The latest press release of the company mentions that it has taken a significant step towards putting its Relief Canyon Mine in Pershing County, Nevada back into production. An engineering consulting firm (Knight Piésold) has been selected to perform the geotechnical engineering work required to update several key permits for the mine. Subject to completion of these steps, the company may be on course to resuming production from facility. According to CEO Stephen Alfers, the expertise of the consultants will help the company optimize the design of the expanded mine and secure the required permit modifications. The company's 2013 drilling campaign is still in progress, and continues in an area mainly north of the North Pit. The drilling effort has the objective of expanding and upgrading the existing measured, indicated and inferred resources from the mines. The results of the drilling have been encouraging, and has also discovered several high-grade intercepts. The news is important because the company has categorically mentioned that it is likely to become Nevada's next new gold producer. It is poised for fast-track resumption of gold production with only modest capital expenditures to re-start the entire operation. The leach pads can accommodate 21 million tons of ore with lots of room for expansion. The gold recovery plant has the capacity to process up to 8 million tons per year. However, the PR did not mention the time frame for resumption of production. More details on that will help get a clearer picture. Meanwhile, Gold has corrected significantly and seems to be finding support around crucial levels. As soon as the sentiments improve, one is likely to see more stock specific action in the sector. The cost of production for Pershing is expected to be significantly lower than the industry average, so it may be able to achieve decent margins even if the price remains around current levels.
Astontech, the top 3 admin positions--insiders--include 2 positions above Lawyer Alfers:
Fawad MALIK, Vice Chairman of the Board
Sohail ELLAHI, Chairman of the Board, CEO
Here's Alfer's Official TItle: "Executive Chairman, CEO and President." Those are TWO STEPS BELOW Sohail ELLAHI and Fawad MALIK. I don't care what Reuters says, nor google. I do trust the research firm. Re-check PGLC's corporate tree.
I gotta disagree Tall, Alfers is Chairman of the Board. Check Rueters website to verify or give the company a call. There is a lot of bad info out there ( outdated, old and garbled between prior names of companies, their administrations and the likes assembled solely by computers without human oversight) and it is an honest mistake. Some of these guy are still shareholders and increasing (notably the Cardiologist and Psychiatrist friends of Dr. Frost) so they do have inside information available I would believe. This is an interesting list though. Thanks and good luck
Sentiment: Strong Buy
Remaining PGLC Admin Heirarchial Tree as of this date:
Mian Shoaib CFO, Company Secretary
Adam CPA CFO and Principal Accounting Officer
Adam Wasserman CFO
Saleem Zafar COO
Yousuf Mohammed Director
David Rector VP of Admin. and Fin., Treasurer and Director
Barry Honig Director
Shaheed Gaylani Director
Pervez Inam Director
Sheikh Jawed Director
Shaikh Ahmed Director
Alex Morrison Director
Rizwan Humayun Director
Shoaib Malik Non-Executive Director
Naveed Khan Director
Syed Hatif Director
Debra Struhsacker Corporate VP
Larry Hillesland VP of Exploration and Devel.
Eric Alexander Principal Financial Officer, Principal Accounting Officer, VP of Fin. and Controller
Robert Casaceli Geological Consultant
Khalil Hassan Chief Manager
Abdul Dakhan Manager - Administration and Legal Affairs
Arthur Leger Chief Geologist of Red Rock and Chief Geologist of Battle Mountain
Farah Farooq Internal Auditor
Arifullah Lodhi Manager Administratio
getting the permits takes time and be a big pain in the #$%$. I like the way they are going about this, and I'm glad to see they contracted it out. That should save some time there, because that what that company does. I watched Comstock mining (LODE) painfully go through this process for years. (they didnt have the same experience as Alfers though). They got a lot of hot irons in the fire right now this is just one less they have to babysit.
And just WHAT "Alfers' experience" might you be referring to? ALFERS=a lawyer fer Chris'sakes, not a goldminer. ZIP EXPERIENCE running a gold mine let alone building out one. Longs in this stock will pay dearly for seat of the pants education of Alfers before all is said and done.
I like the way they are handling this also. This is a faster track solution for permitting and Knight is good at it. The plan is moving forward and Debra is doing her job. Some will say she farmed her work out but it was the right decision and that is her job. Time is money and many among us grow impatient. GLTA
Sentiment: Strong Buy
Gold is going up. JPM increasing future reserves is the telltale. Possible 1 trillion bond purchase this month, possible Moody's downgrade, and ever sinking dollar, will lead gold to a higher level.
This could be the initiation stages of the biggest currency wipeout in the history of mankind. Who is going to buy our debt? GPQ taxpayer cannot continue to fund this Ponzi scheme forever. With all this money printing....we will end up like Germany in the early 30's (where a loaf of bread cost a wheelbarrow full of cash). This may a take a few years to unfold, but in all reality......we could see miners trade like Apple or Google.
See now Buck, there you're making sense. Just like yourself, I don't whistle past the graveyard . I think that Bernanke got so "all in" with this QE garbage, that he figures lets inflate our way out of this mess because we'll sure never afford the 60 + trillion of unfunded liabilities. that's the reality of the U.S. dollar situation. The only bright side is that with Obama's death panels, there will be less old people to take care of, so I guess we can save some money there.
I gotta agree Buck Wheat. The house of Morgan increasing is a telltale sign. Gold and miners going up the staircase. A day will come when a large two face nation will try to sell a large amount of our debt and there will be no buyers. What will happen then? At least paper money will be good to start our campfires and maybe one other thing. Best of luck to us all and some will need it more than others. Gold is a true store of wealth and man has always known this. Accumulate while we can.
Sentiment: Strong Buy
You might be right. Or not.
I try to ignore big, global geo-political and economic forecasts as a basis for stock investing. I lost a ton on oil because of such forecasts about coming world oil consumption and supply. I am underwater now on a potash investment because of forecasts and analysis about coming food consumption and the need for potash. I took a beating on Chinese stocks because I believed all the hype about how China would grow--and ignored the signs that Chinese companies lie.
Well, good luck to us both with Pershing.