Victoria Gold Corp VITFF

RE:JM talks about 2022 production issues/resolve

[MVargas]

Research67, good to see you back posting on this board again.

I don't think JM has much credibility left.  Here he is in an October 26 interview stating that the 2022 forecast is between 160,000 and 170,000 ounces when 3 weeks earlier they confessed that they would not be able to produce the low end of previous guidance (165,000 oz) and susequently refused to update 2022 guidance.  

He goes on to say that the biggest issue is plant crushing availability, currently at 75%.  The goal is to increase this to 85% which would increase production from 165k to 200k.  By itself, a 10% increase in crushing availabilty from 75% tp 85% should increase production from 165k oz to 187k oz, but here's the problem; you only produced 150k oz in 2022.

The other cited issue is people.  There was a poster (Time4change) who posted this last summer:

Nobody wants to work at the mine. No applications coming in because of their bad reputation treating workers. Union knocking on the door. Everyone wants to leave because management is dumping on employees instead of looking in the mirror. Promises to employees are never fulfilled. Turnover is extremely high. The lowest mining wages in the north, by a lot. No wonder the stock looks like it is going back to where it was two years ago, $6-8 buck range, maybe lower. 

https://stockhouse.com/companies/bullboard?symbol=t.vgcx&postid=34819246

I usually take posts like these with a grain of salt, but he seems to have been more credible than JM.  The stock did go back to the $6 to $8 range which at the time seemed preposterous.

I've said it before and I'll say it again, we need a COO that is not one of the original Stratos Gold old boys club, but someone who has experience in operating a mining operation.

The reason I am still an investor is because the company market cap is less than the replacement cost of the mine - not including the gold in the ground.