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Brigus Gold Corp Message Board

bosar53 9 posts  |  Last Activity: Jul 28, 2014 3:40 PM Member since: Mar 15, 2006
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  • Reply to

    Reserves upgraded

    by bridgejumper08 Jul 28, 2014 9:03 AM
    bosar53 bosar53 Jul 28, 2014 3:40 PM Flag

    Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies.

    Justified negative waves though Arz. gl

  • Reply to

    Reserves upgraded

    by bridgejumper08 Jul 28, 2014 9:03 AM
    bosar53 bosar53 Jul 28, 2014 12:24 PM Flag

    Any suggestion by cooke's crew that 6 year mine life is assured by indicated and inferred resources borders on fraud. Suggestion of 2014 production from summit won't happen either.

    Summit never has had "proven reserves" [economic viability] even at substantially higher metal prices.

    Any accessed and developed areas able to produce positive cash would have been mined out prior to shutdown last november so lots of drifting and definition drilling before any future ore could be produced, if anybody can be convinced to throw good money after bad. gl

  • Reply to

    Conditions Precedent

    by bosar53 Jul 24, 2014 9:05 PM
    bosar53 bosar53 Jul 25, 2014 3:34 PM Flag

    5-10 years ago i was a big buyer of out of the money warrants of junior golds crusader-not "always negative" by any stretch.

    BF was and is a dog but conway has played "the multi-mine mid-tier" premium upgrade with primero same as cooke with exk. Both companies will likely go to market for fresh cash to maintain positive working capital, before yearend. gl

  • Reply to

    Conditions Precedent

    by bosar53 Jul 24, 2014 9:05 PM
    bosar53 bosar53 Jul 25, 2014 10:19 AM Flag

    sedar,canarc, july material document.gl

  • Most recent ccm filing of "material document" on sedar contains 100+ pages of legalities and conditions.

    No "share exchange" will take place unless/until sfeg raises minimum $20m before oct15 2014 and has firm agreements with major creditors.

    If ccm is still listed on tsx at that time, exchange is 66m sfeg shares for 33m ccm shares. If ccm has been demoted to tsx-v it would be 78m sfeg for 39m ccm- no reason given.

    At least ccm so far has risked only $200k "bridge loan" whereas igs got skinned for $6m or so and tdc for roughly $1.5m. Junior promoters are learning slowly. gl

  • Reply to

    Foolish to sell under $1

    by bidaskguru Jul 24, 2014 10:38 AM
    bosar53 bosar53 Jul 24, 2014 5:04 PM Flag

    You've stated your position very well billabeau, especially the "if you've got nuthin you've got nuthin to lose" part.

    Sad part is that cooke went full "junior promoter" in this weeks NM and claimed summit has roughly 200k au eq oz in "proven reserves" when they actually have none and he forgot to mention that recovered grade was less than 1/2 of that forecast grade.

    That EP Capital would be willing to attempt fundraising in exchange for $200k+$25k+expenses+8% of funds raised is no surprise since that's what they do for a living.gl

  • Reply to

    Foolish to sell under $1

    by bidaskguru Jul 24, 2014 10:38 AM
    bosar53 bosar53 Jul 24, 2014 12:18 PM Flag

    Incredible scam being run here, SFEG has negative net value and no ability to repay existing debt @$1300 au, $20 ag. and no certified reserves or mine plan. There aren't enough fools in the world to supply them enough capital to resume operation

    TSX told canarc to "do something" or lose their listing and the sfeg farce is their response.

    Potential underwriter has been given $200k and 6 months to attempt to arrange a very improbable fundraising, much like igs, et al. were allowed. gl

  • Reply to

    Update for April and May?

    by abby2mag Jul 7, 2014 3:36 PM
    bosar53 bosar53 Jul 9, 2014 12:43 PM Flag

    high strip ratio,low concentrate production,low selling price means that they've probably run out of cash and credit and ceased mining. gl

  • Attributable gold ounces sold from the Black Fox Mine decreased by 35% compared to the first quarter of 2013. The decline is primarily driven from insufficient underground development resulting in lower production during the three months ended March 31, 2014. Primero, the new owner/operator of the mine, recently announced that it intends on spending over $40 million on capital projects and exploration activities at Black Fox in 2014. The objective is to increase underground production such that 120,000 ounces of gold are produced annually from the mine. Primero also intends on achieving a mining and processing target of approximately 1,000 tonnes of ore per day by the end of 2014.

    Looks like 18-19k oz for q1 or head grade roughly 3g/t, back in line with life of mine average grade according to reconciliation to date.

    120k oz/yr aint gonna happen as forecast is based on simple extrapolation of bogus "management assumptions" from oct 2010 which forecast average 104k oz/yr 2011-2015 inclusive @2.000tpd. whereas actual average annual production has been 75-80k oz with fresh ore from OP expiring in relatively near future and 1.1g/t stockpile becoming major feed source. gl

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