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Glad you got a laugh out of that,
Todd Hoffman is an idiot but manages to find his ass with both hands. Our two geniuses have gone from bad to worse.
I have owned PCFG for almost 8 years and I actually tough they could do it for a while. Lost all faith
I didn’t mind the price going to 0.0002 as they have recovered from there before but 2 R/S back to back is what gets my goat.
The point of having someone with a long list of questions is to make the two twits sit there and answer them, Otherwise they are done in 10 minutes and on to the all you can eat buffet
I feel you pain but only to $30k. Hard to think I was $200k up at one point but didn't take enough out to cover my total input. Well it was a very expensive lesson. I hope to use the tax right off in the next few years. Good luck to us all.
Questions and a copy of the minutes I made from the last meeting.
Here are my question based on the last stock holders meeting
1) When the mine was shut down in early 2012 we where give a date in October 2012 that you hoped to reopen, then at the meeting in November we were looking at February 2013. Why 1 year later has the mine now reopened.
2) Who is the current Mine manager and what their credentials?
3) Who is the current engineering company you are using?
4) Have you resolved the labor or lack of labor at the mine?
5) Are all claims currently paid in full?
6) Has the water quality issue been resolved or are we going to put back in the GEO tube next year? Are the pits working and all permitting and construction been complete
7) Have all modification to the plant been complete or are you considering buying the Hoffman’s big red plant
8) Can you up date the web page.
9) I know they got upset when I brought up the question of a pump and dumping stock but that look like all they are doing is dumping. Looks like they are mine shareholders and not gold. Could they at least give us a reach around and a couple of pumps?
10) What is going on with Pacific metal?
11) What have you done with the money from Project W
12) What the update on Fenely project
13) Have all the law suit been settled and put to bed,
14) How would you rate your performance as CEO and CFO
( A: good would be delusional. Piss poor would be getting close)
15) What are you going to do to increase shareholder value?
16) What have you done with the money raised from the last R/S
17) What were the unforeseen event that prevented the mine from operating in the last 18month
18) What date are you going to restart the mine.
19) What do you need to restate the mine ( beside a miracle)
20) Have you dug any test pits this year and what were the recovery rates.
21) Why the massive increase in share count after a 200:1 R/S
Minutes from meeting :
Ok let me start with a disclaimer. These are my opinions and are not that of the company (PCFG).
Make up your own mind. Do your own DD and invest with the advice of a qualified investment broker .( I,e not me)
I fell asleep in the chair doing this last night so I know they are a bit delayed but here it goes.
Sorry I wasn’t able to real time updates from the meeting but I was the only one asking questions and trying to take meaningful notes.
First of all the attendants was very poor, Rob, Mitch, Me and a couple. The room was set up for around 30 people and refreshment was provided.
Both Rob and Mitch look apprehensive. I think they were relieved with the small turnout.
I can confirm they at least look at the message board from time to time. While talk before the meeting about my wish to visit the mine Mitch said the pictures posted on the IHUB page was very representative of what it was really like.
Mitch is defiantly the more people person and engaged with introduction and general conversation Rob sat quietly at the top table.
So Down to business, Rob read the rules for the meeting and the articles that were up for vote, Mitch was the secretary for the purpose of the meeting.
Interesting note for next time is other people can submit articles to be voted on at a share holder meeting, we need to look into to this for the next time.
After the reading of the articles there was opportunity to ask question before the Vote.
Q1 what is the advantage of changing the value of the stock from $0.001 to no value.
This is all about getting investors and paying off debt. If the value was to drop below the par values then investor could not cash in their shares and therefore would not invest in the company.
Q2 Why R/S. Again this is about investors not wanting to invest in a stock below a certain value. It will be determined by financial advisor to the company and potential investors. It may not even be used but t is another tool to allow them to raise capital to get the mine moving.
After that there was a call to vote, I was the only one voting in the room which meant Mitch had to spend 5 minutes on the laptop ensuring my vote hadn’t changes the outcome, I felt like I was Ohio in the general election .
So the results, Of the 2.5 Billion shares available to vote 59% or 1,222,596,483 did.
All articles were passed and will go into effect as early as tomorrow or as soon as the state is informed of the changes to the article of the company, there should be an 8K or out type of special filling on this.
Now the official business of the meeting was over they opened the floor up for questions.
1) When did the mine stop operating : In October
2) When does the 120 day stoppage start: As of the 11/9/12 PR
a. Issue with NDEP taking 60 days, it used to take 30 days but the inspector retired and NDEP hasn’t got anybody to replace him yet, The supervisor informed PCFG the future changes could take at least 60 days
3) Is the Mine manager still employed by PCFG: No they came to a mutual agreement to part ways? (I would have fired him twice).
4) Why did the share pre drop so much last Friday (Not my Question) : Some people decide to sell after we announce the mine had stopped production.
5) Why Stop production
a. Basically with all the issue they were not making money with all the mechanical issues.
b. $8000 a day operating costs and $3000 of that is salary,
c. Rod said that he would prefer to leave the gold in the ground until they could mine it more efficiently. Should be able to mine for $6 a yard. The plant when operating as it is should be able to do 1200-2000 yards a day which at their recovery rates should have returned 350 oz a quarter. The mine can be expanded to 4000 yards a day, with 1 yard = 1.7 tones of earth. Leavening the gold means it holds its value. Taking it out at a lose means it’s gone.
d. What are your recovery rates when the plant was running well? Rob said decent, they would have been operating at a profit. (sorry couldn’t get a number).
e. Labor issue? The employment level in the area is <5% so there isn’t a lot to chose from, (Example if Barrick is paying $30hr and PCFG are paying $30 would you work for? So PCFG have two options a) Pay more b) take the people Barrick doesn’t want! So this is where the issue with training and wanting to do the tough job of cleaning slug out comes from ,
6) Geo Tube or once savoir? : When running they are every good a giving us clean water. The issue is they require constant monitoring when operating, currently operating 8 tubes, Once full it has to be dried removed, Pit has to be cleaned out , New bad laid out correctly ( seemingly the old staff had mayor problems doing this) and then refilled. Rob want to go to a 2 bad system and use another machine (didn’t catch what it was) which will give plenty of clean water but remove or greatly reduce the amount of labor involved in the bags.
7) Why concrete pits: well that makes the job of cleaning the pits easier and helps with laying the bags out correctly.
8) Why does this fell like a pump and dump stock?
a. Wow did I piss them off with this. Mitch was very passionate with this, That they spent 10 years and around $10m investing in the mine, Taken all the time and money to get current again, neither of them has taken a pay check ( Except share) since 2007 and that they stand to benefit but it been successful. They said that this is common stuff you hear when the stock price drops but it had dropped before and come back and they intend to make it a success. This is why it’s worth going to these thing as you get the sense that it’s their baby and they are protect of it.
9) Would you sell the mine? Rob everything is for sale at the right price. Currently the stock price the company is worth $4m , Payment for Project w are $2m. Would they sell for $100,000 no the price would have to be right. The current value is way under what the company is really worth.
10) Why the Q’s are always filed at the last second?
a. If the end of Q3 is October first they don’t get all their invoices until end 3rd week, Then there accountant has to enter all the items into their account software , then it goes to the auditor, for a week and then it has to be up loaded in a special format so the new Q are searchable (not just screen shoot).
b. By hiring another person and paying them $100K a year you might get the Q out 1 week earlier. ( Already 4 people in head office including Rob and Mitch)
c. Every Pr cots $500 - $1000 to file ( I think it has to be checked by legal)
11) Project W
a. They believe that they will complete all $2m payments, if they don’t then it’s a win: win for PCFG, They have to return all claims and data to PCFG, They also have expanded the claim ( PCFG 80 claims) by another 100 claims which makes are 40% greater, PCFG get first right on these and then gets to package them up and sell the project again or mine it, They said because the market has improved they could get double the price today it they had it sell again.
12) Fenely will you use the same mill design: They will use some but they are working with engineer to come up with the right fit for that site.
13) Law suit, they explained this more to me I hope I do it justice.
a. 20 days before the warrants were due to expire the fund that owned them sold them for $2500 to an individual in California, He then turned around and said that he thought they should be worth $500,000 and want that payment and sued PCFG and the fund.
b. Basically this is a scam that the person is hoping you settle somewhere in the middle to avoid legal cost.
c. The Boys said if you know them personal they don’t give money to anybody that doesn’t deserve it and believe they will win, they counter sued of something and legal fees.
14) all claims are currenlty paid in fully.
15 ) they will be using another engineering company this time
Anyway I did my best, It was worth the trip to meet them and look them in the eye, Hopefully this helps some of you one way or the other.
Thank for going. I will send you a copy of the minutes from the last one I made up with a list of questions. It on my work computer so probable tuesday.
They will hide in the room until you start to knock.
I stay away from here as much as possible. I was getting too obsessed with it.
Good luck to you and thanks again for spending your time and money
Has anyone been passed the mine in the last 6 months?
I was the only one from the board that attended last time . I wish I'd had save my money.
Would be nice if you collect s list of questions to ask them just to make them work a little.
Good luck
Well that didnt tell us anything
Sorry to disapoint all the new pumpers, (By the way welcome aboard)
There was nothing about the permitting , improvment, staffing reopeing or most important more goold ot of the ground
I wish this was great but it was pretty much BS.
What the $ value .
Thats what I want to know,
And will it cost me another $20 in fees
Shares were reduced from 5b to 3b in November
a decrease in the number of authorized shares of Common Stock from 5,000,000,000 to 3,000,000,000,
Good luck, hope you get filled,
all we need now is a sign of life,
remember the company assists and payments from blackfryer total aroung $5m
at 3b share that means the pps shold be no lower than $0.0016 without pulling anything out of the ground. $0.0001 should be a good buy.
IMHO.
Took me over a week to get filled and it filled in 3 parts, in around 1 minutes
Mine just filled at 0.0001 with that last large dump
Thats me done , Not buying anymore. I have enough
I have had an order in for 10m at 0.0001 for about a week, there was already 300m on ask at that time , i notice today that it had gone up to 500m
If they come out with any news saying they are back running we could go back to .01
Is anyone getting any 0.001?
Wishing all here a happy new year and my we all actually make some money next year, If not on PCFG on another stock
Good luck to all
Merry Christmas all,
Hoping next year will be better than 2012
I have scottrade and they are notorisaly slow in the pinks,
How does it show in your acount with a ticker?
I'll fire them off an e--mail later this week, (I was giving them a month from the meeting) to see if there is any progress !!
Nothing in mine yet, Whats the ticker name ?
Yippee 20% up,
I'm not pumping, I'm just excited that it not down!
Go PCFG
Go for the gamble ,
Buy now and when they PR the mine is starting back up it should go back to .005 - 01 range , sell and make killing. If they get the crap together and it goes to .05 you will look like a genius
The impression got is that the R/S is between the Boys , their finical advisers and potential investor, if the new investor want a PPS of a certain value that is what will determine if a RS is required and how much the it is,
I don’t think my Shares made any difference to the outcome but it was nice to think it might , It helped been able to ask the questions before the vote to understand why they needed the changes to par value and have the ability to R/S.
I do have enough shares that going to the meeting was worth $200 for the flight and hotel and $400 bucks I dropped on the tables while I was there. The first shares I bought were $0.56 but have average down over the years to around $0.008 so it won’t take much for me to be in the back.
Ther wont be an office meeting minutes as all my quests were effectivly after teh offical meeting was complete.
There should be a filing that teh articles of teh company have changed. I.e all 4 ites were passed.
I am sure teh Venture Capitalists get there own meeting when ever they want
First of all welcome ,We need new people here,
Secondly this board has some great poelpe that not only spend hours , Money and time to do great dd and are willing to share,
You are correct dont trust anyone except yourself,
But please if your just going to wine be quite, if you want info get of your ass and go get it, Thats why i went to the meeting, it was worth my investment to do it,
Thanks to all that have dont great DD over the year
Minutes from meeting:
Ok let me start with a disclaimer. These are my opinions and are not that of the company (PCFG).
Make up your own mind. Do your own DD and invest with the advice of a qualified investment broker.( I,e not me)
I fell asleep in teh chair doing this last night so I know they are a bit delayed but here it goes.
Sorry I wasn’t able to real time updates from the meeting but I was the only one asking questions and trying to take meaningful notes.
First of all the attendants was very poor, Rob, Mitch, Me and a couple. The room was set up for around 30 people and refreshment was provided.
Both Rob and Mitch look apprehensive. I think they were relieved with the small turnout.
I can confirm they at least look at the message board from time to time. While talk before the meeting about my wish to visit the mine Mitch said the pictures posted on the IHUB page was very representative of what it was really like.
Mitch is defiantly the more people person and engaged with introduction and general conversation Rob sat quietly at the top table.
So Down to business, Rob read the rules for the meeting and the articles that were up for vote, Mitch was the secretary for the purpose of the meeting.
Interesting note for next time is other people can submit articles to be voted on at a share holder meeting, we need to look into to this for the next time.
After the reading of the articles there was opportunity to ask question before the Vote.
Q1 what is the advantage of changing the value of the stock from $0.001 to no value.
This is all about getting investors and paying off debt. If the value was to drop below the par values then investor could not cash in their shares and therefore would not invest in the company.
Q2 Why R/S. Again this is about investors not wanting to invest in a stock below a certain value. It will be determined by financial advisor to the company and potential investors. It may not even be used but t is another tool to allow them to raise capital to get the mine moving.
After that there was a call to vote, I was the only one voting in the room which meant Mitch had to spend 5 minutes on the laptop ensuring my vote hadn’t changes the outcome, I felt like I was Ohio in the general election .
So the results, Of the 2.5 Billion shares available to vote 59% or 1,222,596,483 did.
All articles were passed and will go into effect as early as tomorrow or as soon as the state is informed of the changes to the article of the company, there should be an 8K or out type of special filling on this.
Now the official business of the meeting was over they opened the floor up for questions.
1) Then did the mine stop operating : In October
2) When does the 120 day stoppage start: As of the 11/9/12 PR
a. Issue with NDEP taking 60 days, it used to take 30 days but the inspector retired and NDEP hasn’t got anybody to replace him yet, The supervisor informed PCFG the future changes could take at least 60 days
3) Is the Mine manager still employed by PCFG: No they came to a mutual agreement to part ways? (I would have fired him twice).
4) Why did the share pre drop so much last Friday (Not my Question) : Some people decide to sell after we announce the mine had stopped production.
5) Why Stop production
a. Basically with all the issue they were not making money with all the mechanical issues.
b. $8000 a day operating costs and $3000 of that is salary,
c. Rod said that he would prefer to leave the gold in the ground until they could mine it more efficiently. Should be able to mine for $6 a yard. The plant when operating as it is should be able to do 1200-2000 yards a day which at their recovery rates should have returned 350 oz a quarter. The mine can be expanded to 4000 yards a day, with 1 yard = 1.7 tones of earth. Leavening the gold means it holds its value. Taking it out at a lose means it’s gone.
d. What are your recovery rates when the plant was running well? Rob said decent, they would have been operating at a profit. (sorry couldn’t get a number).
e. Labor issue? The employment level in the area is <5% so there isn’t a lot to chose from, (Example if Barrick is paying $30hr and PCFG are paying $30 would you work for? So PCFG have two options a) Pay more b) take the people Barrick doesn’t want! So this is where the issue with training and wanting to do the tough job of cleaning slug out comes from ,
6) Geo Tube or once savoir? : When running they are every good a giving us clean water. The issue is they require constant monitoring when operating, currently operating 8 tubes, Once full it has to be dried removed, Pit has to be cleaned out , New bad laid out correctly ( seemingly the old staff had mayor problems doing this) and then refilled. Rob want to go to a 2 bad system and use another machine (didn’t catch what it was) which will give plenty of clean water but remove or greatly reduce the amount of labor involved in the bags.
7) Why concrete pits: well that makes the job of cleaning the pits easier and helps with laying the bags out correctly.
8) Why does this fell like a pump and dump stock?
a. Wow did I piss them off with this. Mitch was very passionate with this, That they spent 10 years and around $10m investing in the mine, Taken all the time and money to get current again, neither of them has taken a pay check ( Except share) since 2007 and that they stand to benefit but it been successful. They said that this is common stuff you hear when the stock price drops but it had dropped before and come back and they intend to make it a success. This is why it’s worth going to these thing as you get the sense that it’s their baby and they are protect of it.
9) Would you sell the mine? Rob everything is for sale at the right price. Currently the stock price the company is worth $4m , Payment for Project w are $2m. Would they sell for $100,000 no the price would have to be right. The current value is way under what the company is really worth.
10) Why the Q’s are always filed at the last second?
a. If the end of Q3 is October first they don’t get all their invoices until end 3rd week, Then there accountant has to enter all the items into their account software, then it goes to the auditor, for a week and then it has to be up loaded in a special format so the new Q are searchable (not just screen shoot).
b. By hiring another person and paying them $100K a year you might get the Q out 1 week earlier. ( Already 4 people in head office including Rob and Mitch)
c. Every Pr cots $500 - $1000 to file ( I think it has to be checked by legal)
11) Project W
a. They believe that they will complete all $2m payments, if they don’t then it’s a win: win for PCFG, They have to return all claims and data to PCFG, They also have expanded the claim ( PCFG 80 claims) by another 100 claims which makes are 40% greater, PCFG get first right on these and then gets to package them up and sell the project again or mine it, They said because the market has improved they could get double the price today it they had it sell again.
12) Fenely will you use the same mill design: They will use some but they are working with engineer to come up with the right fit for that site.
13) Law suit, they explained this more to me I hope I do it justice.
a. 20 days before the warrants were due to expire the fund that owned them sold them for $2500 to an individual in California, He then turned around and said that he thought they should be worth $500,000 and want that payment and sued PCFG and the fund.
b. Basically this is a scam that the person is hoping you settle somewhere in the middle to avoid legal cost.
c. The Boys said if you know them personal they don’t give money to anybody that doesn’t deserve it and believe they will win, they counter sued of something and legal fees.
14) all claims are currenlty paid in fully.
15 ) they will be using another engineering company this time
Anyway I did my best, It was worth the trip to meet them and look them in the eye, Hopefully this helps some of you one way or the other.
Just landed and will start working once kids are off to bed,
There is no new news just explaned the issue to questions I asked.
You can buy or sell what ever you want, dont be waiting for my opion, or if you want the info early next time get you ass on a plane
Well i havnt sold any today, everybodies situation is diffrent and you have to ddecide for your self
Folks be patent with me, on page 16 of notes but dont want to type all that on a smart phone.
Also on second large margarita so have to wait for my toughts to clear a little.
2 more hrs sitting in a airport before fligh home who knows what i'll get done.
Meeting over, they answered a lot of questions,
shock all amendments were approved,
i will write up some notes.
Over all impression is that they are as fustrate with the issues as us and are trying to get them moving.
Stock is very under value, $2m in paymnet from project w means everything else is only valued at $1m
Need lunch a drink and catch my plane
10q shoul be out tomorow
5 minute warning
The guy said he was not on any of the message boards
Still onely 3 people here, one couple myself and the two boys
they are aprehinsive but chaty
I'm not alone someone elae turned up.
they just opened the oor
The two boys are hiding in the room' could see them through crack in the door,
they dont look very conformable
If ayone can post pictures, pm me your email
Always want to o go Vegas and have a 3some, didnt think i would be the one getting screwed
So am i the only dumass to travil here?.
1hr to go, gime to throw away some more money
just went by the room it ony booked from 10:30 to 12:00
time for breakfast
Questions for the meeting.
I am pretty sure they are not going to answer anything but I will try and ask some question.
I have WTF covered but if you have an intelligent question PM me and I will try.
heading to the airport in about 2 hrs
Will you publish the 43-101
When does the 120 days begin from ? last week !
When did you fire the manager?
Why stop mining ?
Will you update the Web page
Why RS now when it won’t make a difference to the price.
I'm Irish , You dont wnat me drunk and pissed off at the same time,
If its Cool Aid I think I'll pass
Breakfast
Anyone want to meet for breakfast before the meeting, Any suggesting on a good buffet
I don’t get in until after midnight
Well you can have part time, Overtime or one usless bas*ard
4825 Hrs
12 hrs a day = 402 days ( Man days)
60 days operation in the quarter
=6.7 employees working there ass off in the mill all the quarter