OTCQX:BGMZF - Post by User
Post by
resourcehorseon Jul 13, 2012 9:51am
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Post# 20110342
Another FP article today
Another FP article today
Post says Barkerville Gold has some explaining to do
2012-07-13 06:36 PT - In the News
The Financial Post reports in its Friday edition from the minute Barkerville Gold Mines announced what looked like one of the greatest gold discoveries ever, many investors were skeptical. The Post's Peter Koven writes so it was little surprise the B.C. Securities Commission has wide-ranging concerns about disclosure around the company's Cow Mountain project. Barkerville, a Vancouver junior, said on June 28 that it has found 10.6 million ounces of indicated gold resources at Cow Mountain. It also said the "geological potential" of the project could be as much as 90 million ounces. The numbers came from a resource report prepared by an independent geologist named Peter George. The previous resource at Cow Mountain was 431,000 ounces, so people wondered how the size and the grade of the deposit increased so much that it got to 10.6 million. The BCSC requested and received a draft technical report from Mr. George, and based on that, it is concerned about many of the parameters and assumptions in his work. For example, it is worried that the particular bulk tonnage resource model used by Mr. George resulted in "material overestimation" of the grade and tonnage. Barkerville shares fell sharply on the news.