mining region despite recent setbacks
Canada Goose Jackets Decades before he started exploring for minerals in British Columbia Golden Triangle, Hugh Balkam said he used to investigate stock fraud with the Royal Canadian Mounted Police. Canada Goose Jackets
Canada Goose Outlet So last week when a hedge fund levelled explosive accusations of fraud against a miner in his district, Pretium Resources Inc., the company behind one of the highest grade gold canada goose outlet new york mines in Canada, and its stock started sinking, Balkam thought about his own investment portfolio. Canada Goose Outlet
cheap Canada Goose I actually sold some bank stock and bought more Pretium, said Balkam, chief executive of Toronto based Eskay Mining Corp. think that stock is worth a lot more. is not alone: only one of 12 analysts canada goose outlet factory covering Pretium as of Friday advised selling stock in Pretium, with the rest largely waving off arguments laid out by Viceroy Research a well known, albeit anonymous, short seller which is betting that Pretium Brucejack mine has less canada goose outlet gold than claimed and the company is on the precipice of disaster. cheap Canada Goose
Canada Goose sale But canada goose uk site short sellers make money from bets canada goose jacket uk that a company stock price will fall, which makes Balkam, and others skeptical. Indeed, while Pretium shares initially sank from US$7.81 to US$6.65 after the canada goose outlet london uk accusations last week, the price had fully recovered by Friday. Canada Goose sale
Of course, doubts about the grade and quantity of gold at Pretium Brucejack mine have been tossed around since before it was even built. Golden Triangle, a remote mountainous region near the province northern coast.
canada goose coats The area has been mined for more than a century, but recent upgrades including a paved highway, deepwater port and a $700 million electric transmission line, combined with exploration canada goose outlet uk such as Brucejack, are transforming an isolated area it a 17 hour drive from Vancouver into a hotbed. During the past year, there been a fair amount of controversy attached to exploration and mining canada goose outlet uk sale in the region. canada goose coats
Canada Goose Parka Last summer, Garibaldi Resources Inc., a nickel explorer in the area without a single mine, was trading at 12 cents in June, and then rode a surge of investor excitement to trade as high as $5 by the fall. Before the canada goose outlet in montreal year ended, however, the share price sank back to between $2 and $3, with hundreds of millions of dollars in market capitalization wiped canada goose outlet new york city out in the process. Canada Goose Parka
canada goose clearance sale not been all fun, Steve Regoci, chief executive of Garibaldi told the Financial Post earlier this year, noting he had to contend with short sellers and canada goose outlet official people who accused him of fraud along the way. canada goose clearance sale
Certainly, the area has seen some success too: Barrick Gold Corp. pulled out 3.3 million canada goose outlet 2015 ounces of gold between 1994 and 2008.
Seabridge Gold Inc. isn producing any metals yet, may but has been exploring the Golden Triangle for years and racking up success. Now, it has identified 39 million ounces of gold and buy canada goose uk 10 billion pounds of canada goose jacket outlet copper canada goose clothing uk which would create one of canada goose outlet legit the largest mines in the world, if built.
canada goose clearance gotten so large that it beyond our capabilities to build, said Rudi Fronk, chief executive of Seabridge. project needs a major mining company to come in and build the mine. whereas Seabridge has a low grade deposit, its neighbor Pretium, has a high grade deposit where the gold is densely packed. canada goose clearance
canadian goose jacket Fronk, who said he is familiar with the geology in the area, said that because Pretium Brucejack mine is so high grade, the consistency of gold found varies more throughout the deposit, which makes it difficult to evaluate, he said. canadian goose jacket
that the canada goose outlet online store review nature of those types of deposits, Fronk said.
Even though Pretium Brucejack mine has been operating since mid 2017 and has already produced more than 200,000 ounces of gold in 2018, questions about the deposit have dogged the company for years.
canada goose deals In 2013, before Brucejack was even built, it hired Strathcona Mineral Services Limited the consultancy that spotted canada goose outlet authentic fraud at Bre X Minerals in 1997 to confirm the grade of gold from a bulk sample. Strathcona disagreed about the quality of the https://www.canadagooseoutlete.com/ grades and resigned, which the short seller Viceroy lays out in a 47 page report where it made the accusations against Pretium. canada goose deals
canada goose black friday sale Much of that report rehashes the history of Brucejack, but it brought some new information to light. Securities and Exchange Commission. The fraud charges, however, are on the surface at least unrelated to Pretium. canada goose black friday sale
Canada Goose online Second, it noted a discrepancy: In government documents related to mine reclamation, Pretium indicated it is moving more waste than it had indicated it was moving in reports to investors. Canada Goose online
canada goose coats on sale suggests reported grades and reserves are significantly inflated, Viceroy wrote, arguing Pretium has misled shareholders, and much greater amount of waste is being dumped into local lakes. Viceroy was published on Sept. 6, Pretium has issued a press release announcing a correction in the amount of waste moved as reported to the government for mine cleanup purposes. It had reported canada goose outlet winnipeg the total historical volume as opposed to just the amount moved in 2017, according to a press release. canada goose coats on sale
canada goose Both Pretium nor Viceroy declined to comment for this article. canada goose
canada goose store Viceroy is best known for its report in 2017 on accounting irregularities at South Africa Steinhoff International Holdings NV, a furniture and household goods canada goose outlet parka distributor, whose stock canada goose outlet website legit crashed at that time. It continues to put forward its case that Pretium Brucejack is not as high grade as claimed and the company will run into problems with its debt payments within 12 months. canada goose store
buy canada goose jacket cheap Meanwhile, excitement about the Golden Triangle continues. Last week, Toronto based GT Goldcorp, a junior explorer with property in the area, announced strong exploration results and its stock shot up from 53 cents to 73 cents buy canada goose jacket cheap.