Galleon Gold Corp PNCKF

Newmont sale, custom - milling and Tony Makuch

[cookhouse]

The sale of Newmont's Timmins assets is nearly complete. There isn't much ore left at the Hollinger pit, and the Pamour pit has a lot of very low grade and hard-to-mill ore. Their most valuable asset is the huge Dome mill and the property beneath it.

Galleon won't be bought out until there is proof of its assets and of the management team's ability to put a mine into production. These proofs would both be accomplished by mining and milling the 85K ton  bulk sample.

The problem is the milling, a large undertaking that you don't do in the back yard.
The nearest mill is the Dome, about 15 km away, then Bell Creek about 40 km away, where Galleon's neighbour Pan American Silver (formerly Lakeshore Gold) trucks its fairly high-grade ore. The third is the new Cote Gold mine about 100km toward Sudbury and its huge volume of VERY low-grade ore. Cote would not be interested in custom-milling.

Custom milling is easier said than done. Mills operate 24/7, a steady stream of rock through the crushers, grinders and chemical circuits. It's not like an orchard where it's easy to see where the supplies of green, red and yellow apples begin and end. You have to be very careful not to mix up the different sources of ore entering the process.

Now, through a happy coincidence ( if you believe in coincidence) the last of the Hollinger pit muck would be exhausted when the Galleon bulk sample would be ready - if they ever get their permit. 

Google Tony Makuch. He started Lakeshore Gold, moved to Kirkland Lake Gold, tripled its output and  has moved on to other mining concerns, one of which being Pelangio, who owns a property very similar to Galleon - right around the corner from Pan American and Galleon. Makuch has worked with Eric Sprott in the past. Sprott is nearly 80 and might want someone younger to do the forceful stuff.

Rumour has it that Tony Makuch is sniffing around the Newmont sale and has been seen around the Dome mill. Why and on behalf of whom?

An interesting collection of considerations for a Saturday morning...

[gordo323]

Hi cookhouse I appreciate your very informative post. I am trying to remember if it was Makuch that was at the helm of Lakeshore when it was stolen from the Lakeshore shareholders I seem to have wiped it out of memory. ( I wonder why) The reson I came into this venture is indeed Erik Sprot and his flesh in the pie. However from your obsevations the Dome mill seems to have the best potential

[cookhouse]

Hey Gordo, I was away for a couple of years when Lakeshore changed hands to Tahoe and then Pan American, so I don't know any of the details, context, fairness, etc. All I know is what I read on Google this morning, which is never going to be hard-hitting investigative reporting. Back then I was in the middle of my own fiasco with Yukon-Nevada Gold, a real jackpot. You're quite right

[Odinson]

It was him alright, then went on to klg and after the shareholders there were properly boned, he went on to karora with sold in August to westgold. Wherever he shows up, I'll make sure to run the other way. Lakeshore was stolen by Tahoe and was eventually shorted almost into oblivion and then stolen by PAAS. I just evenly dumped PAAS. had enough!!!

[gordo323]

Odinson thanks for the refresh I totaly agree with your sentement. Lets be clear though cookhouse did not say he is ivolved yeat. We should all be dilligent though. Kee at this time is the permit . Enjoying the banter with you two ,lets keep involved with the deveopments.

[cookhouse]

I've spent the morning searching lakeshore, Tahoe, kirkland lake gold and makuch. The nasty stuff tends to disappear. There are reputation management  companies that know how to manipulate Google by burying negative search results. That seems to have happened here. the mining journals only give happy comments from both sides. There are better search engines, like the elite LexisNexis

[gordo323]

cookhouse Unfortunatly this history shows the compleat ineptude of our securety commision in Canada. Lets be vidulent of events at this critical time in GGO `s development. And lets hope for Spot support.

[cookhouse]

Bingo! Eyes open and fingers crossed! It would be good to have an analyst we could trust. Ever had any dealings with this "Finding Alpha?"

[cookhouse]

oops, meant seeking alpha