Post by
BrendanC on Apr 01, 2015 8:43am
My thought has been, and I have posted
it here a few times, that they were drilling the cooper on El Hito given that they got a ton of money from Deller in January after the fact. What I think is going on here is that, yes, they are looking to improve the site for obvious reasons but they are also waiting for gold to rise. I have said it time and time again... Yes, they do and don't care where gold is going to be down the road as they will not be set up for production until 2016-2017. EGX needs gold to rise not just for the PEA but to ensure that the site will be sustainable. If it costs us $500/oz-$600/Oz to mine... there is still large margin for profit but a buyer needs to know that it is going to be sustainable down the road as a huge selling point. If gold starts making a dash upward, as these analysts claim, EGX is going to be way easier to sell as well as a more profitable sale. These tests are very helpful toward the PEA but I think it is also a stall tactic. Glenn pushes everyone to the breaking point and then gives just enough to keep us here. Aint it fun? lol
All IMHO.
Comment by
saskstocks on Apr 01, 2015 9:52am
We have no idea at this point if any of the money raised is being put to use for drilling etc to improve the property due to the fact that Glenn is so silent and is not telling anyone s hit.....