Blowin' in the windListen to Kevin Drover: CEO of Aurcana, the current owner of the 140 yr. old Revenue-Virginius silver mine. A mine with production history for 120 years. https://www.youtube.com/watch?v=-dDTWBUQCGc Subsequent to FT's loan default in mid 2015, Lascaux and Aurcana have put another 65 million into the Revenue mine. Five million of that went into the mill which has never operated since CH2M Hill constructed it in 2013 from mostly new material. FT operated/owned the mine for 14 months (2014/2015) and never generated revenues from it nor operated the mill.
Listen to the May 13, 2014 FT news.
https://www.fortuneminerals.com/files/doc_downloads/FortuneMineralsMay12th2014.mp3 Romaniuk states with great clarity and confidence that the mine can be operational with 6 - 7 million of additional capital inputs. The mill is ready. He, Goad, ProCon, etc were only off the mark by 58 million bucks. Incompetence is one thing but cannot explain this misclaculation and a lot of other inexplicable idiocy including the conversion of a put and pay contract with Star Mines (original vendor) into a death spiral finance by Lascaux. FT defaulted within 7 months. SEVEN MONTHS! Before FT signed the loan they had operated the mine for 7 months and knew there was F-K all there. Yellow rose vein my azz.
Aurcana is confidently predicting the Revenue mine will go into production within weeks and will do 3+ million silver oz per annum.
Should this transpire, Goad should do the honourable thing and resign. An auction of FT assets would be preferable process and likely a lot lesss risky than more of the same interminable "management".
Let us pray we can get at least 15 cents a share.
FOOT NOTE: CH2M Hill was a major contractor for the Pentagon, particularly their overseas 'environmental' projects. What exactly they were doing crawling around in that filthy pit putting in a mill escapes me.