Loading ...Hi drb2 ……. Your not alone in the Barkerville Mining Misery…
My Dad was at their AGM today! …
Well here is the “NEWS” so to speak and game plan.. First off my father (80 yrs old.) who went to the meeting… sometimes gets his facts scrambled… so don’t take this as gospel…!! Anyways here is what he conveyed to me in no particular order…
About 20 people at the meeting including Frank C. (prev. pres.) … several flew in from Toronto…
Eric Sprott personally now owns 19.9% of the company
Directors warrants issued … 14 million @ $.89 (I pressed my Dad on that several times because they could easily have been issued at a lower price but he said they didn’t want to be accused of ripping of shareholders… hmmm … We will find out for sure shortly… if so excellent news…)
They brought in outside geo-consultants to go over their holdings… (Like FC!) They too believe they do have one of the largest “shadow” undeveloped mines in the world. (Shadow Mines… mines where most of the geological potential has been missed & misunderstood… new term for me!). Again like FC they were comparing the grades/potential resources to be greater than Detour and most other undeveloped mines out there. They stated there really are very few undeveloped mines anywhere in the world comparable to BGM. (Well at least they ‘believe’ in the property!!)
Their current plan is 1.) mine the high grade small open pits as well as mine the underground veins. This will be done along the BC Vein that connects the former 7 operating mines. Apparently there is ‘a lot’ of mineralization between those mines because when they were ‘mined in the day’ nobody dared go beyond their claims… so a lot of high grade gold was left behind. This BC Vein runs for 5 miles with 20-40′ widths! (plus lots of depth) 2.) Commencing in June they will have 5 drill rigs on the property running full time to see what they have and will also re-commence mining at that time. Permitting for underground mining and small pits targeting high grade veins is ‘easy’ v. large open pit… and cheaper… BC Gov’t onside with this. They also figure the costs of underground mining cost to be $760 CDN oz. (v. $1500 ounce CDN gold price today…) That is a huge margin.
Apparently they made $17 million last year (??)
THEY HAVE NO PLANS TO GO TO THE MARKET TO RAISE MONEY. They say they will be able to finance all operations, drilling, mining, etc. from MINING the high grade vein. They expect to be DEBT FREE by the end of this year…. (even after paying for their exploration costs)!!
Apparently they had the “first nations” up there yesterday and all is good with them as well.
They do not plan to do any more work on COW (and I presume Island/Barkerville) until the price of gold goes up. (I presume you saw they released the ‘new’ resource update for a constrained open pit of 2.8 M oz indicated/2.0 M oz. inferred grading 2.4 grms tonne.) Those large open pit operations are good for majors but they are not going to be doing anymore work on them until the POG goes higher. (Peter George is not in the picture anymore… and they do believe he did screwed up the original 43-101 in the way it was put out… but they strongly believe they have a lot of gold there’… They do believe it will take 2 years for full price potential to be realized… hmmm… At least they are being somewhat realistic…. they are new to the project… me I have been here toooo long!!
Anyways, that was my Dad’s update and he was very excited and impressed with their presentation and plans!
This seems all very positive! We are both LT shareholders (not by choice)!!
Hope that is positive to you!!
SilvernGold… don’t you live in that area??
Islandgold