RE:RE:Pure Goldpianoman I did not say sell SBB for the record.I did state that the FS study at Goose (in 2% inflasion) is no longer valid and I stand by that.My reference to PGM was to highlight how FS studdies are not always reliable as we have seen on PGM.Also state that investors who think a guy like Eric Sprott walks on water as a gold guy is also a myth.Look at his invesments in NVO $8.50 now 40 cents.His bust on WM and his $100s of millions lost on those invesments are now a matter of record.I think SBB is a buy not a sell.But things can go wrong on risky mining invesments and SBB is no different"
Globe says Pure Gold victim of Red Lake's tough geology
2022-11-01 08:16 ET - In the News
The Globe and Mail reports in its Tuesday edition that Pure Gold Mining shareholders face losing their entire investment with the junior miner filing for creditor protection after it failed to turn around its gold project in the notoriously hard-to-mine Red Lake district of Northern Ontario. The Globe's Niall McGee writes that last year, Vancouver-based Pure Gold ran into trouble when it encountered both grade and production shortfalls at its Madsen mine soon after putting it into production. While rich in grade, Red Lake is also renowned for gold that is not evenly distributed, but instead routinely occurs randomly and erratically, meaning miners need superb technical skills to get it right. Over the past 18 months, Pure Gold had tried to salvage its project by replacing its chief executive officer twice, redoing a technical study that aimed to find a path to profitable mining and keeping itself going by raising cash through dilutive equity issues. Last week, it put shareholders on notice by revealing it failed to raise nearly as much cash as it needed. Pure Gold holds $2-million in cash, compared with more than $200-million in liabilities. Facing a possible $100-million loss on his investment is Eric Sprott.