Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Jagman,
Good going on the AUY; it's a can't miss, I believe. I had AUY in my portfolio and my broker added to this position this past week. He had added GG to my portfolio last spring and then the carry trade in Japan was largely reduced, and woe, it was my worst investment for a long while.
Returning to AUY, I subscribe to Outstanding Investments (OI) and I received their December 2006 subscription. The front page had a title "Latin American Gold Rush." The recommended buy is Yamana. This will become an even more exciting stock when the copper production begins. Peter Marrone is an outstanding executive.
OI also recommended one uranium stock, IUC.TO (International Uranium) and I owned it back in May of 2005 upon this recommendation. Dumb me, I sold it for another energy play, and yes, then it took off.
You're right about trying to find the right uranium stocks. TUE.V has had a good run-up and I own them indirectly through DJE.V.
I know that UUU.V is a producer and is doing well. It is located in the Republic of Kazakhstan, but I know that some investors don't like to invest outside of the Americas.
I'm still researching other companies, but right now, cash is the problem, as I have tied up a lot in gold and silver.
Still trying to find the right mix and I might have to sell some gold down the road to reach my objective.
Thanks for the post.
sumisu
PS It is a shame that we still linger when it comes to nuclear. We should have adopted Jimmy Carter's energy plans in 1977.
http://www.investorshub.com/boards/read_msg.asp?message_id=15131359
SLW, not SLV
LOL, I have Silver Wheaton, not SLV. I wrote that response too fast. Jagman's prior post woke me up.
sumisu
CDR,
My holdings are under my profile. I will be adding more to the profile, as my broker did some buying this past week.
My investments are centered on precious metals, commodities (e.g., copper, zinc, iron), and energy. Currently, I seldom buy any stocks over $4. I try to concentrate on management first when making an investment. Solid management with investor interests at heart usually create companies with strong balance sheets and a realistic gameplan.
Dejour, DJE.V, is my most favorite stock. It is a three-part energy play with natural gas (should be drilling in the Piceance Basin/Colorado - Q1 2007), oil in the Uinta Basin down the road, and it sold its uranium interest to TUE.V, but retains 37% of its partner's stock.
http://www.dejour.com/
SLV is my favorite silver stock, but it is too expensive for me right now. I now switched to Great Panther Resources (GPR.V) .
LRG.V is a territorial gold play near the great Aurelian discoveries in Ecuador. It will soon have two gold producing mines in Mexico.
UUU.V is producing uranium; I like this one a lot. I've been concentrating on uranium lately.
Take a look at WHD.V, another energy play, which will be drilling for natural gas in the Piceance Basin very shortly. I believe that it has been way oversold.
I recommend listening to Jim Puplava regularly. In fact, Jim attended the San Francisco gold show last week. He attended last year the SF gold show last year and presented AUY and Aurelian (40 cents price then). Here is the link:
http://www.netcastdaily.com/fsnewshour.htm
Puplava's show is a must for every weekend, in my opinion. It has changed my life.
Good luck in your investing.
sumisu
PS I believe in Peak Oil and that is the reason behind my investing in energy. I'm convinced that it is a must for every portfolio and some companies are cheap, e.g., Dejour and West Hawk.
Educational Presentation, Frank Holmes
Mining Metals/Oil & Gas Congress Dubai, October 31 - November 1, 2006
http://events.onlinebroadcasting.com/minellc/103106/frameset.php?file=educational1.1&co=educatio...
International Uranium Corporation, Ron Hochstein
Mining Metals/Oil & Gas Congress Dubai. October 31 - November 1, 2006
http://events.onlinebroadcasting.com/minellc/103106/frameset.php?file=international&co=internati...
Eastern Platinum Ltd., Ian Rozier
Mining Metals/Oil & Gas Congress Dubai, October 31 - November 1, 2006
http://events.onlinebroadcasting.com/minellc/103106/frameset.php?file=eastern&co=eastern&pla...
Jagman,
Thanks for the links; I incorporated them above in the introduction to this board.
sumisu
PS Thanks for the tip to exit AMEP last year; made a bundle.
UrAsia Energy Ltd., Phillip Shirvington
Mining Metals/Oil & Gas Congress Dubai, October 31 - November 1, 2006
http://events.onlinebroadcasting.com/minellc/103106/index.php?mode=1&sel_date=1
Yamana Gold Inc., Peter Marrone
Mining Metals/Oil & Gas Congress Dubai, October 31 - November 1, 2006
http://events.onlinebroadcasting.com/minellc/103106/frameset.php?file=yamana&co=yamana&playe....
PEAK OIL TO PEAK GAS IS A SHORT RIDE
by Andrew McKillop, Author & Consultant
November 29, 2006
http://www.financialsense.com/editorials/mckillop/2006/1129.html
FA,
Everyone realizes that winter is coming except Wall Street.
I added to my energy positions today.
sumisu
Miramar Completes Financing for $15 Million
Thursday November 30, 4:27 pm ET
Continued Funding for Expanded work at new BN Zone and other Programs at Hope Bay in 2007
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 30, 2006 -- Miramar Mining Corporation (TSX:MAE.TO - News)(AMEX:MNG - News) today announced completion of the previously announced equity financing. Through a syndicate of Canadian investment dealers, Miramar has completed the sale of 2,040,820 flow-through common shares at $7.35 per share to raise gross proceeds of $15,000,027.
"Work at the newly identified BN Zone at the Boston deposit will continue to focus on potentially identifying either a supplementary underground development area or a larger production centre which may be amenable to open pit exploitation," said Tony Walsh, Miramar's President and CEO. "The proceeds from this financing will allow us an expanded work program at the BN Zone along with generating and testing of priority targets on Miramar's extensive land holdings, without depleting our other non-exploration allocated cash in 2007."
The BN Zone is located approximately 400m to the north of the current Boston resource and is a style of mineralization not previously recognized at the Boston Deposit. Results from the BN Zone were discussed in the Miramar news release of November 15, 2006.
In consideration for their services, the Company paid a cash commission of four percent of the gross proceeds raised under the offering.
The gross proceeds of the sale of the flow-through shares will be used to incur Canadian Exploration Expenditures on the Company's projects in Nunavut by December 31, 2007.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to U.S. persons as defined in Regulation S under the United States Securities Act of 1933, as amended.
Additional Information
All dollar amounts referred to herein are expressed in Canadian dollars. All information previously released on the Hope Bay Project is available on Miramar's website at http://www.miramarmining.com/.
Forward-Looking Statements
Statements relating to the proposed offering and the use of proceeds for the Hope Bay project and the expected results of this work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and include the use of proceeds from the offering and the planned exploration programs for Hope Bay. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: fluctuations in gold prices; changes in planned work resulting from weather, logistical, technical or other factors that any delay Canadian Exploration Expenditures on the Hope Bay project; and other risks and uncertainties, including those described in this press release and Miramar's Annual Report on Form 40-F for the year ended December 31, 2005 and Reports of 6K filed with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, estimates and opinions of Miramar's management on the date the statements are made. Miramar undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation.
Contact:
Contacts:
Miramar Mining Corporation
Tony Walsh
President & CEO
(604) 985-2572 or Toll Free: 1-800-663-8780
(604) 980-0731 (FAX)
Email: info@miramarmining.com
Website: http://www.miramarmining.com
--------------------------------------------------------------------------------
Source: Miramar Mining Corporation
The Peak Oil Crisis: The View from Capitol Hill
By Tom Whipple
Thursday, 30 November 2006
While up on Capitol Hill discussing the prospects for the peak oil message in the new Congress, I was brought up short by a question from a hill staffer. "Can’t you guys sharpen the time frame when oil production is going to peak?"
“Telling us that all sorts of bad things are going happen sometime in the next five or ten years really is not that useful. Here, in the Congress we constantly hear about so many crises about to befall us— Iraq, budget and trade deficits, global warming, avian flu, Medicare, social security, housing bubble, terrorism, and immigration, to name a few— that trying to put peak oil threat in its proper perspective is difficult.”
Good question, let's try to get some perspective on the urgency of peak oil.
For Americans, and therefore the Congress, it is going to take something big, a development that really hurts, to get our attention. Therefore, for the immediate future, here in America, peak oil is going to be about gasoline prices. World oil production could peak, even begin dropping rapidly, but if gas prices stayed about the same or only inch up, few would notice or care. On the other hand, when the day comes that gasoline prices rise to new highs and begin causing major economic dislocations, Congress will be moved to take some sort of action no matter how much oil OPEC is supplying to world markets.
The interesting question in all this is the relationship between the other "looming crises" and peak oil. Will unacceptably high gasoline prices come first and trigger an economic crisis or will something else cause such economic difficulties that the demand for oil drops precipitously thereby keeping gasoline prices low for many years. The intricacies of all this, of course, are obviously too much to tackle here.
Global warming is frequently mentioned as being intertwined with the peaking of oil production. If we start burning less and less oil then there should be less and less carbon released into the atmosphere, which is good. If, however, we should start substituting more and more coal to replace depleting oil and natural gas, then we would end up with more and more carbon being released with is not only bad, but very bad.
All of our looming crises will have some sort of interrelationship with peak oil, even the avian flu crisis. Should a flu epidemic ever take hold, it is a good guess that there would be less driving and less economic activity as quarantines came into effect. Should the epidemic get so far out of the control that the deaths from the flu became demographically significant, there would obviously be less demand for oil.
Some believe that the current increase in global temperatures will eventually lead to far more serious problems than we are currently envisioning. Global warming might ultimately be in the class with the impact of a large meteor or the eruption of a super volcano.
If this is true, then the consequences of global warming will be far beyond anything the end of the oil age can ever do to life on earth and the world's economy. The problem with global warming, however, is that from a "looming crisis" point of view it is coming on too slowly to get the average person's, or even the average government's attention. I suspect that very high food prices caused by continuing crop failures may be the first clue for many that there is a real global warming problem out there.
This seems to leave us with serious economic problems and peak oil as the most immediate threats to our well-being. At present, few are predicting the world's economy is about to develop serious economic problems of its own accord. Talk of "soft landings" and moderation abounds. Major forecasters such as the OECD are seeing continued, albeit moderate, growth in the years ahead. The US has a whale of a trade deficit, the housing bubble is looking a tad shaky, and a lot of economic numbers are not looking so good. Another dollar or so on gasoline prices could bring on big troubles.
Should a major recession, or worse, develop prior to peak oil, then it would be just part of the business cycle, perhaps nudged a bit by high but not stratospheric oil prices. Oil prices would probably drop with lessened economic activity.
Conversely, much higher oil prices, be they for geological, meteorological, or geopolitical reasons, are certain to have serious economic consequences. There are currently at least half a dozen obvious geopolitical situations in the world that could easily lead to sharp reductions in the availability of oil exports almost overnight. These would seem to be the most serious of the looming threats.
It would seem that preparing for a sudden, major reduction in our oil supplies should rank right up there with preparing for the avian flu and securing our airports as something we really need to be doing. If the lessons of the 1970's have any meaning, a five percent reduction in availability of oil in the US is likely to trigger a serious economic recession. Sudden reductions beyond this are likely to bring on economic havoc requiring major changes in lifestyles.
Thus a case can be made that peak oil should rank up there as one of the most important problems Congress should be looking at. Not only is it almost certain to have very serious economic impacts within the next few years, it could come upon us at anytime and in a matter of days. Moreover, peak oil is something that governments, their spending and their policies can do something about. We may not be able to stop a meteor, a super volcano, or even a viral strain of the bird flu, but we certainly can ease the transition to a post oil-age world.
UNOR Closes Cameco Private Placement
Wednesday November 29, 4:14 pm ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - UNOR Inc. (TSX VENTURE:UNI - News), today closed with Cameco Corporation a non-brokered private placement of 1,178,963 flow-through common shares at a price of $0.52 per flow-through share for gross proceeds of $613,060.76.
The flow-through shares issued are subject to a four month hold period, which expires March 30, 2007. After giving effect to this share issuance, UNOR has 123,517,307 issued and outstanding common shares, of which Cameco holds 19.5%. In June 2006, Cameco and UNOR entered into a Strategic Alliance Agreement under which Cameco has the right to participate in any UNOR equity issue. The flow-through shares issued to Cameco were issued as a result of Cameco exercising its right of participation.
The proceeds of this private placement will be used by UNOR to fund part of its uranium exploration program on 1,144,000 acres in western Nunavut, Canada which include its whollyowned 226 mineral claims, its UNAD Joint Venture 41 mineral claims and its Cameco Optioned 205 mineral claims.
UNOR Inc. was its head office in Toronto, Ontario is a uranium exploration and development company with its principal mineral properties in western Nunavut. UNOR's shares trade on the TSX Venture Exchange.
Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George P. Bell
UNOR Inc.
President & CEO
(416) 368-0114
(416) 368-0198 (FAX)
Tom Devlin
UNOR Inc.
Secretary & Controller
(416) 368-0114
(416) 368-0198 (FAX)
Website: www.unorinc.com
--------------------------------------------------------------------------------
Source: UNOR Inc.
stocktrader1,
One factor in SLW's current price might be influenced by people taking profits.
Last night I reviewed my gold account managed by a boyhood friend. I noticed that he sold 1,000 shares, which originally cost $2.60. I still have 5,400 shares of SLW. No problem here for me, since he will use the profits for other opportunities.
I'm not sure of your entry price into SLW. Maybe that is part of your concern.
Long term I don't believe that you will lose money in SLW and the potential for profit is big. Last month I bought GPR.V, Great Panther Resources, and it is doing very well.
If I had more money, I would be buying more silver stocks.
Good luck to you in your investments.
sumisu
tackler,
"including flooding the oil market to crash prices and thus limit Iran's ability to finance Shi'ite militias in Iraq"
Saudi Arabia has been promising to increase oil production for a while, not just for humanitarian purposes. It has not. I believe that Ghawar, its biggest oil field, and which has been producing oil since the late 1940's, is already in decline.
This is a tragic mess in Iraq; I don't think there will ever be a resolution. And it all centers around oil.
sumisu
UNOR Closes Flow-Through Financing
Wednesday November 29, 11:46 am ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - UNOR Inc. (TSX VENTURE:UNI - News) announces that it has today closed a private placement of 4,867,000 flow-through common shares at a price of $0.52 per flow-through share for gross proceeds of $2,530,840. Desjardins Securities Inc. acted as UNOR's agent in respect of the private placement.
The flow-through shares issued are subject to a four month hold period, which expires March 30, 2007. After giving effect to this share issuance, UNOR has 122,338,344 issued and outstanding common shares.
The proceeds of this private placement will be used by UNOR to fund part of its uranium exploration program on 1,144,000 acres in western Nunavut, Canada which include its wholly-owned 226 mineral claims, its UNAD Joint Venture 41 mineral claims and its Cameco Optioned 205 mineral claims.
UNOR Inc. was incorporated in 1996 in Ontario as a uranium exploration and development company. In June 2006, Cameco Corporation acquired 19.5% of UNOR for its uranium exploration focus and expertise in western Nunavut.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George P. Bell
UNOR Inc.
President & CEO
(416) 368-0114
Tom Devlin
UNOR Inc.
Secretary & Controller
(416) 368-0114
(416) 368-0198 (FAX)
Website: www.unorinc.com
UNOR Closes Flow-Through Financing
Wednesday November 29, 11:46 am ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - UNOR Inc. (TSX VENTURE:UNI - News) announces that it has today closed a private placement of 4,867,000 flow-through common shares at a price of $0.52 per flow-through share for gross proceeds of $2,530,840. Desjardins Securities Inc. acted as UNOR's agent in respect of the private placement.
The flow-through shares issued are subject to a four month hold period, which expires March 30, 2007. After giving effect to this share issuance, UNOR has 122,338,344 issued and outstanding common shares.
The proceeds of this private placement will be used by UNOR to fund part of its uranium exploration program on 1,144,000 acres in western Nunavut, Canada which include its wholly-owned 226 mineral claims, its UNAD Joint Venture 41 mineral claims and its Cameco Optioned 205 mineral claims.
UNOR Inc. was incorporated in 1996 in Ontario as a uranium exploration and development company. In June 2006, Cameco Corporation acquired 19.5% of UNOR for its uranium exploration focus and expertise in western Nunavut.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George P. Bell
UNOR Inc.
President & CEO
(416) 368-0114
Tom Devlin
UNOR Inc.
Secretary & Controller
(416) 368-0114
(416) 368-0198 (FAX)
Website: www.unorinc.com
--------------------------------------------------------------------------------
Source: UNOR Inc.
Nortec Subsidiary Completes Phase 1 Diamond Drilling Program on Ganarin Epithermal Gold-Silver Project, Southern Ecuador
Wednesday November 29, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Nortec Ventures Corp. (TSX VENTURE:NVT - News), ("Nortec" or the "Company"), is pleased to announce that the Company's subsidiary Minera Nortec Ecuador S.A. ("Nortec Ecuador") has completed Phase 1 diamond core drilling on the Ganarin epithermal gold-silver project, Southern Ecuador. A total of 1,612 metres were drilled with most of the drilling carried out on the Chamana Target. Drilling was mainly designed to test for continuity, extent and structural control of the gold-silver mineralization.
Chamana target area
Eight core holes totaling 1,180 metres were drilled on the Chamana target area, and were mainly designed to interpret the structural controls and metal zonation of the mineralization. This will help in planning the next stage of drilling. Details with respect to the assays and interpretation of the geology will be released on receipt of assay results from ALS Chemex Labs of North Vancouver, BC.
Rio Minas
One 146 metre hole was drilled to intersect the narrow 30 to 40 centimetre high-grade veinlets below the welded lapilli tuffs. The drill hole intersected the structures but was still in the intense propylitically altered welded lapilli tuffs. Information and assays from this hole will assist in the planning of next phase drilling in this area.
Loma La Cruz
Gold-silver mineralization at Loma la Cruz is present in intensive pyritifereous argillic and propylitic alteration zones with anhydrite, quartz and calcite fracture-fillings and veinlets. One 286 metre hole was drilled to test the zone at depth. Further systematic deep drilling will be required to determine the structural controls, alteration zonation as well as the continuity of the mineralization. Assay data is pending from the laboratory.
The Company holds an option to earn a 51% interest in the Ganarin epithermal gold-silver project and 70% interest in the Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold Corporation's Quimsacocha gold deposit occurs in the same belt approximately 30 kilometres northeast of the Ganarin Property. Indicated resources within a one-kilometre long defined area of the Quimsacocha deposit are estimated to contain 2.8 million ounces of gold and 18.2 million ounces of silver.
Mohan R. Vulimiri, M.Sc. P.Geo., President and Director of Nortec, is the person responsible for initiating and guiding the work programs on the Property. Brian T. Malahoff, P.Geo, is the person responsible for the on-site management of the exploration programs on the Property. Mr. Vulimiri and Mr. Malahoff are qualified persons in accordance with National Instrument 43-101 guidelines.
For further details and locations of the various zones on the Ganarin Property and information on Nortec Ventures Corp., please visit the Company's website at http://www.nortecventures.com and review the Company's press releases. Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning an undivided 70% interest in Kollismaa-Naranka nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel property, Voisey's Bay area, northern Labrador.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
Mohan R. Vulimiri, President & CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mohan R. Vulimiri
Nortec Ventures Corp.
President & CEO
(604) 717-6426
(604) 717-6427 (FAX)
Email: info@nortecventures.com
Website: www.nortecventures.com
--------------------------------------------------------------------------------
Source: Nortec Ventures Corp
Nortec Subsidiary Completes Phase 1 Diamond Drilling Program on Ganarin Epithermal Gold-Silver Project, Southern Ecuador
Wednesday November 29, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Nortec Ventures Corp. (TSX VENTURE:NVT - News), ("Nortec" or the "Company"), is pleased to announce that the Company's subsidiary Minera Nortec Ecuador S.A. ("Nortec Ecuador") has completed Phase 1 diamond core drilling on the Ganarin epithermal gold-silver project, Southern Ecuador. A total of 1,612 metres were drilled with most of the drilling carried out on the Chamana Target. Drilling was mainly designed to test for continuity, extent and structural control of the gold-silver mineralization.
Chamana target area
Eight core holes totaling 1,180 metres were drilled on the Chamana target area, and were mainly designed to interpret the structural controls and metal zonation of the mineralization. This will help in planning the next stage of drilling. Details with respect to the assays and interpretation of the geology will be released on receipt of assay results from ALS Chemex Labs of North Vancouver, BC.
Rio Minas
One 146 metre hole was drilled to intersect the narrow 30 to 40 centimetre high-grade veinlets below the welded lapilli tuffs. The drill hole intersected the structures but was still in the intense propylitically altered welded lapilli tuffs. Information and assays from this hole will assist in the planning of next phase drilling in this area.
Loma La Cruz
Gold-silver mineralization at Loma la Cruz is present in intensive pyritifereous argillic and propylitic alteration zones with anhydrite, quartz and calcite fracture-fillings and veinlets. One 286 metre hole was drilled to test the zone at depth. Further systematic deep drilling will be required to determine the structural controls, alteration zonation as well as the continuity of the mineralization. Assay data is pending from the laboratory.
The Company holds an option to earn a 51% interest in the Ganarin epithermal gold-silver project and 70% interest in the Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold Corporation's Quimsacocha gold deposit occurs in the same belt approximately 30 kilometres northeast of the Ganarin Property. Indicated resources within a one-kilometre long defined area of the Quimsacocha deposit are estimated to contain 2.8 million ounces of gold and 18.2 million ounces of silver.
Mohan R. Vulimiri, M.Sc. P.Geo., President and Director of Nortec, is the person responsible for initiating and guiding the work programs on the Property. Brian T. Malahoff, P.Geo, is the person responsible for the on-site management of the exploration programs on the Property. Mr. Vulimiri and Mr. Malahoff are qualified persons in accordance with National Instrument 43-101 guidelines.
For further details and locations of the various zones on the Ganarin Property and information on Nortec Ventures Corp., please visit the Company's website at http://www.nortecventures.com and review the Company's press releases. Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning an undivided 70% interest in Kollismaa-Naranka nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel property, Voisey's Bay area, northern Labrador.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
Mohan R. Vulimiri, President & CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mohan R. Vulimiri
Nortec Ventures Corp.
President & CEO
(604) 717-6426
(604) 717-6427 (FAX)
Email: info@nortecventures.com
Website: www.nortecventures.com
--------------------------------------------------------------------------------
Source: Nortec Ventures Corp
Nortec Subsidiary Completes Phase 1 Diamond Drilling Program on Ganarin Epithermal Gold-Silver Project, Southern Ecuador
Wednesday November 29, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Nortec Ventures Corp. (TSX VENTURE:NVT - News), ("Nortec" or the "Company"), is pleased to announce that the Company's subsidiary Minera Nortec Ecuador S.A. ("Nortec Ecuador") has completed Phase 1 diamond core drilling on the Ganarin epithermal gold-silver project, Southern Ecuador. A total of 1,612 metres were drilled with most of the drilling carried out on the Chamana Target. Drilling was mainly designed to test for continuity, extent and structural control of the gold-silver mineralization.
Chamana target area
Eight core holes totaling 1,180 metres were drilled on the Chamana target area, and were mainly designed to interpret the structural controls and metal zonation of the mineralization. This will help in planning the next stage of drilling. Details with respect to the assays and interpretation of the geology will be released on receipt of assay results from ALS Chemex Labs of North Vancouver, BC.
Rio Minas
One 146 metre hole was drilled to intersect the narrow 30 to 40 centimetre high-grade veinlets below the welded lapilli tuffs. The drill hole intersected the structures but was still in the intense propylitically altered welded lapilli tuffs. Information and assays from this hole will assist in the planning of next phase drilling in this area.
Loma La Cruz
Gold-silver mineralization at Loma la Cruz is present in intensive pyritifereous argillic and propylitic alteration zones with anhydrite, quartz and calcite fracture-fillings and veinlets. One 286 metre hole was drilled to test the zone at depth. Further systematic deep drilling will be required to determine the structural controls, alteration zonation as well as the continuity of the mineralization. Assay data is pending from the laboratory.
The Company holds an option to earn a 51% interest in the Ganarin epithermal gold-silver project and 70% interest in the Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold Corporation's Quimsacocha gold deposit occurs in the same belt approximately 30 kilometres northeast of the Ganarin Property. Indicated resources within a one-kilometre long defined area of the Quimsacocha deposit are estimated to contain 2.8 million ounces of gold and 18.2 million ounces of silver.
Mohan R. Vulimiri, M.Sc. P.Geo., President and Director of Nortec, is the person responsible for initiating and guiding the work programs on the Property. Brian T. Malahoff, P.Geo, is the person responsible for the on-site management of the exploration programs on the Property. Mr. Vulimiri and Mr. Malahoff are qualified persons in accordance with National Instrument 43-101 guidelines.
For further details and locations of the various zones on the Ganarin Property and information on Nortec Ventures Corp., please visit the Company's website at http://www.nortecventures.com and review the Company's press releases. Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning an undivided 70% interest in Kollismaa-Naranka nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel property, Voisey's Bay area, northern Labrador.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
Mohan R. Vulimiri, President & CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mohan R. Vulimiri
Nortec Ventures Corp.
President & CEO
(604) 717-6426
(604) 717-6427 (FAX)
Email: info@nortecventures.com
Website: www.nortecventures.com
--------------------------------------------------------------------------------
Source: Nortec Ventures Corp
Nortec Subsidiary Completes Phase 1 Diamond Drilling Program on Ganarin Epithermal Gold-Silver Project, Southern Ecuador
Wednesday November 29, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Nortec Ventures Corp. (TSX VENTURE:NVT - News), ("Nortec" or the "Company"), is pleased to announce that the Company's subsidiary Minera Nortec Ecuador S.A. ("Nortec Ecuador") has completed Phase 1 diamond core drilling on the Ganarin epithermal gold-silver project, Southern Ecuador. A total of 1,612 metres were drilled with most of the drilling carried out on the Chamana Target. Drilling was mainly designed to test for continuity, extent and structural control of the gold-silver mineralization.
Chamana target area
Eight core holes totaling 1,180 metres were drilled on the Chamana target area, and were mainly designed to interpret the structural controls and metal zonation of the mineralization. This will help in planning the next stage of drilling. Details with respect to the assays and interpretation of the geology will be released on receipt of assay results from ALS Chemex Labs of North Vancouver, BC.
Rio Minas
One 146 metre hole was drilled to intersect the narrow 30 to 40 centimetre high-grade veinlets below the welded lapilli tuffs. The drill hole intersected the structures but was still in the intense propylitically altered welded lapilli tuffs. Information and assays from this hole will assist in the planning of next phase drilling in this area.
Loma La Cruz
Gold-silver mineralization at Loma la Cruz is present in intensive pyritifereous argillic and propylitic alteration zones with anhydrite, quartz and calcite fracture-fillings and veinlets. One 286 metre hole was drilled to test the zone at depth. Further systematic deep drilling will be required to determine the structural controls, alteration zonation as well as the continuity of the mineralization. Assay data is pending from the laboratory.
The Company holds an option to earn a 51% interest in the Ganarin epithermal gold-silver project and 70% interest in the Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold Corporation's Quimsacocha gold deposit occurs in the same belt approximately 30 kilometres northeast of the Ganarin Property. Indicated resources within a one-kilometre long defined area of the Quimsacocha deposit are estimated to contain 2.8 million ounces of gold and 18.2 million ounces of silver.
Mohan R. Vulimiri, M.Sc. P.Geo., President and Director of Nortec, is the person responsible for initiating and guiding the work programs on the Property. Brian T. Malahoff, P.Geo, is the person responsible for the on-site management of the exploration programs on the Property. Mr. Vulimiri and Mr. Malahoff are qualified persons in accordance with National Instrument 43-101 guidelines.
For further details and locations of the various zones on the Ganarin Property and information on Nortec Ventures Corp., please visit the Company's website at http://www.nortecventures.com and review the Company's press releases. Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning an undivided 70% interest in Kollismaa-Naranka nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel property, Voisey's Bay area, northern Labrador.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
Mohan R. Vulimiri, President & CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mohan R. Vulimiri
Nortec Ventures Corp.
President & CEO
(604) 717-6426
(604) 717-6427 (FAX)
Email: info@nortecventures.com
Website: www.nortecventures.com
--------------------------------------------------------------------------------
Source: Nortec Ventures Corp.
Adriana Closes $990,000 Private Placement; Amends Otelnuk Option Agreement
Tuesday November 28, 4:15 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Adriana Resources Inc. (the "Company") (TSX VENTURE:ADI - News) announces it has closed a non-brokered private placement for proceeds of $990,000. The private placement consisted of 1,100,000 flow through shares priced at $0.90 per share. The shares are subject to a hold period expiring March 27, 2007. No warrants were issued and no finder's fee was paid in connection with the financing. Proceeds of the financing will be used for continued exploration of the Company's mineral properties in Nunavut and Quebec.
The Company has also executed a Letter Agreement to the Option Agreement between the Company and Bedford Resource Partners Inc. ("Bedford") originally announced on December 2, 2005 and an Amendment Agreement originally announced on August 4, 2006. The Company has agreed, subject to regulatory approval, to issue 194,800 common shares to the property vendor for the first years advance royalty payment of $150,000 at a deemed price of $0.77 per share. The Company and Bedford are working together to explore and develop the Lac Otelnuk Iron Property. Copies of the agreements can be found on www.sedar.com.
About Adriana Resources Inc.
Adriana Resources Inc. is a mineral exploration and development company with advanced and early staged mineral projects in Canada and Finland. The individuals comprising Adriana's Board have an impressive record in their previous associations in identifying and successfully developing mineral deposits through to production.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc
PRESIDENT JIMMY CARTER
The President's Proposed Energy Policy
Televised speech on April 18, 1977
http://www.pbs.org/wgbh/amex/carter/filmmore/ps_energy.html
Energy Policy and Conservation Executive Order 12003
July 20th, 1977
http://www.presidency.ucsb.edu/ws/index.php?pid=7842
Carter's Brave Vision on Energy
by David Morris, Monday, October 10, 2005 by the Minneapolis Star Tribune
http://www.commondreams.org/views05/1010-27.htm
Coal Companies Prepare for Mild Winter
Monday November 27, 4:05 pm ET
By James Amend, AP Business Writer
El Nino Sends Coal Producers Bracing for Another Warm Winter
NEW YORK (AP) -- With all signs pointing to another warm winter, the downward pressure on coal producer stocks seems unlikely to lessen anytime soon.
"We have a strengthening El Nino event, which forewarns of a warmer winter, particularly in the northern half of the country," said Mike Halpert, the head of forecast operations in the climate predictions center at the National Oceanic & Atmospheric Administration.
The government does not expect the current El Nino to reach the magnitude of what it called a very strong phenomenon in 1997-98, but temperatures on average in the U.S should finish 2 percent warmer than their 30-year average.
The only area not expected to be above average is the South, which is likely to experience a wetter-than-normal winter.
"Less sun in the South means cooler temperatures, but they won't get the cold Arctic blasts," Halpert said in an interview on Monday.
That's bad news for coal producers, who are already struggling to draw down excess inventory from last year's near-record high winter temperatures and a general misconception by the industry that demand in 2006 would be as high as 2005.
But Paul Forward, an analyst at Stifel Nicolaus & Co., said investors often misread the impact weather can have on coal inventories.
"It tends to even out over time, so we can't worry too much about the weather," Forward said in a telephone interview on Monday.
Prolonged cold snaps, however, do have the potential to send utilities scrambling for inventory.
"There's nothing like a scarcity in the supply of coal, or whatever the product might be, to drive investor sentiment higher," Forward remarked.
According to Ann Kohler, an analyst at Caris & Co., inventories at electric utilities at the end of September, or the latest month of available data, rose by 2.3 million tons. Over the previous five years, inventories in September fell by an average of 1.3 million tons compared to the previous month. On a daily supply basis, Kohler said, stockpiles in September stood at 46 days, or 38 percent higher than the same period a year ago. Daily supplies are 8 percent higher than their five-year average.
Blaming cooler weather, Kohler said in a research note last week that net electric generation fell 5.2 percent versus year-ago levels. Coal's share of electric generation in the month fell 6 percent and is off by 1.3 percent so far this year, due at least partly to lower prices of its chief rival, natural gas.
Production cuts, however, seem to be working, according to the latest numbers available from the Department of Energy. Estimated U.S. coal production for September fell 6.7 percent compared to August. Production also fell against the same period last year for the first time since March, although companies still produced coal a record pace over the first nine months of this year.
Coal prices, a key driver of coal producer stock prices, reflect the excess inventory. According to the Department of Energy, spot prices for a ton of Central Appalachian coal for the week of Nov. 17 closed at $47.25, or 24 percent lower than the $62 it commanded during the same period last year. Department of Energy prices are prime numbers culled from a number sources, which often vary.
Not surprisingly, coal stocks have buckled under all the pressure.
After reaching 52-week highs in May, shares of the nation's largest producers fell as much as 57 percent by the end of September. While the stocks recently regained some ground on news of higher natural gas inventories, names like Consol Energy Inc., Massey Energy Co., Arch Coal Inc. and Peabody Energy Corp. remained off by anywhere between 29 percent to 44.1 percent in trading Monday on the New York Stock Exchange.
Forward said sustained weekly production below 22 million tons per week would draw supply beneath demand sometime next year and provide a catalyst for stock prices. But production cuts in the coal industry are never easy, he noted.
"They have to consider shutting down what they can, but the difficulty is that the communities in these areas are so closely tied to the mines," Forward said.
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Jon Nadler Gets In-Depth on Gold
By Karl Heilman
27 Nov 2006 at 06:12 PM EST
St. LOUIS (ResourceInvestor.com) – As gold traded up to a 10 week high on Nymex today, Jon Nadler, of Kitco spoke in depth with Resource Investor regarding gold’s direction, a weak dollar, China and much, much more.
RESOURCE INVESTOR: Gold hit a high of $641 today, while the dollar hit a 20 month low against the euro, any thoughts on were this is heading?
JON NADLER: Indeed, the overall trend appears to remain in favor of further dollar erosion and gains in gold prices. Of course, none of this will take place in an uninterrupted fashion (straight up/down on the charts) but the trend has been in place for quite some time and does not seem to have acquired fresh fundamentals that would change our mind as to its overall nature. Deficits and imbalances persist, they do not appear to have immediate solutions, and thus when one couples them with the gold market’s own positive fundamentals (tenuous production numbers, decent demand from key jewelry and investment sectors) – the outlook remains optimistic – if a bit cautious, still.
RESOURCE INVESTOR: Gold has been staying quite steady above $600 – will it stay steady, flop, or spike?
JON NADLER: The inside channel is now $600 to $630 with scaled up targets at 642 (achieved today) then $680 (which if achieved could take us back to as high as $730 to repeat May’s highs) Under $600 we have $580 and $540 and finally the old $480 ( a 50% retracement of the overall $250-$730 move of five years). We feel the trend is now moving to the steady/higher range after the iffy situation we experienced in August/September.
RESOURCE INVESTOR: Bernanke is set to speak on the U.S. economic outlook tomorrow; do you have any inkling on what may be said?
JON NADLER: Probably more of the same jawboning, in terms of “our resolve to fight inflation, keep economic growth in ‘drive’ and no real need to raise rate unless necessary.” The more relevant Bernanke quote should be the one he and Paulson may or may not make while in China on their “strategy visit” Look for market fireworks in connection with that, more than in the short-term.
RESOURCE INVESTOR: Where do you see gold by the end of the year when taking the dollar’s weakness into account? Any projections on where it will be in mid 2007?
JON NADLER: Our year-end target is still moderate, with an average $630 price as the 2006 target (though it still implies we could get to $690 next month) and $665 as the average for 2007. Then, a scale-back of averages from a projected $725 to $700 for 2008, and from $767 to $751 for 2009. But for 2010, we (as Credit Suisse) keep the forecast at $800 average.
RESOURCE INVESTOR: China has been hinting at diversifying the country’s $1 trillion in foreign exchange reserves by increasing their gold reserves which now only stand at 600 tonnes. Any thoughts on what this will mean for the gold market should China decide to seek an increase in gold reserves?
JON NADLER: Actually, Chinese officials have been actively talking down the idea of buying gold to add to reserves. For one thing, the simple act of buying a sufficient supply of gold for such a strategy could drive up the price substantially, so that is a potential negative for the central bank. Even the gold tonnage could be secured without disrupting the gold price, the Chinese would place themselves into a situation that is largely the same as that which they are in now, in with regard to their U.S. Dollar reserves. They would become unable to sell any significant amounts of their pile of gold without setting off a major plunge in gold prices, thus turning the whole exercise of adding gold to reserves into a potentially disastrous venture.
What if, (just for instance) by the time the Chinese had finished accumulating another 2 or 3 thousand tonnes of gold, the bull market for the gold might just be over? In reality, the Chinese central bank, which has to plan for the really long term, would be really be ill advised to shift its reserves out of dollars and into gold in any significant way. We spoke to a couple of central bankers face to face at the beginning of this month and (unless they were playing Chinese poker) they asserted to us that they were not contemplating adding a large sum of gold to reserves, and that if they were going to add any at all, they would do so in a manner not readily noticeable in the marketplace.
There is still good news for gold investors in all of this, as any diversification by them into other currencies, (the euro for instance), would further undermine the value of the dollar and that, more than anything else, would have positive implications for the gold price. Also, if the Chinese central bank just stays put and remains at the currently low allocation level for gold, it is pretty clear that such a strategy would still imply having to buy more gold over the next three to five years, as everyone expects that despite their imminent diversification moves their U.S. dollar reserves are still bound to increase one way or another. Thus, here is a case where the status quo is still good news. But we are not... banking on gold’s salvation to be coming from illusory purchases by Asian central banks (just as we were not too concerned with the weak Western banks letting go of gold over the past years).
RESOURCE INVESTOR: How do you see silver’s performance over the next couple of months? Thoughts on platinum or other precious metals?
JON NADLER: Less thoughts here, as we mainly follow gold. We feel that gold’s monetary attributes will (or already have in some degree) return to the forefront. When gold de-couples from industrial metals (silver, copper, platinum, etc.) then the other metals may be more susceptible to a slow down in the U.S. or global economy than would gold. We remain of the opinion that a China slow-down and/or a fund bailout from hot base metals markets may indeed impact silver (and gold a bit as well) more than would be warranted under normal circumstances. But, let’s face it, the rallies in those metals were mainly fund-driven and there was nothing ‘normal’ about a price spike taking place at the same exact time as inventories of most of these metals were also surging….
RESOURCE INVESTOR: What is the best method in which someone can invest in gold? Mining stocks? ETFs? Bullion?
JON NADLER: We remain convinced that fully-owned and fully-paid physical bullion in the guise of custodial accounts remains the most cost-effective, long-term safe in terms of storage, and most liquid means of direct ownership. Thus, we continue to recommend only products that give value for money, safety, and utmost liquidity to our clients. Namely, Kitco Pool Accounts, Perth Mints Certificates, and GoldMoney Goldgrams.
Minted Coins are bars are fine if one expects to need to barter in the streets (we do not) or travel cross-borders with their wealth upon them. Numismatic coins make zero sense as they have inherent high premiums and low liquidity (and are actually not confiscation-proof, even though we do not expect any confiscatory moves to take place in the future). Mining shares may be fine for those who understand currency, management, and stock market risk – but at the end of the day, they really are a promise of performance by a team of corporate players. Gold itself is never a promise, nor can anyone default upon it.
ETFs may be a good vehicle for funds and pension schemes but make less sense for individuals who do not wish to have their gold balances melt away on a continuing basis (due to management fees) or who do not wish to be lumped with equities in terms of market trading. At the end of the day, even an ETF is a promise – one made by a Trustee. Not so, gold.
http://www.resourceinvestor.com/pebble.asp?relid=26563
Chariot Resources Limited: Notice re Expiring Warrants
Tuesday November 28, 9:09 am ET
- Holders may exercise through to December 22, 2006
TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) - Chariot Resources (TSX:CHD - News) Warrants expire on December 22, 2006. One whole Warrant, upon exercise, allows the holder upon payment of $0.35 per share to acquire a common share of Chariot Resources until 5:00 pm (ET) December 22, 2006. The Warrants are traded on the TSX under the symbol CHD.WT.
Holders of warrant certificates which are registered in the name of a bank, trust company, investment dealer, broker or discount broker, or other nominee should contact that institution with instructions to exercise the warrants on their behalf. The institution will need to complete the warrant certificate, listed as (Form 1) Subscription Form, and forward the certificate, with the appropriate payment, to Computershare Trust Company.
Warrants may be tendered on any business day prior to (and including December 22) if the warrant holder gives specific instructions for immediate exercise to their full service or discount broker. In the absence of specific instructions, institutions may not complete the warrant exercise until December 22, 2006.
Computershare Trust Company will issue the new share certificates within five business days of receipt of the completed paperwork and payment.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
The Toronto Stock Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Canada and US: 1-800-564-6253
Computershare Trust Company
Int'l 1-514-982-7555
Pamela Lobo
Chariot Resources
Office: (416) 363-4554
Chris Makuch
Shareholder Response Group
(416) 925-9121
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Transition Culture Interview with Richard Heinberg - Part One… Peak Oil
Published on 27 Nov 2006 by Transition Culture.
by Rob Hopkins
http://www.energybulletin.net/22932.html
Eastern Platinum Reports Record First Quarter Production and New Order Rights Issued
Monday November 27, 2:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("the Company") (TSX:ELR - News; AIM:ELR), is pleased to report on the Company's first full quarter of operating results for the three month period ending 30th September 2006 ("Q1-07") from integrated operations at its direct and indirectly held interest in South Africa. These results, which were filed on SEDAR on November 15, 2006, summarize the progress that has been made on all the Company's PGM projects during Q1-07 and demonstrate that the Company is rapidly on its way to becoming a major producer of platinum group metals ("PGM") in South Africa.
Highlights for the quarter are;
- Production and sales up by 80% to 22,666 ounces of PGM, up from 12,570 ounces in Q1-06, the corresponding previous quarter.
- Revenues of $25.3 million with operating costs of $17.1 million.
- Operating cash flow before interest, foreign exchange, depletion, depreciation, amortization and tax ("EBITDA"), of $4,548,000, compared to a loss of $(766,000) in the Q1-06.
- Operating margin in the quarter was $237.14/oz PGM.
- Acquisition of a 49% interest in AfriMinerals Pty Ltd, our joint venture partner on the Spitzkop Platinum Project (Spitzkop).
- Signature of a Letter of Intent with Sylvania Resources Ltd ("Sylvania") on the Mareesburg property and the contiguous Sylvania Everest North property to enable the companies to review each others data.
- Receipt of two New Order prospecting rights during the quarter, one at CRM (bringing the total to 11 out of 18 applications) and one at the Kennedy's Vale Project (bringing the total to 2 out of 3 applications), from the Department of Minerals and Energy ("DME").
- At September 30, 2006, the Company had cash and cash equivalents of $91,649,000
- A Net Loss of $(2.5) million of which approximately $4.2 million being attributable to the softening of the South African Rand ("ZAR") against the Canadian dollar. The decline in the ZAR during the quarter resulted in financial statements reflecting $25 million being recorded to the equity section of the balance sheet due to the translation and consolidation of the Barplats operations and $4.5 million being recorded to the income statement due to the value carried within balance sheet captions and period transactions.
Operational highlights at the Barplats Crocodile River Mine ("CRM") and the Company's ongoing feasibility study programs include:
- 1.43 million fatality free shifts were completed in the last quarter.
- 12% higher mining rate of 64,800 tonnes per month during the quarter (compared to 58,000 tonnes per month during the Q4-06).
- Commissioning of a second 90,000 tonne per month mill giving the plant a monthly capacity of 180,000 tonne per month.
- Delivery of five new pieces of underground equipment (under a ZAR 84 million agreement with Atlas Copco to deliver 23 pieces within the 2007 fiscal year).
- Underground development doubled to 2,351m during the quarter. Additionally, one adit system is being upgraded from a tracked to a conveyor system; these two factors should increase throughput rates and decrease power unit costs.
- Additional decline development commenced at the Zandfontein section with a two year ZAR 65 million contract awarded to Murray and Roberts Cementation.
- Dewatering at Zandfontein was successfully completed and the shaft and roadways are in excellent condition.
- Results of a technical evaluation of previous drilling on the Kareespruit section at CRM suggest that this block has the potential to be developed into a significant PGM resource; this will be further evaluated with confirmatory drilling in 2007.
- Subsequent to the quarter end, the Company received notification from the DME that the old order prospecting permit at Mareesburg was approved for conversion to a New Order prospecting right.
- The Company and Barplats continue with their drilling programs as part of ongoing feasibility studies, with in excess of 15,000 meters being drilled during the quarter on three PGM properties.
- Initial results from drilling at the Spitzkop project confirm the high grades of platinum and rhodium in the UG2 reef previously reported by Impala Platinum Ltd.
"The significant increase in production at CRM is in line with our planning and expectations, reflecting the excellent progress being made in both production and underground mine development," stated President and CEO, Ian Rozier.
"Results on all fronts are very encouraging, and combined with the very strong fundamentals for platinum and rhodium, suggest that our investment in Barplats, made just over 6 months ago, was a very timely and cost effective acquisition," stated Mr. Rozier.
The full financial statements and management discussion has been filed on SEDAR and is available on the Company's website, www.eastplats.com. Eastern Platinum Limited trades on the TSX and AIM stock exchanges under the trading symbol ELR.
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and Barplats and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contact:
Mr. Ian Rozier, M.Sc., P. Eng.
Eastern Platinum Limited
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
--------------------------------------------------------------------------------
Source: Eastern Platinum Limited
Eastern Platinum Reports Record First Quarter Production and New Order Rights Issued
Monday November 27, 2:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("the Company") (TSX:ELR - News; AIM:ELR), is pleased to report on the Company's first full quarter of operating results for the three month period ending 30th September 2006 ("Q1-07") from integrated operations at its direct and indirectly held interest in South Africa. These results, which were filed on SEDAR on November 15, 2006, summarize the progress that has been made on all the Company's PGM projects during Q1-07 and demonstrate that the Company is rapidly on its way to becoming a major producer of platinum group metals ("PGM") in South Africa.
Highlights for the quarter are;
- Production and sales up by 80% to 22,666 ounces of PGM, up from 12,570 ounces in Q1-06, the corresponding previous quarter.
- Revenues of $25.3 million with operating costs of $17.1 million.
- Operating cash flow before interest, foreign exchange, depletion, depreciation, amortization and tax ("EBITDA"), of $4,548,000, compared to a loss of $(766,000) in the Q1-06.
- Operating margin in the quarter was $237.14/oz PGM.
- Acquisition of a 49% interest in AfriMinerals Pty Ltd, our joint venture partner on the Spitzkop Platinum Project (Spitzkop).
- Signature of a Letter of Intent with Sylvania Resources Ltd ("Sylvania") on the Mareesburg property and the contiguous Sylvania Everest North property to enable the companies to review each others data.
- Receipt of two New Order prospecting rights during the quarter, one at CRM (bringing the total to 11 out of 18 applications) and one at the Kennedy's Vale Project (bringing the total to 2 out of 3 applications), from the Department of Minerals and Energy ("DME").
- At September 30, 2006, the Company had cash and cash equivalents of $91,649,000
- A Net Loss of $(2.5) million of which approximately $4.2 million being attributable to the softening of the South African Rand ("ZAR") against the Canadian dollar. The decline in the ZAR during the quarter resulted in financial statements reflecting $25 million being recorded to the equity section of the balance sheet due to the translation and consolidation of the Barplats operations and $4.5 million being recorded to the income statement due to the value carried within balance sheet captions and period transactions.
Operational highlights at the Barplats Crocodile River Mine ("CRM") and the Company's ongoing feasibility study programs include:
- 1.43 million fatality free shifts were completed in the last quarter.
- 12% higher mining rate of 64,800 tonnes per month during the quarter (compared to 58,000 tonnes per month during the Q4-06).
- Commissioning of a second 90,000 tonne per month mill giving the plant a monthly capacity of 180,000 tonne per month.
- Delivery of five new pieces of underground equipment (under a ZAR 84 million agreement with Atlas Copco to deliver 23 pieces within the 2007 fiscal year).
- Underground development doubled to 2,351m during the quarter. Additionally, one adit system is being upgraded from a tracked to a conveyor system; these two factors should increase throughput rates and decrease power unit costs.
- Additional decline development commenced at the Zandfontein section with a two year ZAR 65 million contract awarded to Murray and Roberts Cementation.
- Dewatering at Zandfontein was successfully completed and the shaft and roadways are in excellent condition.
- Results of a technical evaluation of previous drilling on the Kareespruit section at CRM suggest that this block has the potential to be developed into a significant PGM resource; this will be further evaluated with confirmatory drilling in 2007.
- Subsequent to the quarter end, the Company received notification from the DME that the old order prospecting permit at Mareesburg was approved for conversion to a New Order prospecting right.
- The Company and Barplats continue with their drilling programs as part of ongoing feasibility studies, with in excess of 15,000 meters being drilled during the quarter on three PGM properties.
- Initial results from drilling at the Spitzkop project confirm the high grades of platinum and rhodium in the UG2 reef previously reported by Impala Platinum Ltd.
"The significant increase in production at CRM is in line with our planning and expectations, reflecting the excellent progress being made in both production and underground mine development," stated President and CEO, Ian Rozier.
"Results on all fronts are very encouraging, and combined with the very strong fundamentals for platinum and rhodium, suggest that our investment in Barplats, made just over 6 months ago, was a very timely and cost effective acquisition," stated Mr. Rozier.
The full financial statements and management discussion has been filed on SEDAR and is available on the Company's website, www.eastplats.com. Eastern Platinum Limited trades on the TSX and AIM stock exchanges under the trading symbol ELR.
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and Barplats and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contact:
Mr. Ian Rozier, M.Sc., P. Eng.
Eastern Platinum Limited
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
--------------------------------------------------------------------------------
Source: Eastern Platinum Limited
Peak Oil & Gas, Energy Cornucopia, and Reality, Part II
Whiskey & Gunpowder
November 22, 2006
by Dan Amoss
York, U.S.A.
http://www.whiskeyandgunpowder.com/Archives/2006/20061122.html
Peak Oil & Gas, Energy Cornucopia, and Reality, Part I
Whiskey & Gunpowder
November 21, 2006
by Dan Amoss
York, U.S.A.
http://www.whiskeyandgunpowder.com/Archives/2006/20061121.html
A Tale of Four Predictions – Hubbert, Deffeyes, Yergin & Jackson
by Jeffrey J. Brown
Published on 20 Nov 2006 by ASPO-USA's Peak Oil Review.
In 1956, M. King Hubbert, a well known geoscientist, predicted that US Lower-48 oil production would peak and start an irreversible decline between 1966 and 1971. Lower 48 production peaked in 1970, 14 years after Hubbert’s prediction.
In a book published in 2001, Kenneth Deffeyes, an associate of M. King Hubbert, predicted that world oil production would peak between 2004 and 2008. He later stated that the most likely peak was late 2005. Two measures of world oil production, Crude + Condensate and Crude + Condensate + Natural Gas Liquids (NGLs), are both down or flat relative to December, 2005, according to the US Energy Information Administration (EIA). Total Liquids, which is all of the above plus such things as refinery gains, bitumen/water blends and ethanol, are up slightly from December, 2005.
In a column published in Forbes Magazine in November, 2004, Daniel Yergin, an historian and chairman and co-founder of Cambridge Energy Research Associates (CERA), in response to a question regarding future world oil production and oil prices, predicted that world oil production would surge, driving oil prices down to $38 per barrel by November, 2005. In fact, oil prices have traded in a range about 50% to 100% higher than Yergin’s predicted long term index price, as flat to falling oil production has forced oil prices higher in order to equalize supply and demand.
Last week, Peter Jackson, an associate of Daniel Yergin, offered a critique of the Peak Oil theories outlined by Hubbert and Deffeyes and, like Yergin before him, predicted rising world oil production, with the world not showing any real decline until the 2040 to 2050 time frame.
In the past, Hubbert was right and Yergin was wrong. Now, their respective associates are making similar predictions, using similar methods.
Deffeyes uses a method that is now commonly referred to as Hubbert Linearization (HL), which involves plotting annual production (P) divided by cumulative production to date (Q) versus Q to estimate the Ultimate Recoverable Reserves (URR) for a region, which Deffeyes calls Qt. Regions, in the absence of political and/or technical problems, tend to peak and start declining shortly after reaching the point at which they have produced 50% of Qt, i.e., half of their recoverable reserves.
The following regions have shown lower production after crossing the 50% of Qt point: Texas; Lower 48; Total US (after a secondary lower peak following the beginning of North Slope production in Alaska); Russia; North Sea; Saudi Arabia; Mexico and most recently the world (except for Total Liquids).
I should be clear that the HL method applies to conventional oil production, which I define as oil production that will move to a wellbore without the application of heat energy. The two largest concentrations of unconventional deposits are the large bitumen deposits in Canada and Venezuela. There is also considerable research being done on oil shales, which are really kerogen deposits, a precursor to bitumen. Deffeyes’ opinion is that unconventional sources of oil will most likely serve to slow, but not reverse the decline in aggregate world oil production. Recent reports from Canada and Venezuela support Deffeyes’ view. In any case, the bottom line is that all of the unconventional sources of oil are hugely expensive, energy intensive and are very slow to ramp up production rates.
Jackson is asserting that better technology and the exploitation of unconventional sources of oil (plus gas-related liquids, which aren’t considered here) will permit the world to have several decades of rising, or at worst, flat production.
First, consider the Lower 48, where the industry has tried virtually every new technological innovation known to the industry, and production has fallen fairly steadily, now down more than 50% since peaking in 1970.
What about more recently developed regions? Haven't they done better than the Lower 48? Let’s consider the North Sea, which peaked in 1999 (crude + condensate) and started a very rapid decline. It is compelling that two vastly different producing regions -- the Lower 48 and the North Sea, with the North Sea being developed with vastly better technology than the Lower 48 —- peaked at the same 50% point, relative to their Qt estimates (for both crude and condensate.)
The basic premise of the HL method is that the first half of the production for a region is a good predictor of the second half of production. “Khebab,” a contributor on The Oil Drum blog, has demonstrated this mathematically. He took the production data only through the 50% of Qt mark for the Lower 48 and Russia (1970 and 1984 respectively) and predicted the post-50% of Qt cumulative production for the two regions, again using only production data through 1970 and 1984 to generate the model. The post-50% of Qt cumulative production through 2004 for the Lower 48 was 99% what the HL model predicted, and the post-50% of Qt cumulative production through 2004 for Russia was 95% of what the HL model predicted.
Today, we have the same amount of production data for the world that resulted in the highly accurate post-50% cumulative production predictions for the Lower 48 and Russia.
Peter Jackson is asking us to believe that we are going to see what we have never seen before: conventional oil production rising for decades after crossing the 50% of Qt mark. This prediction is especially remarkable given the near certainty that all four of the current super-giant oil fields producing one million barrels/day or more are in decline or crashing, while there is only one new super giant field being developed, the problematic Kashagan Field that won’t reach peak production, at the earliest, until 2020.
In conclusion, according to the EIA the world through August 2006 has produced roughly 100 million fewer barrels of crude + condensate than if we had simply maintained the December 2005 production level. This is consistent with the Hubbert/Deffeyes model. It is not consistent with the Yergin/Jackson model. The early data suggest that Deffeyes is correct and that Jackson is wrong, but we can't yet say with certainty who is correct.
Regardless of whether the Hubbert/Deffyes or the Yergin/Jackson model is correct, we need to start as soon as possible to fundamentally change the way we use energy in the United States. My personal opinion is that we need to tax energy consumption to fund Social Security/Medicare, offset by cutting or eliminating the Payroll Tax.
Jeffrey J. Brown is an independent petroleum geologist in the Dallas, Texas area. His e-mail is westexas at aol.com
Spellbound,
Thanks for your post. I hadn't seen that one and am glad that this article further substantiates my investment in silver and particularly Silver Wheaton.
I talked a lot of my friends into buying SLW and at times, particularly in May, some began losing faith in me and this particular selection.
I was listening to Jim Puplava today and he interviewed Zapata George Blake. George indicated that his favorite investments right now are natural gas and silver. Further, George indicated that he was around for the silver run up in 1980 and from the sound of it, he made a killing.
With the continuing decline in the dollar, we can eventually have a repeat in silver, as well as gold.
sumisu
PS Thanks for the reference on Life After The Oil Crash; it is updated and I see some books that I want to buy.
Resource Potential of Dejour Piceance/Uinta Properties Pegged at 5.3 Trillion Cubic Feet of Natural Gas and 2 Billion Barrels of Oil
Friday November 24, 6:49 pm ET
TSX-V: DJE
VANCOUVER, Nov. 24 /CNW/ - Dejour Enterprises Ltd. ("Dejour") (TSX-V: "DJE", TSX-V: "DJE.WT", OTCBB: "DJEEF") announces that it has received reports evaluating the resource potential of its 'Retamco JV' properties in the Piceance and Uinta Basins (see press release dated June 26, 2006) (the "Retamco JV"). The report, authored by Houston Texas based W.D. Von Gonten & Co., Petroleum Consultants (dated October 24, 2006) states there is a resource potential for 4.107 Trillion Cubic Feet of natural gas and 2.055 Billion Barrels of Oil, to the 100% interests. Dejour is assigning this potential to the category of 'undiscovered' resources pursuant to NI 51-101 requirements. Additionally, Williams & Associates, Petroleum Consultants, of Midland Texas calculates the potential resource of associated Coal Bed Methane to be in excess of 1.2 TCF. Dejour is assigning this potential to the category of 'prospective' resources, again pursuant to NI 51-101.
The Von Gonten report, prepared for Retamco Operating Inc., partner/operator of the Retamco JV, and a significant shareholder of Dejour, as a result of the Retamco JV, assigns resource potential to 14 of the 18 project areas within the Piceance and Uinta Basins. The remaining project areas will be reported shortly.
Subsequent to the report, Delta Petroleum (NASD-DPTR) reported a significant discovery in the Paradox Basin (Southern Uinta), a project area in which Dejour holds a 25% interest in 24,500 acres of lands previously unvalued within the Von Gonten report.
Dejour owns a 25% WI in the gas resource potential and 12.5% WI in the oil resource potential as discussed in these reports. Certainty of the economic viability of this resource potential at this time is not yet determined, based on COGE standards - see below.
The Retamco JV, which includes Dejour (TSX.V-DJE), Brownstone Ventures (TSX.V-BWN) and Retamco Operating Inc., has requested that W.D. Von Gonten & Co. update their report and, where appropriate, establish proven undeveloped reserves (PUD) in areas where extensive drilling and production activity have taken place. This report is expected early in 2007.
Dejour has been advised by Retamco that drill permits are expected to be approved in December by the Colorado Bureau of Land Management (BLM) that will allow the drilling of four 12000' wells proposed on the Barcus Federal Prospect, a 3 section-1920 acre lease block that forms part of the Retamco JV Rio Blanco Project Area. A drill rig currently operating on adjacent lands will be available early in January 2007. Additional permits should be forthcoming early in the New Year.
Retamco further advised that Exxon Mobil has recently completed for production 4 wells on acreage surrounding this lease block, each at flow rates greater than 2.5 million cubic feet per day, from the Mesa Verde sand, the major blanket resource zone being exploited in the Basin. Wells in this area are usually drilled on 10 acre spacing units.
In a recent release (dated October 15, 2006), Exxon disclosed plans to move 14 rigs to this project, build a town site for 600 personnel, and drill 1000 wells over the foreseeable future to exploit the reserves on these lands. Retamco also advised that Williams Co., a major US operator of pipelines, is in the final stages of completion of a 36" gas line able to transport large quantities of gas from this area beginning early in 2007. This pipeline is located in close proximity to the Barcus Federal Prospect, with available capacity. Authorization for expenditures (AFE's) are now being prepared.
About the Piceance/Uinta Basin
The Piceance/Uinta Basin, heart of the Rockies, is part of the most active gas production region in the US, where proven reserves and daily production rates now exceed the Gulf of Mexico, according to the Oil & Gas Investor (November 2006). Currently over 100 rigs are active in the Basin - 100% utilization.
"Consulting and research firm Wood Mackenzie says the top 34 E&P companies working in the region today could drill as many as 43,000 wells in Rockies in the next five years...with planned expenditures of nearly $25 billion during that timeframe...drawn by the vast reserve potential." (Oil & Gas Investor, November 2006).
"This Piceance/Uinta Basin Project represents another focused energy investment designed to provide both high impact and leverage to the expanding Dejour energy asset base. We are very pleased with the proposed activity on and adjacent to Company project lands and expect the value of this investment, both land and resource, to continue to escalate," quotes Robert L. Hodgkinson, Chairman & CEO.
R. Marc Bustin, Ph.D., P.Geol., FRSC is the qualified person for Dejour's oil and gas projects.
About Dejour
Dejour Enterprises Ltd. is a Canadian energy focused company exploring and developing high impact uranium and oil and gas exploration investments that exist as a result of the global market's decreasing conventional supply and increasing demand for energy. The Company is listed on the TSX Venture Exchange (DJE.V), OTCBB (DJEEF), and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com for company details or contact the Office of Investor Relations at investor(at)dejour.com
About the Canadian Oil & Gas Handbook (COGE)
The Canadian Oil & Gas Evaluation handbook defines "undiscovered resources as those quantities of oil & gas estimated on a given date to be contained in accumulations yet to be discovered," and "prospective resources as those quantities that would be technically and economically viable to recover from undiscovered accumulations."
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume the obligation to update any forward-looking statement.
For further information
DEJOUR ENTERPRISES LTD.: Robert L. Hodgkinson, Chairman and CEO, Suite 1100-808 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2X4, Telephone: (604) 638-5050, Facsimile: (604) 638-5051, Email: investor@dejour.com
www.dejour.com
--------------------------------------------------------------------------------
Source: Dejour Enterprises Ltd.