Note: Due to the early start and early finish Wednesday (the final day) at PDAC, we will be posting Wednesday’s Musings later in the day (post-market)…
Gold has traded between $1,201 and $1,215 so far today…as of 8:25 am Pacific, bullion is down $3 an ounce at $1,203…Silver has fallen 20 cents to $16.15…Copper is off a nickel at $2.63…Crude Oil is up 46 cents to $50.03 while the U.S. Dollar Index has retreated one-quarter of a point to 95.26…
Commodity analysts from HSBC are warning investors and traders to not ignore the current global easing trend as highlighted by China’s interest rate cut over the weekend. “Greater international liquidity – even if the Fed is tightening – is Gold-friendly,” they say…
Interest rate differentials between the United States and Europe are also making Gold a valuable alternative to European bonds…
Near-Term Indian Gold Demand Should Pick Up
The Indian government has decided to maintain an import duty on the country’s Gold imports…imports had slowed in the weeks leading up to the budget announcement, as some wholesalers delayed purchases in anticipation of a tax cut…imports are expected to rise in the near-term now that the uncertainty is removed…January imports totaled around 50 tons, according to Commtrendz, a commodity consulting firm based in Mumbai, compared with a monthly average of 90 tons in the second half of 2014…data for February are yet to be released, but traders and analysts said imports remained subdued last month…still, India’s demand for Gold tends to slow during the winter months and usually picks up from April through June as the country’s wedding season swings into high gear…
Gold futures in India yesterday traded about $4 above the price for Gold in the physical market for immediate delivery, indicating buyers are returning…
Eldorado Has Permit Revoked
Greece’s unpredictable new energy minister has revoked Eldorado Gold’s (ELD, TSX) permit to build a processing plant at its Skouries Gold mine in northern Greece…keep in mind, a bunch of communists and academics are now running this country and over a very short period of time they have already inflicted immense damage to Greece’s improving reputation as a place where one might want to consider investing money or doing business…as simple as that…the current Greek government can’t be trusted and that’s likely a sentiment also shared by other members of the euro zone, and financiers around the globe…Greece probably has no intention of paying its debts, meaning its expulsion from the euro zone is likely inevitable…The Wall Street Journal reported this morning that even with the recent “extension” Greece was granted, the country will have trouble paying its bills through the end of this month…the clock is ticking…
Obama Goes From Keystone Circus With Canada To Deeper Mess With Israel
Take this, Mr. President…the ranking Democrat on the Senate Foreign Relations Committee, Robert Menendez of New Jersey, broke from the White House at a conference last night (American Israel Public Affairs Committee) and demanded much tougher terms for any nuclear agreement with Iran…he also strongly backed Israeli Prime Minister Netanyahu’s appearance today before Congress. “I will be proud,” he stated, “when I escort the Prime Minister to the House chamber.”
The Israeli Prime Minister is now addressing a joint session of Congress, warning wisely of the growing threat of Iran, minus of course the President and Vice-President who apparently have more important things to do…
Meanwhile, Fox News reported this morning that former Obama campaign workers have launched campaign teams throughout Israel that experts say are indirectly funded with U.S. State Department grants – and which are solely focused on ousting the Prime Minister, who has a well-chronicled adversarial relationship with Obama…while there is no concrete evidence Obama is personally pulling strings to undermine Netanyahu in the March 17 vote, polls show a strong majority of Israelis believe he is. “You cannot prove a direct link,” said Danny Ayalon, Israel’s ambassador to the U.S. from 2002-2006. “But there is a dotted line. So a lot of Israelis…connect the dots.”
On Keystone, the pipeline got an emphatic endorsement yesterday from a powerful backer of President Obama who questioned the President’s handling of the file. “I would have passed Keystone,” Warren Buffett said in an interview with CNBC. “I think that we have an enormous interest in working with Canada, as they have in working with us. That Oil is going to get sold. If we make it more difficult for them, who knows how they’ll feel about making things more difficult for us someday.”
PDAC: Finding Gems Amid The Wreckage
John Kaiser hasn’t given up hope on the junior resource sector but again at PDAC he’s sounding the alarm over the number of companies in financial distress. “717 companies have negative working capital, 291 have between $0 and $500,000, 554 still have between $500,000 and $20 million – those are the ones that are most likely to survive.”
Kaiser is making an obvious argument…however, there are a considerable number of gems among those 1,000 companies with working capital from the negative range to $500,000 – companies holding valuable assets (great land packages) who will find a way to survive and thrive…some will also be bought out at higher share prices, so don’t write them off…investors should focus some energies on finding those gems because a percentage of them will ultimately generate massive returns…one can also not underestimate the resiliency of “lifestyle companies” – many of them have managed to hold on longer than expected during the 75% plunge in the Venture…those are the companies that suck valuable money out of the sector and need to disappear like this frigid eastern winter…unfortunately, too many of them are finding creative ways to hang on…
Plenty of interest shown at PDAC in Copper-Gold porphyry projects in British Columbia, in particular, for a variety of reasons – it’s a safe jurisdiction (relative to most other places around the globe), the geology is so highly prospective, and there is plenty of water access which is a growing issue among some larger companies right now…
Gold 2.5-Year Weekly Chart
Gold is trading almost exactly in the middle of a downsloping flag that formed in 2013…this is a key chart to focus on in the weeks ahead…Gold has been finding strong chart support around $1,200 and that critical area needs to continue to hold…
Gold will eventually do 1 of 2 things – it will either break out above the downsloping flag, and power higher, or it will collapse below the flag…in a lot of ways, the early November low in Gold showed the earmarks of an important bottom…in addition, the bullish technical posture of many Gold stocks is a clue that a breakout by Gold during the 2nd or 3rd quarter is a strong possibility…
Updated Copper Chart
The breakdown below $3 in Copper last year implied a likely test of lower levels, which is why it’s so critical to keep an eye on key technical developments in any metal or stock…
Copper has found support at $2.50 and is now trading within a descending triangle that features a slowly tightening “squeeze” between resistance and a long-term uptrend support line…this is sure to get resolved sometime this year…in the meantime, the metal is range-bound and the parameters are very clearly defined…
RSI(14) has bounced up from previous support and sell pressure is in decline for now…this is why we’ve seen Copper strengthen recently, and a move back up toward resistance at $3 is certainly a possible scenario during this first half of 2015…
Today’s Equity Markets
Asia
China’s Shanghai Composite fell more than 2% overnight, shedding 72 points, as a surprise interest rate cut by the central bank over the weekend failed to sustain gains in the market…news that 24 Chinese companies won regulatory approval for listings didn’t help matters…
Europe
European stocks reversed early gains today as investors favored a cautious approach ahead of a key European Central Bank monetary policy meeting later in the week…retail sales in Germany were up 2.9% in January, year-on-year…however, there was another worrisome report on the deflation front coming out of the EU, as its producer price index was down 0.9% in January from December, and down 3.4% year-on-year…
North America
The Dow is off 95 points as of 8:25 am Pacific on disappointing auto sales…arguably the most important economic report of the month is coming up this Friday – the U.S. jobs report…
What’s Next For The Nasdaq?
Yesterday, the Nasdaq hit 5000 for the first time in 15 years but there is no evidence – based on both technical and fundamental factors – that this market is in a “bubble” like it was in early 2000…that doesn’t rule out the possibility of a near-term correction to help cleanse temporarily overbought conditions, but the Nasdaq is a much different beast than it was a decade-and-a-half ago…
At the moment the Nasdaq is trying to bust through the top of an upsloping channel…strong resistance exists at 5100…eventually, we do see the Index reaching much higher levels – note the 7537 Fib. measured resistance…that’s 50% to the upside from here, but the timeline for that is uncertain at this point…
In Toronto, the TSX is down 127 points as of 8:25 am Pacific while the Venture is flat at 704…
Venture 3-Year Weekly Chart
The Venture’s extreme oversold conditions from late last year have steadily abated since mid-December, and RSI(14) on this 3-year weekly chart has pushed above 30%…
Key near-term resistance is 707 where is where the Index closed last Friday…a confirmed breakout above that level should quickly carry the Venture to the next important resistance at 745…that’s a 5% move that would translate into significant gains in a select number of plays…
Noront Resources Ltd. (NOT, TSX-V) Updated Chart
Interestingly, Noront Resources (NOT, TSX-V) over the years has been a reliable leading indicator of the direction of the Venture…at the moment, NOT continues to look solid and is threatening to overcome Fib. resistance in the mid-40’s…buy pressure remains dominant and RSI(14) has strong up momentum as you can see in the chart below…
This is a much more encouraging signal that the one NOT gave last summer when its EMA(20) went into decline prior to the collapse of the Index…importantly, this gives more weight to the argument that the Venture will soon push above resistance at 707…
On Sunday, just in time for PDAC, Ottawa and Queen’s Park announced that the governments are jointly planning to spend $785,000 to study an east-west road Ring of Fire…Noront has lobbied for this road for the last few years…
NOT is up half a a penny at 46.5 cents as of 8:25 am Pacific…
Note: John, Terry and Jon do not hold share positions in NOT.
I could pick away at some parts of your narrative, but for this
time, i will hold back, except to state that one should never
take FOX news as gospel, in particular, since it is known as
the Republican mouth piece & a anti President Obama station.
Enjoy your stay at PDAC.
Comment by Bert — March 3, 2015 @ 9:10 am
GGI, where is the news? Very frustrating.
Comment by Dan — March 3, 2015 @ 10:37 am
JON – 911 alert. Fing Pershing gold at the pdac. WOW. More from me after market close.
Comment by dave — March 3, 2015 @ 11:53 am
WRR volume very low the past couple of days. Dave, when do you expect action again on WRR?
Comment by Dan — March 3, 2015 @ 12:10 pm
It doesn’t look like the GGI booth is attracting a lot of attention as the volume is low and and I think most of the volume was done at bid as opposed to the ask getting hit. There are a lot of juniors trying to get people’s attention so it will take good drill results.
Last day of PDAC tomorrow so I guess news at close or before open if they want them out during PDAC.
Comment by d4 — March 3, 2015 @ 12:26 pm
JON – BMR gang – Check out the news release by Pershing Gold (a U.S. listed company). They are in a small county just to the north of WRR. I have been saying all along that the Carlin trend is not the best in Nevada. The world is about to wake up to this. Pershing Gold is backed Cantor Fitzgerald who is one of the premier capital market investment banks around. They started out small and grew by making sound investments. Now for the good stuff and something to think about here.
PGLC has 351 m/0 and WRR has 33 m/0.
PGLC has a market cap of 151 mil. WRR has a market cap of 1 mil.
Now you can call this a pump if you want, but I call this as “just telling it like it is”.
Good day.
Comment by dave — March 3, 2015 @ 1:23 pm
The markets in the exploration companies. reflected by their minuscule amounts of trading, are both encouraging and discouraging to me. To me, it means that folks like me, who believe that gold is the ultimate and basic currency in the world, are holding on to their shares in very undervalued exploration companies. The few amounts of shares traded for a lot of great prospects, shows that other folks disagree–for now. Many good companies are trading (or not trading) near their lows. The fact that the lows are holding in a lot of good companies implies that their is bedrock support for many of the companies. Patience-I continue to tell myself.
Comment by Carl — March 3, 2015 @ 1:48 pm
The rumor is WRR will be starting to drill their highly-regarded gold property in Nevada this month. It is just south of Pershing Gold (PGLC) which is up 50% in the last two months. This could be a good one.
Comment by Hugh — March 3, 2015 @ 3:10 pm
Dan – Volume should pick up as they start drilling later this month. I would hold those shares tight. Look at U.S. company Pershing Gold. Read my post #6
Comment by dave — March 3, 2015 @ 4:01 pm
Mike – Bert 12 posts, rest of world 22 posts. No additional comments necessary.
Bert – I am up 55% today, call it a breakout. Please be advised that
no one & i mean no one can stop me from posting except BMR. Just
ignore me if you can.
Comment by Bert — March 3, 2015 @ 4:08 pm
I don’t quite understand why anyone would inflict such punishment
on himself by reading my posts. For goodness sake, i won’t mind
at all if you don’t read me. By responding, you are telling me
that you are indeed reading, otherwise, i wouldn’t have a clue.
Maybe i will have a good stock tip one day. R !
Comment by Bert — March 3, 2015 @ 4:32 pm
Dave, don’t plan on selling any shares of WRR until a significant rise in SP. If true that drilling is starting this month on the Lapon Canyon Project, with a whopping 20.9 ounces/ton or 592.5 g/t discovered at the end of an adit things could get very interesting with this play. Pershing gold hit over 3oz/t to the north and look at their SP with 350 million shares outstanding.
Comment by Dan — March 3, 2015 @ 4:45 pm
There was an article yesterday saying Apple may buy a third of the worlds gold. Must have been where GGI sent their Rodadero drill core?
Comment by Dan — March 3, 2015 @ 5:30 pm
Dave, I bought into WRR a bit ago on a bet. My question has always been, that if someone hit super high grade ore why wasn’t it pursued for so long, and vigorously?
From their website:
” Approximately 600 meters of underground drifts and adits were used to explore and access a series of vein type structures. From 1914-1924 a two stamp mill was erected and limited production was reported. Further limited underground exploration was carried out, returning numerous assay values in the range of 1 ounce per ton, with a sample at the end of an adit returning 20.6 ounces per ton gold”
Comment by Carl — March 3, 2015 @ 5:48 pm
The last day would make sence for ggi, of course, the drill needs to speak, could this be the calm befour the storm..
Comment by Tombc — March 3, 2015 @ 5:57 pm
I’m a bit disappointed in Garibaldi. Their PR guy(who handles ‘a few’ companies), told me last week that they would have significant announcements by Tuesday but its been a no show. Great news should have been released by now, I would think.
Now I’m hoping for just decent news, tomorrow. With what they have going for them, and a measly market cap of $12 million, I would buy more on a downturn anyway. Still, we need the information, you company guys.
Comment by Carl — March 3, 2015 @ 6:17 pm
Tombc, we spoke very late today with Dr. Craig Gibson at PDAC. GGI news imminent – this week as the company stated. While he was very guarded with his comments, given that news is pending, he got into the geology at Rodadero and it’s obvious that a very big picture is indeed emerging there. He was excited and confident. Rodadero has a lot of legs to it and where this goes, how this develops, will be fascinating to watch.
Comment by Jon - BMR — March 3, 2015 @ 6:20 pm
Dave. Your excitement in wrr has caught my curiosity as it seems so far you have a good track record with picks you have made public. Couple questions for you: I quickly looked at their website and I notice they have hardly any news releases which is obviously a red flag! Wondering what your thoughts are regarding that? Also curious if you have any info on why if this property they are about to drill is so amazing why then have no other companies scooped it up and previously drilled it. Your thoughts would be appreciated as I am looking to get back into a winner!!
Comment by Heath — March 3, 2015 @ 6:53 pm
Dave, Just for information, too I wonder who owns the rights to adjoining properties. It looks like Walker has a fairly narrow presence in the valley–what if high grade goes into those? Just wondering.
Comment by Carl — March 3, 2015 @ 7:18 pm
Okay Bert I’m sure that your “mega-posting” meets some strong need for you. I guess everyone has a thing that they are really into, and I guess this is your thing. I just get really disappointed when I see that there are 10 comments on a given day and I open it up and there is a bunch of your silly poems and comments and quotes. But that’s just me, I’m sure everyone else comes here primarily to read all your interesting posts everyday. Please continue to enrich everyone with your insights! I won’t interrupt your sad ego trip again.
Comment by mike — March 3, 2015 @ 9:02 pm
Dan – WRR – Yes Dan, read my post #6, I just did not post Pershing Golds hits on thier assays. I have been saying all along that this area of Nevada has not been explored by CURRENT day majors and the gold in this part of Nevada is tops to the Carlin Trend.
Carl and Heath – I wish that I could answer the question of why no major has ever scooped up this area of Nevada. I can only try with an educated guess and then give you what I know. I don’t see your names much so I don’t know if you read the posts everyday. Please let me know you saw this post. My guess is that when gold was discovered in the Carlin Trend by a junior, everyone started flocking to that area and staking land there and later drilling. No one ever realized that a much richer belt existed on the western side of Nevada close to the California border. When I was in Nevada last year buying my claim, I was scratching my head as to why placer claims in Mono County California were selling for twice the amount of the Siskyou County claims in northern California. The central to southern part of the Sierra Nevada mountains run right along the Nevada border there. Its difficult for me to remember just how this Geologist explained it to me but it has to do with the plates in those fault zones and the earthquakes that commonly occur in the part of California. There is a major fault plate in the Toiyabe National Forest in Nevada. The 2 plates work together to trap the gold in thick shear zones in the western part of Nevada. Now, here is what I do know. The Geologist sold a mine in the area close to WRR that has a billion dollars of goods in it. PEA was done. He sold it to a group of investors from Australia. There is a mine that was just sold to a private party (anyone of us can buy one) that pulled 54 oz. per ton back in the early 1900’s with no modern technology. They actually built a small town (ghost town now) and a processing mill right on the property. You don’t do that if you don’t have a ton of gold.
My guess is the juniors and then majors like Barrick focused all thier attention to the Carlin trend all these years. As for the lack of news releases the past year, they are a junior who has been acquiring properties and they are just getting going and ready to drill in Nevada. They also staked some land next to VGD. You can google the following and do some research.
Google: Shamrock mining district, Nevada. It should be the first site that comes up and its called Advanced Geologic Exploration. Then click on mining claims in Nevada. This is a Geologist in California that is selling 3 lode mining claims in Nevada. What you will notice is 2 of them he just mentions au,ag,cu etc. – The shamrock district lode mine his comments are “High grade gold”. WRR is in the shamrock mining district of Nevada.
Comment by dave — March 4, 2015 @ 1:15 am
Carl – Also, I do not know who owns the rights to the surrounding land. Much of the claims out west are still under control of BLM and they are being sold off to private individuals like you and me. You could go to Yerington, Nevada and go to the BLM office there and start searching for all the mining claims that have not been sold yet. There are many of them. You can buy them for $289 per 20 acre track. You can actually buy them on ebay, but you have to be VERY CAREFUL, there are scam artist out there. You have to know who to deal with buying from ebay. GRE are the best in the business. BLM works with them very closely.
I forgot to mention something that this Geologist from Yerington Nevada told me when I was out there. The WALKER RIVER has no mining placer claims on it. That area is controled by BLM and its staying that way. BLM tells you its because of the river being dammed up and prospecting could endanger the trout. The Geologist laughed and said thats just a story to keep the people from raising havoc. He said the real reason is because when you walk along the bank where the creek is shallow, you can just see the free mill gold gleaming at you.
Comment by dave — March 4, 2015 @ 1:29 am
GGI- anyone know how many holes they drilled and will release this week?
Comment by d4 — March 4, 2015 @ 3:42 am
WRR – i noticed the WRRGOLD.com domain name expired yesterday. Hope this is renewed. i am trying to get more info from their website. Can anyone tell me the amount of financing they are expecting to have towards drilling. Thank you, much appreciated
Comment by Frank — March 4, 2015 @ 4:55 am
Due to the early start and early finish on this last day at PDAC, we will be posting today’s Musings later in the day (post-market)…
Comment by Jon - BMR — March 4, 2015 @ 5:49 am
Mike – Please continue to enrich everyone with your insights! I won’t
interrupt your sad ego trip again.
Bert – I was hoping to relax this a.m. but i am driven to address the
points you have made. I will be respectful, because that has
been my complaint all along, that some have been disrespectful,
for what i consider to be non reasons…….. Because i am a
member, that gives me a right to post, whether it’s regarding
a stock, a joke, a few rhythmic lines, or whatever & submitted
most times, in response to what someone else has submitted. What
you dislike, you must realize that someone else may like, so it’s
to those good folks, my posts are directed. As for going on ego trips,
please be advised that i am just a lowly person, with very little self
esteem, unless you consider enjoying what you do, as self esteem. I do
type long posts, but for now , enough, except to state that i mean no
harm to anyone. R !
Comment by Bert — March 4, 2015 @ 5:59 am
GGI – added to my holdings this morning – feeling good! GLTA
Comment by Frank — March 4, 2015 @ 8:02 am
Can we call it a buyer’s market, hopefully so, because i am beginning
to get a good feeling, when i get filled buying, as much as i do selling.
The big difference today & for sometime now is, in this market, one may
find it difficult determining the low & the low seems to stay low forever,
until you buy & then it moves lower. The Venture market hasn’t changed.
Traders don’t seem to want to participate in the majority of Venture stocks
anymore, unless of course, there’s good news, then they show their willingness.
What we should realize maybe, it is not the time of year for drilling. Take
the snow covered areas world wide & Newfoundland in particular, the drills may
not be long enough to reach the ground, exaggerating of course, but making a
point. This brings me to sell in May & go away, i can’t believe how time
flies. I remember saying last April, how May may be different, but it wasn’t,
as we struggled & are still struggling. Have a good day & may you consider
this post as being stock related. R !
Comment by Bert — March 4, 2015 @ 8:14 am
BLO
All the loose stock between 31c and 45c being soaked up.
Great to see.
Comment by John BMR — March 4, 2015 @ 8:51 am
Bert: you’re right about the apathy among traders. I do think there is a lot of money sitting on the sidelines and with a good news story they will want to get into the “game” 🙂 GGI is shaping up to be just that kind of story. Here’s hoping anyways.
Comment by Frank — March 4, 2015 @ 9:28 am
GGI- I called their PR guys-again-still waiting FWIW
Comment by Carl — March 4, 2015 @ 9:29 am
Dave-thanks for your details on WRR.
Comment by Carl — March 4, 2015 @ 9:31 am
GGI: new fact sheet on their website (dated Feb 27th) by the way. Must be updated for the PDAC.
Comment by Frank — March 4, 2015 @ 9:36 am
Any rumblings from the DBV camp at PDAC?
Comment by Steve A. — March 4, 2015 @ 9:54 am
I met up with Farshad yesterday, Steve, and he said he’s getting really encouraging feedback from some major players based on the last set of results and what’s developing at the Hat. I have every confidence what’s emerging at the Hat is going to be huge. Just 1 hour left in the show here today, Monday and Tuesday were the busiest days.
Comment by Jon - BMR — March 4, 2015 @ 10:02 am
Frank
Finally something to read with pleasure. Thanks ! R !
Comment by Bert — March 4, 2015 @ 10:15 am
Finally, WRR pp is closed. Get to Nevada boys.
Comment by dave — March 4, 2015 @ 3:40 pm
Puts the wheels in motion, Dave. This is going to be exciting to follow this month. Long day here in Toronto with PDAC finishing, mad scramble. Going to get some nourishment and then we’ll be posting a shortened evening version of Morning Musings, and back to normal tomorrow.
Comment by Jon - BMR — March 4, 2015 @ 3:52 pm
Dave, where is the release regarding closing of the WRR PP?
Comment by Dan — March 4, 2015 @ 4:30 pm
I just read it on stockwatch. To me it seems odd that they would be able to do a pp at less than half what the stock has been trading at for some time. Massive dilution relative to their O/S currently – and how far is 300k going to go? Likely not too far given the fact they are using it to pay debt, admin expenses, legal fees, 25k towards related -party expenses (?) Oh, and what ever is left over goes towards exploration and development. And the fact that they let their website lapse is of some concern to me as well…
I’m sure you guys know a bunch more than I do about this company, but none of this screams buy!!! to me… And I really wanted to grab a position in this, but why wouldn’t this stock fall down to 2 cents until they have drill results? Hype tends to only last so long…
Just wonderin…
Comment by Paul — March 4, 2015 @ 5:27 pm
Paul, u bring up some valid questions but 2 things: 1) I believe there is some major firepower behind this deal, and one can consider the PP to be a strategic placement in that context. That stock also isn’t free trading for 4 months, and WRR doesn’t have many shares O/S in the first place; 2) The property – cheap to drill and they have some bulls-eye targets. They’re going after high-grade right off the bat, they have an excellent chance of hitting it, and then away they go. We’re mentioning Visible Gold in our report tonight. Keep in mind, VGD went from a penny to the high 20’s on speculation regarding their James Bay play (drilling still in progress, no results yet) and the high-grade boulder train that led to their drill targets. More shares O/S. When you have the right dynamics, the right situation, things can really fly. I believe we have a really exciting speculative play here in WRR. I love the property and if Thomas Shuster is high on it, that goes a long with me. This will do very well IMHO, and the chart is already telling us that given the record volume we’ve seen in this.
Comment by Jon - BMR — March 4, 2015 @ 5:40 pm
Paul
You have good reason to wonder, in particular, the website lapse, it also concerns me.
The question remains, did they not meet their responsibility, or did they intentionally
let it lapse. I don’t think Go Daddy is that expensive. Hopefully, we shall find out soon.
Comment by Bert — March 4, 2015 @ 5:47 pm
Paul – I understand your concern too. I can only guess that they are re-doing the site. I definitely will not be selling my shares because a web site went down after they closed a PP. What I do know is they are due to be on the property shortly. They do have the property, it is in a high grade shear zone area of Nevada and it will not cost a lot to drill.
Also, the dilution on the pp is not that much and nothing compared to PGLC on the U.S. or even VGD. What I expect to happen is they hit high grade and this stock is north of .15 before any future pp needs to be done.
Comment by dave — March 4, 2015 @ 7:48 pm