RE:RE:My Mypigbruinmcveid wrote: Roller,
Now if you were talking about AEM, G, or even RMX then I can see value players starting to nibble later this summer. They'd probably be to early as IMO one will need to see a major spike down to set the stage up a real value run. But that is JMO.
Now back to BGM, the forecast production for 2016 is probably going to be zero oz. Outlook for 2017 probably isn't going to be any different. So, not sure how you can equate BGM with value play. With the wrap up of BL, BGM is clearly once again just another underfunded explorer waiting for better gold prices.
Ok. You say, ah but if gold rises to $2,400 as once predicted by a major shareholder in BGM, then everyone will be on easy street. True enough no doubt but there is that peskie little old
"if" to contend with.
With solid management and with new financing, perhaps BGM could be a long term value play. But BGM will need upwards of $50M to lift CM to the PFS stage and there is no way that kind of money can be raised today.
Ultimately the sector needs a rising gold price and many problems will go away. Until then, pain and suffering and dillution and little progress. JMHO but when someone tries to link BGM to a value play my typing finger cannot be kept still....
Rollercoasterblues wrote: Someone at Fidelity has a bone to pick with all of this selling down and manipulation.......
Is this the start of the value positioning heading into the boom of 6 months for gold.....I believe we will see Cannacord and Fidelity buying into early August....
And of course, there's the not-so-minor matter of the BL mining and QR milling shut down (likely because the cost of mining/milling is way above the POG...but mum's the word on that, right?)
And, IMO, there's the BL game killer provided by Snowden in the latest NI 43-101 report:
1.4.2 Development and operations ... Bonanza Ledge...
Initial analysis of the results from the test mining indicates further study is required before economic extraction can be demonstrated for the Bonanza Ledge deposit 1.5 Mineral Resource and Mineral Reserve estimates...1.5.1 Bonanza Ledge...
There are no Mineral Reserves currently at Bonanza Ledge. 1.5.2 Cow Mountain...
There are no Mineral Reserves for Cow Mountain in the current study. 1.6.2 Cow Mountain...
The underlying premise in the exploration model is that there are widespread, small scale veins and pyrite replacement zones that, if encountered during historic underground mining would have been too small to be economically recovered during the historic underground operations. "...
Note, the following assessments of potential quantity and grade are conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in any of the exploration targets being delineated as a Mineral Resource. With no current reserves, and with historical data on all financial statements indicating that the all-in-cost to mine and mill are in excess of $2,000 per ounce, it's going to take $1,700 (U.S.)-per-ounce gold to make mining profitable...and a lot of drilling to find reserves.
Over $100-million spent to prove up no reserves.