RE: Rochester Resources planTJ,
What's your source for the information you've posted?
The President's message space on the website has been "is coming..." for years... First Canadian Capital Corp can't even spruce up the website, let alone impact the share price in a positive manner. Look at that speck of gold they show at the end of the slide show on the website, the product of all their hard work..? Why can't they give us a picture of an ingot?
Both FCCC and the SP are, in my opinion, a disgrace considering the current POG. It's not good news that the drilling is going to continue. I know development is a prerequisite for mining, but I’d like to know how long they can continue to feed their mill from the development they already have in place? I bet for many years. They should reduce their development and exploration expenses, and mine what they already know they have for a while, until they don't absorb all of their profit until it becomes a deficit, like the first quarter report indicated.
When you hear they've secured another private placement, that's when you'll know that the management isn't running a business to benefit the public. They could improve their cash flow by reducing exploration and development costs, expenses they don't need, but my concern is they will increase their debt so they can go BK!
They have reported rich find after rich find, but what's coming out of the mill? The grade of ore involved in their current production report is not the high grade stuff everyone expected - not even 2 grams per ton - what are they doing? Saving mining the good stuff until after the public is out of the picture?
This is a very suspicious operation as they have diluted and borrowed, are difficult to communicate with, and may be headed more towards bankruptcy than public success. If they want to adjust their mining model to attract investors they'll stop the exploration and development and use their financial resources to speed the “ramping up” of production that they have publicized. Yeah, release news that RTC is focusing on production FCCC, spread it around, and see what happens to the SP, but no, the company won't have you do that...
The whole thing looks more like a scam. FCCC won't even spring for a Kitco banner, or publicize press releases. It's the scams that borrow, dilute, sound great in PR's, but then release sad quarterly reports. They absorb the public's money, overspend on development and exploration, go BK, reorganize, and then go private.
There's better plays than this. Try WDO - now there's a small producer that serves as a model for the industry. I recently received a nice dividend on a small amount of their shares. The do very little exploration and development and are proud of it!