So I listened to the conference call today and made a few notes… Here is my interpretation of a few important things that were covered in this CC on April 4th of this year:
Talking about increased production… He stated that while adding an additional shift was an option it was more likely that they would replace some existing equipment like the gravity bowl & traumel with larger units that would allow for increased production within the existing 8 hour shift. He also stated that they hoped to do this later this year once the water issues have been resolved. They would need to raise aprox 1 million in order to do this and increasing the OS was one of the options on the table for raising this money. IN MY OPINION.. This is likely happening now… We will find out in November.
Talking about Outstanding Shares… He stated very clearly that they have no intention of reducing the AO, in his opinion that number is not as important and it costs money to make the changes.. He continued to say that the OS is what is important and that once the subsidiary is cash flow positive they WILL be buying back shares… They already have a broker lined up for this and everything is in place. MY INTERPRETATIO of this is: Money from the Tungsten project will not be used for share buybacks… That money is temporary and no CFO would use that money to rate a company as “Cash Flow Positive” When Nevada Rae is cash flow positive the buyback will begin.
Talking about the other subsidiaries.. Project W - Nothing was said that needs re-capped IMO. Fernley Gold – They are working on permits with BLM and will likely be in a position that requires raising a couple of million in capital in 6 to 12 months to begin operations. IMO they could be getting close to this now and we could see an increased OS as they begin to raise that capital.
Talking about the upcoming Dividend.. This was a bit confussing to me… Some paperwork had been filed, once it was approved there was a 90 window for something.. Then an additional 21 day wait for something else.. After that a 4 to 6 week process that had to take place.. He finished by saying approximately 6 months from now (This CC was over 7 months ago). IMO this will be happening soon. He did not elaborate on how the dividends would be issued or exactly how many but he did say very clearly that it will be to those shareholders who are holding on the day the dividends are issued.
Talking about OTCQX.. He clearly stated that the benefit to the company of moving up from OTCQB to OTCQX was not substantial but that the cost was. They have no intention in the near future of making this change.
Talking about PR & IR.. He said that a lot of people have complained and asked for more IR (Investor Relations) information.. However, an equal number of people have asked that they NOT issue this information.. IMO.. Those investors who are trying to load up don’t want too many people looking at PCFG too soon and that is whay they are asking them to lay off of the info. He also stated that they do not have a IR person on staff and that everytime they issue PR it costs them money… Therefore they will not be issuing info just because people are asking for it.. When info is due or when something substantial needs reported they will issue it. He did say that when they could justify and afford to hire an IR person that they would do so.
Much more was said in this nearly 1 hour CC that was interesting, including a very detailed description of how the mining process take place from start to finish.. I highly recommend giving it a listen. These are just the highlights that I found to be most interesting. As far as I am concerned this “Failure Team” as some of you like to call them is not doing too bad a job…. They seem to be making goals that are in the best interest of the company and then working toward completing those goals. I know that some of you are mad that you are millionaires yet and would like to blame them for it but from where I am sitting, my investment looks pretty good ?
