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If you follow the predictions of the chartist on this board, there has been little if any correlation between the predictions and the actual share price. Production or the lack thereof is the single best indicator. The Magic Eightball has a better record \V/_
Thanks. \V/_
Speaking of myths. What "misinformation" are you specifically talking about?
The daily short numbers are misleading since they have three days to cover. FWF's failure to deliver reporting is a much better indicator. I'm in Robo's camp on this one; the shorting argument has been way over hyped as an excuse for the pps's poor performance. Failure to produce any significant amount of gold and management's poor financial decisions are the real culprits. \V/_
Theres a big difference between .02 and .0125 cents per share--9,000,000 versus 144,000,000. Looks like we got screwed again. \V/_
With Mitch and Rob running it. I'm betting on a buyout of Pacific Metals. \V/_
It's am ammended statement of benefical ownership. Of particular interest is the following:
I'd wait until after the shareholders' meeting before writing Part 3 of the PCFG story. Lot of possibilities some positive some negative. Buy out would be nice. Did they produce enough gold to meet costs in the third quarter? Etc., etc. \V/_
If they ever get the MSHA numbers out, they probably will be about the same. There were no articulated trucks in your photos, just the over the road dump truck. They may have mined as needed to keep the mill running and to hold down the costs. All this talk about the SEC telling MSHA to hold back the numbers is just BS. The simplest explanation is that they haven't filed the report. A case could be made for insider manipulation if that's true.
With the 420 to 1 dividend it's about 4,762,000 shares of Pacific Metals to be divied up. \V/_
The Comstock lode was in Virginia City just East of Reno and was primarily silver. Mark Twain worked for the local paper at one time. \V/_
Speaking of snakes, if this goes into Chapter 11, some of us will be so poor that we won't have a pit to hiss in. \V/_
The annual stockolder's meeting is beginning to smell a bit fishy. No proxy forms, no meeting site, no MSHA report. It's beginning to smell like the share buyback and the dividend. Best news in the last couple of weeks has been Yorkville taking it in the shorts. \V/_
Good e mail. \V/_
Thw MSHA numbers have been on time in the past. This is a new twist. If you read Mitch's response it's borderline rude and there is no statement that the report has been filed. The situation has nothing to do manipulation to cover shorts. \V/_
Good job. Mitch sounds a little testy. Same old run around. \V/_
The meeting will be held in the storefront PO Box in Las Vegas. Limited seating available. Angry mob tools optional. \V/_
As usual you hit the nail on the head. By taking their salaries in shares they've potentially reduced my and your cut of any profits. Given their past history of data manipulation (lack of data) and over blown predictions, I'm a little leery of the upcoming share holder meeting just before the 10q. Giving themselves a huge discount on the converted shares to maintain effective control of the company may not be illegal, but it was not in the best interests of the shareholders. When was the last shareholder meeting? Why now? If I were to go to the meeting in Vegas, I could probably make some money selling angry mob tools outside the meeting. I have yet to see an adequate explination for the recent upswing in the PPS. My guess is bottom feeders and daytraders turning a quick profit on momo. I'll wait and see if the price holds. Every thing is contingent on recovery rates. \V/_
It's October, so where's the divdend and the Blackfire payment? Hopefully .002 is the bottom and the dump is over. \V/_
You were right all along. If we had listened to you in the first place we'd have taken any profits and moved on. \V/_
Thanks for getting out, now the share price should see a significant price increase if the Bundy rule applies. \V/_
There are only to gold properties Fernley and BRCM. The other two are uranium and tungsten deposits. \V/_
They have not lied in the PR's, but omitting a substantive IRS lien nine months after the fact is less than honest. \V/_
It's been a while. Thanks for posting the pics. We've missed your insight. Did you see any of the mining trucks? The only truck in the photos is an over the road gravel truck. As usual a mixed bag: belts not running, people on site, wet gravel, full bags, stockpile down. The waiting game continues. \V/_
Publication of a report by a hired gun is always a huge red flag that a pump and dump is coming. Create retail interest, dump shares and the PPS plummets. On the positive side there's the dividend, the Blackfire money and hopefully production. UWF summed it up nicely. \V/_
I was beginnig to wonder if you'd lost your touch. You may not have married PCFG but it looks like you're going to have a long engagement. So far it would appear that most of the dump has been the discounted shares. The shysters get 50 million shares at a 45% discount, dump them buy even more at a lower price dump them and on and on. They do this in 50 million blocks to avoid the 5% reporting requirement. When this is over the approximate $750,000 that Rob's company got could cost well over 150 million shares. "death spiral" seems almost inadequate. So far no news has meant bad news when the required reports are filed. \V/_
If we had a board of independent directors, the would have spotted the conflict of interests and vetoed the sale. That's a good question since they no longer hold a majority of shares an independent board is feasible. Aren't they required to hold an annul meeting by Nevada law? \V/_
Since they are apparently still processing gravel, it would appear that the $127,000 IRS indebeture has been paid. Most likely it was unpaid SSI (7.5% employee deduction and 7.5% employer contributions). There were also a bunch of unpaid MSHA fines which when unpaid get turned over to the treasury department for collection. After the conference call there was a lot of hoop-de-doo about how confident many were with Rob. I expressed some doubts then and got lambasted for it. I find it difficult to have a lot of confidence in a management team that fails to report a $170,000 debt to the IRS six months after the fact.
There's also is a lot of confusion about the 45% discounted debt conversion. Rob sold a note his company was owed by PCFG. Rob's company got money; PCFG had already gotten the money when it was loaned. PCFG (shareholders) got stuck with having to issue 150 million shares to cover the conversion. The point is that there was no infusion of cash into the company with the debt conversion. If they are going to raise additional capital they'll have to issue new debentures.
Their lack of a 43-101 compliant report also bit them in the butt with the SEC and they can't list reserves or estimates as a result. For FWF and TJ who like doing research Rob had some connection with Platro West at one time; I wonder if he still does? They're the ones who sued for 15% of the Blackfire deal.
Some of the optimism on this board is admirable seeing that there is not much of a factual basis for it. Oh well, another buying opportunity. \V/_
It could have been the upaid MSHA fines they hadn't paid. \V/_
Found better things to do than watch the dump on a daily basis--has improved my attitude considerably. \V/_
The money involved was a trnsfer of a debt owed to Rob and his other company. So no real money went to finance operations. The toxic financing was to let Rob recoup money he had loaned to PCFG. The latest Form D is a continuation of this. It has the appearance of a conflict of interest. Sure would like to know who the third party is. \V/_
Glad to see you're finally getting realistic about PCFG. Aside from the negative aspects of the financing which you once defended as "debt retirement," there is the upcoming dividend, the Blackfire payment and what appears to be full production. Half full, half empty? Who knows? It is interesting to watch those who continue to stick their heads in the sand and defend PCFG inspite of pretty overwhelming evidence to the contrary. \V/_
This may be a bit too simple, but isn't PCFG a reporting pink sheet? \V/_
Jusr catching up on the posts. Looka like Rob is selling more of his interest in PCFG. Not a good sign.\V/_
You might also add that alluvial mining may not be the right process for the operation due to the fineness of the gold in the deposits.\V/_
They were too cheap to do it right in the first place and have continualy refused to release the illusivive Bharti report. There is no comprehensive 43-101 on the property. \V/_
That's what got me worried. \V/_
The 150 million potential shares was based on a share price of around .01. At the the current share price we're looking at close to 450 million potentiatial shares. That's what sucks about the whole deal. Rob sold the current investors out when he sold the loan his company held with PCFG. Was he just being the first rat off the ship?
This has been an interesting turn of events as all of this has unravelled. I, Nobody3 and others took a lot of flack when we challenged the board's rah-rah attitude a while back. There was even a big hoop-de-do over the terms "dilutive" and "death spiral." How quickly the worm turns. God knows, I wish I had been wrong, but it's gotten so bad that even Foxwood is lurking in the grass beating off snakes. What's really funny is Robo going from banished goat to guru.
Until the bleeding stops it's quite possible that we might see the triple 000's. Thanks to TJ we can assume that the water problem is resolved. Also, there's the upcoming Blackfire payment and the dividend from Pacific metals, so all is not lost. Third quarter results are of course critical. What's the possibility of forcing a shareholder's annual meeting since Rob and Mitch no longer control a majority of the O/S whatever that currently is. \V/_
It's not so bad when you mix it with your MD 20/20. Amazing how the eorm turns. No one has mentioned that $500,000 of the convertible debt financing went to Rob's other company.\V/_
It was 4.99% not 5 million shares.\V/_
Given, the significant lack of information from the company 1.5 grams is a good ballpark figure with the numbers that we do have. What's really laughable is your continued defense of poor performance and refusal to admit that much of the gold in the deposits is going out the door in the tailings. With all of the modifications that have been made to date the recovery rate hasn't improved significantly. Their recovery rate is actually lower now than when they initially started up five years ago. During that time frame they actually had a few profitable days. We're half way through the third quarter and no news on the water issue and no recovery rates--that does not bode well. Wait until next year only works if your a Red Sox or Cubs fan. The third quarter is critical as many have said. There should be some money coming in from Blackfire in September and there's the divdend play, but the really important issue is making the mining operation pay for itself. Don't forget that there's a lot of debt due at the end of the year. \V/_