Replies to post #2538 on First Bitcoin Capital Corp (BITCF)

[OriginalFred]

"Their drilling has been minimal, and they have not proven any reserves according to industry standards. Until they do, it will be very difficult to find a buyer."

For the record, I was the only person on this board who questioned the assay by Metallurgica de Mineras S.A. Chances are, that is the reason that a deal could not be done with a larger company.

Posted by: OriginalFred
Date:9/13/2006 10:18:27 PM
angry, an attempt to be bought out is commendable. My concern is this. Their drilling has been minimal, and they have not proven any reserves according to industry standards. Until they do, it will be very difficult to find a buyer. The other problem is that the company that did the drilling does not seem to exist. I could not find any record of the company on the Internet. Very strange.

Posted by: OriginalFred
Date:9/14/2006 2:29:10 PM
I could find no record of a relation of Carlos Rodriguez to those other mines. If he did work on defining reserves for existing mines, he should know about industry standards and the proper way to take core samples and define reserves.
I would still like to know if anyone can find any information about "Metallurgica de Mineras S.A." The company does not have a web site, and there is not one reference to this company on the Internet besides the Grand Pacaraima press release.
Last, "Carlos Rodriguez" is not exactly a unique name. That could be anybody.

Posted by: OriginalFred
Date:9/14/2006 3:26:29 PM
There is nothing wrong with shallow holes, but you have to take enough samples in the right configuration to satisfy industry standards on defining reserves. They have not done that.
Instead, they have thrown out a name of someone who has supposedly been involved in defining reserves at other mines. This tactic does not add credibility to their claims.

[frin90rz]

I wouldn't say it's pretty lame, because I don't know yet what to think about it. I admit that I had hoped for a bigger and better known company to be involved. Although Regent looks to me like it has some potential, it is yet another speculative play, of a different kind maybe.

As far as Metallurgica, I don't know much about that, only that I think it was someone from Mexico. You're probably right, just a guy with a drill. It was enough to get GPGD to this point.

We knew there were engineering questions, but I assumed those would be answered before the merger announcement. As it happpens, this is not exactly a merger announcement, only an update along the path to the merger. It really only adds a name (Regent) to what we already knew, and sets a new timetable.

You are right that they are now asking shareholders to have even more patience, I think I can live with that. Keep in mind that KRY says they won't be producing gold until 2009, and that's only if the infamous permit is issued this quarter, which it probably won't be. A lot of things can go wrong, but I'm actually optimistic, especially once the terms of the deal are finalized.