GREY:PTQMF - Post by User
Post by
wwadehammeron May 27, 2014 7:29pm
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Post# 22603394
As Usual
As UsualVery few facts and no details what so ever. Par for the course. The $850 cash cost per ounce doesn't sound understated. So 48,000 ounces per year starting October 1 meens cash profits of $22 million per year for five years. Pathetic. The cash costs don't include royalties, taxes, and G&A expense. I estimate that earnings from Panama for the five years after all expenses and other costs will be $84 million. Right now, liabilities exceed cash assets by $120 million so the earnings from Panama won't come close to paying of the liabilities. We'll still be $38 million short of just paying off existing debt.
That leaves us with Portugal and Spain as our only hope, and of course, today's PR provided no facts or details on reserves and estimated cash cost per ounce in Portugal although the company claims it has completed drilling of 20,000 meters. It's just kicking the can down the road. Oullins seems pleased, but maybe he has looked at the Portugal drilling results and believes the results are good enough to continue his investment in the company. Hope he's right of we're skinned and cooked