RE:RE:RE:RE:RE:Press releaseRetiredgeo wrote: If you are talking about a starter pit I agree. No one is going to open pit the spiderweb.
According to QH he and Eric had to argue over and over again with Kirkland Lake management to stay the course on Fosterville. Narrow vein mining just isn't popular in boardrooms. In the end Kirkland Lake management sold out and walked away from narrow vein mining.
Don't think of Queensway as just another mine backed by greedy financiers. We are at the start of a brand new mining district which will be worth hundreds of billions of dollars down the road. My hunch is that both Eric and Colin have become mining camp builders (a very rare, once in a lifetime opportunity). They are both in it for the long haul.
Time will tell .....
Yes, of course this is possible, just unlikely in my view. Different views being discussed on this BB provides food for thought and I enjoy interacting with others who post here and reading their perspectives (with a few exceptions of course).
Did those KL management types who walked away make the right decision? Don't you think the management and boards of today's major or mid-tier producers notice that Fosterville has been at or near the top of lists of the lowest cost gold mines in the world over the past number of years, so even if it's a starter pit followed by underground, I think existing producers really like NFG a lot as things stand right now. However, I wouldn't entertain any bids until gold prices are much higher, a larger library of assay results are accumulated, and majors continue to need to boost reserves to make up for declines in their existing operations.
Palisades / Collin Kettell:
If you scroll about halfway down the Palisades homepage, , you'll see, the New Found Gold logo (among others) on the right with the following text above it:
"Palisades builds control positions in strategic assets in top rated jurisdictions.These larger investments are selected on the basis that they will be of interest to larger companies, providing the potential to realize change of control premiums in addition to value appreciation."
Eric Sprott:
A quick Google search appears to indicate that Mr. Sprott is around 77 - 78 years old. Not sure he is committed to long-term projects, or that his children are interested in picking up the mantle. He could leave control of the assets of his estate to one or more trusted individuals, but the fact that Sprott has stakes in so many companies in Canada and elsewhere makes me think a wind-down would occur in such a situation. For what it's worth, one positive sign whether one thinks NFG will be sold or developed in-house is I don't know of any other junior gold exploration-stage company where Sprott has invested more of his own money than NFG.
Nonetheless, as you say, perhaps Palisades will make an exception re. NFG and Sprott may have a succession plan in place to have his estate and those in control of it see NFG through long-term. We don't know, but the alternatives are fun to discuss.