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We closed at .1335, not .12 :)
For those who don't believe this region is worth very much:
Geology
Chile owes its mineral riches to its location over a subduction zone. Chile is part of the “Pacific Ring of Fire” a zone where the pacific plate dives below various continental plates. The less dense oceanic plate slips at a gradual angle below the continental plate, creating a zone of high-friction, high-temperatures and high-pressures. This is a dangerous zone, prone to volcanoes and earthquakes. In fact, 90 percent of the earth's earthquakes happen along the "Ring of Fire."
Being located in such a seismically active zone is not only dangerous, it is also financially rewarding. The tectonic stresses have granted Chile with unprecedented mineral riches. Where there are subduction zones, there are porphyry deposits- the most valuable copper deposits in the world. These deposits may be low-grade, but they are impressive in size and accompanied with valuable secondary minerals, such as gold, copper, silver and molybdenum.
Porphyry deposits are formed in zones of hydrothermal alteration, and subduction zones create the prime environment. As the Pacific Plate plunges below Chile, it is heated, melted and chemically differentiated. Masses of magma push up through the crust wherever they can. This magma comes into contact with water along its path and heats it. The water, carrying minerals which have been partly supplied by the intruding magma, moves closer to the earth's surface, cooling and depositing minerals. Simply put, this is how porphyry deposits form. The subduction zone in Chile has forged the geology, and geography of the region. The Andes, the Intermediate Depression, and the Coast Range have all been formed as a direct result of the subduction zone.
(Source: http://www.ibtimes.com/articles/109376/20110207/copper-mining-in-chile-part-i.htm) - thanks to Jai Ho.
I agree with DonD on this one. Since we've been seeing a gradual increase in SP each day with pending news I think you're more likely to get a better price further into the afternoon but don't wait too late as you'll definitely want to get them sold in time. I don't know about your account but with Scottrade it takes 3 business days for the funds to be available. Then there's the matter of getting them out of your account and into your bank which takes more time unless you have a VISA/Check option on your trading account. I do think the longer you wait in the day the more likely you'll have to sell at the bid, unless there's a news announcement and then all bets are off!
I agree. I do, however, think that without any kind of definitive news as to the company's future plans that after the nice run-up we'll experience in NPER that there will be a natural market stabilization following a significant retracement. The run-up will occur with MDMN's JV funding announcement and subsequent news/press/investor releases. I only wish I knew how high of a run we can expect before seeing significant retracement. It would be great to have folks in here with strong technical charting skills providing us with charts so that we'll have a better pulse of the market place to assist us.
If there is solid news and the company takes the next evolutionary step then the retracement can be minimized. I hope Les has plans for NPER that he's going to share with everyone soon after the MDMN/CDCH news. This will help support/boost NPER's standing and future outlook. Without this don't expect to see a large run without profit taking followed by significant retracement, just my humble opinion. In the mean time, let's enjoy what we can.
I tried entering an NPER "perfume" sell order of $1.00 and was told by Scottrade that it's too far away from the current price for stocks trading under $10.00. So, I started playing with the sell amounts and found out that I can currently enter a sell order for .1760 and no higher. That's horrible that you can't do this on Scottrade!!
Forgot to mention, the current NPER price is .0442. So, that means it only allowed me to place a sell order of no more than a 4 bagger above the current last price traded.
I know the last couple of times I've purchased NPER it was difficult to get anyone to sell below the ask. I think with the pending news it's going to be a little more difficult to entice anyone (legit shareholder) to sell to you. If you're waiting on the sidelines for an announcement, I wouldn't wait. I'd put an order in now at or above the ask and see if you can get anyone will to sell. The best you probably get will be the MM's wanting to short. I would say good luck but I think we're way beyond luck now. :)
The following was posted by Kirk (kmn):
Les never knew we were on that Chilean Copper Commision List. He was excited to see it. His comments were exactly in line with ours. It is a big honor to be on a list with those companies and shows that we are reconized as a real player in that mining circle. I do not know when the actual news will hit or when the money gets released but we are past the stage of gov approval and we are waiting for the bank to receive instructions to release the funds. This information should start to show up on the markets. Kirk
The only folks who'll regret that sold at .18 or .19 are those who weren't smart enough take take advantage of the swing opportunity and didn't buy back in on the dip.
I'm sharing this on the NPER site because of the relevance to the share price as it has been corresponding to the MDMN share price AND the fact that NPER owns 14 Mil shares of MDMN. So, this post is on topic. This is HUGE news as the Chilean Government now lists MDMN on a list of major mining companies, not just a junior mining company, as previously listed.
The following posted by kmn (Kirk), the first of which is a repost.
==============================
kmn Share Saturday, February 05, 2011 11:31:01 AM
Re: None Post # of 31002
http://www.cochilco.cl/english/sitios_interes/empresas_min.asp
I wonder how Medinah Minerals ended up on this list from the Chilean government. We are in good company on this list. Notice in the link where it says we have engaged Chilean miners. Hmmmmmmmmm LOL Kirk
==============================
kmn Share Saturday, February 05, 2011 3:54:10 PM
Re: joergensen post# 30978 Post # of 31002
They have shown up on some government lists before that listed everyone but not this list. There are a lot more mining companies working in Chile than are on this list. Also it has never included the part that we have engaged several leading mining companies in Chile. We were put on a list that only shows the leading miners in Chile. Why are we on the list? Remember the government has played a major role in bring us together with all the potential JV partner that have looked at the property in the last few years. Look for at least one of those Chilean Miners that we have engaged to be a Chilean national miner. Kirk
Medinah Minerals (Chile)
A mining exploration company strategically located in Chile. The company has actively engaged leading Chilean miners.
LOL, that's called desperate! ;)
Enjoyed the chart you put up the other day and shared it with lots of folks. I'm ready for your next one when/if you're so inclined. :) Thanks!
What in the world makes you think it didn't get scrutinized by HLS? Given how relatively small it is it's possible it wasn't scrutinized but we don't know. We didn't have ANY advanced notice for that so we have no clue how long it took to be received. All we ever saw is that it was received into our account, not how long it took. C'mon man, seriously? Soon enough your half empty cup will be overflowing. :) Try to see what is already in the cup, not what's not there.
I agree with you fully! Here's something else posted on MP by TR:
Traderich wrote:
A good, quick read: http://kingworldnews.com/kingworldnews/ ... _2012.html
Of interesting note to me are the last three paragraphs from this article:
Sometimes analysts and shareholders are critical of acquisitions during bull markets because they believe a company paid too much for a business. As long as the acquisition is solid the acquiring company’s share price is greatly rewarded in the long-run. The primary reason is that the metrics that are used to determine unit value are moving, in this case based on the price of gold.
A gold acquisition may be viewed as expensive at first, but later it will look brilliant as the underlying commodity, in this case gold, will be rising for many years to come on the way to a manic blow-off phase. As the price of gold rises, the underlying flow-through to the bottom line is extraordinary as long as costs can be contained.
This is all part of a process which will move the HUI (Gold Bugs Index), currently at 531, to the high 800’s as Eric Sprott predicted. As Sinclair noted, the majors must buy qualified juniors. The important thing to remember here is to position yourselves in companies that will be acquired. Going forward there will be tremendous price appreciation in those “qualified” juniors, then a premium will be paid on top of the already marked-up share price.
This triggered a thought for me. Assuming that this deal we're about to enjoy is really as large as we believe it is (and I do believe this), for a company / consortium to invest so heavily (huge deal for us) into our project I can only imagine what will happen to our share price over time once the production results begin to be reported.
_________________
Stop telling lies about us and I won't tell the truth about you!
George, it's nice to hear Les say that "the NDA covers ANY and ALL releases of info." So many have tried to, in their 'infinite wisdom', state that they can't see why this information would be covered in an NDA and that they don't know why the company can't just confirm/deny that it's from the partners. Simply folks, they can't confirm or deny anything because of the NDA so stop asking this ridiculous question. You don't know and WILL NOT know the specifics until there is an announcement and information is released. Any comments otherwise or unfounded and do not come from published fact.
I agree. It's amazing (criminal) what these guys do. Great buy wdl777!
Wow, NPER currently has over double the volume of MDMN - 684,707 vs 300,128. As a result, price dropped quite a bit making NPER a good bargain buy at .025 right now.
Great post from Hurricane Rick:
Hurricane_Rick Member Level Share Wednesday, February 02, 2011 11:11:10 PM
Re: stevej post# 30547 Post # of 30557
stevej,
I think the problem with having an open discussion about "doubts, theories, worries and speculations" is that a lot, if not all, of these discussions are borne out of hypothetical problems (a great term from the other board), some which are distorted from 2nd-hand rumors having little basis in fact and thus become not only a waste of time, but also exasperating to discuss because they have no relevance to or completely ignore the facts at hand. I have said on the other board several times "Idle minds are the devil's workshop" and if you take a step back and read all the unnecessary hand-wringing, misguided assumptions, hypotheticals and hypostheses, it really gets silly to read and it is difficult (for me at least) to entertain an intelligent debate at that level. Then one after another people piggy-back these hypotheses until they spiral out of control into a surreal mob mentality. This past weekend's posting devolved into what I can only describe as an absurdist comedy where nobody was laughing.
For example, if someone wants to put forth the idea that because there is a problem with the payment, then the partners must be inept, small companies, then I just can't identify with or begin to contemplate that inane unfounded hypothesis, especially when we know what the minimum terms of the deal are (or were) and it has been stated all over the company's website that we are dealing with major mining companies. Someone might think this argument is relevant because they can't fathom that large Fortune 500 companies have problems, oversights and mistakes, but really, the argument is laughably obtuse and borne more out of frustration and incomprehension than sound logic...and that is why most people dismiss it as quickly as the ".0002 tomorrow" mantra.
Here is the bottom line (IMO):
1) The company has confirmed multiple times that the JVA has been signed and all terms and conditions remain in effect. However, there was an unexpected issue with the financial transaction which has caused a delay in receiving the initial tranche.
2) The company has confirmed (twice, for the benefit of shareholders) that an extension was given to the JV Partners to straighten out the unexpected problem with the initial tranche...and the announcement will come as soon as that has been resolved.
3) The company has confirmed that the JV Partners have submitted whatever documentation was necessary to the particular government agencies and are "monitoring developments and look forward to being able to finally report the resolution of transfer issues." So the ball is in the government's hands.
4) Because the company announced that the JV had been completed (for all intents and purposes) and expected to close the transaction by 1/15/2011, the share price swelled from .04 to as high as .19.
5) Because there was an issue with the first tranche being completed and it has been delayed with no specific time frame for completion, the shareprice corrected sharply and has settled in the .09 - .13 trading range until we get more clarification one way or the other, about when this issue will be resolved.
6) There was an entry for "Trust Deposits" in Q4 for $437,000 which in all probability (but not officially confirmed) is a deposit for the joint venture. This can probably be actively debated, although unofficial confirmations have indicated it is related to the JVA.
That is where we stand officially. Everything else is entertainment...some comedy, some tragedy. When the debate strays from these facts, it is difficult to have a serious or productive discussion, IMO.
You're welcome, I just purchased, for a friend of mine with her acct, 15,386 shares at .0325, which brought the price up. :) At the same time, earlier this morning, also bought her 23,809 shares at .105 for MDMN. :)
Here's a great post from Hurricane Rick. Just thought I'd repost on here from the MDMN ihub room:
Hurricane_Rick Member Level Share Monday, January 31, 2011 6:52:47 PM
Re: None Post # of 30263
Chile's gold riches: Worth fighting over
As the gold market continues its lustrous trend, the corporate elbowing and shoving to get at the richest buried treasures is getting increasingly cutthroat. A prime example involves northern Chile’s clutch of mostly prolifically sized gold/copper deposits. Located in the Maricunga Gold Belt, five deposits are in various advanced stages of development while a trio of mines is already making money. All of them represent rich veins of opportunity for supply-hungry gold and copper producers.
Not surprisingly, much of the 100 million ounces-plus of gold concentrated within this rugged mountain range is firmly in the grip of the world’s most dominant gold miner, Barrick Gold (TSX: ABX) (NYSE: ABX). But the high flyer’s latest effort to consolidate its hold on this golden corridor has suffered a surprising setback.
Barrick was trumped by the world’s fifth largest gold mining powerhouse, Goldcorp (TSX: G) (NYSE: GG) earlier this month in a deal to buy the El Morro deposit. This is where 6.7 million ounces of gold and 5.7 billion pounds of copper reserves have been outlined. The deposit is expected to be commercialized by 2015.
Worth over half a billion dollars, the transaction entails Goldcorp purchasing a 70% interest in the deposit from its previous majority owner, Xtrata Plc (LSE: XTA). Goldcorp will now team-up with the project’s other original partner, New Gold (TSX: NGD (NYSE-AMEX: NGD), which retains its 30% stake and will be exempt from any further development costs. New Gold also got a $50 million pat on the back from Goldcorp for supporting its bid.
Still smarting from being outmaneuvered by a smaller rival, Barrick refuses to capitulate and has mounted a legal challenge to the deal. The gold industry’s top dog is in an indignant mood after its own offer – which was comparable in dollar terms to Goldcorp’s successful bid – had initially been accepted by Xtrata. Now the snubbed gold miner is contending that New Gold unlawfully transferred to Goldcorp its right of first refusal to commercialize the El Morro deposit.
The fact that the price of copper has more than doubled to over $3 a pound since the depths of its pronounced slump in early 2009 has also sweetened the appeal of El Morro – as well as several of the other deposits in the region that are also copper-rich.
In spite of the strenuous tug of war over El Morro, it is by no means the jewel in the crown of the Maricunga Gold Belt. That distinction to date belongs to the huge Cerro Casale deposit, which is jointly owned by Barrick and Kinross Gold (TSX: K) (NYSE: KGC). Cerro Casale is a huge prospective mine in-the-making that boasts a 23-million-ounce gold resource, along with six billion pounds of copper.
Its only rival in terms of size in the region is the nearby Caspiche gold/copper porphyry deposit, which weighs-in at 19.6 million gold ounces, 4.84 billion pounds of copper and 40 million silver ounces. And the deposit is still growing in size, according to its owner, a small Vancouver-based mining junior named Exeter Resource Corporation (TSX: XRC) (NYSE-A: XRA).
Exeter’s management concedes that its resource estimate is still in the “inferred” category – meaning that more drilling is still required to definitively confirm the exact size of its gold and copper riches. Yet, the well-financed and increasingly confident company is hoping to do even better. It is drilling well outside of the known deposit, hoping to significantly expand its gold and copper resources. If this transpires, it would obviously give Caspiche bragging rights over Cerro Casale – at least in terms of size.
That said, Exeter is already looking ripe for a potentially lucrative deal with a big league gold miner (which helps to explain the company’s recent proposal to spin off its other gold assets into a new publicly traded company). Notably, the announcement last September of a more than doubling of Caspiche’s asset base over previous estimates didn’t go unnoticed by the world’s major mining companies. Exeter says a number of them are already assessing its mineral database for Caspiche.
So the power plays in the richly mineralized Maricunga Gold Belt seem to be far from over, especially against a backdrop of declining global gold output. Indeed, the scarcity of world-class gold discoveries in recent years is already taking a toll on the mining industry’s bottom line. Production has been dwindling by nearly 5% per annum since it peaked in 2001, even though bullion’s spot price has more than tripled since then.
Hence, major gold mining companies are continually struggling to replace mined-out reserves. Especially their high-grade ore, much of which was severely depleted when gold was fetching much lower prices. This means that at least one new multi-million ounce deposit needs to come on-stream every year just to replace the major mining companies’ annual output. But this has not been happening.
This problem has been compounded by the fact that only one headline-grabbing world-class gold discovery – the 13.7-millon-ounce Fruita del Norte deposit in Ecuador – has been made during gold’s secular bull market over the past seven years. This is in spite of the fact that billions of exploration dollars have been spent by mining juniors, alone, on a worldwide basis during this time frame.
The Maricunga Gold Belt is also very attractive to major gold producers from a geopolitical perspective. Specifically, Chile is a politically stable democracy that has long been mining-friendly, especially since mining is essentially the backbone of its economy. Hence, Chile is very supportive of foreign investment and offers compelling business incentives to North American mining companies.
In stark contrast, several other Latin American nations, including Ecuador, have taken increasingly protectionist positions towards their gold assets – to the detriment of foreign mining companies that are active there. Furthermore, the advent of strict environmental laws in most global mineral hunting grounds promises to put any number of world-class gold prospects off-limits.
Disclaimer: Neither does Marc Davis nor anyone else at www.BNWnews.ca own shares directly or indirectly in any of the companies mentioned.
He, TUP, knows because someone on MP who is in regular contact with LP stated that LP told him he would be in Miami for a couple of days to conduct banking business (paying bills, transferring money as needed) and then he'll be off to Chile immediately thereafter. If you want to know these answers, keep up by reading what he reads. You don't have to sit back and take pot shots from the cheap seats!
Mike2211 Member Profile Mike2211 Share Friday, January 28, 2011 7:14:59 PM
Re: joergensen post# 29996 Post # of 30025
I read a rumor from Twitter that said the Mon/Tues date, was the week we are in now.... and coming up lame!!!!
[Below is the cut and paste from Twitter]
# Rumor-breakthrough today on resolving the money transfer issue. Next week is going to be fun! AGM is going ahead as planned for late Feb 2:33 PM Jan 21st via web
# Rumor expectations are that the money is currently projected to land in the Monday/Tuesday time frame. Depends on govt approval? 10:33 AM Jan 21st via web
Let's break it down. The first rumor you alluded to started off with the word "rumor" not "fact." It then said there was a breakthrough on resolving the money transfer. That's not to say that there aren't more breakthroughs still needed or that it was the last breakthrough required. It simply said there was a breakthrough. It also said this week is going to be fun. For me, personally, it was fun in that the share prices continued climbing higher all week, which from a technical analysis point of view, created a very stable platform on which to announce news.
Second Rumor you alluded to, also stated as such, rather than fact, stated 'projected to land in the Monday/Tuesday time frame. Depends on govt approval?' What part of the word 'depends' did you not notice? These were reasonable expectations on the part of whoever stated the rumor but clarified with caution stating 'depends on govt approval.'
Finally, it's been posted that there will not be any further tweets until there is a final announcement because people seem to want to kill the messenger with respect to the person tweeting for simply passing along speculation/rumors. Personally, I think this is a wise decision and that the next tweet we get will be what we Longs all been waiting for.
Notice that at the end of that commentary the following was stated:
The market is currently cold for short-sellers. Avoid any short sales and cover the short positions immediately if there are any.
Fantastic job on this chart. Thanks for posting. I shared it on MP.
Let's not forget, MDMN North America, MDMN Chile, CDCH N.A. and CDCH Chile as well as JJ. There are 5 separate entities with with which the JV consortium has to provide trust money (this is only my assumption). The other 4 remaining entities haven't yet reported their financials (that I know of) so we don't really know the total amount of trust deposited to date. Keeping this in mind, if 1-2% is typical the total money coming for either the first tranche or the total of all tranches will be, needless to say, quite substantial.
I only get 3 posts since I'm not a paid member. I've made one already, I think only one today? SO, this being my second had better count! LOL
Depending on what browser you're using the steps are different, even versions of the same browser can be different and there are too many to try to explain. I'll assume you're using internet explorer, V8, which is what I'm using for this example. In IE 8, you should see a 'Safety' menu item with a black down arrow next to it. Click on that and choose Delete Browsing History or Shift+Ctrl+Del. You'll then see several options. I tend to not select forms and password options for deleting but then choose everything else to delete.
If you're using Firefox 4.0 Beta 8, which is what I'm currently using as I'm typing out this message, go to Tools, then choose Clear Recent History or hit Ctrl+Shift+Del.
I hope this helps. If you still can't figure it out, google for whatever browser you're using on how to clear cache for, example, Safari, or Chrome or whatever you may be using. Good luck!
--Patrick
Only one more post left today! :(
See you over on the other site. Still monitoring this site too. :)
Keep in mind, when a domain change is made, it can take up to 48 hours for it to propagate across the web. Some can get to it before others. I cleared my cache and was able to get in and post. Also, to your comment about there not being a tweet about it, that is incorrect. There was a tweet about 3 hours ago. That's how I knew to go there. close your browser completely. Reopen it, clear the cache and then try again. If it's not there yet, be patient. It will eventually be visible to whoever your ISP is. Currently, it would seem, your ISP isn't seeing that domain IP yet. Hope this helps.
--Patrick