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yes it is long overdue for a pullback. Might take a while before it gets it's mojo again.
Dropping POG certainly does not help it. If POG bounces back to 2.55 again, OGC should get back to 3.60. IF POG goes for it usual 100 point pullback after a new high, OGC could see 3:00 -3.20s.
JFF7
warrants
a couple of other thoughts.
- never buy too much of any single warrant. Volume may be high when you buy in but unless you planing on getting out early, don't buy too many because the liquidity on warrants can dry up real fast.
- only buy warrants in companies which you wouldn't mind owning long term and that have an expiry date way in the future. 2-3 years at least. More preferably. I always bail on warrant swith less than a year as a rule because the time value portion of the warrant disappears quickly in the last year.
- don't get greedy. warrant owners usually sell early. sometimes before the stock has peaked.
- trading warrants like people trade around their core position in stocks can be very rewarding. 10-15% at a time with many repeats on a volatile stock.
have fun,
JFF7
warrants
best time to get warrants is before commodity prices start to rise. a little late I think. I looked a couple of weeks ago for some good warrants but didn't find any. Not saying that there isn't some but from a risk / reward basis, the risk is much higher now that gold is at all time highs. If POG pulls back, we all know how fast gold stock shares can pull back. Warrants pullback even faster because of the leverage involved.
Perhaps in the base matals there are soem decent warrant plays. Copper nearing 3.50, Zinc getting close to 1.00 and Nickel bouncing around 10 bucks. All represent psycholgical levels that may spur some quick gains if they are broken.
Just my thoughts on them at this point,
JFF7
CRK.to
Riddlfoot - thx for correcting me on the OGC note. My mistake. Surpised they kept only that PR on the website. Maybe because it was local.
CRK - yes I am still holding. Rising POG will help move it some but now people are trading it for small gains. It will probably do that for a while. So trading seem to be the play of the day for that one. Could have switched it out for CGA a couple of days ago as that was a real good candidate to move (and now it has done so).
JFF7
ogc.to
" On Tuesday, the OceanaGold Corp. (OGC.AU) chairman said the company may begin developing the Didipio copper gold project in the north even without a strategic partner.
"We've always been looking for a strategic partner but because of the (higher) price of gold and better and more successful operations in New Zealand, the (plan to look for)strategic partner is not as urgent. We will be able to do it (on our own)," Jose Leviste said.
OceanaGold suspended work at Didipio in the middle of 2007 as project costs rose to $320 million from an initial estimate of $155 million, prompting the company to seek a joint venture partner. Talks with potential partners haven't progressed. "
http://ih.advfn.com/p.php?pid=nmona&article=39466208&symbol=ASX^OGC
JFF7
OCEANAGOLD CORPORATE UPDATE
http://www.newswire.ca/en/releases/archive/September2010/07/c7451.html
MELBOURNE, Australia, Sept. 8 /CNW/ - The Board of Directors of OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) today announced that they have accepted the resignation of the Company's Chief Executive Officer, Paul Bibby, who has decided to step down from the position for personal reasons. The Board has commenced an immediate executive search to fill the role.
Mr. Bibby said, "OceanaGold is now in a very strong position both operationally and financially, we have increased international market awareness and the exploration efforts continue to produce outcomes that will sustain the New Zealand operations. I am pleased with what has been achieved during my time with OceanaGold and wish the OceanaGold team and its shareholders the very best in the future."
Jim Askew, Chairman of OceanaGold commented, "Paul has made a significant contribution since joining the Company and as a result the group management is on a solid footing. On behalf of the Board of Directors I wish Paul well with his future endeavours. In the interim, I will be assuming an Executive Chairman role to lead the executive committee. The Company is fortunate to have a strong and diverse range of skills amongst the management team and this will result in a seamless transition in the operations of the business."
Short interest
Short interest looks ok at this point.
It's interesting to loook at a graph of th eopen short ineterest and then overlay that with what is happening the company. It doesn't look any games are being played with the stock price via shorting while this refinance gets finalized. That's a good thing.
http://www.dailyfinance.com/company/petaquilla-minerals-ltd/ptq/tor/short-interest
JFF7
I hear ya.
JFF7
SGR.V
Update from SGR on resources (ounces in the ground). From what I can tell they have issued a news release saying that their documented ounces in the ground has moved from a previously documented 3 million to 2.4 million after much additional drilling. This is the first time I have ever seen such a thing. But here it is in black and white. 1.1 billion dollar market cap for a 60,000 ounce producer (if they can produce that much) and 2.4 million documented 43-101 ounces in the ground? Seems a tad expensive to me.
If I am misunderstanding this, someone please correct me.
JFF7
http://www.stockhouse.com/tools/?page=%2FfinancialTools%2Fsn_newsreleases.asp%3Fsymbol%3DV.SGR%26newsid%3D7861883
San Gold Tables Mineral Resource Estimate Update for Rice Lake Project Area
9/3/2010 10:24 AM - Canada NewsWire
BISSETT, MB, Sep. 3, 2010 (Canada NewsWire via COMTEX News Network) --
SGR: TSX-V www.sangoldcorp.com
Dale Ginn, CEO of San Gold Resources Corporation is pleased to report that a comprehensive, NI 43-101 compliant report has been completed for the Rice Lake project area that includes the Rice Lake, Hinge and SG1 mines as well as the 007, Cartwright, SG2/3 and Cohiba zones. This report was undertaken in order to make current all mineral resources deemed to be within the Rice Lake project area, to account for mining adjustments and to upgrade inferred resources at the 007 zone. The Resource tables are summarized below:
<<
SUMMARY OF RESOURCES
Tons Grade Contained
oz./ton (g/tonne) Ounces
-------------------------------------
Rice Lake Mine
--------------
Measured Mineral Resources 388,200 0.24 (8.2) 93,140
Indicated Mineral Resources 679,240 0.26 (8.9) 176,960
---------------------------------------------------------------------
Total Measured and Indicated
Resources 1,067,440 0.25 (8.6) 270,100
Inferred Mineral Resources 1,519,750 0.29 (9.9) 439,090
---------------------------------------------------------------------
Hinge Mine
----------
Measured Mineral Resources 91,790 0.29 (9.9) 26,510
Indicated Mineral Resources 425,670 0.40 (13.7) 171,190
--------------------------------------------------------------------
Total Measured and Indicated
Resources 517,460 0.38 (13.0) 197,700
Inferred Mineral Resources 1,375,200 0.39 (13.4) 538,700
--------------------------------------------------------------------
SG1 Mine
--------
Indicated Mineral Resources 214,200 0.24 (8.2) 52,150
Inferred Mineral Resources 936,500 0.22 (7.5) 206,900
--------------------------------------------------------------------
007 Zone
--------
Indicated Mineral Resources 305,240 0.75 (25.7) 230,330
Inferred Mineral Resources 398,200 0.47 (16.1) 186,980
--------------------------------------------------------------------
Cohiba Zone
-----------
Indicated Mineral Resources 55,970 0.23 (7.9) 12,675
Inferred Mineral Resources 25,210 0.16 (5.5) 4,050
--------------------------------------------------------------------
Cartwright Zone
---------------
Indicated Mineral Resources 136,200 0.22 (7.5) 29,830
Inferred Mineral Resources 1,761,200 0.21 (7.2) 388,940
--------------------------------------------------------------------
SG-2 and SG-3 Zones
-------------------
Indicated Mineral Resources 173,100 0.20 (6.8) 34,600
Inferred Mineral Resources 195,600 0.26 (8.9) 50,860
--------------------------------------------------------------------
Rice Lake Project
-----------------
Total Measured plus Indicated 2,469,610 0.34 (11.7) 828,105
Total Inferred Resources 6,211,660 0.29 (9.9) 1,814,870
>>
Tonnage in the indicated category increased significantly at the 007 Zone due to a high level of drilling activity during the first half of 2010 in order to upgrade from the inferred category. The 007 Zone database is now comprised of 135 drill holes completed in 2009 and 2010 both within and outside of the mineralized area for a total of 135,000 feet (41,150 meters). The mineral resource estimate is based upon 163 composited vein intersections comprised of a total of 482 individual assays. The total area covered by the measured, indicated and inferred mineral resources estimate for the 007 zone is a strike length of 600 feet (183 meters) and a vertical extent of 1,500 feet (460 meters) between 100 feet (30 meters) and 1,600 feet (490 meters) of depth from surface. The zone is open up and down dip and along strike to the west. Exploration and definition drilling as well as initial development will continue throughout the last half of 2010. Minor changes in mineral resources at the other deposits were mainly due to adjustments in order to account for mining. A portion of the Cohiba zone that is planned to be accessed from the new 007 ramp was incorporated into this report as well.
The Hinge Mine is located 1.5 kms to the north east of the Rice Lake Mine and mill and is accessed by an independent decline. The Hinge deposit was discovered in March, 2008, development towards the deposit began in July, 2008 and a bulk sample was completed in July, 2009. The 007 zone is located 2,100 feet (650 meters) to the south east of the Hinge Mine and was discovered in November, 2009. Initial development within the 007 Zone is now underway, originating from the Hinge decline. Site preparation has started in order to collar a new decline to be used for access to the upper 007 Zone, an initial area of the Cohiba zone, and for exploration and potential access to the Emperor zone and historic Wingold Mine. For reference, the nearby Rice Lake mine has been mined from the surface to 5,500 feet (1,680 meters) below surface (7,000 feet (2,130 meters) down the dip of the zone) with current development and production between 4,500 feet (1,370 meters) and 5,500 feet (1,680 meters) from surface.
The mineral resources are in-situ, undiluted, and uncapped and have not had economic parameters applied to them. The mineral resources are defined in terms of NI 43-101 regulations and their estimation was carried out using industry standard polygonal longitudinal section methodology. The drill hole data was evaluated in plan and section in three dimensional AutoCAD to determine continuity between holes. Vein structures in the Rice Lake Mine area have vertical extents from 4 to 8 times their strike length. Because of this, areas of influence used around drill hole pierce points on the longitudinal section for purposes of defining measured and indicated resources are ellipses, elongated down dip and plunge. For measured resources an ellipse with a short axis of 50 feet (15 meters) and a long axis of 100 feet (30 meters) was used and for indicated resources an ellipse with a short axis 75 feet (23 meters) and a long axis of 150 feet (46 meters) was used. Inferred resources are based on projection of measured plus indicated resources to a depth four times the strike length of the mineralized zone. A tonnage factor of 11.4 cubic feet per ton (equivalent to a specific gravity of 2.8) was used to convert polygon volumes to tons.
Peter George, P.Geo. of Geoex Limited is the independent qualified person in accordance with NI 43-101 responsible for the report referenced in this news release. Mr. George has made numerous site visits to this project over the past ten years, is a geologist with over 40 years of experience and has prepared evaluation reports for a number of significant mining operations. During the past 5 years, Mr. George has completed mineral resource reports on a number of significant Archean gold projects including the Gold Eagle (now Goldcorp) Bruce Channel deposit in Red Lake, Ontario, Valgold's (now Northern Gold) Jonpol deposit in the Timmins area, Black Pearl's (now Canadian Lithium) Tully deposit in the Timmins area, and San Gold's Rice Lake Mine, Cartwright, SG-1, SG-2, and SG-3 deposits in Bissett, Manitoba. Dale Ginn, P.Geo., CEO of San Gold is the qualified person responsible for this news release.
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: San Gold Corporation
Dale Ginn, CEO of San Gold Corporation, at (204) 794-5818 or email info@sangoldcorp.com. A copy of the full report will be made available on the company's website and has been filed with Sedar.
Copyright (C) 2010 CNW Group. All rights reserved.
OGC NZ
the all time high for NZ market was 4.85 according to this link.
http://finance.yahoo.com/q/bc?s=OGC.NZ+Basic+Chart&t=1d
small point.
I agree that gold should continue to be strong through Septemeber. Historically Oct is not as strong but November is good again. Also agree that if the market falls strongly, for the first while everything will follow. I think gold stocks would break away after a week or two.
JFF7
yes I am on Stockhouse as well. Same user name. I will send you my email addy.
JFF7
OGC - dcrain
I take it back about the close. I thought you meant the Aussie markets. My mistake.
JFF7
OGC
I take it that is a prediction since the market there still has not closed yet and it has not hit an all time high yet.
Still up 3 % so far is nice.
JFF7
ECU.to and ECU warrants
I have some ECU warrants. ECU up 6% to .69 on finding more ounces but the warrants haven't moved much yet. Expecting that will correct itself in the next few trading days.
JFF7
MMT.v
Keeps bumping up against 35 cets but tat is where a lot fo people set their sell orders to book some profits. Over 400,000 shares available at 35 but after that trading is light.
added some more today in prep for the spudding news next week.
JFF7
FRC.to +.04 $5.21
Good volume on FRC.to today at 221,000. I added a few shares today.
Just need to wait a couple of qtrs, Analysts targets below. A top pick by Cormack Securities. I like it.
Source Target Date
Cormark Securities1 $8.50C 04 Aug 2010
RBC Capital1 $7.00C 04 Aug 2010
Raymond James1 $8.50C 04 Aug 2010
Wellington West Capital $8.00C 04 Aug 2010
JFF7
I thought the document would be about the gov't 2 or 4% (not sure which it is). That they want to be first in line to be paid....before banks.
JFF7
deleted by author
JFF7
What? did someone tell you that your postings here were hurting the share price?
Don't believe them. POst away unencumbered.
JFF7
I guess my memory does serve me very well. I was not only wrong but way off.
JFF7
I thinnk the heap leech process adds about 1000 ounces a month if memory serves me.
JFF7
OGC.to
I don't think it will hit a new 52 week high today but maybe tomorrow. Already up 15 cents today. If gold were to make a run at old high today then I could see OGC do the same with it's 52 week high.
I am expecting the normal end of day sell off but still up solidly for the day.
What I would like to see is the company break through the 52 weeks high without POG hitting a 52 week high. That would be a sign to me that it is getting revalued upwards by the market (a higher p/E). But I think that may not happen until the feasibility study for the Phillipines mine is out and they announce what course of action they will take (self finance, sell, or joint venture).
JFF7
CRK.to/crocf
the drop today was accompanied by a 1 million share cross as well. That is a good sign usually to me.
I did not add anymore today. Just can't identify a catalyst for CRK to move back up.
JFF7
yup I am surprised there was not more dirt in there. Not as bad as I thought. Not a lot to write home about but nothing to cause a further sell off.
JFF7
medusa MLL.to
yes there does not seem to be much consistency on how gold producers are valued right now. Certainly smaller ones get smaller P/Es. Most seem to go on cashflow and documented resources in the ground.
It's certainly more attractive here than it was at 4.50 before.
They can use some of that future cash to develop that second project when they get the prefeasibility study done.
I think they would be more of take out target if they proved up more resources.
Also Phillipine mines don't seem to get the respect they deserve so that may have soe impact on the share price.
JFF7
just the sell on news phenomena that we are getting on most of the Cdn stocks.
Also 3/4s of a Billion dollar market cap for a 90,000 ounce producer is pretty steep even for a low cost producer.
They are are either going to have to prove up more resources or increase production significantly to get a higher valuation. Or there is the old favorite, a rise in the POG but then that raises most gold stocks.
OGC performing like a real winner right now.
JFF7
LO, I don't think the annual report will contain anything good overall. The less than desireable information will have to come out but maybe not all of it.
Better to get it out in the open though and to deal with it than let it fester anymore. Besides they got to give CI something to chew on.
JFF7
MMT.v 10bagger
Progress to higher share prices may be slowed along the way by profit taking but eventually we will get there. Remember there were people buying lots of shares at 5-10 cents in Dec last year. They are way up and will probably take profits before some of us who got in higher.
JFF7
Jal, I hate to say it but I beat you to it. Had to use the Iggy button. Just couldn't take any more of his hysterical hissy fits. Being a whiny wus doesn't help him deal with his situation. He should grow a set and make a decision. If I thought there was something that wrong, I would sell some or all. Otherwise, I would be calling the company with my grievances. If that didn't work, I'd have to take my money and find a company I could believe in.
JFF7
The inconsistency between Salazar and this article may be just because of timing. When Salazar made his statement, they were probably still producing. The government may have subsequent asked them to suspend production. This would be a smart political thing to do condsidering the strength of the environmentalists in Panama.
CI, it sound slike your pulling your hair out about PTQ share price. No doubt there is a lot of drama surrounding the activities around PTQ and the share price reflects this. If you want to sleep easier, why don't you just scale back your investment in PTQ to a level your comfortable with. I know I did (25% reduction). Maybe invest it in another gold stock that you think has a lot of potential but does not have this day to day drama. This may give you something else to focus on as well other than the hourly fluctuations of the PTQ share price. You can always come back and boost your investment in PTQ when the dust settles a little.
Whether or not production was suspended, you can bet that PTQ is working aroud the clock on the other tailings pond to bring it on stream as soon as possible in the next week or two.
JFF7
Good article. Rings true for me. Not the be all and end all but a main determinate I think. In the absence of any other significant event, I would be trying to follow this advise to get a feeling for the direction of oil prices short term.
JFF7
MTO.v news
Metanor Resources Inc.: Barry NI 43-101 Resource Calculation Ready During the Week of September 15, 2010 (ccnm)
VAL-D'OR, QUEBEC--(Marketwire - Aug. 24, 2010) - MetanorResources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce thatthe Company has received the confirmation from its consultants that itwill be able to disseminate the results of the NI 43-101 resourcecalculation on the Barry property during the week of September 15,2010.
Compilation of more than 500 drill holes and 3.5 km of channelsampling totaling more than 40,000 analytical results, took severalmonths of work. These drill holes and channel samples permitted theinvestigation of this deformation corridor with a width of 125 to 140meters over a distance of 1 km in length and up to a vertical depth ofup to 400 m in places. This large gold bearing zone is still open in alldirections.
Metanor Resources Inc. would like to thank all of its shareholdersfor their confidence and their patience during this waiting period.
Mr. Andre Tremblay, P Eng. is the qualified person pursuant toNational Instrument 43-101 and supervised the technical informationpresented in the news release.
133,595,947 outstanding shares
FOR FURTHER INFORMATION PLEASE CONTACT:
Metanor Resources Inc.
Ronald Perry
Vice President
514-262-8286
MTO.V
The buying opportunity just keep s getting beter.
The problem with laying off the decline on shorters is that the shorters must have had a reason to believe they could short. That reason still hasn't been disclosed. Until it is, the share price will remain weak.
JFF7
Jal : "I'm beginning to think this guy at GSM knows about as much as anyone on this board."
that's probably an accurate statement. There are some great posters on these boards who know quite a bit. The fact that they like to share is a blessing to us all that stop to listen to what they have to say.
JFF7
Hate to say it but I sold some today to take some profits. Sell into news and the accompanying price spike is the only rule I am following. I may regret it but these markets are providing so many buying opportunities, time and time again, I thought it was the right thing to do.
Hope the run continues tomorrow and weeks to come.
JFF7
OGC.asx
OGC up 6% overnight in Aussie land.
http://ih.advfn.com/p.php?pid=webchart&period=0&size=19&symbol=ASX^OGC
JFF7
CRK.TO
judging by the support CRK.to has received since the big down day, it looks like it is getting support from the holding institutions and insiders. Rising POG certainly doesn't hurt as well.
insider support link
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=crk
Looks like for now, the bottom is in.
Maybe the experienced management (former Goldcorp) and the strength of it's deposits may be enough to prevent a big decline that some thought possible. Time will tell.
was very close to adding some at 1.11 for the longer term but there are better movers currently (OGC on a nice roll).
JFF7
MTO.V
they could be playing the same game that some people believe that SGR.V has played. The theory is that if there is lots of gold on your property but you have not drilled it and proven up the resources but your already producing 100,000 ounces a year then you will likely to get taken out early by a larger gold company based on what you are currently producing and showing as resources in your 43-101. The game they play is to never increase the gold produced but keep drilling and pushing up the expectations of resources in the ground. Delay the 43-101s until you have drilled a lot more than is included in the next 43-101 to be released. Always keep the expectation much higher than the documented resources.
This game seems to work for SGR.v but you have to release drill results in order to make ti work. MTO is not doing that so their share price is lagging.
(just for the record my view of SGR.v management is that they are just incompetent as producers but their rocks in the ground are great grades. I am still undecided if they can get the gold out of the ground at a decent cash cost.)
JFF7
thanks Diggg
MMT.V and what else?
I have one junior oil holding (MMT.V) but I am looking for another.
Does anyone have any recommendations?
Coastal (CEN.V) seems pretty popular. opinions?
JFF7