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"Modifications complete" is not saying that the modifications actually worked to solve the problem. Just because an action that was intended to fix a problem is complete doesn't mean that it worked. Two TOTALLY different things. Whatever....results matter right now, nothing else.
I don't see management as "scammers", but they are clearly incompetent. They must prove me wrong with concrete results and not expectations and failed goals. What is happening to the PPS right now is totally disgusting.....
I appreciate your "glass half full" mentality TJ. I used to view this stock in the same way, but those days are over until we see real results. Have a good night....
And yet they only produced 25 ounces in 60 hours with the "plant running successfully". Results matter, projections are meaningless to me with PCFG. They projected processing 6000 to 12000 ounces of gold in the first year of production. We will be lucky to get 1/10 of that unless something drastic changes.
Finishing the modifications, and those modifications actually being successful in fixing the problems are two different things.
I have read it ten times (I have read all of their PR's many times because they are usually vague) and not once did they say that the water issues were solved. And if "operating well" means 25 ounces in 60 hours we are really in big trouble. I fully understand that they are making progress at the mine, but time is quickly running out. It's time to call a spade a spade here with PCFG. Nothing (including a R/S) is out of the question when your O/S is near or above a billion shares. And yes, I am still a large (but disgusted) shareholder who is way under water.
I am not doubting your conversation TJ (you are a creditable trusted voice on these boards), but if that was the case why the heck wouldn't the company announce that to the world in a PR???? Do they want the stock price lower?
It really is unfortunate. We have such a great group of "longs" here who have devoted tons of money and time into this stock. We deserve better from these clowns....
25 OZ in 60hrs is a joke, period. It is far from meeting their expenses and WAY WAY lower than the companies estimated 6000 to 12000 OZ recovered in their first year of production. We will be lucky to recover 1/10 of that! Still holding here, but I am losing hope every day. When Mitch sold all those shares a week ago that was a BIG indication of how things are going IMO. Then I got a little excited when we had some positive action on Friday and here we go back to new lows........
This is so frustrating to watch. I am starting to think that Mitch and Rob really are total bozos who don't have a clue how to run a gold mine and have too much pride to hire the right people to get the job done properly. And I know they have a new plant manager, outside consultants yada, yada, yada. The bottom line is RESULTS. And thus far they have failed miserably in that department. If the water problems have been solved, TELL US. Or watch your stock go to new lows.......idiots.
Rant over.
I missed the action on Friday and I am really interested to see how this week plays out. If we went up 30% on 2mm volume I would think very little of it. But going up on 18MM volume is a completely different story. Maybe someone knows something we don't??
I think we all know (including Mitch and Rob) that is not going to happen for quite a while. We need to be profitable first.....
I don't have much to say Rocco. This was kinda what we expected. Although, if we run at the rate of 50 to 100 OZ a month produced, this stock will not "go to the moon" anytime soon. I will be interested in the 3rd quarter results released in the middle of November. That will be the real indication of where this company is heading. It will also be the "do or die" quarter for many longs (including myself).
I would love to see a green close today on 10MM volume. To me that would be a pretty good indication that we are about to see some nice appreciation in the PPS.
Agreed. I was not referring to that.
Yup. Volume before price.......
ALL- PLEASE ONLY DISCUSS PCFG AND NOT OTHERS WHO POST HERE.
My concern is if the mine is progressing with recovery rates increasing, Why the hell would you sell shares now??
Although it is nice to see a little more volume here than we have seen recently, 3MM is hardly "massive".
Hmmm interesting Fox. I wonder if Eurasian has interest in other local miners. They already had other properties in Nevada before this acquisition.
I think your timing is spot on. We should see some positive price action real soon around here.....
TORONTO, ONTARIO, Jul 23, 2012 (Marketwire via COMTEX) -- Pacific Gold Corp.
(OTCQB:PCFG)(PINKSHEETS:PCFG), is pleased to provide a progress update for its
subsidiary Pacific Metals Inc.
On June 15th Pacific Metals Inc. was cleared from the SEC review of its Form 10
filing and is now a fully reporting company under the 1934 Securities and
Exchange Act.
On July 20th the board of Pacific Metals Inc. agreed to a dividend of the
outstanding shares of the Company on a one for one basis. The new issued and
outstanding shares of Pacific Metals Inc. are 20 million shares all of which are
owned by Pacific Gold Corp. Pacific Gold is planning a dividend of a portion of
Pacific Metals outstanding common shares to shareholders of Pacific Gold Corp.
in the fall of 2012.
Additionally, Pacific Metals Inc. has received the final version of its
commissioned geologist report on the Graysill Mine project. The report contains
sections including; location and access, production history, development of the
Graysill mine, exploration history, geology of the area, ore genesis of the
Graysill deposit, potential resources, along with various maps. The report also
contains recommendations for the second phase of an exploration for the project,
including sampling and drilling, as recommended by the geologist consultant. The
recommendations are being studied by the Company for implementation as soon as
practicable.
To find out more about Pacific Gold Corp. (OTCQB:PCFG), visit the Company's
website at www.pacificgoldcorp.com.
Strange that they added a little to the July 10th PR and put it out again to the public on a Sunday. Perhaps Mitch and Rob were very disappointed with the stocks price action in the past week and they want to reinforce that things are turned around at the mine? Why on a Sunday though?? Maybe more info is coming tomorrow?
TORONTO, ONTARIO, Jul 11, 2012 (Marketwire via COMTEX) -- Pacific Gold Corp.
(OTCQB:PCFG)(PINKSHEETS:PCFG), is pleased to provide a progress update for Project W.
Pilot Metals holds a purchase option on Project W from PCFG's subsidiary Pilot
Mountain Resources until September 2013. Pilot Metals plans for 2012 include a
drilling program, resource calculation, metallurgy study and a scoping study.
PCFG management believes that Project W results received by Pilot Metals, to
date, have been equal to or exceeding historical reports prepared regarding
Project W resources.
From Pilot Metals release on July 9, 2012;
HIGHLIGHTS
-- Significant maiden JORC resource estimate for the Desert Scheelite
Deposit completed by independent consultants, Golder Associates, exceeds guidance by 36%.
-- Indicated and Inferred Resource of 6.79Mt @ 0.31% tungsten trioxide
(WO3), 22.8g/t silver and 0.17% copper reported at a 0.2% WO3 cut-off
with 90% of this resource in the "Indicated" category. Resource contains;
-- 2.1 million MTU's of WO3
-- 25 million pounds of Copper
-- 4.9 million ounces of Silver
-- Broader Indicated and Inferred Resource at a lower cut-off grade of 0.1%
tungsten trioxide (WO3) of 12.99Mt @ 0.23% WO3, 17.2g/t silver and 0.12%
copper represents a potentially significant bulk tonnage target with 84%
of the resource in the "Indicated" category.
-- Desert Scheelite deposit remains open in all directions with the most
easterly drill hole (DSDD-15) of the recent diamond drilling program
returning an exceptional intersection of 13.9m @ 0.89% WO3, 1.75% copper
and 31g/t silver from 198.7m
-- Updated combined Exploration Target across the three primary prospects
of 10.8 - 12.5Mt @ 0.32 -0.35% WO3. This includes 3-4Mt @ 0.36 - 0.41%
WO3 at the Garnet & Gunmetal Deposits.
-- Eleven other prospects within the project area are yet to be assessed.
-- Metallurgical reviews of historic Union Carbide Feasibility Study data
in addition to new test work has commenced to investigate modern
processing and blending alternatives to increase historical recoveries above the reported 76% - 86%.
-- Scoping Study planned to commence in current quarter.
To find out more about Pacific Gold Corp. (OTCQB:PCFG), visit the Company's
website at www.pacificgoldcorp.com.
Nice update today!
We are way overdue. I am sick of the excuses and want results.....NOW.
Nice action today. Still holding to see what progress has been made this quarter.....
Having the "right people" is yet to be determined. I hope your right, but we need to see results for that statement to hold true. I still have faith that they will figure it all out in the end, but when will the "end" be? All the longs (including myself) keep giving them a pass and say "next quarter" the mine will produce gold efficiently. Where do you draw the line and move on??? For me, this summer is due or die. If we enter the fall with the same issues I will quietly sell and move on.
Agreed Rocco. But it is THIS mining "season" that really matters. If they can't get their acts together with the water issues (we must assume they are ongoing until definitively told otherwise), and the problems continue into 2013, I know myself and many others will head for the hills. It's due or die time for this stock IMO.
Nice find Fox......
We deserve an update on a few fronts. I am still holding, and believe in PCFG long term but my patience is wearing thinner by the day.
Nice to see a green day around here. Maybe, just maybe we have put a bottom in??
Your exactly right. If they can show the world that they can actually run a profitable mine, everything else will fall into place (including the burning of shorts). Its really pretty simple....
though you should know what?
Good question Chase. According to the last PR it sounds like they are in the process of fixing the problems. This last PR was so vague and unclear and actually contradicted the 10Q.
FROM PR:
"The new Operations Manager has begun implementing recommendations from the previously announced engineering consulting firm on improving the mine plant water flow to provide more clean water to the plant equipment. The Company anticipates that these recommendations will improve operating hours of the plant and increase plant efficiency and gold recovery."
However, this statement from the 10Q makes it sound like the water problems are resolved:
FROM 10Q:
"In order to correct the plant throughput and improve the gold recovery the Company worked closely with an engineering firm to perform a complete review of the water process in the plant to improve the delivery of clean water and to optimize the plant desanding process. The Company worked to purchase and install the new water equipment as recommened by the consulting engineers. The Company has implemented a new screen plant maintenance schedule and is working on a new parts inventory system in order to improve the plant operating hours.
Who really knows what is going on? Hopefully Mitch and Rob do....
Thank you....enough said.
You are referring to an email exchange between LMPA and Shane Martin. I quoted an email response LMPA received from Joe Sawyer. Just relax and let LMPA respond when he gets a chance.....
That wasn't the same email Nobody. READ his posts again.....
I will let LMPA respond directly to that. But from what I understand that email response was written today (5/21/12).
"There currently are no outstanding water related issues with the Black Rock Canyon mine operated by Nevada Rae Gold Inc."
Thank you LMPA for that awesome info! Now let's hear it directly from the company in a well written and positive PR! (wouldn't that be amazing)