Bob Moriarty: You Don’t Have To Make Every Bet

In Energy & Gold’s August 2020 conversation with 321gold founder Bob Moriarty we discuss a wide variety of topics including the difference between an opinion and a market position (i.e. You don’t have to make every bet), whether it matters who wins in November, and precious metals juniors including Eloro Resources, Novo Resources, and White Gold….


Goldfinger: We’ve had tremendous moves in many junior mining stocks. But lately, the last week or so, we’ve seen the stocks diverge from the moves in the metals. What do you make of that?

Bob Moriarty: Very typically, before you have a correction, the shares will move first. And right now they’re just saying the move in silver and gold has gotten extreme, and that anybody with any sense is taking some money off the table.

Goldfinger: So from a long-term investment point of view, how much would you take off the table? I mean if you were, let’s say you were 75% invested a month ago, how much would you reduce your investment exposure?

Bob Moriarty: A lot of that has to do with the size of your portfolio. I’ve got a lot of physical silver and physical platinum. And quite bluntly with the spread between the bid and the ask, and the illiquidity of the market, it wouldn’t make sense for me to sell. But let me give you a number, and you pointed it out today. Silver has gone from below $12 to almost $30 an ounce. Anybody who bought silver at any point in there has made a profit. To take some profits off the table in shares, it would just be very foolish not to. Now that doesn’t mean I don’t think that silver and gold are going to go a lot higher. I think they will go up higher than anyone can imagine. However, sentiment has gone to an incredible degree way too bullish, and we need a correction.

And there are guys running around saying no it’s different this time, it’s going to go straight up. And it’s never different this time. It’s the market, it’s governed by emotions, and there’s a time to buy and a time to sell. I was buying silver at $12 an ounce. I was buying more physical silver at $16 an ounce, and I was absolutely thrilled to do that. I don’t feel any pressure to sell, because silver would have to go back to $16 an ounce for me to break even.

Silver (Daily)

Goldfinger: That makes a lot of sense. Yeah, you pointed out that I discussed this in my Trading Lab Morning Email, I mean, silver last night was completely parabolic. And not to say this hasn’t happened before, it has happened, and both markets do go through parabolic phases. And I think that’s what’s really important for people to understand. Just because you or I might be cautious or skeptical on a market after a very big rise in the short term, that doesn’t mean that we don’t think that it will move higher longer term.

And I think that the time frames are very important for people to understand, as a trader or an investor you can have different time frames. And you could even have different accounts. You could have a long-term investment account, a retirement portfolio, and then you could have another brokerage account for short-term trading. And I think a lot of people could benefit from gaining a better understanding of different time frames in markets. So one thing that we’ve seen recently is the U.S. dollar has really fallen a lot against other major currencies, such as the euro or the yen, in recent weeks. Do you think that this is the beginning of the end for the dollar as a reserve currency?

Bob Moriarty: Yes.

Goldfinger: And does it matter who gets elected in November, Biden or Trump? Is there one that’s maybe more favorable for the dollar, or more favorable for the stock market? Or is it sort of already written in stone how this is going to end?

Bob Moriarty: What do we need an election for? We’ve already got a president.

Goldfinger: So there’s not going to be an election? Well isn’t it part of our government (democracy) that we have elections?

Bob Moriarty: We have had riots in 400 cities in the United States. Portland, San Francisco, Seattle, L.A. are totally out of control, and all of the causes that created that situation in the first place still exist, or they’re getting worse. When a complicated system breaks, it breaks catastrophically. You ask a really good question about the U.S. dollar, and yeah it’s end of the empire. I would be shocked if we have an election, because the government is totally out of control both on the Republican side and on the Democrat side, and I’m just astounded with the stupidity that I’m seeing at every level.

Goldfinger: So you didn’t answer my question. Does it matter who wins?

Bob Moriarty: No, of course not.

Goldfinger: Okay. It seems that Trump is better for the mining sector than Biden is. Do you agree with that? Would it be better for mining stocks if Trump got a second term, or does that not matter either?

Bob Moriarty: I don’t think it matters, because you’re coming from the point of view that the system more or less works. I think exactly the opposite is true. I think that every level of government has proven how out of control government is, how corrupt it is. We have Google and Facebook and Twitter now burning books. Doctors are not allowed to say I have used HCQ on patients and it saved their lives. They’re not allowed to say that. It doesn’t make any difference whether HCQ works or not, doctors are being censored and not allowed to say what their experience says, and that’s a really scary situation. That never really occurred to me. It never occurred to me that Google and Twitter and Facebook would become arbitrators of the public morality. They’re now telling us what to think. Now that is straight out of 1984 and Groupthink. There is a very limited amount of information that you’re allowed to talk about or allowed to think, and that’s really scary. I mean, they’re taking the book 1984, which used to be filed under the fiction section of the library, and now they’re putting it in non-fiction.

Goldfinger: What are your thoughts on this world we live in, where a video is posted on social media, or a tweet is made by the president, and then there’s a knee-jerk judgment made by the masses? And companies like Facebook and Google and Apple can actually sway public opinion by filtering content, or sending certain content to different people, based upon how they want to influence them? What are you thoughts on that, and is this a major long-term negative for the world?

Bob Moriarty: Well it can’t change for the better. Let me give you an example. There was testimony to Congress from a scientist who came out and said look, I need you guys to understand something. I was a Hillary Clinton supporter in 2016, so the information that I’m going to tell you is not because I was biased against Hillary Clinton. If anything, I was biased for Hillary Clinton. And my studies show that somewhere between 2.5 million and 3 million votes were swayed to the Democratic party from the Republican party by the efforts of Facebook and Google. Now she still lost the election, and I would maintain the reason that Hillary Clinton lost the election was because she was the most despised, corrupt candidate in American political history. And people hated her because she is obviously corrupt. And he admitted that in the last election 2.5 to 3 million votes were swayed.

So is it going to happen this time? Absolutely it’s going to. And the Democrats are actually setting up saying well Trump’s not going to leave office. Even if he gets voted out, he’s not going to leave office. And I don’t think it is, it’s like going back to the Russian interference hoax. They’re creating a problem in advance for them to fight. I hope we don’t have an election, because literally people are going to run home and get their guns, and they’re going to start shooting each other. We’ve got a nation that is terribly divided. There’s 395 million guns that are going to come out of the closet soon and that is a bad thing.

Goldfinger: And did you see this, the New York Attorney General wants to ban the National Rifle Association from the state? Is that even something that’s legal?

Bob Moriarty: Well, who cares whether it’s legal? The Department of Justice told Judge Sullivan we are dropping charges against Michael Flynn. Clearly he was set up illegally, he was interviewed illegally, the FBI admitted he did not lie to them, and he was literally coerced into a plea. He was bankrupt. They threatened his son. He was coerced into a guilty plea. And Judge Sullivan has decided that not only is he a great judge, he would be a great prosecutor and a great juror and a great executioner. That’s simply insane. We’ve gone so far overboard this is stuff you no longer discuss in civics, and this is end of the empire, the place has burned down. We need to start all over again.

Goldfinger: So let’s turn to the junior mining sector and Novo Resources (TSX-V:NVO). So Novo had some big news this week. Can you fill us in on that?

Bob Moriarty:  Novo has wanted to get into production for years. There was a lot of stuff that I was aware of behind the scenes that took place. Quinton Hennigh wants to get into production. He doesn’t want to be an exploration company, he wants to be a production company. There was an interesting situation at Beatons Creek. I was at Beatons Creek 11 years ago, and Quinton showed me exactly where the gold is. And you could look and you could track, and you could say yeah there’s a lot of gold here. And Quinton knew 11 years ago that there was a half a million, or three-quarters of a million, or a million, or a million-and-a-half ounces of very easily extractable, very cheap-to-extract gold, and it would be very profitable.

And the interesting thing is that he proceeded ahead at Beatons Creek, knowing that Millennium had a mill that was the wrong mill for the ore that they were processing, and ore from Beatons creek was perfect. So Millennium could buy Beatons Creek, Millennium could do a joint venture of Beatons Creek with Novo, or Millennium could do contract milling for Novo. The only thing that didn’t make any sense was Millennium and Novo not doing a deal. And the guys at Millennium had their heads totally up their butts, and they ran the company into bankruptcy. The creditor of the company, who had loaned the company I think $20 million or $25 million, had the choice of either putting it back into production, which certainly had a lot of problems associated with it, or doing a deal with Novo. Novo has paid a fair price for the mill. They will be in production in December or January. There should be free cash flow of somewhere between $100 million and $150 million next year, and it’s a great deal for everybody.

Novo has the management bandwidth for the Millennium mill, they have the money to do it. They have the support of Eric Sprott, they have the support of Sumitomo, they have the support of Kirkland Lake, and they’re going to move ahead at mach two speed. And I think it’s one of those wonderful things. Now that said, they also have 200 million shares outstanding, and a price of about $3.50 a share, so it is not a cheap stock. But my belief is that 50 years from now Novo’s going to be the biggest gold mining company in the world. And that’s just an opinion. I’m not going to be around in 50 years, so I don’t care if I’m right or wrong, but everything that I’ve seen is they’re making tremendous progress.

NVO.V (Daily)

Goldfinger: So the market’s response to it, I guess, is typical, right? It rallied into the news, and then it sold off on the news. And it seems like that C$4.00 price level that Kirkland Lake bought in at is now a big level of resistance overhead. What’s it going to take for Novo to have a sustained move above that C$4.00 level? And is Kirkland Lake going to be a long-term shareholder of Novo, or are they looking to possibly exit?

Bob Moriarty: I think they will be a long term shareholder. What you’ve got is you’ve got the issue of the warrants that are going to expire soon. And Novo’s got several alternatives. Now one of the things that you said was not true, that Novo declined on the news, and that’s not actually the case. The price of Novo declined because people who intended to participate in the placement sold shares so they could get into a placement. And that’s very typical, but that’s not a buy the rumor to sell the news story. That’s a hey you’ve got stock at $3.80. And you can buy stock at $3.25 if you sell your stock at $3.80, so that’s exactly what they did.

I’m not sure, I don’t talk to anybody at Kirkland Lake. I don’t know what their intent is. But they’re some pretty smart guys, and they’ve got a lot of money, and I certainly see them sticking around for the ride. And one of the alternatives, of course, is Novo could extend the warrants. So if Novo feels like making a good deal for Kirkland Lake, they certainly could do it. Now I don’t know, I’ve never discussed this with Quinton or anybody else. Maybe they will and maybe they won’t, and maybe Kirkland liked carats, and maybe they don’t. Kirkland likes making a lot of money. It’s an extremely profitable company. But from Kirkland Lake’s point of view, Novo is not a big investment.

Goldfinger: So moving on, let’s talk about some other companies. We have Eloro Resources (TSX-V:ELO), a junior exploring for high-grade silver down in Potosi, Bolivia, and I think they’re going to start to drill that project later this month. Do you have any thoughts on that one? Also, White Gold (TSX-V:WGO) just announced that they’re starting to drill the Ryan’s Surprise Target in the Yukon, so things are really getting underway out there, junior explorers are cashed up and carrying out big exploration programs across the Americas. I was in the Walker Lane Trend last weekend, taking a look at a couple of silver explorers, and Newrange Gold (TSX-V:NRG), which is a gold explorer with a project a little bit north of Tonopah. Are there any of these companies that you’re excited about or you have any comments on?

Bob Moriarty: Yes, all of them. The strange thing is, I mean, you could pick any silver company. Silver at $12 or $15 or $18 an ounce, silver companies were a risk. While I do believe there will be a correction in silver, and silver could go down to $20 an ounce or to $18 an ounce, it’s still far better than where the silver price was at when these companies acquired their projects on average. Eloro is an interesting story, because they actually have two world-class projects, one of them in Bolivia, and everybody gets a little nervous about Bolivia. But they’re down at Potosi, and they’re surrounded by big deposits all around them. And I think they’re going to be successful there, and that will be a company-making project. But they also have a gold project in Central Peru that is identical to four or five other mines within a 30-kilometer range. And they all have exactly the same kind of ore, they process it the same way, the price is the same. So anyone who thinks that Eloro is a one-trick pony is dead wrong, it’s a two-trick pony, it’s a good story.

White Gold is an interesting situation, because they have two partners (Agnico Eagle and Kinross) that have nearly 20% of the shares outstanding each. They’re very solid partners. White Gold has one of the best districts – okay not deposits, districts – in Canada. And I think they’ve got a really big growth program, and I think they’ll be successful. I’ve got a lot of confidence in White Gold.

Goldfinger: Yeah, I think that’s a really important point to make about White Gold, this is a company that has a property package that is absolutely enormous (420,000 hectares). And they also have an established gold resource at Arc and Golden Saddle, which is quite large and supports the valuation where it’s at. And then all of the exploration at all the different other targets is just all potential upside. I own White Gold. 

Bob Moriarty: Here’s the problem with White Gold, and it’s very important for investors to understand. They have so many world-class projects that investors try to understand what the company has. And that’s a waste of time, because they’ve got two mainline gold companies who have invested, and those guys did the due diligence. Investors don’t have to do any due diligence. It’s been done for them.

WGO.V (Daily)

Goldfinger: Yeah, you know I think that’s a really important point you make there. And I think that’s a theme that investors in the precious metals sector need to understand, is that we’ve seen Newmont and Barrick sort of top out on their stock prices in recent weeks. And I think that makes a lot of sense, because these majors are going to need to acquire mid-tiers and juniors to replace their reserves over the coming years. And so a company like White Gold is a major target for a major like Agnico, or even a Newmont. And so when we see this divergence in the GDX, or in Newmont and Barrick versus the gold price, it doesn’t mean you should sell all your juniors. It just means that the market is pricing in what is going to happen over the next couple years, and that’s because the seniors are going to use their share prices and balance sheets to acquire smaller companies.

Bob Moriarty: Yes, that’s true, but let me make a point that nobody else has tried to make. The one thing that you have right now is incredible liquidity. So when I say there’s going to be a correction, I’ve got an opinion, that doesn’t make me God. I could be wrong, okay? But the key is that because there is so much liquidity, it gives investors a great opportunity to move their shares around. If you’ve got a stock that you’ve been hanging onto for a long time, you don’t have to hang onto it. You could sell it and move into something that’s a little bit more attractive. We have far great liquidity than we’ve had in nine years, and people should take opportunity to do something with that. But there are a lot of really great companies right now, and a correction would make them exceptionally attractive.

Goldfinger: Something that we’ve talked about a lot is how gold and silver are benefiting from the return to sound money, and this wanton and reckless spending and stimulus by the Fed and the Treasury. And you said several times they’re going to try 15 or 20 different things, and none of them are going to work. Trump continues to keep harping on is a vaccine. I think that he thinks that the way to save his Presidency and get in a second term is for a vaccine to come about, and for people to feel better about the virus. What do you think about the prospects of a vaccine, and would a vaccine be a negative for gold and silver?

Bob Moriarty: Well, here’s the deal. Everything you’re being told about COVID, everything you’re being told about COVID, is a lie, okay? Mathematically it would be impossible for the United States to have 5% of the world’s population and 25% of the world’s cases. If you test positive for COVID, and you go to the hospital for any reason, the government picks up the tab. So literally everybody that goes to a hospital that doesn’t have insurance, the government’s picking up the tab. Now the government knows the hospital’s lying, the hospital knows they’re lying, but they’re taking 22-week preemies and saying they’re dying of COVID. They can’t die of COVID, they’re going to die anyway. They’re taking people who were shot and saying they’re dying of COVID. They didn’t die of COVID, they were shot. There were people that were in car accidents, and people who were in motorcycle accidents, people who had heart attacks, people who had strokes. And everybody who dies who doesn’t have insurance all of the sudden has gotten a stamp on their left hand saying COVID. Well it’s bullshit. It’s not true.

There is a better solution for COVID, and that’s HCQ (Hydroxychloroquine). And there are a number of doctors, I mean literally hundreds of doctors, who have tested HCQ on their patients. It’s a drug that’s been around for 65 years. It costs $.35 a pill and it is a prophylactic. It’s something that you could take in advance. If you go to Tanzania or you go to Kenya, or you go to anywhere where there’s Malaria, the doctor will prescribe HCQ for you and tell you to take it in advance. Now when Fauci says it would take 15 months to do a clinical study, that’s bullshit. It’s absolute, total 100% horse shit, okay? It’s not true. They’re lying, because they want you to take the vaccine. But they’re saying it takes 15 months to test a drug that’s been around for 65 years that we know the side effects of, but we can approve a vaccine in two to three months, and the vaccine is going to permanently change your DNA.

Now the problem with that is the law of unintended consequences. And you go in and you do one thing, and there is an unintended consequence that you didn’t know about. Now anybody who takes a vaccine that is basically untested, that permanently changes their DNA, is quite insane. And you get guys like Alan Dershowitz, okay? Alan Dershowitz is on video banging teenagers, okay, with Epstein. And the reason Epstein was doing that, that Epstein was given a pass, and he was allowed to traffic in teenagers, so he could blackmail information on important people. Now Dershowitz comes out and says you have no constitutional right to refuse a vaccine. Now think about that for a minute. Where in the constitution does it say that Americans have to take a vaccine because Bill Gates and Fauci want them to take it? You can look in any, the Declaration of Independence, Bill of Rights, Constitution, it doesn’t exist, okay? This whole thing is about money. And because nobody can make money on the HCQ, the mainstream media and Fauci and the CDC are all pissing and moaning about HCQ, and hundreds of doctors have tested it and said it works.

Goldfinger: That brings up a really interesting point. The market seems very focused on a vaccine. The President seems very focused on a vaccine. But actually I saw a survey that said only 40% of Americans would even take a vaccine if there was one. So I’m not even sure it matters much if only 40% will take it. It may or may not actually work, it may or may not have side effects, and the virus is likely to morph into something that the vaccine doesn’t prevent.

Bob Moriarty: We already know that this virus is shape shifting. There will never be a single vaccine that cures what we call COVID-19, period. It cannot exist. We don’t have a vaccine for AIDS. We don’t have a vaccine for the common cold. We change the vaccines for the flu to every year, because the flus change every year. Vaccine is one of those 3% solutions, like solar energy and electric cars, okay? It sounds good, but it’s a 3% solution, it’s not a 97% solution. The solution is to protect the people who are most at risk, and come up with drugs that we know work already, that are in common usage, and allow doctors to prescribe them.

Goldfinger: And it’s also kind of interesting, because while the virus clearly spreads very easily, just sort of like the flu or the cold, the reason why it spreads so easily is because it’s not as fatal as it once was.

A virus that kills people does not spread as easily, because dead people can’t be carriers, right? So it’s just it’s not as deadly as it was thought to be in February or March.

Bob Moriarty: Well, now there’s a lot in what you’re saying. The testing does not test for COVID-19. The testing tests for any COVID, it tests for the common cold, and it tests for the flu. So yes, the number of people who are showing positive reactions to the tests is very high, but it’s not the COVID that’s killing people, it’s anything. So the tests are not valid, the hospitals are lying about what people are dying of, the Democrats are using it as something that’s political. Fauci and Bill Gates want a piece of that billions or trillions of dollars for a vaccine. We have brought out every bit of evil and corruption that exists in the American society today around the COVID-19. I’ll be absolutely candid, everything that you’ve been told about the COVID-19 is a goddamn lie.

Goldfinger: So from COVID-19, let’s talk about China. So one of the big things recently is Trump and China are really at odds. There are clearly some major rising tensions there. Trump wants to ban this app called Tik Tok, which has become very popular among the kids and younger folks, and clearly China is using it as a surveillance tool on the U.S. and its population. Is there any chance that the U.S. and China will make amends, and that things will normalize? Or is this going to just get worse and worse and worse, as the two countries basically battle for being the world’s superpower?

Bob Moriarty: It will continue to get worse. And strange enough, you’ve identified the central issue. The United States is in the position of an overage former high school football hero, who’s 40 pounds overweight, and he drinks too much and he smokes too much, and he wants to relive the glory days when all the cheerleaders would bang him. China and India were the leading economies in the world for 19 out of the last 20 centuries. I don’t agree with everything that China does, China does some terrible things. What they’re doing in western China with the Uighurs is evil, but China is a big, dynamic country.

Strangely enough, there’s a couple of issues, one being the Three Gorges Dam, and the other being the world economic situation. We are within a few days, or a few weeks, of the banking system collapsing, and of course that’s going to affect China more than anything. China is very dangerous because it’s so unstable, but look at the United States, and look how unstable it is. If the United State’s government wasn’t throwing $100 bills at people, we wouldn’t have riots in 400 cities, we’d have riots in 4,000 cities. We are at an extremely dangerous time in world history.

Goldfinger: So we’re at an extremely dangerous time in world history. We may not have an election. There’s all these major economic challenges. How is the S&P above 3300, and how did Apple just tack on something like $300 billion or $400 billion in market cap in the last two weeks?

Bob Moriarty: Well, how did silver go up 30% in a week? We are living, you know, you would have to go to Lewis Carroll and Alice in Wonderland to come to where we are now. We’re seeing things that don’t make a lick of sense. Why would an investor invest in a bankrupt stock, okay? It makes no sense whatsoever, but we’re seeing the most narrow collection of stocks. We’ve got five stocks that are, I think, 40% or 50% of the total market cap of all shares traded, and that is what occurs at an absolute top. We’re going to see a crash in the stock market. If people think that March was bad, they haven’t seen anything yet.

Goldfinger: Well, this is the hardest thing. You said that we’re going to a market downturn like March, but as you and I both know, timing is everything. You can have an opinion, but that doesn’t mean you’re going to make a dollar off it if your timing is wrong. So what is the timing of that drop going to be?

Bob Moriarty: Well, you’ve raised an extremely valid point. But the key is that believing something’s going to happen doesn’t mean you need to place a bet. I believe the stock market’s going to crash soon, in the next month or two. I think that this fall is going to be a really interesting time. But I don’t have to bet either for or against the mainstream market. All of the things that we’re talking about we’ve talked about for years. I am as well prepared as anybody I know in the world, because I knew this was coming. Barb and I knew it was coming 15 years ago. It’s no surprise to me.

Goldfinger: Yeah, it’s a good point, just because you have an opinion doesn’t mean you have to make a bet. That’s a very, very good point. I think a lot of people need to understand that. However, if you really do think that the S&P is going to drop 40% or 50%, and right now it’s all the way up here at 3300, and the VIX is down to 22, you could make a very cheap put option bet for maybe a few thousand dollars, or $10,000, and if you’re right you might make $100,000 or $200,000, $300,000 or $400,000 on that drop. So wouldn’t that be kind of a smart thing to do if you really thought that was going to happen?

Bob Moriarty: No, okay, and for the reason, and you just nailed it on the head. You do not have to make a bet, okay? It’s like Bitcoin, okay? I believe that whole Bitcoin nonsense is some kind of electronic Beanie Baby. I have never made a cent shorting Bitcoin, and I’ve never made a cent buying Bitcoin, because frankly my dear I don’t give a damn. I am well protected in shares of really good companies, and physical gold, and physical silver and physical platinum. You don’t have to make every bet. But I’m looking at the dollar index, which has the DSI of ten, and I’m looking at the vix , which has a DSI of ten, and both of them are suggesting that things are going to change fairly rapidly very soon.

The one thing that shocks me is the changes are happening far faster than I would’ve ever predicted in the past. We’re seeing some really scary stuff. But the fabulous five are doing is a bad thing, it’s not a good thing. It’s not healthy for Apple to go up like that. These are not healthy markets. These are not markets. These are worse than going to Vegas and shooting craps. This is like going to 42nd street in New York and playing hide the pea. It’s a corrupt system. It’s a broken system. Everyone is stealing every penny that they can, and you do not have to participate.

Goldfinger: So I just want to circle back to Novo quickly. I think that was a great point you made, some good wisdom there. So Novo has this huge claims package. It has some tenements that have some very high-grade nuggety gold areas. Now it has the possibility of a mill. What’s next? Is the next challenge permitting, or is there something else first?

Bob Moriarty: Well, permitting is always a challenge, and that permitting is absolutely the issue of detention. Now here’s my opinion, and I want to be clear, this is my opinion, okay? This is no fact, and I didn’t come down the mountain with this written down on tablets. It’s my opinion. What the milling means is turning a million ounces of gold at Beatons Creek into cash flow, which means once this deal is done, Novo should never have to ever do another placement. And second is that it’s as attractive as the $100 million cash flow is at Beatons Creek and Millennium. The Jewelry Box is Egina where they can probably process gold for under $100 an ounce. Now, I mean, I just can’t tell you how profitable that’s going to be.

Keith Barron, who happens to own an alluvial sapphire mine, and me, who just happens to have owned half a dozen alluvial gold mines, we believe the cost in production will be $5 to $6 a cubic meter, and we think the grade’s about two grams. So it’s going to cost you, call it, $6 times 15, $90 an ounce with overhead costs. That’s an absolute, that’s a gimmie, and it’s going to cost about $1 million to put a plant into production, and the plants will be mobile, and that’s going to be really cheap gold.

Goldfinger: So I guess my last question is so what’s the timeline here? What’s a realistic timeline to get this thing permitted, and then up and running?

Bob Moriarty: Okay. The mill will be up and running and producing doré bars in December or January. And I’m in the midst of writing a book, and it will come out the day they pour the first doré bar. I think everything will be fully permitted at Egina, and they will have enough information. I think they will be in production next spring in Australia.

Goldfinger: Well, that’s fantastic. If that happens it will be huge for Novo and NVO shareholders. As always, I want to thank you for your time and insights, Bob.

Disclosure: Eloro Resources, Novo Resources, and White Gold Corp are sponsors of 


The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. Eloro Resources, Novo Resources, and White Gold Corp. are high-risk venture stocks and not suitable for most investors. Consult Eloro Resources, Novo Resources and White Gold Corp’s SEDAR profiles for important risk disclosures., EnergyandGold Publishing LTD, its writers and principals are not registered investment advisors and advice you to do your own due diligence with a licensed investment advisor prior to making any investment decisions.

This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on for important risk disclosures. It’s your money and your responsibility.