Ideas for raising cash to mine

[boughtwell]

I have a working placer mine and I'm looking for ideas to raise cash to buy new equipment. We've estimated over 90,000 oz on the claim. It would be great to get it out sooner than later.

Someone suggested offering gold at a discount like $1000 oz and deliver it as we mine it out.

I tried with people that don't understand the business and they either laugh or get sad because they're broke. Ironically the broke people are the most eager to get involved...if they could.

Any ideas from people that do get it are welcome. Thanks, Bob

[REO 54]

What state are you in?

[boughtwell]

In Arizona. This particular claim has been producing Gold since 1865. There are still acres of virgin areas of gold impregnated sand and when the river floods every 5-6 years it deposits a fresh supply of gold.

[REO 54]

What is the current tactic you employ for extracting.

[phideaux]

... and what's your yield?

[boughtwell]

We're using a simple sluice and we get about 2 grams per cubic yard of materials. It's mostly small gravel and sand.

We want to upgrade to a wash plant with a trommel and some jigs and bowls to capture micron "flour" gold.

Here's a picture.

[boughtwell]

I have a small biz plan but the pdf is too big to attach.
With the new equipment I can produce 25-50 oz a day.

What do think of the discounted gold to get $$ for the machines?

[Goldhedge]

What do think of the discounted gold to get $$ for the machines?

How much $$ for the machines you talking?

[boughtwell]

Ideally I'm trying to raise $350k (to do it right) but I could bootstrap it with $175k and then add-on as we produce.

[REO 54]

You can't find local capital say in Phoenix or Tucson??

[boughtwell]

I had a Doctor all jazzed on the idea but then his wife decided to become an Ex (not over this idea...a new boyfriend) and so now his cash is on hold until the divorce.

[boughtwell]

It seems kindda dumb that I have this real producing mine worth $MM's but I'm not having much luck prospecting for cash to get going.

[phideaux]

It seems kindda dumb that I have this real producing mine worth $MM's but I'm not having much luck prospecting for cash to get going.

With all due respect, are you expecting GIM members to finance your venture?

Sorry, but not for a new member, err check that not even a member, a Guest.

[REO 54]

Ah,I see.What about running an ad with your proposal in a paper or on-line and see what bites?
Also are you leagaly registared with the mine claim in the state

[boughtwell]

My claim is in compliance with AZ and the BLM.

I found this forum looking for Gold sites to with advice.

Maybe someone has a referral to a source of cash.

[boughtwell]

I signed up for a login and got the approval email. Is there more to becoming a Member?

[Goldhedge]

boughtwell - apparently, it's a glitch in the vBulletin software.

They are 'working on it'. You are a 'member' even if it doesn't show as one...yet....

[boughtwell]

Ok, so now I'm a member (found a way in?) and I have my assay report confirming my proforma once we get started.

[silver solution]

Welcome to the site and good luck with your mine.

[Scorpio]

I don't know what is going on, as when I check it, all is normal on your account,

Also, your name isn't hotlinked like everyone else????

You could sign in with a different nic, and see if that one works fine, then we can make this one disappear?

S

[cpthnsolo]

Why wouldn't you simply sell your first XXX number of ounces to http://www.midwestrefineries.com/? They'll refine it and pay you 95% of the refined gold weight. Wouldn't that be much easier than trying to deal with potentially hundreds of people you don't know?

[ME Co.]

Why wouldn't you simply sell your first XXX number of ounces to http://www.midwestrefineries.com/? They'll refine it and pay you 95% of the refined gold weight. Wouldn't that be much easier than trying to deal with potentially hundreds of people you don't know?

Thats what I would say, get to shovelling. You could always call the Discovery Channel and tell them you have a mine for them to make another show at, I'm sure they could scrape up some dumba$$es with more money than brains. Seriously though, I sold something near and dear to ME to grubstake a new venture- you should think about doing the same. I don't have any other ideas for getting money. I know I'd be more than leery about putting up any money if I was not going to be mining too. HH Mark

[ErrosionOfAccord]

I was just reading about ghost towns in NV. An enterprising individual was having the same issues you face back in the 1800s. He sold small plots with a percentage of the plot going to the investor. That might be enough to get you a little farther off of the ground if such tactics haven't been outlawed. I don't remember which town it was in but if I recall correctly this is the site if you want to research it farther. http://silverstateghosttowns.com/ghosttowns.html .I think the town was in the southwestern part of the state, maybe Tonahpa.

[boughtwell]

I appreciate all the advice. The 2 limiting factors I have is BLM land is strict in it's usage and the weather is going to soon affect our productivity with heat and the water subsiding.

I can produce maybe 10 Oz a month with the equipment that came with the claim. The benefit of offering discounted gold to speed up the process to 25-50 Oz a week is worth it.

So $1150 Gold to a few people with vision and understanding I believe is a fair reward considering it costs me about $350 an Oz to make it.

[HoldingAg]

Would you want just one investor with 350k or would you be willing to take someone on with like 50 or 100k?

holdingAg

[boughtwell]

Thanks for the kind offer. A few hours ago I would have said yes but as in all business things can change quickly.

I just got back from dinner with 2 people that had the first reaction of why I wanted ONLY $500k to get going because they expected $3-5M to get operating.
So we closed on the deal and working out the details on Monday where to wire my money. Thanks again and if you want gold at 2% under spot let me know.

[ME Co.]

Thanks for the kind offer. A few hours ago I would have said yes but as in all business things can change quickly.

I just got back from dinner with 2 people that had the first reaction of why I wanted ONLY $500k to get going because they expected $3-5M to get operating.
So we closed on the deal and working out the details on Monday where to wire my money. Thanks again and if you want gold at 2% under spot let me know.

I wish you all the best in your mining. Do us a favor and take a few snapshots to post from time to time, we like to see dirt moving around and of course sluices laced with gold. HH Mark

[boughtwell]

Ok. You know there are so many gold mines for sale for reasons that defy logic. You should give it a try.