losing money here
6 years ago
To those that don't know, Goldrich has been a public company since 1970! Trading at an even penny, not much going on here. by the way, here is some info from them on their latest report:
"2019 Mining Activities
GNP will be dissolved and is in the process of removing heavy equipment and the wash plant on a winter trail through mid-April 2019. We do not anticipate gold production in 2019. The 2019 year will be used to formulate a mine plan, obtain the necessary mining permits, rehabilitate the mine, remove overburden, and prepare according to the plan to resume production in 2020. These plans are contingent upon our success in raising sufficient capital to fund these activities or any portion of them."
What shareholder value this company is!
eward368
6 years ago
Not sure if they actually opened, no reason to believe they didn’t. They did present a budget stating an expectation of 21,000 ounces this year. Up considerably over last years 12,000 ounces. Don’t quote me on the 12,000 though.
Personally, I think if you read the PR’s from Feb ‘18, Jan ‘18 and Dec ‘17, you can easily think some problems exist. IMO, it seems there could be some issues with the Goldrich Nyac JV as well as Goldrich continuing to give away pieces of the company to help with cash flow issues.
All of this is just my opinion. The mining season in Chandalar Is half over and not a single update is troubling.
x1power
7 years ago
Noted the stock price rise today on 13 trades, that is encouraging.
Mr. Trump goes through with his Border Wall proposal and using it for solar cell electricity production, that's a positive for gold and silver usage. Gold and other metals production and prices should lookup in coming years, I agree. The more electronics used for weapons systems updating, driver-less vehicles, and AI and robotics use in many fields and areas of economic activity . . . serves to help GRMC sell its product.
I think bit coin and block chain use in electronic digital currencies, isn't going have much effect on precious metal production. The Bit Coins are hackable at present, if computer viruses get into Bit Coin storage systems (hard Drives and Cloud Storage). PM coins individually possessed and stored, are not hackable.
I doubt we will get any updates from GRMC until end of year, however
keep monitoring the stock price as snow and ice free site production should be beginning?
This is my first year of investing in GRMC . . . care to share any thoughts as to when the stock does jump up to +.06 area? Company seems to have turned the corner on productive mining on site now.
x1power
7 years ago
Read the Jun, 2017 annual report . . . quite expansive and seemingly prepared and directed towards requirements of projected expansion into Vanc. BC stock exchange listing?
Noted we have some Thorium element on property (useful eventually in better form of nuclear reactor design that is safer and not applicable to nuclear weapons production). Future useful mining ore?
We have several domain sites on property that equate to mainly silver ore deposits. Good, as I always wondered why governments could not develop silver batteries for say EVs, register and rent to users while still holding the silver in national resource register as equivalent cash value commodity money (doing away with FED Reserve hands in the till). Silver also useful in water filters and medical uses.
Note that AI and Robotics are dawning sectors of a huge new economy
coming to everyone. Add in growing medical sector demands and PMs
could well be going up in price down the road . . . say 2-5 years.
It will soon register on DC clown show that vast medical profession and sector HAVE to be subsidized to have customers and profits and resulting tax revenues. Throw in improving solar cell output efficiency and usage for Grid Independence . . . as PMs used in them too.
Looking like GRMC can have a future benefit to investors?
If 2017 ore processing extraction grows will we see soon stock price jump several cents?
And, how about a clear plastic key chain with gold dust in it, as
'dividend' for long-faced retail investors?
x1power
8 years ago
Bot very small amount of stock just for fun.
Its a gravity-drop (maybe vibrating screens ore processing plant system (and may also use water pressure hosing of the vibrating screens?). I was wondering why not using electrostatic spin centrigues (sp)? ,---this might get them more gold 'caught'?
They could then process ore right where is was mined and then put debris left right back on immediate drill site?
Wondering what size aircraft they are using to get refined gold out
. . . maybe Twin-turbo prop C-123 STOL aircraft? Very much doubt they are flying in and out each day with single-engine aircraft to pickup gold, but what do I know? They have to get food, parts, and fuel supplies in also. <---could do some resupply with airdrop?
But if they are using their airstrip, its how they get their fuel in. May need at least 100-200 gals of fuel to run leaders and deleiver to gravity processing site and to run the site electricity? Sounds very expensive even on contract flights. They are only 190 miles north of Fairbanks. Anyone Goggle their Alaska site? Helo might also be used to bring in several barrels of fuel, etc. flights. If Helo carries fuel barrells under on sling maybe 3-4 barrels a day? Just some ideas to get conversation
into reality.
Long range my thinking is international crises should repeatedly boost stock price into .10s or above price range.
Wonder if any rare earths minerals are in formation and processing?
TheFinalCD
8 years ago
Goldrich Mining Company (the “Company) provided an update on 2016 mining operations at its Little Squaw placer mine as reported by Goldrich NyacAU Placer, LLC ("GNP").
Year-to-date production numbers, as calculated through August 31st, have totaled 8,570 ounces of alluvial gold (approximately equivalent to 7,000 ounces of fine gold), representing a 95% increase in production versus the entire 2015 mining season. Production during the month of August totaled 3,010 ounces of alluvial gold (approximately equivalent to 2,450 ounces of fine gold). Production for the year continued through September 21st and final production numbers for the season will be released after all smelter settlement documents have been received.
Of the gold processed during this season, approximately 5,540 ounces of alluvial gold (approximately equivalent to 4,520 ounces of fine gold) were from the upper half of Little Squaw Creek but outside the area of mineralized material previously delineated by Goldrich. This supports Goldrich’s belief that the mineralized area is open beyond the area previously defined.
Goldrich has completed approximately 15,000 feet of drilling to date on the upper half of the Little Squaw Creek placer project and outlined 10.5 million cubic yards of mineralized material, at an average head grade of 0.025 ounces of gold per cubic yard, for an estimated total of approximately 250,000 contained ounces. The mineralized material at Chandalar is not a mineral reserve as defined in SEC Industry Guide 7.
GNP is a 50/50 joint venture formed between Goldrich and NyacAU, LLC (“NyacAU”) to mine the various placer deposits that occur throughout the Company’s 23,000-acre Chandalar land package in central Alaska. To date approximately US$26 million has been invested to develop the mine. All initial capital expenditures are being funded by NyacAU under terms of the joint-venture operating agreement.
A copy of the September 2, 2016 press release is attached as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“the Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
losing money here
9 years ago
Well here is the press release that declares the production season for GRMC:
Goldrich Mining Completes Mine Construction and First Season of Gold Production at New Chandalar Plant
SPOKANE, WA – September 17, 2015 - Goldrich Mining Company (OTCQB - GRMC) (“Goldrich” or the “Company”) is pleased to report gold production commenced at the Little Squaw placer deposit (“Little Squaw”). The Company’s 50% owned subsidiary, Goldrich NyacAu Placer, LLC (“GNP”), completed its new mine and plant in late July, began production in early August, and continued production through September 12th. The plant will normally run from June to mid-September of each year.
“The beginning of mine production is a significant milestone for the Company,” stated Goldrich President and CEO William Schara. “This is a culmination of our strategy to generate non-dilutive funds from our placer assets and to advance our properties even in the midst of a market decline.”
The plant began shakedown procedures during the first week of August. Initial gold production of approximately 53 ounces of fine gold was on August 9th and average daily production rose to approximately 103 ounces of fine gold per day for the production season. The 2015 production season was 35 days but the normal production season is approximately 107 days, subject to weather. A total of approximately 4,400 ounces of alluvial gold, equivalent to approximately 3,600 ounces of gold, were produced. Production would have to increase to approximately 190 ounces of fine gold per day in order to produce 20,000 ounces of gold per season. The plant exceeded that level of production on six days and additional experience with the equipment and the mineralized deposit should improve the average.
Goldrich retains ownership of its 50% interest in GNP but, subject to the terms of the GNP operating agreement and after selling a portion of its cash distributions (see press release dated June 23, 2015), Goldrich will effectively receive approximately 44% of any cash distributions produced by GNP.
According to the GNP operating agreement, on at least an annual basis, GNP shall allocate and distribute all revenue (whether in cash or as gold) generated from GNP’s placer operation in the following order:
Current year operating expenses,
Members’ distribution of 20% (10% to Goldrich and 10% to NyacAU) provided that, for so long as the loan (LOC2) to GNP from NyacAU for the purchase of a royalty is not paid in full, GNP shall retain 100% of Goldrich’s distribution and apply against the loan,
After payment of operating expenses and the member’s distribution of 20%, GNP will apply any remaining revenue to reduce the remaining balance of the loan from NyacAU to GNP for the development of the mine (LOC1),
Reserves for future operating expenses and capital needs, not to exceed $3,000,000 in any year, and
Member distributions of any remaining gold production on a 50:50 basis to each of GNP partners provided that, for so long as the loan LOC2 is not paid in full, GNP shall retain 100% of Goldrich’s distribution and apply against the loan.
To date Goldrich has completed approximately 15,000 feet of drilling at Little Squaw and outlined 10.5 million cubic yards of mineralized material at an average head grade of 0.025 ounces of gold per cubic yard for an estimated total of approximately 250,000 contained ounces. This mineralized material at Chandalar is not a mineral reserve as defined in SEC Industry Guide 7. Based on a targeted production rate of 20,000 ounces of gold per year and the mineralized material drilled out to date, the Little Squaw mine will have a mine life of approximately 12 years. Little Squaw is one of seven potential placer targets on the Chandalar property and is open to expansion.
About Goldrich Mining
Goldrich Mining Company (OTCQB: GRMC) is a U.S. based resource company focused on exploring the Chandalar gold district in Alaska. Goldrich controls a 100% owned land package that covers over 22,000 acres of prospective targets and historic mines. The Company is building shareholder value by monetizing placer assets, generating non-dilutive funds, and working towards building a gold mine at Chandalar.
For additional information regarding Goldrich Mining Company or this news release, contact President and CEO Mr. William Schara via telephone at (509) 768-4468.
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