Whatever you prefer to call the day today:
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Double dose of OT today, and why the devil not? This one nails the day.
I don't care that it's been the Friday OT before, it's getting played today:
So, how's that working so far?
"While the suspension of operations may be considered a setback in the Company's goal of achieving commercial production at Copperstone, the Company believes it is necessary in order to achieve that goal."
... the US Dollar index (USD) in October:
The source of all things at the the moment. The movements in the dollar are always important, at the moment that's triple true. We saw 80 just about hold earlier, we saw that 'Yellen Bounce' on the 9th, we see possible fading today. Faites vos jeux and keep it front and centre on your radar screen, today and next week.
Things currently making me laugh in my pathetic little life woefully dominated by half-assed junior mining companies
CIA #505: The 10-Bagger List
- ATAC Resources (V.ATC, C$1.71, 103.6M SO, 113.7M FD, C$177.2M MCap,www.atacresources.com) — ATAC has already been at nearly 10 times current levels, simply based on a different level of risk appetite in the market. The company's discoveries in the Yukon are significant and have serious size potential. In a more bullish market environment, this company could be a 10-bagger without changing. However, we expect more excellent results this year.
- Banks Island Gold (V.BOZ, C$0.64, 34.4M SO, 42.4M FD, C$22M MCap,http://www.banksislandgold.com) — BOZ has the assets and the game plan for developing them that could easily deliver a 10-bagger. There's technical risk in doing what must be done, and the company only has half the money it needs to build its first mine at Yellow Giant, but it has options for the latter, and we believe it has the right people to address the former. This is not a penny stock, but its market cap is like that of a penny stock and has similarly explosive potential.
- Brixton Metals (V.BBB, C$0.175, 52.5M SO, 81.1M FD, C$9.2M MCap, www.brixtonmetals.com) — Brixton does not yet have a 43-101-compliant resource in hand, and is quite a ways from delivering one. That makes this a higher-risk spec. But it is cheap, and it has delivered spectacular drill results, more of which could easily make this a 10-bagger.
- Carpathian Gold (T.CPN, C$0.29, 555M SO, 590.5M FD, C$161M MCap, www.carpathiangold.com)— We've written quite a bit about this company. The bottom line is simple: the company is trading at a discount to the value of the gold mine, is on track to deliver on time and on budget in Brazil, and on top of this, it has a huge gold-copper resource in Romania for which the market is giving it no value. The stock will almost certainly rise based on the former and could eventually become a 10-bagger based on that alone, given the low starting point. It's hard to put odds on the Romanian blue sky, but whatever they are, free is a great price, and the consequences of success with that project would be huge.
- Global Minerals (V.CTG, C$0.175, 110.8M SO, 144.9M FD, C$19.4M MCap,www.globalminerals.com) — Global's decision to focus on advancing their known deposit this year, rather than on making new discoveries, would normally make for less explosive upside in the play. However, the stock has gotten a lot cheaper recently without any bad news from the company (due in part to a newsletter publishing a sell recommendation on the stock). It's not hard to see the stock rising to 10 times its current share price if the company delivers a profitable new silver mine to the market.
- Gold Port Resources (V.GPO, C$0.07, 110.6M SO, 177.5M FD, C$7.7M MCap,www.goldportresources.com) — Gold Port recently delivered a substantial new gold resource to the market that is being subjected to an inappropriate level of country discount, on top of general market sector weakness. There is technical risk in this play, but the stock is so cheap, a 10-bagger or better is easily doable if the company delivers on its objectives.
- GoldQuest Mining (V.GQC, C$0.425, 144M SO, 155.8M FD, C$61.2M MCap,www.goldquestcorp.com) — GoldQuest has become a value play with enormous upside. It's a spec, but if the company starts delivering more Romero-style drill results, these shares should soar. But even if that doesn't happen, it appears likely that the company will be able to deliver a significant gold discovery with robust economics to the market. So, while the explosive upside is highly speculative, the base of value looks solid. The company is cashed up and hard at work; stay tuned.
- Matamec Explorations (V.MAT, C$0.185, 120.3M SO, 138.7M FD, C$22.3M MCap,www.matamec.com) — Matamec is another company we've written about recently. Again, if the market were giving the company a normal discount for a pre-feasibility project, there might not be quite as explosive potential in the play, but since the market does not yet seem to believe in the Kipawa project, despite Toyota putting millions into it, a shift in perception is all it would take to make a big winner out of this pick. And that's not even counting the company's non-Kipawa assets and blue sky.
- Renaissance Gold (T.REN, C$0.455, 30.7M SO, 32.4M FD, C$14M MCap, www.rengold.com) — This is a pure people play. The company does not yet have a flagship project upon which we can project any value added. It does, however, have one of the most successful mineral exploration teams in the world, bar none. And it's cheap. It's hard to say where, when, and how the stars will align for this one, but when they do, the results should be extremely gratifying.
- Adventure Gold (V.AGE, C$0.255, 65.5M SO, 70.8M FD, C$16.7M MCap, www.adventure-gold.com)— Adventure has a relatively high-grade, open-pit gold resource in mine-friendly Québec. The deposit is not huge, but it's big enough to matter, and if the company is successful in making it bigger, it could yield very robust economics. The company also has Other People's Money going into the ground on other projects. There are certainly risks in this play, but if the company delivers on its plans, that success could easily justify five times the current market cap, or more, in a bull market environment.
- Almaden Minerals (AAU, $2.22, T.AMM, C$2.18, 60M SO, 65M FD, C$130.8M MCap,www.almadenminerals.com) — Almaden has delivered a world-class gold resource in mine-friendly Mexico, with several characteristics that are very bullish for project economics. We should see preliminary numbers on that by the end of the year. We will also see drilling all year long, which has the potential to greatly expand the deposit. The company has plenty of cash and best-in-the-business management. If they deliver on their intentions, it would be easy to see a 5-bagger in the stock.
- Exeter Resources (XRA, $1.17, T.XRC, C$1.21, 88.4M SO, 98.9M FD, C$107M MCap,www.exeterresource.com) — Exeter's monster-sized Caspiche gold deposit in Chile is getting almost no valuation in the market. There certainly are technical challenges, but the size of the prize is certainly commensurate with the risk. Big bulk mining projects are currently out of favor, but Caspiche has a smaller, but still large, higher-grade core that we hope to see the company put some economic numbers on. The committee also has lots of cash and is looking for value unlocking ways to deploy it. That aside, simply as a gold bank with ounces in the ground, this stock is highly leveraged to rising gold prices.
- International Tower Hill (THM, US$1.62, T.ITH, C$1.71, 98.1M SO, 106.2M FD, US$158.9M MCap,www.ithmines.com) — ITH is almost the same story as Exeter, but it has less cash. On the other hand, it also faces far fewer technical challenges and offers excellent leverage to rising gold prices.
- Rye Patch Gold (V.RPM, C$0.355, 146.1M SO, 155.6M FD, C$51.9M MCap, www.ryepatchgold.com)— Rye Patch will probably not quintuple if successful in its legal battle with Coeur d'Alene Mines over the Rochester silver mine in Nevada. However, it could easily double or more on that basis, and that could prompt the market to revalue the company's substantial portfolio of other assets in the area. Add to this any success in the company's ongoing drill campaign, and we could see the shares trading much higher when the gold market turns bullish again.
- Sandspring Resources (V.SSP, C$0.37, 132.4M SO, 142.3M FD, C$49M MCap,www.sandspringresources.com) — Sandspring's Toroparu gold project in Guyana should soon deliver to the market updated economic numbers that we think will be more robust than most investors are expecting. If the company's neighbors, Guyana Goldfields, are able to raise the rest of the money they need to build their mine, that should greatly reduce the country discount being applied to all Guyana plays. There's exploration upside as well. Taken altogether, it's easier to see much higher share prices, even without a major new discovery, in a more bullish gold environment.
Chief Metals & Mining Investment Strategist
"These results put Briggs on track to achieve its stated target of 35,000 to 40,000 ounces of production for 2013. Our team at Briggs is demonstrating their ability to reduce costs and improve production to meet the challenges of a volatile gold market environment", states , President & CEO.
Read the NR here
News story here of an IKN hero who is no more.
Mark 'Chopper' Read deadcontinues here
Notorious criminal Mark 'Chopper' Read has died after a long battle with liver cancer.
The former standover man spent more than 23 years in jail up until 1993 for crimes including armed robbery, arson, impersonating a police officer and attempted murder.
Despite never being charged, Read claimed to have killed 19 people during his time as a career criminal.
In 2000, Read was immortalised in the film 'Chopper', starring Eric Bana.
In April last year, Read revealed he was suffering from cancer and that doctors had given him "weeks or up to six years to live".
At the time, the Read tweeted: "Looks like the big C has finally bitten".
To salute Chopper's exit, our fave Ronnie Johns video:
Peru's government said it has made "notable progress" in a development roundtable with communities around Candente Copper's (TSX-V: DNT) US$1.47bn Cañariaco Norte copper-gold project in the north of the country, where environmental protests broke out in May.
The government will invest 6mn soles (US$2.2mn) in electrification projects in the communities of Cañaris, Salas and Incahuasi, "considered amongst the poorest in the country," in addition to school repairs and 68km of rural roads in the area, the energy and mines ministry (MEM) said in an e-mailed statement. Other social programs will include irrigation projects, old age pensions and nutrition for schoolchildren, it said.
This is what they wrote
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 9, 2013) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") reports the following update for the Valley of the Kings Bulk Sample Program (the "Program") at its Brucejack Project, for which processing is now underway.
Strathcona Mineral Services Ltd. ("Strathcona"), which had been engaged as the independent Qualified Person to oversee and report on the 10,000-tonne bulk sample for the Program, has resigned from the Project.
The processing of the excavated 10,000 tonnes is proceeding as planned at a rate of approximately 1,000 tonnes per week to produce gold/silver gravity and flotation concentrates. It is expected that approximately 4,000 ounces of gold will be produced in total from the material excavated for the Program, as defined by the Valley of the Kings November 2012 Mineral Resource estimate prepared by Snowden Mining Industry Consultants ("Snowden") for that area of the Valley of the Kings.Independent Qualified Persons from Snowden are responsible for the review and sign-off of the milling and processing component of the Program, and will issue a final report on its completion.The processing results from the Program's four cross-cuts and the 615L drift (the lateral drift excavated between cross-cuts 426615E and 426645E) will be reported as they are received, with the results from cross-cut 426585E anticipated within the next two weeks. The total amount of gold and silver produced by the mill will be reported on the completion of processing.An updated Mineral Resource estimate for the Valley of the Kings incorporating all 2013 underground and surface drilling and milling results will be prepared following the receipt of all assay data.Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Bulk Sample Program processing. Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.About Pretivm
And this is what it means:
continues hereVANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 8, 2013) - Santa Fe Metals Corp. (the "Company") (TSX VENTURE:SFM) announces that drilling operations at the Sully group of claims (the "Sully Property") located near Fort Steele in southeastern British Columbia are well underway and progressing with excellent drilling rates and hole trajectory. Enhanced drill stabilization techniques are being employed to minimize drillhole deviation and surveys show that the hole is on course to the target at a modeled depth estimated to be approximately 1,000m.About the Sully PropertyThe Sully Property comprises 1,375 hectares located 27 kilometres east of
Disclosure: no position
Various social organizations of the Condebamba Valley in Cajamarca today presented to the Ministry of Energy and Mines a demand to totally nullify the Environmental Impact Study (EIA) of the Shahuindo mining project that Sulliden Gold wants to develop in that location. According to the demand, the current Shahuindo EIA does not conform with the referential rules of the right of citizen participation and in its environmental impact. The demand was made via the Cajamarca regional government.
To fund acquisitions, LionGold planned back in mid August to raise S$202 million at S$1.11 a share with three firms, Platinum Partner, Carnegie Hall Group and Spring Road Adivsors.Of course, now trading for less than a quarter that price, it becomes improbable firms would take up LionGold shares at S$1.11 – if they already haven't – which in turn would limit LionGold's access to fresh cash to spend on new and ongoing acquisitions.While a LionGold spokesperson could not be reached at presstime to comment on the financing, it does not appear to have been completed. LionGold lists the financing as pending in a corporate presentation dated September and has also said it expected to raise the S$202 million in October or November.Platinum Partner President Uri Landesman, reached by email Monday, declined comment on the status of the financing. Continues here
UPDATE: Also, check out this and especially this on the very interesting move by the fashion challenged but mine-experienced Alexander Molyneux to take over another big Singapore mining loser of recent days, Blumont. My thanks again go to Kip Keen for the headsup on these reports, via his very useful Twitter account that you can (and should) follow right here.
The sorry state of the Toronto Stock Exchange (TSX) and the Venture Exchange (TSXV) in four simple charts
Traded volume on the TSX:
Dollar value of trades on the TSX:
Traded volume on the TSXV:
Dollar value of trades on the TSXV:
No further comment necessary. Data from here
Question: Who is going to dump 400,000 shares of Gold Resource Corp (GORO) onto the market (on) by October 10th, 2013?
My thanks to DF for the headsup on this.
It just so happens that Lawrence Page QC is a director of six public companies quoted in Canada. According to the regulatory filings of four of those:
- Southern Silver (SSV.v) paid Lawrence Page QC $359,151 in 2012. SSV.v is now a 2c stock
- Bravada Gold Corp (BVA.v) paid Lawrence Page QC $128,583 in 2012. BVA.v is now a 2c stock
- Quaterra Resources Inc (QTA.v) paid Lawrence Page QC $72,400 in 2012. QTA.v is now a 15c stock
- Homestake Resources Corp (HSR.v) paid Lawrence Page QC $160,596 in 2012. HSR.v is now a 5c stock.
UPDATE: Iwnattos adds his dos centavitos