Ovis, your valuation is much too low. Despite BGM not being a producer they have produced in the past and will produce again...hopefully. The infrastructure is in place and the gold is in the ground. I can see 100 dollars an ounce to be fair value. I'm not weighing in much on the loan or terms and conditions attached. I do not think it is a scam in any way. I think BGM needed cash quickly, Frank provided it, and is ensuring he does not get bent over in the process. Most juniors are years away from where BGM is currently and the only hurdle currently in our way is the bloody cto. I expect by end of January or early February for the lift. The new or audited 43-101 is likely to range between 2 million and 6 million ounces but nowhere near the 10.6.
Right now I would like to know when the loan will be approved, what the loan approval means, where the cash will potentially be distributed, if the assays results depend on this loan for release, and when the eff production will begin? I will not phone the company anymore. IR is useless and have such a positive attitude it sickens me. I think this situation with everyone's cash tied up is starting to shake investor's confidence, and it should. It always feels good to hear Frank or management talk positively but at some point you have to ask yourself are they just talking optimisticaly or just telling the shareholders what they want to hear? This has been the same routine for my 3 year involvement and I do not expect the broken promises to change anytime soon.
Good luck to longs.