Some sanity..."From out in the West!!"
Loji, I was not going to bother, but since you chimed in, perhaps there is still a little life left for this board.
First of all the PR:
When a company with a market cap of 75.56M lets contracts and initiates work over the next six months at a cost of 40M-50M, and begins a new major project that has AuEq. M&I reserves of more that twice its total now existing, that certainly qualifies under the laws, both in the USA and Canada as a significant event and mandates the PR.
The PR is conservative, thorough, and to the point. It was drawn by competent managers and attorneys and approved by the BCSC before it was issued. This stuff is not done on the back of someone's yellow tablet in a back office. The ramp is not a driveway in Malibu, but a major construction undertaking, as is the 20,000 meter drill project, where five drills are working 24/7. To blow it off is just absurd ignorance.
Secondly the DB facilities:
You make the point about the money we receive for the gold we give to DB. I would go even further about the cost of financing: (1)It increases out debt, which on its face is bad. (2) The interest cost in this market would be prohibitive. (3) You would encumber assets. (4) The price of gold was below $1,390.00 today which is only $100.00 above what we are receiving from DB. (5) The DB facilities are on the downside of the timeline and will decline considerably over the next 18 months. (6) Then you would have finder's fees that are standard and options that are dilutive at the time we are reducing our exposure with expiring warrants.
Look what we have now:
OUTSTANDING FINDER OPTIONS*
Expiry Date # Of Finder Options Exercise Price
December 30, 2013 1,169,970 1.00
January 7, 2014 273,778 1.00
January 26, 2014 125,000 1.00
TOTAL 1,568,748
* Each finder option is exercisable into one common share and one common share warrant at $1.45....
Thirdly the acceleration of expansion:
By pushing this start through the exhaustive bureaucratic process in Spain by our excellent team, we have significantly moved closer the time we will be processing high grade ore from Spain in Panama. Oullins noted that even he was surprised by the speed and excellent job done; he was just there this month!
To call for the company to explain the above just points out the total lack of understanding about what is required, what is happening, and what the future will bring. Reminds me of the comments when Don Cristobal Colon de Carvajal joined the company and the posters here ridiculed him. Now he has definitely delivered.
AI
