Pinetree

First Mining Gold

First Mining is a mineral property holding company whose principal business activity is to acquire high quality mineral assets with a focus in the Americas. The Company currently holds a portfolio of 21 mineral assets in Canada, Mexico and the U.S.A.

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teguychum

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Pinetree

posted on Dec 26, 2014 02:12PM

Here is a small piece wrote by Bob Moriarty at 321 Gold :

For the last ten days, Pinetree has been dumping Gold Canyon (GCU-V). Pinetree/Sheldon owned 12 million shares. While it’s impossible to know exactly how many shares they have remaining, about 12 million shares have traded hands. No doubt there were other weak hands anxious to capture the very bottom with their sales.

If you like gold, Gold Canyon offers one of the best opportunities to leverage the price of gold. The Northern Miner did a piece on the company in early 2013 showing an NPV of $579 million with gold at $1300 and silver at $25.

The Springpole project has a 43-101 resource of about 5 million ounces of gold and 26 million ounces of silver. The company has $1.5 million in the bank and will sit until the price of gold and silver recovers. The shares were $.25 just over a month ago and touched $.09 days ago under the weight of 12 million shares being dumped. They will recover. At $.10 a share, you are paying about $2.60 an ounce for gold in a safe jurisdiction. That’s pretty hard to beat. Who knows, gold might go up someday.