By: gold_sage
Reply To #82 by BullionBill Monday, 28 Sep 1998 , 4:11 PM EDT
Post # of 86
Bullion Bill,
Yep, you called the MINE implosion right on the nose. The news in their 8-K is just terrbile: the gold reserves cannot be substantiated, audited financials not yet ready, etc., etc.
In light of what's happened to MINE, I would like to ask everyone on this thread be calm and rational about Sun River Mining and their Bolivian properties and give management some time to respond to the questions raised on te threads over the past few weeks.
Please - lets not rush to judgement until all the facts are on the table.
From my postings, you know that I've got a whole bunch of questions about SUNR's gold reserves + resources @ the Tipuani & Kaka Rivers, and I'm stiill doing DD to see if and when my group will take position in the stock.
However, let's not lose sight of one huge diference between SUNR and MINE - the reputation of who reported the ore reserves + resources.
I may have my differences over the WGM report, but it's important for everyone to remember that WGM is one of the world's best when it comes to calculating ore reserves. If they say that the gold is there, you can take that to the bank.
Though I may quibble over terms and definitions,
I don't doubt for a minute that there is gold at the Lower Tipuani & Kaka River projects.
For SUNR, the big question we should be asking is, how profitable are these projects at US$300 gold? How much will it cost to acquire the concessions? What are the production royalties? Can the mines be built and operated for the costs cited in the WGM report?
SUNR is not MINE. I'm comfortable that there is gold on the Tipuani & Kaka Rivers because WGM says so. Now, it's a matter of can the engineers and businessmen turn these alluvials into profitable gold mines.
In closing, I ask that all of us take a deep breath and not rush to judgement until we've all done our DD on this deal. I'd hate to see a replay of Indonesia, where so many good exploration firms and promising were unfairly penalized by the actions of one rouge company.
gold_sage
Mr Metals |
