Joe, I have 5000 shares, and 200,000 options. Currently has traded as high as 30 cents Canadian pre-bre-x, and from 5-15 after that. $350,000 cash in bank and 10,000 shares of PFG. Holds about 2 square miles in Timmins. Last produced in 1988, in partnership with Getty oil, ceased with the change in flow through in 1988, and also when getty exited gold for oil. Had planned a small open pit for the vein surface area in October, 1997, but this was cancelled due to the slide in gold. There are about 500,000 ounces underground in a veiny/nuggety deposit that would be economically viable with gold over $400 per ounce for 3-5 years. Currently most Timmins hard rock underground projects are on hold pending golds getting better.
No known scame with director, we run a very tight ship. Currently directors fees and salries are suspended pending a restart of the open pit, which is fully permitted and ready to go once gold climbs to $330 or higher(open pits cost less to operate, average grade 0.17 ounces/short ton.) With hots spots over 100 ounces per ton(nugget zones)
My stock holdings are part of the insider filings, and I bought my stock in 1992 at around $1.50 per share when it was trading at that level.
In the past it has been as high as $42, when in production when gold flew high back in the 80's. Of late 5-15 cents, with spikes to 30 or so.
If gold comes back we will get the pit going and it can have fair value somewhat higher per share. If gold flies to over $400, and we get a partner for underground it could fly way higher, along with many others.
Bill |
