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Digi, thanks for sharing- a lot of people who do read this blog but do not post feel the same way, I am sure.
Badge, keep a faith, we must be getting close, I’ll take your bet.
LTS, new experienced BOD member can help/ oversee company to make positive changes , we all talk about.
Badge, I don’t except any production, and deal should be just good enough to give us a chance to come back, that is all no more no less.
No news shuttering on my part, but good enough to resume mine operation.
Do you have any other idea? Voting in new member representing shareholders would be good begining.
Bobby,
I understand your frustration, but you and only you made a choice to invest in a “cold” sector as junior mining.
You wanted to make a quick profit from the deal- but you might still do OK. Let’s take a look at your facts:
“No buyers” - agree, why would anyone wanted to invest in juniors now, there are plenty stocks which are rocketing right now.
Look at the Apple, 7 for 1 split. I just bought Total a few month ago and making already 15% plus 5% divi.
You have to be masochist to invest in juniors now, unless and I repeat unless you have a Long view, like MJK has.
With Long view - Gold is $2000 and all gold producers are in green.
“Anyone that has invested in PTQ over the last 5+ years is in the red.”-
Not quiet true, some people in red but I am in red on a “free money”. See, years ago I double my money making 100% profit in PTQ so I took my original investment out, and now I am playing with “free money “, yes in red but not really.
“Fifer is flying his private plane” -
- don’t agree. He maybe is flying plane to attend his business. You should know that a lot of parties were involved, it was not PTQ who was holding the deal . You got DB with their requirements, also Koreans, and other minor players.
And ofcouse big gorilla FQM trying to squeeze as much.
I agree that you will sell at $.38
Bashers?- it is easy to kick someone when they are down.
And PTQ is down - no one dispute the fact that not only diminished gold price but also management mistakes were made specially during
a Spain expansion .
Company did not make misleading statements, company does not make enough statements period ,that is why once Deal is reach - I hope that those shareholders who choose to stay will join together in reshaping BOD.
PDI shares will not happen, but maybe with new management we can get this puppy barking at banana tree again.
One thing for sure - Fifer is staying, everyone else is ?
Thanks God Petaquilla is Panama and Gorilla has to eat banana respectfully.
LTS, I hope MJK answered all your questions.
I agree , it took long time but the situation was very complicated as Mjk noted.
It’s finally coming to the end. We will have new life again.
It worth it.
“In this opinion piece Harold Clifford argues warnings that many juniors would go extinct were overblown.
Toronto -
Last year saw the worst slump in some three decades for gold and gold mining shares, prompting many “Chicken Littles” to declare that the sky really was falling this time. These panic-driven predictions revolved around the idea that the gold-price bull market was over; that gold miners would be in dire straits for many years to come and; that junior miners at the exploration stage were about to disappear on masse. I term these predictions “panic-driven” because they were right-brained, or born of emotions and flights of fancy rather than known facts and common sense. Emotions often run rampant in the depths of an extended bear market, such as that suffered by junior gold stock investors/speculators in 2013. And it is exactly during such times that a majority of “players” throw in the towel as their stocks appear to be free-falling into a seeming abyss, while the contrarian minority seizes upon the extraordinary opportunities always on offer near the bottom. Such bear markets have occurred now and then for generations, and they reliably end in terminal capitulation.
As renowned junior resources investor Rick Rule reminds us: “Bull markets are born of bear markets” … it has ever been thus, and Amen to that!
The disconcerting thing that happened in early 2013 was that once one widely-read pundit declared that a third of the junior miners listed on the TSX Venture Exchange would disappear in 2013, a lot of other disheartened observers were quick to chime in with their own similarly dire prognostications for a mass slaughter of the junior sector. The headline of a Financial Post article last July warned: “Hundreds of struggling junior miners face delisting in crisis that could choke off project pipeline for majors.”
It was pure hogwash of course, a message born of emotions unrelated to reality. It is precisely because the junior exploration sector is such a stalwart project pipeline for the world’s established gold miners that the sector’s participants – competent and otherwise – will persist. Not a third, nor a quarter, nor even a twentieth of junior mining issues became extinct in 2013, nor will they in 2014 or in any other year if history is a reliable guide.
UK-based fund manager Sam Hutchins, who has plied the depths of the junior mining markets with unqualified success for much of his professional career, put it best, I think, when he commented that “Junior exploration companies can survive on the smell of an oily rag and can wait until the market turns again. They just don’t go bust. They just move down and do nothing, sometimes for years.”
The majority of the small number of junior mining companies that were delisted from the TSX Venture Exchange in 2013 did so because of mergers, acquisitions or graduations to the more senior TSX Exchange. The number of companies delisted for failure to maintain exchange requirements or because they couldn’t afford to keep the lights burning was miniscule.
While it must be said that many junior mining stocks are sorely lacking in terms of “obviously” valuable assets, and in the opinion of some uninitiated observers should therefore meet the guillotine, I believe that it is important to remember that most such juniors represent, collectively, the hopes and dreams of a long list of geologists, entrepreneurs/promoters and financiers who, for the most part, are simply chasing their own elusive dream. Alas, it is a very long shot, this business of grass roots exploration, and who are we to say that these adventurers should not persist? After all, most of the world’s great mineral discoveries have been born of exactly such persistence by individuals with a tight grasp on a dream and a rock hammer.
Notwithstanding predictions of the demise of hundreds of mining juniors by numerous pundits during the depths of the bear market, many more participants in this often treacherous market sector understand full well that hope does indeed spring eternal in the business that will outlive us all. The gold sector led all others in early 2014, with the junior golds as represented by the GDXJ having risen 55% between December 23, 2013 and mid-February of this year while the HUI Gold Big Index of major miners in New York gained a still impressive 30% during the same period; suddenly we are seeing financings completed with increasing ease for this unique investment category.
Contrarians have enjoyed a taste of vindication in 2014, and are doubtless poised to achieve extraordinary capital gains if and when the junior golds enter an all-out bull phase. It may well have already begun…
Harold Clifford’s forty-year span in the investment business has focused primarily on the Natural Resources sectors, and included Director of Mining ..."
For the guy who speaks three languages- my English is good enough. When will you stop moaning?
All I need for you is in due time to vote for new BOD member.
Hmm..Coffee tests good today.
And that is exactly why MJK won’t share information with you two.
This board become place of ridicule , why would I like to share what I know with people who make fun from information and the person.
On a top - you have PMC who is agenda driven… don’t worry you all will know in due time and of cause nothing will make you happy, but who cares anyway.
Jay, I can not confirm that . It is very hard to get information from Panama about Petaquilla this days.
If I have to take a guess: it would not surprise me if operation is shut down, why it wouldn’t be?
Between price of gold and financial problems - PTQ is in a dare situation.
We (PTQ) need a Deal to re-start HL , and other low cost operation as Portugal,(for example), etc. - just simple like that.
If we get a Deal - we will be all right, if we don’t - I don’t even want to go there.
Today and next few days would be the best chance to hear something before Easter - otherwise we might as well wait until middle of May.
I like Mjk “Tomorrow” song thou. Combining it with Easter Holiday spirit of “Christos is risen” maybe we can resurrect this puppy still.
I am with you bonefish.
How many times I tried to tell “locals” – you have to read MJK comments with a little grain of salt , his cheek’n tongue style is very entertaining and one can get/read a lot of information about Panama, Panama politics. and how business is done in this country.
Never mind that he lives in Panama, (most of us not) has been on a site and knows much more then average Joe here... anyway, stay tuned...
PMC/ RTBF, you have no interest in company future or saving our investment.
You would be perfectly OK ( and happy) if PTQ went broke, so there is no reason for me further discuss this subject with you.
As I said it before:
even broken clock shows right time twice a day , but your time is coming to the end.
LTS, if I remember of hand BOD consists of five people.
Unless we still keep Spain which I doubt - we can substitute Don Cristobal with our nominee.
That’s just an example, maybe someone else will be willing to stepped down. But having someone on BOD representing stock holders interest would be a big plus, and right move towards increasing communication with stockholders , setting up accountability and right plan of action.
Things are not right now and I am not positive at this moment. But you all have to ask yourselves:
Why are we here?
Why didn’t we sell and go to greener pastures ( not that gold juniors doing great this days).
Because no matter how much we complain - down deep we know that Deal is around the corner.
And with deal comes new Hope that we can rebuild PTQ,
that we can vote in our man to BOD to keep company accountable to shareholders, to become profitable again, as we were before.
I hope PTQ is one small portion of your portfolio and with stock market doing great- you can afford to have one dog.
Friend of mine found a stray dog a few month ago. he was hungry, dirty and looking grubby. He took him home, fed him, took him to a groomer- next thing you know dog turns out to be a beautiful Cocker spaniel, Dog loves him and friend has a ball taking care of him and taking him on daily walks around the neighborhood.
Who knows , may be after little haircut and cleansing - Petaquilla can become a pretty puppy again.
You are right. PMC is enjoying his temporary fame -
- broken clock is correct twice a day.
But I think his time is running out, with deal announcement around the corner- SP will recover .
PMC/RTBF will find something wrong anyway.
Instead of attacking each other why don’t we get back to discussion on Petaquilla prospects? The Deal has to be around the corner.
Will we be able to get someone else on a Board?
Is PTQ/PDI still supplying aggregate?
Who would you recommend to replace on BOD (don’t mention Fifer please).
And you call yourself a genius?
300 K shares represent only a few investors who choose to bail out. When someone with (example) 50,000 to 100,000 shares decides to get out. His broker will place small trades in 10 to 20 K shares or maybe even less than that in order not to collapse the price.
If millions of shares were offered – SP would collapse.
Obviously you not selling, I am not and majority is not selling either until we see the deal.
You all should know that trade on inside information is illegal. Common guys , let’s get back on a topic.
I don’t know who is selling , but people actually buying PTQ - they have confidence that deal will be done soon.
Digi already answer this question- it would be border-line inside trading information.
Obviously they know a lot what is coming and it would be unethical at best or illegal to act on this knowledge.
You have to understand situation - Richard Fifer is not going , period.
But new BOD member can represent our interests and guide them
out of current fiasco.
It worth a try. If we can get enough people / shares = votes, maybe some large shareholders will follow..
Of cause some of them are not satisfy … may be Richard Fifer will agree to replace one of the board members.
That would be a compromise…
Not R.Fifer but other member can be replaced.
Would you at least agree with me that we need to nominate someone new, someone who will represent shareholders to BOD?
Badge, common man. We all know situation is bad, but it was not like this in the beginning.
In the beginning: we were making good money, stock was trading above the $1, we were pouring 60K+ oz., looking at 80K,
we bought Spain and Portugal. I remember when we were discussing party on the Panama beach when PTQ hits $2.00… and then bottom fail out:
Strike one: BOD over spent money in Spain and everywhere else counting on stabile gold price…
Strike two : Gold price tanked…
The count is full and PTQ is “down” ,but not “out” yet.
If we can get a Deal, if PTQ comes up with right “action plan” and if we can get our guy on BOD - there is a good chance we will hit “a single” or maybe “double”… forget about home run thou.
It is never over until fat lady sings...
Yes, very experienced person with proven successful record, right connections and experience, someone who will look for shareholders benefits .
His name is “Oullins” , I hope people on this message board will understand importance to vote him in if we want to make something out of this investment.
Badge, no one is happy with current situation.
I agree that action plan has to be form.
company has to present plan explaining what and how company planning to do to improve their financial situation.
One plan of action was mentioned : assuming $ 60 mil received , pay of DB loan leaving PTQ with between 10 and 20 mil , enough to start HL, it is inexpensive assuming it works – it will bring almost 14K oz. per quarter, next- Portugal , which also does not require a lot of capital to produce gold.
If this can be worked out -PTQ can slowly paid down majority of the debt , might take a year , then who knows maybe become profitable again.
If PTQ manages to stay alive and gold comes back – ptq might get back in a game.
But if management will not present a plan – I will be first to tell you “sell”.
Also it would help if we can get someone else on a Board, someone who has connection with capital and know how to help current situation.
In mean time Panama celebrate first day of Metro,
big plus for Martinelli and CD:
"The screams of excitement of the arrival of the train were alunisono . The joy of these reached its climax when observed for the train that carried President Ricardo Martinelli and invited to the inauguration of the Metro Line One of Panama . They could not hide the emotion that they were witnessing a historic event that will change the lives of Panamanians.
At that time, when all eyes fell on the elevated station Martinelli and raised his hands to wave from the car he was traveling ;
Cheerleaders act Bettina Garcia , Carmen Sousa and Michelle Simons paused to observe the public fireworks displays ; and immediately started a rhythmic choreography gingle subway , which was used by the president who could not hide his excitement and danced with the dancers.
Completed the gingle , Simons handed the microphone to the president , who began his speech by saying : " The subway is here , look after him ... " The intervention of the president and the secretary of the Metro , Roberto Roy , which lasted only a few minutes , was accompanied by loud cheers.
But the excitement of those present for the inauguration of transport which aim to change the lives of Panamanians who are overwhelmed by the traffic of the city, not finished , but it continued to rise with the introduction of his famous Radiohead song . " If you do not have bam bam" . In short, " they set the environment." Emilio , vocalist kept jumping, sweating and screaming.
The artistic presentation included the showde Patterns Cumbia, Samy and Sandra Sandoval, that are the " Dancing Rabbit " and other songs , they did enjoy the audience as President Martinelli said they were chopped to give a walk through the subway, which starts today its open to the public from 9:00 am to 3:00 pm tour
"Hours before the official opening on stage entertainment is provided from 5:00 pm ; the Boy C , who at the sound of his popular songs " The guial ghetto " and " More good than ever" , he managed to encourage young people and adults who occasionally threw eye heights, awaiting the arrival of modern transportation . While , most took the opportunity to take your mobile and make the snapshot of artists who only see on television. The typical touch put him Osvaldo Ayala, at 5:50 pm ; minutes after Mr. Fox, entertained the younger you were screaming success " white Shorcito " .
Good post , MJK. I know few people on a board who like to point out what happened to $2 stock prediction, but as we all know conditions on a ground changed and investors have to be fluid as well.
I also think , once a deal is announced - we can expect SP come up to low $.30 but after that it would take few production quarters to
stabilize the company and turn a profit.
This will take us into mid 2015. Then SP might move into $.40-th. Long term here definetely. But with price of gold unexpected change – anything can happen.
I don’t like discus politics on this board, don’t want to upset fellows democrats but Obama administration and USA Banks are shooting themselves in a foot by denying Russian banks executed transactions.
There are powerful voices in Russia now calling to get away from US Dollar and start trading in alternative currencies including Russian ruble backed by the gold.
We all know what would happen to the price of gold and US dollar if Russia followed by China started that trend. GL 2 all.
Jay, I might not always agree with you but your contribution to the board very much appreciated. Everyone here in a same boat with similar average.
Good luck.
Jay, The I-Box has schematics of everything and more pictures of
the actual works. It was mothballed because the Molejon milling plant was a
higher priority at that time. The little dark green pad was the 40,000 ton test
pad. We have about one million tons of pad capacity available right now. Even with
expended leaching times, to recover all of the extra silver, we can process around
four million tons of ore a year with current capacity. With more expansion we can
build to about 6,000 AuEq.per month. That will be at a very low cost per ounce.
The ore is already mined and stockpiled. Add in a little gold from Portugal and we
are in good shape and very profitable. All the needed ponds, processing plant,
and pads have been in place for a couple of years. It is all in the I-Box for all to see.
Jay, obviously you have no idea what you talking about. Take a look at the pictures in I-BoX.
THAT DIGI PUT IN THE I-BOX WAY
BACK WHEN. THEY SHOW VERY CLEARLY ALONG WITH THE LITTLE TINY TEST
PAD THAT GAVE US THE 300 OUNCES IN THE ORE TEST.
WE HAVE ALMOST ONE
MILLION TONS OF HEAP LEACH CAPACITY ALL BUILT AND PARTIALLY LOADED!
AND IT HAS BEEN READY TO BE CHARGED FOR NEARLY TWO YEARS!! LOL!!!
PHOTOS ARE WORTH 1000 WORDS
IT IS ALL RIGHT THERE IN THE I-BOX FOR EVERYONE TO SEE, THANKS TO DIGI
AND GERMAN INVESTOR!!! ANYONE GOING TO MOLEJON OR WORKING ANYWHERE
IN THE AREA FOR MPSA KNOWS THE TRUTH SINCE THEY HAD TO DRIVE RIGHT BY
THEM EVERYDAY FOR OVER A YEAR UNTIL THE BYPASS ROAD WAS COMPLETED!!!
ZEEEERRRROOOO CREDIBILITY!!! You might have an agenda!
Are you implying that we will sell almost 800 sq.ml?
Of cause not. We will still maintain a lot of land rights in Panama. HL will allow us to pay down most of the loans, Portugal is with us and Spain is still not out of question. We have right man on board.
License can be easily renewed. JMO
But those in doubt – sell on any up-tick.
It does look sharp.
• www.albrookmall.com/Pagina oficial del mall más grande y divertido de Panamá. ALBROOK MALL.
Siempre innovando y creciendo para usted!
Somewhere under you sinicism I am sure you have a hope that you will recoup your money. Otherwise why would you still be here?
Man without hope is a dead man.
Oh, don’t be so condescending with me. I know they did only 300 oz. of HL.
I simply project a “Hope” view in my posts.
What would you rather me to do? Join you with every day whining?
Board has enough of you and others with that attitude. Or you would rather me to post: “hey fellow-mates, we Fuckn...ed up ,sell your shares once you can.”
Maybe next time I post- I will do two posts in one, one for you: sell sell sell and another one for those who still have hope to recover or maybe make some money. Geesh…
No digging necessary, and not many workers will be needed to do heap leaching- very economical. All we need is a Deal.
If they can get HL going - it will produce almost 15K oz
I don’t have level2 but few people with couple thou$$ can generate 200K volume. So most likely small traders going in and out. JMO
We are not going to get million shares traded because smart money/ large shareholders know exactly what is holding the deal.
When the deal eventually go thru - company will be able to re-start production and pay of the DB. So why would in a right mind they sell their shares if it is a long term investment for them.
On a another side - I hope all of you who wants to get out in upper .30-th will do that .
By the way here is my last communique (few days ago) with FQM London office:
Hi Mr. xxxxx
I have followed up with our team in Panama. There is a report which will be filed at the end of March with the Panamanian government; however, this document is not public information.
I hope this answers your query. Have a good rest of the week,
Regards,
xxxxxxx. | Assistant Corporate Secretary
First Quantum Minerals Ltd. - London Office
Still buyers are stepping in.
Someone knows something. Engineering report has been submitted but it is not for public viewing.
Deal is almost done. Large shareholders are not selling, so here we are- everyone is waiting …
Personally I think this article a bit slanted.
It is true that PTQ has money problem and things look pretty bleak unless they’ll get a Deal.
But workers who are protesting most likely were laid off and union is exploiting this situation during the last election month.
No one is happy right now, more lay-offs are coming as HL does not require full production work force.