Big Al and Brent Cook discuss Rye Patch Gold.
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Many thanks CaliJoe,
This price does make more sense to me than the current price.
Best,
Big Al
Those claims now belong to Rye Patch and they have staked them legally once the government had possession of them when Coeur d’Alene Mines. I would be very displeased by the actions of Coeur as well if I was Rye Patch. If you read that press release Coeur messed up in August of 2011 by not paying the mandatory claim maintenance fee to the Bureau of Land Management (“BLM”). So the claims returned to the government; and Rye Patch staked and started work on them in October & November. Coeur loses out and needs to get off the land. Tough breaks.
Below is the exact quote from the press release.
“Based on the statements made in CDE’s 10-K Annual Report filed with the United States Securities and Exchange Commission on February 23, 2012, CDE acknowledges, on page 28 of the 10-K, the forfeiture of CRI’s 541 unpatented lode mining claims as a result of CRI’s failure to pay the mandatory claim maintenance fee to the Bureau of Land Management (“BLM”) which were due on or before August 31, 2011. Under United States law, CRI’s failure to pay the annual mining claim maintenance fees caused CRI’s 541 unpatented mining claims to be forfeited and void as a matter of law. Ownership of and title to the minerals on the federal public lands reverted to the United States government, and any citizen or U.S. company had the right to acquire mineral title through staking unpatented lode mining claims on the open federal lands. Rye Patch identified the open ground and beginning in October 2011 and November 2011 located 402 unpatented lode mining claims which it filed and recorded with the BLM and Pershing County, Nevada.”
Great point Shad, thank you.
Big Al (A Rye Patch Shareholder)
Simply want to say your article is stnuning. The lucidity in your post is simply impressive and i can assume you are an expert on this subject. Well with your permission allow me to grab your rss feed to keep up to date with succeeding post. Thanks a million and please keep up the admirable work.
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I think Coeur is a leader in silver industry but is acting like a poor loser. If they wanted those claims so bad they should have paid the annual maintenance fee to the BLM. Those claims became free game once returned to the government and Rye Patch has done a considerable amount of work on that land since Oct. 2011. I am rooting for Rye Patch and think they do a great job of identifying good exploration targets.
I suspect that Couer knows they have lost these claims and have nothing to lose by trying to push around a smaller but much smarter company like RPM. The sooner this new injunction gets approved the better, then Couer will be forced to leave or pay up or buy out RPM. At that time the share price should take off to a much higher level. Al, can you ask Bill when this goes to court next time you talk to him. Unless someone else knows that date. TIA
I will pose the question to him, Tony
Big Al
Me too, Shad. I have a lot of respect for Rye Patch management and that is exactly why I am a shareholder.
Big Al
Thanks Al for bringing us the news, insights, the experts, and all the great minds in these blogs. May David (Rye Patch) beat Goliath (Coeur d’Alene) on this issue.
I fully agree and think maybe Couer should consider a joint venture with Rye Patch as they will almost certainly lose their court case anyways!
Al M.
I would agree 100%
Rye Patch will be coming out with a 43-101 Resource Table update for their Wilco Project in less than three weeks, probably in about two weeks. Based on the assay results they have published since the last update, I predict they will boost gold equivalent resources by at least 600,000 ounces.
Regarding this Couer issue, I predict it will get settled out of court, with Rye Patch retaining the 5 areas of interest they are drilling (plan to drill) and Couer buying back the disputed pit areas.
Al,
Found this valuation data for Exeter. Not sure anyone pays attention.
http://www.goldminerpulse.com/blogs/exeterResourceValuation.php