This wasn't the year of the snake.
July 6, 2012
Describing one of his prospective mineral properties in April 2000, Callaghan was memorably quoted as saying,”It’s like standing in the middle of a lake so big you can’t see to either side.” Barkerville’s stock ran all the way up to $2.40.
A few days later, regulators came calling, and Callaghan denied making the statements, insisting he was misquoted. “I mean, how do you stand in the middle of a lake?”
Quoting a Stockwatch reporter: “Had an investor bought 1,000 shares then and hung on until August 2005, he would then have found himself rolled back 1:10 and left with 100 shares. Had he held those until January of 2009, he would have been rolled back 1:10 again, leaving 10 shares. His original $2,400 investment would now be worth $9.70.” ($9.90 as of July 6, 2012)
Even more astounding than the 10.6 million ounce indicated gold resource, the report also predicts that BGM’s project area has a geological potential of 65-90 million ounces. Experts I have spoken to suggested that to prove a mineable resource of that size would require generations worth of work.
“Reporting “geological potential” is highly unconventional, but it is done very liberally in this news release.” said Quinton Hennigh, a geologist and investment newsletter writer.