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5/31/18

My favourite bit of the Great Panther Silver (GPR.to) (GPL) NR today

With fanfare (and weirdly a ConfCall later today, Lord only knows why), Great Panther Silver (GPR.to) (GPL) released its NR on the magical work of numerical unicorn flowers and love Preliminary Economic Assessment (PEA) for the Coricancha gold/polymetallic mine in Central Peru today. Promising 3m oz AuEq production and an 81% IRR, it's a wonderful document for anyone who remembers just how much of a moneypit it's been under its recent owners (it virtually bankrupted Gold Hawk, then even a company the size of Nyrstar threw in the towel after losing a crapload of money). So anyway, the best bit? This:
"The PEA economics include the closure costs attributed to the mine plan and exclude the closure expenses associated with legacy operations which are reflected on the Company's balance sheet."
Anyone who's ever travelled up from Lima on the Carretera Central will know exactly why. 

Can we please put an end to these joke PEAs that aren't even worth the pixels they're printed upon? An 81% IRR for a mine that couldn't even make money when gold and silver were hitting their highs? A environmental nightmare that GPR bought into and now wants somebody else to clean up for them for free? Give us all a break here, this BS isn't just annoying, it's an insult to the intelligence of even newbies to the sector.