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I'd wait until the money (dilution) is done before I put any money in. \V/_
When did you know they were shutting down for improvements? Please show post number. \V/_
That argument doesn't hold any water. There's no need to drive the share price lower, management has accomplished that on their own. If there's any secret buying going on it's by powers greater than IHUB posters. \V/_
Where are they going to get the money to pay for the improvements and pay for oprtations? \V/_
If the water issue was solved then why do they need the concrete basins and are reducing the number of geotubes. No need to drive the share price down management has accomplished that on their own. Good luck on your plan to suck up as many of the newly issued shares as possible. \V/_
If you follow your plan you might be able to keep up with the amount of shares they will be issuing to keep going. Still believe that the water issue was solved? \V/_
Some times it's difficult to admit that you've been a sucker and move on. There has been a lot of time and effort put into really good dd by many and it has turned to naught by poor management. Now they want to throw another 2 million into a unproven process. \V/_
Quick Google search yields the following wikipedia entry under Carlin type gold deposits:
PCFG hasn't stated that, but the gold in the Carlin trend is generally microscopic. Heap leaching was developed by the University of Arizona to make small particle gold retrievable on a profitable basis. Barrick is just down the road from BRCM and uses heap leaching for a reason. I researched this about a year ago. Since then I've had questions about the viability of placer mining given the nature of the deposits. I've had a link to relevant articles from the Nevada School of Mines and will search for it later in the week when I have some time off. In the meantime try googling the Carlin Trend. Of course some of this is conjecture because they've never released the 43-101. \V/_
With the recent legal activity, it could turn out that they make more money from a settlement than they did mining gold. Given the current situation, the probability of them restarting the the mine in the spring is overly optimistic. If they do restart operations, June or July seems more realistic. They need to get financing, design the ponds, order and setup new eqipment, hire and train staff, get NDEP approval, etc,. Then there's the process itself--placer mining may not be the most profitable way to recover microscopic gold. And of course, there's the long missing 43-101. Stay away from the cool aid. \V/_
"Geotubed," a wonderful new euphimism to add to our PCFG lexicon. LOL \V/_
P.T. Barnum said it all: "There's a sucker born every minute." I've been around this for a couple of years. You and others have been here a lot longer. After the current hubub is over we'll see a new batch of suckers showing up and maybe even a new millionair's club. Rob and Mitch's credibility is zilch with the current shareholders; unless they can come up with a detailed business plan which addresses the water and recovery issues there's no reason to put any more money after bad. We all thought that the the geotubes had solved the problem; well, that proved to be wrong. Their dog should be pretty constipated from all the homework he ate. There's also the issue with the placer operation. They have yet to prove that they can profitably recover micron sized gold from the deposits using a wash process. I can't justify sinking another 2 million into the operation without an in depth analysis from an independent engineering firm. We can't do too much about the discounted shares for salaries that they issued, but there is the business where Rob sold the debt owed to his company to a third party at a huge discount. This has the marks of an insider trade and merits an inquiry by the SEC. He apparently saw the writing on the wall and preserved his other company's capital by unloading his loan to a third party. Some on this board missed the point on these conversions and thought that it was done to raise capital. In truth it was Rob saving his own butt at the shareholders's expense. There are a host of other issues, i.e., unpaid MSHA fines, IRS threatened seizure, inaccurate (much modified) financial statements, pump and dump tactics, ad infinitum.
What's ironic is that they might make some money off of the lawsuit if they win. There's also the Blackfire deal which might yield some much needed capital. The much balyhooed Pacific Metals dividend has been a joke so far. A new company with no capital run by two bozos who have even less experience with uraniun mining than they have with gold. It's like the reporter who asked, "Other than that Mrs. Lincoln, how was the show?" \V/_
Don't forget that Mitch and Rob took a big chunk of your and my pie by issuing themselves a bunch of shares. Our portion of the pie will contine to be less and less as they continue to dilute. \V/_
Edit: Right now PCFG is a cow pie and we all know what that is.
Long time no see. If we average down any more we could reach the new par value. What's your take on the recent events? \V/_
I realize that placer mining is viable; the only placer operations I found were small scale in the early 1900's and a dredge operation in the 20's to the South of BRCM. My question is do you have a link to a successful large scale placer operations capable of recovring micron sized gold?
You could be right. I would also like to see what the percentage rate of recovery was. I suspect that most of the missed gold is in the geotubes. \V/_
Thanks, Roc, how was the trip? \V/_
My sense is that they were really trying to make this work up until the paid for report. The pump and dump campaign was a big wake up call for me. The toxic finacing and Rob's cashing in what was owed to him just confirmed my suspicionns. They spent way too much to get this to work to believe that they initiallly set out to scam investors. Getting current with the SEC, the geotubes all woould have been unnecessary if their intent was to screw investors. August 2010 seems to be the beginning of the end and they seem to have gradually realised that this wasn't going to fly. The recent events are an indicator that their proirities are now on preserving their own money and not the shareholders. \V/_
No documents were disclosed. No 43-101--no Bharti report--all you have is Rob's statement and his credibility at the juncture is less than zip. \V/_
Fox, in your dd have you found any similar deposits that were sucessfully mined as a placer operation? \V/_
You and I went around and around about the water issue; unfortunately, my doubts turned out to be right. In spite of our disagreements I've always respected your view and knowledge. Do you think that adding concrete basins will make any difference. My thinking is that the the gold is just too fine to be economically recovered with a placer operation. I'd appreciate your input on this. \V/_
Looks like they might be physically bankrupt as well. If investors want to persue this legally, the business where Rob sold his debt to a third party at a discount is the most likely. \V/_
I'd prefer keel hauling, but lynching at the shareholders' meeting would do. Management seems to be a curious mixture of incompetence and arrogance. Certainly the PCFG saga has been far more entertaining than the election and it's not over yet. \V/_
Semper Fi, Trap. Let's throw the CO and the Exec into the cake this year. \V/_
Edit: Brown shoe Corp 1961-64.
The lack of results may be more related to the nature of the deposits. The fact that there was gold there was known in the early 1900's. It wasn't until heap leaching was developed that the microscopic gold could be economically recovered. The choice of using a placer operation in lieu of heap leaching may be the source of the problem. They've spent 28 million on trying to prove that an historically failed process could work. Even with concrete basins and new technology it seems doubtful that they can improve the recovery to a sustainable rate. There's a reason that Barrick ,just down the road, uses heap leaching in lieu of placer. \V/_
It'll be right next to the angry mob tools and lynch mob concessions. The appologists--another buying opportunity concession couldn't afford the rent and were last seen heading for te border.\V/_
I long ago gave up trying to make sense of this stock. I wonder at how many man hours have been wasted by many on this board doing dd on this company which has just turned out to be just another pinky. The warning signs were there and the hopeful and the appologists chose to ignore them. The first real sign was the paid for report and the hired posters who showed up on the board for a couple of days. Then there was the death spiral financing, Rob selling his company's loan to a third party, the massive dilution, the steeply discounted salary conversion to maintain control. We've had so many buying opportunities and chances to average down that some may have to move in with Robo. What's fascinating is the shareholders' meeting. Why bother when you know there's a lynch mob waiting for you. We no longer own an operating gold mine. They are either delusional, stupid, incompetent or up to something (buyout). Oops, all of the above works too; doesn't it? This quote is from TJ:
In a word the news sucks. Over 130 million shares sold today. Oh, gee, that's right, another averaging down buying opportunity. Mine shut down, it's the employees' fault, 63 ounces for the third quarter, continued dilution, but other than that things are going just fine in PCFG land. It's intriguing to watch how the mood changed today, from the early morning MSHA numbers to the PR and the sell off. Are pitchforks and torches required at the annual meeting? Robo knows where you can get a dumpster cheap. It would appear that a buyout would be the best scenario for the current shareholders. \V/_
With no new information being offered at the meeting, it sounds like shareholders are being asked to buy a pig in a poke. We're being asked to vote on proposals with out any information-finacial, production, recovery. Having the angry mob tools concession just outside the meeting room sounds better and better. If they were ethical they would post the financials before the meeting. \V/_
I'm fascinated that some on this board actually think that their vote matters. Get real, Mitch and Rob contol 48% of the O/S. They'll do whatever suits them no matter what the shareholders may do. This vote and shareholders' meeting is window dressing. Given their past hidtory my confidence level in management is not high. \V/_
You're grasping at straws. Barrick just down the road from them has its 3rd quarter numbers posted as noted earlier by UWF and others. The Aug number applies to PCFG alone and not all mines. If there's any conspiracy going on it's by appologists who are posting inaccurate and/or misconstrued information. Once again the simple answer is best--PCFG hasn't sent in the report for reasons nefarious or otherwise. The PPS is down because of poor performance and lack of communication. \V/_
Thanks Trap. Let's see if they answer. \V/_
In the calculation of the number of shares owned by Mitch and Rob, have you included the shares owned by Rob's holding company? \V/_
TJ, how about a call to your MSHA connection? \V/_
Good research. \V/_
The theory that MSHA would withold the numbers at the company's request is not very viable. They are concerned with mine safey and not the company's share price. In this case the simple answer is the most likely; the company hasn't submitted the report. When Robo was there there was no evidence of minining trucks, just an over the road dump truck. They may have cut back on the mining operation until the stockpile was reduced. We reall don't know. My best guess is that the numbers will be close to the second quarter. For those who tout that we have an operating gold mine, MSHA still lists BRCM as "intermitent." That's telling. As usual, due to the company's prolific dissemination of information, nobody knows nothing? I, like you, am curious about what will be announced at the shareholders' meeting. \V/_
There are MSHA numbers, but thy're being withheld for a reason, \V/_
There is a reason behind not releasing the MSHA numbers. Whether or not it's nefariouus is up to you to come up with. They've had a history of delaying reports in the past and hiding information, i.e, the IRS assesment on the 10K. The trust factor with mangement is zip. They still owe $5,580.00 in delinquent fines. The argument that they wouldn't have a shareholders' meeting if they didn't have good news has some validity--buyout,spin off, production, but I'll wait and see while some suffer from premature elation. \V/_
If they had to cover they would have found a way, if what you've been saying all along were true. Perhaps you were wrong all along? The predicted hightened activity didn't materialize and the market displayed it's usual ho hum attitude today--no MSHA numbers on intermitent Black Rock Canyon and no production numbers. The only way it'll hit .08 is via the reverse split. With Mitch and Rob issuing themselves shares and nearly doubling the o/s, don't you think it prudent to wise up and realize that our illustrious mangement has no concern for the stockholders? We didn't even get a kiss. But there's always tommorow [sic] and the future. Something this Cub fan can appreciate. \V/_
So where's the massive short covering? Relatively low volume--pretty stable @ .004. So much for the conspiracy theory. Oh that's right, the dog (Sandy) ate my homework. \V/_