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Read itmd's summary in the stickies and look at reports and photos by many independent observers.
By late Dec 118k tons stockpiled, a stockpile growing everyday.
If they only shipped the amount now stockpiled they would have ca 25 million dollars.
Baja 14 geo report indicates no known sulfur and recent tests confirm sulfur is not an issue.
The iron has tested at 59-63% even before separation,and since 62% is prime and price rises or falls by a formula w reference to 62% benchmark, they could sell in this market without separation.
Any 2009 LOI is obsolete,as contracts are now 3 months,sometimes even monthly now,based on Spot-currently ca $177 and rising to predictions of $200-250 this year as per web news reports,considering loss of iron production in Australia(probably biggest China supplier),Brazil and India's export restrictions.
1-3mm fines are probably separated.
When the assembly line configuration is finished(which could be done-we don't have independent reports from the site everyday-no company does),the stockpiled ore will be loaded onto beginning of assembly line and loaded onto trucks at other end. I and pesquero and others have already reported how much could be trucked/day.
CWRN bought the port conveyor belts-Baja geo report indicated 48" wide 2000 tons/hour. The 3-18mm separator can process 32000 tons in two 16 hour days. Ore not already stockpiled can be crushed at 35k tons every 5 days. 35000 tons are initial expected Handymax shiploads(over 6 million revenue),though if enlarged terminal/dredging is finished,they could go directly to 75k Panamax ships-over 12 million revenue/ship.
The ore is reportedly(see previous posts)unloaded into a hopper (or alternatively a staging area) from where the machinery will automatically load it-either directly onto a ship now that dredging is presumably finished,or,if dredging is not finished, reportedly onto 10k ton barges(a process that one of the top 5 ports in the world uses because that port only has 7m depth- in China-see the port and barge pictures).
Pesquero showed photo of bulk carrier at birth w dredgers working around it, so 35k ton ships(average 33 feet draft) are not affected by dredging,only the 75k Panamax(draft up to ca 39 feet)so named because that is max draft that can negotiate Panama canal,though CWRN's ships will not go thru the canal.
Geo report indicates 88km (54.5 miles)to port ,same as my streets and trips program indicated,all on Baja's biggest most patrolled Hwy one,except for ca 5 mi secondary hwy shown in temuku and surrogateson etc photos,and short straight leg to port near entrance to Ensenada.
Although CWRN evidently has a specific contract specifying these iron sizes,there would be numerous buyers lined up to buy in this hot market,w net profit of 50%-not surprising when prices were only ca $28/ton seven years ago.
Bob has indicated at least one PR /month,a schedule they have been following. The dramatic pace of last 5 months could lend itself to many PR's /month but the company does not pump and is focused on production,w full production as of Nov 5-hence the stockpiles ready for final assembly line and trucking.
I have challenged people many times to show me a stock w better imminent promise and nobody has even attempted to do so.
Special interest groups -who make money from price drops -are always shouting dilution,scam and other extremely imaginative "the sky is falling" cries on EVERY stock they are shorting.
This company also has the best communication w stockholders I've ever seen and soon will have posted financials.
Would you rather they had continued to waste time and money posting irrelevant pre-production financials(which showed no info relative to production or revenues),or would you rather have production,as shown in many pictures by many independent observers???
Interesting- some people were the biggest "it cant be done" trumpets until they bought and began in their words pumping and once they made a huge profit on insider trading in collusion w their complaints to pinksheets began "it cant be done again" to push price down so they can buy and profit again.
The only thing strange is the usual games by special interest groups who profit from a price fall and since the stock was finally starting to reflect conditions on the ground they digged deeper into their bag of tricks.
Me too workaholic but honestly after many hundreds hours research this was only and still is the only penny w great imminent potential I've yet to find.
Se itmd's and my and others pps estimates. I've followed many other mining etc co's too and they ALL have delays-many-often months at a time -not the days or weeks of delays CWRN has been experiencing on individual issues. Yes those delays have added up to months but its hard to imagine much further delay before trucking begins.
imo only way to win is find an undiscovered undervalued stock. Once revenues pour in its no longer undiscovered-I was surprised and frankly somewhat baffled by the large response to last PR-which apparently triggered recent wild ride-though there was a second catalyst also. Because if people had read and understood the unprecendented dd on this board the PR might have been viewed as less than expected. But apparently promo players saw the 32 m in PR and jumped on board ,only to exit quickly as usual but helped shake things loose since etmm etc had been artificially depressing price since May. GLTY
Yes, I've referred to Navial before and have seen Navials website-all 18pp- in answer to special interest groups attempts to cast doubt(I'm not putting you in that category but almost all the questions asked by many people in last weeks have already been answered before-we've been around and around on most of these issues many many times before).
Understand that after 1000's of dishonest attempts by special interest groups to cast doubts ever since substantial progress began last summer,it can get old. Say e.g. you have lived in your house for 5 years and everyday people come to your door and ask what right do you have to be there,demanding proof of ownership.What would your reaction be day after day after 5 years.
Previously an industrial cement co extracted some iron on Baja 14-(see the CWRN website)but prices then apparently only ca 25/ton,so they exited and CWRN grandfathered on the some of the permits the cement co had-e.g. a portion of the Baja 14 property where they will have to blast in a couple years when they run out of loose iron. PR notes semarnet permit etc.
Btw project mgr said they were working 16 hr days plus 1/2 day on Saturdays. So while laborers were on Christmas vacation Bob et al were apparently strategizing/finalizing strategy on the assembly line.
Navial's website only shows the big picture-a terrible scale of something like 1 in 20 million or worse, which obviously is not good enough scale to show inholdings. Best detail topo maps are 1:24000. Navial does not show inholdings ,which I have seen somewhere-see previous posts.
As in a National forest etc,where there are often many private inholdings(which you can't see on a poor forest scale map either) ,CWRN's concessions are often surrounded by Navial's larger(in area) concessions.
I pointed out specifics in a previous post,based on somebody elses posting of a google or something map,which showed CWRN'S Baja 14 surrounded by Navial's concessions. Such was also posted on yahoo many months ago.
CWRN would not be doing all this work unnoticed on somebody elses property anymore than your invading somebodies home and taking up residence as a squatter would go unnoticed by the people living there.
CWRN has the govt permits and the govt -fully aware of the location of both CWRN and Navial's concessions,has inspected CWRN'S production etc work at least 5 times in last 5 months as noted by a PR to comply w the environmental etc permits.
I haven't read your 3000 plus posts to know exactly where you are coming from-seems you are honestly searching as somebody relatively new to this stock?- but questions of ownership would properly have been dealt with years ago.
See posts showing Mexican listing of active mines ,including CWRN'S baja 14.
Remember no stock trading on Monday due to MLK holiday,so no need to burn the oil past 3 a.m., today(humor).
Specifically or generically? Land ownership is often divided between surface and mineral rights-which give the right to use the land to extract the minerals. See many previous posts of mine re this.
The entire N. Baja mountain area,where CWRN's claims are,are in mining concessions. Something that should not surprise any surface owner if the process is anything like the U.S.,where surface owners are notified of any mining applications within a certain distance of their property and there are public hearings(often multiple) to determine land usage.
CWRN,thru its wholly owned subsidiary, has the mining rights-the concession,which re Baja 14 was previously by another co.
CWRN thru sub,has the mining permits-see PR's and has been inspected as per those permits at least 5 times in last 5 months-see previous posts-e.g,8299 and 13971.
This LOI would no longer be applicable under the greatly changed market conditions-if the buyer could enforce that it would be the greatest coup for the buyer but its no longer valid. I believe this is referenced in itmd's summation.
Contracts are now 90 days at spot(ca $175/ton now and rising to perhaps 200-250 this year as per web articles-see my posts)and PR shows CFR,not FOB shipping.
Superfines are bagged in huge bags for env reasons and originally were going to be shipped by container but weeks back Bullitt or somebody indicated the bags would just be thrown on top of the bulk 3-18mm ore,though they may have enough superfines for a shipload- but the 3-18mm are the bread and butter.
Since the PR's indicate a contract for 1-3mm and 3-18mm,that would imply a specific intended buyer though a different buyer could be selected (depending on contract)who desired this size ore.
Dredging should be finished by time they ship and should be finished now-just haven't heard-pesquero's company was involved in the dredging.
Read my post 19117 etc re the CE. It resulted from complaints by special interest groups being killed by the price rise and it looked like(to pinksheets alerted by said groups)that there was a massive stock promotion by penny newsletters-OTC trading services said they had no indication of fraud by the company. Thus I believe this is simply a pinksheets matter-no indication of any SEC involvement or concern.
Types of ships etc have been discussed in my previous posts.
My recent posts and the 12-30 PR answer that.
Many companies took 2 weeks off for the holidays-even non-Mexican companies. In Mexico the Christmas holidays run through Jan 6-see temeku's posts.
They got the separator just before the holidays and started testing but hadn't run ore through it yet.
Read the last paragraph of the 12-30 PR,which I note in a recent post in answer to what they likely have been doing since they went back to work Jan 7.
As noted, they are reconfiguring many large pieces of machinery to make the process an efficient assembly line so they only have to handle the ore once.
Once that is done,trucking should begin.
Most junior mining companies don't even make it to production from what I have seen and it usually takes multiple years. Some of us have been holding for years.
The company has made incredibly rapid progress since August. People need to step back and recognize that.
As I've said before this co has better and more frequent personal communication w stockholders than any company I've seen. The only thing they haven't done is install a live camera feed and I don't know anybody who does that.
Read itmd's summations and my posts etc and look at the pictures of millions in apparently mostly new equipment and the 118,000 tons ore stockpiled by late December. As another post observed by somebody who just visited the site, and had more pictures, they are adding to that stockpile everyday. So they are continuing to work while they configure the assembly line.
People forget that the separator everybody talks about is for the 3-18mm ore only.
They have had at least 3 separators apparently separating the 1-3mm ore since November so they could have a considerable quantity of ore separated already-depending on how much of the ore is 1-3mm size.
Since countless posts are still not aware of this and other past dd,I note this again.
There are many different reasons a company can get a ce rating.
The reason IS important.
The massive multiple day price rise,gapping and volume made it LOOK LIKE a massive promotion by many newsletters so when groups who were getting burned by the price rise falsely complained and accused to pinksheets,they slapped the ce status until they could investigate.
The reason for the rating is very important and is being ignored.
This unwillingness to even read dd and understand what happened allows the special interest groups to manipulate people almost every time and is the reason those special interest groups are so large, bold and successful in taking your money.
Many posters evidently have not read hardly any posts. I generally have a policy of not even posting until I have followed a stock for 6 months ,done independent dd and read the posts for 6 months.
Many posters jump on board w posts that indicate they haven't read any posts(or only read lies) and expect the history of dd to begin w their post-which doesn't make any sense.
The ce will be removed-don't know when. Most of you have traded many ce stocks without even knowing it because a high % of stocks promoted by penny newsletters are CE for reasons other than a promotion. There are hundreds of ce stocks and as per otcmarkets over ten thousand grey stocks.(checked 3 times because I thought there were only ca 1000 grey stocks).
Please read the 2 posts of mine noted by this post-it will answer hundreds of recent posts unaware of this dd.
Apparently that is how much pinksheets charges a company to post financials.
It also takes extra legal and accounting fees to do and post financials,so many companies on a limited budget(as CWRN was til last summer)don't want to pay the extra fees. And CWRN was busy w production startup activities beginning last summer.
However, CWRN has said not only will they start posting financials at the end of the 1st quarter,they also intend to have audited financials,which is rare in pinksheets.
Again this info was available to anyone who read my past posts.
If you read CWRN's last filings,you can see that not much would have been gained by continuing to post the same limited financials at that time,since they were not in production at the time.
Now that they are in production and have a backer,they will have good and sufficient financials to post.
Look at the info posted at the head of the message board -the stickies(the yellow header) plus my and other longs posts.
Etmm and shorters etc have been artificially depressing the price since May when it was .007.
Finally,due to pent up price pressure apparently primed by many peoples realization of imminent revenues via the 12-30 PR,etmm and the shorters couldn't hold it any longer.
So they reached deep in their bag of tricks to call otc and complain and falsely accuse.
OTC issues a cautionary warning because the incredible chart,volume and volatility make it LOOK LIKE there is a massive promotion by a number of penny newsletters.
Special interest groups who were getting burned by the price rise and needed to bring the price down then flooded the message boards w false unproven accusations of fraudand promotion by the company.
I called OTC trading services and they told me it was not because of fraud-there was no indication of fraud-but because it LOOKED LIKE there had been a massive stock promotion(the kind that comes when many penny newsletters get together to promote the same stock)-see my posts-due to the large price increases and gapping from day to day etc.
Because of the culture of fear these special interest groups have cultivated in the penny stock arena(taking advantage of the economic uncertainties resulting from the great recession-its on record they helped create the financial crises w their shorting and their have been investigations of shorter's price manipulation )people would rather believe the lies than the truth.
It is easier to destroy than it is to build.
The big middle gives these groups permission to be successful by falling for their lies-unwilling not only to do dd themselves but also apparently unwilling to read the unprecedented dd posted by itmd,myself,killswitch,temeku,pesquero,bullitt,masscommuter,jackg(though like some he largely lays low because still adding I believe,as I am)and others.
The dd is posted. But you can tell by many posts they haven't even read the dd,not even recent posts,only the lies.
My personal opinion is you shouldn't be in pennies if you don't understand the agenda of these special interest groups,or they will make it impossible for you to profit if you run every time they shout wolf.
Every time a company attempts a breakthrough,they mount an often organized campaign to smear the company,w their usual mantras of dilution,scam etc.
So nellies believe the lies,take a loss and run to another penny stock-one where they will likely lose also. So by allowing themselves to be pushed around,longs never make any money,withdraw,the market shrinks(as in the recession-its only been climbing again since ca August)until the market is destroyed.
Read the projected share price estimates by itmd,myself and others(itmd's is in his summation in the yellow header). If you're not willing or able to do thousands hours research like me, all you can do is assess the research people like myself and the others listed here have done and recognize the motives of special interest groups.
The stock will recover. My recent estimate showed a price of 28 cents at the end of the quarter w conservative PE of 10, 50% buyback and the number of shares indicated by otc listing of shares and market cap w the 32 million revenue projected for the 1st quarter. They already had 21 million dollars in ore stockpiled in late Dec(118k tons times ca 175/ton in a rising iron market)and have more than that now. Each 35000 ton shipment will gross 6 million plus and net 3 million,and the 75000 ton shipments will more than double that. There aren't many penny stocks w that kind of revenue and certainly not at this low price.
Meanwhile,some shorters used the artificial price pull down to cover and other shorters shorted at the peak to make a bundle-some of them aware of the impending caution by otc(insider trading)which they pushed by complaining to otc trading services.
This does not mean that there is an actual promotion.
The incredible chart,price rise and volume through Tuesday LOOKED like there was a promotion because you don't normally get that kind of volume and marked price rise without a massive promotion.
The company is not doing a promotion,though the mention of projected revenues can be a factor. I haven't seen any promotion in scores of penny newsletters I receive,though many newsletters have mentioned(not promoted -no paid promo)CWRN simply because of the price rise and volume.
If there was a promotion,especially a paid promo,don't you think the organized special interest group that attacked CWRN the last 2 days would have put forward the evidence?
To my knowledge CWRN has not done a promotion since I've held the stock-Aug 2009.
There is no reason for them to be doing a promotion now. Production activities are occupying their thoughts and time and have been at least since August,when Bob told me they weren't even thinking about pink sheets-that production would take care of all that.
Why would they need a promotion when CWRN's transition to substantial revenues is imminent and incredibly rare?
They aren't diluting either-for the same reasons- and they are 3 million under budget(see PR).
Yes, delays and difficulties are common in any major project. Thus good budgets account for that.
I've never seen a penny stock make an actual successful transition to the kinds of revenues CWRN will start reaping beginning next month. So this would explain the real(not inflated)price rise,which will look like nothing in coming months if they proceed as planned.
Etmm/shorters have been artificially depressing the stock price for many months. So the transition to coming revenues,which many people either didn't recognize or believe until the 12-30 PR, coupled w shorters temporary loss of control,resulted in the unusual price rise.
But regulators don't know those are the reasons until they look into it further-thus the status change until any promotional activity can be investigated.
Revenue 1st quarter alone of 32 million after a Feb-March buyback of 50% would be 2.77 cents/share.
(32 million divided by a 50% buyback/retirement of 1,154,000,000 shares-see otc O/S/market cap,as I noted before. At a PE of 10 that would put share price at .27.7 cents.
(2.77 times 10).
They are probably nearing 200 thousand tons stockpiled times 175/ton would be 35 million dollars. I believe they said 118k tons stockpiled by late December.
So they would only have to ship what is already essentially stockpiled to reach 1st quarter revenue goal. The efficiency will improve,coupled w end of port dredging etc(is the dredging finished?) to allow them to almost double that in subsequent quarters as they have estimated.
Somebody indicated average industry PE is 33-which sounds high but the iron market is a bull market-its not in recession-w 50% net margin.
Because prices have risen from ca $28 seven years ago to $174 today and one web article indicated $200 to $250/ton this year,partly due to destruction of iron production in major Australian and Brazilian floods and Indias export restrictions.
As I noted in posts yesterday the company is not even buying back yet,according to several sources and for several reasons. Many of the questions asked in posts have been answered in previous posts.
Have you heard of day traders? Recently ,especially yesterday,this has been a day traders dream. They can buy and sell the stock many times in the same day. That explains a large part of the volume on days like this.
See my posting yesterday re possible float-calculated from available information.
I estimated float at 558 million from posted O/S and market cap and price etc.available on otcmarkets.com.
Click on my IHUB moniker "microcaps1" on one of my posts and it will show you my previous posts.
Exactly. Most people don't know how this works. That's why special interest groups are so successful-playing on peoples fears in these uncertain times.
Out of thousands of penny stocks I've researched CWRN is the first one really to transition to substantial revenues and begin reflecting that transition in the undervalued stock price.
A rare find where longs can win FOR ONCE. I and many others have lost scores of thousands to these special interest games,so CWRN is a rare opportunity.
I called OTC trading services(otcmarket.com-212-896-4420 or 1-800-547-8682.
They told me the reason for the status change is a PROMOTION.
That companies without current filings for which there is a promotion may receive the CE symbol.
He said they look at a number of things-especially price changes and market activity.
This is what I suggested earlier.
Special interest groups complain because they are being killed by the price rise. OTC sees no current filings and sees the dramatic volatility,large volume and price rise of the stock.
The stock was not only gapping from day to day but intra-day-something I'd never seen before.
So as a caution they issue CE until they can determine what is going on re promotion.
As suggested by somebody else the PR re 1st quarter revenues when the company had no current filing may have factored into this as a promotion.
He said they have no knowledge of any fraudulent activity and did not receive the status change because of any fraudulent activity.
One of the persons who first posted the suggestion of fraud-who has believed the same since 2006 and suggested that the pictures were fake,probably knows what I've just told you-because they are far more experienced at this game than I(I don't like games and won't play them and even my enemies recognize and are afraid of my integrity).
So ask yourself why they sounded the alarm under false pretense. Special interest groups have an agenda and it is always easier to take advantage of peoples fears to destroy than it is to build.
The false accusers know they win temporarily no matter what in this smear campaign scenario-the pink elephant syndrome.
It's evident to me there has been a strategized organized smear campaign for reasons noted above and thus the constant obsessive CE postings.
Special interest groups thus steal your money and cover-that imo is the criminal activity and would be a felony anywhere but the stock market.
As itmd says this will blow over and the stock will recover because the fundamentals-actual production w multiple shiploads of stockpiled material-are there and the company will soon have substantial revenues.
Most of you have traded many CE stocks up to at least $5/share because many of the companies promoted by stock newsletters had the CE status even BEFORE the promotion,for reasons other than a promotion. There are hundreds of such stocks.
There are over ten thousand stocks in the grey market alone(otcmarkets.com)-a class below CWRN's recent no info status.
This is a very good possibility though I haven't checked into it yet.
Understand that all these carefully timed accusations(conveniently timed to stop incredible price appreciation which was killing these interest groups) are part of the game by these interest groups.
Hundreds of contentions by these interest groups ever since CWRN dared to break out of the blocks in June have been shown to be false. Worse- a large % of these false accusations are purposeful-they know the accusations they are posting are false.
It is always easier to shout fire in a crowded theater and cause bedlam than it is to do the research to disprove these nonstop accusations-and they have the advantage of a cultivated culture of fear which has really been ramped up once the 2008 great recesssion started.
CWRN is going through a name and cusip change reported for this month by the PR's-this is not a secret and has been reported before. If they file under this new name why would they file under the old name if they are no longer going to be using it.
The people who bring this up already have a predetermined unassailable position going back to 2006 re CWRN unaffected by the facts and suggested pictures of the production were fake also. Traders need to understand the motives of these interest groups and discern between truth and falsehood.
To my knowledge CWRN has not paid for a promotion since I've been holding(August 2009),as I noted in my posts today.
Many newsletters have mentioned CWRN lately because of the incredible chart/activity but to my knowledge there have been no promotions. I subscribe to scores of penny stock newsletters and have yet to see a promotion of or by CWRN.
In my experience such promotions usually backfire in the long run as the herd flees at the end of the promotion,creating a panic,and many such stocks never recover-largely because the companies often don't have production, positive revenue or solid fundamentals- either in practice(as CWRN does-w several shiploads ready to be trucked except for some mag separating)or in theory.
Those promotions mainly benefit the promoters -as many companies discover-though I know one honest promoter.
I answered this in posts today. See my last posts.
I don't know if there is a Mexican equivalent to the Canadian standard you mention and I've never personally seen that standard used for anything except gold and silver companies-maybe it is but I haven't seen it for copper and iron.
As my posts indicate ,when you have visible red iron at every surface elevation in varied mountain topography, w the hills painted red, that is a good indication the iron is consistent through out,in addition to previous deep trenching. You don't have that advantage w a plateau.
Look at a map of Northern Baja mining concessions and you will see essentially the entire backbone of N.Baja-the mountain part that includes CWRN- is covered by mining concessions.
CWRN's Baja 14-the mine in productuon-is surrounded by other mining concessions(e.g the private company Navia-spelling?) because the larger geological strata is known to contain iron.
CWRN estimates so much loose iron they estimate 2 years production w 16 hr days before they have to blast. If they had only 2 years iron that would be their problem-w the millions in mostly new equipment-not your problem-right?
Navria(spelling?) estimates so much iron they were going to construct their own port roughly west(if I remember right-you can google them and see their grand plans on their website) of Baja 14.
Good-so there goes the latest conspiracy theory that Bob hopped on a flight to the space station. Also good that he's using all available resources like airborne reconnaissance(humor).
So we have independent verification from another source that everything appears ok as of yesterday.
The only thing they haven't done is a live camera feed. So patience people. Longs have made tremendous profit if held more than a few days. Look at itmd 's stickies,including price/share calculation down the road. This is far better than any other penny stock I've seen.
Many penny mining etc companies go as much as 10 months or more without a PR and with no way to contact the company, let alone get a reply.
Its only been 2 weeks since the last PR. Whether the co received advance notice of status I don't know,but they would be concentrating on responding before communicating w shareholders and due to the status may not be able to communicate til they respond.
They have been regularly communicating w anybody who calls or emails but as noted by others Bob is inundated w maybe 600 emails/day now.
If people would look at the extensive dd posted on this board for months they would have their feet planted on solid ground.
This is what I don't understand about many penny traders-unwilling or unable to do dd even when it is handed to them on a silver platter via hundreds of hours dd by others-which they won't even bother to read for free,and/or believe the sky is falling cries of special interest groups,who utilize a culture of fear to knowingly take advantage of many penny traders unwillingness to do or read dd.
This stock wasn't born last week. Many have successfully communicated w the company in a manner unequaled w any other company I've seen. Our group contacted many companies. Only 3 responded. Only 2 responded by phone. And Bob was the only CEO to respond-many times. Bob has spoken w many people who have relayed that via this board.
Read the unparalleled dd posted over the last few months.
If special interest groups call in for ulterior purposes and "pinksheets" looks at the chart they will agree the chart is unusual. Penny stocks are a headache to regulatory and all things being equal,without further info,they might assume a massive stock promotion campaign was being executed by the company,which is not the case.
The following from the 12-30-10 PR also indicates what the company may be doing right now. They may be reconfiguring their equipment flow chart to produce a more efficient operation in preparation for trucking,which may have begun. They might have used part of the Christmas break to strategize this flow chart.
"The mobile processing flow-chart will be configured using closed circuit looping that will incorporate the primary crushing jaw to the secondary crushing cone to the primary screening plant that will loop +18mm back to the cone while feeding the 3-18mm to the magnetic separator and feeding the 1-3mm waste materials to a secondary screening plant that will also feed the magnetic separator while discharging -1mm waste out that will be transported to the waste dumper. The new configuration will eliminate dual handling of materials for screening and processing while producing finished products in sizes 1-18mm for bulk shipments in one continuous operating system."
If you mean 6B authorized,that is correct. As of close of market yesterday market cap was $47,095,480.
Divide that by the close of market share price of .0204 yesterday and you get 2,308,601,980 outstanding shares ,which is exactly the number of O/S listed on otcmarkets.com.
See my previous posts. Their PR's state a structured plan to retire insider shares in proportion to 60% buyback of the float.
This will facilitate a higher price and earlier entry into OTCQX(if they desire) and eventually a higher exchange and possibly reduce shares by 60%.
They may have another buyback after that buyback and so on. It's common for these companies ,upon achieving substantial revenues ,to buy back their undervalued shares for the reasons noted in my posts.
Also,re others statements,why would they be selling when they know share price will rise dramatically w shipments/revenue shortly. Selling now would just penalize them later when they have to buy back at a higher price.
They are 3 million under budget(see latest PR) so they don't need to sell-just to turn around and buy back at a higher price.
Would you do that-of course not. People who suggest these things have an unassailable predetermined viewpoint/interest unaffected by the facts,even suggesting the pictures of production activity were fake,even after independent verification.
They will initiate buyback,according to project manager Bullitt as noted on this board(killswitch reposted Bullitts post recently),in Feb when they have revenues.
To my knowledge there have been no restricted shares since March 2010,so the perennial cry that volume is the result of recently released unrestricted shares doesn't make sense either. There has been no evidence of dilution other than shorting/naked shorting.
I don't think recent price rise is due largely to shorts covering because the actual number of shares shorted rose from ca 26 million to 49 million,so we may yet see the mother of all short squeezes(moass).
The 2.308 billion shares minus the 1.75 billion held by CWRN(insiders)as publicly noted would leave a balance of 558 million shares,which is thus possibly the float.
The last company listed free trading shares(just before all the activity began last summer) was 299 million. If CWRN issued additional shares to pay for permits and other incidental start up costs,while the major financial backer paid for the equipment,that would reasonably yield a present float of 558 million.
We will know for sure when they issue filings in April.
Thats exactly the type of thing that happens. All they need is unusual activity-any penny stock that rises this fast for several days is unusual activity-and they will slap the old bones on and then look into it. Does not mean theres any questionable activity by the company.
The most innocent companies can experience this. E.g a 100 plus million revenue company-also very open and honest-attacked heavily by special interest groups-experienced this also. So they look into it,find nothing wrong w the company and remove the bones later.
It also can occur because of stock newsletters promoting a stock-I subscribe to maybe 100 and haven't received notice of any actual promo but CWRN is being mentioned by some newsletters as others have noted.
Many many of the penny companies promoted by the proliferating 100's of stock newsletters are more or less permanently skull and bones(even at $5/share) and people don't even realize it because the stock newsletters are not paid to advertise that.
Again,all they need is unusual activity for the people who have a vested interest in stopping the price rise and scare nervous nellies or bigger players who are not familiar w the upmanship played by various special interest groups in penny stocks-its just part of the game.
This is a major reason why an actual producing company like CWRN would want to go to a higher exchange-to escape the incessant games played by special interest groups in penny stocks. There are of course companies engaged in questionable activities but this is not one of them according to my,itmd and others dd-the most extensive dd I've seen posted on a penny stock.
This company is more open in its communication and available via phone and email than any company I've seen.
As far as the stop sign that's very common among pennies(its not the same as a stop trade order-its simply 1 of 7 classifications of penny stocks-with 2 classifications below it)-partly to save the extra legal and accounting fees of regular filings when you're operating on a minimal budget as CWRN was before ca June 2010.
And as noted by others will be replaced by current info status in April w their filings. And if they meet the extra requirements for OTCBB,they may become otcqb-the next to highest class of penny stock,in April or thereafter.
This will probably be penny stock of year-I've never seen a penny company breakthrough like CWRN is. And this is without any paid newsletter promotion(which usually doesn't do any good long term anyway).
This one is violating all the rules lately, so,unless we are seeing the end of a moass(need to check shorting after todays trading-temeku has probably posted it),the normal rules of selling half when double will only mean having to buy back in higher-because this is not a pump-the ongoing production breakthroughs are finally starting to be recognized. Though there may be the usual moderate consolidations/pullbacks-but the long term should be all up.
Much due diligence has been answered on these questions by itmd,myself and others. E.g see my replies to yawns posts.
The Mexican co does not have shares,has de facto same officers as CWRN(Bob and his wife Sharon)w other legal connections to CWRN. It's a wholly owned subsidiary owned by CWRN.
Apparently reason for temp U.S. "affiliate" is upcoming cusip change and apparent concomitant changing of CWRN'S name to Pan American(of U.S).
Re query of NR-3101 report.There is none but there had been drilling at some point(see pictures);previous cement company did deep trenching(iron was only ca 25/ton then and only nearby customer for the industrial cement was Ensenada)and varied mountain topography shows iron at many if not all elevations-essentially the entire area is covered by mining concessions. The topography thus essentially substituting for a drill program,unlike a flat plateau.
There are no guarantees. If you want a guarantee buy a bluechip like lehman brothers,wash mutual,blockbuster,circuit city,the old GM etc. Risk vs reward-can't have both-there is no perfect equation-if there was men would quickly destroy it.
Millions in mostly new equipment shows planning for the long haul-they estimate enough loose iron(before blasting has to begin)to last 2 years w 16 hr days.
Incredible price rise,gapping some days plus intra day gapping-incredible buying frenzy this morning.
The iron market is so volatile and hot that annual contracts are no longer used.
Completely different market conditions than a couple years ago.
A few years ago China was setting prices by fiat(an odd buyer control monopoly) despite growing demand until suppliers gained the upper hand a few years ago-so the buyer can no longer set prices for various reasons.
For most companies,including CWRN, everything is now based on spot price on 90 day contracts,w a one month price lag to keep price fairly current,and ,as noted, the seller has his choice of many buyers until a solid 90 day contract is signed. I could reference a source to confirm but have not been given permission by the source provider yet-has nothing to do w inside info and is searchable on the web.
I don't think any LOI from 2009 would have any meaning under these changed market conditions-though the buyer would love to lock in such a deal.
Sorry temeku we have not been providing much reading material lately, as you noted, but reality -conditions on the ground-are finally disproving 100's of "it cant be done for this reason" contentions by detractors. So truth telling is not so urgent now.
Some big boys discovering the company w spikes eod yesterday and today?
No insider selling has been reported since Dec 15 (otcmarkets.com),which in penny land is a long time, so I didn't think that dynamic was in play at this time.
I'm not worried about the minimal insider selling as I realize they are working hard and not taking a salary and the shares they've sold are a very small part of their holdings.
I do apologize for erroneously assuming processing of IP results would be done in house. If there is an outside traveling crew which ALSO processes the results I can understand THEY would take the holidays off. I thought I was being diplomatic and certainly intended no offense against the company on this very protective board-the most protective I've ever seen. I'm down 50% like everybody else and patiently holding.
I assume this is because of an apparent extension of time for the reported results.
More or less short term or impatient traders selling on hopes of making money elsewhere and then hoping to correctly time their buyback of Wolverine-much easier said than done.
Not many easy plays out there and unless they are an expert day trader flipping and momo trades seldom work out.
Plus there's always the chance results come in earlier than Doubloons revised date. Originally the company "confirmed" results would be out by 1-15-11.
I can understand many things being delayed by the holidays but if I was on the team that was to process the IP results I don't think I'd be taking Dec 24 to Jan 2 off-not that they don't deserve it-its just that I don't think I'd be able to fully concentrate on vacation when IP is waiting to be processed after all this time. The few people involved in processing the results could always take vacation after the IP results are determined-though I wouldn't take their weekends from them.
From Doubloons IBOX post of 12-23-10
"Update I got word last night that the crew was packing up and should have been heading out of the area yesterday and today.
Job accomplished, all the grids were line cut and Induced Polarizations were set and recorded."
As per my previous post on daily temperatures they had 50 days of temps averaging below freezing which apparently allowed them to do the pond area. They would have been watching it closely for best conditions while working around it and waiting for the best opportunity- which they evidently found.
Best wishes buddy
May not still be same buyer but doesn't matter.
Iron is in demand-the reason it's risen from ca $28 to ca $170 in last 7 years.
China is doing large public works projects all over Africa and other places pro bono(free)just to have an edge when it comes to getting iron etc.
So there is a buyer and CWRN knows who it is even if we may not. Competition among companies in China for iron is one reason why current buyer may not be disclosed-China company w whom CWRN has contract probably doesn't want competitors to know.
According to killswitch's repost of the project managers post of some time ago they cant R/S due to a debt/equity contract.
When a company starts earning revenues-any revenue-it becomes beneficial to buy back shares because the shares are greatly undervalued-lag time before shares catch up to revenue as they are discovered etc. This is even more important when substantial revenues-as we expect shortly- are involved.
Say e.g. book value is 10 cents and shares are only trading 5 cents(pennies usually trade 10 to 50 times book on total spec of future earnings,so this would be extremely undervalued-even on the big boards share trade several times book).
If co has sufficient funds,in a sense it makes money by buying back its undervalued shares before the share price catches up to earnings.
Rather the company(and thus legitimate shareholders) profit than future sharks/takeover attempts/hostile positions. If necessary they could then be held as treasury shares without raising A/S and sold at much higher price later if further financing was needed(this should not apply to CWRN w the substantial revenues/margin CWRN will be achieving).
CWRN also plans on retiring board shares in apparent proportion to buyback.
In our case the company wants to reduce shares substantially to support increased share price to eventually upgrade to a higher exchange,partly because P/E ratios are a lot higher on higher exchange than on pinksheets,where(on pinks)ironically actual earnings are undervalued/punished and speculative earnings are usually overvalued(but not in CWRN'S case).
E.g OTCQX has a minimum 10 cent share price-highest OTCBB classification where institutional investors could quickly catapult the price.
A penny co just did a 200:1 R/S to raise price high enough to join OTCQX.
If CWRN earns anywhere close to 200 million in next year they should be able to join OTCQX WITHOUT R/S. They don't intend on R/S,and even if they could by buying out any debt/equity contract,it wouldnt be for a long time,so dont worry about it.
They expect earnings will enable them to climb this ladder without R/S.
This is premature,but for teaching purposes,in the context of an eventual move to a major exchange a R/S could be beneficial(though that would be a long way off-have to show a min of 1 years high earnings or a market cap above 850m(don't quote me-from memory) etc to bypass the normal requirements of three years earnings before could move to a major)because P/E much higher on major exchange.
Extremely undervalued shares also open the door to hostile parties/attempted takeovers,though CWRN's board is keeping 60% of shares to prevent such a possibility.
The recent PR brought a lot of new posters to the board. It also probably brought some promo players only interested in fast profits,which is probably one of the reasons for the drop yesterday,in addition to longstanding games/shorting by mm etmm.
There has been more good dd posted on this board by people who recognize a rare gem in the making than any penny stock I've seen.
New guys should look at the stickies(the posts in the yellow ibox heading to the message board by itmd and temeku) which summarizes much of the dd. See also pesquero,bullitt,killswitch,and my posts-sorry to those I left out in this brief list.
Out of thousands of penny stocks I've researched this is the first with real profit potential and is a real working mine.
As with all stocks w real potential there are the usual shorters and detracters,some of whom who front for clients who recognize the real potential here and are buying cheap by scaring nervous nellies. That's how the penny stock world works-because nellies are either incapable or unwilling to do the dd necessary to rebuke the libel.
Literally thousands of hours of positive dd has been done by posters above and others and posted here free of charge to the newcomers if you will take time to read some of the posts of the last couple months.
CWRN has a blue ribbon advisory board of mining engineers and mining lawyers etc.
They weren't born yesterday.
They have a contract w a China buyer(see the PR's)and a trucking company and have researched and have standby consultations or arrangements with shipping companies.
They have an agreement with the port,supplied the conveyors,have barges noted in temekus recent repost of port pictures.
The last necessary piece of equipment before trucking was received ca 12-24-10 and trucking has either started or will start soon-the holidays interfering as temeku noted.
I challenge you to find a mining stock at this low price this close to substantial actual revenues-you won't find one.
Why reinvent the wheel and start from scratch when an unprecedented amount of dd has been posted???
There is no dilution and those who claim such are -well figure it out. If you are not aware of the tactics of shorters and the like you shouldn't be trading.
Financials will be posted by 4-15-11 according to PR(which would be really fast btw,as most firms take the full allowed 45 days and longer after quarters end to post. The main thing is to get financials.
Very few penny firms have audited fin's. To say a firm can't get audited fin's because didn't have them before doesn't make sense and would preclude all firms from having audited because audited have to begin somewhere. If need be,a disclaimer can be made as to transactions preceding a specific date etc. Even when 100m rev/yr firms have audited,it's usually only the annual,not the quarterlies,so auditing is icing on the cake.
Last filed fin's was 9-30-09 quarterly showing 1.8 m loan by Bob w interest from 2006 totaling 415k. At the present general legal rate of interest,that would be ca 2.5M owed Bob,not 3M.
"By consent"-I wouldn't read too much into this. The people writing the PR's are not lawyers and the PR'S are not legal filings. They have used generic language many times so doesn't mean they didn't assemble.
And doesn't matter if they didn't assemble. Many lawyers sign legal docs and even court orders by telephonic consent to save time even if the other attorney is a friend and is only 5 minutes away. So do many boards re board meetings.
The Nasdaq etc talk is merely a matter of interest at this time and is premature,as $5 min is required for the former(I posted requirements for Nasdaq weeks ago and was noted by another post over weekend also). As to Dax this is 30 blue chip Duetsche firms but is also used generically for the German stock market and would obviously be the sense in which CWRN was using it..
When they post they should have current info status which will bring other traders in.
Medium term they would shoot for the highest penny class-the OTCQX,which has a ten cent/share minimum and many institutional investors scout the OTCQX for undervalued gems.
The reduced short figures seem to confirm "future" etc proposition that shorts were nervously scrambling early on,a not unusual pattern when shorts scramble. Apparently they had not done their dd or read or believed the dd on this board-for months.
Several have asked where they can look up iron prices.
Below every email CWRN notes the following: mbironoreindex.com
www.mongabay.com shows a 10 year chart. 7 years ago spot was 28-29/ton. Now 167/ton.
You can also google other sites.
I forgot but in defense of the word "theory" as used in my post,I was not positing such but merely responding to that word used by those who were claiming dilution.
There is no reason for dilution at this point. Given the continued nonsensical heavy shorting and profit taking by those who bought as low as .0002 just a couple months ago,and the soon coming revenues and company 3m under budget(as PR said)there is no evidence to support dilution.
You are right. A theory requires some scientific evidence or other support.I was just using the word loosely in this non scientific forum-my bad. As you mention ,we both know CWRN is not diluting because there is absolutely no reason to do so at this point. It makes more sense for them to be buying back before the price gets any higher,since forward looking this is undervalued.
I was just responding to the usual cries,especially by a new poster vis a vis CWRN.
This is a plausible explanation. I don't know why people think todays trading pattern might mean dilution. There is no reason for the company to dilute w revenues and buyback around the corner and 3 million under budget.
Haven't such people heard "buy on rumor and sell on news".
There was nothing in the PR's bottom line that was news to me or anybody else following the extensive and excellent dd on this board by many longs.
In fact,the 1st quarter estimates are less than previous estimates due to the delays associated w the separator. Before the separator delays they expected shipping of 100k tons/month beginning Jan,which the PR has now indicated won't be accomplished til the 2nd quarter(i.e 100k tons/month).
This doesn't really matter in the long run and I am bullish on the stock as many know but,especially given past PR responses,I was actually surprised (unless shorts were nervously covering)it jumped so much this morning.
My question was: Didn't people believe the most extensive dd I've seen for a penny stock ,which has been posted on this board for months???
The bottom line is that the above is a better reason for todays trading pattern than the unsupported theory of dilution.
rrss44,re Scottrade, see masscommuters post 13792 on 12-10-10
Masscommuter,I have no idea what 2011 CWRN taxes will be. There are too many unknowns to determine,but we'll know a lot more w first quarter financials. However,I did see lady slippers on a 12 mile NPS hike last summer. Does that help?
Fall of 2009 Scottrade made a decision to get out of penny stocks.Since then there have been 100's posts on message boards complaining Scot wont trade their penny stocks anymore.
It is a personal broker decision but they will lay the blame anywhere they can to deflect anger against themselves for their policy decision.
Get a penny friendly broker like choice trade(though they now charge a surcharge of 1% value for every share of the same stock over 500k shares traded on the same day).
Also,brokers sometimes don't know what they are talking about,especially when it comes to penny stocks,but rather than admitting their ignorance will say anything to deflect the trader,especially a penny trader,because in general they disdain and know almost nothing about pennies.
There has never been any flag on CWRN by a regulatory agency to my knowledge. If a company is flagged (sometimes innocently) for any number of reasons there will be a skull and bones rating on it on otcmarkets.com.
Many stocks promoted by penny newsletters are skull and bones rated.
CWRN will be current info and higher rating beginning in April w first quarter report.
Elementary knowledge indicates almost all companies have debt,not to mention governments and individuals. Until recently Ford had hocked everything it owned and still has huge debt-yahoo has said 126-132 billion(though I think that is high-can you imagine the interest on that?).
Difference is Ford is getting $16.70/share on speculation of a continued turnaround. That's a share price 5387 times CWRN's current price!!!!! So you have to figure that into your RISK/REWARD ratio.
There is arguably less speculation w CWRN,given all the necessary equipment is in place and we have pictures of possibly 2 shiploads of crushed ore,w the finer ore presumably already magnetically separated.
So at CWRN's low prices,we have a greater reward in relation to risk ratio.
We know there's a very hungry market for CWRN'S product(which has tested at 59-63% iron even without the separator-62% is considered prime) and that the newly arrived separator,which was tested by the manufacturer,can,at full capacity,process 32000 tons every two 16 hour days(a shipload is 35000). Then its merely a matter of trucking to the port,which is not rocket science.
If people take an introductory accounting course, it is not the amount of debt that is important. It is the ratio of debt to equity,including current assets to current debt,and ratio of debt to cash and revenue.
When revenue starts rolling in and people figure out that the annual revenue will be at least 13 times above the current market cap,as midtrans has pointed out,investors will be pouring their money into CWRN.
You would think somebodies clients had filled their orders by now,but I guess not.
They don't assign the head waiter to CWRN for nothing!!
They do so because the head waiters clients can't find a greater reward to risk ratio!!!!!!!!!!
I'm creating a new post here to address detractors repeated questions about debt etc rather than replying directly to the post because some say snowmen get a bonus for every post that directly replies to their posts-plus direct replies effectively reposts their post.
Sorry,I had the same problem and was tired and didn't read your post close enough and may still be misunderstanding your full import. I wasn't watching level 2 at the time so I don't know if there was another mm at .0032 on the ask. Does your transaction history or portfolios show a sale of 600k at .0032?
What do you mean you put up a few million for sale to show the mms?
I emailed TD's robot investment adviser but they had no info re whether they use DOMS. If their regular mm wasn't able to fill orders,I think they would go to anybody they could to fill an order(except a mm owned by a rival broker)-jackg would probably be the expert on that on this board.
They can't tell anybody but you about that trade,so call them(TD) at 1-800-669-3900,option 3. That's what they are there for.
by eetm I think you mean etmm,which is Etrade(etrade reportedly owns the mm etmm);as such I don't think TD would use etmm. TD won't accept transfer of penny stocks from Etrade either,I am told. But I am not an expert in this area.
Currently doms is the low ask,after the end of trading,at.0032 on level 2 w next ask at .0035 and etmm idle at 100 dollars(which is what level 2 shows etmm at whenever they are out of play temporarily).
When you said you had no intention to sell but somehow sold 600k at .0032, did you accidentally set a stop loss too high,as I mentioned in my last post?
You might be right. I bought 500k more yesterday but some of this is etmm trading with themselves.
Thanks for the appreciation of the dd/time involved-from 2 people today-I may pass out from shock.
Seems like they've at least partially given up forcing retail sales,or at least are not being very successful in doing so last couple days.
Which they use to do by walking price up in morning(to get people to set stop loss higher)and then used to walk down in afternoon to trip those stop loss orders(tripped when bid price reaches stop loss price,even when there was no executed trade at that price.-e.g price rises to .0033 so some set stop loss at .003 but if any bid rises to .003,their stop loss order is activated)so they could cover their shorts.
Lets see what short % is tomorrow. If shorts(w some unsettled trades mixed in) remain below 30%(the % at which some sites alert a potential short squeeze),they may be learning their lesson,but so far,when shorts have dropped that low,they have risen again the next day. I don't know why-jackg and pesquero would be the experts on that.
I don't know how to determine how much of the listed shorts(there's no distinction on the finra.org/sho list)are unsettled trades,something pesquero discussed some time ago-to my knowledge nobody does. It doesn't make sense for finra to list short sales as such if a portion of those figures are unsettled trades.
The question re the late arrival of the 3-18mm mag separator (asked ad infinitum by the same entity)has been answered many times.
The original order,as noted in a PR,specified 50-125mm iron.
I speculated that a separator was not the tool used for such size and this was confirmed by the project mgr(Bullitt)in a post,whereby he said iron of that larger size would just fly off the separator.
For that size,they can use a piece of equipment called a washing machine to remove any clinging dirt.
Valley Equipment Co,from which CWRN custom ordered the 3-18mm separator,has many pictures of mining ore washing machines,including used washing machines for sale,as I pointed out before.
When there was a change in the buy order to the smaller size iron, CWRN rush ordered a custom 3-18mm separator. That they did so rather than buying stock or used shows attention to quality and sound financial backing,the identity of which is irrelevant,but may become known w filings in April.
Detractors also repeatedly ignore that CWRN has had at least three 0-3mm separators on site for the smaller ore size since November.
Its hard to tell volume just from pictures but they may have 2 shiploads of the 35k Handymax shipping stockpiled on site by now.
Temeku's(thank you for your exuberant dd,visiting site,pictures,confirming etc) dd on shorting shows the least amount of shorting in a long time,which hopefully may mean etmm will be backing off before long.