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After investing close to 11 million in BRCM (check the 10Q) in BRCM and having little to show for it, it's reasonable to question the current mangement's competence. If it hits .0001 it will no longer be tradabale on the market. Seveal bars in Central City, Colorado papered their walls with worthless mining stock certificate from the 1890's, PCFG shares might become useful if they decide to redecorate. Maybe the Mayan calendar only applied to PCFG. \V/_
Apparently, I mistakenly thought that you were sufficently informed to check the ibox under the chart on the PCFG page. It's item 2. The last 10Q showed that they had $88,687.00 at the end of the last quarter,and it's not too much ofan assumption to say that they are cash strapped. There is no distortion of the facts in saying that they need 2 million dollars to keep going. What they spend it on is irrelevant. Incidentally the $500,000 for Pacific Metals is seperate from PCFG since it is now an independent entity. You can find the 10Q on the EDGAR site. \V/_
No need to kick it; mangement has done that already. Haven't bought or sold since the heady .08 days, so any implied motives are irrelevant. Along with the dead cat bounce, we might include the "greater fool theory" which might explain unsupported optimism in the hope of selling to an uninformed, new investor. Realistically, why would someone buy into a stock which is in the process of diluting shareholder value into oblivion, facing an upcoming R/S, looking at end of the year tax loss selling, and is being run by an unqualified management team. We've fallen off the cliff and are now watching the blood of bagholders slowly ooze into the anathama of .0001 on the rocks below. More like a dead cat splat than bounce. \V/_
This cat may be too dead to bounce. \V/_
The whole question of the restart is contingent on financing which they don't have and are not likely to get in the near term. The first mention of the 2 million was in the paid for report which predicted .07 by the end of the year. It was last noted in the Nov 9th PR:
The point is that they need 2 million to implement the proposed changes and given the current credibility gap and past performance the liklihood of that occuring is highly improbabable. We are more likely looking at years rather than months before they startup again. \V/_
Rob recouped his other company's capital by selling their loan to a third party at discounted rates. But you're right they lack the competence to run a good scam, just as they lack the competence to run mining operation. \V/_
"Confirmation of intent." now that's funny. I'll wait until they actually restart the plant. We've had a number of confirmations of intent with no resulting cofirmation of completion. \V/_
According to LMPA's communication with NDEPPost #105310) They closed on October 15th. Last time I checked that was in the fourth quarter. \V/_
Thanks, funny isn't it that we can get more from a government agency than we can from the company. Well done \V/_
Don't worry, they'll just issue more to meet the demand. \V/_
Let's see 120 days to come up with a new processing plan and 60 days for NDEP approval. That's 180 days which puts the startup in May of June. Then there's the lack of capital. \V/_
Probably because you've bee accurate. \V/_
Yes. \V/_
They'll need a new wing for all of the busted PCFG bagholders who'll end up on their doorstep. \V/_
That's funny; @.003 that would be $1,500--a drop in the bucket. \V/_
Looking at the balance sheet, I don't see where they have $10,000,000 of their own invested in BRCM. Rob pulled his money out of the pot when he converted his debt to steeply discounted shares to a third party. What money they had in the company was in back salary owed to them which they converted to shares to keep effective control of the company. The majority of the $10,000,000 came from investors. All investments have risks, but as events have unfolded the risk has gone up exponetially. The millionaire's club can't afford rent on their dumpster at this point. A lot of really good dd indicated that this had a good chance at success, but they managed to snact defeat from the jaws of success. \V/_
What exactly is their spring plan; please cite source and how it will be funded. \V/_
What plan for spring? They've had a number of plans which have never come to fruition, i.e., 6,000 to 12,000 ounces per year. What they're good at is producing hot air. \V/_
At this point I can see no reason to put anymore money ito PCFG; there are a lot better places to put it than here. Think about it: management has zero credibility, they are on the verge of bankrupcty, they need another 2 million, the process may not be viable, large scale dilution is on the way, ad infinitum. To buy into the dilution is just silly; I'll wait until it's done and take another look. \V/_
They got the first $500,000 last year and another $500,000 is due if they decide to continue. So, we're looking at only a possible $500,000 in the near term. Fifteen percent of that is due to Platro from the law suit. Incidentally, Rob had a connection with Platro at one time. Anyway, the point is that they don't have much time to get things going again and they certainly don't have the money to do so. \V/_
The million from Blackfire is not a done deal; it's contingent on their picking up the option. \V/_
Closed @.006, so where's the .01's? Ha. \V/_
Landau pulled his other company's money out of PCFG by selling his debt for steeply discounted shares. Most of the money they had in the company was in shares issued to them and in back salary which they converted to shares to keep control of the company. The ten millon invested in BRCM came fom shareholders and loans, not from Mitch and Rob. There is a new myth being created that they will startup in the spring. They currently have no money to do so. Until they get some financing, the mine will sit idle. Last time this happened, it took a couple of years and a new bunch of suckers to get going again. \V/_
There's a lot of red that's going to have to be covered up. Make sure that you're holding on to a lifesaver and not an anchor. \V/_
Long time no see. Looks like we all got a sock full of coal instead of gold this Christmas. Paint is dry and cracked now. \V/_
Give it up; we're stuck in th 6's. \V/_
Speaking of incompetence, I have a gut feeling that they may owe witholding taxes to the IRS like they did last year and failed to report to shareholders until 9 months had passed. Wouldn't it be hilarious if the IRS seized the mine and made it work. Back in the early eighties the IRS seized the Mustang Ranch in Reno and made a profit while they ran it. \V/_
You're welcome, it looks like TDA did several potential investors a favor with the chill. At present there isn't much of a play here. There is the potential buyout of Pacific Metals, the joint venture with Blackfire, and a positive outcome of the lawsuit. BRCM is dead in the water. At this point it's a wait and see until the dilution and the R/S are done and they have enough capital raised which may or may not happen. Buying into the dilution is foolish since every time they issue new shares your share value will be diminished. Some guys have been in this since it was in the $2.00 range and had their original investment diminished if not evaporated by dilution. It's not all black, but it's certainly not a buyin opportunity at this point. IMHO \V/_
Which would you rather have a bag of PCFG stock or a bag of peanuts? I'd take the peanuts they're worth more. \V/_
What is it with the dividend? Pacific Metals has no capital and is very ulikely to get enough to begin operations in the next couple of years. Who would invest in a uranium operation run by two guys who after ten milllion dollars made it clear that they can't mine gold. They know even less about uranium. The only play here is a possible buyout by a neighboring operation as TJ has pointed out. Oh well, I can use the shares as wall paper next to my PCFG shares. \V/_
They forgot to notify MSHA when they reopened the mine two years ago. So what's the big surprise that they forgot to notify them when they closed down. How much evidence would be required to make a convincing argument that PCFG is a flop. I must have missed the evidence that the late MSHA report was the government's fault. The delayed report was highly convenient to anyone who was dumping shares at the time. \V/_
You can play with your charts all that you want, but the truth is the mine is shut down, they have no operating capital, no investor confidence and large scale dilution on the horizon, Plug those facts into your charts and see if you come up with .0012. The gold never flowed from BRCM; it trickled. \V/_
Morning Z. Given how incompetent they seem to be, wouldn't it be hard for them to be competent enough to design incompetence competently. I'm confused. \V/_
The problem is that Pacific Metals has no financing to get started, no plant and no competent management. \V/_
You shouldn't be, you had anple warning about the risks involved, although no one thought it would be this bad. Boy or girl?\V/_
They'd have to sell about 40,000 shares to buy a box of diapers. \V/_
There's a big difference between calculated risk and just plain dumb throwing good money after bad in the face of upcoming large scale dilution. \V/_
Rob was competant enough to convert the debt owed to his company to cash by issuing discounted share to a third party. \V/_
Geez, I'll leave the raising of expectations to others. A number of investors much smarter than I had the wool pulled over their eyes on this one. In those glorious .08 a share days this had the look of a winner. Mitch and Rob probably even believed that they were going to succeed at that time. My thinking is that they got in over their heads and didn't have the technical knowledge to pull it off. I don't think that they set this up as a scam originally. About a year ago when clean water seemed to be an issue, I think they realized that the ship was sinking and they were the first rats off of the ship. The real sign that they were becoming a pump and dump pinkie was when they issued the paid for report and Rob began converting the debt owed to his company for discounted shares. A few Titanic band members may tout the validity of buying at this point, but it's a fool's errand to do so. Unless you're a day trader playing a dead cat bounce, it would be stupid to put money in at this point since they will have to dilute even more to get financing. If there is a reentry point it will be when the dilution slows, the R/S is finished and a viable new, viable business plan is put forward. \V/_