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well how do you grade this one?
ADMIRAL BAY ANNOUNCES THE BEGINNING OF ADDITIONAL DRILLING AT SHILOH PROJECT IN KANSAS • Company acquires additional acreage at the Revloc Project in Pennsylvania
Denver, Colorado 15 December 2005, 11:00am PST
Admiral Bay Resources Inc. (TSX Venture: ADB) is pleased to announce that it has begun the drilling of five new wells at its Shiloh Project, in the Cherokee Basin, in eastern Kansas. The Cress 2-23, Cress 7-23, Cress 8-23, Kuhn 14-35 and the Hart 11-30 are new CBM wells that will be drilled at a depth of 1,200 feet. The Company has also begun opening additional zones in five existing wells.
At the Mound Valley Project the Company has begun testing the Froebe 4-27, Froebe 14-32, Johnson Trust 4-24, the Vaverka 10-31, and are opening the Riverton coal in the Tucker #1 well. These are new wells that have previously been drilled at the project and will be testing conventional and non-conventional zones. After testing, these wells will be completed as producing wells.
The Company is also pleased to announce it has acquired an additional 6,800 acres in Revloc Project, Cambria County. This brings the total acreage in the project area to 17,200 acres. The Company plans to begin drilling in the first quarter of next year. The initial two to four well program is designed to collect data that will assist Admiral Bay and its third party engineers in quantifying reserves and resource in the prospect. All wells from the test program will be completed as producers.
Admiral Bay also announces that it has closed a private placement through the issuance of 6,273,880 Units at US$0.67 per Unit for gross proceeds of US$4,203,999.98. Each Unit consisted of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of US$1.20 until December 15, 2006. Each of the common shares and warrants issued are subject to a hold period that will expire on April 16, 2006 The funds raised in this placement will be used to reduce existing payables in preparation to a debt facility, working capital and the ongoing development of the Company's projects. A finders fee relating to this placement is payable to the following: Neidiger, Tucker, Bruner, Inc., of Denver Colorado - US$76,970.98, Main Street Advisors, Inc. of Vancouver, BC US$ $56,280.00 and to Taisun Enterprises Corporation in the amount of US$22,110.00.
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging coal bed methane (CBM) production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin, in Pennsylvania. The Company's current gas production is approximately 1 MMcf/day. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB.
Dan,some Japanese may die from gold fever.
According to Business Day, analysts say gold buying in Japan has slowed, thus causing the pullback.
“Gold has fallen largely on selling from TOCOM traders with prices on TOCOM trading limit down again,” wrote TheBullionDesk.com analyst James Moore.
"The real test will be to see if New York Commodity Exchange (Comex) funds decide to sell again with a break below $500/oz potentially targeting the $485/oz area," Moore added.
"We have argued that the move in gold between $500/oz to $540/oz was largely due to buying on TOCOM; this appears to have been confirmed by the behaviour of gold this week.
"The sharp move lower in USDJPY together with a weak USD price of gold has prompted TOCOM longs to try and exit the market," London-based UBS analyst John Reade wrote.
"But due to the tight limit that TOCOM futures contracts have to trade within most of the recently added longs are trapped; with very little of the recent increase in TOCOM open interest reversed despite the sharp move lower in price," Reade added.
"Gold and, to a lesser extent, other precious metals, are in the hands of the Japanese general public at the moment. The general public are long about five million ounces, we estimate, and we believe they will want to exit these positions as soon as they are able," Reade wrote.
"We suspect that our one-month forecast of $500/oz will prove a little optimistic and that gold can dip to $480/oz to $490/oz within the next few days," he added.
Scotiabank warns of the impact on the market when Japanese traders pull out, according to Canada NewsWire
Otis,is she a blonde? eom
Its about time this one solved some more of north americas complex energy problems.Otherwise looks like its going in the crapper.
now you tell me.
Does the public have any clue how big of an event that GM going under would be?
From Weiss:
In the event of a GM bankruptcy, we have a pretty good idea about what would happen to individuals or institutions that hold their stocks and bonds.
We also can guess what might happen to the banks that have granted them loans.
But there’s one other major category of investments that are in an entirely different category.
I’m talking about derivatives — high-leveraged bets that are a giant blind spot in the rear-view mirror of Wall Street.
First, here’s what we know about these derivatives:
1. We know that the amounts involved are huge: $82 trillion held by US banks alone, according to the Office of the Comptroller of the Currency (OCC). That’s the “notional” or face amount, which overstates the problem. But it’s still far too big — 33 times more than the entire budget of the U.S. government.
2. We know that 85% of these bets are tied to bond prices and interest rates — the category most likely to be impacted in the event of a GM bankruptcy. That’s nearly $70 trillion, or over 28 times the entire budget.
3. We know that a very common practice is to bet on the “spread,” or price difference, between high-quality bonds (like U.S. Treasury bonds) and low-quality bonds (like GM’s). If the spread stays narrow, they win. If the spread gets larger, they lose.
4. We know that many large banks and other players have been betting that this spread will remain very small, as it has been for many months. They assumed that big companies like General Motors would stay solid ... that their bonds would retain a high value ... and that investors would be able to find ready buyers — all assumptions that are turning out to be incorrect.
5. We know that, back in 1998, when Russia defaulted on its debt, major players placing similar bets were severely wounded or even wiped out.
6. We know that the failure of just one of these players — a relatively obscure hedge fund by the name of Long Term Capital Management — nearly brought the world’s financial system to its knees.
7. We know that GM’s total debts today are close to $450 billion, many times larger than Delta’s or Delphi’s, and THREE times greater than Russia’s debt in 1998.
By that measure, if the Russian default was tantamount to, say, a Category 3 hurricane, GM’s default could be close to a Category 5.
8. We know that derivatives are highly concentrated in the hands of a small handful of large banks: According to the OCC, 99% of all derivatives are held by only 25 U.S. commercial banks. Worse, 96% of all derivatives are held by just FIVE commercial banks.
9. We also know which banks are taking the biggest risks associated with derivatives.
JP Morgan Chase has $6.25 in risk per dollar of capital, according to the OCC. HSBC has $4.07; Citibank, $3.10; Bank of America, $1.68. Even in the absence of a major corporate failure, that’s excessive by any measure.
how long did that take?
Anyone looked at Starcore?
http://miningmarketwatch.net/
CTUM
CONSORTIUM SERVICE MANAGEMENT GROUP INC
Daily Commentary
Our system posted a BUY CONFIRMED today. The previous SELL recommendation that was confirmed was made on 10.14.2005 (56) days ago, when the stock price was 0.0630. Since then CTUM has fallen -23.81% .
Were you eager to go long? Well, without doubt, it was the right time to do so. The BUY signal was finally confirmed, and most probably you have called your broker and placed your long orders with no hesitation.
Don't worry if you have missed this buying opportunity. The market may now give you a second chance. You may still find good prices for buying in the next session.
Look at that trajectory.Damn!Looks like I waited too long to get into this one.
Amazing what a fake weather weather chart showing -3 in San Diego can do.
Just joking.
WOW!!!!!!!I am up 20% already.Something must be wrong.This just does not happen to me.
I just bought 20k CTUM @ 4cents.They filled my order instantly.No shortage of sellers there.
Looks like the kitchen is located in the cook inlet area ,which is good.Does anyone know how they handle NG from that area?Is there a pipe line to the lower 48?
Yes,the CEO buying in October and paying 18 cents.
ADB.V pissing me off.Cut in half from their recent high.Cant find any reason for the decline.They are now headquartered in Denver and I think all their production is in US.Would be nice if they could get AMEX listing but they never mention it.
Looks like EGX will be owned by bunch of charlatins
Press Release Source: Eurasia Gold Corp.
Shareholders vote on Eurasia's proposed business acquisition set for January 11, 2006
Wednesday November 30, 9:31 am ET
TORONTO, Nov. 30 /CNW/ - Eurasia Gold Corp. (TSX-V:EGX - News; "Eurasia" or the "Company") announces that it mailed to its shareholders the information circular (the "Circular") and related documentation in connection with the annual and special meeting of shareholders of the Company scheduled to be held on January 11th, 2006 in Toronto, Canada for the purpose of considering and if appropriate approving the purchase by Eurasia of all of the outstanding shares of JSC Charaltyn ("Charaltyn"), a company with gold production in Kazakhstan. Shareholders of Eurasia will also be asked to approve, subject to completion of the acquisition of Charaltyn, a consolidation of the outstanding shares of Eurasia on the basis of one post-consolidation share for every ten pre- consolidation shares.
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Details of the Charaltyn transaction, as well as the operations of Charaltyn, are included in the Circular. A copy of the Circular and related documents have been filed on the web-site for the System for Electronic Document Analysis and Retrieval ("SEDAR") and will be available on SEDAR's website at www.sedar.com.
Eurasia is also pleased to announce it has entered into a definitive acquisition agreement with the shareholders of Charaltyn with respect to the proposed purchase of all of the outstanding shares of Charaltyn on the basis of one post-consolidation common share of Eurasia for every 21.2 shares of Charaltyn. Upon completion of the acquisition, there will be approximately 153,130,195 Eurasia shares outstanding, 92.27% of which will be held by former Charaltyn shareholders and 7.73% of which will be held by the existing Eurasia shareholders. Subject to the satisfaction of all conditions precedent, closing of the transaction is expected in January 2006.
well its pretty durn quiet here.Why is there no excitement?They have 4.5 bil resource and that is just in the east kitchen.I bet theres lots of cupboards in the rest of the kitchen.
NY Bob,I am interested in EGX and have put in limit orders twice that didnt get filled.But isnt the problem with EGX the fact that its operations are located in a crooked country?
What colour is the paint on the rig?If its not blue then I am selling.
Go to elite trader.com .book reviews there.Search for free book by Charlie Wright, called Trading As A Business,I think.
I hope you are right.I have been holding GPMX for quite a while and keep thinking about other stuff I could buy with that money.
Obviously this dog doesnt actually hold any gold or it would have moved by now.
Could that be the reason for the lowprice?All the disappointed people dumping their shares after failed buyout.They no longer trust management and dont care what they say?
CWPC coming down.I wonder how cheap I might get some and how long before it bottoms.
Dont worry,help is on the way.
Last Updated Tue, 15 Nov 2005 15:26:09 EST
CBC News
Southern Manitoba has been hit by a snowstorm, closing schools, roads and highways and causing delays at the Winnipeg airport.
Winnipeg, Tuesday.
PHOTO GALLERY: Manitoba's first blast of winter
By early Tuesday, Brandon had received 17 centimetres and downtown Winnipeg had accumulated 20, with more snow expected throughout Tuesday.
The weather office warned that near-blizzard conditions would develop by the afternoon and evening due to strong winds and blowing snow.
The Trans-Canada Highway was closed from Virden to Winnipeg early Tuesday morning. Several other highways were also closed, and travel was not advised on others. Roads were rated in "poor condition" throughout southeast Manitoba, including all highways in the Winnipeg area.
Drivers were reporting bumper-to-bumper traffic on many highways, and snowplows were in ditches near Brandon. In Winnipeg, tow trucks and more than 50 transit buses were stuck in heavy snow on roads.
The weather was causing some delays and cancellations at Winnipeg airport. The storm also closed schools around the province
If the Brits have an extra cold winter then Nth America will also?
U.K. Natural Gas May Soar, Raising Consumer Costs, BP Profit
Nov. 14 (Bloomberg) -- Gas prices in Britain, a benchmark for Europe, have almost doubled this year. Andy Waring, who buys energy for 20 plants of Ineos Group Holdings, the world's fourth-largest petrochemical company, says the big jump may yet come.
Traders are preparing for shortages by storing gas to use during the winter as North Sea output declines and demand rises. Waring said a squeeze may cause British natural gas to surge fivefold to 4 pounds ($7) a therm, or $69 for a million British thermal units. That's five times more than New York prices and equal to oil at $400 a barrel.
``There's a serious concern,'' Waring, 43, said in an interview. He said he may cut production at a plant in Runcorn, England, to save gas and sell it to utilities. Lyndhurst-based Ineos last month agreed to pay $9 billion for a chemicals unit of BP Plc.
A surge in prices would increase profits for producers including London-based BP, Exxon Mobil Corp. and Royal Dutch Shell Plc. It would also drive up costs for manufacturers and force consumers to pay more to keep on the lights and stay warm. Centrica Plc, the largest utility in the U.K., and the British units of E.ON AG and RWE AG have all raised retail gas prices.
About three-quarters of U.K. households use natural gas-fired heating, and gas accounts for about 38 percent of Britain's energy generation. Domestic gas output fell 11 percent from 2000 to 2004 as fields aged and reserves dropped after four decades of pumping.
The London-based Office of Gas and Electricity Markets, the U.K. regulator, said Oct. 5 industry may be forced to cut energy use so households can keep their furnaces running during the worst cold. The nation should have enough power to meet demand, assuming that no North Sea fields break down, the regulator said.
Already Suffering
British manufacturers already are suffering. Factory production in Europe's second-largest economy unexpectedly shrank for a second month in September, falling 0.3 percent, led by declines in the chemicals and fibers industries, the government reported last week. The two industries were built in the U.K. to feed off of North Sea gas supplies.
U.K. natural gas prices for January delivery ended last week at 73.3 pence a therm. Natural gas last winter averaged 24 pence. A therm is enough gas to boil water for 300 kettles of tea.
Merrill Lynch & Co. commodity strategist Francisco Blanch forecasts that prices may jump to 1 pound a therm or more and said shortages are possible. U.K. fields, pipelines and storage caverns can supply 512 million cubic meters of gas a day, short of a potential peak in demand of 550 million cubic meters a day.
``The market is pricing in a substantially colder-than-normal winter,'' Blanch, who's based in London, said last week in a report to clients. ``The risks of a price spike are significant.''
Coldest Winter
The U.K., the European Union's biggest gas market, is preparing for its coldest winter in a decade, according to the Met Office, the U.K. weather service. The three months through February 2006 also may be colder than average for much of Europe, the Met Office said. Southern England's mean temperature was 3.5 degrees Celsius (38 Fahrenheit) in 1995-96, 1 degree below normal. The Met office forecasts will be updated at the end of the month.
Natural gas prices have also surged in the U.S., after Hurricanes Katrina and Rita damaged pipelines and rigs in the Gulf of Mexico, which represents about 25 percent of the nation's oil and gas supply. Natural gas in New York is up 90 percent this year, to $11.712 per million British thermal units
Yes,in the US.You obviously discount the Chinese and Indian consumer.They are so poor,and so few,right?Or do you believe they can also afford computers and printers?
Consumption figures for photographic silver are misleading as 60% photo silver is recycled.
Digital camera use in wealthy nations is being offset by increased use of regular cameras in places like China and India.
CGHI.Lowman or anyone.Isnt this one a standout?Get a piece of 4.5 billion for 14cents a share?Plus heaps more potential.What are the negatives?
EGY.Sorry Lowman.I see you beat me to it.eom
EGY.Big potential here.Profitable company with about 1/2 mil debt.
Press Release Source: VAALCO Energy, Inc.
VAALCO Energy Acquires New Concession in West Africa
Friday November 11, 7:30 am ET
New Permit Onshore Gabon Reinforces VAALCO's Commitment to Aggressively Seek New Opportunities
HOUSTON, Nov. 11 /PRNewswire-FirstCall/ -- Today VAALCO Production (Gabon) Inc., a subsidiary of VAALCO Energy, Inc. (Amex: EGY - News; Houston), signed a new production sharing contract with the Ministry of Mines, Energy, Petroleum, and Hydraulic Resources of Gabon. The Mutamba Iroru G4-219 Permit located onshore Gabon contains approximately 270,000 acres, the equivalent in size to 50 blocks in the U.S. Gulf of Mexico.
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Robert Gerry, Chairman and CEO of VAALCO Energy, stated, "We are pleased to add this new concession that will allow us to leverage our strengths as an independent exploration and production company. The Mutamba Iroru Permit is similar in both geology and circumstance to our existing offshore Etame Permit where we have already been so successful. We believe that with our seismic depth imaging expertise acquired in the Etame Permit, together with recent technological advances in seismic processing, we can delineate new prospects for the company and the country."
At its southern end, the Mutamba Iroru Permit surrounds the Gamba-Ivinga Field (Shell), a 300 million barrel field, and is on trend with the giant Rabi-Kounga Field (Shell/Total) 60 km to the north, which is estimated to hold over 1 billion barrels of recoverable reserves. In addition, these two fields, along with the Etame Field (VAALCO) located offshore, all produce from the same prolific Gamba and Dentale sandstone reservoirs.
"We feel our experience developing the Etame Field gives us an advantage as we begin exploring the Mutamba Iroru Permit, not only because of our seismic expertise, but also our geologic understanding of this trend," said Mr. Gerry. "VAALCO has been looking to acquire a new venture area with proximity to established production, world class reservoirs and source rock. Mutamba Iroru solidly fits that bill."
Mr. Gerry went on to state, "We believe this is a start to VAALCO's stated position of expanding beyond our original concession and we continue to aggressively pursue other opportunities within West Africa and elsewhere
Interactive brokers.I cant get their trading program to accept my oders for OTC and PK stocks.Can anyone suggest what I might be doing wrong?
Admiral Bay Announces Consolidation of Operations to its Denver, Colorado Office
Friday November 4, 12:14 pm ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 4, 2005) - Admiral Bay Resources Inc. (TSX VENTURE:ADB - News) announces that it is in the process of consolidating all of its operations to its Denver, Colorado office. The process will be complete by the Annual General Meeting of Shareholders to be held in January 2006, at which time, the Company will have moved the head office to Denver.
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In addition, Mark Brennan, has resigned as Director, CEO and Chairman of the Board, to pursue other interests. Admiral Bay would like to thank Mr. Brennan for his valuable contribution in the development of the Company to date. During the period when Mr. Brennan was CEO, the Company has grown from a startup venture to a Company with six projects under development, 311 BCF of Proved, Probable and Possible Reserves as cited in Admiral Bay's recent Reserve Report by Questa Engineering of Golden, Colorado and released in a previous news release of October 11, 2005.
Steve Tedesco, President of Admiral Bay, has been appointed CEO and Chairman of Board. Mr. Tedesco commented, "We wish Mr. Brennan well in his future endeavors and thank him for helping guide the Company through this first phase of the Company's development".
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging coal bed methane (CBM) production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin, in Pennsylvania. The Company's current gas production is in approximately 1 MMcf/day. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB.
********silver********
smelters begging
By David Bond
November 01, 2005
www.silverminers.com
Lijiang, China – If you’ve got a silver, lead, copper or zinc mine anywhere in the world, the Chinese smelting industry would like a word with you: They have cash.
Smelters here are paying a premium for mine concentrates and even advancing payment for future shipments of cons – a market phenomenon unheard of in the North American mining industry, where miners wait months for smelter payments following shipment.
“China is short of silver concentrate supply and has to import a large amount of silver concentrates contained in lead, zinc and copper concentrates. In 2005, China will import 20,000 tonnes of silver concentrates and will import hundreds [more tonnes] of silver contained in lead, zinc and copper concentrates,” said Sun Youping of the China Non-Ferrous Metals Industry Association.
Mr. Sun’s remarks came at the 4th annual China International Silver Conference being held in Lijiang this week.
There are some 30 large non-ferrous smelters operating in China, compared with just two in the United States, and they are hungry. North American miners operating over here are enjoying this seller’s market. Myles Gao, president of Silvercorp, which has opened the world-class Ying silver mine in central China, said nearby smelters are advancing payments for raw ore shipments at the rate of about 75 percent of net ore value.
Smelters – Chinese or otherwise – really only have two speeds: full-tilt or shutdown. Running at fractional capacity reduces income for the smelter, but the costs remain the same as for full production. Thus premiums and advanced payments are there for the offering.
China sits on the world’s biggest pile of underground silver, with basic resources amounting to 115,000 tonnes, of which 23,995 tonnes are reserves, 34,117 tonnes are “basic reserves” (probable or possible) and 84,780 tonnes are resources. This accounts for about 22.1 percent of the planet’s total, Mr. Sun said. “Although China has a large amount of silver reserves, the nation is not rich in high-grade silver mines. Among the proved silver miners, there are a lot of small-sized and lean ones rather than large-scale and high-grade ones,” he said.
The government is encouraging both foreign development inside China, and Chinese mining ventures abroad, to feed this nation’s hungry smelters and satisfy burgeoning domestic demand for the poor-man’s gold, and the value-added industrial opportunities more silver can bring to China.
“The shortage of resources and energy emerged along with development of the nation’s economy. On one hand, the Chinese government will try to attract overseas funds to invest in China’s mining industry. On the other hand, the government also encourages domestic companies to develop overseas resources. Presently a lot of overseas investors are involved in the exploration of China’s mines,” Sun said.
He singled out the Ying mine as an example of foreign capital developing Chinese silver assets. “The cooperation on silver mines is just under way. Canadian SKN Resources Company (parent of Silvercorp) has joined hands with the (Chinese government) to develop the Luoning silver mine in Henan Province. With more favorable policy released by the government, Chinese silver exploration will attract more attention from the rest of the world.”
Sun discouraged China’s domestic miners from playing in the futures markets. “The Chinese financial market is unsound, and domestic silver producers cannot do the hedging business,” he said.
Have you considered the possibility that AVG delt with the virus and has stowed it somewhere (quarantine?)or made some kind of file recording the event and that is what norton is detecting?
BTW,I vote to dump norton and keep AVG.Norton is really invasive and even though you uninstall it there will be plenty of norton files left behind and some you may never get rid of.
Re bird flu.Take a look at IRBO.What do you think of it?
Anyone know what Brinkers opinion is now?eom
Thanks for posting those links gotmilk.I thought they were pretty interesting.I know macromedia is a listed stock and I was wondering if there were others who might become shorts.
Yes,you are right.They dont make gun manufacturers responsible for the end results of their products and they havent really held the cigarette manufacturers responsible.
It irks me that on many sites I am urged to download macromedia so I can view "all the media".Can anyone guess what that" media" might be?