Relbo--you over estimated by 6lbs back in July...still, nice jelly bean counting.
relbochat • Jul 16, 2015 10:40 AM
"The temporary elusion boiler of capacity 250kg dry carbon and 450kg loaded carbon was tested
with 6 runs of partially loaded carbon whereby 6 steel wools were obtained for smelting test run.
The pilot test run on the boiler was found ok with all the 6 elements. Pilot test smelting using acid digestion of the 6 steel wools from the carbon offloads with grades ranging from 28 – 32 g/t gold was conducted successfully in the period"
So the #$%$ in the bucket contains about an ounce of gold per ton. Maybe Tallfaller can chime in with how many tons of steel wool might be in the 5 gallon plastic bucket that the worker is holding with one hand. Maybe his name is Hercules. Maybe there is 20 lbs or 1/100 of a ton in the bucket. No wonder there was no test pour, the amount of gold recovered might not be visible to the naked eye.
1. audited financial statements are note some hokum press release ala jimmy.
2. negative 4.68 million working capital and that includes the summer bullion loan!
3. p.s. there was another bullion loan for $1 million on oct 19th (no press release) - but with a cash burn rate of over a million a quarter, he negative working capital is still probably again around negative $4.68 million.
4. 8,000 oz? they are claiming CAD 480,000 (USD 360,000) of gold Work In Progress inventory (note 17) sitting in steel wools or pads or whatever...Inventories are accounted costed at the lower of cost or realizable value.
Mstilez---This is why they would want to mine gold, even if the contribution margin were low:
Emphasis of matter
Without qualifying our opinion, we draw attention to note 1 in the consolidated financial
statements which indicates that the Company has a working capital deficiency of
$4,684,253 and accumulated losses of $77,970,955 as at August 31, 2015. These
conditions, along with other matters as set forth in note 1, indicate the existence of a
material uncertainty that raises substantial doubt about the Company’s ability to continue
as a going concern.
you're probably right--however there is precedent of Jim hiring the loser sons/relatives of his former business associates in order to pay off debts real and impied, ala garden center water boy turned CFO Steve van Tongeren. Since Jeffrey Duval comes to TRX with no CV, no resume that is fact checkable, no experience in mining, it would not be a stretch to imagine Jim hiring a doofus relative in order to pay off a debt.
I probably thought the cotton top with the camera looked like D. Duval because all Canadians look the same...but there was some resemblance.
1. The trouble is Buckreef is not economic at even higher levels of gold. That's why IAG sold the mine.
2. Jimmy has never operated a business--stock operations, trading cos, yes. He has never pulled gold out of the ground at a profit. Neither has the Duval kid-with his father snapping proud pictures, neither has Peter Z.
1. smoke & mirrors to distort the financials due out later today (90 days since fiscal year end)
2. Isn't that Jeffrey's daddy, David Duval standing to his left pointing the camera? (compare with ca linked in profile of David, director at Majestic Gold and author at Duval Minecom). Providing training wheels for his son, who has no industry experience? Using up the last Sinclair's FF miles on Emirates?
FYI- gay marriage is not a top down federal phenomenon, but a perfect example of bottom up, states' rights, percolating to the federal level. It has little to do with the president in office. Ditto with legalization or at least de-crim of Cannabis. It should make the tea party proud.
..Sigh...From salon "The inciting incident of “The Newsroom” is an unreasonably statistic-laden improvised tirade that Jeff Daniels’ news anchor character gives in response to a bad question at a journalism school panel. A dumb girl (dumb girls are this show’s primary villains) asks what makes America the greatest country in the world, which is the sort of question asked only by Sean Hannity, and Daniels says that it’s not: not just because of our poor infant mortality rate but also (and much more importantly) because as a society we no longer revere “great men.” This is the same idiotic nostalgia that inspires your typical David Brooks column, but in this world the speech is a controversial and notable thing, because Will McAvoy — the “second-most-watched anchor on cable,” apparently — is not supposed to have opinions, for some reason."
please come forward w/ anything other than reposts of Sinclair's self proclaimed statements that corroborate his 1. family tree that ties him to goldman / banking families 2. tutelage by suicide Jesse Livermore 3. tapping by Volker to oversee Hunt brother silver liquidation 4. shortlisting for Treasury Secretary. Or is this all too important to be recorded in any media?
...trying to peg Obama as a Kenyan by birth is not patriotism. besides, the meme promulgated by 'birthers' of Obama as Marxist sent by Africa does not jibe with the reality of Obama as shill for corporate interests no different than Clinton (either), Bush (any of the 3), etc...
1. go to your library. find a microfiche of Harvard Law Review 1991, when Obama was president of said publication. You should find his name on the masthead, or equivalent.
2. even easier. look up New York Times article from 2/6/1990 - Butterfield, Fox. "First Black Elected to Harvard's Law Review." Spoiler, It's Obama...
Why do you doubt Obama's credentials, which are corroborated through a modicum, and believe Sinclair's which are non-existent? i.e. Scion of Great Banking families...Jesse Livermore/Bert...Treasury Secretary...Volker's Goto guy for Hunt liquidation?
Go for it Stilez! Here is a smattering of Bo's calls, courtesy of Silver Doctors:
$2000 Gold & $50 Silver this year! - 8/26/2015
Shemitah 2015, Expected to Disappoint the World! - 8/20/2015
Fasten Your Seat-Belt, Gold’s Next Cycle Targets $8000 – $10,000 - 8/13/2015
$9000+ Gold & $1000 Silver if $1072 Holds! - 8/04/2015
Silver Short Squeeze - 6/25/2015
Majestic Gold & Silver Breakout, June 2015- 6/14/2015
4 Long Years of Price Suppression Comes to an END in June! - 6/7/2015
A Gold & Silver Spike Before June 21, 2015 - 5/20/2015
BREATHTAKING Crash in USD Before Summer? - 3/27/2015
Beware March 2015! (stock crash) - 3/16/2015
The 7-Year Stock Market Cycle is screaming GET OUT NOW! - 2/25/2015
Gold Has Already Broken Out to the Upside! - 1/28/2015
2015 Arrives and a World Stock Market Collapse Begins - 1/05/2015
1. Insured gold: Kitco News July 17th: "McEwen Mining Inc. (NYSE, TSX: MUX) has received reimbursement for approximately 80% of the fair value of a loss due to an armed robbery that occurred on April 7 at the El Gallo Mine in Mexico, the company reports. Consequently, the financial impact of the robbery has been reduced to approximately $1.6 million, and McEwen Mining says it now has cash and precious metals totaling $33 million." Good enough for me.
2. No method of refinement in Tanzania? BS. "Both the Bulyanhulu and the Buzwagi mines produce doré gold bars..." TheBusinessYear website. It is, as they say, not rocket science.
what are they going to do, shoot tires off the airplane as it heads down the airstrip (or helicopter as Jim is now saying)? wasn't the whole point of the airstrip to fly the gold safely to dar and then zurich? remember Jim's press release? if they were less ambitious they could fly the helicopter to mwanza and sell it to aims gold dubai (which buys gold FOB mwanza). and if banditos stormed the gates and stuffed their satchels full of steel wools, there is always insurance-- even mcewen mining was fully reimbursed when the cartels stole 7K oz from el gallo 1.
One cannot deduce..from pics," that's exactly the point! Leave enough uncertainty out there to keep a few people hanging on. Keep the uncertainty out there longer by waiting until the last allowable day to release financial statements. No production until it is profitable to produce? Of course, "we" have no idea when that will be because TRX has steadfastly rejected producing any projections of cost / production...