: http://findarticles.com/p/articles/mi_m0EIN/is_1996_Feb_22/ai_18027329/
Robo wash, now that's funny.
How was your Thanksgiving? As ususual you're right on the money great post.
Semper Fi, Mav. Remember not so long ago when he was doing his pom pom routine. Most of the time he doesn't need to be taken seriously.
Oh gosh and golly, I wonder who I learned that from?
Robo you can come out of hiding now. Turkey day is over. You're safe for another year. Most long term posters know your history well enough to not take you seriously most of the time. However your litlle fat cat diatribe crossed the line and was sufficently eggregious to merit being debunked. I've noticed that you've backed off on that argument and are tap dancing trying to not admit that you were wrong. We all know that you got burned just as we did in the recent price drop. There's just enough truth in your posts to give them an apparent credibility. One thing you did accomplish is to blow Sumdude's little duck out of the water by siding with him and created a good flow of factual information.
Personally it's interesting to watch you waffle around trying not to admit that your wrong. Cowboy up man and just take the hit. You do so love to argue with a fence post. Spend some time on the stripper pole and you'll feel better. \V/_ ;)
Place Robo between two slices of bread, add a little mayo. \/_ ;)
Hopefully, things will perk up when they get the OK on the new geotubes from the NDEP. We'll have a better idea of what's going on. The initial shock of the 10Q is over and Mitch and Rob have spent enough time in the doghouse. I hope they've learned their lesson about communications. The share price looks pretty stable at these level. We'll have to endure the trashers and instant experts until they move on to their next victim. In the mean time we need to keep or sense of humor.
Looks like he's still mad for getting caught by the MSHA inspectors floating around the settling pond without a lifejacket.
No I haven't missed the point. The point is that you and sumdude have absolutely no physical evidence either from the SEC or any other viable source that they have sold or transferred any shares since March 25,2011. You're back to your old tricks posting conjecture as facts and when confronted you try to shift the subject. It's interesting that sumdude considers you as an ally. That says a lot.
It's also interesting to see how you shift from conjecture to fact in the following sentences:
Let's cut to the chase without the personal stuff. Do you have any real evidence that additional shares have been issued. If so, when were they issued and how many were issued. Additional shares have to be issued to qualify as dilution.
The hours worked is old news. The inspection is new though. Did you notice that they're delinquent on several fines. All of the infractions are minor. One is just hilarious:
What evidence beyond your touted technical expertise do you have that dilution is going on?
Doesn't look like we'll see a PR this week. They're probably waiting until they get approval of the new geotubes. There was a perception of Mitch and Rob hiding under their desks with a mob of angry investors beating on their door in the first few days after the 10Q came out. Some of the onus lies with us. We got caught up in a wave of investor enthusiasm that ignored some signs that all was not well. I was as guilty of this as many others and chose to ignore some pretty strong evidence in the MSHA report, Most of us took it as a good sign because the work force increased. I noticed, but chose to ignore the low production worker hours and tried to explain it away. Wolverine challenged me on this and it turns out he was right. We see what we want to see. I went back and checked Airdale's and dy0genes' eyewitness reports and both said that the conveyor wasn't runninng. We assumed they were mining and processing when in truth they were mining and NOT processing because of the NDEP shutdown. The one area where the company is fully culpabe is the announcement of a share buyback program when they knew that they were not profitable. They still have some explaining to do on that one.
This is another poster's suggestion made in a PM; maybe with all of the bad news accumulating so quickly, they chose to wait until the 10Q and ripped the proverbial band aid off all at once. The share price has ended up at the same level it would be if they had PR'ed each setback at the time they happened.
All of that is water under the bridge. Looking forward, the first indicator of what they have done in the fourth quarter will be the MSHA quarterly report. It's unbiased, independent and has been proven to be a reliable indicator in the past. It was also MSHA that let us know about the accident. It's definitely a good resource.
Robo, et al, have made a bunch of unsubstantiated claims about that management is looting the company by share manipulation. Those accusations haven't been backed up by any substantive evidence. There isn't any smoking gun and probably there wasn't even a gun in the first place--more rant than substance. Capital is an issue, but, if nothing else, Mitch and Rob have been pretty good at raising enough capital in the past. So it isn't necessarily a current big issue.
Summing up, our current situation isn't as bad as it might seem. They are mining gravel and will be processing it as soon as they get NDEP approval. The real numbers to look for will be the through put and recovery rate. It is not as bad as it seemed at first. All in all we're basically at the same point as we were at the start of the third quarter with less cash and more geotubes.
How you are DEE. No reply yet; I really didn't expect one. They'll probably wait until they get the go ahead for the new geotubes before putting out a PR. Watch out there's a lot of rug merchants lurking.
The first 9,600 yards were from the existing stockpile which contained the mudflow and were processed in July and early August with a recovery rate of .14 grams per yard. The 10Q is so poorly worded that it's not possible to make an accurate projection rate estimate for the remaining 20 ounces. My gut feeling is that it wasn't good.
The pipe dream comment wasn't aimed at you. Your analysis is correct as ususual. The jury is still out on this one; even Robo concedes that point.
Amazing, you can't even follow a simple thread. Check post #74508 where I even quoted that for you. The only things more falacious than your arguments are the premises on which they are based. You're in; you're out. What gives?
You should know by now that subtilty is not in Robo's lexicon. He's still miffed that he bought into the pipe dream himself. It's always best to take his posts with a grain of salt, perhaps even several grains.
If you had done your dd, you'd know that the note isn't due until 12/31/2013.
If Nevada Rae is a spin off candidate, a joint venture might provide the needed capital and expertise they need to actually produce a significant amount of gold. It would of course depend on the terms of the agreement. You follow Blackfire more closely than I do, do you think that they would be a good candidate? If any of this has any validity, a JV would be the best way to go and might explain the deafening silence from the company.
This board has become a bottom feeders' convention
Thanks, it's "off and on" time for Mitch and Rob if they want to keep the company viable. \V/_ :)
(That's, "Off your asses and on your feet" for you non-Jarheads out there.
Do your research and you'll be better received.
Thanks, one issue at a time. Let's get them communicating first.
OK here's my contribution to the e-mail campaign. Did anyone get a reply yet? I suspect that they may post a PR when the NDEP approves the new geotubes.
Sure glad you waited. Good letter. \V/_ ;)
OK, thanks for the insight. Might it also be a step towards selling off Nevad Rae as SN suggested. I don't want to get one of our crazy, speculative threads started here, but it was something that might merit some discusion.
Do you or any one else know how much a PR actually costs the company? Once again, thanks; looks like the dust is beginning to settle. \V/_ :)
Flesh that idea out a bit.
Goodbye. \V/_ :)
Fox remember posting:
I thought you got out of this position. Guess you're acting like management; make a promise and don't deliver. I see you still list PCFG in your stocks. What gives? \V/_
Semper Fi, Maverick. People need to vent their frustrations and it'll probably die down this week. I think a couple of things need to be done by the company to shore up investor confidence. First, they need to let us know what the recovery rate was for the 8,000 yards processed. If it's bad tell us why and what they're going to do to improve it. I may have missed it, but I didn't see an actual o/s count in the 10Q. I come up with 759,783,231. That includes the lease payment and debt conversion. Dilution to meet operating expenses is on everyones' mind and some guidance from the company is required to allay those fears.
So far in the 4th quarter they're mining mining @ 34.27% of their capacity of 1,200 yards per day and 22.64% of their plant capacity of 1,140 yards per day . That hopefully will improve with NDEP approval of the new geotubes. The key factor will be the December production numbers. The fact that they're stockpiling gravel is a good sign; winter is coming on and we can expect some weather delays on the mining side of the operation. Having a stockpile allows the processing plant to operate full time. Then of course there are equipment failures to deal with. Any thing over 200 ounces for December will be good. We probably won't see profitability until at least the second quarter of 2012.
One matter needs to be put to rest. All of the pre-existing stock pile which included the mud flow was processed in late July and early August. Any production after that will come from gravel being currently mined and will give us a good idea of the recovery rate. The fact that they didn't give a recovery rate for the 8,000 yards screened is troubling. There's been a lot of speculation about an increase in grams per cubic yard as they dig deeper and closer to bedrock. The mud flow is beneath the pay gravels and won't be mined. So I think we should hold off on that speculation for a while.
I was being facetious. The real question is did you get any money out of the deal. No money; no dividend.
Good post. You might also question the wisdom of the initial agreement when they are now talking about a 50% discount.
Just a general note that might help to make the 10 Q easier to read for the non-CPA types. If you go to the Edgar site and click on the interactive button just to the left of the document button you can access a series of summaries which are easier to read and understand than the 10Q. If you go to the cash flow statement there's an interesting item of $60,000 for "Stock Issued for Settlement Payment" \V/_ ;)
Blaming the MM's and shorts is rampant on IHub penny stock boards and is a good indicator that there's something fundamentally wrong with the stock. I'm not saying it doesn't occur and hasn't effected the share price. But placing the majority of blame on them is denying the poor performance of the stocks fundamentals. In our case it's the fact that they only produced 50 ounces of gold in three months. The share price is where it's at because of a failure to deliver on expectations. The MM and short influence is a lot less than you're making it out to be.
They may be a producing gold mine, but at this point they are not producing profitably. The gold industry is different than say the auto industry. Producers don't have to compete with each other. The end product is the same whether it's produced by Barrick, Newmont or PCFG. If there's competition, it's over resources not the end product. We can dwell on all the conspiracy theories you want; the company did most of this themselves without any outside influence necessary.
At this point, I'd say you'd be wise to change your guarded optimism to guarded skepticism. The company's credibility has been seriously damaged if not irreperably. I think a lot of people here are thinking, "Jeez, I should have gone to Vegas and found a big buxom blackjack dealer and enjoyed losing my money." In situations like this it's hard to keep your sense of humor, but it helps keep you sane when the sh*t hits the fan. When that happens I've found that ducking helps. Speaking of ducks, every time I get my ducks in a row one of then craps on my foot.
Right now I'm in a holding pattern. I'm waiting to see how much dilution occurs to pay the bills; they can only survive so long on promise.
In a few words, "You got screwed." \V/_ :(