RE:RE:RE:RE:RE:RE:RE:Many of us are now bidding and buyingOk, I don't at agree with you at all. Creating multiple id's and spamming Stockhouse is not a legitimate endeaver. I see it as a very cheesy pump and dump that failed. he he he
Also, I see Rochester as a dollar stock now devalued to 2 cents. I bet there are people who own Rochester Resource shares today who bought in the dollars. I doubt the people who bought a lot higher are thrilled. Some of them probably used up a lot of cash averaging down from dollars to pennies, hoping someday to get their money back.
Have you actually talked to Rochesters IR? Rochester used to pay $5000 per month for IR to promote the story. They even had an exciting presentation on a website and there were promoters writing articles pumping the story around the internet but the stock died over the years.
So lets go over some of the problems.
What drove Rochester from pennies to dollars? Rochester was a story of high grade gold. The property had records of 10g/t being mined before Rochester bought the Mina Real property. So the plan was to put the cart before the horse and start production without a multi million drilling campain,NI 43-101 compliant resource, feasibility study.
The story sold. The stock soared from pennies to dollars. The plan was to start immediate production from those high grade gold veins. If you go back into the sedar filings, you will see what happened. The grades dropped and the production dropped. Eventually they ran out of mill feed.
The decision to start production this way was not Mr.Luna's decision. He was not the president of the company at that time. The company was in a lot of trouble when Mr.Luna took over. The stock had fallen from dollars but Mr.Luna managed to do a private placement for something like over 12 million. I don't believe Rochester could do another pp like that one again. The company sold a pretty good presentation that there was a lots of high grade gold veins that were going to be exposed once the drills started turning.
The money that they raised did help. It helped improve production and recovery. But the end results were not what the investment community was expecting.
The 22000 meter program was never completed. I was shocked when I saw the early drill results. The gold grades were way below company and shareholder expectations. Rochester was expecting 9g/t gold but I believe that area only has about 1g/t. The drill program that was supposed to be completed in 2010 was abandoned after results started coming in.
Money from the private placement was to upgrade the mill to 300tpd. The plan was to have 300tpd production by mid 2010. They upgraded the mill and tested it but it's still operating at 200tpd. Why? I believe it's because they don't have confidence in the amount of quality mill feed needed. Mr.Luna actually had a plan to upgrade to 700tpd after 300tpd. That looks to be out the window and a blow to the credibility of the company.
The Money from the private placement was to be used for defining a significant NI 43-101 compliant resource that was to be completed around 2011. This was the big goal that failed. Partly because Rochester had run out of mill feed and needed to show the investment community that they really had lots of gold. Sadly, Rochester was supposed to reveal a resource with numbers but they never did.