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Mods, how about updating the stickies and press releases. The 10Q and the SC 13G are out and are quite relevant to any current discussions on the board.
What's interesting is your pictures of the geotubes which failed expectations and need to be removed before the new concrete ponds are installed. Great promotion of a failed/failing enterprise. \V/_
You'd better have a parachute. \V/_
Too bad you're not going. I would have been willing to lend you some angry mob tools if you did. You may be right about PMET. At this juncture, I'm just curious as to how this plays out. There will no doubt be a couple of bombs dropped before the meeting. With the toxic financing there may be a play for a quick flip if you get in and out at the right time. What continues to amaze me is the unmitigated gaul of these two. Remember all of the glowing warm fuzzies some were feeling after the conference call? Turns out most of it was just outright lying. \V/_
Looks like the market's reaction to the recent activity has been the usual yawn (.0001-.0002). \V/_
Don't get your self into a tizzy yet. We've been burnt enough times before with false hopes. And, we all know what happens when you or Bundy get all excited. Let's wait until the dust settles. Did you find it humorous when you compared the statement, "the firm invests in high-quality companies," with PCFG's record? Could be just another Yorkville. \V/_
Where did you come up with the .0001 per share? It's not on the SEC Form. You're probably right though, and this would account for the recent big buys @ .0001. Anyway, 7.2784% works out to a 2,033,413,937 o/s on the date of the filing (5/9/13). Good find Browneyes and Bilrip. WELL DONE! \V/_
Because the majority of shares were tied up in the split and couldn't be dumped by retail investors, thus attracting a new group of suckers buying into the artificial bump due to a scarcity of available shares. \V/_
The NDEP news is that they're going to have to clean up the geotube mess before they even think about the concrete ponds. That's going to be hard to do with $20,000 in cash on hand. \V/_
Hey Roc, how about posting the actual numbers and their meaning for us financial illiterates. Since you have some knowledge in processing, maybe you should apply for a job at BRCM when the IRS takes over. \V/_
What's funny about the whole o/s situation is that they may have screwed themselves out of any possible controlling interest given the 3 billion limit. Plus giving themselves shares out of the remaining unused stash doesn't provide any needed cash to continue paying incoming bills. Some of the remaining shares are going to have to go the VWAPPING route to keep the doors open. Are you going to the shareholders' meeting? \V/_
There really wan't a whole lot of money raised. Most of the shares issued were for the retirement of debt. If the shares were primarily issued to raise capital, we'd have a lot more than $20,000 in cash per the 10Q. Most of the shares issued prior to the r/s were to to compensate Rob and Mitch for unpaid salaries and to retain control of the company. The vast majority of the shares issued before and after the r/s were paper transfers and infused very little actual cash into the company. \V/_
Preferred shares have a par value of .001. You may be right on the 100:1. If you run the numbers, it's mathamatically impossible for them to retain a controlling interest in the company even with the preferred stock option (41.84%). It will be intriguing to see how they manipulate the share count to try to maintain a contolling interest. Sure would be nice to know who the third party is and if they have more than 5% of the o/s which would require reporting to the SEC. Third pary could be plural you know. If they issue the remaing common and preferred shares it would be around $600,000 to $700,000 in paper value. It would be difficult for them to issue the shares based on unpaid salary and hilarious if they issued them as a preformance bonus. Like the catepillar said "Curiouser and curiouser." Some days watching the antics of PCFG is better than "Days of Our Lives." Perhaps, the disgruntled longs may get their pound of flesh from them; I know which part of the body I'd vote to take it from. Maybe they'll hold the shareholders' meeting in one of Dick Chaney's "undisclosed locations" (Area 51 is close to Vegas). \V/_
Nice word coinage, "stickutives." What's going on now is like filing bankruptcy without lawyers. They're saying we spent all of the money you gave us and have little to show for it. So suck up your losses and give us more money to try an as yet unproven process with no gurantee of success. It's like the teenage boy in the back seat of a car saying, "Trust me." \V/_
What life there is left in the company is on a respirator. With the previous r/s of 20:1 and a possible 200:1 split impending along with continued dilution (that's a 4,000:1 total split), any hope of recouping any of the previously invested monies is well nigh impossible. What longs don't seem to get is that their investment 40 million worth) has already been spent. That money is gone and ain't coming back. What our two robber barons are doing now is setting up a new set of bagholders. Previous investors have already lost their shirts and they could care less about them. \V/_
OK, found it. As of March 31st the share count was 962,348,163. Subseqently, 1,071,063,739 shares issued for convertible notes and interest, plus 2,200,000 were issued for the law suit settlement. Total O/S 2,035,611,902
The convetible note/interest average share price was $0.000177. The lawsuit settlement was worth between $220 to $440 given the current price range of .0001-.0002. Also, Black Mountain Equities has to pay $30,000 for PCFG's legal expenses. At least one set of bloodsuckers got screwed. I'm somewhat surprised that they got off their butts and got the 10Q out on time.
Best guesstimate of the current O/S is 2,035,611,902, that leaves 964,388,098 available of the authorized 3,000,000,000. Mitch and Rob's last reported (see the 10K)holdings were 17,144,211 and 31,798,501 for a total of 48,942,712(Currently 2.40%). Add that to the 964,388,098 available shares and you get only 1,013,330,810 they could use to maintain a contolling interest of the comppany, .ie.,a little over a third.
So, they mathamatically can't pull the conversion of salary to common shares trick again before the shareholders' meeting. If they want controlling interest they'll have to issue preferred shares. There are 5,000,000 preferred shares authorized @ $0.001 par value.\V/_
10Q out: insert-text-here No current share count that I can find. \V/_
Just curious if you have any evidence to support your rather bold conclusion? \V/_
Good job. PCFG is already on the SEC's radar. Check out their letter from last July @ the Edgar site: insert-text-here \V/_
Considering their current financial situation, lack of capital, impending increase in authorized shares, and a potential 200-1 r/s such a statement is laughable. Your argument places the cart before the horse. They'll have to spend $2,000,000 on yet to be proven improvements, clean up the geotube waste, hire haul trucks, get NDEP approval, etc. before one ounce of gold goes to the refinery. \V/_
The evidnce was there for over a year, and some chose to believe the company's "the dog ate my homework" excuses. Last July the SEC got on their case for not having any shareholder meeting for a couple of years and warned them to stop stating that they had provable/probable assets. So, they don't have much of a basis for crying over spilt milk. Many chose to see what they wanted to see and continued to attack any argument which challenged their rose colored glasses perspective. So, there's not a lot of sympathy from this quarter for those who continued to urge averaging down. It will be interesting to see if they can avoid IRS seizure. Right now the only possibility of any influx of capital is a payment from Blackfire's Project "W" ($500,000 less 15%). They have approx 1.3 billion shares left of the authorized shares, so that's $260,000-$130,000 available given the current share price .0002-.0001. That's well shy of the needed $2,000,000. Personally, I'm fascinated with continuing arrogance of these two and their persistence in the face of the impending disaster. Sometimes even competent, thorough DD is not enough. Even physical inspection of the plant isn't adequate. This fooled a lot of people and fooled me in the beginning, but the continued poor results, the VWAPPING, the paid for promotions, the lack of communication, ad nauseum was enough to convince me that something wasn't on the up and up with PCFG. \V/_
Edit: A shovel and pan probably wouldn't work too well. Try a liner and an alkaline Cyanide solution. Water the pile for a month or two. Collect the sludge, throw in some zinc powder and collect the gold.
After considerable research on Carlin Deposits and the fact that BRCM is in one it takes a pretty good leap of faith that smack dab in the middle of it there's an anomaly of placer recoverable gold. It has been argued that unlike the nearby heap leaching mines which are processing bed rock that BRCM is mining alluvial fans. If you look to the West on a map there's a mountain range which is the most likely source of the deposits. If this is indeed the source then the likelyhood that it's anything other than Carlin gold is minimal to infintesimal. If it is indeed microscopic your argument is that by some process volcanic, chemical or otherwise that the gold has become placer recoverable. Lacking any information from the company about the deposits--43-101 or otherwise, and coupled with the low recovery rates, it's not too difficult to conclude that the current process is not the most efficient or economical means of recovering the gold. I'm not quite sure where you got the information that they recovered gold "to the degree expected" from. The expected grade was .4 gr/yd, they recovered around .1 gr/yd or 25%. Perhaps your expectations are a lot lower than mine; plus, it cost then more to recover the gold than it was worth. Most of the gold in Carlin deposits is molecular and wasn't recoverable until the University of Arizona developed the heap leaching process which uses a chemical reaction to recover the gold. If these deposits were recoverable with a placer operation, the earlier miners at the site would have done so. In all likelihood they could have all the clean water they want and still not make the mine profitable. You can continue to believe that they can recover the gold economically using a placer operation, but all of the evidence I've seen is that it won't work. You can continue to rely on managements' vast knowledge of gold mining or look at the facts. \V/_
That's a big "if" considering what they owe, the lack of capital and incompetent management. \V/
At the current share price it would be hard to average down much more; you'd have to wait until the next r/s to do so. Anyway the muddy water issue has been resolved--the geotubes didn't work. What's intriguing is that they're still pursuing a placer operation which doesn't work too well with microscopic Carlin gold deposits. If they're going to revamp the plant, why not go with heap leaching? \V/_
Didn't they already hire a firm to update the screening plant and to design the concrete ponds? Another redesign? More money? Way to go. \V/_
Took you long enough to come to that conclusion. Still averaging down? \V/_
If they are going to restart processing they'll have to do some mining first. According to the 10K they have no stockpoiled ore. Which means they'll have to come up with cash to pay for the contracted haulers. Considering what their financial condition is we should see some interesting 8K's in the near future. VWAPPed again no doubt. \V/_
They already used up all of their back pay before the previous split, so all they have to play with is what pay they supposedly deserve since then. Certainly not enough to gain control via that route. There have been a bunch of shares issued since the r/s and there might not be enough available with the 3 billion limit. My thinking is that they will issue themselves preferred shares to gain control. I and some of the other supposed "dark siders" took a lot of flak when we started warning others when Rob sold off some of his shares over a year ago. There was much bally-hooing that we had an operating producing gold mine and it was just just a matter of time until they got their sh*t together. Well, they got it together and the bag leaked. They actually had a lower recovery rate than they did during the previous startup. So, I don't have a lot of sympathy for those who contined to paint a rosy picture and encouraged others to average down.
I'd bet a dollar to a donut that a few days prior to the meeting we'll see a bunch of paid posters show up on the board to create interest and a b/s pr. If a trader has level 2 they could probably make a quick profit if they get in and get out at the start of any pump and dump promotion. There is no longer any long term play with PCFG and hasn't been for over a year. When the Titanic is sinking it is best viewed at a distance. We could probably pool our money and buy BRCM at a big discount from the IRS when they exercise their lien for back taxes. Wouldn't that be sweet--the shareholders get to reverse VWAP the miscreants. JUST VOTE "NO" ON EVERYTHING AT THE VERY LEAST. \V/_
Long time no see. Whatever happened to the T Shirts and Mugs? The Millionaires' Club got evicted from Robo's Dumpster. Even the perinial optimists have begun to come to terms with the reality of what PCFG really is. Don't eat any wooden chickens. \V/_
Good Luck on that. If pump and dump were illegal half of pennyland management would be in prison. If you or Stockbull are going to the shareholder's meeting, I'm sure a number of longs would allow you to vote their proxies. You could call yourselves the dumpster coalition. Armed with enough votes, it would be possible to introduce alternative proposals, e.g., a "no confidence" vote in mangement or no salary until profitable. The important thing right now is to vote "no" on the currrent proposals. I'm sure they have a few more shenanigans up their sleeves that will be announced just before the meeting, but it just might be worth it, for no other reason than revenge. We don't have much to loose after the last r/s, so, what the hell, such action might make our losses more palatable. We might be able to even vote in an independent Board of Directors to reign in the Bobbsy Twins. The most recent information shows them owning around 5% of the o/s. They've already used the back salary discounted share trick,and they may have diluted enough that there are not enough shares left of the authorized 3 billion to give them a controlling interest. So, if they issue themselves new shares to maintain control, they're going to be on very tenuous legal grounds because it might will constitute a conflict of interests, conspiracy, fraud, et al. \V/_
We appreciate your DD. In the past, any activity at the mine site has been perceived as good news in some quarters. The comment wasn't directed at you. One good thing is that the persistent myth of the water problem being solved has been put to rest; that myth was touted long after it was obvious that the geotubes weren't working. Now they've got a toxic waste site to clean up. Way to go mangement. The current myth is that this dead cat will bounce. But then, some fools always buy into an r/s and massive dilution expecting to turn a quick profit and then whine and snivel when the play doesn't work out. This is a rinse and repeat pump and dump operataion. In all probability they'll issue themselves at a discount whatever shares that are remaining of the authorized 3 billion to retain control. The proxy statements will be late as per the last shareholders' meeting. They'll hire paid posters to create interest and they'll attract a bunch of new bag holders. Like P.T Barnum said, there's one born every minute. Your only hope as a current shareholder is that someone steps up to the plate and goes to the shareholders's meeting armed with enough proxy votes to throw the bums out. What's required here is an on site knowledgeable management team who can reevaluate the situation. So far they've blown around 40 million and have little to show for it. Right now all we have is a couple of egotistical incompetents thumbing their noses at the current shareholders. If you were an institutional investor would you have any confidence in them no matter what the share price is? \V/_
All the more reason to go. \V/_
Hey Trap, good to hear from you. Your comment as usual is dead nuts on. Just cleaning up the geotube mess is going to be espensive and that's on top of the $2,000,000 upgrade. If you're going to the shareholders' meeting, I'd have no problem with having you vote my proxy shares. Maybe we could get something like the wannabe Millionares' club going and run the operation out of Robo's dumpster. Time to get the angry mob tools out again.\V/_
Well, the long awaited filling of the information vacuum has been filled with the usual amount of PCFG hot air. The geotube shutdown/closure has been spun as good news. Realistically, it's just another burden on an already bankrupt operation.
I'm not sure if anyone caught the absurdity of the following in the proxy announcement:
Long time no see. LOL. What's your Magic Eight Ball have to say about a target share price? |V/_
Check out the information given in the 10K. Some of the NRG claims are on federal (BLM) lands and others are leases held on privately held acerage and would in all probability be subject to local and state taxes. Property taxes are minimal when compared to what they owe the IRS and the unpaid MSHA fines. \V/_
Been on Vacation, thus the long response time. The money they owe the IRS is in all probability unpaid witholding taxes. They've done this before. I'm surprised that they haven't exercised their lien on BRCM given their past record of robbing Peter to pay Paul. \V/_
A lot of discussion about reopening NRG, MSHA, and NDEP and none about the IRS. From the The 10KA. Note 12:
So, given your past installments on the PCFG story, what's the final chapter going to look like? \V/_
That's just hogwash. The people at NDEP have no interest one way or another in PCFG. TJ has presented evidence from a credible source which is better than unfounded conjecture and a specious discussion of heresay. \V/_