OTCQX:BGMZF - Post by User
Comment by
PruneFaceon Dec 16, 2014 7:29pm
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Post# 23237991
RE:RE:New Directors Hired today already know the 43-101 numbers
RE:RE:New Directors Hired today already know the 43-101 numbers First, GoldenArrow is history in my book. Second, and way more important to me is the appointment of these two as directors. Gibson is CEO of SGR and KER who are on the verge of bankruptcy and who are supposedly going to merge on the basis of 1 KER for 3 SGR. SGR attempted to be a 100,000 oz/yr producer, hemorrhaged dollars for 8 years and still can't get it right. Now they want to downsize to 25,000 oz/yr in an attempt to be profitable but carry a $55 million market cap and a $70 million debt. Gibson was brought in as CEO, a savior, after being appointed to the SGR board. Being the CEO of KER, his idea is to couple one loser with a huge debt that can't make a profit with another loser, KER, whose claim to fame is a mine that is in mothballs. Remember American Bonanza and the wondrous Copperstone mine? It is currently in mothballs and requires significant capital (evidently nobody knows exactly how much) to resurrect. Gibson issues shares like toilet paper. Anyone owning shares in those two companies is hooped IMO. Lakeshore with Makuch is IMO a perennial loser who has evidently turned a profit for the first time but is another high cost low margin producer. I am extremely disappointed in Sprott if these are indeed his selections to lead BGM forward, but he has big stakes in both SGR and LSG, so I guess he has picked his puppets. It appears a certainty that at some point BGM will be rolled together with these two piles of sh%t making an even bigger pile of sh%t, requiring share consolidations and huge financings which will be difficult to place even at pennies. It wouldn't surprise me to hear the names Ginn and Pirie as consideration for CEO. I'm outa here tomorrow. Hopefully the SP doesn't gap down on the open. Good Luck and Good Night.