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Lateegra Gold Expands Holdings in Ecuador With Acquisition of Two Additional Properties
Wednesday November 8, 12:05 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2006) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG - News; FWB:LTG) is pleased to announce the acquisition of the M10 and the Auripamba East and West properties. The properties were purchased from Carlos Arias and Sergio Penaherrera though Lateegra's wholly owned subsidiary Lateegra Ecuador S.A.
The M10 property is located in the Pichincha Province 50 kilometers west-southwest of Quito Ecuador immediately north of and adjoining Cornerstone Capital Resources and Coastport Capital's La Plata Gold Rich VMS deposit and covers an area of 4,915 hectares. The M10 property was identified by Ing Fredy Salazar who spent several years as a senior geologist for Newmont Gold and provided consulting services for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the Condor project held by Aurelian Resources and the El Condor project held by Lateegra located in the emerging gold belt in southern Ecuador.
The exploration target on the M10 concession is the continuation of the La Plata polymetallic volcanogenic massive sulphide (VMS) trend. Mineralization at La Plata and in the area occurs at or near the north-south trending contact between intermediate and felsic volcanics. Recent results from the drilling on La Plata by Cornerstone and Coastport Capital returned significant massive sulphides returning in hole LP-06-02, 6.7 meters (true width of 4.4 meters) averaging 11.1 g/t Au, 77.9 g/t Ag, 23.44% Zn, 1.02% Cu and 3.19% Pb and 8.9 meters averaging 31.61 g/t Au, 289.39 g/t Ag, 18.16% Zn, 5.86% Cu and 1.61% Pb in Hole LP-06-01 (Source: Stockwatch news June 22, 2006 Cornerstone Capital Resources). The M10 concession covers 7.5 kilometers of potential strike length of favorable geology. Documented mineral showings are reported to exist on the property including the El Diablo showing located on the south limits of the property.
The Auripamba project comprises 5 concessions located in the Provinces of Bolivar, Los Rios and Guayas in central Ecuador. The property consists of two separate concession blocks: Auripamba East and the Auripamba West. The eastern block covers an area of 13,650 hectares with the western block covering an area of 9800 hectares. The concessions are adjacent to Amlatminas's S.A. highly prospective Curipamba project.
Details of the 100-per-cent purchase agreements are as follows: $5,000 US (reimbursement of costs) and 650,000 shares paid over two years. The schedule of share payments are as follows: 450,000 shares of the company's capital stock on TSX-Venture approval and an additional 200,000 shares payable in 4 installments of 50,000 shares each to be paid every 6 months for two years.
The company initially plans to conduct a regional stream sediment survey followed up by regional and detail mapping and sampling on known mineralized zones.
Lateegra Gold Corp. is a mineral exploration and development company with a mandate to build a significant portfolio of advanced exploration and near production properties within the world class potential of Latin America.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Verrico, CEO and Director
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Chris Verrico
Lateegra Gold Corp.
CEO and Director
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
Canadian Zinc Corporation Announces $10 Million Private Placement
Tuesday November 7, 5:41 pm ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - Canadian Zinc Corporation (TSX:CZN - News) is pleased to announce it has entered into an engagement agreement with Northern Securities Inc. ("Northern"), as lead underwriter on behalf of an underwriting syndicate, to raise gross proceeds of $10,000,000 consisting of $3,000,000 in Units and $7,000,000 in Flow-Through Shares, on a firm underwriting basis, subject to certain conditions. The underwriting syndicate led by Northern includes Canaccord Adams and Octagon Capital Corporation.
The Flow-Through Shares are priced at $1.15 per share. The Units are priced at $0.90 per Unit, with each Unit consisting of one common share and one-half share purchase warrant. Each full warrant is exercisable to purchase one common share at a price of $1.15 per share for a period of two years.
Completion of the private placement is subject to certain conditions, including approval by the Toronto Stock Exchange and other regulatory agencies. The financing is anticipated to be completed on or before November 28, 2006. The underwriters will be paid a commission fee of 7% in cash and will be issued broker warrants equal to 7% of the Units sold in the offering and 7% of the Flow-Through Shares sold in the offering. Each broker unit warrant is exercisable at $0.93 into one broker unit consisting of one common share and one half warrant, with each whole warrant exercisable at $1.15 for a period of two years. Each broker flow through warrant is exercisable into one common share at $1.15 for a period of two years.
The proceeds from the private placement will be added to the Company's working capital and used for the exploration and development of the Prairie Creek Mine Project and general corporate purposes, including other possible property acquisitions.
Canadian Zinc's 100% owned Prairie Creek (zinc/silver/lead) Project, located in the Northwest Territories, includes a partially developed underground mine with an existing 1,000 ton per day mill and related infrastructure and equipment. The Prairie Creek Property hosts a major mineral deposit containing a historically estimated resource of 3.6 million tonnes (measured and indicated) grading 11.8% zinc; 9.7% lead; 0.3% copper and 141.5 grams silver per tonne and 8.3 million tonnes (inferred) grading 12.8% zinc; 10.5% lead and 0.5% copper and 169.2 grams silver per tonne, with significant exploration potential. The deposit contains an estimated, in situ 3 billion pounds of zinc, 2.2 billion pounds of lead and approximately 70 million ounces of silver.
Canadian Zinc Corporation trades on the Toronto Stock Exchange under the symbol "CZN" and currently has 95,078,135 common shares issued and outstanding.
Cautionary Statement - Forward Looking Information:
This press release contains forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the issue of permits, the size and quality of the company's mineral resources, future trends for the company, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, the outcome of legal proceedings and the financial results of the company. The Company does not currently hold a permit for the operation of the Prairie Creek Mine. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.
Contact:
John F. Kearney
Canadian Zinc Corporation
Chairman
(416) 362-6686
(416) 368-5344 (FAX)
Alan Taylor
Canadian Zinc Corporation
VP Exploration & Chief Operating Officer
(604) 688-2001 or Toll Free: 1-866-688-2001
(604) 688-2043 (FAX)
Email: invest@canadianzinc.com
Website: www.canadianzinc.com
--------------------------------------------------------------------------------
Source: Canadian Zinc Corporation
Yamana Releases Sao Vicente Feasibility Study Update and Provides Guapore Gold Belt Update
Monday November 6, 6:20 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Nov 6, 2006 -- YAMANA GOLD INC. (TSX:YRI.TO - News)(AMEX:AUY - News)(AIM: YAU) is pleased to provide an update on its exploration efforts along the Guapore Gold Belt and in particular the results from its recently completed update to the Sao Vicente Feasibility Study.
Yamana continues to see significant potential for multiple mines along the Guapore Gold Belt. This gold belt forms part of the Santa Elina Gold Belt, located in the State of Mato Grosso, and while Yamana's Sao Francisco gold mine and its Sao Vicente development-stage project as well as its Ernesto and Pau-a-Pique advanced exploration-stage projects are located on the belt, it is one of the major greenstone belts in Brazil and remains largely unexplored. Sao Vicente is located about 50 kilometers north of Sao Francisco and Ernesto is 60 kilometers south of Sao Francisco. The total formation is more than 400 kilometers in length and there are significant gold outcroppings between Ernesto and Sao Francisco.
Sao Vicente Feasibility Study Update
Sao Vicente was originally intended as a short-life supplement to Sao Francisco and the feasibility study now supports a stand-alone mine. Summary highlights of the feasibility study for Sao Vicente include:
- Increase in mineral reserves of 69% over the prior estimate prepared in May 2005 (from 202,700 to 341,883 ounces).
- Increase in life-of-mine gold production of 73% (from 174,380 to 302,373 ounces).
- Stand alone open pit mine plan for an initial mine life of 5.3 years at an average annual production of 57,000 ounces from an open pit gravity and heap leach operation.
- Potential for further upside through continued mine site exploration including through continued exploration down dip to determine a potential underground operation.
Reserves
- Proven and probable gold reserves at Sao Vicente have increased by 69% to 341,883 ounces from the previous estimate of 202,700 ounces, summarized as follows.
(continued in following link)
http://biz.yahoo.com/iw/061106/0180996.html
Trivial Pursuit? - 31 October 2006
John Hathaway
Investor lust for hard assets has dimmed gold's status as the world's premier non government-issued form of money. Conventional wisdom now holds that gold, oil, and base metals are inextricably linked. For example, on October 18, the Bloomberg headline said "Gold Drops for Second Straight Day After Crude-Oil Prices Slide." Investment strategists have recast gold into a sub species of hard assets that is to be bought or sold only according to its weighting in a commodity index such as the CRB, GSCI, or DJ-AIG. It is a fate for the yellow metal that would make any latter day central banker smile.
(continued in following link)
http://www.gold-eagle.com/editorials_05/hathaway103106.html
West Hawk Development co-chairman Townsend resigns
2006-11-06 18:54 ET - News Release
Dr. William Hart reports
WEST HAWK UPDATES DRILLING PROGRAM IN PICEANCE BASIN
West Hawk Development Corp. has provided the following updates.
Work at the Piceance basin is proceeding well, ahead of schedule, with crews constructing the drill site well pad, installing the gathering system pipeline, and improving road access for the drilling crews and equipment. To date, EnCana Oil & Gas (USA) Inc., under contract to West Hawk, has installed 9,000 feet of the main pipeline connector system, being more than halfway to the well pad, maintaining the scheduled installation ahead of inclement weather. Completion of the pipeline is expected in the last week of November. Buckley Construction is contracted for the well's drill pad construction and access roads improvement for completion by the first week of December. West Hawk is finalizing a four-well agreement with the drilling contractor, with the drill expected to arrive on location during the first week of December for the immediate commencement of drilling operations.
After serious consideration from the board of directors, having recognized the company's transition from an exploration company to an operating company, it has been resolved that that it will be better served by Dr. William Hart, an experienced operating executive, in the position of co-chairman. The company regrettably accepts the resignation of Michael Townsend as co-chairman and director, effective Nov. 1, 2006. Mr. Townsend will remain with the company in the role of consultant.
The company wishes to thank Mr. Townsend for his valuable contribution to the evolution of the company over the past several years from a grassroots exploration company to that of a development and operating company. It looks forward to his assistance in the transition through his consultancy role and wishes him all the best in his future endeavours.
The company also wishes to announce that all resolutions brought forward at the company's annual general meeting, held Oct. 13, 2006, were passed.
Spellbound,
Great links; I incorporated a section for permaculture on my web page. Take a look at my new introduction; still refining the total format of this site.
Thanks very much.
sumisu
PS I attended the Peak Oil conference two weeks ago in Boston. One of the many speakers noted that "There are no silver bullets, only silver BB's," in reference to oil alternatives.
Goldcorp Founder Wants to Sell Shares After Failed Attempt to Stop Merger
By Romina Maurino
06 Nov 2006 at 10:19 AM EST
TORONTO (CP) -- Goldcorp Inc. [TSX:G; NYSE:GG] founder and dissenting shareholder Rob McEwen is looking to sell his shares in the company after failing to force a shareholder vote in a merger between Goldcorp and Glamis.
''At some point I believe there's going to be a better place to put my money,'' he said in an interview Monday.
''I don't have a timetable [but] I will move to greener pastures with those funds.''
McEwen, who holds a 1.5% stake in Goldcorp, will look to re-invest in the gold sector - despite being disappointed with corporate governance groups and regulators over what he considers a failure to protect shareholder rights.
''I like price leverage, I think there's a lot of room there, but also, [I'll] keep watching for the companies that respect shareholder rights,'' he said.
Last month, McEwen launched his fight against his former company and its CEO Ian Telfer, accusing Goldcorp of disregarding shareholders by denying them a vote in the US$8.6-billion acquisition, even though Glamis shareholders got one.
He has said the deal was too expensive and would cause too much share dilution - an opinion that, he said, was shared by shareholders holding 28 million Goldcorp shares.
The Ontario Teachers' Pension Plan, which holds about 2.3 million Goldcorp shares, also complained to the company about the lack of a shareholder vote on the deal.
Still, the merger transaction was finalized after the Ontario Divisional Court of Appeal denied McEwen's request for a compliance order against Goldcorp to hold a shareholders' vote on the Glamis deal late Friday.
Goldcorp's CEO has repeatedly stated that McEwen was virtually the only shareholder who wanted a vote, a point he reasserted after his victory.
''He had a very, very tiny percentage of our shareholders supporting him; the vast majority of our shareholders weren't interested in a vote and didn't want to stop this deal, so that just became more and more obvious as Rob went along,'' Telfer said in an interview from Vancouver.
''Our shareholders are very happy; I'm getting e-mails from all over the world saying: ''Congratulations, Let's go.''
The Goldcorp-Glamis deal comes on the heels of frenzied consolidation in the gold industry, with Toronto miner Kinross Gold Ltd. [TSX:K; NYSE:KGC] and Vancouver's Bema Gold Corp. [TSX:BGO; NYSE:BGO] becoming the latest companies to join the trend. They announced their own US$3.1-billion merger on Monday.
Telfer said he did not expect the Kinross-Bema deal to have any immediate impact on Goldcorp, whose own rationale for the deal was an interest in gaining reserves and resources.
Glamis adds 15.7 million proven and probable ounces of gold reserves to the new company, as well as more than 617 million ounces of proven and probable silver reserves. That includes 575 million at its undeveloped Penasquito property in Mexico, where it hopes to achieve initial mine start-up in late 2008 and full production by late 2009.
''We thought from the beginning it would be good for both companies to get together and we still feel that,'' he said.
McEwen, for his part, said he'll be looking to invest in areas where large discoveries have been made in the past, and those in which an investor can get a large interest in the company - the criteria he generally uses when looking for investments in minerals.
He will also continue to focus on U.S. Gold Corp [TSX:UXG] - a small Denver-area company in which he held a stake of about 33% as of March - as well as ''a number of other junior exploration companies that I'd be a 20 to 30% shareholder of.''
While he conceded defeat in the battle against Goldcorp, he promised to continue to advocate for the rights of shareholder when appropriate, calling on corporate governance groups ''that profess to be looking out for the shareholders to stand up and show what they're made of.''
On the TSX Monday, Goldcorp shares closed down 89 cents at C$29.45, while Glamis stock fell C$1.46 to $49.50.
© The Canadian Press 2006
Orezone Resources Inc.: Sega Drilling Intersects Strong Gold Mineralization at Depth
Monday November 6, 10:03 am ET
http://biz.yahoo.com/iw/061106/0180688.html
Orezone Resources Inc.: Sega Drilling Intersects Strong Gold Mineralization at Depth
Monday November 6, 10:03 am ET
http://biz.yahoo.com/iw/061106/0180688.html
2006 Uranium and Diamond Results Enhance UNOR's Prospects
Monday November 6, 11:02 am ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 6, 2006) - UNOR Inc. (TSX VENTURE:UNI - News) is pleased to provide an update on its $6.5 million April/September 2006 uranium and diamond exploration field season in western Nunavut. The main 2006 field season activities were the following:
- 18 uranium drill holes completed for 5,097 metres
- 494 drill core samples were taken
- 326 surface uranium rock samples were collected
- 328 diamond till samples were collected
- 353 line kilometres of ground geophysics on its Coppermine claims
- 240 line kilometres of ground geophysics on its Asiak claims
- 864 kilometres of airborne GEOTEM magnetic survey was flown at 200 metre line spacing
- 25 new claims covering 29,346 hectares under UNAD Joint Venture were staked
To view the company's Coppermine and Asiak uranium and diamond showings, and the company's wholly owned, Cameco Joint Venture and UNAD Joint Venture land position of 1,155,000 acres in western Nunavut go to the heading Latest Results on the home page of its web site at www.unorinc.com.
Significant Uranium Results:
The company drilled 10 additional diamond drill holes on its BOG zone located in the southern panhandle of the Coppermine claim block. All 10 holes had uranium mineralization in their core samples with the best intersection in the first six holes 0.12% U3O8 across 9.1 metres from 61.6 to 70.7 metres depth. Assaying of the drill core from the last four holes is pending. The 2006 ten hole program plus the 17 historical drill holes by BP Minerals are all in uranium mineralization which occurs over an area of 800 metres by 200 metres. The structure setting is similar to that of Cameco's Eagle Point deposit in the eastern margin of the Athabasca Basin. A ground magnetic survey and three lines of IP/resistivity were completed to assist in the interpretation of the controlling structure and will be used to guide 2007 drilling.
HOT CREEK, a series of large sandstone boulders with uranium-copper mineralization over a 1.5 kilometre stretch, were discovered in the north/central area of the Coppermine claim block. The boulders are local in origin and run up to 1140 ppm uranium. The zone of interest is 3 kilometres wide and lies along the western margin of a major graben that displaces the Dismal Lake/Hornby Bay contact. The structural setting and style of mineralization is analogous to that of the Mountain Lake deposit located 40 kilometres to the west. HOT CREEK will be a top priority for drilling in 2007.
Detailed mapping and ground magnetic surveys were completed over the ALTERATION ZONE located in the southern panhandle of the Coppermine claim block. The complex silicification/clay alteration within the Hornby Bay sandstone is controlled by a series of cross faults intersecting the southeastern marginal fault of a major graben. Two holes have been drilled to test the zone at depth. The basal contact is approximately 800 metres deep and multiple fault zones with clay- dravite alteration and anomalous uranium occur within the sandstone. Dravite is a boron rich mineral associated with many of the uranium deposits in the Athabasca Basin. The ALTERATION ZONE will be a top priority for drilling in 2007.
At TARA WEST, located on the east/central area of the Asiak claim block, the results of the surface samples taken indicate the 1 metre wide east-west striking shear zone runs up to 0.43% U3O8 and 2.7% copper. The zone is traceable for 50 metres along strike within Epworth metasediments. To the east, the zone continues for 400 metres beneath thick overburden to the Asiak River and reappears on the east side as the TARA EAST showing.
LITTLE GREY OWL LAKE, located in the central area of the Asiak claim block, was test drilled in 2004 by the company and the drill core U3O8 content of 0.86% from 27.0 to 27.6 metres as reported by the company on November 15, 2004.
To date, 56% of the uranium surface samples and 78% of the uranium core samples for 2006 have been reported.
Over the last three years, the company has discovered eight uranium zones on its 100% owned mineral claims with CONTACT LAKE, WOLF CREEK, BOG, HOT CREEK and the ALTERATION ZONE on the Coppermine claim block, and LITTLE GRAY OWL LAKE, TARA WEST and ASIAK ISLAND on the Asiak claim block.
Significant Diamond Results:
Harzburgitic garnets, kimberlitic ilmenites and chromium clinopyroxenes found on the company's Asiak claim block from 212 of the 2005 till samples combined with the 2003/2004 anomalies has defined two major mineral trends that extend for 7.0 kilometres and for 6.5 kilometres, respectively. The company has identified on its Asiak claim block 19 diamond targets.
The ground geophysics surveys of claims BN-1 and BN-2, airborne magnetic picks on the northwest corner of the company's Coppermine claim block, have outlined two well defined bulls- eye kimberlitic targets.
All of the 328 diamond till samples taken in 2006 are outstanding.
2007 Exploration Program
UNOR and Cameco Corporation have recently established a Joint Technical Committee to review and recommend exploration plans and budgets for UNOR. This joint committee, comprised of two senior exploration personnel from both companies, recently held its first 2007 exploration planning meetings at the Cameco office in Saskatoon.
Also, the uranium mineral claim option deal with Cameco announced October 23, 2006 is strategically important for UNOR since this additional large land position opens up more opportunities for a major uranium discovery.
David Bent, Vice-President Exploration, P.Geo., is the Qualified Person for the purpose of NI 43-101 with respect to the technical information in this news release. Uranium sample preparation and analyses were done by the geoanalytical laboratory of the Saskatchewan Research Council, in Saskatoon. Diamond sample preparation and analyses were done by Loring Laboratories, in Calgary.
UNOR Inc., with its head office in Toronto, Ontario, is a uranium, diamonds and gold exploration and development company with its principal mineral properties in western Nunavut.
Shares Outstanding November 5, 2006: 117,471,344
Close November 3, 2006: $0. 52
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George Bell
UNOR Inc.
President & CEO
(416) 368-0114
David Bent
UNOR Inc.
VP Exploration
(416) 368-0114
Tom Devlin
UNOR Inc.
Secretary & Controller
(416) 368-0114
(416) 368-0198 (FAX)
Website: www.unorinc.com
2006 Uranium and Diamond Results Enhance UNOR's Prospects
Monday November 6, 11:02 am ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 6, 2006) - UNOR Inc. (TSX VENTURE:UNI - News) is pleased to provide an update on its $6.5 million April/September 2006 uranium and diamond exploration field season in western Nunavut. The main 2006 field season activities were the following:
- 18 uranium drill holes completed for 5,097 metres
- 494 drill core samples were taken
- 326 surface uranium rock samples were collected
- 328 diamond till samples were collected
- 353 line kilometres of ground geophysics on its Coppermine claims
- 240 line kilometres of ground geophysics on its Asiak claims
- 864 kilometres of airborne GEOTEM magnetic survey was flown at 200 metre line spacing
- 25 new claims covering 29,346 hectares under UNAD Joint Venture were staked
To view the company's Coppermine and Asiak uranium and diamond showings, and the company's wholly owned, Cameco Joint Venture and UNAD Joint Venture land position of 1,155,000 acres in western Nunavut go to the heading Latest Results on the home page of its web site at www.unorinc.com.
Significant Uranium Results:
The company drilled 10 additional diamond drill holes on its BOG zone located in the southern panhandle of the Coppermine claim block. All 10 holes had uranium mineralization in their core samples with the best intersection in the first six holes 0.12% U3O8 across 9.1 metres from 61.6 to 70.7 metres depth. Assaying of the drill core from the last four holes is pending. The 2006 ten hole program plus the 17 historical drill holes by BP Minerals are all in uranium mineralization which occurs over an area of 800 metres by 200 metres. The structure setting is similar to that of Cameco's Eagle Point deposit in the eastern margin of the Athabasca Basin. A ground magnetic survey and three lines of IP/resistivity were completed to assist in the interpretation of the controlling structure and will be used to guide 2007 drilling.
HOT CREEK, a series of large sandstone boulders with uranium-copper mineralization over a 1.5 kilometre stretch, were discovered in the north/central area of the Coppermine claim block. The boulders are local in origin and run up to 1140 ppm uranium. The zone of interest is 3 kilometres wide and lies along the western margin of a major graben that displaces the Dismal Lake/Hornby Bay contact. The structural setting and style of mineralization is analogous to that of the Mountain Lake deposit located 40 kilometres to the west. HOT CREEK will be a top priority for drilling in 2007.
Detailed mapping and ground magnetic surveys were completed over the ALTERATION ZONE located in the southern panhandle of the Coppermine claim block. The complex silicification/clay alteration within the Hornby Bay sandstone is controlled by a series of cross faults intersecting the southeastern marginal fault of a major graben. Two holes have been drilled to test the zone at depth. The basal contact is approximately 800 metres deep and multiple fault zones with clay- dravite alteration and anomalous uranium occur within the sandstone. Dravite is a boron rich mineral associated with many of the uranium deposits in the Athabasca Basin. The ALTERATION ZONE will be a top priority for drilling in 2007.
At TARA WEST, located on the east/central area of the Asiak claim block, the results of the surface samples taken indicate the 1 metre wide east-west striking shear zone runs up to 0.43% U3O8 and 2.7% copper. The zone is traceable for 50 metres along strike within Epworth metasediments. To the east, the zone continues for 400 metres beneath thick overburden to the Asiak River and reappears on the east side as the TARA EAST showing.
LITTLE GREY OWL LAKE, located in the central area of the Asiak claim block, was test drilled in 2004 by the company and the drill core U3O8 content of 0.86% from 27.0 to 27.6 metres as reported by the company on November 15, 2004.
To date, 56% of the uranium surface samples and 78% of the uranium core samples for 2006 have been reported.
Over the last three years, the company has discovered eight uranium zones on its 100% owned mineral claims with CONTACT LAKE, WOLF CREEK, BOG, HOT CREEK and the ALTERATION ZONE on the Coppermine claim block, and LITTLE GRAY OWL LAKE, TARA WEST and ASIAK ISLAND on the Asiak claim block.
Significant Diamond Results:
Harzburgitic garnets, kimberlitic ilmenites and chromium clinopyroxenes found on the company's Asiak claim block from 212 of the 2005 till samples combined with the 2003/2004 anomalies has defined two major mineral trends that extend for 7.0 kilometres and for 6.5 kilometres, respectively. The company has identified on its Asiak claim block 19 diamond targets.
The ground geophysics surveys of claims BN-1 and BN-2, airborne magnetic picks on the northwest corner of the company's Coppermine claim block, have outlined two well defined bulls- eye kimberlitic targets.
All of the 328 diamond till samples taken in 2006 are outstanding.
2007 Exploration Program
UNOR and Cameco Corporation have recently established a Joint Technical Committee to review and recommend exploration plans and budgets for UNOR. This joint committee, comprised of two senior exploration personnel from both companies, recently held its first 2007 exploration planning meetings at the Cameco office in Saskatoon.
Also, the uranium mineral claim option deal with Cameco announced October 23, 2006 is strategically important for UNOR since this additional large land position opens up more opportunities for a major uranium discovery.
David Bent, Vice-President Exploration, P.Geo., is the Qualified Person for the purpose of NI 43-101 with respect to the technical information in this news release. Uranium sample preparation and analyses were done by the geoanalytical laboratory of the Saskatchewan Research Council, in Saskatoon. Diamond sample preparation and analyses were done by Loring Laboratories, in Calgary.
UNOR Inc., with its head office in Toronto, Ontario, is a uranium, diamonds and gold exploration and development company with its principal mineral properties in western Nunavut.
Shares Outstanding November 5, 2006: 117,471,344
Close November 3, 2006: $0. 52
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George Bell
UNOR Inc.
President & CEO
(416) 368-0114
David Bent
UNOR Inc.
VP Exploration
(416) 368-0114
Tom Devlin
UNOR Inc.
Secretary & Controller
(416) 368-0114
(416) 368-0198 (FAX)
Website: www.unorinc.com
--------------------------------------------------------------------------------
Source: UNOR Inc.
Chariot Resources Limited Warrants to Expire December 22, 2006
Monday November 6, 10:19 am ET
TORONTO, ONTARIO--(CCNMatthews - Nov. 6, 2006) - Chariot Resources (TSX:CHD - News; TSX:CHD.WT - News) reminds investors that Warrants originally issued as part of its December 2004 financing 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 only until 5:00 pm, ET on December 22, 2006. The Warrants are traded on the TSX under the symbol CHD.WT.
"Chariot urges warrant holders to give immediate consideration to the exercise of these 'in the money' Warrants," said Ulli Rath, Chariot's President and CEO. "The exercise price of the warrants - $0.35 per share - is significantly below the current trading price of our common shares.
"Moreover, exercise of the outstanding Warrants would provide Chariot with an additional $23 million in cash. This is anticipated to be enough to complete our pre-construction activities at the Mina Justa copper project. These activities include the definitive feasibility study, the environmental impact assessment study, and seeking to secure project debt financing - which are all underway at this time," concluded Mr. Rath.
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 immediately contact that institution with instructions to exercise the warrants on their behalf. The institution will need to complete the reverse portion of the warrant certificate, listed as (Form 1) Subscription Form and forward the certificate, with the appropriate payment, to Computershare Trust Company. Computershare 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:
assistance may be directed to:
Any questions and requests for
Computershare Trust Company
Canada and US: 1-800-564-6253 or int'l (514) 982-7555
Pamela Loba
Chariot Resources:
(416) 363-4554 (Office)
Website: www.chariotresources.com
Chris Makuch
Shareholder Response Group
(416) 925-9121
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
UNOR Options Cameco Uranium Claims
Monday October 23, 8:35 am ET
TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - UNOR Inc. (TSX VENTURE:UNI - News) announces that it has entered into an option agreement with Cameco Corporation on 190 uranium mineral claims held by Cameco covering 521,500 acres in western Nunavut (the Property) which adjoin the northwest corner of UNOR's wholly owned Coppermine River claim block. With its western Nunavut uranium exploration focus and expertise, UNOR now has 1,155,000 acres under development within the Hornby Bay Basin area.
The Option Agreement is subject to the following terms and conditions:
- To earn a 60% interest in the Property, UNOR must incur exploration and development expenditures of $3.0 million by March 31, 2010, of which a minimum of $2.0 million must be incurred on or before June 30, 2008.
- UNOR is the operator subject to the guidance of a joint UNOR/Cameco Technical Committee and the Strategic Alliance Agreement between the parties.
- The parties will establish a joint venture on the date UNOR has exercised its earn-in rights of 60%.
- Cameco has the right within 90 days after the joint venture has either operated for two years or incurred $3.0 million of expenditures on the Property to earn back 15% by investing an additional $3.0 million to increase its interest to 55% and reduce UNOR's interest in the Property to 45%.
UNOR Inc., with its head office in Toronto, Ontario, is a uranium, diamonds and gold 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 energy 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. Cameco holds 19.5% of UNOR's common shares issued.
Shares Outstanding October 23, 2006: 117,471,344
Close October 20, 2006: $0.46
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.
Contact:
George 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.
Can You Spell Commodity?
While commodities swoon, Jim Rogers, who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
By Bernard Condon | Oct 30, 2006 |
While the Dow Jones booms, commodities like oil and gas swoon. Jim Rogers, the man who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
In three months crude oil has fallen 20% to $60 a barrel. A price drop in natural gas severely wounded hedge fund Amaranth Advisors. Gold and sugar are in bear markets. In August the Goldman Sachs Commodities Index fell, breaking four years of month-on-month increases.
To Jim Rogers, the man who called the commodity boom seven years ago, those are mere blips. This is a great time to invest in commodities, and he's backed this up by investing more of his own money. Supply of things like base metals, oil and rubber is crimped after years of underinvestment in mines and oilfields and farms, he says, so prices are heading up. And they will go up, with some transitory hiccups, well into the next decade and perhaps even the one following. Copper, zinc and oil have all at least doubled in the past three years. You'll see more doublings in many more commodities.
That's the Rogers view. And then there's economist Stephen Roach, the Morgan Stanley bear every bull loves to gore. He thinks Rogers is dead wrong. Roach says commodity prices could fall another third from here, putting an end to silly notions of a so-called supercycle of commodity increases. The culprits: slowing growth in China, a voracious buyer of commodities, and a U.S. housing recession that, he says, will slash demand for building materials like copper and weigh down the global economy.
If you've been distracted by whether the Dow Jones stock index will stay in record-setting territory, there's a less-noticed but raging debate about the future of commodities. This, by the way, is a debate that can get personal. Rogers says Roach "couldn't even spell 'commodities' two years ago." Roach wearily responds that, yes, he used to write "commodities" with one "m" before Rogers kindly set him straight. The sparring recalls a famous exchange a quarter-century ago, during another price runup, when the ever-optimistic economist Julian Simon bet doom-and-gloom environmentalist Paul Ehrlich $10,000 that metals would fall over the next decade, ending 1990. Simon won. He wasn't a pessimist in the manner of Roach. His theory was that technology would eventually find a solution to any raw material shortage. We ran out of whale oil but found petroleum. Copper is expensive, but optical fiber is replacing a lot of it.
If the issue of resource scarcity is similar, the wagers today are a bit bigger. Hedge funds have put $70 billion into energy, double the level of two years ago, says the Energy Hedge Fund Center. Investment banks have beefed up their trading desks with commodities experts. Merrill Lynch paid $800 million for an energy trading unit after unloading a similar business a few years earlier. Bond investors are watching closely, too. Increased commodity prices usually mean inflation is right around the corner.
The peripatetic Rogers, 63, who once set a Guinness World Record by riding his motorcycle around the world, brings a lot of credibility to the bull case. A founder with George Soros of the legendary Quantum Fund, he started a commodities index in 1998 when investors were caught up in the dot-com frenzy. The Rogers International Commodities Index has since returned 16.9% annually versus 13.9% and 11.8% for rivals from Goldman Sachs and Dow Jones-AIG, respectively. This year the gap has widened. Rogers' is up 7% through August. Goldman's is down 0.4%, and Dow Jones-AIG's up 3%.
Rogers, author of Hot Commodities, says his optimism comes right out of the history books. The shortest commodity boom, which began in 1966, was 15 years, he says. The longest: 23 years. The current one: 7 years (forget the slump we're in now). The long trend reflects this fact: Lots of commodities can't be produced quickly. By the time miners or drillers or farmers realize that demand has outstripped supply, it's too late. New sources need to be found underground and regulators need to sign off before a shovel can even hit the ground. Food inventories are the lowest since 1972, he notes. Acreage devoted to wheat, for instance, has been falling for three decades. Cotton could also take off, he says, as clothesmakers switch to natural fabrics to avoid the rising cost of oil used in synthetics. Rogers says "soft" commodities like grains, oilseeds and fabrics, which have generally not shared in the boom, are likely to outperform. Rogers is relatively bearish on zinc and copper, however; they could drop like an anvil after having more than doubled in a year.
Then there's China. Sure, the country's economic growth could slow, but over the long term Rogers is an unabashed bull. So much so that he's taught his 3-year-old daughter Mandarin and, in preparation for moving to a "Chinese-speaking" city with her, has put his Manhattan manse up for sale for $15 million.
Roach's response: China will be slowing, and that's a big problem. The country is responsible for half the growth in purchases of aluminum, copper and steel and more than 85% of the growth in tin and nickel. Roach says bank reserve requirements and rises in interest rates, combined with Beijing's recent "administrative edicts" to rein in investments, will throw cold water on the "China mania" gripping investors who blithely assume 11% growth every year. It could also kill off a few of the mania's side effects--like Mandarin lessons for kids and uprooting families to Asia--what Roach calls "Rogers' whole schtick."
Roach says crude oil prices are more likely to head down than up; Rogers says they will approach $100 a barrel before the commodity boom ends. Roach says cheap Chinese imports create "headwinds" against inflation and that rising U.S. bond prices wisely reflect that. Rogers says inflation, far from retreating, is rampant, and he is shorting U.S. Treasury bonds. Roach says the influx of money into commodities means trading "technicals" with no relation to fundamentals can cause investors to "overshoot." Rogers notes that there are fewer than 50 mutual funds worldwide dedicated to commodities versus 70,000 for stocks and bonds, though he too fears man's tendency to overshoot. It's Roach's timing that's off, he says.
"Call me in 2019," says Rogers, which he considers a more likely peak-price year than today. "I will say, 'Sell commodities.' And you will laugh and giggle and say, 'Commodities always go up. You are an old fool.'"
Roach might be thinking something along those lines right now. He apparently sees opportunity in the coming real estate crash. He jokes that he put in a bid of $1.5 million for Rogers' house (eight bedrooms, five baths). Roach says, "He hasn't gotten back to me yet."
Can You Spell Commodity?
While commodities swoon, Jim Rogers, who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
By Bernard Condon | Oct 30, 2006 |
While the Dow Jones booms, commodities like oil and gas swoon. Jim Rogers, the man who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
In three months crude oil has fallen 20% to $60 a barrel.
A price drop in natural gas severely wounded hedge fund Amaranth Advisors. Gold and sugar are in bear markets. In August the Goldman Sachs Commodities Index fell, breaking four years of month-on-month increases.
To Jim Rogers, the man who called the commodity boom seven years ago, those are mere blips. This is a great time to invest in commodities, and he's backed this up by investing more of his own money. Supply of things like base metals, oil and rubber is crimped after years of underinvestment in mines and oilfields and farms, he says, so prices are heading up. And they will go up, with some transitory hiccups, well into the next decade and perhaps even the one following. Copper, zinc and oil have all at least doubled in the past three years. You'll see more doublings in many more commodities.
That's the Rogers view. And then there's economist Stephen Roach, the Morgan Stanley bear every bull loves to gore. He thinks Rogers is dead wrong. Roach says commodity prices could fall another third from here, putting an end to silly notions of a so-called supercycle of commodity increases. The culprits: slowing growth in China, a voracious buyer of commodities, and a U.S. housing recession that, he says, will slash demand for building materials like copper and weigh down the global economy.
If you've been distracted by whether the Dow Jones stock index will stay in record-setting territory, there's a less-noticed but raging debate about the future of commodities. This, by the way, is a debate that can get personal. Rogers says Roach "couldn't even spell 'commodities' two years ago." Roach wearily responds that, yes, he used to write "commodities" with one "m" before Rogers kindly set him straight. The sparring recalls a famous exchange a quarter-century ago, during another price runup, when the ever-optimistic economist Julian Simon bet doom-and-gloom environmentalist Paul Ehrlich $10,000 that metals would fall over the next decade, ending 1990. Simon won. He wasn't a pessimist in the manner of Roach. His theory was that technology would eventually find a solution to any raw material shortage. We ran out of whale oil but found petroleum. Copper is expensive, but optical fiber is replacing a lot of it.
If the issue of resource scarcity is similar, the wagers today are a bit bigger. Hedge funds have put $70 billion into energy, double the level of two years ago, says the Energy Hedge Fund Center. Investment banks have beefed up their trading desks with commodities experts. Merrill Lynch paid $800 million for an energy trading unit after unloading a similar business a few years earlier. Bond investors are watching closely, too. Increased commodity prices usually mean inflation is right around the corner.
The peripatetic Rogers, 63, who once set a Guinness World Record by riding his motorcycle around the world, brings a lot of credibility to the bull case. A founder with George Soros of the legendary Quantum Fund, he started a commodities index in 1998 when investors were caught up in the dot-com frenzy. The Rogers International Commodities Index has since returned 16.9% annually versus 13.9% and 11.8% for rivals from Goldman Sachs and Dow Jones-AIG, respectively. This year the gap has widened. Rogers' is up 7% through August. Goldman's is down 0.4%, and Dow Jones-AIG's up 3%.
Rogers, author of Hot Commodities, says his optimism comes right out of the history books. The shortest commodity boom, which began in 1966, was 15 years, he says. The longest: 23 years. The current one: 7 years (forget the slump we're in now). The long trend reflects this fact: Lots of commodities can't be produced quickly. By the time miners or drillers or farmers realize that demand has outstripped supply, it's too late. New sources need to be found underground and regulators need to sign off before a shovel can even hit the ground. Food inventories are the lowest since 1972, he notes. Acreage devoted to wheat, for instance, has been falling for three decades. Cotton could also take off, he says, as clothesmakers switch to natural fabrics to avoid the rising cost of oil used in synthetics. Rogers says "soft" commodities like grains, oilseeds and fabrics, which have generally not shared in the boom, are likely to outperform. Rogers is relatively bearish on zinc and copper, however; they could drop like an anvil after having more than doubled in a year.
Then there's China. Sure, the country's economic growth could slow, but over the long term Rogers is an unabashed bull. So much so that he's taught his 3-year-old daughter Mandarin and, in preparation for moving to a "Chinese-speaking" city with her, has put his Manhattan manse up for sale for $15 million.
Roach's response: China will be slowing, and that's a big problem. The country is responsible for half the growth in purchases of aluminum, copper and steel and more than 85% of the growth in tin and nickel. Roach says bank reserve requirements and rises in interest rates, combined with Beijing's recent "administrative edicts" to rein in investments, will throw cold water on the "China mania" gripping investors who blithely assume 11% growth every year. It could also kill off a few of the mania's side effects--like Mandarin lessons for kids and uprooting families to Asia--what Roach calls "Rogers' whole schtick."
Roach says crude oil prices are more likely to head down than up; Rogers says they will approach $100 a barrel before the commodity boom ends. Roach says cheap Chinese imports create "headwinds" against inflation and that rising U.S. bond prices wisely reflect that. Rogers says inflation, far from retreating, is rampant, and he is shorting U.S. Treasury bonds. Roach says the influx of money into commodities means trading "technicals" with no relation to fundamentals can cause investors to "overshoot." Rogers notes that there are fewer than 50 mutual funds worldwide dedicated to commodities versus 70,000 for stocks and bonds, though he too fears man's tendency to overshoot. It's Roach's timing that's off, he says.
"Call me in 2019," says Rogers, which he considers a more likely peak-price year than today. "I will say, 'Sell commodities.' And you will laugh and giggle and say, 'Commodities always go up. You are an old fool.'"
Roach might be thinking something along those lines right now. He apparently sees opportunity in the coming real estate crash. He jokes that he put in a bid of $1.5 million for Rogers' house (eight bedrooms, five baths). Roach says, "He hasn't gotten back to me yet."
McEwen Loses Appeal for Goldcorp/Glamis Vote
By Jon A. Nones
03 Nov 2006 at 06:23 PM EST
St. LOUIS (ResourceInvestor.com) -- The Ontario Court of Appeal has rendered a decision on the appeal by Rob McEwen, and it’s bad news for Goldcorp’s former chairman and founder.
According to the ruling, the application judge was correct in her interpretation of Section 182 of the Ontario Business Corporations Act (OBCA), and the “appellant has failed to show any palpable and overriding error in her findings and fact.”
McEwen, who owns a 1.5% stake in Goldcorp [NYSE:GG; TSX:G], applied to the Appeal Court this week after the Divisional Court denied his motion to force a shareholder vote over the $8.6-billion merger with Glamis. Glamis [NYSE:GLG; TSX:GLG] shareholders overwhelmingly voted for the deal last week.
McEwen previously said the divisional court judge did not adequately address specific concerns with regard to Section 182 of the OBCA. He said that Section 182 “clearly states” that an “arrangement” of this type requires shareholder approval by law.
However, the Appeal Court ruled today that transactions that could be proposed as arrangements, but could also be lawfully implemented under other provisions of the OBCA as written in Section 182(6).
In a media conference call this morning, Rob McEwen announced his intention to fight for regulatory changes to the Canadian equities market.
“There is a fundamental flaw in the Canadian equities market,” he said.
McEwen said he was fighting “for every Canadian company on the Toronto Stock Exchange,” in the hope of setting a precedent.
He said the implications of the court’s decision are very important because the law will change and it may diminish the involvement of shareowners in future mergers and acquisitions in Canada.
“You should not be able to disenfranchise shareholders by going to the courts,” he said. “There’s been no shareholder input, and that is wrong.”
The rules of the Toronto Stock Exchange “do not conform to international standards,” added McEwen. In New York, a shareholder vote is needed if 20% of a company’s shares are involved in the transaction, while in London it takes 5%. This is not the case in Toronto, he said.
McEwen said he’d written to TSX and the Ontario Securities Commission (OSC). OSC chose not to intervene at this time and TSX had already given consent to the transaction in September, according to McEwen.
The OSC said they would not intervene until all avenues of corporate law were exhausted, said McEwen.
Goldcorp said that it expects the acquisition of Glamis to be completed by mid November or as early as next week.
McEwen admitted earlier today there is no sure way to stop the deal if the appeal is denied. But added, it "could be time" to take a look at selling some Goldcorp shares.
Goldcorp could not be reached for comment
Iraq Taps Chinese Oil Companies to Double Production (Update1)
By Eugene Tang and Wing-Gar Cheng
Oct. 28 (Bloomberg) -- Iraq will invite China National Petroleum Corp. and other overseas companies to invest in oil fields to double daily production to 6 million barrels by 2012, the country's oil minister Hussain al-Shahristani said.
``We need foreign partners to help develop new fields,'' al- Shahristani said at a press conference today in Beijing. ``Iraq will significantly increase its oil production in the next few years and China will significantly raise its imports. That's why the two countries will need to work closely together.''
Iraq will increase its oil production to 3.5 million barrels a day by next year, with the capacity to export 2.4 million barrels a day, al-Shahristani said. The increased oil output will not be curtailed by the Organization of Petroleum Exporting Countries, or OPEC, because Iraq has been producing less than its quota for many years, he said.
``Our friends at OPEC understand Iraq needs to produce more oil quickly,'' he said. ``The general position is to allow Iraq to produce as much oil as quickly as possible.''
China imports about 40 percent of its oil. The world's fastest-growing major economy may consume 7 million barrels of oil a day this year, 6.4 percent more than in 2005, according to an October forecast by the International Energy Agency.
Need for Oil
The Asian nation needs more fuel to run power plants and feed its industries, prompting Chinese oil companies to look abroad for fields. Demand for oil in the world's fourth-largest economy has almost doubled in a decade, contributing to record prices.
The Iraqi parliament is poised to pass a law to regulate the country's oil and gas industry. All contracts signed during and after the collapse of Saddam Hussein's regime will have to be renegotiated under the terms of the new legislation, al- Shahristani said today.
At stake are an estimated $700 million of agreements signed in 2000 that gave China National Petroleum the right to develop the Al-Ahdab and Al-Qorna oil fields in southern Iraq.
``A committee has been convened to discuss this and they will commence work next month'' to renegotiate the terms of the contract to meet the requirements of the new law, al-Shahristani said today. ``The law allows participation but not control. The oil of Iraq belongs to the Iraqi people.''
Renegotiate Contracts
Agreements that China National Petroleum and China Petrochemical Corp., the nation's biggest oil companies, had to develop Iraqi oil fields were halted by the U.S. invasion in 2003 and the conflict that followed.
Iraq's government is increasing efforts to stop attacks on oil installations and ease companies' concerns over security, Thamir Ghadhban, an adviser to the Prime Minister, said Sept. 13.
Chinese companies plan to drill for oil in Iraq, which holds the world's third-largest proven oil reserves, China Oil News, China National Petroleum's online newsletter, reported Oct. 18, citing Dathar Al Khashab, general manager of Iraq's Midland Refineries Co.
China was approached after U.S. companies refused to work in Iraq, Al Khashab was cited as saying. Chinese companies have dismissed security threats, he said, without giving details.
China's government supports a return by the nation's oil companies to Iraq. Al-Shahristani said he met Chinese oil executives including the directors of China National Petroleum, China National Offshore Oil Corp. and China Petroleum and Chemical Corp. to discuss investments in Iraq.
Chinese Technology
``Chinese oil companies have the capital, capacity, technology and interest to invest in Iraq,'' he said today. ``They are willing to modify their facilities to work on Basra crude if Iraq can guarantee consistent supplies. We can very easily double our output and guarantee the supply.''
``We welcome cooperation between Chinese oil companies and other countries in the energy field,'' Zhang Yuqing, deputy director of the energy bureau at the National Development and Reform Commission, said on Oct. 18. ``If the Iraqi side seeks investment from Chinese enterprises, especially in oil field exploration and production, the Chinese government won't interfere in any of the activities of the oil companies.''
To contact the reporter on this story: Eugene Tang in Beijing at eugenetang@bloomberg.net
Last Updated: October 28, 2006 04:51 EDT
The S.M.A.R.T. Silver Equation (reloaded)
Rock Gale,
Nov 4, 2006
http://www.321gold.com/editorials/gale/gale110406.html
The S.M.A.R.T. Silver Equation (reloaded)
Rock Gale,
Nov 4, 2006
http://www.321gold.com/editorials/gale/gale110406.html
Hopeful Diogenes,
Yes, I should have highlighted that portion of the PR, as that is what probably help propel the stock last Friday.
I'm not sure of the listing requirements of AMEX membership, but I think a company must be above $2 for 30 days.
I subscribe to the Gold Letter Alert and last month it had highlighted Great Panther. I also received two other recommendations, so here I am. My position is small, 2500 shares, but I wanted to limit the risk.
It will be a very good investment, imo.
sumisu
PS I list most of my stock plays in my profile.
Gold still aiming at $1,000 an ounce - but when?
Last Update: 7:33 AM ET Nov 3, 2006
SAN FRANCISCO (MarketWatch) -- For the tough gold traders who've stuck it out, it's been there, done that and earned that, lost that -- many times over, all year long. What to do next is the question.
Gold futures climbed to a 26-year high above $700 an ounce back in May and haven't traded anywhere near that level since.
When gold traded near $728 in May, "there was a lot of excitement," prompting scenarios of $1,000 gold prices -- even $2,000 and higher, said Steven Jon Kaplan, a senior editor at TrueContrarian.com.
"Since then, a worldwide economic slowdown has begun [and] the anticipated increase in demand for commodities has therefore been reduced," he said.
Now prices are beginning to show some signs of life again as uncertainty surrounds nuclear activities in North Korea and Iran, and the U.S. accuses Syria of planning to topple the Lebanese government. The U.S. dollar is also losing value and experts bet on further weakness in the currency. Some analysts say the slowdown in economic growth has spurred buying in gold as an alternative investment.
With a backdrop like that, it's hard for gold analysts to give up their predictions for $1,000 gold -- and they haven't, though they admit that the level may be a bit further off -- at least a year later than some had originally predicted.
"We would not be surprised to see $1,000-plus gold from sometime in 2007 at the earliest to 2009 at the latest," said Julian Phillips, an analyst at GoldForecaster.com.
In the short term, gold is "looking to rise because physical demand is now being added to by the turnaround in hedge funds' change of heart to the upside," he said.
"The potential oil shortage and subsequent pressures of who gets what oil [and] the now more-than-likely ruptures in the stability of the global-money system when the dollar starts to suppurate" support a medium- and long-term bull market for gold too, he said.
Such crises begin to raise doubts in paper currencies. The fear of the future will create such uncertainty that investors will be spurred to hold gold 'just in case', Phillips said.
Dollar crisis
Key to the gold's rise is the dollar's demise, especially in an election year.
"The hot money that flowed into gold earlier in the year is all but gone and gold's ups and downs have basically returned to traditional matters," said Peter Grandich, editor of the Grandich Letter.
"A declining U.S. dollar is likely to grab center stage in gold's trek to new highs in 2007," he said.
And the dollar is "more vulnerable than ever," said Ned Schmidt, editor of the Value View Gold Report, asserting his belief that the "dollar bear market will accelerate after the U.S. election."
"Gold is the only defense against the results of the U.S. election," he said. "If the Democrats win, gold will go up. If Republicans win, gold will go up" with "both parties ... masters at providing a leadership vacuum."
Meanwhile, "the glut of the dollar debt in central banks around the world is approaching a critical level," Schmidt said, and central banks are slowing their acquisition of U.S. debt, which will further weaken the dollar.
And the economy will enter recession in the first quarter of 2007, he said, depressing the greenback even further.
Overall, a global shift from the dollar continues while our trade imbalance grows larger and larger, said Peter Spina, chief investment strategist at GoldSeek.com.
The greenback is "in dire trouble so investors in gold know the risk is one to the upside with only short-term fund traders taking gold lower for additional opportunities to add at discounted levels," he said.
Breaking point in the Middle East?
There's another reason for gold's likely climb that the market has mostly ignored lately: fresh tension in the Middle East.
"The strongest reason to own gold right now is the fact that we have three U.S. aircraft carriers with task forces parked opposite Iranian shores," said Ralph Preston III, an account executive at San Diego-based Heritage West Financial Inc.
And Saudi Arabia has put its entire navy and special forces units in defensive position around the world's largest oil terminal, Ras Tanura, said Preston. News reports last week said there were threats of a possible al-Qaida attack on Persian Gulf oil terminals.
"This is an unusually high concentration of military build up on the part of the United States in the Persian Gulf," he said.
And "given Iran's defiance to the U.N. Security Council's demand to halt uranium enrichment -- and with China and Russia, both staunchly opposed to any type of punitive action to be taken against Iran -- it appears that the Bush Administration has more than diplomacy on its agenda," said Preston.
The U.S.'s role as the "guardian of the global economy, primarily the responsibility to make sure that we all have a steady, cheap, secure flow of oil out of the Middle East," appears set to be tested, he said.
Preston pointed out that "shortly after the Iranian Revolution (in 1979), oil exports were disrupted and gold made an all-time high in short measure."
Little downside with holiday boost
Analysts were reluctant to offer any downside scenarios for gold, but there are a few of them.
"The prospect of prices reeling downwards could come from a steep drop in oil prices down to $35 a barrel, a docile Islamic world, the U.S. with a trade surplus and China a trade deficit -- and the sight of pigs flying over Congress," said Phillips.
TrueContrarian.com's Kaplan doesn't believe gold can actually stage a "true, sustained rally until the Fed begins to cut interest rates."
"As the Fed cuts rates, time deposits will pay a lower rate of interest, so the real rate of return will decline -- thus making gold more competitive as an alternative investment," he explained.
Brien Lundin, editor of Gold Newsletter, views the "primary danger" to the bullish scenario for gold as "some sort of economic shock in Asia," which could lead both the physical Eastern markets and the paper Western markets to temporarily abandon gold. But he doesn't expect that to happen.
There's a possibility of a "bubble-top marking the end of the secular bull market," said Scott Wright, an analyst at financial-services company Zeal LLC, but that's "not here yet."
And "gold and gold stocks are seasonally strong in the winter time," he said.
Best approach
So what's the best way to play in the market, steer clear of some of the inevitable volatility and make some profits or at least lose less in the process?
"For the average investor, buying gold stocks is the way to go," said Wright.
He pointed out that the Amex Gold Bugs Index has climbed nearly 1,000% in this bull market, but the "combined market cap of its 15 components is still less than a third of the market cap of Microsoft alone."
Gold-mining stocks are relatively unknown to mainstream investors, but they are "a great speculative investment as they leverage the gains of the underlying metals they mine," he said.
If people do want to buy gold stocks, "they should buy those that are outperforming the pack now," said Sean Brodrick, contributing editor of MoneyandMarkets.com. "Chances are they'll outperform going forward as gold really recovers."
As for prices, they could be anywhere between $650 and $850 by the end of this year, according to Phillips.
They may trade between $800 and $900 at the end of 2007, according to Value View Gold Report's Schmidt, and could even reach $1,400 an ounce by the end of 2010.
Then again, "we certainly do not wish for $1,600 gold," said Jon Nadler, an investment-products analyst at bullion dealers Kitco.com. "That would imply some or most of our conventional assets having gone up in a puff of smoke."
"Bottom line is gold should be thought of as the protector of previously achieved profits -- not mainly as the generator of new ones, though it may well do that if conditions are ripe," he said.
Myra P. Saefong is a reporter for MarketWatch in San Francisco.
http://tinyurl.com/yhdrac
Great Panther Appoints New Exploration Manager in Mexico;
Receives Conditional Approval for TSX Listing
Friday November 3, 12:23 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 3, 2006 -- GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR.V - News) is pleased to announce the appointment of Mr. Bill Vanderwall, B.Sc. as Exploration Manager for Mexico. Bill has an exemplary track record with twenty-seven years in the gold and silver mining industry, having spent approximately equal time in production and exploration. He is a proven mine-finder and has a strong emphasis on safety, having worked his entire career without a lost time accident.
Most recently, Bill was the Production Superintendent at the Getchell Mine in Nevada, a 1,000 ton per day high-grade underground gold mine and part of the Turquoise Ridge Joint Venture owned by the two largest gold mining companies in the world, Newmont Mining Corporation and Barrick Gold Corp. During his employment there, Bill's team consistently outperformed expectations by increasing production and replacing mined reserves through resource definition and exploration. In 2005, the Getchell Mine produced 21.9% more ounces than budgeted and at the end of the 3rd quarter of 2006 was already 18.1% over expectations. Also during this period, the entire mine crew worked without a lost time accident - more than a quarter million man-hours.
On the exploration front, Bill has held the positions of Exploration Manager in Argentina for Sunshine Mining, Country Manager in Guatemala and Mexico for Glamis Gold and Vice President of Exploration in West Africa for International Tournigan. In Argentina, Bill led the team whose evaluation resulted in the purchase of the Pirquitas Mine, which contains over 100 million ounces of silver. In Guatemala, he led a team of eight Guatemalan geologists that drill defined the Marlin Mine, which contains more than 2 million ounces of gold and 40 million ounces of silver. Also with Glamis, Bill held the positions of Chief Geologist at the Dee Underground Mine in Nevada and Chief Geologist at the San Martin Open Pit Mine in Honduras. In Ghana, West Africa, he led the team that evaluated and defined the Riyadh extension of the Prestea vein.
Bill graduated from Arizona State University in 1979 magna cum laude with a B.Sc. in Geology and a minor in mathematics. He is a member of the Society for Mining, Metallurgy and Exploration and the Society of Economic Geologists. In his new role with Great Panther, Bill will be responsible for the definition of new resources at the Company's producing mines in Guanajuato and Topia and at the advanced stage Km 66 Project, for general exploration on all of the company's projects and for the evaluation and generation of new projects.
Robert Archer, President & CEO, stated, "We are very pleased to have a geologist of Bill's calibre on the Great Panther team. His broad experience in Latin America and, particularly, in the successful definition of new resources in underground and open pit mines will ensure that the Company continues to achieve its goals of increasing production and resources."
In other news, Great Panther has received conditional approval to list on the main board of the Toronto Stock Exchange, subject to the Company fulfilling all of the requirements of the TSX. As soon as the Company has filed the final submission documents, a final date will be determined for the shares to trade on the main board and be de-listed from the Venture Exchange. The ticker symbol will continue to be "GPR".
Great Panther owns a 100% interest in the Guanajuato Mine Complex, historically, one of the largest silver producers in Mexico, and a 100% interest in the high grade Topia Silver-Lead-Zinc Mine in Durango. The Company is increasing production at both mines and intends to be a leading primary silver producer.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Report on Form 20-F for the year ended December 31, 2005 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
SEC 20-F Statement Filed; Standard & Poor's Listed
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Great Panther Resources Limited
Brad Aelicks
(604) 685-6465
Great Panther Resources Limited
Don Mosher
(604) 685-6465
(604) 685-9744 (FAX)
Email: info@greatpanther.com
Website: http://www.greatpanther.com
--------------------------------------------------------------------------------
Source: Great Panther Resources Limited
acorn53,
Just want to let you know that I bought another 10,000 shares of Emgold yesterday for $.36 (American). Could not pass up the opportunity at these prices.
sumisu
Chichi2,
I have two developmental gold companies which I feel have great potential.
The least expensive and way oversold company is Emgold Mining Corporation [EMR.V]. Here is an I-Hub link:
http://www.investorshub.com/boards/board.asp?board_id=5395
Emgold should be permitted to drill by the end of June 2007. What I like about Emgold is they will be reworking some very intensive gold fields in Grass Valley, California plus they have a process of using the tailings to make ceramic tiles. (By the way, there is a guy named Warren Buffett, who I believe has an investment in a tile company; that is what I've been told.) The sale of the ceramic tiles will offset the cost of drilling for the gold. To me, it seems like a win-win situation. And the price is where it was about a year ago.
The second is Lateegra Gold Corp [LRG.V]. http://www.lateegra.com/
It is an area play in Ecuador near Aurelian's great gold finds. I kill myself for selling Aurelian, but I hope that Lateegra's proximity to Aurelian possibly along the same fault line will produce a winner.
Good luck,
sumisu
Politics: Imperial Sunset - by John Michael Greer
Thursday, October 26, 2006 - Published by The Archdruid Report
Seventh part of a nine-part series.
The coming of peak oil is driven by geological factors, not political ones, but the cascade of consequences that will follow the peaking and decline of world petroleum production can’t be understood outside the context of politics, on global, local, and personal scales. As a religious leader who believes devoutly in the separation of church and state, it’s been my practice to keep politics out of these commentaries, in the probably vain hope that other clergypersons will notice one of these days that the barrier between religion and politics is there as much to protect them from politicians as it is to keep them from abusing their own positions. Still, it’s impossible to make sense of peak oil outside of its political context, and so a few words on the subject can’t be avoided here. This is especially true on the global level, the subject of this week’s Archdruid Report, where the preeminent political fact of the age of peak oil is the impending decline – and, at least potentially, the catastrophic collapse – of America’s world empire.
Empires are unfashionable these days, which is why those who support the American empire generally start by claiming that it doesn’t exist, while those who oppose it seem to think that the simple fact of its existence makes it automatically worse than any alternative. I have a hard time finding any worth in either of these views. When the United States maintains military garrisons in more than a hundred nations, supporting a state of affairs that allows the 5% of humanity who are American citizens to monopolize something like a third of the world’s natural resources and industrial production, it’s difficult to discuss the international situation honestly without words like “empire” creeping in, and it requires a breathtaking suspension of disbelief to redefine American foreign policy as the disinterested pursuit of worldwide democracy for its own sake.
Still, portraying American empire as the worst of all possible worlds, a popular sport among intellectuals on the left these days, requires just as much of a leap of faith. If Nazi Germany, say, or the Soviet Union had come out on top in the scramble for global power that followed the decline of the British Empire, the results would certainly have been a good deal worse, and those who currently exercise their freedom to criticize the present empire would face gulags or gas chambers. The lack of any empire at all may very well be a desirable state of affairs, of course, but until our species evolves efficient ways to checkmate the ambitions of one nation to exploit another, that state of affairs is unlikely to obtain this side of Neverland.
The facts of the matter are that ever since transport technology evolved far enough to permit one nation to have a significant impact on another, there have been empires; since the rise of effective maritime transport in the 15th century, those empires have had global reach; and since 1945, when it finished off two of its rivals and successfully contained the third, the United States has maintained a global empire. That empire was as much the result of opportunism, accident and necessity as of any deliberate plan, but it exists, and if it did not exist, some other nation would fill a similar role. So, like it or not, America rules the dominant world empire today – and that will likely become a source of tremendous misfortune for Americans in decades to come.
Partly this comes from the nature of imperial systems, because the pursuit of empire is as self-destructive an addiction as anything you’ll find on the mean streets of today’s inner cities. The systematic economic imbalances imposed on client states by empires, while hugely profitable for the empire’s political class, wreck the economy of the imperial state by flooding its markets with cheap imported goods and its financial system with tribute. Those outside the political class become what A.J. Toynbee, in his A Study of History, calls an internal proletariat, alienated from an imperial system that yields them few benefits and many burdens, while the external proletariat – the people of the client states, whose labor supports the imperial economy but who gain little or nothing in return – respond to their exploitation with a rising spiral of violence that moves from crime through terrorism to open warfare. To counter the twin threats of internal dissidence and external insurgency, the imperial state must divert ever larger fractions of its resources to its military and security forces. Economic decline, popular disaffection, and growing pressures on the borders hollow out the imperial state into a brittle shell of soldiers, spies, and bureaucrats surrounding a society in freefall. When the shell finally cracks – as it always does, sooner or later – nothing is left inside to resist change, and the result is implosion.
It’s possible to halt this process, but only by deliberately stepping back from empire. Britain’s response to its own imperial sunset is instructive; instead of clinging to its empire and being dragged down by it, Britain allied with the rising power of the United States, allowed its colonial holdings to slip away, and managed to keep its economic and political system more or less intact. Compare that to Spain, which had the largest empire on Earth in the 16th and 17th centuries. By the 19th century it was one of the poorest countries in Europe, two centuries behind the times economically, racked by civil wars and foreign invasions, and completely incapable of influencing the European politics of the age. The main factor in this precipitous decline was the long-term impact of empire. It’s no accident that Spain’s national recovery only really began after its last overseas colonies were seized by the United States in the Spanish-American war.
In this light, the last quarter century of American policy has been suicidally counterproductive in its attempt to maintain the glory days of empire. That empire rested on three foundations – the immense resource base of the American land, especially its once-huge oil reserves; the vast industrial capacity of what was once America’s manufacturing hinterland and now, tellingly, is known as the Rust Belt; and a canny foreign policy, codified in the early 19th century under the Monroe Doctrine, that distanced itself from Old World disputes and focused on maintaining exclusive economic and military influence over Latin America. With these foundations solidly in place, America could intervene decisively in European affairs in 1917 and 1942, and launch an imperial expansion after 1945 that gave it effective dominance over most of the world.
By 1980, though, the economic impacts of empire had already gutted the American industrial economy – a process that has only accelerated since then – and the new and decisive factor of oil depletion added substantially to the pressures toward decline. A sane national policy in this context might have withdrawn from imperial commitments, shifted the burdens of empire onto a resurgent western Europe, pursued military and economic alliances with rising powers such as China and Brazil, and used the economic and social turmoil set in motion by the energy crises of the 1970s to downshift to less affluent and energy-intensive lifestyles, reinvigorate the nation’s industrial and agricultural economy, and renew the frayed social covenants that united the political class with other sectors of the population in a recognition of common goals.
The realities of American politics, however, kept such a plan out of reach. In a society where competing elite groups buy political power by handing out economic largesse to sectors of the electorate – which is what “liberal democracy” amounts to in practice – the possibility of a retreat from empire was held hostage by a classic prisoner’s dilemma: any elite group willing to put its own short-term advantage ahead of national survival could take and hold power, as Reagan’s Republicans did in 1980, by reaffirming the imperial project and restoring access to the rewards of the tribute economy. For that reason, especially since 2000, the American political class – very much including its “liberal” as well as its “conservative” factions – has backed the survival of America’s global empire by all available means.
This would be disastrous even without the factor of peak oil. No empire, even in its prime, can afford policies that estrange its allies, increase its overseas commitments, make its enemies forget their mutual quarrels and form alliances with one another, and destabilize the world political order, all at the same time. American foreign policy in recent years has accomplished every one of these things, at a time when America’s effective ability to deal with the consequences is steadily declining as its resource base dwindles and the last of its industrial economy fizzles out. To call this a recipe for disaster is to understate the case considerably.
Peak oil, though, is the wild card in the deck, and at this point in the game it’s a card that can only be played to America’s detriment. To an extent few people realize, every aspect of American empire – from the trade networks that extract wealth from America’s client states to the military arsenal that projects its power worldwide – depends on cheap abundant petroleum. As the first nation to systematically exploit its petroleum reserves on a large scale, the United States floated to victory in two world wars on a sea of oil, and learned the lesson that the way to win wars was to use more energy than the other side. That was possible in the first half of the 20th century, when America was the world’s largest oil producer and exporter. It became problematic in the 1970s, when domestic oil production peaked and began to decline, while consumption failed to decline in step and made America dependent on imports. The arrival of worldwide peak oil completes the process by making America’s energy-intensive model of empire utterly unsustainable.
How that process will play out is anyone’s guess at this point. What worries me most, though, is the possibility that it could have a very substantial military dimension. The US military’s total dependence on energy-intensive high technology could too easily become a double-edged sword if the resources needed to sustain the technology run short or become suddenly unavailable, and its investment – economic as well as intellectual – in a previously successful model of warfare could turn into a fatal distraction if new conditions make that model an anachronism.
Any student of history knows that people in each age tend to overestimate the solidity of the familiar, and are commonly taken by surprise when the foundations of an established order melt out from beneath them. The possibility that the global political scene could change out of all recognition in the aftermath of military catastrophe is hard to dismiss, and if that happens those of us who live in today’s United States could be facing a very rough road indeed.
Oil prices going to the century mark
Commentary: Businesses need to prepare for much higher energy costs
By Dr. Fariborz Ghadar
Last Update: 7:26 AM ET Nov 3, 2006
http://tinyurl.com/ydkkj7
Talisman Cuts C$1B in Exploration Spending
By Judy Monchuk
02 Nov 2006 at 09:01 AM EST
CALGARY (CP) -- Talisman Energy Inc. [NYSE:TLM; TSX:TLM] is deferring C$1 billion in exploration projects in 2007, the latest oil and gas producer to pull back on drilling amid high costs for labour and equipment.
''It's the opposite of growth at any cost,'' CEO Jim Buckee said Thursday after the Calgary-based company reported its third-quarter profit soared 22% to C$524 million.
''They're all good projects, but we rank them by capital efficiency and . . . we see very heated market conditions,'' Buckee told a conference call of analysts. ''We've decided to be more prudent.''
Core gas drilling programs will continue, including in the foothills of western Alberta and the Appalachian basin of New York state, which is up to three wells.
Buckee said the cuts will be split between Talisman's assets: about half in Canada and half elsewhere in the world, including the North Sea.
Talisman expects to spend C$4.8 billion on exploration in 2007, the same amount as 2006. But given the spiralling costs for drilling and other services in the energy industry, Buckee said that's a real decrease of between 10 and 15 percent.
Two of Talisman's larger competitors in the Canadian oilpatch - EnCana Corp. [TSX:ECA] and Canadian Natural Resources [TSX:CNQ] - have cut their drilling plans for 2007, citing rapidly escalating costs and softer natural gas prices.
''There are some early signs that drilling cost pressures are abating, but services and equipment remain tight,'' said Buckee.
Infrastructure construction costs have jumped 40% in the last three years with no signs of relief. But the biggest problem is lead time for things like compressors, which are key to pumping and shipping natural gas.
''Many of them have gone behind a year for big items,'' said Buckee. ''That means any equipment failure, it's much harder to get it back together again.''
Talisman will not revisit the decision until at least midway through 2007. By then, costs for everything from rigs to support services may have dropped.
''Companies are starting to realize day rates are too high _ the system is slowly rebalancing,'' said Martin Molyneaux of FirstEnergy Capital.
In its financial report, Talisman said quarterly profit in the three months ended Sept. 30 amounted to 47 cents per diluted share and compared with a year-earlier $430 million or 38 cents a share.
Production during the quarter was on average 460,000 barrels of oil equivalent per day, level with production in the same period a year earlier. Unit operating costs were down nine per cent from the second quarter and are expected to fall again in the fourth quarter.
Buckee said production in recent weeks has increased to about 500,000 barrels of oil equivalent per day.
In another development, Talisman announced that its Ruby-1 exploration well offshore Trinidad had tested oil, initially at 5,000 barrels a day. Meanwhile, the company has abandoned another exploration well, Kingbird-1, drilled before Ruby-1.
The Ruby well is about eight kilometres east of Talisman's processing platform for the Greater Angostura field.
''We are encouraged by this discovery,'' added Buckee. ''Although the geology in the region is complex, the Ruby well indicates the potential for commercial quantities of oil adjacent to our infrastructure.''
Talisman is one of Canada's largest independent energy companies, with holdings across North America, the North Sea, Southeast Asia, Australia, North Africa, Trinidad and Tobago.
On the Toronto stock market Thursday, Talisman shares closed down 51 cents or 2.8% at C$17.78.
© The Canadian Press 2006
Silver Wheaton Third Quarter Earnings More Than Triple to US$22.5 Million
Thursday November 2, 7:05 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 2, 2006 -- Silver Wheaton Corp. (TSX:SLW.TO - News)(NYSE:SLW - News) is pleased to report third quarter net earnings and operating cash flows of US$22.5 million (US$0.10 per share) and US$28.3 million (US$0.13 per share), respectively.
THIRD QUARTER HIGHLIGHTS (3 months)
- Net earnings of US$22.5 million (US$0.10 per share) from the sale of 3.5 million ounces of silver, compared to US$6.4 million (US$0.04 per share) from the sale of 2.5 million ounces of silver in 2005.
- Operating cash flows of US$28.3 million (US$0.13 per share), compared with US$7.9 million (US$0.05 per share) in 2005.
- Cash and cash equivalents at September 30, 2006 of US$62.0 million.
- Silver Wheaton increased its ownership interest in Bear Creek Mining Corp. to 19%, becoming the largest shareholder.
- The Company entered into an agreement with Goldcorp, whereby Silver Wheaton will receive a right of first refusal on future silver production from the Penasquito project in Mexico, upon the successful completion of Goldcorp's acquisition of Glamis Gold.
- Silver Wheaton was recognized as the strongest public company in the Vancouver Sun's BusinessBC Top 100 Companies.
"It has been another great quarter for the Company," said Peter Barnes, President and Chief Executive Officer. "Not only did we more than triple our earnings and cash flows, compared with last year, but we also became the largest shareholder in Bear Creek; we obtained a right of first refusal on future silver production from the Penasquito project in Mexico; and we were recognized as the strongest public company in British Columbia. All this, for a Company that is only two years old!"
A conference call will be held Friday, November 3, 2006 at 11:00 am (Eastern Time) to discuss these results. You may join the call by dialling toll free 1-877-888-4210 or (416) 695-7831 for calls from outside of Canada and the US.
The conference call will be recorded and you can listen to a playback of the call after the event by dialling 1-888-509-0081 or (416) 695-5275 and using the passcode: 632734. A live and archived audio webcast will be available on the website at www.silverwheaton.com.
Silver Wheaton is the only public mining company with 100% of its revenue from silver production. The Company expects to have annual silver sales of approximately 16 million ounces in 2007, increasing to 20 million ounces by 2009 and thereafter. Silver Wheaton is unhedged and well positioned for further growth.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's annual information form for the year ended December 31, 2005 incorporated by reference into Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Although Silver Wheaton has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Management's Discussion and Analysis of
Results of Operations and Financial Condition
For the Three and Nine Months Ended September 30, 2006
This Management's Discussion and Analysis should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and nine months ended September 30, 2006 and related notes thereto which have been prepared in accordance with Canadian generally accepted accounting principles. In addition, the following should be read in conjunction with the 2005 audited consolidated financial statements, the related annual Management's Discussion and Analysis, and the Annual Information Form as well as other information relating to Silver Wheaton on file with the Canadian provincial securities regulatory authorities and on SEDAR at www.sedar.com. This Management's Discussion and Analysis contains "forward looking" statements that are subject to risk factors set out in the cautionary note contained herein. All figures are in United States dollars unless otherwise noted. This Management's Discussion and Analysis has been prepared as of November 2, 2006.
THIRD QUARTER HIGHLIGHTS (3 months)
- Net earnings of $22.5 million ($0.10 per share) from the sale of 3.5 million ounces of silver, compared to $6.4 million ($0.04 per share) from the sale of 2.5 million ounces of silver in 2005.
- Operating cash flows of $28.3 million (2005 - $7.9 million).
- Cash and cash equivalents at September 30, 2006 of $62.0 million (December 31, 2005 - $117.7 million).
- Silver Wheaton increased its ownership interest in Bear Creek Mining Corp. to 19%, becoming the largest shareholder.
- The Company entered into an agreement with Goldcorp, whereby Silver Wheaton will receive a right of first refusal on future silver production from the Penasquito project in Mexico, upon the successful completion of Goldcorp's acquisition of Glamis Gold.
- Silver Wheaton was recognized as the strongest public company in the Vancouver Sun's BusinessBC Top 100 Companies.
OVERVIEW
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") is a growth-oriented silver company, and is the largest mining company with 100% of its revenue from silver production. The Company's goal is to be recognized as the most profitable and best managed silver company in the world.
The Company has entered into three long-term silver purchase contracts with Goldcorp (Luismin mines in Mexico), Lundin Mining (Zinkgruvan mine in Sweden) and Glencore (Yauliyacu mine in Peru), whereby Silver Wheaton acquires silver production from the counterparties at a fixed price of $3.90 per ounce, subject to an inflationary adjustment. As a result, the primary drivers behind the Company's financial results are the volume of silver production at the various mines and the price of silver.
Silver Wheaton was recently recognized as the strongest, and one of the fastest growing, public companies in the Vancouver Sun's Business BC Top 100 Companies. The list was compiled by experts from Ernst & Young and the Sauder School of Business at the University of British Columbia, and included long time business leaders such as Teck Cominco, Goldcorp and Telus.
The Company expects, based upon its current contracts, to have annual silver sales of approximately 16 million ounces in 2007, increasing to 20 million ounces by 2009 and thereafter.
SUMMARIZED FINANCIAL RESULTS
[Financial results continued in following link]
http://biz.yahoo.com/iw/061102/0180004.html
Gold/Oil Ratio Hits Highest Level This Year
By Jon A. Nones
02 Nov 2006 at 03:43 PM EST
St. LOUIS (ResourceInvestor.com) -- Gold has rallied by almost 4% this week, gaining $20 in just two days and breaking both the 100- and 200-day moving averages. Crude oil, on the other hand, has plummeted 4% this week, tumbling $2.39 on Monday and hitting a low of $57.05 on Tuesday.
The gold to oil ratio is now at a yearly high of 10.75 barrels per ounce and analysts are seeing a growing divergence between the two.
Gold has risen this week on the backdrop of a falling U.S. dollar against the euro and yen. The Nybot U.S. dollar index dropped to a low of 85.35 from a Wednesday close of 85.42.
Today, the U.S. Labor Department reported a lower than expected productivity growth in the third quarter.
[CONTINUED IN FOLLOWING LINK]
http://www.resourceinvestor.com/pebble.asp?relid=25389
2006 Boston ASPO: Renewable Energy Sources
http://www.whiskeyandgunpowder.com/Archives/2006/20061101.html
2006 Boston ASPO: Global Warming
http://www.whiskeyandgunpowder.com/Archives/2006/20061030.html
Powerdown and Permaculture - At the Cusp of Transition
by Rob Hopkins
Published on 2 Nov 2006 by Permaculture Magazine. Archived on 2 Nov 2006.
http://www.energybulletin.net/21907.html
Peak Oil Crisis: Virginia Writes a Plan
By Tom Whipple
Thursday, 02 November 2006
Last summer the Commonwealth of Virginia began work on a state Energy Plan in response to legislation adopted in the 2006 General Assembly session. Now it would be nice to think this plan was developed in response to the looming threat of peak oil, but sadly this is not the case.
The enabling legislation that will lead to the plan began life as a result of the Study of the Future of Manufacturing in Virginia. The bill’s sponsor was concerned about the high cost and constraints on natural gas supplies that are so important to the remaining manufacturing industry in the Commonwealth.
Once introduced, however, the energy bill of 2006 took on a life of its own so that it went well beyond the narrow issue of natural gas supplies. At final passage, the bill set out 12 policy statements concerning energy for Virginia. These include supporting research and development of renewable energy sources and clean coal technologies; promoting biodiesel and ethanol from Virginia agricultural crops; promoting cost-effective conservation, electric generation from non-greenhouse gas sources, and motor vehicles that use alternative fuels; as well as ensuring the availability of affordable natural gas, and the siting of LNG terminals.
The bill requires Virginia’s state government to make projections of energy consumption by type of fuel and to conduct in-depth analysis of such items as the adequacy of power generation, electric and natural gas transmission and distribution and related siting requirements; efficient use of energy resources, how Virginia issues relate to regional initiatives to assure adequacy of fuel production, generation, transmission and distribution assets, among others.
The results of all this work are to be incorporated into a 10-year plan to guide state decisions about energy. The plan will propose actions, with these objectives:
Ensure reliable energy supplies at reasonable cost to support Virginia’s economy;
Manage rates of consumption of existing resources in relation to economic growth;
Establish sufficient infrastructure to maintain reliability in event of a disruption to Virginia’s energy matrix.
Use energy resources more efficiently;
Facilitate conservation;
Optimize intrastate and interstate supply and delivery;
Increase use of less-polluting sources of energy;
Research the efficacy, cost and benefits of reducing, avoiding or sequestering greenhouse gases from energy generation;
Remove impediments to use of abundant low-cost indigenous energy resources and ensure the viability of energy producers;
Develop energy resources to not impose a disproportionate adverse impact on economically disadvantaged or minority communities;
Foster economically developable alternative sources at market prices to diversify Virginia’s energy portfolio; and
Increase use of biofuels.
These are indeed worthy objectives. Although they were developed without specific reference to imminent oil depletion they sound a lot like what a state should do to begin mitigating the consequences of peak oil.
An advisory group has been appointed to assist in the development of the new energy plan. Members represent consumers, local government, general business, environmental interests, electric utilities, natural gas utilities, petroleum industry, energy extraction industries, renewable energy interests and other groups with a special interest in energy, such as public transit. Numerous state agencies are also represented at the meetings.
At a recent meeting of the advisory group one could get a sense of the nature of the pre-peak oil energy debate in the state. As nearly everyone at the table was a professional lobbyist, expert in making the case for whatever organization was being represented, none was shy about speaking out forcefully.
As could be expected, the house soon divided along traditional lines. Representatives of the various "friends" of the earth, water, air, woods, scenery and what-have-you see a long-term energy plan as an opportunity to steer the state toward a cleaner environment. The traditional energy suppliers – coal, oil, electricity, and natural gas – are more ambivalent. Their representatives’ marching orders clearly include instructions that the forthcoming state plan costs them as little as possible in added expenses, gets rid of state regulation, and does not force them into renewable energy programs until they are ready.
The state role in the coming peak oil crisis will be interesting. Most states can do little in the short-term to increase the supply of energy for a state but clearly have the powers to allocate and to restrict its use. Acquiescing in drilling off Virginia shores may be a very emotional issue, but is unlikely to provide any real benefits in the short term, if at all. Judging from the outline, the draft plan is not due until next summer, and this plan is intended to guide long-term changes to Virginia’s energy resources. It says nothing about what the state is going to do when 2 or 3 million barrels a day, suddenly or even over the course of a few years, disappears from America's 13 million barrels a day imports. Even a cursory familiarity with discussions about peak oil make it virtually certain that cuts of this magnitude are coming before the plan's end in 2017.
Governors are said to have vast emergency powers. They can commandeer fuel from soccer moms’ SUVs and allocate it to essential vehicles like police cars and food trucks; mandate closings, speed restrictions, carpools, and hundreds of other ways to save fuel. This may be fine for the next hurricane or snowstorm, but mitigating permanent worldwide oil depletion is not the same. Once oil depletion sets in, there will be no turning back. Uncontrolled prices will fluctuate wildly. State revenues will have nowhere to go but down. It will be a new world.
Although the plan under development is clearly a good first step in the right direction, Virginia might just be planning for a world that will never exist.
Canadian Zinc Corporation: Exploration Drilling Intersects High Grade Mineralization Five Kilometers South of Prairie Creek Mine Site
Thursday November 2, 9:30 am ET
http://biz.yahoo.com/iw/061102/0179679.html
Pump, with drugs, can reverse heart failure By Gene Emery
BOSTON (Reuters) - A device that helps severely damaged hearts pump may be able to do what was once thought impossible -- reverse heart failure in people who are weeks away from death, British researchers reported on Wednesday.
The left ventricular assist device, or LVAD, can boost the heart's ability to function, allowing it to recover if used with the right drugs, the researchers said in a study.
Meanwhile, a second study found that statin drugs, already found to lower the risk of heart attack, stroke and other heart conditions, reduced the rate of death from heart failure by 24 percent.
The studies, published in this week's issues of the New England Journal of Medicine and the Journal of the American Medical Association, bring new hope for heart failure -- one of the most devastating chronic heart conditions.
The British team, led by heart surgeon Sir Magdi Yacoub of the Royal Brompton and Harefield Hospital and Dr. Emma Birks of Imperial College London, used the LVAD device and a combination of heart drugs in 15 patients with severe heart failure.
They said 11 of them recovered enough after about a year to have the artificial pump removed.
"I think it's going to surprise a lot of people because most of these patients had really, really severe heart failure," Birks said in a telephone interview.
"Most probably would have died in the next week or two if they hadn't had the device. So to turn that around to normal cardiac function is quite dramatic," she said.
Heart failure affects nearly 5 million Americans and another 550,000 new cases are diagnosed in the United States each year. The condition, which can be caused by high blood pressure, a virus or other factors, severely weakens the heart and causes it to swell.
More than half the people with severe heart failure are dead within two years. Usually, the only cure is a heart transplant.
TAKING ON THE STRESS
The pump -- a device made by Thoratec was used in this study -- is designed to relieve stress on the heart by vigorously pushing blood from the main pumping chamber into the body's main artery. Thoratec helped pay for the study.
The patients also were given a combination of commonly used heart drugs to shrink the heart and rebuild its muscle.
Not everyone survived implantation of the pump long enough to be helped by the drugs. Originally, 27 patients were enrolled in the study but some were excluded because too much of their heart muscle was already dead.
The researchers also excluded patients whose heart failure had been caused by a virus because there was a chance they would have improved on their own.
One of the 11 who had the artificial pump removed died immediately after surgery, a second died of cancer, and a third needed a transplant, possibly because of alcohol problems.
"Of the eight patients surviving without a heart transplant, four are working, two are retired and lead very active lives, one is a mother looking after two children, and one does not work despite a normal exercise capacity," Birks and her colleagues reported.
The therapy is risky and expensive. The chest must be opened up to implant the pump and the price tag for the surgery, including the device itself, is about $124,000.
In the Journal of the American Medical Association study, Alan Go of Kaiser Permanente of Northern California in Oakland and colleagues studied 24,598 adults, of whom half took statin drugs between January of 1996 and December of 2004.
The statins reduced the risk of death by 24 percent, they reported. Statins were designed to lower cholesterol but researchers are finding they have a range of effects on the blood vessels and possibly the heart.
Is Gold in Recovery Mode?
By Michael J. DesLauriers
01 Nov 2006 at 08:44 PM EST
TORONTO (ResourceInvestor.com) -- In October the price of gold rallied from a low near $560/oz at the beginning of the month, to a close above $615/oz today, with silver following suit, up to $12.40/oz from a low of about $10.75/oz. The widely followed Amex Gold Bugs Index, known as the HUI, has also moved sharply higher, to close today around 320, or nearly 20% above its early October lows.
The price of gold has effortlessly regained the better side of its 200-day moving average, and gold shares which tested the same long-term average today seem anxious to do the same, despite the loss of traction in afternoon trading.
All of this comes against the backdrop of rapidly falling oil prices and a strong U.S. dollar - normally factors that would work against the precious metals. The run seems to be leading enthusiastic bulls to predict an end to our unseasonable correction, a merry Christmas and a happy New Year. Could it be true?
While it now seems relatively unlikely that we will have to endure another massive shakeout below $550/oz, as was the call of the usual roster of doomsayers (the same ones that think copper will be back to 90c/lb in short order), one must not discount too quickly the need for our young bull market to establish a powerful base from which to launch its next leg, taking us to new highs. It is your lowly correspondent’s conviction that quality names, and good news and results will continue to be rewarded by the market over the next six months or so, but not nearly as robustly (percentage wise) as they will when we begin to take out new highs in earnest, next spring or summer.
Junior names of little distinction will probably drift around recent levels or trend lower, so investors should be careful in their picking. It looks as though energies, with the exception of uranium stories, will trend lower. Companies which are further along the path of development and associated with some of the high-flying base metals such as zinc, nickel and lead should continue to garner considerable interest, and given the few options in this universe, could well deliver noteworthy gains. So, aside from quality precious metal plays (such as those profiled by your correspondent) advancing projects in various ways, look to the areas mentioned above for superior returns.
The jury is still out on whether valid comparisons can be drawn between the gold bull of the 21st century and that of the 1970s, but if one seeks a point of reference it may be the best available option. That said; a few points stand out: we are still nowhere near the level of volatility witnessed in those heady times, and the prospect of lengthy corrections resulting from speculative froth as well as a tech-bubble-esque top, lie ahead. If an investor decides to follow the time-honoured maxim of ‘being right and sitting tight,’ the end result should certainly be one of remarkable reward. On the other hand, the ability to trade this bull with reference to a number of relevant and consistent valuation metrics could increase one’s returns that much more, if one is willing to assume the concomitant risks, and the clear chance of missing out on upside.
So, to pull everything together, the October rally has been received with open arms by precious metals bulls, and while it may not be the real genesis of the run that will take us to new bull-to-date highs, it is a strong indication that our bull market is very real, and will ultimately assert itself in a serious way. Remember, bull markets are said to spend 80% of their time correcting and consolidating, and only 20% moving higher - patience is a virtue.
http://www.resourceinvestor.com/pebble.asp?relid=25354
Dejour Enters Noel Gas Project in Northern British Columbia
Wednesday November 1, 2:57 pm ET
VANCOUVER, Nov. 1 /CNW/ - Mr. Robert L. Hodgkinson, Chairman and CEO of Dejour Enterprises Ltd. announces that the Dejour Energy (Alberta) Ltd. (DEAL) joint venture has purchased a 15% working interest in a high potential Noel area natural gas project in British Columbia, Canada. DEAL is a joint venture, executed in March 2006, with Charles W.E. Dove, a Dejour advisory board member since November 2004 and previously a principal of Calgary based Dove & Kay Exploration Ltd. The Joint Venture is owned 90% by Dejour and 10% by Mr. Dove.
This natural gas exploration project is the first of several technically and economically attractive opportunities expected to accrue to Dejour during this current natural gas cycle. These projects are financially designed to utilize excess Canadian flow through dollars to achieve net cash payback within 18 months of production commencement at current gas prices, providing early stage cash flows to supplement the Company's capital expenditures on its core exploration ventures, including the 275,000 acre natural gas resource and oil exploration project in the Piceance/ Uinta Basins of Colorado and Utah.
Dejour will drill a 3700 meter, 3-D seismic based Doig gas test well, earning 9.375% interest in 2220 acres (899 hectares) in the Noel production area, prospective for the recovery of at least 50 BCF of dry gas. At the Company's option, it may exercise its right to drill additional wells, each earning an additional 2220 acres. This project covers a total land block of approximately 10,725 acres (4344 hectares). The Doig formation is a prolific producer in this well defined natural gas region. This vertical test is also prospective for production in the Cadotte, Fahler and Cadomin zones, all well known productive horizons in the Noel area. Critical analysis of the 3-D seismic and geology by DEAL's Calgary based technical team, headed by geophysicist Charles Dove, indicates the presence of highly porous Doig sand with geological closure of 3400 acres (1377 hectares).
Successful completion of this test will lead to the drilling of 3 to 4 additional wells to the Doig formation. An Initial production rate/well in the 5-8 mmcf/d range is typical of this formation in the Noel area. Dejour estimates its portion of the D&A cost of this test well is Cdn $ 700,000. Drilling operations should commence prior to November 30, 2006, with drilling time estimated at 45 days. Greater development may ensue on these lands should results of the first two wells enhance the interpreted size of the Doig feature or show the presence of economic reserves in any of the up-hole horizons mentioned.
Charles W.E. Dove, B. Sc., P.Geoph. is the 'qualified person' for this project.
About Dejour
Dejour Enterprises Ltd. is a Canadian energy company focused on exploration and development of uranium and oil & gas while leveraging opportunities 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
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
Corporations' 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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information
Robert L. Hodgkinson, Chairman & CEO, DEJOUR ENTERPRISES LTD., Suite 1100-808, West Hastings Street, Vancouver, BC, V6C 2X4, Phone: (604) 638-5050, Facsimile: (604) 638-5051, Email: investor@dejour.com
--------------------------------------------------------------------------------
Source: Dejour Enterprises Ltd.
Gold Mining Stocks: In Ground Value vs. Market Value
Kenneth J. Gerbino
Kenneth J. Gerbino & Company
Nov 1, 2006
http://www.321gold.com/editorials/gerbino/gerbino110106.html
Gold Mining Stocks: In Ground Value vs. Market Value
Kenneth J. Gerbino
Kenneth J. Gerbino & Company
Nov 1, 2006
http://www.321gold.com/editorials/gerbino/gerbino110106.html
Gold Mining Stocks: In Ground Value vs. Market Value
Kenneth J. Gerbino
Kenneth J. Gerbino & Company
Nov 1, 2006
http://www.321gold.com/editorials/gerbino/gerbino110106.html