I would hazard to guess at a penny by generously assuming that the company was worth 2.5 million/193 million shares. But with so many burned investors? If I held my million shares, then post split, they'd be 50k shares at .01= 500$ when they were worth 10k$ eight months ago? I can only imagine how other shareholders in the PCFG millionaires club have fared, sadly.

I doubt they forgot to file the paperwork, Nagoya. I think they were trying to hide the fact as long as possible from shareholders in order to maximize what they could extract from the market. They have plainly committed deception against shareholders several times.

I think this game is over and the final coup-de-grace will likely be the debt that is due in Jan, 2013.

TT,good luck with that. It's too bad with all of this sentiment on this board that we couldn't find a nice little mine to own and actually make work.

Robo, after the results of the conference, I sold my shares. They have a wall of debt in that is due in Jan, 2013 and almost no hope of paying it off.

Thanks for going to the meeting, TNP, and posting the minutes. I thought this item was the most interesting tidbit:

"9) Would you sell the mine? Rob everything is for sale at the right price. Currently the stock price the company is worth $4m , Payment for Project w are $2m. Would they sell for $100,000 no the price would have to be right. "

If I had deeper pockets, I'd go in with 5-10 other people and form another company to purchase NRG. One of their big mistakes is trying to form this company with just two people.

I had the presence of mind reduce my holding and ride free shares at the time, but I should have taken the extra 50k or the 30k or the 10k... and now I have less than 2k.

I'm still hoping there is a spike after the R/S though... I'm hoping something positive comes out of the meeting.

UWF, I don't think that these guys have any qualms about performing an R/S and then diluting current shareholders into oblivion using more toxic financing. Obviously they haven't taken toxic financing off the table because they aren't reducing the A/S to below 3 billion.

And I don't think they will have a huge problem luring new suckers into this stock. After all, this is the second time going on a third time that they've successfully doing it. This is a gold-mining stock. Gold makes men go crazy... look at us current shareholders grasping at straws :)

Hey Star Gazer, if you are unaware, they took shares for their "salary" beforehand. Read the 9/17/2009 corporate update on their website. They did it without the R/S last time to simply retain ownership of the company.

After this current round of toxic financing through 2012, they took shares for their "salary" to retain ownership and to perform the R/S.... which they'll need to do to perform another round of toxic financing.

My gut feeling is that these guys haven't lost money over this venture; otherwise, they would be packing their bags by now. However, they haven't run out of other people's money yet.

It's why I'm still holding. Because I think they'll do the R/S and get more toxic financing and afterwards pump the stock again and there may be a sweet spot to exit. It is just as likely that they'll R/S and dilute my shares into oblivion without a good chance to sell. All IMHO.

I'm really surprised that everyone else on this boards is surprised about the last corporate update. I'm still holding though as I want to try my luck after the R/S.

"The mine has had numerous difficulties with obtaining staff that are capable of running the plant"....

-Trouble maintaining a spare parts inventory list
-daily workflow monitoring
-properly daily maintenance of the geotextile bags

If they can't find decently plant management, then WHY AREN'T THEY DOING IT, THEMSELVES? Why aren't they overseeing THEIR plant more actively until they get the proper staff?

That list of excuses doesn't sound compelling. Is it reasonable to shut the plant down rather than assuming control and training your staff properly until they find a plant manager that can do the job.

Lost power in Arlington VA, and power is still out. We're weren't hit anywhere hear as bad as NYC but we got the high winds, flooding downed trees and lines... And all transit is shut down. My best wishes are out to all affected by Sandy.

Why is what he saying Horse manure? The company stated that the purpose of the R/S was to be able to obtain further financing. After the R/S, is management somehow going to become more talented and obtain something other than toxic financing? I'm hoping for magically good news in Nov, but let us not be delusional.

Robo, the biggest dumps were due to the convert debt. If the convert debt dumping is over, the remaining shares should be in stronger hands... As other poster have said, the flood of shares has created a huge barrier to the pps rising. I believe that R/S will likely remove a piece of that barrier, in the short term if they play this right.

If i had one question that i would ask them in LAs Vegas, it would be: Are future convert debt financing schemes on the table after the R/S in the near future (within the next year)

I think the .002s were the bottom and it seems that the dumping has subsided based on the bid support and volume. I think there will be a lot of thrashing in the .003s and .004s until the shareholders meeting. After that is anybody's guess. I'm assuming a 10-1 R/S and then a .05 to .10 PPS unless there is stellar news.

As an aside, I wish I could go to the Nov 13th meeting just to see all of the characters in this game... I would have been there with bells on if the PPS was at .06.

Yes, I understand but this method is open to abuse. But even though these guy have squandered IMHO a lot of shareholder dollars, I admit that it seems they have taken a huge risk with this operation. It's just not an ideal form of insider buying.

If by "insider buying", you mean that they awarded themselves new shares for unpaid salaries. They didn't take money out-of-pocket to buy these shares. It's in the most recent 8k and the sale of unreg securities. I usually think of insider buying as insiders purchasing existing shares with their own money because they think their stock is undervalued rather than what happened in this case. I haven't found clarification about that yet, though.

I totl agree with your comments, Bang Bang. The known facts don't seem to match the price action and the heavy volume. Hopefully someone know something that we don't and this is a breakout.

Robo if you look at Rmarc's posting history, you'll see that he has been around a long time... I remember him from 2008-2009 when the mine first failed to start up. The point where I diverge from Rmarc is that I'm willing to give management a little bit more leeway.

I think they timed this R/S for a reason. Do the R/S in Oct/Nov, declare decent results in Nov and the stock skyrockets so they can secure additional financing. And what type of financing are they going to get? Likely Convertible debt financing. I mean, really. And what are we going to do about it? Grab the lubricant and exclaim how nice it feels to be horribly violated. Or try to jump out on the pump. And sadly, my exit price is a lot lower then it was at the beginning of the year.

Miggi,it wouldn't be impossible to prove a Breach of Fiduciary duty. Just the fact that these two guys doubled the O/S right before a key vote for an R/S is highly suspect.

Basically, they give themselves a salary that the "company" can't afford to pay and then give themselves enough shares to regain control of the company so they can perform an R/S to wipeout current shareholders.

Anybody can file a lawsuit for any reason, the bigger question would be "Would any such lawsuit be worth the expense?" And the answer is likely "No. It's squeezing water from a stone"

Think or Swim, I'm not totally unhappy either, but I'm disappointed like we all are. I broken even during the last run up, even though I'm kicking myself for not selling my remaining milion for .02 or above.... I could have done more with that money then what it's doing now... which is disappering. :)

My biggest disappointment would be R/S and then dilute afterwards. They do make a good case for the R/S in the proxy statement about why they need to do an R/S though.

It would be possible to sue this company for alleged breaches of their fiduciary responsibilities. If management purposefully misled shareholders with the grassroots adverts along with the share buyback deal... If they real aren't operating the mine.. Or they are make false statements to investors (like being profitable soon) there would be a case.

That made me LMAO... Yes we should all sue CanadaPeteo for encouraging people to buy this stock. But did anyone actually take His/Her advice?

Fox, the only bad news is that they are only going to reduce the A/S from 5 billion to 3 billion. In my mind, a well managed R/S would be followed by good news with the mine and a share buy back program with no subsequent dilution.

This could all go horribly wrong IF they begin diluting again after the R/S... If they want to instill more confidence that this won't happen, they should further reduce the A/S to a billion.

I agree, Robo, something is happening. New investors are riding on the backs of this current batch of burned investors who have capitulated. A similar thing happened around 2008. Even if they do a 20-1 R/S, the remaining shares will become worth more after the R/S if the mining is actually successful.

Great theory Moro, the problem is that us retail investors have been completely burned. Are there any greater fools out there who are going to buy into this after doing some basic DD on how Pcfg has treated investors?

Every investor in this company has lost half the value of their stake in this company today on top of the dilution that had already occurred. This is a black day.

That's a big question to me Miggi. Who is so brave to buy all of these shares at this level. The volume has been consistently high at this price.

Life is a gamble. I feel your pain as I could have put my core million shares to better use if I sold them at .02 or .01 than now. I'm probably going to average down again with a much lower exit point.

I see the bloating share count and its hard to question the probability of a reverse split. They have a lot of expenses and no revenue. Buying a million shares at .002 seems like a good deal until you factor in an Oregon Gold /CTOP styled reverse spilt.

All of these freshly minted share area going to be a drag on the PPS any way you slice it. I'm just wondering how many more they'll dump. If all of the debt gets converted into shares, I'm assuming that we have 300 - 500 millions shared to go. It would be nice to know where the debt stands.

Haha, that's TT, hckyguy. When lurking this board one recognizes the regular posters even when they have multiple accounts . I don't do that, myself.... But I often see one account and assume that it's Mitch.

120 million shares more isn't so bad of the covert debt is mostly extinguished. However, I don't believe it's the case (at least I didn't see a September update related to the current balances of the debt)

LOL, crazy! Divining tea leaves in somebody's online resume (which are always the most accurate and objective source of information)... Grasping at straws is a nice way to put this. And yet... I'm "this"close to adding shares to my position... It's because I'm probably as nucking futs as all of you.

Rmarc, why should these guys care about shareholders? Anyone who invested as a long in this company has lost their shirt if they didn't average down. and yet people are still buying... Still averaging down... Still hoping. I might buy at these levels though. There is just something about this and gold that makes me put aside my senses.

Chase, if they are mining, they are being awfully quite. Is there any proof that the mine is currently active? These guys seem to take the plant down for modifications quite often.

Agreed. What is your minimum gold recovery rate requirement for Nov 15th to be "reasonable", Robo? Im think 100oz would be fair.

I'm so tempted to by trapper. Now it's you guys bring me down :(

Ummm, looks like the floor is falling out as i type ;) look on L2 now.

Agreed Robo, I think this will go down again, but I think that .002 is the floor... They don't want to break this pig completely.

Heh now it's 514k at .0027... Meh, still think .002ish is long term bottom.