I use logic too. Why is management working on Pretium? To get as much money as possible for themselves. How do they get money for themselves? Do everything possible to get some schmuck to sign off on inflated resource estimates. What happens when your hired schmuck turns out he's not a schmuck after all? You get rid of him and keep the reason why a secret. LOL
What a joke. These hucksters have no intention of actually building a mine and nobody is going to buy them out with a highly questionable resource estimate. Maybe somebody will take a gamble at pennies on the dollar in bankruptcy.
Selective disclosure of material information is a violation of rule FD. I'm thinking of reporting this to the SEC and collecting some whistleblower money.
You won't have the data either. Data from the mouths of Quartermain and Snowden are to be taken with a huge grain of salt. Untrustworthy data is worth nothing.
At this point, I don't care what is reported by Snowden. I think Quartermain is one sly dude and knows how to manipulate the "independent" resource estimates. His hope is to fluff the claimed ounces and try to dump the company on a major. I don't think it's even remotely possible. This turd is a zero.
Snowden prepared the 2012 resource estimate so obviously they have their neck out. I fully expect their "testing" of the bulk sample fully confirms their prior work. Do I place credibility on that? Hell no.
Strathcona was aware of the theoretical approach to the resource estimate when they took the job. I don't think anyone is disputing the validity of the approach.
It's the execution of the approach that's likely caused Strathcona to walk.
I don't know why people own shares of garbage like this. If you want a long term call option on gold, buy a long term call option on gold. At least you know the underlying asset is there. Pretium might be nothing more than a fanciful wink and a nod.
What if the bulk sample is not representative of the block? Let's review the undisputed facts:
1. Strathcona resigned. Flipped the bird to management and their stooge Snowden.
2. In doing so, Strathcona lost a significant amount of revenue but decided that foregoing short term profit was better than putting their name on a bogus resource estimate.
3. Pretium's strategy has never been one to actually build a mine and sell gold. They are in the business of drilling holes, hyping cherry picked results, fluffing the stock price and hope there is some fool willing to buy the whole company.
Good luck with the greater fool theory of investing. If you don't know who the fool is, it's you.
Just to give the impression that it's all good. Keep buying Morons. Kiss the feet of King Jamie.
This is very bad news. I want the CFO spending his time working on partnerships, selling the company, talking to Greenhill, etc. Taking time out of his day to talk to some moron retail investor tells me they are too concerned about the stock price and not focused on getting the job done. Very bad sign.
There are many gold explorers out there. Don't be intoxicated by the touting of .5 metre intercepts and ignoring the vast majority of 0-1g/t nothingness.
If a company's financial statement auditor quit in the middle of the year-end audit, don't you think that's a big red flag?
By the looks of it, PVG will probably be able to sucker in the retail rube but I highly doubt they will convince the big money guys to either finance the mine or buy the company outright. The retail rube is going to be stuck holding the bag and yet it was so obviously avoidable. Sad.
What a joke. Pretium management acts like they are the victims. I predict a total wipeout.
Gold in dem dar hills deep underground is not a viable business. Sorry morons.
Maybe Strathcona was unreasonable in its approach but we don't know that because management won't disclose the nature of the dispute and why they believe the Snowden approach is more appropriate.
Management has given interviews with selected analysts and reporters but nothing for shareholders. I think they are in violation of Rule FD but maybe that doesn't apply to them since they are in Canada. Regardless, it only makes the situation worse by being secretive with shareholders. They are secretive because they don't want the information in the public domain. Why not?
It's quite common for recoveries early in the production life of the mine to exceed estimates because they go after the low hanging fruit first. Assuming recoveries at the beginning of production are sustained throughout the life of mine is fraught with folly.
I think Strathcona's resignation is very bad. Management had to know it would crater the stock and it did by 30%. Nevertheless they must have felt that resignation was less damaging than compromising/adjusting to make Strathcona comfortable.
Now the company is in a very weakened condition. The work performed by Snowden has a cloud of suspicion. Who will lend these hucksters money or buy the company outright? I think nobody. Now Pretium is a sitting duck burning through its cash with a limited shelf life. Bad.
So Strathcona resigned just because? Maybe they didn't like working in the remote Canadian wilderness and got homesick?
I don't like the way management cherry picks 0.5 meter intersects and touts "bonanza grades". This is a very small amount of material and they probably found a nugget. Who cares. Most of the ground is 0.5 to 1 g/t garbage just like the adjacent Seabridge project.
If you think the resources are understated, you should be backing up the truck and buying stock now. Why aren't you?