Pershing Gold Corp fka PGLC

[Talldude]

BELLICOSE.CDE.arrested.hemorrhaging.cashflow;bit.the.bullet;paid.off.RyePatch.$10mil.(PR.below)

Some thought that CDE's bottomless sugar bowl funding was earmarked for PGLC instead. Not So!!!!!.

Very deflating to PGLC Alfers, all things being equal. Reminds me of the old saying, "WHY buy the (PGLC) cow when you can get the (RyePatch) milk for "$10mil????"

InPlay
9:05AM Coeur d'Alene Mines announces settlement of outstanding Rochester claims dispute for $10 mln (CDE) $12.25 :

Co announced today it has settled the outstanding claims dispute at its Rochester silver and gold mine in Nevada with Rye Patch Gold US Inc. and Rye Patch Gold ("Rye Patch") for $10 million in cash plus a 3.4% net smelter royalty ("NSR") covering 39.4 million silver equivalent ounces of net metal sales.

In exchange, Rye Patch will transfer its mining claims involved in the dispute to Coeur Rochester, a wholly-owned subsidiary of Coeur. The settlement transactions are expected to close by June 28, 2013, and are not subject to any significant external closing conditions.

This NSR is payable from Rochester production and sales beginning January 1, 2014 and is expected to be completed in approximately four years.

There is no minimum payment obligation under the NSR.

WORTHY OF FURTHER NOTE:
Phrasing of CDE CRAFTED press release draws attention to CDE being a SILVER and gold mine miner.

Therein lies the rub. There isn't enough silver having even been seriously discussed in publicly available data released to date by PGLC to even interest CDE in PGLC...

Everyone on this forum has been assuming 2 things:
1) there's enough gold on RC property package to pay the freight, thus attracting a drooling CDE.
2) that the values are PRIMARILY in easily mined oxide layer on RC property.

Serious speculators in this genre need to re-examine those two assumptions as they spin gossamer fantasies re: PGLC going into production during 2014. Ain't gonna happen.

Seen the price of silver lately? Under $20 and no sign of being let off the matt yet!!!!! That's waaaaaaaay below the cost of production for a silver miner, oxide or sulfide.