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Lo, greed is good ;o) - it is American way, that is how one achieves a success in life and so on..
I think we all should put a promotion PR on a back burner and forget about it for a while. Company is moving in a right direction , things are being accomplished on schedule, we just ( and me included) want immediate results- satisfaction. I talk about this cultural differences before in my previous posts.
Rome was not build in a day,- look we are approaching 100K oz. production rate and update is coming, let's get excited about that. SP is for traders, it will get there when all other miners start moving-up.
And since Goodman tooting commodities again - it will not take long.
There is an interesting article ( ) in LaPrenza, I can't copy it -pdf file, but it talks about 280 mil development west of Colon/ Fort Sherman. A lotsa money will be pouring in, five star resorts and hotels,- I wonder which Panamanian company gets infrastructure contracts. I hate to spell it 4 u ;o)
I say it again boys and girls: the only reason I don't trade PTQ - because I don’t want to be "out" when retroactive announcement comes in.
Copper is a future gold, there is more money/profit to be made in mining copper then gold. And PDI ( like I mention before) will be 4 times more valuable than PTQ.
No doubt about it.
Caravan is moving...
Strike Minerals dewaters Edwards mine
2011-05-26 07:57 ET - News Release
Mr. Michael Newbury reports
STRIKE MINERALS ANNOUNCES DEWATERING OF THE EDWARDS MINE
Strike Minerals Inc. will proceed with dewatering the Edwards mine decline on its property in the Wawa area of Ontario. The dewatering will allow the company to conduct underground exploration and drilling on the known gold-mineralized zones to establish a mineral resource prior to production.
The mine was in production until 2001 and ceased operation due to the decline in the gold price to below $300 per ounce. While in production the mine produced a total of 144,000 ounces of gold from 370,000 tons, for an average grade of 0.39 ounce per ton.
Development underground was on a number of different levels between 30 metres and the final decline depth of 291 metres. Subsequently, the ramp and underground workings were allowed to fill with water.
The company also had appropriate surface facilities such as settling ponds and waste dumps for full operation. A 40-man camp is also on the site, and the company is undertaking refurbishment to provide adequate housing facilities for the dewatering program. The company has been working with the Ministry of Mines to reactivate all the permits necessary to proceed with the dewatering and underground refurbishment.
Mike Newbury, president and chief executive officer of Strike, comments: "Strike has a unique opportunity to conduct underground exploration on the identified gold-mineralized zones that can provide significantly more information than surface drilling at similar cost. The dewatering will provide direct underground access at a significantly lower investment than would be required to excavate a new decline."
Strike has executed a contract with P.J. Whelan Mining Contractors to conduct the actual dewatering. Whalen has considerable experience in this type of work on a number of other mining operations such as the McGarry project for Armistice Resources Corp. and Mcfinley mine dewatering. The dewatering will include refurbishment of the ramp.
Dewatering is expected to take approximately four to six months. The dewatering program will allow the company to conduct underground exploration on new mineralized zones that have been delineated by in excess of 35,000 feet of drilling subsequent to the cessation of operations.
The mineralization at Edwards is a typical greenstone-hosted quartz-carbonate vein deposit that occurs as quartz and quartz-carbonate veins, with valuable amounts of gold and silver, in faults and shear zones located within deformed zones of ancient to recent greenstone belts. The Abitibi greenstone belt contains the majority of the productive districts, including the very large Timmins, Kirkland Lake, Larder Lake, Rouyn-Noranda and Val d'Or districts. The mineralized zones of most interest on the property are auriferous quartz veins located in tension shears/fractures oblique to the Edwards/Cline shear zone.
Historically, auriferous quartz veins at Edwards are grey-white to blue-grey in colour, with individual veins ranging from several inches in width to 10 feet or more, generally averaging one to two feet. They have some times occurred in multiple sets with significant overall width, especially when found in quartz-porphyry units, which tend to provide more conduits due to their brittle fracturing under stress. The quartz veins generally exhibit 1 to 3 per cent pyrite/pyrrhotite, occasionally with minor amounts of chalcopyrite, sphalerite and galena. Fine, free and frequently visible gold has been present in the majority of drill core intersections from all drill programs on the property since 1988. The visible gold is seen as discrete specks and grains, often as clouds or clusters, and some times amounts to 1 per cent or more of the quartz vein inclusions.
Strike is also in the process of digitizing all the available historical drilling and underground information to create an accurate 3-D picture of the mineralized zones to assist in the formulation of the next stage of exploration on the property. It is expected that this work will include underground drifting to cut the identified mineral zones and underground drilling to delineate resources.
1Best brings excellent point :
"As per normal, and typical in such situations; PDI will be spun out as a dividend on a tax efficient basis.
This means, PDI will have a low cost base for existing PTQ shareholders;..... as such the tax on the dividend will be small.
This is very advantageous to existing PTQ shareholder,
For this to be effective; the bankers, lawyers and PTQ accountants require a low PTQ share price.
I suspect the current share price, is an indication that PDI will be spun out very soon.
The controller will ensure, the PTQ share price is held in place pending a PDI spin out.
You can not have a high PTQ share price and a low tax dividend spin out of PDI."
See PDI Link
http://pdiholding.com/default.aspx
FWH, it is nice to hear from you on PTQ board. I sold XAG a few months ago when you warned about silver, but I do keep it on my radar, also occasionally checking on your “ love” ACTC.
As you can tell – PTQ board had temper flying a week ago between MJK and Lo- I share your concern about his grandiose and extremely positive outlook, but still like to read his posts- he was local guy.
Well, my other silver play GPL – I should of could of , ha-ha- should of sell it for $5 and make a nice profit , but No – been greedy ( how many times I told myself…) so I am back to my entry point $3.
PTQ ? – it is what it is – a huge potential, but will be that potential realized? I really would love to have some PDI shares, think it will outperform ptq one day.
The good thing – all it is my “ play money”, none of it is my 401-K and I would never recommend someone to use retirement funds for this kind of play.
I hope everything is OK with you.
Best Regards,
VB
I agree, for crying out- they don’t bring them somewhere in Sahara desert – it is Panama, all those beautiful beaches, canal – plenty of analyst would like to visit and spend a few days.
It puzzles me just like everyone else, unless they have own agenda and timing.
Which brings another point, as you remember a few weeks ago Mantaquilla and a few others “Large” investors took a mine tour. I would love to hear: what Manta can say.. I am sure they were updated on production status, Moleron exploration and PDI spin-off and etc …
Common man : through us a bone.
Lo, I thought we put it to rest over the weekend, Mjk was well liked on this board and let live it at that.
I don't think company wants to promote itself at this point. PR would not do us any good because all miners were going down and PTQ was just following a suit. Now, looks like all miners are beginning to recover and PR would help.
I actually do anticipate a PR next month,and more news are in the pipe.
Stay tuned.
VB
I just don’t like to see that silver miners are recovering and we are trading over million shares- going down.
Thanks Chileanmafia, Geico and PTY for sharing and explaining local situation.
ChM, do you think that eventually things will get better and mining law will pass?
PTQ has so much going for. All we need is some kind of Mining Law, does not have to be perfect , as long as Minera Cobre and PTQ can operate and pay royalties - I don't care.
With IR and MOleron and PDI - the company and stock will improve tremendously. WE already just about 100 K oz. producer.
You are absolutely correcto-mundo !!!
It is scary up there = fear = gold.
Indian investor's confidence on Gold has not dented a bit as is evident from the fact that they are refusing to ditch the yellow metal even when it is giving weak signals.
It is expected that the gold may decline as Europe’s sovereign-debt crisis escalated, triggering a selloff in commodities including oil and base metals while strengthening the dollar.
A negative start this morning was followed by a weak run in the red, with the domestic bourses taking cues from sell-offs in their Asian peers. However, investors in India ditched the euro and turned to gold as a safe haven after Fitch cut Greece's debt ratings by three notches, pushing the country deeper into junk. In India Gold continues to gain at MCX at Rs. 22200 following a gain of 0.19%
Asian stocks fell the most in two months, oil and metals slid as signs Europe’s debt crisis is worsening sapped demand for riskier assets.
Gold is expected to be supported above the $1,500 level. If the crisis starts to involve other nations beyond Greece, then gold can head to a new record high. There's also some physical buying at the lower end. There's not much sale of gold scrap.
It is anticipated that the gold jewellery demand in India will remain strong in 2011 despite surging
You just don’t understand his sense of humor. Lo, let’s cool it, enough said.
I like the Guy and let leave it like that.
Common people, why is it so hard to understand ? I said it before - company does not promote itself !
I don’t know why? – may be they ( BOD ) are trying to accumulate more shares before the event, or else ?
The bottom line – no one knows about us except a few US. Future will tell why .
Mjk ? – What if he had evidence and choose not to share, or try, but we were not listening…
At least it was fun to read his posts going after “ ankle biters”.
Did it really bother you so much ,Jal?
I like to read yours , but I miss his.
Lo, you want to treat everyone the same- I understand that, and it might work in the perfect world, unfortunately we don’t live in one.
You and mjk are two generations apart, he grown-up in the world where people used to treat each other with respect , anonymous or not –may be there is a right and wrong way to challenge someone who is almost 50 years older then you are , but that is “ water under the bridge “ now.
VB
...
Salvo, PTQ will be fine on the long run, but the Board is missing MJK. He was essence of optimism and positiveness, balancing out pessimism which you rightfully noticed.
But somebody showed him complete disrespect, once again – and that was enough.
Now, for “those who left behind”- it will be long and boring summer.
Glass is half full.
VB
The good news :
We will become 80K oz. producer in the next Quarter,
PDI will spin-off and get as much contracts as they can handle ( as The Panama company),
And 2012 will be exciting year with IR integration, Minera Cobre and increasing capacity to 150K oz.
http://investorshub.advfn.com/uimage/uploads/2011/5/19/ftdrzindex.png
- look :PTQ outperforms mining Index - yes !
Despite his exit from ownership of the gold ETFs, Soros continues to have large allocations to gold investments through owning more high risk gold mining shares and a gold mining ETF.
Soros’ fund added Eldorado Gold, Freeport-McMoran Cooper & Gold and Goldcorp to their investments during Q1 2011.
This would suggest that contrary to simplistic reporting Soros continues to remain positive on the gold sector.
It also suggests that as we have long pointed out, a hedge fund selling their gold ETF position does not necessarily mean they are bearish on gold. It can mean that they are concerned about the nature of the structure and intermediation involved in an exchange traded fund and prefer the security of actual physical bullion.
UBS pointed this yesterday. “Some of the ETF liquidation in the quarter was not actually outright gold selling,” UBS’s Tully said. “In some cases, investors switched their gold exposure from ETP-based to allocated, and so this somewhat distorts the ETP ownership picture.”
You did not make it clear:
The Inmet copper deposit has an average grade of 0.41% and at $3.70 copper; the rock is worth $33 per ton.
At $1350 gold, 1 gram of gold is worth $43.4 dollars.
Therefore at $1350 gold and $3.70 copper, the above 50% present value = 0.75 grams gold per ton.
On this basis, any time the gold on Inmets ground is greater than 0.75 g/t ; PTQ has the right to mine it.
Lo, per this scenario if gold content is less than 0.75 g/t then that gold belongs to Inmet.
Also, my experience with spin-off :
They were usually done retroactive, so it is still possible for company announce spin-off on August 27, for example, but to award shares to share-holders as of May 30-th.
1Best DD on Cobre gold supports mjk:
PTQ shareholders never ever gave up the ownership rights to the gold on Inmets copper lands. PTQ owns the gold as per Inmets confirming documentation.
You need to understand how mining works.
The actual rock that will be mined next year is identified one year ahead of schedule as a mining plan and a company tries to keep to that plan unless unforeseen problems such as high dilution or high grade zones that take priority.
This designated zone will be drilled on close spaced drilling to stop dilution and the ore zones will be blasted based on NSR metal prices.
Inmet can not claim that the whole copper mine has a grade of 0.07 g/t gold per ton by adding a whole bunch of waste resource rock.
PTQ will have an expert on the Inmet mine team and if there are high grade gold veins, PTQ will want them.
Inmet can not claim PTQ is interfering or stopping Inmet mining. This copper mine is massive, its huge, one of the biggest in the world; it would be next to impossible for PTQ to stop or limit Inmet mining. Inmet can access copper material all over its land. Inmet must give PTQ access to its gold.
The PTQ gold ownership rights on Inmets land is a fact that is not in dispute, Inmet has filed public statements in its feasibility reports confirming PTQ owns these gold rights.
The investors into the copper mine know upfront they do not own and rich gold zones on the copper lands because PTQ never ever gave them up.
It should be clear that Inmet can not claim PTQ is stopping it mining, it is Inmets responsibility to develop a mine plan that allows PTQ access to those rights.
I do not see this as a big issue, it is just something that PTQ owns.
The following statement was taken from the Inmets Feasibility Study for its copper project.
“PTQ owns the right to explore and mine gold deposits (when greater than 50 percent of the present value being derived from gold or other precious metals content) on Inmets Land provided such rights do not impair or impede Inmets ability or interest to exploit the copper deposit. Inmet own the right to develop any copper deposits on the existing Molejón property”. PTQ pays a total 5% NSR to Teck & Inmet on all gold produced on Inmets copper lands.
The above statement is only related to Inmets lands and the Molejon property.
All other lands around the PTQ batholith are owned free and clear by PTQ with no involvement of Inmet or Teck.
This deal that Fifer negotiated, shows he is very smart, it was a brilliant deal for PTQ shareholders.
The Inmet copper deposit has an average grade of 0.41% and at $3.70 copper; the rock is worth $33 per ton.
At $1350 gold, 1 gram of gold is worth $43.4 dollars.
Therefore at $1350 gold and $3.70 copper, the above 50% present value = 0.75 grams gold per ton.
On this basis, any time the gold on Inmets ground is greater then 0.75 g/t ; PTQ has the right to mine it.
Therefore it can be seen that PTQ owns all the gold on Inmets grounds. Even if the gold zone is inside Inmets copper deposit, PTQ can go in and cherry pick only the gold zone.
The Inmet copper deposit has a low gold grade; but this is based on very wide spaced drilling due to its large size. I suspect it will have many good rich gold zones and the mine will be in production for 40 years; and the copper deposit covers only a small portion of the property.
Both Inmet and PTQ may have to re-negotiate this agreement, were all the gold is produced by Inmets Mill, they split mine and production costs and PTQ pays Inmet the 5% NSR on all gold.
One can see that PTQ will have a mining expert assigned to the Inmet mine team. When the mining plan is developed for the year, and Inmet drills zones that are gold rich; PTQ will have its mine trucks on stand by, ready to cherry pick the rich gold zones. I do not see how Inmet can argue against this PTQ strategy.
If the copper deposit is related to the intrusive batholith, these Inmets lands could contain major gold deposits.
There maybe be major deep feeder zones that created the copper porphyries and these feeder zones could be gold rich.
This Inmet Gold Right Asset could be worth a lot of money to PTQ shareholders.
Also I'd like to add , someone taking such a large position just wants to be "in". There is always possibility of PDI spin announcement. And even thou the rumor-mill has it : postponed until Fall- you never know.
Thanks Anski, that monthly production numbers would equal 86400 oz. per year. Much better and improving. Good news.
Mjk , don’t take it too hard. At the end of the day – what do I know?
I (and few investors like me), we know what we read and what company wants as to know; - the rest is educated guess and gut feeling.
You, on the other hand- not only know what we do, you live it ,breath it , see it- you are there experience it.
You are “in the Know”!
That is why yours and few other locals output is so important for us.
Mjk, no banning , please. I want every rumor and every story to be discuss and entertain, otherwise it's like watching pain dry.
Agree, between PTQ , ODN, PDI and IR - we have enough on our plate to ponder about.
Oh yea!!! Plus Cobre/PDI- looking long term, Real Deal.
Mjk, I have a question on #5)Engineering for the 'really big' new gold discoveries on Cobre Panama that Petaquilla owns 100%. (One of Richard's biggest coup...you explore for metals, but the gold is mine!) Those discoveries were touched on in the conference call PTY posted I believe.
Yes , we think so, but Inmet makes investors believe that gold is theirs.
Secondly , if we to assume that gold is ours- how does process works - separating gold and copper from same ore?
I am not metallurgist , so may be someone with experience in that field can explain to me/us if that can be done;
Mjk, Wow! Wow! Wow!!
While I am a bit gloom and doom today ( smile) - you are better then good cup of coffee. What Portugal in six month?
We have not officially bought it yet. And I think Spain development comes first. But you are correct , Panama has a lot going on. OIL- ? Can you divulge on that?
I feel better already...''I'd like to have what you're having'" ;o))
TRD, to answer your question - it is too late for RE investing, may be 2 years ago but not now. Plus investing in RE can be tricky, if China wants - they can change their policy any time , to flood the market with RE and kill any competition , then change back again. People forget - they are dealing with cruel communist government, but thanks to Bill C.- we do not call them Red China anymore - they are our trading partners, right. All we do just "sell them a rope with which
they'll hang us ".
Back to gold: we are approaching summer doldrums , " sell in May and go away". It will be tough for those who wants to trade. Economy never got going to begin with , but now it's slowing down again, Poland is latest addition to PIGS, and who is next?
Dollar got a little bump only because euro is so shaky, that's not going to last. Q2 will be over in a few weeks and we might hit bottom again ( W- shape recovery). Except I do not see recovery in near term. This as bad as I can ever remember. Even during the Carter times- economy of the world was in the better shape. WE are in the RECESSION big time.
In the "Good/bad old days" - powers in charge would start World War 1 or 2 - pick one . But today- with united Europe and USA in charge - that will not happen.
The only possible future war ,in my opinion, could cause by China. China has a humongous appetite for agricultural goods - they have to feed 1.5 billion people, and commodities to continue their economical expansion, they have only 1 week oil supply, so things can get hairy in a hurry.
So , I still say that commodities are the place to be, and I am agree with Jim Rogers about farming, but too old for that.
In any case: world currencies are under attack, talk of gold standard is back and we are not digging iron.
My Dog who teaches me unconditional Love, also reminds me what we/humans forget - is to enjoy every minute of every day.
At least some of them on "our side" now and media has no choice but to report their position. So something good might come out of it. Yes I wish they would do it a few month ago, kind of "Johnny come lately."
Thanks again PTY, I can hear : cha-ching:
"Turning to Cobre Panamá, in March we took twenty-six
analysts and investors to Cobre Panamá on our first site
trip. Our goal was to let our stakeholders see for
themselves the state of infrastructure and economic
growth in Panamá, the government’s commitment to our
project, capabilities of our owners team, and to address
the issue of the power and the status of foreign
government-owned investment in Panamá mining
projects. The trip was successful and resulted in analyst
reports that confirmed Panamá’s evolution as a mining
jurisdiction and Cobre Panamá’s progress on track.
Following up to questions and observations analysts and
stakeholders expressed after the trip, I'm pleased to
report Temasek’s intention to exchange the subscription
receipts at the exercise (inaudible) $64 per share in the
near term. Secondly, the availability of power was not the
deal-breaker in the Lundin merger and it’s not an issue
for the project. We’re in month seven of a governmental
review of the required environmental and social impact
assessment that includes the coal-fired plant and have
had no official objections to it so far. The President and
Vice-President have been to Cobre Panamá since the
analysts’ trips were held and the government has
reiterated its commitment to energy diversification,
including the coal-fired power plant.
Finally, with ongoing metallurgical work demonstrating
high recoveries of both gold and copper at Cobre
Panamá and with the discovery of the Balboa deposit we
believe there is potential to significantly enhance the size
of the resource, the grade and the economics of what is
already an attractive project."
Thanks TRD.
Thanks PTY. Also, wish I have level 2, to see if smart money slowly accumulating shares by playing SP.
I am not against B@M, but when we are up - board went completely silent. It is possible that because of mining law hick-up, PDI spin-off will be pushed to the end of the year. That would be fine with me - to allow accumulate as many shares as possible on any SP weakness during the summer.
I think that long term ( 10 years ) PDI will out perform PTQ shares. JMO
We up 5 % again and not a word. Now, if we were 5 % down – half of the board would be beaching and groaning.
Salvo , keep your magic.
Cash is a trash , Gold is a King and I don’t see it changing soon. It is going to be a fun.
Bouncing back, I've been adding to my position. Check Rock's new post on PDI spin-off. I am fully agree with him , by the time it is all done and dust settled - PDI will be a golden goose as mjk call it and I predicted last year.
But of cause we will always have No-sayers, that's fine , makes shares go around.
Greek humus is getting cheap in supermarkets - wonder why ?
Portugal port-wine is on sell- hmm.. There is always silver?- no, golden lining to everything...
Rock07 rocks ! :
" In the previous quarter, PTQ had sales of $19.3 million , cash costs of $10.3 million and net earnings of $2.1 million.
We shall do much better this quarter ( March to May ).
The ramp-up in heavy equpment being rec'd by PDI will allow all ore mined in the Moly pit to be mined and milled at the 3000 tpd rate.
Note that during the third quarter, pre-stripping at the mine at the Main Zone area of the open pit made available 245,000 tones of ore with 3.04 g/t of gold contained, meaning approximately 24,000 ounces of gold that is going to be processed at the Plant this quarter.
At a recovery rate of 94 % ( higher grades will have higher recovery rates which is 91 % at 2 gms ) , this means 22,500 oz of gold will be recovered in this quarter.
Lop off 1500 oz for the DB facility and we have 21,000 oz of gold available for sale in this quarter.
2374 oz of poured gold was in the inventory and not sold at the end of Q3.
I will assume that 3500 oz of poured gold will be in the inventory this quarter which means that gold sales will be about 20,000 oz.
Cash costs should be below those of Q3 ( $729 per oz ) so I will use $700 per oz.
I assume an average POG of $1500.
That is, gross revenues will be about $30 million.
Cash costs will be $14 million which means that gross cash flows will be $16 million or nearly twice that of Q3.
From this gross margin substract..........
.........Amortization of $ 3 million
........G & A of $4.8 million ( half of this is ODM exploration and development costs which will be capitalized in F2012 )
..........Wages and benefits of $1 million
.........community donations and charities of $ 0.6 million
........stock compensation benefits of
.6 million
Total expenses amounts to $10. million which means net earnings of about $6 million in this current quarter or nearly triple that of Q3.
This is essentially free cash flows which could increase the current cash position of $9.75 million to about $15 million. Warrant exercised could add to this.
Financials will only get better in F2012 beginning in June 2011.
There will be $11 million less in interest costs and the $8 million or so being spent on the exploration and developmet of ODM will be capitalized.
Mining capability will be enhanced from 7500 tpd to 40,000 tpd which means lower unit mining costs.
Production gains will begin in late summer due to the dual expansions now underway and cash costs will continue their decline to the projected $600 per oz.
The number that jumps out at you is that PTQ spent nearly $4 million on exploration and development up to Q3.
Another $2 million will have been spent this quarter, for total ODN exploration expenditures of about $6 million for this fiscal year.
Thats a lot of money and indicates that they must be having some very positive drill results in ODN ( basically finding what they were expected ).
Somehow, this creates wisps of speculative moves in my mind.
In any event, we are moving upwards both with regards to production, lower cash costs and much higher net earnings."
Jal, there is nothing wrong with constructive criticism, but as I told you before, it is how you go about it.
I’ve been reading your post for 2 years , since you were posting on Yahoo , and in those days I thought you are a nice young man with a lot of questions, and your posts were caring positive undertone.
Now-days you sound like a grouchy old man- you always complain.
Hey, I am old guy and mjk is even older, but I wake up every morning and thanks God, put smile on my face and go :
“ Even on a rainy day – it shines – all you have to do is raise above the sky “
I believe in my investment , do you ?
Doctor ,doctor , give me some news, I gotta..
Well, can you unseal your or someone else’s lips with a few tequilas?
In any case , I don’t need production update; I know they are doing fine .
How about PDI spin-off update ? What ever happen to May 30-th rumor ?