Gold rich Goldrich
I wrote about Goldrich (GRMC OTCBB) last fall as they began production. After some slips and falls they managed to start producing gold. I just got back from another quick visit and I'm pleased to say they will be producing a lot more gold this year and should be a serious gold producer next year.
The report from last year did a good job of covering the company and the issues. They have 238,000 ounces of placer gold in a 43-101 resource with the ability to add more by drilling. According to a recent press release, they project 5,000 to 7,000 ounces this year and 30,000 ounces next year.
Their real success this year will be because of the work of one man, Ray Medina. He used to be in charge of the placer operation at Silverado. Silverado as a company was a complete stock scam but Ray Medina is the best operator in Alaska and maybe the world. He has installed a sense of direction and professionalism that didn't exist before. I hope the company understands just how valuable he is.
The production news has been good enough to encourage foreign investors to put some money in the kitty for a hard rock drill program this year. I've been to the project three times now; there is one area that you can go pick up green stained rocks loaded with tiny bits of visible gold crystals. (VG) Management still has its heart set on coming up with a hard rock resource so this year I get gold production and management gets a hard rock drill program going. Shareholders could be twice rewarded.
Goldrich has been an advertiser but they need to save money and we understand and they are not now an advertiser. We have participated in private placements in the past and we own shares. We are biased and as such, all potential investors are reminded that you make the profits and losses and we are not interested in sharing either so you are responsible for your own due diligence.
Goldrich Mining Company