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Thanks VB. What I heard was PTQ has informed ANAM of a permanent shutdown, meaning a mine closure. That was what ANAM came to site for last week was to review the mine closure plan.
MJ there is a reason I didn't ask you.
VB, with your panamanian friends can you see if anyone can confirm or deny that PTQ has informed ANAM that they are shutting down the down? I just heard that last week ANAM came up to site to do a closure review at the request of PTQ. Seems insane but is coming from a trusted source. Can you or any of the other Panama people here ask around?
Rather/Jal... you guys need your own board. Out of 17 posts today 12 are you guys.
VB those are very small scale pads. A million tons of low grade ore contains 10-15,000 onzes and has a 75% recovery meaning you are looking 7-10,000 onzes. This is over a 90 period.
I have not seen their mine plan so I am speaking from 30+ years of working at mines. These pads would not be considered by themselves commercial pads. The contractor in Penonome I have spoken too was who told me there was a plan to build a large permanent pad which has not been built.
VB, believe what you want as I know you are very much hoping this will come back. I only try to give my advice based on what I know about mining and what I hear from site. I own shares in the .40 range and would love for this to go back up. My only "agenda" as you say is to make sure some of the flat out lies that on occasion have been posted are clarified.
Sorry VB you don't. You have a very small "on/off" test pad. A slightly larger on off pad but have built the big permanent pads. The pads currently built are only test pads.
Mjk.... Think you are forgetting a minor detail. PTQ would need to BUILD THE LARGE PAD FIRST! That generally takes about 6-9 months. Need to build ponds (pregnant pond, catchment pond, and surge pond). This all takes time, money, and gear. If they don't have enough gear to mine and produce agg how do you build a complete heap leach installation? Then once built it takes about 60 days for first ore to leach. In other words HL gold is a year out.
PDI employees have blocked road again protesting not being paid. PTQ/PDI shut down again today.
Really?! This was just last week:
http://tvn-2.com/movil/noticias_detalle.asp?id=135054
TeNew, I know nothing about okke. But this does not change the fact that PTQ/PDI is way behind on paying employees. Has been confirmed by people onsite, has been reported in local news reports, have been several marches and road closures, and today they are not working until they get paid. This isn't about Okke or any of the other names people throw out there, this is about PTQ and having no money to operate right now. Friday works stopped for no diesel, monday workd stop by employees. There has been no mining for gold in over 3 months = NO MONEY
MJ check with your people and see if my low level no good sources are wrong but I am told that PDI is not able to supply agg today to FQ because PDI employees won't work since they AGAIN did not get paid.
New press release out... still talking about deal seems.
Jal do realize how many posts a day you do? Same with rf... you guys post about 10 times a day and while most of AGREE with you your posts have added no new information, no new insight, and a constant attack on any poster that doesn't agree with you. So what if VB doesn't agree with you, he is at least trying to add to the board. I have a challenge for you, see if you actually restrain yourself to only two posts tomorrow.
Nice attempt at diversion MJK!!! Hey everyone... look at the crap about Orin but don't pay attention to the actual problem of not paying their people and being shut down.
Facts from Panama according to two people there. I spoke today to my buddy working at MPSA (FQ) and a contractor in Penonome that I knew way back and has worked at PTQ.
1- PTQ had not been paying the social security and owes severance pay to hundreds of people. Union is moving to freeze assets. This comes from former employees now working at MPSA.
2- PTQ/PDI shut down again today due to no diesel (can't pay) so for two days MPSA could not take any agg material.
3- PTQ began taking apart mills today. No one knows if this means they starting the long over due repairs in anticipation of a start up again or whether they are starting a yard sale (other things seem to be getting sold). Again MJK why don't you tell us how this is has been a planned 3 month gold shut down.
The guys up at MPSA are laughing their asses off at the disaster PTQ is. They are not top level guys so not involved in deal or no deal but all are shaking their heads saying why do a deal when PTQ is about to self implode.
Damn I wish I had followed my gut and just stayed with FQ stock and not been greedy thinking PTQ could make me a quick bump. Sure buy below .30 but you will never see .50 to sell.
Interesting definition of "by choice" you have MJ. PTQ cannot mine right now as they have no money to pay their employees, buy needed parts (replacement balls for mill), or even the diesel for their equipment. With the money from the deal they may chose to start mining again but in my dictionary their current mining shutdown is not by choice. A company drowning in debt chooses to not produce gold with a reported $800 per onze profit margin? Yeah keep shoveling that one for awhile buddy.
Rather & Mjk
You both seriously need to find a life outside this board.
Rather we all get your point of view and your opinion but seriously even those of us that agree are getting tired of hearing it over and over and over. You post a reply to every single message ever posted here and not with new info but rather the same rant. We get it!
Mjk... you just have to stop lying. You clearly state at every chance you get that you have all this inside knowledge and are at site enough to know what is happening yet what you claim as fact is complete horse droppings. So you are either lying about your access to info or you know the truth and are misleading folks here. Planned maintenance for three months? Complete crap friend and you very well know it.
It is monday night and I am already tired of this board. My buddy at MPSA has heard nothing new on the deal, just that there is one ready. PDI continues with issues of agg production and there is no gold mining or processing happening. In other words another week of nothing new so far.
My guy at FQ mine site says the talk is that a deal seems to be done. Seems to be for concessions and rock purchase but not buy out. Would guess this keeps PTQ a live a bit longer but I was hoping/betting on a buy out.
Bi annual maintenance? Seriously? That is what you call a two month shut down of your gold production operations? No mine I have ever known has done that by choice. Onsite they very openly say they are shut down due to lack of money, no diesel, no parts, salary issues. At FQ the assumption is a shutdown is coming in the next 2 weeks.
Wow buddy, for someone that flat out lies (I see you claim production is normal now, BS) you sure get aggressive toward guys that jab at your posts. My guy up at FQ site says PDI has not produced gold since late december and reason is no money for fuel or parts needed. Was a big meeting last week and seems complete shut down is possible by end of month. MJ if you have true information contrary then share, if just going to lie and say all is good then man you are one twisted dude. I bought a bit at 28 assuming a FQ buy out is close and had to be for around 45, but not sure anymore that happens.
They are all lower level operations guys so wouldn't be in the know necessarily but for know they say they are hearing nothing. They can't figure out why FQ doesn't just buy out PTQ and avoid all the headaches but they aren't hearing anything.
To be clear this is 2nd hand. I am close with several people working at FQ/MPSA and own stock in FQ (sold my PTQ). They go by mills about every 3 days as they are overseeing some of the aggregates delivery.
Good news for you all... 2 mills back up and running as of friday! So VB I stand corrected they are not all stopped right now, but they were for almost a month.
Actually... 4 is completely true. Sorry truth hurts. VB you are in Panama, come on amigo, go visit the site!
I have a contact that has been, yes. His report back was not pretty. I have now sold all position. Good luck to you everyone here.
Are you suggeesting they choose to stop plant and produccion? Either you have no idea or really want to hide truth. You people should all visit mine or speak with mine people.
You sure production continues... no mills turning in over a week...