Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Resource Capital Gold Corp GDPEF

RF Capital Group Inc is a financial services firm. The company's operating segment includes Wealth Management and Corporate. It generates maximum revenue from the Wealth Management segment. The operations segment provides carrying broker services to third parties, including trade execution, clearing, and settlement services.


GREY:GDPEF - Post by User

Comment by lmcbainon Oct 18, 2018 6:30pm
117 Views
Post# 28831220

RE:RE:A few thoughts

RE:RE:A few thoughtsI can't 100% hang things on Greg, as I wasn't there, but to the best of my knowledge he was the closest thing the company had to a COO for a while and there appears to have been some fairly substantial missteps along the way, while under his watch. Having said that, he is a contractor, not an employee, and I don't know the terms of his contract and terminating it may not be that easy.

Regarding the $3 million invested in March - go back and read the financials for Q1 2018 - the company was broke by the end of the period and had some fairly substantial accrued debt on the books in the reported financials, so a good chunk of that $3m was already pre-allocated and if they didn't have the success hoped for in terms of actual mining and therefor revenue (they did not), then there was nowhere near sufficient cash flow to backfill the $3m. Damian, you and I have had this discussion way more than once.

I can't answer all the questions in your last paragraph, but there appears to be little doubt that there are a number of issues with the way things were run - regardless of what could have been brought out of the ground. It looks to me like a lot decisions were made on the use of funds that assumed the mining of Dufferin was quite simply going to work and proper contingencies were not put in place. As for the production from 2017, please keep in mind that most of that was not proper production, it was recovery from tailings and salvage ore, etc, very much like the gold recovery from the mill cleanup only a little larger scale - it was note really from the "mining" of Dufferin. As for selling the projects, if you believe in them, then the sale of them should be an absolute last ditch effort.

I don't know what their plan is, but they clearly haven't given up yet; once they got to a certain point keeping the SP guttered for a while may well actually be part of a bigger plan, but I highly doubt it was the plan to begin with.

Salut,
Leigh McBain
<< Previous
Bullboard Posts
Next >>