Dear Sir,
Thank you for your email.
I appreciate your comments but to be clear Mr. Bragagnolos shares were not free and clear for sale. They have a restriction on them; therefore, very difficult to have been liquidated. He was not the cause of the market drop.
Timmins Gold is highly leveraged to the price of gold especially with the San Francisco Mine. As the price reached $1,200 /oz the speculation is that the Company will stay on its original plan to suspend mining operations at San Francisco at year end but as the price recovers towards $1,300 it is much better and gives us more optionality.
I will tell you that there was a seller of shares but was an institutional shareholder from Europe that sold not just us but liquidated his gold holdings in several gold producers in advance of a perceived interest rate hike by the FED. This information was provided by one of our banks.
Hope this provides some color.
In the meantime, I feel good about where we are and expect a continued market recovery as the gold price continues to hopefully advance.
Call me anytime to chat.