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The western states have been warm and dry all winter from a huge high pressure system. There is no snow and no mud at the site. PCFG has been dry and workable virtually every day this winter, perfect for setting up and calibrating equipment such as geo-tubes or a twin sand screw.
Great idea, let's talk winter tires. Presently, there is no snow, no mud and no need for special tires. The road to and from the crusher at the mine-site is maintained daily by PCFG and isn't steep or angled to either side at any point. It's a clear, clean, washboard free ride up and back. Shucks, it's even watered to keep the dust down.
The only real danger IMO would be a truck operator daydreaming and hitting another company truck as it approached coming the opposite direction.
The most dangerous looking job on site is the frontloader that takes dumped ore from the ore hauler trucks and takes some loads up on the now huge pile they've been building since September. I think the pile is around 35 feet high and a rollover could provide a significant chance of serious injury. One can't determine the width of the pile because it can be seen from only one narrow angle on highway 306. It is the only thing that got my attention as far as looking dangerous. The rest of the jobs on site look pretty mundane.
You're Stickied, thanks for the work and sharing.
Thanks for sharing your info tradeberny. Nice work.
The last day for tax loss selling in the U.S. is not next week, its today December 23rd.
For Canadians and those selling on the TSX it is December 30th.
Nice article on Gold's pricing outlook from Forbes & Kitco.
http://www.forbes.com/sites/kitconews/2011/12/22/2012-outlook-gold-is-battered-bruised-but-not-beaten/?partner=yahootix
I think it is at least 35 feet high and at least 100 feet long and 50' wide at the base. One note, the operator of the front-loader in the video is a woman and she was very talented. She'd go up on the ore pile and distribute her load very quickly and down for another load. Last September the operator was male and kept taking breaks. No breaks for the lady. No clue as to how much is stockpiled but they started building it around the 10th of September and that makes three months of hauling.
Just for you foxwoodsfan, here's a link to a second video that shows more of the pile. The videographer seems pretty impressed with the size of the pile:
IMO they already have some very good employees, both women and men. The heavy truck drivers, front loader operators, mill operator and the ore hauling vehicles were running like clockwork. The trucks would arrive at the processing yard on an average of every 12 minutes with a new load for the ore pile. The longest time span for a truck to dump at the site in 4 hours of watching was a 15 minute span and the shortest 10 minutes.
It was hard to see them as because have a fence by the road hiding a direct view of the operation but I could faintly see several individuals working the new geo-bed area on the east side of the processing building. It was around 40 degrees outside and they remained working for hours.
The mine area is out of sight, hidden behind a hill, but they keep loading three trucks for the round trip to the yard in an efficient enough manner to keep them steadily moving.
http://elkodaily.com/lifestyles/article_f1c92627-9964-51d1-b7b5-40f28a12676e.html I saw no break in the hauling action during half a day observing the trucks.
The woman working the guard shack (with the Christmas decorations) moved immediately out the door and observed me as I turned around in their entry way. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69986399 When I crossed to the other side of the road, she watched for a while and went back inside. She was very alert.
They had one white collar looking woman in the trailer house on site. She left for lunch around noon and waved in a friendly manner when she left and waved again when she returned. No idea what she did on site. Everyone I saw was busy and productive.
It's a busy site, three trucks moving ore from the mine to the processing site. Watched for four hours and they dumped every 12 minutes on average. The ore pile is about 35' tall. Geo-tube beds are prepared on the east side as well as the existing ones you photographed on the west side. I'll forward you a photo of the new twin screw equipment.
PCFG's Crescent Valley processing site on December 14th, 2011.
PLEASE KEEP YOUR POSTS ABOUT PCFG AND STOP THE NAME CALLING AND OFF TOPIC SUBJECTS!!!
The Neumark Group, LLC website: http://nuemarkgroup.com/
Out of Portland, Oregon.
Listed on the front page under Events & Updates
12.05.2011 -- New Client -- EGOC
They're not using "credit cards". They leveraged an asset, the Pilot Mountain sale proceeds that will be receivable to PCFG in early March. They've simply borrowed against their own monies to provide operating capital for the next three/four months.
You are right that they need to get profitable. December through March should get interesting IMO.
I think you've accurately portrayed the 8K Wolverine. The officers of the company are loaning money and staying the course. They are taking some additional risk on the interest free loan and making some good money on the 10% return.
It's taking longer than many here want to wait and some shareholders have bailed. Good luck to them in future investments.
PCFG has the the cash to continue to operate and work toward profitability. They seem to think they can make this work.
The (six month) money that will be coming from Pilot Mountain wasn't advanced IMO, it will be assigned. They will forward monies to the third party providing the loan at the time it's paid.
The 8K is a mixed bag IMO. An interest free loan from a Director says they are still confident of their ability to succeed long term.
The assignment of future monies means they're very committed to making this work.
More dilution for the next couple of years.
Form 8-K for PACIFIC GOLD CORP
9-Dec-2011
Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securit
Item 1.01 - Entry into a Material Definitive Agreement
In December 2011 an officer of the Company advanced $100,000 to the Company interest free with repayment to be made within 12 months.
In December 2011, a company controlled by an officer of the Company advanced $153,000 to the Company with terms of 10% interest and a conversion price of $0.05 per share with the note due on January 2, 2013.
On December 2, 2011, the Company agreed to the assignment of $500,000 in principal amount of an outstanding note, which represents a portion of the note the Company issued to the original debt holder on January 2, 2011. The assignment was to a third party that is not affiliated with the Company. In connection with the assignment, the Company agreed to various modifications of the note for the benefit of the new holder, which enhance and reset the conversion features of the note and change certain other basic terms of the note. As a result of the amendments, the note now (i) has a conversion rate of a 45% discount to the daily VWAP price of the common stock based on a five day period prior to the date of conversion, which rate will be subject to certain adjustments, (ii) has an annual interest rate of 12%, due at maturity, (iii) has a new maturity date of December 2, 2012, (iv) permits prepayment only with a premium of 50% of the amount being repaid, (v) has ratchet protection of the conversion anti-dilution provisions for all future issuances or potential issuances of securities by the Company at less than the then conversion rate, and (vi) has additional default provisions, including additional events of default and an default interest rate of 24.99%. The Company has also agreed that the assigned debt will not be subordinate to new debt, other than purchase money and similar debt, which may have the effect of limiting the company's access to additional debt capital while the note is outstanding. Based on the above and without taking into account the conversion of any of the interest to be earned or converted, the principal if fully converted represents the potential issuance of 50,000,000 shares, limited to a maximum conversion right at any one time to 4.99% of the then outstanding shares of common stock of the company.
$50,000 worth of the new note was converted on December 2, 2011. The principal balance as of this filing is $450,000 plus interest.
Item 3.02 - Unregistered Sales of Equity Securities
See Item 1.01 above for a description of equity securities issued and to be issued by the Company in connection with certain debt securities.
Some very impressive sell blocks today and someone with a sizable bid absorbing shares:
13:16:56 0.0176 44400
13:14:14 0.0176 3500
12:01:21 0.0176 3900
12:01:19 0.0176 52100
11:40:31 0.0175 390000
11:40:10 0.0175 454700
11:39:51 0.0175 60000
11:39:50 0.0176 95300
Michal Purvis of GDC Partners projects gold price to $2000 by March of 2012. He states that gold ownership is undergoing a transition from unstable Hedge Funds to stable longer term Government Treasuries. FWIW.
http://finance.yahoo.com/blogs/breakout/gold-hit-2-000-ounce-early-2012-purves-201017826.html
Hope you're right and the reason is a PR providing production results. GLTY
Hey Fox. In the past five years, gold is up almost 300%. It's three times more costly to buy gold than in late 2006. In the same time frame, the value of most gold indexes are up 50%. That is one sixth of the price of gold's appreciation or around 17% of the total rise in gold's price. The oddest thing about the entire situation is that the vast majority of the 300% rise is pure earnings for gold companies. Gold miners were already making money at $600 per ounce and now they are raking record profits and it does not reflect in their stock price. No, there's nothing wrong with our financial markets, sarcasm light on.
http://finance.yahoo.com/echarts?s=GDX+Interactive#symbol=gdx;range=5y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=;
http://www.kitco.com/charts/livegold.html
What is "smoke and mirrors" about PCFG?
Is management dumping shares after pumping the stock? No.
Do they have real assayed properties? Yes
Do they have real equipment at the property? Yes
Do they have a crusher system in place? Yes
Are they moving ores for processing? Yes
Do they have a facility to process ores? Yes
Do they have high tech equipment to glean gold? Yes
Do they have pumps, wells and infrastructure in place? Yes
Do they have employees on site and working? Yes
Have they had water issues that have set them back? Yes
Your premise is flawed, reasoning flawed and your deduction is grossly inaccurate IMO.
Nice volume coming in on the Ask.
10:46:36 0.021 70000 OTO
10:36:39 0.021 50000 OTO
10:36:35 0.021 250000 OTO
10:23:18 0.0207 250000 OTO
10:23:12 0.0209 50000 OTO
And, they were calibrating equipment and workers. Why haul off existing ores just to learn the process of training employees and setting up equipment for higher yields.
Too bad all the excellent advice on how to run a gold mine has come after the start-up fiasco. It would have been so much better if given before they began.
Ref:"trust me sport..." No offense, but no thank you.
Geo-tubes and winter operation, from a competitor geo-tube site:
"In cold climates, winter freezing aids the de-watering process, allowing further reduction of solids."
http://www.bishopaquatic.com/home.htm
Hew foxwoodsfan, I'm a Rocky Mountain resident and we see excavators, crushers, trucks, loaders and everything operating year round in virtually every industry without issue. Mining is huge in Colorado, Wyoming, Montana, Utah and Idaho, all northern mountain states. Frost and most times snow won't impact an operation unless they are up in elevation say 7000 feet and above. Cresent Valley is at 4800 feet and in the shadow of the Sierra Nevada that absorb most storms. It takes significant storms to impact valleys in Nevada.
The variable is the geo-tubes. They'll need an anti-freezing chemical additive to operate smoothly in the cold of Jan/Feb IMO. This whole subject is laughable and just an attempt to move the stock lower IMO.
Yes, and they could develop permafrost, lol.
From a recent 10K:
"The climate is typically hot and semi-arid with temperatures rising to above 100 degrees Fahrenheit in the summer to below freezing in the winter. Freezing temperatures are only sporadically encountered in the winter months of December and January and are not likely to have serious affect on operations. Precipitation is minimal and offers little or no operational problems."
I think they've minimized the amount of freezing that takes place at the elevation of Crescent Valley. It freezes virtually every night in Nov, Dec, Jan and parts of Feb. It snows periodically and it can stay for weeks. The snow shouldn't be much of an issue. Having said that, it's so far from your description of "permafrost" that it is laughable.
There was a discussion last year on the difficulty of getting commercial tires for their trucks and loaders. Perhaps you can fire that one up again. LOL
http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=8038009-8481-38215&SessionID=hUjUFqQv68-Sa47
LOL, nice catch rrss44, that's pretty funny. Here's a map of permafrost areas. Nevada isn't in the zone.
http://en.wikipedia.org/wiki/Permafrost
I hope the equipment runs well and the extraction process is a success. About 15 families in Crescent Valley depend on PCFG for jobs and several hundred here have savings and hopes of success.
I'm going out to the site early in December to see what's happening.
Good luck to you Z!
Call PCFG what you want and enjoy the negative bandwagon and the bad taste, that's your right.
You specifically referenced the status of the equipment and opined that it was "broken down", your words. Again, you are dead wrong, it's excellent equipment. That isn't an opinion by the way, it's a fact. Can they can make that equipment extract enough gold is a better question IMO.
Good luck with your trip.
Four individuals that post on this board have visited the processing site. It's exactly the opposite of what you describe. The watering trucks, loaders, earth haulers and road grader are all virtually new and in excellent operating condition. The processing plant, geo-tubes, plumbing, conveyors and equipment surrounding the plant are all in good shape and very functional.
The employees are local Crescent Valley folks and from what I saw, work hard to keep their jobs. It's real life for them as it's their paycheck and puts dinner on the table and keeps the rent paid. I hope it works out long term for them and for us. The photos and video's are in the IBOX and verify what I've posted. You may want to do more reading and if do visit Las Vegas, it's well worth the drive by to see an the actual Processing of Ore System as you call it.
An article on gold exploration in Nevada, from the Elko Free Press. Seems like an amazing amount of money for such a relatively small area.
Exploration spending up in Nevada
Story
Discussion
ADELLA HARDING Mining Editor | Posted: Monday, November 28, 2011
ELKO - Companies responding to a new Nevada Division of Minerals survey expect to spend $295.5 million on exploration in Nevada this year, up from $214.1 million in 2010.
The 2010 spending was up 93 percent from the $110.9 spent in 2009 and higher than predicted in the survey covering 2009, according to the report.
"Spending was certainly up over 2009, and it looks like it will keep on going. A lot of it has to do with commodity prices, for precious metals and copper," Doug Driesner, deputy administrator of the Nevada Division of Minerals, said today.
Gold prices have been on the rise the past couple of years, reaching as high $1,895 per ounce in September, according to the London p.m. fix chart. They were back up today, with the London p.m. fix price at $1,714 per ounce, compared with $1,688.50 per ounce on Friday. The spot price on the New York Mercantile Exchange closed today at $1,709.90 an ounce, up $29.60.
Silver prices rose to as high as $48.70 in April of this year and were at $32 an ounce today, according to Kitco.com charters, while copper was at $3.36 a pound, after reaching well above $4 a pound earlier in the year.
"A lot of people are out there drilling, and I've also heard the assay labs are really busy," Driesner said.
He also said the minerals division has been busy handling the state reclamation bond pool, which junior exploration companies often use.
The annual exploration survey found that the companies believe the existence of favorable geology remained the most important factor influencing their level of exploration activities, followed by availability of public land to explore.
The attitudes of the companies responding regarding domestic exploration potential varied, however, with 35 percent optimistic, 35 percent neutral and 30 percent pessimistic.
The companies reported holding 57,690 claims in Nevada and 78,500 in the United States in 2010, but only 17 out of 85 companies sent questionnaires responded for the survey covering 2010. The responding companies predicted their claim holdings would be up this year to 58,423 in Nevada and 79,958 in the U.S., including those in Nevada.
All total, there were 175,000 active claims in Nevada as of Oct. 1, 2010, compared with 176,958 in 2009, the report stated, citing U.S. Bureau of Land Management figures.
The new exploration report states that the Nevada Legislature's increase in claim fees implemented in February 2010 affected claim holdings in 2010, although the law was later rescinded after a court ruling.
Worldwide, the companies reported spending $612.3 million in 2010, up 43 percent from the $427.7 million spent in 2009. Money spent in Nevada was 35 percent of their worldwide spending, but the companies expected that percentage to drop to 32 percent this year, according to the survey.
The number of geologists employed in Nevada also rose, with 181 working in 2010, up from 154 in 2009, and they expected to employ 191 geologists on Nevada projects this year. Worldwide, the responding companies employed 843 geologists in 2010, up from 772 in 2009.
The survey also found that permitting times were down in 2010, with the notice time ranging from a month to six months, with the average at seven weeks, compared with nine weeks in 2009. For a plan, the permitting time ranged from four months to four years, with an average of 18 months, down from 25 months in 2009.
Looking at reserve replacement, the minerals division found that five of six companies with production in Nevada replaced their reserves in 2010, and on a worldwide basis, four of five replaced reserves that were mined.
Read more: http://elkodaily.com/mining/article_903ab8b0-1a15-11e1-9618-001cc4c002e0.html#ixzz1fE0Qhj8t
Ref:Get real airdale, they're going to have to obtain additional cash from somewhere if they're not pulling enough gold out of the ground to pay for operating expenses and they'll do it in the ways they've done it before. The easy way. Notes and dilution of the float along with selling shares that they granted to themselves then putting it up as a 'loan' to PCFG. This has all happened in the past and is easily proven so don't deny it might not happen in the future.
I really wish you wouldn't prognosticate, you really missed on the geo-tubes and your "probably six months if ever" projection.
Again, you act like it is a forgone conclusion that they will not produce gold and will require additional funding. I don't know what they will produce and I won't venture a guess.
They may well have to dilute to access additional monies in the future, where did I say the need would never arise?
The recent sale of Pilot Mountain brought in money and will continue to bring in money. Is that the same way they've always done it? No.
The last 10Q revealed that Management recently loaned PCFG money on an interest free basis. Is that the same way they've always done it? No.
The zero interest loan Management provided tells me they seriously believe PCFG has some upside and they have more insight than you and I.
Did you find that Form 4 showing dilution for the third quarter?
Where did I post that Management cared about shareholders?
What did I post that was misleading?
A good portion of today's discussion was related to whether PCFG Managerment sold or dumped shares this past quarter. The result of that discussion? They did not sell their shares.
This link in the Ibox makes it easy to ascertain if Form 4's were filed after a share sale. Since no share's were sold, what are you talking about?
http://www.sec.gov/cgi-bin/srch-edgar?text=pacific%20gold%20corp.&start=161&count=80&first=2011&last=2011
It doesn't exist. There was no Form 4 because the argument was negative speculation and a fabrication from two posters on Saturday.
It was Foxwoods way of providing proof that their position was inaccurate.
Why don't you help find that missing Form 4 that will prove the two posters theory of awarding themselves shares and dumping them. Thanks.
Please, point out exactly what is twisted?