PDAC reportSorry I was a bit late getting to this, but I did indeed visit bvg at the conference at coreshack and at the manex resources booth. I spoke to Larry Page and one other fellow (can't remember name), but not to Bob Swenarchuk who was not there when I came by (although he was @ Pdac). I see someone else already beat me to it but I'll post what I found out
Anyway I would say that interest in Bravo at coreshack was very high compared to most other companies there. They had an ~1 m intercept from hole 87 containing 694 g/t gold and 243 g/t silver with visible gold and silver all over which was attracting a small crowd of onlookers. I heard one fella whistle when he looked at it, hehehe. At the Manex resource booth I didn't see as much interest but I was only there briefly.
CASH / FINANCING - Bravo Ventures currently has about $3 million in the bank and drilling is expected to cost $4-5 million. They will probably start drilling without a new financing but may do another small to midsize pp later on.
DRILLING - Drilling this year will start in early June, with an 8000 m drill program at Homestake Ridge. They may also drill a few holes at the Alaska and Nevada properties but they would probably make the decision to do that later in the season based on whether there's enough cash available. Obviously the focus will be on Homestake. Most of the drilling will be on the open regions of the deposit which haven't been drilled yet - the areas to the left and right on this map -
https://www.bravoventuregroup.com/uploads/news/nr_08_10_01_drill_plan.pdf
There will be some drilling in the centre also, but they think they will get more bang for the buck by drilling new areas and also doing more drilling in relatively untested zones like the homestake silver zone. Drilling will be shallow as they wish to prove up a shallow resource first, although based on the new, better understanding of the epithermic system which the geologist now has, there is almost certainly more gold at depth.
Does management know the source of the large short position? Does management participate in the short position?
I asked Larry this question. Basically he answered that he doesn't know and management does not participate. He suggested it might be due to an arbitrage between Canada and Germany (pretty unlikely imo) - I did mention that it is one of the largest short positions on the tsx-v and he seemed pretty taken aback
When/Why did they decide to delay the NI 43-101? Did they realise it would have such a severe effect on the share price?
They made the decision to delay the estimate "basically just before the news was released" and they expected it to have a negative impact although they were surprised at the volume of the selloff on Friday. The reason was just what we have heard before, they don't feel they understand the geology well enough, and they think they can release a larger estimate after they drill the open zones.
Has Bravo Venture Group been approached by a producing mining company interested in acquiring Bravo or JVing Homestake ridge?
Larry's answer to this question was
YES there are several companies interested in doing a
JV, although they don't know anything about a takeover at this point. They have confidentiality agreements with multiple companies and can't say anymore - nothing is certain right now and we shouldn't bank on any jv, which might not necessarily occur.
Anyway, I personally sold at 0.37 which was for a small profit - not sure now whether I will regret that or not. I will probably buy shares again at some point, hopefully for less than 37 cents :) but we'll see