Pretium shares sink after geologists say no valid gold at B.C. project

Pretium Resources (PVG -5.9%) extends yesterday's 22% losses after the Strathcona Mineral Services team of geologists reveals its finding that there's "no valid gold resource" at its Valley of the Kings project in British Columbia.

It seems there's plenty of gold at Valley of the Kings but disagreement over how it should be measured; Strathcona had been hired by PVG to oversee a bulk sample program for the deposit but resigned two weeks ago when it disagreed with the company's chosen methodology.

Snowden Mining, another respected team of mining consultants, agrees with PVG and has taken over the bulk sample program.

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Comments (8)
  • mikeehlert
    , contributor
    Comments (709) | Send Message
    And now two contingency law firms are gathering clients for class action lawsuits based on Strathcona Mineral Services' claim.
    Having followed the drilling results I don't see how Stratconia can take this position. Unless the results are completely false there is lots of gold there. The real question is how much gold and what it will cost to harvest the resource. Lot's of poison on the Google message boards though.


    I don't understand the economics of mining well enough to weigh in on following the veins as the 49er's did vs. excavating large tunnels but with these rich veins there ought to be a way. Several other miners are making money even at these low metals prices on hard rock mines.


    Hope we can keep the lawyers from forcing the company into bankruptcy.
    23 Oct 2013, 10:41 AM Reply Like
  • 6151621
    , contributor
    Comments (1172) | Send Message
    Based on what Mr Quartermain says you follow the veins. This means the Strathcona Method may not work for nugget rich deposits like Brucejack. I would argue this means they may not be Qualified Person. Time will tell if they are right in saying no economic deposits.
    23 Oct 2013, 01:09 PM Reply Like
  • 6151621
    , contributor
    Comments (1172) | Send Message
    Shouldn't this post have been yesterday? I mean that's when the news release came out.
    23 Oct 2013, 01:19 PM Reply Like
  • sheeple123jump
    , contributor
    Comments (411) | Send Message
    I wonder if we will see a counter suit by Pretium some day.....
    23 Oct 2013, 05:52 PM Reply Like
  • v irgil75
    , contributor
    Comments (61) | Send Message
    I am willing to wait until they start smelting the gold bars to make up my mind. This dust up could be a money making plan by someone.
    23 Oct 2013, 05:58 PM Reply Like
  • v irgil75
    , contributor
    Comments (61) | Send Message
    I'm retired, do a little investing in mine stock. I aw quite willing to wait and see what kind of production Pretium achieves before before deciding whether to buy more shares or sell what I now have.. I bought GG many years ago for $5 a share and have never regretted it.
    23 Oct 2013, 05:58 PM Reply Like
  • Connev
    , contributor
    Comments (12) | Send Message
    There is a very good Prima Facie case which can be brought against
    Graham Farquharson including his company Strathcona and at least 3 or more financial institutions for pulling perhaps the biggest scam on the other side of Bre Ex (Bre Ex had absolutely nothing whilst ongoing ore results from PVG are encouraging to say the least and portend a bonanza for none but the doughty and the cheats that are picking up cheap paper on the afore mentioned scam


    the scenario goes like this when the cabal got together on this plan they could short doing either naked shorts or using the hypothicated scrip of their witless clientele.
    Then cover their shorts and go long of what most of us believe to be a great asset going forward.


    The dead give away in this instance is that we saw who was doing it on the screens and tricky way of dealing to cover the scam.


    Take the following example from last nights trading.


    Toronto Stock Exchange 24/10/13






    If you don't understand the significance of the above ,never mind
    but to an investigator those figures speak volumes as I doubt very much that their are 26798 share holders in PVG .
    So what we had here was the cabal recycling shares and keeping them down as long as possible all the while picking up scrip from the genuine sellers.


    There is more but its the weekend and I leave you all with much to think about.


    LET JUSTICE PREVAIL .That is if it exists in america which I seriously doubt.


    Hopefully the soon to be discredited farquharson who did not stick to his mandate and that was to test 10,000 tons of ore which would be of mixed grade so that potential investors would get a good overall snapshot of high and low grade to give an average which is somewhere in the region of 14g/ton.


    Getting back to the Prima Facie evidence we know that there are 3 or more financial institutions involved in this scam going short well before the resignation of Strathcona from the PVG project.


    The abnormal turnover the average number of shares per trade,the failure of PVG to react to good drilling result ahead of the resignation these are just some of the evidence already gleaned and its going to get worse,


    I suspect that all the erroneous information originated from Strathcona and NOT from Snowden or PVG.


    Just think about it 3 years almost of drill results all properly assayed and checked and at the most inappropriate time Farquharson resigns on the flimsiest of reasons ,so inane they are just diabolical.


    No one in their right minds can accept this sort of think that a teaspoon of ore will determine what is in the ore body.


    sickening to say the least.


    To end with I think we may have seen the bottom whether you go out and buy or not is up to you.Do your own homework
    25 Oct 2013, 08:25 AM Reply Like
  • sheeple123jump
    , contributor
    Comments (411) | Send Message
    sounds right .
    27 Oct 2013, 03:24 AM Reply Like
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