Not just that if they would have stayed it might have resulted in same outcome as Snowden, Following was their approach. Seems like Strathcona took first sample, fought with snowden and prepared exit report and declared 2gm/tonne estimate and walked away. Ideally, they should have worked together and finished sampling. I think fight was there from the beginning and resignation was climax. Possibly Strathcona withdraws because they are going to be proven wrong.
But, overall Dispute did cause lot of damage to PVG. (Hey but great buying opportunity).
Strathcona planned to use a sample tower that was designed to extract 30-kilogram samples from every 100 tonnes processed from a 10,000-tonne underground bulk sample.
Sentiment: Strong Buy
well like ya, who would buy a miner stock with Strathcona involved, he could walk out anytime and do the same thing as he did to Pretium. Wait till he walks out, then buy, Its actually good for me what happened, I got in a decent price, 12-24months, I'm laughing.
Possibly Strathcona withdraws because they are going to be proven wrong.
Will we ever know if Snowden- PVG was right ? Only after we mine for 22 years and get 6M ozs at 16g/t.
Until then there will always be doubts.
It's like your priest telling you Jesus didn't exist.
Further Strathcona's anger was evidenced by the strong wording in the letter. Way over the top and unprofessional. They made it personal, no doubt. They were REALLY #$%$ and wanted to hurt PVG. They succeeded. I think only a sale to a major is the solution near term. PVG could try to offload Snowflake to Seabridge next year to raise some cash.
Strathcona is going to end up looking very, very bad in all of this. Not only did they act very unprofessionally by sending the letter, but they probably knew that they were going to be proven wrong by the Snowden approach, which in my opinion as a mill man with 30 years experience, is the only way to handle a very high grade, very heterogeneous, 10,000 ton sample. My only question is why PVG didn't simply put a small modular 100 t/day plant with gravity and flotation right at the VOK and get away from all the trucking costs and logistical issues. Regardless, they are on the right track, Quartermain and his people are all experienced professionals, the gold is there, there will be a mine, I am biased.
Reason for no mill- requires permitting as there would be tailings and they are in the preliminary stages for a processing plant. I twill probably get permitted but ithe permit is at least a year or so away.
Something that gets cut in half a lifetime opportunity??? Lifetime ooprtunity arethings going up 10x, 100x
What I don't like about PVG: all those superficial statements of seemingly long retail investors shrugging off the doubt of an expert and thinking they know better. Reminds me of those strangely twisted propaganda statements of former socialist states.
PVG lost major credibility for good. It is lost, never to be the same. Price target of stock because of this issue is now $ 6.50- 7 range maybe mid 2014, down from 18. Next up the permit process. Who wants to have to live through that ? Sell the Company as gold price recovers.