Barkerville Gold Mns Ltd BGMZF

Will there be an advanced study? PFS or FS?

[hammer161]

I was just re-reading the corporate update from January 17, 2019. They have and will be spending tens of millions on additional drilling and as tis statement says be initiating studies for permmitting so hey can get mining - "The Company is undertaking required economic, environmental and socio-economic studies to initiate permit applications requesting underground development and mining at the Cariboo Gold Project (including, but not limited to the Shaft Zone, Valley Zone and Cow Mountain deposits. " What is astounding is that they appear to be going ahead without an advanced study - or at least they don't mention it. Shareholders should be alarmed at this as it has proven deadly - Rubicon, Nordic Gold to name a couple. Now three months into 2019 they still have not said if they made money mining in 2018. Spent ~$6M on milling operations and made $23m in gold sales but have buried development, mining and ore transport costs in their exploration costs (info comes from latest financials). If we look at this and consider the remaining $17M and the fact that they processed 122,000 tonnes they would have to have done their development, mining and transport for less than $139/tonne to make any money. I will bet that the profit is pretty skinny if there is any at all. So much for finaincing ongoing exploration through mining. More diltin ahead!!!