Pershing Gold Corp fka PGLC

[Yacknl]

From what I can figure out here is what happen to FirstGold.

I was a long time investor with FirstGold. Which of course immediately tells you how good of an investor I am… They knew the pits were worth mining but to start up cheaper they would reprocess the heaps first. Usually that is foolish due to poor yields. But the CEO got financing since the previous mine owner left an abundant of larger rocks well beyond the efficient size for leaching. These would be reground and leached. Thus the mine would be up and running quickly and cheaply. Once money is in their pocket they would extend the mine into the pits and then continue exploring for more resources.

Sound pretty good? Enough to get good financing. And after a very nice looking processing plant and hiring, what seemed to be all the right people, they suckered in investors like me.

Well, the delays to production were incredibly long and costly. Then when finally in production the yields were terrible and rate the ore was being processed was very low. One of the FG managers let the financers know and they pulled the plug.

It seemed there was good reason the former owners left large rocks unprocessed. From what I gathered they were too hard to grind so a negative return. So they left that ore not fully processed. But FG ground them and only processed the ore at a daily production rate of less than 25% of what was promised. Then one of the FG IHUB mention they were not filtering the ore fines from the heap, which would yield nothing. Thus lowering yield but I guess it made their daily production higher.

Then there was a change in CEO and he got some more funding to keep alive for a little longer while trying to get more financing so they could go mine the pits. He did successfully get the financing with a Chinese firm. But you probably know the story how that went.

Y