My view as an investor in EZHow many publicly traded companies with a $20m market cap do you know producing gold? I don't know a single one.
Now,it is true that previous management screwed up big time in the day today operations of this company and issued way too many shares at theworst possible time when the global economy was in the tank. That beingsaid, there is new management on the way and they ARE producing revenueswith more on the way.
Once this gets trading again operations willcontinue at the mine site - probably commencing with the shipment of thestockpiled ORE waiting to be processed.
I predict the company will be back trading within the next 7 businessdays with all filings now completed and received with no comment by the Exchange.
Then we can get back to:
1) the business of extracting and selling gold
2) further develop an estimated 1million + ounce resource - that is myestimate based on extrapolation of production from the known high gradegold vein systems and conversations with EZ geologists and consultantswho think it probable that many other multiple high grade gold veinsystems will be encountered at the mine site.
3) and most importantly to prove up an attractive buy out target for the likes of a Kinross or Barrick takeover.
Here's that release once again just to refresh everyone's memories.
2010-07-29 15:13 ET - News Release
Mr. Michael Mulberry reports
ENCORE RENAISSANCE PROVIDES SHAREHOLDER UPDATE
Encore RenaissanceResources Corp. has recently filed its second quarter financials,bringing it up to date on its filings since the cease-trade order wasplaced on the company by the British Columbia Securities Commission onMarch 8 of this year.Application to resume trading on the TSX Venture Exchange will be madeimmediately.There will also be some management changes which will be announcedshortly.As was recently reported, Encore has received from Kinross Gold's millin Washington state the report and payment for the processed firstportion of the permitted 10,000-tonne bulk test sample.An initial shipment of 364.61 short tons assayed at 0.475 ounce per tonwas processed yielding 161.95 troy ounces of gold at a recovery rate of93.51 per cent. The company has received from Kinross (after allprocessing costs) a total net payment of $145,783.90. There is afurther 400-plus tons of stockpiled ore on site, ready to be shipped.This initial shipment is only a small portion of the permitted10,000-tonne (11,000-short-ton) bulk test sample and represents asignificant milestone for the development of the Bonaparte project,verifying the presence of economically viable recoverable gold on theproperty.The company thanks its shareholders for their continued patience andsupport as Encore prepares for resumption of operations.