Jay Taylor update on GPXM.
GOLDEN PHOENIX MINERALS (OTCBB-GPXM-$0.33) - I spoke to Rob Martin of
Golden Phoenix on February 24 to see if there was something happening to
drive the stock higher in the last few days. Rob said other than the fact
that the company is moving inexorably toward the high-grade molybdenum zone
on its property he doesn't know of anything definite that could have
accounted for the recent rise in GPXM. However, he did note that their
equity line of credit, which the company has secured as a backup facility,
has now been put in place, thus assuring funding will be available to
commence molybdenum production. Secondly, it is my understanding that a
renowned molybdenum metallurgist reviewed the company's project and
metallurgical process, and as I understand it, he was quite excited about
the project's prospects.
I hope to have more to tell you in the near term about the molybdenum
project. My own thinking is that, given the lack of success the prior
management had in getting things done, the market may be severely short
selling this company's prospects now that it has a new management team. If
the market believed that this company's Ashdown Project was the kind of
success I believe it can become, there is no way this is not a $3 to $5
stock. Management is too smart to name a definite date for production,
because Murphy's Law always applies, especially to mining. But once it is
in production, the naysayers will have to cover their shorts and that could
make for a very explosive rise in the price of GPXM. I would suggest you go
to the company's Web site for some pictures that demonstrate progress on
both mine and mill construction. My own belief is that we could see some
moly production by early spring. Time will tell. |
