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Correction that's 1,000 ounces not yards. \V/_
We've got enough cheerleaders already. We also need to be realistic about our investment and quit appologizing for the company's lack of performance, crappy production figures and lack of communication. \V/_
The low recovery rate and the lack of a definitive statement from the company speaks volumes. I decided to take a break from PCFG for a week and it did wonders for my attitude. As it stands now they are recovering about 25% of the stated .4 grams per yard. They need to recover about 1.5 grams per yard to be pofitable. If they continue to run at the current 90-95% rate they'll recover around 1,000 yards per year-1/6 th of their stated 6,000 ounces per year. If I had the money I'd buy ththe tailings and heap leach it to recover the remaining .3 grams of gold. \V/_
He makes a good point. What I take issue with are those who have difinitively stated that the water issue has been solved. I'm happy with the fact that they are working on it and have made advances on improving the water quality. \V/_
We've marked your words for sometime now and you have proven to be consistently wrong with overblown projection fabricated out of thin air which have no basis in what factual evidence we have. \V/_
Have you decided to replace Robo on the Dark Side? \V/_
If they have solved the water issue, they would be the first to issue a PR that they have finally resolved it. Since the company hasn't definitively stated that it's solved even with the improvements and given the low recovery rate it's not too much of a leap to conclude that water is still an issue. If you listen to the call it takes about half an hour to clean out the concentrator every four hours. Since you're asking for evidence, do you have any evidence that they've solved the clean water and concentrator issues. Sure they've installed the new equipment, but there's no evedence that the problem has been solved. If the gravel is that low in quality itwouldn't be economic to mine it.
They can reprimand you all they want. Water still seems to be a problem and those who are giving you a hard time are trying to put lipstick on a pig. They need to recover around .15 grams per yard to break even. \V/_
Yes, no answer.
If they had resolved the issue the recovery numbers would be higher. As it stands now, they're recovering only 25% of their stated .4 grams per yard. Further, there was no discussion of the water issue per se . There's more gold in the tailings than they're recovering. Until the company says they've solved the muddy water issue it remains a clouded issue. \V/_
OMG. now you're on the shorts' conspiracy bandwagon. We haven't even seen a dead cat bounce this time. Why not try the discounted note holder manipulating the price lower to get more coverted shares. Read Blue Dog's posts about what PCFG's countersuit alleges about price manipulation and conversion. \V/_
In the short term it would be cheaper to run 2 shifts rather than expand the plant. They're getting $1,255.00/ounce from the refinery, down from $1,350.94 in the first quarter. With no forward guidance we're in the usual PCFG black hole of non information. If the gravel is @ .4 grams per cubic yard, they could sell the tailings to Barrick down the road and let them heap leach it for an additional .3 grams per yard. No definitive statement on the water problem. So is it solved? \V/_
There's a distinction between gold recovered and recovery rate. Recovery rate is the amount of gold recovered per cu yard. Gold recovered is the total. \V/_
They could run two shifts easily under the current permitted totals. \V/_
You might add number 4 higher recovery rate. \V/_
OK, I'll buy that, but long term it's not feasable IMHO. Thanks for the clarification. \V/_
You're just going to have to live with the tire issue. No snivelling. \V/_
Why would he sell shares if he the upcoming news and forward projections are good? You got it right--boneheaded. \V/_
Good technical stuff. Always appreciate your input. \V/_
Hauling ore from the Reno area would be costly. That's been an myth on this board for a long time without any substantiation. Besides the current plant can barely keep up with the the input from Blackrock, \V/_
Good job Robo. Looking forward to your pictures. How many geotubes were there? and how many were full? \V/_ ;-}
Your numbers are looking good. Low end around 200 ounces for the third quarter. \V/_
He's subtracting the 10 million additional shares in the Grassroot's report from the potential 150 million potential dilution in the 8K. \V/_
There's been a lot of conjecture about the convertible debt lately that merits some clarification. The 150 million share price was calculated on the basis of a share price around $.009. If the share price goes up the potential of dilution goes down. It's at the upper limit, so the 150 million is not set in concrete.
The additional 10 million shares in the Grassroots could be a number of things beside convertible debt purchases. They pay off the lease, vendors, PR firmsand consultants with shares, so it's a reach to definitively state that the additinal shares came from the indebenture.
One other thing, if you read the conditions of the debt in the 8K there's a huge penalty if the debt is paid of early. \V/_
Been holding the same amount of shares for over a year now. Unfortunately the fat broad was Yogi Bera's date. Where'd you come up with the dividend date in October? Do you mean the Blackfire payment? \V/_
Glad you approve. \V/_
We've been through this fire drill one too many times. Until we get recovery results I'll remain realistic in my expectations and not mislead potential investors with rah rah optimism. The improvements are in place and they're again mining so things are improving, but the fat broad ain't sung yet. \V/_
What's up withthe IHUB word processor which keeps mushing words together in posts? Mods any info fromthe admins on this? It would be nice if you stickied BlueDog's link. \V/_
Thanks for the clarification. The inclusion of Yorkville in the counterclaim is great. Maybe we could get some of the TARP money they conned the Federal Reserve outof. \V/_
I spent the afternoon reading through the documents and it would appear that our attorneys are pretty sharp and are holding BME's family jewels to the fire. Plus they've added Yorkville in the counterclaim. I don't think that anyone on this board would shed any tears if they were to get screwed. We might actually end up making some money on this if the court decides in our favor. BME is, as suspected, a shyster outfit trying to extort money with the threat of litigation. Buying the warrants for $2,575.00 when Yorkville told them that they were worthless says it all. Plus the veiled e-mails to Rob are revealing. Remember what happened to Shylock in The Merchant of Venice. There are lots of nuggets about PCFG's financing in the exhibits. I know you like that sort of thing and should keep you and fwf busy for a while. \V/_
Thanks BD. Great reading. They bought the warrants for $2,575.00. The defense is getting more aggresive including Yorkville in it's counterclaim. It would be nice to see them screwed as well. I can see why you continue to invest in PCFG. Let's hope the judge makes the plantiffs post a 1.2 million bond. \V/_
We've been done this road before--a flurry of excitement at the commencement of operations and the disappointment when the recovery numbers are released. Until we have actual recovery numbers there is no basis for unsubstantiated euphoria. Hopefully they're working on it, but we ain't there yet. No word on the dividend and none about the Colorado property survey which should have been completed by now. \V/_
While you're there take a shot of yourself in your tutu with the pom poms. I hope this isn't an attempt to become a useful member of society. While you're there count the number of geo tubes in use and see if you can get a look see at the settling ponds which are on the NE end of the plant. Amazing how quickly attitudes change, You've gone from semi-banished to super star in a matter of weeks. A couple of rounds at the local gin mill might provide a wealth of information. \V/_
If it were that improved they would have reported it. It will probably take some tweaking and adjusting to improve on the recovery rate. Right now nobodody knows nouttin.\V/_
Good to have you back with some air in your tires Carhauler. All points of view are appreciated. \V/_
The 150 million potential covertible debt dillution is based on an average share price of $0.007519. As the share price increases the dilutive effect of the conversion decreases. In other words the number of potentianlly dilutive shares is inversely proportional to the share price. If the average share price reaches $.015 we're looking at 75 million shares. Although the deal still sucks. Keep in mind that a higher share price will cause less overall dilution. \V/_
Your math looks to be reasonable, 30-40 ounces for the second quarter. \V/_
You're welcome. Keep in mind that those are upper end numbers and given historical recovery rates .2 grams/cubic yard might be a better bench mark? \V/_
The old prediction of 6,000 to 12,000 ounces per year was something of a pipe dream. They'd would have had to double plant capacity or work a lot of overtime to to get there. The lack of a recovery rate is an indication that they are not up to speed on the recovery rate yet. The 772 ounces per quarter is at the upper end of the scale (.4 grams/yard) with no glitches in production or mining. My best guess is that half of that, 386 ounces per quarter, is a more reasonable number to start with for a third quarter estimate. \V/_
This is for both you and hinky. As currently configured the plant can process 1,200 yards per 8 hour shift(150 yards. hour). The PR says they were up to 1,000 yards per 7 hour shift so they're running pretty close to the plant's capacity. That's good news. What's not so good is the lack of the recovery rate numbers. The 1,000 yards per day is a pretty good number to use in calculating output for a full production quarter. At .4 grams per yard and Au @ $1,600 they could process 60,000 yards per quarter and recover 772 ounces for a total of $1,234,589 per quarter. Those are all ball park figures, but shoud give you some idea of what to look for. \V/_