RE:PVG a wicked white elephantYES!
They have been high grading and now are finding the easy high grade not so easy to
get at so this is why they need so much more development going to pick the new high grade out.
Not that high-grading is bad. It
should have been the plan from day 1, but not a 2700tpd
or 3800tpd operation. Maybe a 500t a day operation and with that they would not have
to have build such a large mining camp and large mill. No need for long distance electric service to be wired in, (Diesel Generators would have been enough) and then if they really went after the high-grade very selectively, one could argue that all they needed was to truck the ore offsite to be milled and refined. What that would have meant is this...
They never would have had to issue an shares post 2010 or 2011.
They never would have had to go into debt.... Huge debt.
They never would have had entered into any profit killing offtake arrangements.
They would have gone into production much sooner.
They would have had a very high grade mine that would have turned a profit in the first month
and the shareholders would have seen that $10 stock go to $50 or higher
(Bob Chapman said $90 was a mininum... Too bad Bob was wrong, but he didn't live to
see that there were fraudsters running the operation)