Peregrine Diamonds Ltd. PGDIF

light is shining

[cudjo]

in for a few of you, Ollie is turning once again, will be dumping hard as he buys, he has the end of the month as his drop dead date for any announcements, he has confirmed my thoughts in regards to the PDAC and downsizing of the company, what say the board, how long can they go without announcing anything that you will finally acknowledge there will be no winter program this year?  Just curious.  The company is not dead, there are diamonds, even ekim has resigned himself to 2021/22, but, with another week gone by with nothing news wise, it is looking like it will be another year before they even begin to think about a bulk sample and adding info for a FS

[MrBigger]

I know HPX's focus is on base metals but could they strike a deal with PGD??

[shneps]

I just wanted to post this (2013) article because I found it interesting but more revelent to the question of timing. When you drift your mouse over the photos of the Peregrine convoy you will note the dates of the convoy leaving Iqaluit on March 9th and the CH6 trenching being performed and kimberlite being hauled back April 16th. https://www.miningandenergy.ca/nunavut/article/peregrine_diamonds

[ekim]

Exactly why I said that this could be the most productive work programme ever at Chidliak. All that equipment being shipped from Iqaluit is already on site. The LDD RC drill rig is also on site. The core drill has been onsite for quite a long time. A lot fewer things going into site this year means they can get onsite and start cranking out the kimberlite and get it back on the trail back to

[alberto782007]

To be paid for how?

[cudjo]

ah, now theres the rub now... tick tock

[mill44]

People like Robert don't play it by ear. They don't go loading up on shares multiple times hoping that they can sell the project one day who knows when. He made plans in case there is no buyer, or if he cannot get the price he wants. Shelving everything will not help the SP and will not leave him in a better position at the bargaining table later. Investing another 15M will though. He can

[ekim]

"To be paid for how?" This how: "Since Peregrine Diamonds announced its positive preliminary economic assessment (PEA) for the Chidliak diamond project, Nunavut, Canada, on July 7, 2016, the company has been in discussions with a number of diamond producers and capital funds concerning the continuing development of this very valuable diamond asset. The company is continuing

[mill44]

That's a "could", not a definite "how". The SP is where it is because we have no idea about the how.

[ekim]

Technicalities. Good on you Mill. Must be me ignoring things again. LONG...PGD EKIM

[griefman]

So a definite could is better than a definite how?

[ekim]

Kodi, the How is more of the physical transfer of funds. I would probably suspect that PGD has already arranged a net30 or net60 or more preferably a net90 day policy with the contractors involved in the work. Then within that 90 days of receiving an invoice from the contractor...PGD would either write a physical cheque to send in the mail to the companies involved...or do a bank transfer of

[cudjo]

and that would be very irresponsible wthout having funding or a partner, tick tock

[mill44]

Thanks, Ekim. Good explanation on the "how". But, as always with PGD, it brings up more questions. Like "why". As: Why would those checks not bounce?

[mill44]

And if you think I am bugging you because I am bearish on the project, here is the other "why". Why would the Friedlands give up half of the project for 60 or 80c, even for 1$ when 2 years after the mine opening they could have a 50-60M cash flow from it for years? Your explanation for the slow negotiations is the complexity of the problem, but it could be as simple as greed. That's

[alberto782007]

Exactly.  Here's hoping rich partner rather than share sale at tens cents.

[griefman]

Does anyone believe that the winter program would be "shelved" or will they go ahead with it with a PP to save it at all costs, or is it really a necessity going forward? Seems unlikely that this would be the end all of everything transpired to this point.

[mill44]

It's not necessarily about the winter program, but about moving the project further along towards the mine. That could mean more drilling or just starting the permitting. There is no benefit to doing nothing. Time will not put them in better position at the negotiating table. They might as well just accept whatever offer they get now if they are not willing to invest more money in Chidliak.

[cudjo]

and to be totally fair, they announced that program Jan 28, 2013, but they had funding in place as well..... https://www.peregrinediamonds.com/news/news-releases/peregrine-announces-cad5-million-work-plan-at-chidliak-commencement-of-bulk-sampling-program-and-new-diamond-results-for-ch-6