Prosper Gold (PGX:TSXV) is led by Peter Bernier, the former Founder, President and CEO of Richfield Ventures. Richfield was a junior gold exploration company bought out by New Gold in a deal that valued the company at approximately $550 million in mid-2011.
Just reviewing past buyouts from the late 2000s and even into 2010 and 2011 when the resource bull returned can give a depressed junior resource investor chills.
If, and it always seems to be a big if when the chips are down, the junior resource space and the TSX Venture rally the way they did in 2009 and 2010 fortunes will be made.
Mr. Bernier is featured in our latest EBook which reveals 50 of North America’s top executives who’ve led juniors to multi-million dollar buyouts.
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Peter Bernier leading Prosper Gold
Peter Bernier is Prosper Gold‘s President and CEO and remains focused on advancing the company’s flagship Star Porphyry Copper Gold Project of which the company is currently a 51% owner.
According to Prosper Gold’s website it is close to vesting an 80% interest two and a half years ahead of schedule and looks forward to advancing the project further.
Investors sold Prosper Gold after Star Project Results in 2014
Prosper Gold‘s market dipped on September 23rd, 2014 following drill results from the project.
The drill results highlighted at the top of the news release were:
“Drills 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au”
Click here to read the entire press release from September.
Clearly, many investors were looking for higher grades in this reported expansion of its Star Porphyry Copper-Gold Discovery.
The markets promptly sold off, dropping 36% on elevated volume to close at $0.16 per share that day.
It dropped 18% the following day to close at $0.13 per share. By the end of the month Prosper had fallen another 30% on over 3 million shares traded in a matter of days to a low of $0.07 per share.
Prosper Gold would shortly thereafter hit a 52-week low of $0.06 in mid-October. It has since quietly doubled in value.
Prosper Gold – 1 Year Chart
Despite the markets reacting negatively to low grade results from Star, Prosper Gold has continued to develop it.
On February 24th the company announced it had earned 51% of Star Porphyry Copper Gold Project, located in Northwestern BC.
Pete Bernier, President and CEO, commented,
“Prosper has now advanced the Star copper gold porphyry system to have vested a 51% interest in the Property and is close to vesting an 80% interest, two and a half years ahead of schedule. The Star discovery remains open for extension in several directions with 4 other confirmed targets to drill. We look forward to advancing the project further.”
Click here to read more.
This has been the only press release issued by the company thus far in 2015.
Bernier buys Prosper Gold in the open market
Despite the lack of news from Prosper Gold, Peter Bernier has bought shares in February and May of this year, according to Canadianinsider.com.
He bought 97,000 shares between $0.10 and $0.105 in the month of February, according to Canadianinsider.com.
He bought 78,000 in May between $0.145 and $0.155 per share, according to Canadianinsider.com.
So, as the company slowly approaches 3 months with no news, long-time shareholders and prospective investors have to be wondering if a continued focus on the Star Porphyry Copper Gold Project is the best approach.
If the mining sector comes back to life, can some of the greatness Peter Bernier achieved with his former company Richfield, and its approximate $550 million takeover in mid-2011, rub off on Prosper Gold? Only time knows the answer to that question; however, investors looking for lightning to strike twice in the same spot are prudent to follow the management teams who’ve reached the holy grail of junior resource exploration before (buyout at significant premium) and know what the process entails.
This article represents solely the opinions of Alexander Smith. Alexander Smith is not an investment advisor and any reference to specific securities in the list referred to in the article does not constitute a recommendation thereof. Readers are encouraged to consult their investment advisors prior to making any investment decisions. The information in this article is of an impersonal nature and should not be construed as individualized advice or investment recommendations.
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