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Taken a few...bit like Forest winning the Premier league kind of bet...cracking odds though :))
anyone buying here on a punt it might work out ?
Surprised that it hasn't been suspended already.
The news today implies that suspension of trading is going to be posted soon. There is no guarantee this share will obtain the support that it requires.
Company has determined that it is in the best interests of PureGold and all of its stakeholders to file an application for creditor protection under the CCAA.
Hi TD2.. Had to double take.. But Yeah, I'm right, no more production, in fact it's even worse that the low production they did have wasn't even economical, and not hitting the 7.2 ended up kind of meaningless.
Shocking management to expend all that money on un-proved production without a measured resource and feasibility study as a back up. Not that it mattered to them, no doubt those in the know sold when the price was high, whilst the story of mega this and that was being pumped. I can't imagine anything other than a fire sale or massive dilution at 1p to complete the feasibility study.
Dan
Fair comment. The fact that the main market could have let heap of crow zhit like this get away with what they have says only one thing to me and that's there's little or no difference between the main and junior markets.
TDT
@TDT - 'Just a typical AIM listed miner, over promise and under deliver.' Not that it makes any difference but this is main market (like sxx, made, icon, etc). GLA, Dan
ProphetWarning....it all depends when you bought in and when you sell or not....with SHG I'm still down 60% or more on my investment....CGNR down 99.5% and a lot of 100% loses.
I haven't got the numbers for PUR...but I know I did very well in it 2020.....but haven't invested here since.
win some lose some.......best to have a spread!
Hi Gav
Your assessment isn't quite right. They failed to hit the 7.2g/tonne the NI43-101 said they had and they never managed to increase through put to 1,000 tonnes per day. The last quarter of 2021, for example, they only managed an average of 510 tonnes per day at an average head grade of 4.8g/tonne.
Where I take issue with them is the bullzhit they came out with painting a picture that it was all sweetness and light when it clearly wasn't. Best management with masses of experience bull, the 8 Zone is going to blow your socks off, that sort of krap. They painted a picture of them being able to sail into production hitting nameplate at maximum head grade with ease and we bought into that.
Just a typical AIM listed miner, over promise and under deliver.
TDT
A disaster, you could try Shanta which is looking at a buy out and has very good results released today 26 Oct.
Makes you wonder what the financial regulators are actually doing - if anything at all - when you see stories like this.
Strong Buy is America's Ben's Creek (BEN) especially owing to today's news of their new pit. They supply for the steel industry over their. What a buying opportunity as the forecast - targets are enormous here.
https://walletinvestor.com/lse-stock-forecast/ben-stock-prediction
Sorry state of affairs more like a crypto newbie :))
Glad I decided to get out at 96p.... that is not a gloat and not because I had any idea about this kind of fall from grace, I simply took a small loss and moved onto greener pastures with more upside.
GLA holders no point in selling now... wait and see.
Gavster, it was valued so high because management were expert rampers.
Regrettably all their prediction were so far off the mark, it could easily be classed as lying !
Arguably because there is no production, no measured resource, no BFS or even a PFS, viewed as extremely high costs per ounce and now have no money. Priced like a junior minor. IMO the real question is why this was valued at 100s of millions in the place, at a time when they didn't even have a production guidance.
Still cannot get my head around this.... utter madness.....
Where from here..... £10m market cap down from £100m ....
In Japan the CEO would be looking for a rope.... :(((
Will keep monitoring but been cut far to many times catching falling knives.... Got to be light at the end of the tunnel somewhere.... even a smidgen...
ATB
Pure Gold calamity worsens
A company we highlighted a few years ago when it added a London listing to its TSX base, Pure Gold (PUR), has almost thrown in the towel after a year of production issues and geological confusion at its re-opened gold mine in Ontario. The company said on Monday morning it had been unable to either reach positive cash flow or raise new cash because of the weakness of its share price, and would stop operations at its underground mine immediately.
Trouble began last year when the content of gold in the ore being mined was lower than expected, and the former chief executive was rolled in January, while the company slashed mine manager roles and looked for other cash savings. Pure Gold was trading over 160p two years ago but fell to 60p 12 months ago and is now at 2p, falling 71 per cent on Monday morning. AH
Well your comment is very appropriate for this board too
sorry
This share has been free falling for months !
JOKE..
Can't see this functioning again - so for large investors that are slowly finding out today's news, it's a SELL , S E L L , S ELL!
Looking back to my first buy here .
And the post on this page 26/4/22.
Looking back on Barc now Paddington donot look like such a fans .
Or changed there minds on it .
They were big sportt fans I recall .
This post from 22/4/22 .
Having ended the experiment and my minor third involvement at 33p on March 28th, I can watch with equanimity as the company collapse continues. Ironically the original Board of Pure Gold Mining was stuffed with experienced management, which is just as well as latest CEO Troy Fierro withdraws after a few months, bringing Mark O'Dea to the hot seat. He is wise enough to be named temporary CEO and reflects that the COO Smith brought in from Coeur is not thought of adequate calibre. Maryse Belanger not mentioned at all, so assume her trouble shooting role at the mine now superseded by multiple roles elsewhere. She obviously was involved in the decision to cut the workforce by 20%, to switch the mill to “campaign” status** and several other cost cutting activities, which would improve the situation should sufficient time remain.
............................................................................................................................
Pure Gold Secures Financial Agreement With Sprott Resource Lending26 Apr '22
Bought today *12.5p* @ 10.15 am
Liked on Barcplus by Paddinton a big Sprott fan
Pure Gold Secures Financial Agreement With Sprott Resource Lending, Provides Mine Operations Update And Announces Management Change
Well you know my thoughts on Sprott ...
Sprott could buy this off the administrator, as he has loaned PUR at least $6m
Was this planned......crafty sod
SHG has 3 bidders in the frame...2 large Chinese gold mines
Worth a look
disclosure .......i hold
I'm not waiting around to find out.
It appears the chips were stacked against this one.