$PSGR The following is from the latest Press Release from Pershing Resources Company, Inc.:
The Company has issued a total of 13,770,000 restricted common shares to AGEI and a private partner as the transaction consideration for exclusive earn in rights on the West Bolo and Tonopah SIN Projects. AGEI will be the operator and manager of both projects. Pershing Resources has purchased the rights to earn-in up to 70% ownership of both projects over a five-year investment and development plan in which the Company will invest up to five million dollars in each project. The investment schedule for each project calls for a first-year investment of $250,000 and will follow a development plan with a budget that steps up incrementally as exploration and development activity increases each year. Pershing Resources will have oversight and right of review of all expenditures on the projects. The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024. Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects. In addition, Don McDowell, President of AGEI, has stepped into a senior advisory role with the Company on exploration and project management matters.
Questions that quickly come to mind after reading this paragraph:
1) WHO is the 'private partner'?
2) The 'COMPANY' will invest 'up to FIVE MILLION DOLLARS into EACH project??????? Assuming the 'COMPANY' is SOLELY Pershing Resources, where is this money originating? FOR TWENTY PLUS YEARS Pershing Resources has maintained that it never has had the funding to START UP and BRING IN TO PRODUCTION any mine. NOW ALL OF A SUDDEN it potentially has access to TEN MILLION DOLLARS????
3) 'The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024.' ONCE AGAIN nothing will happen until long into the future and then it will NOT lead to start-up and production. According to the wording, the 'end of 2024' period will ONLY produce some paragraphs and charts that can be presented to 'someone' to entice him/her/them to start a mining operation. WHAT VALUE IS THERE FOR CURRENT COMMON SHARE HOLDERS in yet another alleged DEVELOPMENT PROJECT? Think MARCO PROJECT and , GEE!!!!, what is happening at the 'near Kingman, Arizona mine site? Wasn't that supposed to be a priority?
4) The next question revolves around the value of the West Bolo and Tonopah projects. How was a value established? Pershing Resources is committing up to FIVE MILLION DOLLARS FOR EACH PROJECT based upon WHAT? I do not know too many people who will commit that much money for something that must later require:
'Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects.' Hell, I do NOT know ANYONE who would commit that sum of money for something that is ALLEGED to have something on /in it.
5) Since Pershing Resources ALLEGEDLY somehow has access to TEN MILLION DOLLARS, why aren't the DOLLARS invested in the MARCO PROJECT in NEVADA and the NEW ENTERPRISE STANDARD MOHAVE PROJECT in ARIZONA?????? After all, investors have been told that BOTH of these locations have precious metals in the ground....Hell, all of those Pershing Resources provided assays wouldn't lie to investors...would they?????
RESULTS NOT BS
The Company has issued a total of 13,770,000 restricted common shares to AGEI and a private partner as the transaction consideration for exclusive earn in rights on the West Bolo and Tonopah SIN Projects. AGEI will be the operator and manager of both projects. Pershing Resources has purchased the rights to earn-in up to 70% ownership of both projects over a five-year investment and development plan in which the Company will invest up to five million dollars in each project. The investment schedule for each project calls for a first-year investment of $250,000 and will follow a development plan with a budget that steps up incrementally as exploration and development activity increases each year. Pershing Resources will have oversight and right of review of all expenditures on the projects. The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024. Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects. In addition, Don McDowell, President of AGEI, has stepped into a senior advisory role with the Company on exploration and project management matters.
Questions that quickly come to mind after reading this paragraph:
1) WHO is the 'private partner'?
2) The 'COMPANY' will invest 'up to FIVE MILLION DOLLARS into EACH project??????? Assuming the 'COMPANY' is SOLELY Pershing Resources, where is this money originating? FOR TWENTY PLUS YEARS Pershing Resources has maintained that it never has had the funding to START UP and BRING IN TO PRODUCTION any mine. NOW ALL OF A SUDDEN it potentially has access to TEN MILLION DOLLARS????
3) 'The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024.' ONCE AGAIN nothing will happen until long into the future and then it will NOT lead to start-up and production. According to the wording, the 'end of 2024' period will ONLY produce some paragraphs and charts that can be presented to 'someone' to entice him/her/them to start a mining operation. WHAT VALUE IS THERE FOR CURRENT COMMON SHARE HOLDERS in yet another alleged DEVELOPMENT PROJECT? Think MARCO PROJECT and , GEE!!!!, what is happening at the 'near Kingman, Arizona mine site? Wasn't that supposed to be a priority?
4) The next question revolves around the value of the West Bolo and Tonopah projects. How was a value established? Pershing Resources is committing up to FIVE MILLION DOLLARS FOR EACH PROJECT based upon WHAT? I do not know too many people who will commit that much money for something that must later require:
'Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects.' Hell, I do NOT know ANYONE who would commit that sum of money for something that is ALLEGED to have something on /in it.
5) Since Pershing Resources ALLEGEDLY somehow has access to TEN MILLION DOLLARS, why aren't the DOLLARS invested in the MARCO PROJECT in NEVADA and the NEW ENTERPRISE STANDARD MOHAVE PROJECT in ARIZONA?????? After all, investors have been told that BOTH of these locations have precious metals in the ground....Hell, all of those Pershing Resources provided assays wouldn't lie to investors...would they?????
RESULTS NOT BS
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