Saturday, October 23, 2010

Money for Nothing

In a world of precious and scarce capital, the abject stupidity of those playing with the money of others becomes crystal clear yet again with the announcement of $ 7m unit offering at $ .45, this time to pay for the CIL circuit.

Notwithstanding there is a PEA due in a score of weeks, current drill assays have gone MIA, and released numbers related to tailings that are laughable in the extreme ... there are dopes with more money than brains still ready to roll the bones on this fully lost cause right now.

God Bless them, Mr. Barr is always ready to oblige.

Stuck stakeholders listening to sweet nothings about a higher share price for the past 6 months got knee capped with ANOTHER boatload of treasury paper going out the door at rock bottom, yet again. It begs the question what fool is actually using the public market to buy this paper when Mr. Barr has plenty available at wholesale, with inticements included to help make the investment decision easier.

For those keeping track of such things, 86,097,389 FD outstanding plus another 15,555,555 units gives a FD number of 101,652,941. SP goes down yet FD market cap keeps going up, waaaaay up ... what an "investment".

"This financing represents a "GO" decision on production at the Nixon Fork Mine site, and the funds from the private placement will be used for the completion of the CIL circuit, preserving the cash on hand for ongoing development and evaluation work, diamond drilling, and to prepare the mine for the eventual resumption of production," says Harry Barr, President & CEO of Fire River Gold Corp."

FAU - (104 0.44 - 0.45 15) 0.44 -0.02 229,600