RE:RE:uptrend for gold continue?With all the money that's been printed, you'd think gold would have hit $3,000 per oz by now!
Well, here we are at PGM, swinging up with the gold price though we should not be that sensitive to gold going from $1,800 to $1,900 as our AISC is supposed to be closer to $1,200 if management had gotten anything right on the mining front. We are not a marginal producer, at least we aren't supposed to be. Now, with Maryse out of the picture, maybe our costs will be a lot higher.
Who takes a job for 3 months like that? Unless Maryse has truly turned the operation around in the last three months, to leave the mine like that is pretty bad. Now we have two new people who have to spend more time and money trying to figure out what's going on. We are also running out of money and time again. Cash is probably down to $20MM today and will be approaching the $10MM threshold for them to announce another PP by the end of March.
AngloGold having its own issues, with financials out this morning. Not sure if they will be a contender for PGM, or if they will take their capital gains when another miner makes an offer... or if they will take a complete loss if we go to zero.
However, lots of other gold miners with cash rich balance sheets that can buy us for a foot in the Red Lake district. Remember, we are one of only two mines in this honey pot of a region. Everyone else has land packages and drilling results. We have an actual mine! I could now see Kinross, Centerra, Evolution, or even Agnico Eagle scooping us out of the quick sand we are in due to poor management.
Waving the white flag here, someone please rescue us!