They were testing for gold leaching idiot. They were not testing for silver leaching.

It is getting to be a given that Talldude will negatively spin EVERY news item, whether it is a positive news item or not. He is a most annoying person.

If he doesn't like Pershing, he should not buy or hold it. If he knows of genuine bad news, he should share it. If he just enjoys making up negative spin, he should go away.

What time frame are u looking at for such a share price?

All in cost is $700 per ounce

The self-directed feature that is mentioned in the article is patented. I believe it is worth billions in licensing fees.

We're on our way pot-and-gold. Breakout on big volume!

They are doing as much drilling as they can so that the resource base is expanded prior to putting out a pea. It is certainly in the company's interest, and in your interest if you are a long with a long-term horizon, to do that. Unless there is a buyout in the works or the company needs cash immediately (which it doesn't), there is no rush on the pea.

The price of gold is less important than the amount of gold for the question of when to do a pea. They can give various scenarios in a pea based on different assumptions about the price of gold; however, they cannot use assumptions about amounts of gold in their property that they have not established through drilling.

Hi potandgold. Pershing is looking good. I'm still in.

Bullish breakout? Looks like it.

http://stockcharts.com/h-sc/ui?s=RXII&p=D&b=5&g=0&id=p36361621055

Happy New Year to you too gzone. I also believe that 2014 will be a good, not only for PGLC but for junior miners in general.

Well, the pea was published a long time ago. They are said to be working on the pre-feasibility study but won't have it out for awhile.

The potash industry is currently in a deep recession. Potash Corp. is cutting back and shutting down some plants, the price has dropped to $307, which is very low, and even so there are several tons of potash sitting in warehouses.

It is certainly oversold on a technical basis. Whether or not it is a good buy depends on the fundamentals of the potash market. If potash demand comes back and looks like it will start to outstrip supply, this potash will be mined and shareholders will make a ton of money. If not, not.

Hard to say what the market price will do in the short term. I look for no positive motivating news for five months or so. If you don't want to hold long term, I would say stay away. If you have patience, I would say it is a reasonable speculation and could turn into a monster in three to five years.

Hey dude, if you don't like reverse splits, split. There will be one here.

A good company with good prospects that does a reverse split to enable institutions to buy in will do well. A troubled and failing company that hopes to entice institutions to buy in will do poorly.

It's the same old same old: Cream rises to the top, crap sinks.

It is NOT the reverse split but the fundamentals and desirability of the company that matters.

"When anyone is "okay" with reserve splits I am weary [wary] of anything else they have to say."

Why? A reverse split just reduces the number of shares outstanding. It does not, in itself, change the market cap or anything else.

Sometimes a reverse split results in a higher market cap ( the split is good for holders) and sometimes it results in a lower market cap (the split is not good for holders.)

Reverse splits usually take place in order to entice institutions to buy the stock. Institutions often cannot, because of their by-laws and other guidelines, buy stocks that are under around $3 and/or are not listed on an exchange. If the institutions like the looks of a reverse split stock, they will buy and the market cap will go up. If they don't, they won't buy and the market cap will fall.

A blanket dismissal of reverse splits is uncalled for. Institutions and other major investors do not take the position that reverse splits are necessarily bad. I personally have owned stocks that have subsequently reverse split and I have made lots of money. I have also lost money on stocks that reverse split while I owned them.

I hadn't read the article but I have now. Cool!

Of course there will be a reverse split. Of course the future hangs largely on whether or not the out-side-the-pit projections are good, based on the new drilling. Of course this has a market cap higher than most companies with a reported 450,000 ounces [which is the pit amount]--it should.

On the plus side, Honig has been buying a lot, the preliminary indication of the non-pit areas are very good, the permitting is very far along, and Alfers has most of his compensation in common stock and options.

Talldude's naysaying might seem correct. But it isn't.

"Now, hypothetically if Very Hungry LLC were to agree to exercise their warrants and purchase these shares, that would give Prospect enough money to take them through the DFS and leave further dilution for a much later point in time."

What's the point? Exercising currently outstanding warrants to raise X amount of money results in the same dilution as having some third party such as Sichuan spend X amount of money to buy new shares, assuming the purchase price is the same.

Prospect needs a ton of money. Maybe they can raise it and maybe not. If they do, the dilution will be extreme.

I hope and believe that the current managers have a better handle on what is there, and how to get it out, than the previous owners did.

Alfers and company should have a good handle on things. From the recent press releases, it looks like the do.

Sure. Belarus never wanted Uralkali to bolt in the first place. Belarus now says it wants a worldwide cartel to protect prices and to block Uralkali, if Uralkali tries to dump at low prices.

It's hard to say. How long will the others hold their prices if Uralkali persists? How much has this emboldened farmers to hold out for cheap prices? How much, if at all, has this retarded the exploitation of new resources such as those of Prospect?

My guess is that the Uralkali/Belaruskali cartel is over. Belarus got hosed.

Cheap-to-mine-and-deliver potash will now rule. Mosaic and Intrepid are in trouble, I think. Maybe also Belaruskali. Prospect could come out well if it can show that it is overall cheap to produce and mine. It could replace Intrepid and Mosaic in the U.S.--Uralkali will continue to focus on Asia, as it has never been big in the U.S. and can only increase its production so much--if it can demonstrate that it has a good land package, good management, and the wherewithal to actually mine more than a million tons per year.

Maybe Prospect can pull it off and maybe Uralkali's ploy will benefit Prospect. It's a long shot but we'll see.

I meant to say that PGRX would need to find about $1,000,000,000 for the capex, in addition to the $140,000,000 or so it currently is obligated for. I mistakenly pegged the capex at $1,000,000. That was a,typo.

"The lawsuit will go away because it baseless."

Oh? How do you know that?

We'll see. You might be right. If it were me, I would finance a company only if there wasn't a lot of debt that had priority over mine in case of default. If Sichuan lends $20,000,000 to PGRX now, PGRX would have to come up with about $170,000,000 before Sichuan would be clear.

If Sichuan were to lend Passport $20,000 now, Passport would have to come up with about $60,000,000 before Sichuan would be clear.

Is PGRX nearer to mine construction than Passport? First, PGRX says it has completed a pre-feasibility study but there is no record of such a study anywhere. It is not on the website and there is no sec filing of one. Secondly, even if there is such a study and even if PGRX finishes its feasibility studies a year ahead of Passport, it would need to finance its capex to the tune of $1,000,000 or so. Can they do that a year sooner than Passport? Maybe you think they can. I don't.

"If you view this as a zero sum game [between PGRX and Passport], PGRX is holding most of the cards at this point."

Don't think so. PGRX has about $100,000,000 more in debts than Passport. PGRX is faced with at least $10,000,000 in shareholder lawsuits. PGRX's land package impinges, at its core, on Passport land. PGRX would have to build five miles of rail line to reach the main line, whereas Passport is on the main line.

What are the cards that PGRX holds? That it is almost certain to go bankrupt? I think so.

"Another interesting Lawyer Alfers' strategies now becoming more apparent...that is of Barry Honig being the designated "heavy hitter" aka, scapegoat."

What does that mean? That Alfers has designated Honig to be a scapegoat? Does Honig know that? Is Alfers deceiving Honig?

A scapegoat is a person who takes the blame for things. What is Honig taking the blame for?

Here's how I see it: Honig keeps pouring more money into Passport--millions of dollars more. Honig is not stupid nor is he ignorant about what is going on at Passport. Therefore, Honig's buys are a bullish sign.

What, if anything, is wrong with how I see things?

Good luck

This company might go up in market price a bit for purely technical, chart reasons. Day traders might be able to catch the bounces and make a little money. Or not.

This company will go up for real and reward true investors ONLY if it obtains significant financing, gets a joint venturer or is bought out.

The company is in deep debt and has near, middle and long term financial obligations. It is in a currently out of favor industry where financing is very hard to come by. It is under a lot of pressure.

Hype and the company applauding itself is okay but it will not do much good, except maybe in the very short term. It needs to show us the money.

"PGRX is the holbrook project that is actually showing that they are doing things"

lol

I don't really want to be a spoil sport, but pr will not cut. This company needs money big time. It has lots of mileposts to achieve and some short term debt obligations. In the middle term it has significant debt to pay off and within two years it must come up with well over $130 million.

Press releases that do not say that funds are coming in in reasonably large amounts are just hype.

Prospect could survive but only with massive financing in the middle term and fairly high financing in the near term--and, of course, huge ($1 billion+) financing for the capex.

I don't know if Prospect can obtain the money it needs--competition is fierce and funds are tight--but it will not likely go up much in market price until and unless it does.

Among others, Honig has big stakes in RXI Pharmaceuticals and Passport Potash.

He is considered Frost's bird dog for non-medical investments.

"One pr from the company rectifying the damage by updating the information to something positive and it rockets back up over $5 imo."

The company raised $3,000,000 by floating 700,000 more shares through warrant exercise. That is, the shares outstanding were increased by 1/3 in order to obtain $3,000,000. At that rate, the company will have to increase its shares outstanding by 10 times, to 30,000,000 plus, just to pay off Karlsson, let alone the other obligations. And that is after the 1:50 reverse split!

That's why the market price is plummeting and why it is not just a matter of the press releases being too bland.

"The company will be perfectly fine."

Are you sure?

If you are talking about the off-take agreement with Sichuan, that agreement is not enforceable unless production begins by 2015. The company says that won't happen.

So, in effect, there is no off-take deal with Sichuan.

Read this:

http://seekingalpha.com/article/1702402-pershing-gold-near-term-catalyst-could-provide-50-upside?source=yahoo

The bears are wrong.

Well, I always base gaps on the real body figures. If you base the gap on the intra-day shadow, you do get 4.09.

Real body gap is filled at 3.70. Shadow-based gap is filled at 4.09

Yes. Gap is filled at 3.70. SAR stop at 3.22

http://stockcharts.com/h-sc/ui?s=PGRX&p=D&b=5&g=0&id=p47316810467

"...but I feel their [Passport's] project's capex is just too high for the current market."

It is very interesting that you say that. The spokesman for Passport told me a month or so ago that Passport is thinking of proposing a smaller project (around 1 /12 million tons per year instead of 2 1/2 million tons) in order to bring the capex down.

Maybe you are right that the developmental work Prospect is doing will pay off for its shareholders. Maybe I have been focussing too much on Prospect's debt and not enough on its potential. We'll see.

It would be fine and dandy with me for Passport and Prospect to merge and for the shareholders of both to get rich. Still, all things considered, Passport looks to me like much the better bet of the two.

I have been wrong before--lots of times.

Okay. Your point is well taken. It is just all the people here in a river in Egypt. So many optimistic posts when people should be out.

I am long Passport. I do believe that when Prospect finally goes belly up it will be good for Passport. Maybe they will both fail but it pains me to see Passport painted with the broad Prospect brush. There are big and important differences.

I suggested, correctly, a long time ago that if a person is bullish on Holbrook Basin potash, he/she should be in Passport. If either Passport or Prospect survives, it will be Passport.

So does rxii qualify for uplifting under those criteria?

The news is only positive if it means there is some way to survive. NOBODY is going to lend the tens of millions of dollars needed to pay off Karlsson and Apollo. NOBODY is going to buy the hundreds of millions (or one billion+) of shares needed in a secondary to obtain the funds needed to pay off Karlsson and Apollo. NOBODY is going to pay $130 million or more to buy this company and thereby pay off Karlsson and Apollo and leave something for shareholders.

The company can talk all it wants about the great holes in the ground it has dug but the financial hole dug by the directors and management is bigger than all of the holes in the ground put together.

It's not the dilution that is at issue. It is raising millions and millions of dollars to stay alive. Be happy (if you are long) if they are fortunate to raise the money for an equity raise, even though it would mean dilution. I really don't think they will.

I don't know why you are bringing in Passport. I didn't mention it. However, Passport shareholders are in much better shape than Prospect shareholders, for a number of reasons:

1. Passport has $35 million in debt, none of it short term. Prospect has about $120 million long term debt and somewhere in the neighborhood of $10 million short term. Passport does not need massive near term financing to avoid bankruptcy, Prospect does.

2. Prospects land package sucks. It's core is checkerboarded, meaning that it cannot mine (at least not without great trouble) its holdings as a unit. Secondly, almost half of its holdings are under the Petrified Forest National Park. It does not have permission to mine there, a likely would not get such permission. By contrast, Passport's core holdings are contiguous and none are under the Petrified Forest National Park.

3. The directors and management of Passport have long and distinguished resumes in the mining (notably potash and other fertilizer) field. Prospect's do not. Also, prospect's leaders have botched and looted everything so far. NOBODY in his right mind would lend the Prospect gang enough money to pay off Karlsson. If somebody wanted the Prospect land package for mining, he would wait for bankruptcy to buy it. The current Prospect shareholders will get nothing.

Passport is not just as likely as Prospect to go bankrupt, for the above reasons.