Any one lucky enough to own fire river gold ? I'm looking for a 4 bagger by 9/1/11 . Eric Sprott has a couple shares.Anyone out in turdville have any ideas or thoughts on this wonderful stock?
I am aware of Fire River Gold and think it is a good investment proposition although still containing risks. I think water table level problem in their mine needs to be clearly shown to be addressed. Their low resource estimate is possibly a concern so unless this is addressed and mine life is longer it will not be valued close to its potential. Having said that, their drill results are consistently good or should I say world class. I doubt it would be 4-bagger by 9/1/11 as management needs to clearly show how to solve water table level problem (which I think is not a big issue but markets need certainty) and address the short mine-life. Provided they restart production without hiccups there will be rerating of FAU imho.
I too am an owner of this. Impressed with drill results also. IIRC they are to start up an open pit eventually too, to go with the underground mine. I guess I am of the ilk that if Sprott has some shares there must be some great reasoning behind it. But they will be producing in Q3 so I think that is why there is interest in the company. A 4 bagger at this price very well could happen depending on what they pull out of the ground during Q3/Q4. My guess if it happens it will be after Q4 mining results.
I had this one a couple of months ago but had to unload during a general housecleaning. Working from memory, wasn't there something about a lot of old tailings that can be reprocessed to get some gold. I'm always intrigued by that sort of thing.
I felt like I had to make a choice between keeping Fire River or keeping Bralorne Gold. I kept Bralorne. Similar sort of story. Bralorne is up and running now, but still no pop in the stock, so don't just assume Fire River will go to the moon immediately when they start mining. It doesn't always work that way, sad to say. Even getting to that point often takes a lot longer than anyone could guess.
From your lips to god's ears. I have a position as well and also believe a 4 or 5 bagger is in the works. I average down at these lows and I continue to accumulate.
I'm worried about mgt on this one. Seems some of them have a track record of enriching themselves. They recently extended 2MM warrants that were close to expiration for an additional 2 years. That is a foul in my books. Mgt. also just awarded themselves 3.2MM ITM options ($0.43 strike).
Regarding their ore grades. They are reporting bonanza grades, but look more closely at the drill results. They break out 4 or 5m from a 100m hole. So, the honest result is 100m @0.10 oz/t, including 5m @2.0 oz/t. They have admitted in discussion of their drill results that the ore is not present continuously within a vein.
I'm looking for an exit from this fire trap with a corresponding open door into something more shareholder friendly.
As usual the devil is in the details and special kudos are once again directed to "nor-easter" who spelled it out, but this monkey did not clue in immediately. So whats the latest obvious falsehood? (yawn)
After further perusal of our "smoking gun" it appears there can be no underground dam constructed without an EPA permit allowing it ...
1) Underground disposal: requires an Environmental Protection Agency(EPA)Underground Injection Control (UIC) permit.
So IF dam construction is/has taking place as Mr. Goodwin has informed the world, it may be illegal because NO additional ground water studies have been completed as required for the permitting process. This dopey Co cannot possibly have a UIC permit.
So what a pickle of a dilemma. If we take the man at his word he has confirmed beyond question that the Co may be acting illegally in constructing that dam without an EPA permit.
This Company MUST be relying on semantics to save itself from regulatory sanction. Is an underground dam an attempt to dispose of water? Sure as chit seems that way to me, and I have often wondered how one builds something that every miner's life depends on without an engineering study. This blogger is referring the question to the state of Alaska ... Film at 11:00
Here is the e-mail sent to the Alaskan powers that be ...
"Secondly, a Vancouver promotion called Fire River Gold is restarting the Nixon Fork Mine and has stated recently that it is nearing completion of an underground dam. This appears to me to be an attempt to dispose of water underground and as such would require a permit. Please advise if this is incorrect. It should also be noted that it appears NO engineering work has been completed for this dam. If so it represents a MAJOR danger to underground workers in my opinion."
A Certificate of Approval to Construct, Modify, Remove or Abandon A Dam is required prior to new construction, major modification or repair, removal, or abandonment. A Certificate of Approval to Operate A Dam is required before a new or modified dam can be put into operation.
What is required to obtain certificates of approval?
To obtain a Certificate of Approval to Construct, Modify, Remove or Abandon A Dam, plans, specifications, engineering reports and other information prepared by a qualified Alaska registered civil engineer must be submitted for review and approval along with the appropriate application fee.
I saw that blog a while back when we were discussing FAU on the old blog. I don't understand why someone would devote an entire blog to trashing one particular stock. Why not just sell out and move on? Why the vendetta? I don't get it.
Somebody lost money on it and is just gonna be a hater forever more. Seems a bit unhinged.
Does Sprott still own it? Then I am not worried. Seems like the bashers come out. There are a couple of message boards I have been following. I think people are trying to accumulate. Agreed Eric, who makes a blog specifically to bash? Someone wants shares. Production to start next quarter.
pouring gold 3rd week of august hopefully kicks the price up
Yep. Excited for Q3.
fire river gold gets preliminary payment from their refiner of 1.8 million dollars
fire river gold gets preliminary payment from their refiner of 1.8 million dollars
the first of a continuing stream of income
Sorry to say punters have been completely and totally hoodwinked on this play. I have followed this deal for better than 15 months and have done far more extensive due diligence than most stakeholders. There is only one question and it has not changed much from the very start ... Why is the Golder Associates study on Nixon Fork being withheld by this management?
That's as easy as it gets citizen. Answer that question before risking a dime on this dog.
Don't you think Sprott did his DD before dropping money into this?
Maybe Sprott missed something here. They arent all winners that sprott gets involved in. I bought PTA on a sprott pump on BNN, was one of the worst stocks i could have bought at the time.
I often wondered about Harry Barr and his promo ability, and also about SAS backing out of Nixon Fork and selling it off so cheaply.
Sprott are biggest whoores imaginable and their track record of selling while touting is VERY well known. In fact a Sprott tout is the surest sign possible that the end is near.
Look at the grossly onerous terms of a Sprott deal that shareholders pay. (Thats why the AUN.v lawsuit is sooooo interesting)
Forget Sprott and really forget the scum bags at LoM who ALSO issued a "strong buy" They both are attempting to offload paper and you can take that to the bank.
You are on your own in every possible way. Never forget it when dealing with career promoters, and yes, Mr. Harry Barr is a career promoter. There is NO WAY the public can accept a single word at face value from these types.
starting to think you're right about sprott. looks like they are trying to grab fire river on the cheap with a"special "7.5 mil finance package that figures out to be about 26% apr .what a deal!
haven't been screwed in a while but maybe this time it'll be different (ha ha)
dunno about all that, just know they are producing and have a significant cash flow from sales of gold rich copper concentrate and are digging gold from the ground too, which they are fashioning into dore bars and selling
gotta be a good thing
As grotesque a deal that debt is for equity holders, this Co should have released news that the deal was finalized yesterday.
The original news related to a "term sheet" and that is not a binding agreement.
Since the SP is blasting through new 52 week lows a body might suppose even that terrible chitty deal might not be flying.
It really doesn't get much worse than this completely insulting PoS.
Latest unconfirmed and undisclosed street rumor is that these pack of mining geniuses have supplied arsenic contaminated concentrate to the refiner without realizing it. THAT is just about as stupido as a mining Company "management" can possibly get.
The refiner is facing significant costs now to even clean up the problem caused by a wicked deadly poison, forget about the costs of reprocessing the dirty concentrate into something saleable.
These unmitigated dopes will probably OWE for this. And still no word on the Sprott debt.