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Intersting read. Looks like the judge is on top of this. If they issued the disputed 44,509,090 shares @ .0001, they'd get $4,450.99. These guys may be bigger bozos than ours. \V/_
Thanks, how you are. We all may be holding a bag for a long time on this one. \V/_
And the majority of the complaints are generated by the company's lack of performance. Pursuing an argument that negative posters are trying to buy in cheap is ridiculous considering the events of the last year. It can't get much cheaper than it is already. \V/_
Thanks Roc, good info. \V/_
Without a 43-101 we're all taking a stab in the dark. Without a drilling program, they're doing the same. Sixty mesh is .0098 inches or .250 mm. A thousandth of an inch is pretty fine, but not microscopic. Thanks for the input. Like any information coming from the company, it should be taken with a grain of salt. Couldn't agree more on the paucity of the trenching program. \V/_
Pacific Metalsis listed in parenthisisas PACM in my Scottradeaccount. Carlin Trend gold is microscopic. From Gold Investing News: goldinvestingnews.com/6070/the-geology-of-the-carlin-trend.Carlin-type deposits have what geologists call “disseminated gold,” which is just a fancy way of saying “spread throughout.”
There is nothing to support the current action other than bottom fishing and day trading based on the greater fool theory. There are certainly different opinions; some of which have been wrong more often than others. \V/_
Incompetence. \V/_
They have only been able to recover around .1 g/yd so far. Their own reporting is that the deposit is .4 g/yd. If it were flake or black sand, clean water would not be as big an issue. Barrick just down the road uses heap leaching. If they reported their reserves per the SEC guidelines, we wouldn't be having this discusion. If the gravel is indeed .4 g/yd, then were recovering only 25% of the gold. What reference do you have to substantiate that "PCFG is not mining for microscopic gold?" \V/_
We've been down this road before. Read up on Carlin Trend gold deposits; they tend to be microscopic. \V/_
The mine has not proven that it can process microscopic gold on a profitable basis using a placer operation. They've been trying since 2006. \V/_
They have a note due this month. I wonder if they're issuing shares to cover it. Two billion O/S may be a bit low at this point. At this level, the 5 billion A/S limit could be reached pretty quickly. \V/_
We've seen a lot of chartists over the last couple of years; none of whom have accurately predicted the course of PCFG. Barring the influx of a large amount of capital ($2,000,000), there is little chance of PCFG significantly rising in the near term. The only play would seem to be buying @.0001 and selling @.0002 making a quick 100%. There just isn't anything on the horizon that will bring this out of the triple zero doldrums. With an A/S of 5 billion, the possibility of continuing dilution, and a R/S, the picture for PCFG is not rosey in the short and medium term. Nothing wrong with a bit of bottom fishing and playing the spread, but basing any buying on technicals such as charts seems a bit foolhardy. To paraphrase Yogi, the fat broad ain't sung yet. \V/_
Just for reference,Scottrade lists Pacific Metals as PACM. \V/_
Or lose their butts. \V/_
According to the SEC's regulations they have no proven reserves lacking a 43-1001. There is probabaly gold at BRCM but there is nothing definitive and you're right; placer mining may not be the best means of recovery given the fineness of the gold. \V/_
See Rocco's post. These shares were issued in lieu of back pay to maintain control of the company prior to the shareholders' meeting which was pretty well forced by the SEC. Calling it insider buying is somewhat misleading. \V/_
At .0001 and 3 billion shares that's $300,000 net worth. Pretty cheap for an "operating" gold mine. If the share count is up to 3 billion and they haven't issued themselves anymore shares, that means that they are no longer majority share holders. Since we've been lax on conspiracy theories lately, how about an outside entity doing a hostile takeover. Something else is afoot here. Haven't seen much about debt which is due this month. \V/_
Good info. Happy New Year to you and yours. \V/_
Scottrade is now listing Pacific Metals as PACM. Still believe it's a separate company? \V/_
Hope your Christmas was good. Have you had a chance to read the July 20th SEC Letter on the Edgar site? Curious to hear what your take on it is. Looks like they were more on the ball than we were. \V/_
Glad to see you're in the holiday spirit. The SEC is well aware of PCFG. Chill out and enjoy the holidays. \V/_
Good on ya. Every little bit helps. Merry Christmas. \V/_
Great video, same to you and yours. \V/_
A letter to the SEC would probably be the best route. PCFG is certainly on their radar screen. Enjoy your sock full of coal. Merry Christmas. \V/_
You should change your LOL to LILL (living in lala land). Your accuracy batting average is rapidly approaching the share price. So far, you've been wrong about the SEC issuing shares, about Pacific Metals being a seperate company, about including the 500,000 for Pacific Metals into the 2,000,000 for PCFG, about Scott Ackert, and about the engineering firm. Your latest premise about budgeting is borderline absurd. When have you ever seen a real budget from PCFG. They had a little less than $90,000 at the end of the third quarter. The Blackfire deal payment is due in September. Also, notes are due in January. They need $2,000,000 for improvements, fees, operations, etc. Budgeting for your contingency 2b is the least of their worries. By definition one cannot quote incorredtly. If you had been paying attention you might have noted that I clarified the original statement twice to satisfy your objections:
Some will probably accuse the SEC of bashing the stock so that they (the SEC) can get in cheap or that they're trying to cover their short position. None of the production reporting requirements were met, i.e., ore grade, recovery rate, etc. My suggestion would be that someone sends a letter to the SEC asking them to force Mitch and Rob to comply fully with the letter along with an insider trading complaint about Rob's debt conversion and the salary conversion to maintain control. Funny, this was hidding in plain sight and we all missed it. This should put a lid on those SEC, FINRA bashers who constantly complain about lazy bureaucrats. Merry Christmas. \V/_
I had only glanced at the letter previously and it wasn't until I read it completely that I realized the SEC had their number. They enumerate all of the gripes posters had been grousing about: No shareholders' meeting, lack of transperency, unsubstantiated reserves, lack of a 43-101 or equivalent, no processed ore content to name just a few. If they want to run a gold mine the SEC has given them a blueprint. The shareholders' meeting and the salary conversion to shares to keep control of the company can be traced directly to this letter. Glad you picked up on it. Merry Christmas and have a Crab Cake on me. \V/_
Convert your .04 ounces to grams per yard and you get .120 grams per yard. Compare that to their estimate of .4 grams per yard and one finds they're recovering 30 percent of the gold in the gravel. The .12 grams per yard is getting close to a sustainable rate. Given the limited information from the company they could be sustainable in the .12 to .16 range (.039 to .051 oz/yd). If there is any ineptitude involved, it's on the part of Mitch and Rob and their lack of knowledge on how to run a gold mine. To blame employees and lower level management for their failure is pretty limp. Although not absolute the fact that they had only $88,687 in cash at the end of the quarter is a pretty good indicator that they don't have enough money to restart operations. They don't need to scheme on how to screw investors; they already have and the prospect of any return on one's investmetment diminishes every day. Wish I could be more optimistic, but so far the company hasn't provided anything to allow me that option. Anyway, Merry Chritmas. \V/_
Unfortunately for us you're probably right. Good analysis though. Merry Christmas. \V/_
According to the SEC letter on July 20th, PCFG has no proven gold reserves. Here's the link: www.sec.gov/Archives/edgar/data/1137855/000000000012038363/0000000000-12-038363-index.htm The letter is an interesting read and it's apparent that the SEC has their number. It's probably what generated the shareholders' meeting as well. \V/_
You won't see much of it coming out of PCFG. \V/_
Hey Roc, Merry Christmas. If I recall correctly, you have mining/earth moving experience. It might be interesting if you sent a resume to PCFG for one of the open positions. Do you think the concrete basins might help. \V/_
Pacific Metals by any stretch ofthe imaginationis not a mine now nor will it be inthe near future. You can persist in your denialthat it's not a separate company while by your own post# 105385 you admit to owning +7,653.000 shares. Your logicis Byzantine to saythe least. You should know better than to assumethat I haven't readthe project W PR. Blackfireis havingtheir own troubles with financing and a management reshuffle currently. My objection was to your comment about budgeting for a possible joint venture. When'sthe last time you saw a budget from PCFG? Please specfically citethe passage which confirmsthe following:
Morning SN. the company may have already done its business on shareholders. This may become a viable play when it hits .0001. It would be a possible strategy to play the fluctuations beteeen .0001 and .0002. It would be a quick way to double your money. Rinse and repeat. Merry Christmas. \V/_
Some of your facts are still less than factual. Once Pacific Metals was spunoff it was no longer a subsidiary of PCFG. BRCM, Fernly and Pilot Mountain are subsidiaries; Pacific Metals is not. The distinction is largely legal and perhaps confusing because both companies are controlled by Mitch and Rob and PCFG owns stock in Pacific Metals. With the filing of the SEC documents and the dividend Pacific Metals is now legally separate from PCFG. The subsidiary relationship ended when the new corporation was formed.
It's interesting that you inserted your own conjecture:
PCFG wholly owned 20,000,000 shares of Pacific Metals as of Sept 30th of this year. They subsequently elected to offer a dividend of 1 share for every 420 shares of PCFG for shareholders of record on November 1, 2012. They went through considerable effort and expense to make Pacific Metals a seperate reporting entity from PCFG. At no point were PCFG shares issued to Pacific Metals. You apparently have the transaction backwards. It was Pacific Metals which issued the stock to PCFG not PCFG issuing its stock to Pacific Metals. This and other relevant information is available on the EDGAR site: www.sec.gov/Archives/edgar/data/1545312/000151597112000402/f10q093012.htm PCFG continues to own a portion of Pacific Metals, but shareholders of record own a portion of it too since the dividend was issued. PCFG shares are not used for Pacific Metals. What has occured is that PCFG has loaned Pacific Metals money for operations on an interest free basis. That practice may continue. Since there has been no statement as to the number of shares issued to shareholders on November 1st, it would only be possible to estimate the number of shares retained by PCFG. In the PR The additional $2,000,000 is for PCFG not Pacific Metals. Pacific Metals will require an additional $500,000 to fund its operations. They issued themselves shares at the startup of Pacific Gold and Rob loaned PCFG money from one of his other companys which he pulled out of PCFG through the infamous discounted share conversions which began at the beginning of this year. He was one of the first rats off the ship. The discounted share conversions of their salary was a thinly disguised ploy to maintain control of the company in the face of a possible tumultuous shareholders's meeting. If you read the SEC's letter dated July 20,2012 on page six at the bottom of the page the SEC asks why there hasn't been a stockholders' meeting since April 25,2007. http://www.sec.gov/Archives/edgar/data/1137855 The letter is a good read in its own right and it would appear that the SEC had their number early on. Anyway, the stockholders' meeting was apparently held largely due to SEC pressure. Make sure that your facts are factual. Merry Christmas. \V/_
OMG you bought another million. Let's hope the Bundy curse has been lifted for the holidays. Good luck and have a very merry Christmas. \V/_
Correct. Sure does sound familiar. In 2012 they recovered 118 ounces of gold, not a lot considering the amount of gravel they processed when they managed to to keep the plant running. \V/_
If it's not a separate company, why is it reporting to EDGAR as an independent entity and why does it have its own ticker symbol? Are you telling me that the shares I got for Pacific Metals in the spinoff are actually owned by PCFG? What's your source for them using some of the 5 billion shares to spin off Pacific Metals? Cheer up and enjoy the sock full of coal that PCFG gave us for Christmas--after all we paid enough for it. \V/_