They have estimated 1 million ounces,
Yes, they did that.....in filings, no less. Impressive hubris to think they won't get a comment letter from the SEC for issuing reserves estimates without sufficient exploration and no feasibility study. Really quite amazing.
But I am sure it was a calculated gamble on their part. They probably asked themselves.....do we risk a comment letter (or worse), versus stringing along a few gullible investors another quarter or two? They elected to string investors along, especially the "hope and believe" kind of investors who are so damn gullible.
Extracting the gold from the ground can be a tad expensive
What, really? Not if you believed PT's estimate of $450/oz production costs. That was truly a whopper, but it worked on the "hope and believe" investors.
Yet even at a cost of $450/oz, PT didn't produce a single ounce of gold last quarter. Too busy with the barge? Wow, if I was in charge of a mine that could produce a profit margin like that, I'd have a day and night shift, and produce gold 24/7. Wouldn't you?
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