For use by newbies. Same factual truth dont change with age simply gets truer with a decade development pretty standard. Must be others who change as needed? Opinion of the day anyone?
Can only speak as original $120K for 480K shares Gold Resource Corp largest pvt investor but posted here hardly factual. GIGANTIC 2 officer corp in a small Denver office. CEO and VP. Pre IPO PPS .25 to eventual top $31 in the decade building and test mining production of 2 ton sacks of base metal flotation sent to refinery for payment as copper/gold. lead/ silver and all base metal zinc. One way around the Industry Guide allows PM product used as construction cost expensed occurred not a revenue or infrastructure asset. First meet of 20 investors at Brown Palace we agreed to proceed finally with no resource but CEO Bill Reid's fine rock samples in old El Aguila hill top adit he was led to by advisor Pepe Reynosa. Pure recorded fact no opinion.
Claims he owned had been abandoned by Arista earlier in the year 2002. No significant ore discovered. We simply kept voting to proceed and develop the mine by VP David ( Don David Gold Mexico) while brother Bill toured the rubber chicken lunch circuit for funds to finally explore fully.
"The old example of GORO is brought up....but there really is no comparison. GORO had the expertise, they had the exploration data, and I am sure they did extensive metallurgy and cost analyses. And they were not run by a single-person company who's claim to fame is that they weld together water tanks and built a mobile home park".
Nonthing there is true. Read the GRC 10s filed with SEC
We are a company engaged in the exploration of gold and silver properties, primarily in Mexico, with a goal of production in the near future. We pursue exploration of gold and silver projects that we believe feature low operating costs and have the potential to produce a high return on the capital invested. We hold a 100% interest in four properties in Mexico’s southern State of Oaxaca. See “Item 2. Properties” for more information about our properties. Mineral exploration requires significant capital and our assets and resources are limited. We have never received revenue from operations and have relied on equity financing to fund our operations to date.
We completed our IPO in August 2006 at $1.00 per share and received gross proceeds of $4,600,000. We raised additional capital pursuant to two private placements of our common stock; one in December 2006 for gross proceeds of $5,186,400 and one in December 2007 for gross proceeds of $22,234,000. We used the initial IPO and December 2006 private placement funds to continue exploration at the El Aguila property. In April 2007, we decided to move forward with construction at the El Aguila property in an effort to commence commercial production. We anticipate using the funding provided by our December 2007 private placement to fund construction.
Our decision to accelerate construction was made based upon drilling data that we believe provides evidence of mineralized material in amounts sufficient to proceed with construction activities. However, we have not commenced a feasibility study that would allow us to classify any of our mineralized material as proven or probable reserves, as those terms are defined by the SEC in Industry Guide 7, “Description of Property by Issuers Engaged or to Be Engaged in Significant Mining Operations.” The SEC definition of “reserve” is “that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.”
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Our ability to demonstrate the existence of proven or probable reserves would require us to continue exploration drilling that demonstrated the existence of sufficient mineralized material and to complete a positive feasibility study. A feasibility study must demonstrate with reasonable certainty that the deposit can be legally and economically extracted and produced. At this time, we have neither undertaken these additional activities nor implemented plans to undertake these activities in the future. Accordingly, the mineralized material drilled by us or developed by us should not be considered proven or probable mineral reserves. Additionally, the assumptions used by us in our decision to undertake construction of the mill and mine may prove to be inaccurate. Thus, we may never be able to recover sufficient mineralized material to become profitable.
In accordance with accounting principles generally accepted in the United States, all expenditures for exploration and evaluation of our properties to date have been expensed as incurred. Furthermore, until mineralized material is classified as proven or probable reserves, substantially all expenditures for mine construction have been or will be expensed as incurred. Certain expenditures, such as for rolling stock, processing equipment, and facilities may be capitalized, subject to our evaluation of the expenditures as an asset with future realizable value. Since substantially all of our expenditures to date have been expensed and we expect to expense significant expenditures incurred during 2008, most of our investment in mining properties does not appear as an asset on our balance sheet.
We plan to continue exploration of the El Aguila property at the same time that we undertake efforts to place the property into production. We also intend to continue exploration of the El Rey property in 2008. Our ultimate objective is to become a producer of gold, silver and possibly other associated base metals. We are unable at this time to predict when, if ever, that objective will be achieved.
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