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thanks madtony, but i am trying to stick to only OTCBB and Pinksheet stocks. i have not been successful trying to compare bulletin stocks with bigger board stocks. they seem to perform differently, but that is just my opinion.
Healthy pull back here. Just as planned. Nothing to worry about. We need to at least return to $0.32 to complete the Fibanacci retrace. Longer term we should see support around $0.25. One must consider that there may be some dilution coming this year since they will need capital for the new mine and to purchase Wits Basin. So don't be shocked to see the outstanding shares increase. Last time I looked I think there were about 70M shares. I'd expect 80M by the end of the year. No worries.
I agree with SLXI, but I don't see the comparison with FNWU. That company appears to be a financial news company that provides daily stock alerts. Did you perhaps see an alert from them on a different company that was in the RFID industry?
Thanks
I'm trying to compile a list of competitors (OTCBB and Pinksheets) for PLKC.OB. Can you please take a look at this list and let me know if any should not be on here or if you have any to add?
AIDO.OB
AXSI.OB
EMTI.PK
HISC.PK
IBSS.PK
MIOK.PK
NEIK.OB
RFDL.PK
SKVY.OB
STTK.OB
VYTC.OB
XCHC.OB
Thanks
Wits Basin PR
Wits Basin Announces Silver Project Moves Into Due Diligence Phase
MONDAY, APRIL 24, 2006 12:52 PM
- PrimeZone
MINNEAPOLIS, Apr 24, 2006 (PRIMEZONE via COMTEX) -- Wits Basin Precious Minerals Inc. (WITM) today announced it has moved into the due diligence phase of the previously announced project with Journey Resources Corp. (CA:JNY) and its wholly-owned subsidiary Minerales Jazz S.A. de C.V.. As a result, Wits Basin may acquire an undivided 50% interest in certain mining claims comprising the Vianey Mine Concession located in the state of Guerrero, Mexico approximately 250 kilometers south of Mexico City and 160 kilometers north of Acapulco.
Commenting on the developments, Vance White, CEO of Wits Basin, said "We have made the requisite payment of restricted stock to Journey allowing us to move forward with our site visits, review of technical data, and research title work. We believe we will complete this phase by June 15. Furthermore, we are proud to announce that this next step in our silver project will be led by Dr. Clyde Smith. Mr. Smith comes to Wits Basin as a result of our consulting agreement with Charles Mottley, President and CEO of El Capitan Precious Metals, Inc. (ECPN) . Mr. Mottley serves as a member of the Board of Directors of The National Mining Association. As part of his commitment to Wits Basin, Mr. Mottley has made a recommendation for additional team members for Wits Mining. Through Mr. Mottley, Wits Basin has enlisted the consulting services of Dr. Clyde Smith to assist us in both our Bates-Hunter project and now our Journey Resources Silver venture.
Wits Basin believes that the Vianey Mine in Mexico and immediately contiguous property could host millions of tons of ore grade material.
About Dr. Smith
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He is currently engaged in a gold-platinum project in Nevada and serves as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
About Mr. Mottley
In addition to his active service as President and CEO of El Capitan Precious Metals, Inc. (ECPN) , Mr. Mottley serves as a member of the Board of Directors of The National Mining Association.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.
Forward-Looking Statements and Risk Factors Certain statements contained in this press release are forward-looking in nature and are based on the current beliefs and assumptions of our management.
Words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," and similar expressions and their variants may be used to identify forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes.
The exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves and mineral resources in connection with any of our projects and any estimates relating to possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves and mineral resources already discovered and recovered by others in the same region of the planned areas of exploration.
The cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.
Wits Basin PR
Wits Basin Announces Letter of Intent to Acquire Silver Interest; Former Mexico Silver Producer to be Revitalized
WEDNESDAY, APRIL 19, 2006 7:19 AM
- BusinessWire
MINNEAPOLIS, Apr 19, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) today announced it has signed a letter of intent with Journey Resources Corp. (CA:JNY) and its wholly-owned subsidiary Minerales Jazz S.A. de C.V., whereby Wits Basin may acquire an undivided 50% interest in certain mining claims comprising the Vianey Mine Concession located in the state of Guerrero, Mexico approximately 250 kilometers south of Mexico City and 160 kilometers north of Acapulco.
LOCATION
The property comprises approximately 5,022 hectares (12,400 acres) less than 2 kilometers from the town of Atzcala which hosts modern infrastructure and facilities as well as a sufficient labor pool. There is existing electrical power at the mine as a major power line passes near the property.
On-site examinations by Journey personnel and available exploration data indicate a probability of discovering extensions to known silver-bearing veins on the property, both in the existing mine and the adjacent areas identified in the technical report, the Blakestad Report (dated of October 18, 2004 and revised March 10, 2005) by Rodney A. Blakestad J.D., C.P.G.
Geological maps published by the Mexican Department of Mines identify a series of lead-zinc-gold occurrences approximately five kilometers northwest of the property. The new concessions have been staked to cover the projected extension of these known ore bodies and comprise part of the property package. The Blakestad Report confirms the potential that these known mineralized zones likely extend into the vicinity of the Vianey Mine.
EXPLORATION RESULTS TO DATE
A review of past calculations of potentially mineable tonnages of mineralization above the -75 meter level, including the most recent exploration activities completed in 1997, and as reported by Mr. Peter Hawley in his 2000 reserve and drill resource study, provides an estimated total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per ton, which at current metal prices would have an in-ground value in the order of US$250/ton.
Mineralization at the Vianey Mine includes veins, breccias, lens and mantos of silver as well as poly-metallic (Pb-Zn) mineralization with local concentrations of gold and copper. Most of the veins are localized along NW-SE trending structures and E-W structures; the lenses occur in fault zones and as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in the limestone, which are associated with calcite-gypsum-quartz gangue minerals and important amounts of associated silver.
Recommendations in the Minerales Jazz March 2005 report, which are being followed up, include lithological and structural mapping and aerial photography, or high-resolution satellite imagery interpretation of the area. The object of the work will be to locate and orient approximately 3,230 meters of diamond core drilling to test the grade, thickness and continuity of mineralization at depth and along the strike.
Management believes that the Vianey Mine and immediately contiguous property could host millions of tons of ore grade material. "With silver trading at a new 25-year high and base metals also into new high ground, we feel the outlook is for continued strong demand and prices," said Vance White, Wits Basin's CEO. White continues, "Despite current prices of about $13/oz, silver remains at a much lower multiple to gold than has otherwise been true historically and we believe it is appropriate for the Company to expose itself to a project of merit and strong technical attributes in this arena."
DEAL TERMS
In order to earn the 50% interest Wits Basin must:
1. Issue 100,000 shares of its common stock to Journey, by April 20, 2006, which initiates a 45 day due diligence period in order to have Wits Basin's consultants carry out a site visit, review technical data and research title work to be completed no later than June 15, 2006;
2. On or before June 15, 2006, issue 500,000 shares of its common stock and initiate a Program of Work as outlined in the Blakestad Report, a minimum expenditure of US$500,000 is required to be completed on or before December 31, 2006 for which a 25% interest will be earned in the property; and
3. On or before January 15, 2007, issue 500,000 shares of its common stock and initiate a secondary Program of Work with a minimum expenditure of US$500,000 to be completed on or before September 30, 2007 for which an additional 25% interest will be earned in the property.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.
Wits Basin PR
Journey Enters Letter of Intent to Option Interest in Vianey Mine Consession
WEDNESDAY, APRIL 19, 2006 6:00 AM
- CCNMatthews
VANCOUVER, BRITISH COLUMBIA, Apr 19, 2006 (CCNMatthews via COMTEX) -- Journey Resources Corp. ("Journey" or the "Company")(TSX VENTURE:JNY) is pleased to announce that, subject to regulatory approval, it has entered into a letter of intent with Wits Basin Precious Minerals Inc. ("Wits Basin"), whereby Journey will grant Wits Basin an option to acquire a 50% interest in and to certain mining claims comprising the Vianey Mine Concession, located in Guerrero State, Mexico (the "Property").
The terms of the letter of intent include payment and expenditure requirements by Wits Basin. The payments to Journey include: the issuance of 100,000 common shares of Wits Basin on or before April 20, 2006; the issuance of 500,000 common shares on or before June 15, 2006; and an additional 500,000 common shares on or before January 15, 2007.
Wits Basin must also incur a minimum of US$500,000 in exploration expenditures on the Property by December 31, 2006 and an additional US$500,000 in exploration expenditures on or before September 30, 2007. Once Wits Basin has exercised its option and completed the payment and expenditure requirements, it will have been deemed to have earned a 50% interest in and to the Property, and a joint venture between Journey and Wits Basin will have been formed.
Journey, through its wholly owned Mexican subsidiary, Minerales Jazz S.A. de C.V., owns a 100% interest in the Property. Located 250 kilometres south of Mexico City, the Property covers 5,022 hectares (approximately 12,400 acres) and has a silver-lead-zinc mineralization production history. Less than 2 kilometres away is the town of Atzcala, with water, telephone and medical facilities, as well as a sufficient labor pool. There is existing electrical power at the mine and a major power line passes near the property.
Mineralization at the Vianey Mine includes veins, breccias, lens and mantos of silver, as well as poly-metallic mineralization with local concentrations of gold and copper. Most of the veins are localized along NW-SE trending structures and E-W structures; the lenses occur in fault zones and as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in the limestone, which are associated with calcite-gypsum-quartz gangue minerals and significant amounts of associated silver.
A review of past calculations completed in 1997, by Hawley, P.J., 2000b, states a total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. (These data are historical resource estimates under National Instrument 43-101, which have not been sufficiently verified by a qualified person to be classified as current mineral resources. Journey is not treating these historical estimates as current resource estimates and therefore, these historical estimates should not be relied upon).
Recommendations in a technical report, prepared for the Company by Rodney A. Blakestad, J.D., C.P.G. in 2005, which are being followed up by the Company, include lithological and structural mapping and aerial photography or high-resolution satellite imagery interpretation of the area. The objective of the work will be to locate and orient approximately 3,230 metres of angle-hold diamond core drilling to test the grade, thickness and continuity of mineralization at depth and along strike.
Mr. Jack Bal, President of Journey, commented: "We are very excited to initiate the work program on the Vianey Silver Mine. With the price of silver having increased to over US$13, we feel this will have a very positive effect on the value of this project".
Journey Resources Corp. is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol : JNY). The Company is currently exploring three advanced exploration-stage projects; the Vianey Mine Silver Project, the Musgrove Gold Project and the Empire Mine Project. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State west of Mexico City, Mexico. The Musgrove Project is a prospect for a disseminated gold bulk-tonnage surface project similar to the Beartrack Mine, a nearby former gold producer. The Empire Mine Project is a poly-metallic skarn deposit containing copper, zinc, gold and silver ores, and is located in the Alder Creek Mining District in Custer County, Idaho.
Yeh that's about all I have experienced so far as well. I'm just wondering if there is a way to get mail directly to the CEO. Now before everyone jumps me for saying that, I realize that he has much better business stuff to be doing rather then answer an investor's mail. BUT, some CEO's like to deal with investors that have intellectual questions and possible recommendations for the company. I would not expect an immediate answer like from the sales guys, but perhaps in a week or two he could get to it. IMO if you are really a concerned investor then you should send the company (and not the IR firm) your business suggestions. Probably not the standard procedures for most companies but when you find one that is open to investor ideas then you know you have a winner. With the law suits flying around right now most IR firms are hesitant to say anything. Management is typically one way or the other. Either they won't say anything or they enjoy investor comments and recommendations. Not saying they will adopt any of them just nice to have a different perspective at times. Especially if the company is stuck in the mud as this one appears to be right now. I'd like to hear this boards ideas for what this company can do to get momentum going. Please try to think more long term as a CEO is not concerned with how much money we can make on a flip of a stock like this. Any thoughts?
So what have we found is the easiest way to get information from the company? I have emailed their sales department and they responded within an hour, but my question was product and pricing oriented. Just wondering how we can better determind management's direction and plans for the future. No secrets of course, just what they are hoping to accomplish (milestones and expectations). I'd like a little more information behind the CEO's incentive plan that fell through last year and how that is working this year. Any thoughts?
Well I'd say somewhere around $0.25 would be a good re-entry point if you are playing within the bands. Of course playing that game runs the risk of getting shutout and missing the huge run that is coming. So to be safe I'll probably begin to accumulate down around sub $0.30 levels. You have to look at what the upper limits (expectations) are and then just do a cost/benefit analysis to pick your entry and exit points. IMO there is a slight chance this could run to $2 pretty quickly. For a shorter term I am looking for $1. So either way you look at it any purchase price at this level is a smart risk. I just don't like to see a huge portion of my portfolio in a single stock. To each his own. GLTA.
I noticed on Friday of last week that someone had opened a short position to the tune of about 3.4M shares. I checked yesterday though and the position has since been covered. I guess that explains the recent run. We should stall here then and hopefully create a base. I still think we will see some profit taking and therefore retrace back some. I will be looking for a re-entry point back around the lower bolli. GLTA.
I sold about half today. Just afraid that we might have gone up to quickly for some folks. Looking for a Fibinacci retrace or return to the lower bolli to get it all back. Couldn't resist the profits since I have so many other plays that look good right now as well. I still think that this one could run to $2 but I just have my doubts that right now is the time.
Still waiting to see better progress in the de-watering so we can start extraction. I have no doubts that there is gold and silver in the ground there. History supports that enough for me to believe. I just want to see progress towards digging ops. The parallel vein is interesting though, especially since I did not factor that into my initial assessment. Still one must ask themselves, is WITM worth over $30M right now. I think that is a pretty fair price, but only based on potential at this point. Once we start full scale operations it will be worth much more. My estimate is by the end of this year and I am sticking to that for now.
Now that's what I'm talking about! Nice pop, worthy news and more on the way. Great strength in this stock and the buying continues. Let's crank up that dewatering and start yanking some gold and silver out of Bates Hunter.
Wits Basin PR
Wits Basin Updates Gold Assay Results; Conference Call with Important Developments Scheduled for April 18th, 2006 at 4:15pm ET
MONDAY, APRIL 17, 2006 7:17 AM
- BusinessWire
MINNEAPOLIS, Apr 17, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) today releases their 6th consecutive set of assay results. Grades of ore for gold run as high as 1.709 ounces per ton and more than 3 ounces per ton for silver. Vance White, CEO, commented, "This process of releasing assay results every few weeks demonstrates both the presence of gold and the quality of the ore. We are very pleased to report these newest assay results from our Bates-Hunter project. As stated on the last assay press release, this affirmation of continued positive results confirms our belief that the archival historical information is accurate." White continued, "Based on this archival data, the historical assays of the geologist, Williamson, showed an average grade of ore of 1.14 ounces over 64 samples. With this type of information, we believe this current vein may host well over 1 million ounces of gold."
Results as reported by Brian Alers (PGeol) include, "Muck samples of vein material found during the excavation of a refuge chamber on the -163 foot level of the Bates-Hunter Gold Mine in Central City Colorado, contain up to 1.709 ounces of gold per ton and 3.36 ounces of silver per ton. A muck sample of a vuggy sulfide vein, BH 5083, contains 0.945 ounces of gold per ton and 2.63 ounces of silver per ton.
Number Type Location Au (Gold) (1) Ag (Silver) (1)
----------------------------------------------------------------------
BH-5079 Grab 163 W 5 foot Underground 0.002 0.03
----------------------------------------------------------------------
BH-5080 Muck 163 W 5 foot Underground 0.003 0.03
----------------------------------------------------------------------
BH-5081 Muck 163 W 5 foot Underground 0.403 0.82
----------------------------------------------------------------------
BH-5082 Muck 163 W 5 foot Underground 1.709 3.36
----------------------------------------------------------------------
BH-5083 Muck 163 W 5 foot Underground 0.945 2.63
----------------------------------------------------------------------
BH-5084 3.5 ft 163 W, 11 ft Underground 0.135 0.41
channel splr
----------------------------------------------------------------------
(1) Ounce per ton
Conference Call April 18th at 4:15 pm ET:
Interested parties may hear the conference call by telephone. Instructions for hearing the conference call:
To hear the conference call as it takes place: Call 800-434-1335 in the United States or Canada; or
Call 404-920-6442 in the Atlanta Area or Internationally. Use Pin Code: 474248
Exclusive: For Expedited Entry into the Conference, please register at this link for your Direct Access 800 number: http://www.AccuConference.com/WITM
To hear a recording of the call (available for 30 days immediately following the conference call): Call 800-428-6220 in the United States or Canada; Pin Code: Press the star key then 474248.
Man, I missed that opportunity to add some to my position. IMO the reason for the drop is two fold. People may have been expecting more then a $0.01 dividend, but are ignorant to the fact that that is what the stock will START trading at. Once we get more clarification we will see far more value then $0.50 in the OTCBB company. Anyone think we will have a hardware company and a software company after the merger?
The second reason could again be ignorance. Read the PR again but read it quickly and try not to really think about it. Some people might be confused. They may think that the company is merging and they will only get one share worth $0.50 for the merged company and that HISC.PK will completely go away. In that case they probably thought we were heading to $0.01 today. That passed quickly as smart investors picked up some cheapies. I full expect the price to recover to $0.06-$0.07 today or tomorrow.
I also agree with the Fibanacci retrace theory. Looks very bullish to me. IMO the true value of this one right now should be closer to $0.10, and definitely over $0.08. ActSoft and HISC alone are worth that (if not more). Now factor in whatever we are getting with the OTCBB company and you've got even more gains. My guess is that the company they merge with is not a shell though. That could have been done long ago at a much lower cost. I am betting that we will see some overlap. I still like the possibility of it being SEHO or PLKC. Unfortunately I only own PLKC.
OT: I have submitted a TOS violation against him as well. Hopefully Matt will send him back to Raging Bull.
herman, some of your points are valid and if you would stick to them it would be one thing. But posting the same message multiple times and several personal attack posts have pushed you over the edge. It is easy to doubt a stock under $0.01, but those of us that would like to make a few bucks like to think of the positives here. We are well aware of the negatives and will not hold that against you for posting them, but calling it a scam is just childish. I think that type of attitude is accepted over at RB but not here.
I don't view a discussion involving HISC an off topic conversation. That is a fair comparison for PLKC. HISC is around $50M in market cap compared to only $3M for PLKC. So you cannot have identical expectation, but still a similar product. HISC focuses on port security and therefore markets its product more towards the governmental segment which equates to larger contracts. PLKC focuses more on the commercial segment (trucking/busing/transportation) and some on the municipalities (waste management). If, and when, PLKC can gain some contract momentum we should be trading at 5 times what we are right now. Decent potential if you ask me. Both of these companies have ballpark of 1 billion shares. HISC started at this same level before their run. The marketing takes time. So I am just being patient, giving them a chance to develop a plan and execute. Overall loss is not that drastic and the product is developed enough to market it fully. Additional R&D will add functionality to its product and make it more easily sold. We have hit rock bottom around $0.003 so the downside appears to be limited. Perhaps additional funding will be required to continue so there is some risk of course, but the upside greatly outweighs the down. I'm holding.
Very good information, thank you. I didn't see that PR. Can't wait to listen in. Holding long and strong. Might want to pick up a little more before the CC.
Thanks for the warm welcome. Now that I know about this board I'll check in from time to time.
Thanks.
I'm new to this board, but thought I would just mention my favorite gold play. WITM.OB just bounced off its bottom bolli and appears to be reversing back to $0.40-45. Nice story stacking up with two potential veins intersecting the Bater Hunter Mine here in Colorado. Initial assays confirmed the historical information so far and that is just around the first level. The true potential lies down around 700 feet below the surface which is still underwater. Since the mine stopped operations back in the 70's the shaft filled with water. Current dewatering has them down to about the 200 foot level. Much work to be done still with that.
The company is still in its due diligence period over the Bates Hunter Mine. The asking price is around $3M which the company should recoup in the first year or two of full production. Currently they are drilling to confirm the parallel vein and continued assays. IMO here is how it will play out. The parallel vein will confirm historical values as well. That should be announced this month. This summer the dewatering will speed up and the mine should be in production by the end of summer. By fall the company should announce that it is purchasing the property either alone or as a jv.
By the time the Bates Hunter Mine enters full scale production I expect this stock to be above $1. For the short term we should return to $0.40 within the month. I can't think of anything that would reverse the current uptrend. Should see some normal resistance around $0.45-50 unless breakout news comes before that. This one is good for a swing trade or long term hold. You will find some good information on the company's website. Chartist should love it because it bounced off the lower bolli and looks to be continuing to the top. Could see a breakout thru the top if timing works out the way I think it will.
Feel free to drop a few comments on the Wits Basin message board that I started under Basic Materials, before I saw this section. Not much discussion over there but I welcome any comments (positive or negative). Of course these are all my opinions and I suggest doing your own DD before entering a position. I do own a small stake in the company (wish I got more before the bounce). In case you are wondering I do not receive any form of compensation from the company. I just want to see what this Colorado mine has to offer and hopefully make some money.
I'm still hanging around. Pretty busy at work lately though and watching BSIO and WITM. Decent gains lately, still holding for bluer skies. Keep up the good work.
Thanks
Wits Basin PR
Wits Basin Updates Gold Assay Results
WEDNESDAY, APRIL 05, 2006 7:05 AM
- BusinessWire
MINNEAPOLIS, Apr 05, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) today releases their 5th consecutive set of assay results. Grades of ore for gold run as high as 1.126 ounces per ton and over 5 ounces per ton for silver. Vance White, CEO, commented, "We are very pleased to report these newest assay results from our Bates-Hunter project. This affirmation of continued positive assay results confirms our belief that the archival historical information is accurate." White continued, "Based on this archival data, the historical assays of the geologist, Williamson, showed an average grade of ore of 1.14 ounces over 64 samples. With this type of information, we believe this current vein may host well over 1 million ounces of gold."
Results as reported by Brian Alers (PGeol) include, "Rock chip samples from a vein exposed in a support pillar on the -163 level of the Bates-Hunter Gold Mine, contain up to 1.126 ounces of gold per ton and 5.55 ounces of silver per ton. A 1.9 foot wide channel sample across the pillar contained up to 0.426 ounces of gold per ton and 2.05 ounces of silver per ton. Trace element geochemistry results indicate that the vein contains very fine-grained gold and silver telluride minerals."
----------------------------------------------------------------------
Number Type Location Au Ag
(Gold) (Silver)
----------------------------------------------------------------------
BH-5072 Grab-HG 163 W 12 ft pil Underground 1.126 5.55
----------------------------------------------------------------------
BH-5073 Grab-HG 163 W 12 ft pil Underground 0.525 3.01
----------------------------------------------------------------------
BH-5074 Grab-HG 163 W 12 ft pil Underground 0.508 6.57
----------------------------------------------------------------------
BH-5075 1.9 ft channel 163 W 12 ft spil Underground 0.426 2.05
----------------------------------------------------------------------
BH-5076 2.9 ft channel 163 W 12 ft npil Underground 0.018 0.09
----------------------------------------------------------------------
BH-5077 1.9 ft channel 163 W 80 ft srib Underground 0.001 0.03
----------------------------------------------------------------------
BH-5078 Grab 163 SW 14 ft Underground 0.004 0.10
----------------------------------------------------------------------
Drilling Update
At the Bates-Hunter mine, the water level is currently below the 200 foot mark. Dewatering continues and the Company is preparing the drill station location needed to commence the underground core sample drilling. The target areas are the multiple parallel vein structures surrounding the Bates-Hunter vein. The current plans include fan drilling of at least 6 to 8 holes and to be able to report the results by the end of May 2006.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.
hapacrazy, go to www.buyins.net and click on the list for like the 25th or something around there and you should see the 12.8 million that were shorted. I am not sure how often this list updates but apparently now those have been covered. Keep in mind though that this list is not all inclusive and these are only reported shorts, NOT naked shorts. There is currently no way to know if a company is being naked shorted. That is why it is borderline illegal and not that many people can actually do it.
What happened was that people are starting to catch on that this 10K could be big so they are loading up in case it runs. If they are not blown away by it or if the run doesn't happen they will sell. Add that to the other things I mentioned before that I believe are in the works, plus the fact that shorts have been covering and you have enough reason to at least hold a small position (IMO).
I kinda hope that the 10K is released over the weekend. Make them buy in tomorrow if they want to be there for the run up. I've been trying to come up with an estimate of how high we could go but I can't seem to figure it out. I think we would definitely hit a ceiling around $0.03. Based solely on the annual chart. I would expect a pause at $0.01 as well but if we break that we can really fly. I just wish I had gotten filled at $0.003. Instead of being so dang greedy I should have walked up a little further.
Does anyone have L2 and mind posting today's trades? My guess is that we have a huge interest in this one right now but the bid/ask spread is huge. I had a bid in at $0.0028 with no fill of course. I'll up it to $0.003 for the rest of today and see if they will talk it down a bit to me. Whoever is selling, come on be fair and walk down your Ask as much as I have walked up the Bid and lets make a market. We are getting about $6-10K of volume lately on no news. Imagine what we could get with some news to inform their shareholders! Profit takers from HISC could easily swing their funds this direction and we would have a huge momentum play. Just need to get the word out and then the volume will come in and after that we all know what follows.
Just noticed something else in the last 10Q that I passed over the first time. The CEO was given 140M shares with an incentive plan. The company needed to reach either $1.5M in net income by the end of 2005 or $5M in revenue, unfortunately that did not happen. So we should expect to see 140M shares removed from the outstanding share count. That accounts for almost 20%, unfortunately I think that might be part of the 165.9M that Mr. Bain owns. So with this we can retire 20% of the O/S but reduces the exciting level that insiders owned.
This 10K should definitely emphasis GROWTH. Total sales in 2004 were $3,055 which came from 5 commercial customers that were billed for 30 total TransTRAK units. I'm going to assume that the company completed it initial order from Estrell Blanca for 100 units. They had a few additional contracts with other transportation companies (Fruge's Distribution and A+ Airport Transportation). Oh and can't forget the contract with All My Sons Moving & Storage. I estimate revenues to be around $180,000. The merger with AutoTrack GPS might bring in the same amount which means that we should at least double revenues by the end of 2006. Hopefully some overlap of the two companies can be eliminated which will reduce overall costs and get us closer to profitability.
Should be on the horizon...
1. PR retiring 140 million shares
2. PR about another contract with a waste management department in Florida
3. PR about a new contract with Two Men and a Truck Moving & Storage franchise (could be a big one)
4. PR about an additional purchase order from Estrella Blanca for up to 10,000 units (another big one)
5. PR outlining AutoTracks GPS business and what it brings to the company
6. PR about a small contract generated from the Chicago meeting on the 9th of March
Hopefully on the horizon...
1. PR concerning additional acquisition/merger partner
2. PR announcing Canadian sales office and additional focus into that market for both commercial as well as municipal customers
3. PR announcing other applications for the TransTRAK
4. PR about additional conferences that the company will attend this year
Well there are a few milestones that we can begin to track. It is important to keep in mind that the company really did not begin its focus and direction into this segment until August of 2005. So by August of this year I expect big things (some above). At only a $3M market cap I would not be surprised to see this as a possible takeover target.
Perhaps this news will be enough to move us off the bottom. Looks like we just moved up to $0.0033 on little to no volume. Selling may have subsided now. We sure could use a PR right about now. This one is still under the radar of most. Keep accumulating and when the time comes we will let the cat out of the bag and watch this one run.
I can't wait for the 10K. Merger news and pending contracts. Short position covered. All signs point to positive right now. Just need to pick up the volume and off we go.
Keep up the good work Marion. Maybe I'll get what I want today. Please do spread that rumor that this merger is a hoax. Even throw in the word scam. See if you can find a lawsuit concerning Dennis to fuel the fire. Beyond the receivables please explain away the $2.5M in net income. This is good stuff, keep it coming. LOL!
My guess is that I would get my fill at $0.02 if you did that. LOL!!
Well then let the wacking begin, cause I want more at $0.02. Wack away MM. I'll play your game. These shares are gonna smell good when we hit $0.05 in a week or two.
Nope, LFWK is not on the www.buyins.net list. Some believe this is because LFWK.PK is actually trading on an unsolicited basis. I'm not really all that familiar with what that means but here is the warning statement from www.pinksheets.com.
"This security has only been quoted on the Pink Sheets on an unsolicited basis since it initiated trading in the public OTC markets. Pink Sheets has not received notice of the NASD clearing a market maker to publish their proprietary quotations in this security or the issuer registering to the SEC as a reporting issuer under the Securities Act. As such, adequate current information may not be publicly available for this issuer. Pink Sheets believes adequate current information should be publicly available when a security first enters public markets and that current financial information should continue to be provided on a quarterly basis. Pink Sheets has discontinued the display of quotes on pinksheets.com for this security until such information is made available by the issuer. Investors are encouraged to use care and due diligence in their investment decisions."
So before looking at LFWK just be aware of the risk involved and weigh that with the upside potential (most think it is around $0.10 right now but some think as high as $0.25).
PLKC trades on the OTCBB therefore there is a great deal more visibility into its trading (be it long or short). I tend to agree that something positive has got to be in the works with PLKC. For the short to cover 10 million shares in the last two weeks I would think they must have gotten wind of something positive. I view this as a great sign and another reason to continue to accumulate at these levels. I really think this one could be another HISC. If you have a piece now you will be one of the early ones in. I entered HISC around $0.02 after it came up from around this same level on a few contracts and new technology. PLKC just needs to up their marketing and maintain a lag time of less then 6 months and they will be successful. In July-August of last year HISC landed a huge contract with ProSec in the Middle East that caused the stock to sky rocket ($0.02 to $0.13). As of today they have shipped about 1000 trackers to ProSec, which is not even 1/4 of the total order. That is why I have reduced my position in HISC and increased over here. I'm sure PLKC would run into a jam if they received a multimillion dollar order as well, but I beleive they could complete the order in under a year, which HISC doesn't seem to be able to do.
I just found something in my DD notes that is very interesting. On 17 March I checked www.buyins.net and they had 12.8 million shares shorted at that time. Today when I checked that number is only 2 million. So perhaps that is what has been holding us up at this level. The shorter refuses to pay over $0.0032. Could be that the company is selling shares as well, but refuses to sell them below this level. Either way I still think we make it back to $0.01 within the next 6 months.
Correct me if I am wrong but if management were buying up the stock right now they would not have to report that until after the fact. From the last report I counted about 175.3M shares held by insiders. Perhaps they are still buying because they know what is coming. They already hold about 24% of the outstanding shares. At these levels it is a steal to add to their positions. I guess we will know for sure when the 10K is released (or at least we will have a better figure then).
Sure, naked shorting is the same as shorting only the shorter does not have the capital requirements in their account required for most short positions. Many times their sold shares do not have matching long shares which in effect expands the float. There is a list out there that covers all short positions called the REGSHO and I often check www.buyins.net, but these lists are not all inclusive. I am currently in LFWK because there appears to be a large short position that is naked. The company claims to control all outstanding shares which means that the shares I own are shorted. If the short decides to try and close his position he will have to pay my asking price. So far not so bad, I have been in since $0.004 and now we are at $0.03. Still a great deal of run left in this one.
I am definitely not the expert in shorting stocks though. I have honestly never shorted one myself. So I recommend additional research before taking any of my words as facts.
I was wondering if they will ever let it dip below $0.003. I put in an order for another 250K at $0.0028 just to see what happens. I'll leave it in there for a few days. With such a tight spread you would think that we would have a higher volume. It's almost like both sides refuse to move off of $0.0031/$0.0032. Every now and then they have run to $0.003 to give me a few shares but nothing substantial.
I think the company is trying to release PR's every two weeks now. We might get more PR volume next week around the 10K though. I think there is a contract brewing. Not sure how big though. The story here is getting stronger and stronger. Just need to spend some time educating their investors and drum up some interest and we should get back to pennyland.
Anyone think there could be naked short positions in this one? According to www.buyins.net there have been about 2 million shares shorted for the past 36 days. Typically that is just the tip of the ice berg. All of the could cause a run to be higher then expected. Volume since around that time was higher then usual for about a month indicating a possible additional short position. I count 7 days over 50 million in volume. Hard to believe that half of the O/S changed hands over that time. I think I smell shorty.
I'm going to continue to accumulate and the 10K will determine where I go from there.
IMO, the herd hasn't even heard about this one yet (no pun intended). A few PR's about naked shorting and a PR about a plan to uplist is only enough to attract a few. The merger activity brought more peeps onboard, but the mass majority has either not heard about this one or are waiting on the sidelines for more proof (i.e. willing to pay a higher price later and then ride it for all it is worth).
Dennis has stated that he does not want to over inflate the stock by fueling daytraders. I believer he has done a great job so far. Also, must consider that maybe the company is still buying up the float on the dips so he doesn't want to release a PR only to have to pay more for shares.
All we can do for now is generate conservative estimated and either identify this as a drastically undervalued stock or else sit on the sidelines and leave it as a wait and see stock. I believe the recent pull back was healthy and that we will continue our move when the profit taking subsides and the strong hands continue to accumulate. There is just way too much potential to keep this one down at these levels for long. I cannot estimate a time frame because I don't know everything that is going on.
Dennis may be working with auditors to pretty up the financials or he could be working with lawyers to get the paperwork ready for the SEC. Sure, he could just be out to lunch buying another sweater, but I doubt that is the case here. He is very busy considering that the company is pretty much run by himself and a couple others.
Something we haven't even talked about on this board is LFWK's future involvement in the Gulf coast cleanup and building projects. That alone could easily double or triple the current income expectations. Man, this one is a steal. This is a perfect opportunity to accumulate.
I do recommend accumulating at these levels. I am buying below $0.20. I believe we will see a bounce off of the lower bolly here and a movement back to $0.40. We will be fueled by the PR's updating us on what I mentioned before. Nice opportunity to double your position here and maybe more. Management is still assembling the team to make this a successful venture. I don't see how they would not decide to buy this property. In previous posts I have derived forecasts based on figures from PR's that support paying back the cost of this property within the first full year of full scale extraction. With the price of gold at current levels this one is a steal. I have a few friends accumulating as well and I do plan to make a trip to the site this spring. The weather out here in Colorado is amazing right now which should mean that the dewatering process is progressing smoothly.
Oh, and my initial estimates did not take into account any parallel vein projects, nor did it account for the silver that was found. I unloaded most of my position at $0.37 but plan to put it all back in below $0.20. Only got a small piece today.
pennyjunkie, please see responses below...
1. Company released intent to move to OTCBB as soon as possible, but SEC restrictions will slow that process down. It is on management's to-do list so it will just take time.
2. Sulja Bros website with posted financials (all be it unaudited) reduced the unknown quite a bit. Will need to wait for merger completion and audited financials for the rest of the story.
3. Facts seem to point to this, but no real way to prove it i guess. I think this will become obvious in the future if/when shorts begin to cover.
4. Spam FAX? Who cares? Even if it was the company, it only makes sense to let people know that you have shorty caught with his pants down in any way, shape and form possible.
5. Proof of merger? There is enough legal evidence to warrant a big lawsuit if all of this merger talk is untrue. I tend to side on the trusting side when stuff like this is in writing on various websites.
6. MM depressing price to avoid covering? I don't understand this logic. Seems like they would depress the price to allow for covering. As each month goes by it just allows for longs to buy more at these levels which puts more strain on the shorts. If the company does in fact have or get complete control of the float then that can only spell disaster for the shorts. Once that is complete a simple call to a venture capital firm or small cap institution should ignite the powder keg.
I see your points but I just don't beleive that they warrant this depressed of a price. Many said the same type of stuff about IDWD and it eventually took off. Time will tell on this one as well.
We are still way undervalued.
Here are some simple figures to mull over.
LFWK + Sulja Bros.
Shareholders equity = $0.6M + $18.8M = $19.4M = $0.0388 book
Net Income = $0.8M + $2.5M = $3.3M = $0.0066 EPS
Assumption (P/E ratio) = 20 = $0.132
10 = $0.066
5 = $0.033
Total Assets = $6M + $25M = $31M = $0.062 per share
For an unsolicited pinky this is amazing, heck for any pinky this is amazing. This one will make a solid OTCBB stock within the year. My guess is that the company is waiting for the completition of the Ambrose Project to break ground on the new project plus the merger needs to complete. With all of the stuff on the horizon this one should easily be trading at a 10 P/E. I still think 15-20 is reasonable. So even without the short squeeze that justifies a PPS of $0.10.
I'm holding this one LT.
P.S. I do realize that all of the financials are still unaudited and could change. So I do understand some disbelief, but come on. This one is selling at a 60% discount right now.
Well most of the news is already out there right now. You can derive the potential for this one from past PR's. Still up in the air is if WITM will purchase the Bates Hunter Mine for $3M this year. I believe they have until Novemeber to make the final decision. Also, they are continuing to dewater the mine shaft to try and get down to where the previous big finds were. No idea about the overall structure and stability of the mine at that level. So between getting the pump installed at the pump house level and continuing to reinforce the structure of the mine not much going on right now. Next PR will likely update us on the dewatering level and possibly report on the latest tests done of the walls at the current dewatering level. They are also starting tests to look for the parallel veins that run nearby to assess the overall value of the proparty and minig rights. That's all for now.