100% ore! Avg 40g/t Au 1km x 200m to EOH all holes, OP mining 2019, page-792

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Bennybop

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26/02/19

20:07

Post #: 37577405
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Originally posted by eshmun: ↑

Nowhere does it say they picked up 3M shares.

Even if they did it doesn't change the fact that Drake are no longer substantial holders.

You want to play this fact down and minimise it because it doesn't fit your constant agenda of ramping this stock.

In the final analysis the raising was only for $1 million. Not enough to build the largest gold mine in the jungles of Brazil. Probably just enough to keep managment, lawyers and consultants paid.

When and if they manage to produce a small gold bar there is no doubt you will continue to extrapolate from this the start of the biggest gold mine in the world but the reality will probably be that they expended millions to obtain that bar of gold and they will ask for more money and the real cost of a commercial operation will remian clouded in mystery and on and on it will go until they find it harder and harder to find people to stump up the money to proceed. This is the likely scenerio that will play out IMO.

Your scenerio on the other hand would have a small pilot plant funding the expansion of the project so money won't be a problem because the margin even on a small plant will be so incredibly high.

That is an easy experiment to monitor. So far the hand keeps going out for more money with few visible signs of progress towards gold production at any scale.

It might be worth keeping this specific risk factor from the recent prospectus in mind.

"The Company is continuing its development work on both the assay methods and extraction methodology however there can be no assurance that these methods will be economically viable or that the methodology used will successfully extract the precious metals."

I would have thought they have already proved the successful extraction of the precious metals. The metal buttons are supposedly gold so the second part of that statement from the prospectus seems a little odd to me.Esh

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If anyone think BBX is a sure thing without any risk they should get their head checked..
Im in for a very small amount just in case it is what they claim...
But im under no illusion that this could get sold back down to 2 cents if things don't work out...

BBX Price at posting: 16.5¢ Sentiment: Hold Disclosure: Held
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100% ore! Avg 40g/t Au 1km x 200m to EOH all holes, OP mining 2019, page-792

Top Stories

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

HotCopper Highlights: Your most watched stocks for Week 46, 2024

Banshee's historic trenches prove rich in antimony and gold for GDM

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Cyclone signs MOU with Vale for development of Iron Bear play

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks