OTCPK:MEAOD - Post by User
Comment by
fruitvale3067on Jan 01, 2017 8:41pm
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Post# 25658427
RE:RE:RE:Mining Marketwatch Jan1/2017
RE:RE:RE:Mining Marketwatch Jan1/2017The lastest mining news watch article is a just a combination of similar articles posted throughout 2016 and earlier. As with all the previous articles it's what they don't mention that should be of concern. First, I have been saying for that past 7-9 months that Bachelor Lake was running out of ore. MTO had said they were going to update Bachelor Lakes gold reserves by the end of calander year 2016 which was yesterday. As of today still nothing. I figured the data wasn't good and I expected them to put out the news release after the close on Friday when no one was paying attention. It could still happen, but this is not looking good.
Now lets move onto the lastest quarter which ended yesterday. As we all know the price of gold was in free fall during this quarter. Unless MTO management can continue to get cost under control this is going to be a painful quarter.
Barry - Again, considering Barry is the future of this company, news on it has been very quiet, especially since they're only 7 months away or so from production. If there is ore at bachelor lake and Barry is going to get started this summer their is still no hint of news for the mill expansion or (of greater concern) the updating of expired mining pernits at Barry. Keep an eye out for news on these items over the next 3 months especially the mining permits.
One final note that bear's mentioning. All of the drilling we have seen over the past 9 months (Moroy, Barry, and some satellite locations was performed with flow through shares. That money had to be spent buy the end of calander year 2016. So unless more flow through shares are purchased my guess is any future drilling (barry and satellite area) is finished. You will most likely see a news release or two showing the results of that drilling. However for now no additional drilling is scheduled for 2017.
The next 3 months are going to be interesting to watch for this company. Buyout/Merger? Barry?, can Bachelor continue to produce? not to mention the POG.