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I've now added you as an assistant. Thanks for the help!
Bought some Golden Tag on this news:
Golden Tag Reports Initial Rulings of Arbitration-ECU is Removed as Operator of San Diego Joint Venture
MONTREAL, QUEBEC--(Marketwire - 09/27/10) - Golden Tag Resources Ltd (TSX-V:GOG - News) ("GOG") is pleased to announce that it has received a decision in the matter of arbitration between Golden Tag and ECU Silver Mining Inc. ("ECU") over numerous breaches by ECU of the Joint Venture Agreement ("JVA") governing the highly prospective San Diego Property in Velardena, Mexico.
GOG requested arbitration in June 2009 to resolve many difficulties encountered with ECU. This action was taken after a 3 month period in which time ECU failed to resolve the outstanding issues. The first stage of the arbitration focused on the question of liability and the arbitration Award was issued on September 20th, 2010.
A second stage of arbitration to deal with the issue of damages may proceed as GOG has now been successful in proving fault by ECU. GOG has the right to elect to proceed with the second stage hearing by notification to the arbitration panel within 30 days of the Award.
The arbitration panel has confirmed:
1/ GOG was justified in commencing and proceeding with the arbitration. ECU admitted significant breaches of the JVA. It admitted that it used GOG's funds to pay creditors that were not creditors of the Joint Venture and commingled these funds with its own. In addition to these egregious breaches, ECU committed other defaults under the JVA including, among others, improper removal of ore-bearing stockpiles, failure to produce financial statements and failure to advise of lack of funds to complete the Phase 4 program.
2/ ECU failed to pay invoices of the two principal contractors during Phase 4 drilling which resulted in the premature termination of the program in December 2008 when drills were removed from the property by the contractor and reporting on all assay results was suspended. As of mid-2009 the contractors remained unpaid by ECU and full payment was only confirmed in March 2010.
3/ ECU failed to pay its share of the costs of the Phase 4 exploration program on a timely basis. In addition ECU used funds received from GOG during Phase 4 to pay invoices that were not connected with the Joint Venture.
4/ ECU failed to provide required financial statements.
The conclusion outlined by the Arbitrators in the Award of September 20th states that ECU's behavior is "Egregious". The Award makes the following immediate orders:
1/ECU is to pay GOG's costs.
2/ Neither party will be diluted from their current 50% interests.
3/ An audit of the financial records of the Joint Venture by an independent firm of Chartered Accountants is to prepare adequate financial statements for the Joint Venture for December 31, 2010. The parties have 60 days to agree on auditors. Audit costs will be paid 2/3rds by ECU and 1/3rd GOG.
4/ ECU is to transfer to GOG a 50% interest in the Cortez Mining Rights (San Diego) for no additional consideration.
5/ ECU is to pay GOG 50% of the gross revenue it reported from metals in the stockpile material mined from the property in 2009, an amount equal to US$60,565.12.
6/ ECU has been removed as Operator. The Management Committee is to meet within 30 days to select a new Operator. If there is no agreement on selection of Operator after 60 days, additional submissions may be made for arbitration of this decision.
7/ GOG may, within 25 days of the date of the Award, make submissions seeking payment of its legal fees.
It is the Company's intention to work with ECU to resolve outstanding issues related to the arbitration ruling in an expedient manner as possible so that work may re-commence on the property as soon as possible. The Company intends on issuing more information in the near future.
San Diego Property, Durango State, Mexico
Four phases of surface exploration have been undertaken by the JV on the San Diego Property. Successful exploration drilling has to date identified a major new polymetallic Silver -Lead - Zinc - (Gold) (Ag-Pb-Zn-(Au)) mineral discovery on an extension of the Velardena Mine trend. NI 43-101 compliant reporting in January 2009 (News Release: Jan 19th 2009) identifies combined Joint Venture Mineral Resources of:
-- Indicated Resources: 0.371 Million tonnes (MT) grading 245 grams Ag per tonne (Ag g/t), 1.80 percent Pb (% Pb), 1.33 percent Zn (% Zn) and 0.339 grams Au per tonne (Au g/t); representing -- 4.25 Million Ounces of Silver-equivalent (oz.Ag.EQ); and,-- Inferred Resources: 21.63 Million tonnes (MT) grading 110 Ag g/t, 1.84 % Pb, 2.21 % Zn and 0.134 Au g/t; representing an additional -- 214.3 Million oz.Ag EQ.-- Micon International Inc. also estimated that the property remains highly prospective with additional mineral potential, on strike and at depth, of an additional estimated -- 173.5 to 389.5 Million oz.Ag EQ.
Golden Tag Resources Ltd.
Golden Tag is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Gold project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario. Golden Tag has 39,770,958 issued and outstanding shares.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:Golden Tag Resources Ltd.Marc A Carrier, President514-426-8542514-426-8543 (FAX)pres@goldentag.cawww.goldentag.ca
I have a similar feeling. Have raised some cash, but also mostly long with a hedge in VXX (which had an pretty good up volume day today too btw). I figure a 20% or so weighting in VXX will adequately make up for a potential crash in all markets that could take our juniors down too. Helps to put my mind at ease at least.
Gold and gold juniors, majors, need a break, slight dip, before a major breakout, I hope.
Who's buying the weakness of this consolidation before the breakout?
Who's selling the top?
What's the meaning of life?
Fair enough. Good luck.
Better plays out there IMO. MTO.V has been pumping this 43-101 for a long time and its a huge dissapointment. Rising tide lifts all boats, but I'd rather be on a cruiser than a life raft.
GIX.TO
FWIW, it's had some life lately... A few here probably remember a while ago picking them up hoping they would get financing to retain their interest in a great project. They didn't get it, as financing was no easy task those days, but the quality management is still there and it seems they are working their magic on other things. Anyone still follow them?
Wow... crap! Looks lke MTO.V is pretty much dead money now?
Am I alone in my thinking that "miners" that only consistently trade on the pink sheets are complete and outright scams?
IMO, this board is only for serious discussion of real miners, not PR pumper and dumpers that over promise and never deliver.
It would be my preference that any company that trades on the pink sheets for more than 3 months would not be allowed discussion here.
CRK.TO simply has not taken off while so many others have lately. Is this a sign that its a dog to remain a dog, or perhaps a pause to take advantage of? I have no position, but will keep watching it closely.
FWIW, Grandich has an update today on his take:
Grandich Client Update – Crocodile Gold, Has Adversity Created Opportunity? First the bad news. The Croc has clearly disappointed so far in 2010. To say anything else would be unfair. The good news? Despite falling short, they have come a long way in less than a year. As a recap to those of you who may not be familiar with Croc, Croc paid only US$9 an ounce to acquire a large 2,500 km2 land package in the Northern Territory of Australia, great infrastructure including a few processing facilities and has over 5 million ounces of gold in resources. They are currently producing from the Howley, North Point and Princess Louise open pit mines and the Brocks Creek underground mine, and are developing the Cosmo underground mine.
The Cosmo underground mine and development is the real future of the Company and its crown jewel. Is expected to be in full production in mid-2011 and offers the potential of 100,000 ounces a year of low cost production just from Cosmo.
Croc put out some encouraging news today that they may have some near term targets directly adjacent to their Union Reefs mill. The good news about this is that if they can do the work to get these smaller targets into production, it could have a direct impact on reducing their operating costs as these targets are within kilometres of the mill, which means minimal haulage costs. Their current average haulage distance from the operations to the mill is about 80 kilometres, so haulage makes up a larger chunk of their costs. The two areas are the Union Reefs area and the Pine Creek area. Over 800,000 ounces were mined in the Union Reefs area in the past from 12 open pit operations, and in looking at some of the historic drill intercepts in their press release, it looks like there is still some encouraging upside potential in this area. Historical production in the Pine Creek area has yielded over 750,000 ounces of gold production from six open pits and some limited underground production. Croc is going to be completing the necessary prep work over the coming months to bring one or more new projects on stream.
They also produced 8,100 ounces of gold in August reaching 50,000 ounces year-to-date. They plan to produce over 9,000 ounces in September and to reach their target for the third quarter of 25,000 ounces.
As I’ve noted before, Croc’s share price has been volatile for some time, and I have had many questions about this from justifiably concerned shareholders. Most start-ups are not without their problems, and I would advise shareholders to focus on the month by month reliability and improvement in production especially during the remainder of 2010. We also need to keep our eye on the bigger picture and potential of this company, especially the progress of the Cosmo development where we should expect some Cosmo ore starting to be fed to the mill in the 2nd quarter of 2011 coinciding when we should see a ramp up in overall production and lower operating costs. There are not many other emerging producers as young as Croc and with a similar growth profile. Croc plans to produce 85,000 ounces of gold this year and expects this to increase over the coming years while at the same time decreasing costs.
Crocodile Gold personnel are actively researching historical exploration information and I expect that there will some news soon on some of this potential. With such a large land package there is significant potential for them to increase their resource base and expand production.
We can continue to cry over spilled milk or concentrate what’s in front of us. Management has clearly made some missteps but I will give them credit in that they have not deviated from the importance of developing Cosmo for the future. They have really ploughed through a lot of the start up operating issues and are now starting to see them hitting their targets. In my discussions with management, I know they are totally focused on increasing production and reducing costs. If they deliver we can see that value reflected moving forward.
Ibox is old. I went ahead and deleted the outdated info.
The VIX - Volatility Index is up 11% right now but the VXX is up less than 3%. What gives?
I'd say its not a bad idea to book some profits, but definately hold a good core as the juniors could keep rallying for a decent bit more before taking a break. (How's that for talking out of both sides of your mouth - maybe I shuold start a newsletter lol.)
VXX is down to its lowest since April and everybody is happy again. Can't imagine that will last for too long. Sold a bit yesterday and am thinking of putting that into the VXX. Will probably hold off until next week though and just enjoy the long weekend.
GDXJ new all time high (less than a year old). LOTS of new highs out there. Good time to be in our space!
SQI.V Silver Quest pushing a dollar today. Modest holding of mine from 2.5 years back. Grandich has been pumping it a lot this year.
FWIW...
MTO.V +0.05 to $0.46
Metanor Resources Inc.: Barry NI 43-101 Resource Calculation Ready During the Week of September 15, 2010
VAL-D'OR, QUEBEC--(Marketwire - 08/24/10) - Metanor Resources Inc. ("Metanor") (TSX-V:MTO - News) is pleased to announce that the Company has received the confirmation from its consultants that it will be able to disseminate the results of the NI 43-101 resource calculation on the Barry property during the week of September 15,2010.
Compilation of more than 500 drill holes and 3.5 km of channel sampling totaling more than 40,000 analytical results, took several months of work. These drill holes and channel samples permitted the investigation of this deformation corridor with a width of 125 to 140 meters over a distance of 1 km in length and up to a vertical depth of up to 400 m in places. This large gold bearing zone is still open in all directions.
Metanor Resources Inc. would like to thank all of its shareholders for their confidence and their patience during this waiting period.
Mr. Andre Tremblay, P Eng. is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release.
133,595,947 outstanding shares
The TSX Venture Exchange neither their regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this release.
Thanks LC, competance of management should definately be the number 1 thing to look for in a junior.
MTO.V MEAOF Metanor
Perhaps they have run into some problems going underground?
Or maybe worries about the renegotiated debt facility announced late Friday?
Or perhaps just a large shareholder or group of shareholders anticipate a drop in gold prices soon? Or they may need to sell for reasons completely unrelated to the company.
Over 3X normal volume today.
Any other threats seen?
SSRI is only $17 right now. Seems cheap?
Anybody follow Almaden AAU? Its doubled over the past 2 weeks.
Metanor Renegotiates its Credit Facility
VAL-D'OR, QUEBEC--(Marketwire - 08/20/10) - Metanor Resources Inc. ("Metanor") (TSX-V:MTO - News) is pleased to announce the execution of an Amended and Restated Credit Agreement with a lenders syndicate (the "Lenders"). The Corporation renegotiated certain terms and conditions of its initial credit facility of May 14, 2008 with the Lenders which enables Metanor to extend its credit facility of $US 4.9 million until May 31, 2013.
Metanor will issue, in favour of the Lenders, warrant certificates representing an aggregate of 2,574,567 share purchase warrants. Each share purchase warrant issued shall be valid until May 31, 2013, and have an exercise price of $0.48 per common share, the whole subject to a pro-rata acceleration of 30 days after August 19, 2011 in the case of an early reduction or repayment of the credit facility pursuant to TSX Venture Exchange policies.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
133,595,947 outstanding shares
Hopefully today's move is just the start of another big move up. This company deserves it.
No reason that I know of, other than the fact that it is an undervalued stock at these levels. Much more to come IMO.
TLR +21.84% to $1.06 on big volume.
Anyone know what might be going on?
Nice volume and nice move!
Those much anticipated drill results that were supposed to turn this company into a monster and make you 20x your money were instead a dud.
Failure is the norm in this biz.
Ok, don't need to go through the work to rank them all, how about just pick out your top 3 of these stocks:
AUMN AUN.V CRK.TO EAS.V EVG.V EXN.TO GORO GPR.TO HL KBX LMA.TO MLL.TO MMG OGC.TO SPM.TO
Trying to identify all of the gold companies that are also dividend payers. So far I have:
Yamana
Kinross
Centerra Gold
Barrick Gold
Newmont
Goldcorp
Agnico-Eagle
Freeport
Royal Gold
Gold Resource Corp
Any others you can think of?
I've bought and sold Timmins in the past for a nice gain. I sold a bit too soon obviously, but I think they are too small of a company to appreciate as great in the future as others.
Rank 'em...
Curious as to how individual board members would rate the following stocks. Which is the best buy right here right now (#1 being the best and then down to 15 from there).
In alphbetical order for now: AUMN AUN.V CRK.TO EAS.V EVG.V EXN.TO GORO GPR.TO HL KBX LMA.TO MLL.TO MMG OGC.TO SPM.TO
Timberline Commences Drill Program at South Eureka Project in Nevada
COEUR D'ALENE, Idaho, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Timberline Resources Corporation (NYSE Amex:TLR) (TSX-V:TBR - News) ("Timberline") is pleased to announce that it has mobilized a surface drill and has begun the diamond drilling segment of its exploration program at its recently-acquired South Eureka property in Nevada's Battle Mountain-Eureka gold trend. Timberline also expects to begin a complementary RC drill program there within the next several weeks.
The South Eureka property, including the Lookout Mountain project, was the primary exploration asset Timberline acquired in its acquisition of Staccato Gold Resources, Ltd ("Staccato") in June 2010. A significant exploration plan will be undertaken at the South Eureka property with a focus on the Lookout Mountain project. Lookout Mountain is a typical sediment-hosted gold project with historic gold production and a previously-reported gold resource in excess of 800,000 ounces. Timberline's exploration objective is to confirm the existing resource and apply economic parameters as part of a preliminary study to determine the economic feasibility of the project. Geologic mapping of the property will also continue in order to better understand ore controls, for targeting purposes, and for geologic modeling.
Current drill data, preliminary metallurgical testing, and current gold prices indicate a low-cost, low-grade oxide, heap-leachable gold mine could potentially be developed. Timberline's exploration program will include in-fill, metallurgical, and geotechnical drilling to establish the continuity of gold mineralization, metallurgical characteristics, and engineering parameters of the deposit. Metallurgical characteristics of collected ore samples will be independently tested and analyzed.
Paul Dircksen, Timberline's Executive Chairman and Vice President of Exploration, said, "We are excited to begin our 2010 exploration and drilling program at the South Eureka property. Our analysis during the Staccato acquisition due diligence indicated a sizeable economic deposit, and our objective with this exploration program is to confirm those indications and further expand the resource. Our drilling will focus on the Lookout Mountain project area, with exploration drilling on other targets within the property."
The Lookout Mountain project is an advanced-stage gold property at the pre-feasibility level, strategically located within the southern portion of Nevada's productive Battle Mountain-Eureka gold trend. The property has an extensive exploration and drill history, including work, beginning in 1981, by Amselco, Barrick Gold, Echo Bay Exploration, Norse-Windfall Mining, and others. A total of 533 holes have been drilled at the project, totaling over 267, 000 feet. The total land package, exceeding 15,000 acres, encompasses a 4-mile strike length of structurally and stratigraphically controlled gold mineralization. All outlined mineralized zones are open and require additional in-fill and step-out drilling in order to initiate a Timberline preliminary economic scoping study. Additionally, a number of identified drill targets will be tested for potential resource expansion.
About Timberline Resources Corporation
Timberline is a diversified gold company with three complementary business units:
•Butte Highlands Joint Venture - currently in development with anticipated gold production in 2011;
•An active exploration division with a large, drill-tested, highly prospective project portfolio in Nevada's Battle Mountain - Eureka gold trend;
•Two contract core drilling subsidiaries in the U.S. and Mexico providing revenues and cash flow to the company.
Timberline is focused on the evaluation and the acquisition of advanced-stage exploration opportunities, with the potential for near-term development and production. Timberline formed a 50/50 joint venture with Highland Mining, LLC, an affiliate of Small Mine Development, at its royalty-free Butte Highlands Gold Project which commenced development in the summer of 2009 and has gold production targeted in 2011. The Management team has experience, depth, and a solid track record of achievement in building successful companies and discovering economic ore bodies. Timberline is listed on the NYSE Amex where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR".
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties, including but not limited to the Company's 50/50 joint venture with Highland Mining LLC, the development and production of the Company's Butte Highlands project, and the Company's expected operations. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2009. Except as required by Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.
Contact:
Timberline Resources CorporationRandal Hardy, CEO 208.664.4859
Copper just keeps on trucking along, though many of the miners have corrected along with the gold miners lately. Could be an opportunity there?
I've pretty much always stayed away from copper miners (or gold miners with significant copper output) due to copper's close connection with the overall economy as my economic outlook is not a terribly optimistic one.
I'm thinking a good strategy for new positions would be buying some gold miners on this dip along with VXX as a "hedge."
Silver though has some catching up to do gold-silver ratio wise.
Jason Hommel attempted something like this 4 years back with Miningpedia.com
Long story short is that a ton of work went into it and it didn't work out in the end, though that may be due to conflict between him and the lead programmer.
If you are a member you can look through over 80 pages covering the development at jasonhommelforum.com, though I don't think that forum accepts new members anymore, and most of the people originally involved no longer participate, including Jason and the programmer.
Just a caution that you have a lofty goal of making something like this work. Many kudos to you if you do.
Great summary! For your silver stats I would try David Morgan at http://www.silver-investor.com/ or try searching around at http://silverstrategies.com/
Not sure you will find what you are looking for, but those are the best bets I would think.
No idea. Not much to go on lately. Will probably get an upate sooner or later. They've been on a great path and I can only assume they remain on it.
Another collapse coming? Clive Maund seems to think so - http://news.goldseek.com/CliveMaund/1279501200.php
Sure would make for some great bargains...
I posted my recent trading thougts here a couple of days ago, and I think I've decided to wait another month or two before doing any buying. Several reasons behind that, but mostly just the gut feeling that culminates from all of them. Miners will likely fall more than the POG imo (as will perhaps everthing else I would sanely invest in too perhaps).
Thoughts on miners that are potential buys for me... I've been watching these and others for quite some time, but have been reluctant to pull the trigger (to add to my core of other miners already owned for years).
CRK.TO - Ausie tax issue seems mostly over with and company seems to be past any other major issues. There is a gap from last Thursday at $1.14. Will it be filled?
AUMN - Company and share price don't seem to have accomplished much if anything the last few months.
EVG.V - The properties are outstanding, but the management is not. Are they good enough to get the job done though?
EAS.V - Missed the boat on this one and have been waiting for a pull back which has come over the last month or so. How low will it go before turning higher again?
OGC.TO - A few too many shares out for my liking and part of production is copper rather than just gold. Also have some doubts about their ability to significantly add to reserves from exploration.
AUN.V and KBX are a couple of silver miners I've considered adding, but it seems the individual small silver names never get the recognition they deserve. Maybe I will just go with a basket through something like SIL now that it’s available (A good easy way for the new investor to play silver miners in case they don’t want to deal with Canadian exchanges, etc.)
CXZ - A cheap way to play a potential uranium rebound (with a gold project and others too).
REE seems to be a sector that has been waiting to take off for years and never really has. I don't have great confidence that it will.
Geothermal might be something worth considering - RPG.TO, SRA.V, HTM, NGP.V
More than anything I seem to just want a large pull back so I can buy the dip. It seems everyone is waiting for the same. Because of that I don’t know that it will ever come. Perhaps it’s best to just buy now and let the rest of the market climb the wall of worry. But fundamentally speaking the major markets could sure experience a decent drop and it would be justified. In a weird way we got spoiled with the deflation drop of 2 years ago (bargain picking wise for those that didn’t get slaughtered falling with the knife).
Thoughts on any of this?
Seems like a great bargain down here near $0.80?
Aha its the Australian tax issue that's killed this stock. Also over 30 million options and warrants outstanding. May be worth a flyer once the knife stops falling. Cash costs around $700 an ounce now declining to $600 or so next year.
Over 200 million shares is a bit high for my liking but not horrible I guess. A bit concerning that they go out and raise C$23 million after declaring commercial production. Why not use your mining profits assuming there are some?