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The billions that you posted about will not wash with the SEC. The company has estimated underground mineral values which does not indicate any expenses as to mining, administrative and other costs. There was another company that tried to pull this a few months ago and I told the prospective investors that a company cannot use valuations in such a manner in the USA. `When the truth came out the investors lost everything that they had invested. When the financial statements come out take a good look at the balance sheet. It appears to me as thought his company is trying to fluff up their image in order to issue stock for money that is badly needed. The company continues to lose money and must issue shares to survive. Hopefully this will change but don't bet the farm on it.
DTGoody, I wish you well but I have a hard time believing anything a Pink Sheet company management says. A few months ago a company CEO claimed to have 100's of millions in assets and another billion coming in. It was all misinformation by the CEO and he is now being prosecuted. Good luck but watch them carefully.
Today gold closed up $7.90 at $671.90 and silver closed up.17 at $13.53. In Australia gold is currently $673.50 and silver is $13.59.
Invenstor, AURC has not filed with the SEC since 1998 and to state that their financial statements are audited is very misleading. I have no trust in pink sheet companies that hide their true value. Aurus had a 1 for 1,000 reverse split about a year and a half ago and are now back into the 100's of millions in OS. The company was trading at .43 about a year ago and closed yesterday at .069. The fact is the company is living and surviving by issuing shares to unsuspecting investors. I don't see anything of substance here and I never believe what a Pink Sheet management team says about their company especially when they have already squeezed out one set of investors. Good luck but I wouldn't go near this company in the long term and short term is very questionable.
Gold and silver are very erratic this morning with gold trading as high as $674.90 and silver as high as $13.70 in the 1st 45 minutes.
Today gold closed down $1.60 at $664.00 and silver closed up .06 at $13.36. Earlier in the session gold hit $668.50 and silver $13.56. For the two days gold is up .70 and silver is up .04.
If the turnaround made by CPNE is correct you haven't seen the last of this recent rise.
SILVERADO GOLD MINES LTD 0000731727 4 3/30/2007 3/27/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 3/16/2007 3/13/2007
SILVERADO GOLD MINES LTD 0000731727 10KSB 3/15/2007 11/30/2006
SILVERADO GOLD MINES LTD 0000731727 4 3/14/2007 1/11/2007
SILVERADO GOLD MINES LTD 0000731727 4 3/14/2007 1/11/2007
SILVERADO GOLD MINES LTD 0000731727 4 3/14/2007 1/11/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 3/2/2007 3/1/2007
SILVERADO GOLD MINES LTD 0000731727 NT 10-K 2/28/2007 11/30/2006
SILVERADO GOLD MINES LTD 0000731727 S-8 2/21/2007 ?
SILVERADO GOLD MINES LTD 0000731727 8-K 1/30/2007 1/29/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 1/24/2007 1/22/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 1/17/2007 1/5/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 1/8/2007 1/5/2007
SILVERADO GOLD MINES LTD 0000731727 8-K 12/27/2006 12/22/2006
SILVERADO GOLD MINES LTD 0000731727 8-K 12/22/2006 12/22/2006
SILVERADO GOLD MINES LTD 0000731727 8-K 11/15/2006 10/31/2006
SILVERADO GOLD MINES LTD 0000731727 8-K 10/31/2006 10/30/2006
SILVERADO GOLD MINES LTD 0000731727 10QSB 10/16/2006 8/31/2006
Your links only show a 10K recently filed and a form 4 on the date that you gave. There has been no recent 10Q and it certainly would not be for a period ending on 3-27. If you see anything differently than that please cut and paste it.
No Scorp. That was the 10K (annual report) not the quarterly report. Companies are given more time to file an annual report that is why the 10K and the 1st quarter 10Q are fairly close together.
The SLGLF fiscal year ends on November 30th of each year. The 1st quarter ended on February 28th and the last time that the company filed a 10Q It was on the 14th of the following month. So we can start looking for the 10Q on the 14th.
The SLGLF 10Q should be out within three weeks.
Sheepdog, I hold SLGLF. The company is in better shape now than it has ever been. For many years the CEO has been using millions of investors dollars to find what he may have now. The next 10Q will be interesting to see.
Bobby, something really smells bad here. The financial statements indicate that revenues and net profit has exploded. The figures are nearly too good to be true. I took a look at the financial statements and the stock price should increase dramatically now that this has been made public. I would still take a nice profit when it happens. This just does not smell right. The SEC was not mentioned and show no filings that I could find for this company.
PANAMERSA Corporation's 2006 Financials Are Now Officially Certified
PANAMA CITY, Apr 02, 2007 (MARKET WIRE via COMTEX) -- PANAMERSA Corporation (PINKSHEETS: PNMS) received the official certification of the audited financials, which confirm the liquid assets ending December 31, 2006, CEO Mike Terrell announced today from Central America, and will be posted on PANAMERSA Corporation's Web site upon his return this week.
"I know there has been a delay in delivering the legal certification document, but it is as I have stated for several months now, the numbers are the same as the numbers released in February, but they are now certified by the fiscal and the external auditors as true and correct," said Terrell. "The numbers are strong and show our growth as a business, and the certification now confirms the monies that PANAMERSA Corporation held as of 12/31/2006."
Fourth quarter earnings for 2006, as released in February and now certified, show posted net earnings over third quarter 2006 at an increase of 545 percent. Annual revenues rose to $46.4 million and year-end net profits showed $27.4 million. Released numbers also reflect PANAMERSA Corporation's acquisitions producing and receivables current.
Fiscal Bernal Murillo Vargas
Licensed Auditor Alexander Viquez Herrera
Phil, the Pink Sheets will not quote the XTMS share price which should be the first clue. The company continues to lose money and must continue to issue shares to survive. The one redeeming factor is that the balance sheet looks fairly strong but it is being buoyed by selling shares.
HISC:
Current Assets----------$341,918
Total Assets------------$1,985,323
Current Liabilities-----$1,150,753
Total Liabilities-------$1,905,341
This means that the book value of HISC is near zero. (.000015). The company also owes more in the current year than it has the ability to pay.
HISC lost $3,391,994 last year and must continue to issue shares to survive. The shares at the end of 2006 was 5,133,911,854.
Kevin, that was a very good rebound. The past four years tells me that we should be looking at this week plus one or two more. It is very hard to tell when the Central Banks will make a move but prior movements tell me this.
Langlui, the next 10Q will be for the period ending on 3-31-07 so it will not be filed until about May 8th to the 15th.
Langlui, I don't see a thing. The next 10Q could clear up a lot of questions. I don't see any reason for the current drop other than the insider sales. We never know if the insider knows something or if it was a matter of needing the money for a personal use of some kind. If the 10Q shows any kind of increase over the last two quarters there should be a very nice increase in the price of the stock.
The following may have a lot to do with the drop. It never looks good when the principal share holder is selling to this extent.
r. Gravitz's interest in the Issuer decreased because he sold 750,000 shares of common stock to an investor in a private transaction.
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER
a. Mr. Gravitz is the beneficial owner of 1,657,205 shares or 3.3% of the common stock issued and outstanding of the Issuer.
b. Mr. Gravitz has sole voting and dispositive power over 1,657,205 shares of common stock of the Issuer.
c. The Reporting Person has effected the following transactions with respect to the Shares during the past 60 days:
On January 18, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $1.86 per share.
On January 19, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $1.84 per share.
On January 22, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $1.78 per share.
On January 24, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $1.79 per share.
On January 29, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $1.88 per share.
On February 1, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $2.42 per share.
On February 7, 2007, Mr. Gravitz sold 750,000 shares of the Issuer’s common stock to an investor in a private transaction for $1.90 per share.
On February 13, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $3.12 per share.
On February 15, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $2.79 per share.
On February 16, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $2.81 per share.
On February 20, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $3.02 per share.
On February 21, 2007, Mr. Gravitz sold 5,000 shares of the Issuer’s common stock to an investor on the open market for $3.35 per shar
This is a bit strange. CPNE went from over a six million dollar loss to over eight million in net profit from 2005 to2006. This may have been factored in during the spike about five weeks ago when the stock hit a 52 week high of $3.48. During 2006 the revenues increased from seven million to over twenty-seven million. I would watch very carefully for the 10Q that is due in the near future. This turnaround is fantastic and I have to believe at this point that CPNE is a very good long term investment.
SHSH. This is another stock that is being manipulated every week. Today there is only one trade of 200 shares dropping the share price down from .35 to .30. A $30.00 trade?
Today gold was down as much as $7.60 and silver down .37 before they rallied with gold closing up $2.10 at $665.40 and silver closing down .02 at $13.30.
The 1st seven trades this morning. How can a stock drop over 53% in one trade and go up over 106% in another. This looks to me like broker manipulation on a daily basis.
MADISON MINERALS INC - Nasdaq OTC BB: MMRSF
Time & Sales most recent next page
Rec. Time Action Price Volume
10:08:54 AM Bid 0.42 5000
9:43:04 AM Trade 0.5611 1500
9:34:12 AM Ask 0.7 2500
9:31:42 AM Ask 0.89 10000
9:31:42 AM Bid 0.43 5000
8:56:50 AM Bid 0.42 5000
8:56:46 AM Ask 0.9 2500
London had gold up this morning until the NY market opened. In the 1st 30 minutes gold dropped $5.40 and silver dropped .25.
What happened to my 2nd "o"....should be "too"
I believe that the warrants are to high at this point to be an advantage although you would need to look up the expiration date to be sure. Traditionally warrants will go up the same amount of points that the stock will so that if you can get in when they are only a small percentage of the stock price you can do much better. But this only works when the price of the stock is rising otherwise you can lose 100% of what you have invested in the warrants.
Today gold closed up $2.40 at $663.30 and silver closed up .02 at $13.32. For the week gold is up $7.10 and silver is up .19.
I don't understand what is happening with the wide spread trades. This is happening to MMRSF every day.
12:08:54 PM Bid 0.53 10000
12:08:54 PM Ask 0.63 5500
12:03:52 PM Bid 0.53 2500
12:03:34 PM Bid 0.53 10000
12:03:30 PM Ask 0.64 2500
12:03:30 PM Bid 0.53 2500
12:02:30 PM Ask 0.63 5500
12:02:30 PM Bid 0.54 10000
11:59:04 AM Ask 0.64 2500
11:59:04 AM Bid 0.53 2500
11:52:18 AM Ask 0.64 5500
11:03:34 AM Bid 0.54 10000
11:03:34 AM Bid 0.54 8500
11:02:54 AM Bid 0.53 2500
11:02:54 AM Bid 0.54 8500
10:53:42 AM Trade 0.54 3600
10:53:28 AM Trade 0.5521 7000
10:53:04 AM Bid 0.54 10000
10:36:16 AM Bid 0.54 3000
10:01:28 AM Ask 0.64 7000
10:01:26 AM Ask 0.65 7000
10:01:26 AM Ask 0.55 2500
10:01:12 AM Ask 0.65 7000
10:01:12 AM Ask 0.66 2500
10:01:12 AM Ask 0.7 7000
10:01:10 AM Ask 0.66 2500
10:01:06 AM Ask 0.7 7000
10:01:06 AM Ask 0.71 2500
10:01:02 AM Ask 0.75 7000
10:01:00 AM Ask 0.76 2500
10:00:58 AM Ask 0.8 7000
10:00:56 AM Ask 0.81 2500
10:00:56 AM Ask 0.85 7000
10:00:54 AM Ask 0.86 2500
10:00:54 AM Ask 0.9 7000
10:00:52 AM Ask 0.91 2500
9:59:48 AM Ask 0.95 7000
9:49:12 AM Ask 0.95 7500
9:40:00 AM Bid 0.54 10000
9:39:00 AM Bid 0.54 4000
9:37:48 AM Ask 0.96 2500
9:35:46 AM Ask 0.95 10000
9:32:42 AM Bid 0.54 10000
9:03:36 AM Ask 0.96 2500
A little hard to understand. Krist Kirk a WEL board member exercised warrants on 253,750 shares at an average price of $1.04 and immediately sold at $2.25. Why would an insider do this if the stock is going to go up in the near future.
Sports Concepts Inc. Terminates Agreement with MotionDNA
PHOENIX, March 29, 2007 /PRNewswire-FirstCall via COMTEX/ -- Sports Concepts (OTC: SCPT) is terminating the share exchange agreement pursuant to section NRS 78.385 and 78.390 of the agreement whereby Sports Concepts Inc, Arizona became a wholly owned subsidiary of Motion DNA Corp, who subsequently changed it name to Sports Concepts Inc, a Nevada Corp. The Principles of Sports Concepts Inc, Arizona deem the agreement to be in breach and therefore are going back to their former position, as an independently owned Arizona Corporation with no ties of affiliation with Motion DNA, as the company was subsequently changed back to.
Should you have any question or concerns you may contact either party to the agreement for information. Sports Concepts Inc. can be reached at sportsconcepts@cox.net or Michelle Thomas, President Sports Concepts Inc. 480-202-4641.
About Sports Concepts Inc.:
A Scottsdale, Arizona-based sports marketing company that continues to focus on developing, acquiring, and marketing products for licensing and distribution with professional sports leagues, major retailers, and other venues through professional sales companies. Sports Concepts suite of products include but are not limited to interactive sports toys, licensed sports products and apparel, collectors items and memorabilia, shoes, foods products, product lines appealing to the fan base of professional, collegiate, and youth sports leagues.
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UCOI -- Unico, Inc.
Com ($0.001)(New)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Unico, Inc. Announces Purchase of Additional Transformers for Electrical Substation at the Deer Trail Mine
SAN DIEGO, CA, Mar 29, 2007 (MARKET WIRE via COMTEX) -- Unico, Incorporated (OTCBB: UCOI), a natural resource company in the precious metals mining sector, today announced that the company has purchased two additional transformers as part of the new system that will supply electrical power to the mill and processing facility at the Deer Trail Mine in Marysvale, Utah.
The two additional transformers will reduce the voltage from the main transformer to power the equipment in the mill facilities and provide electricity for lighting, the on-site laboratory facility and the offices. Both transformers were purchased from West Coast Switch Gear, Inc. (www.westcoastswitchgear.com), a manufacturer and distributor of all levels of power distribution based in Cerritos, California.
The primary voltage of the main transformer is 46,000 volts and will be provided to the Deer Trail Mine from PacifiCorp, which operates in Utah as Rocky Mountain Power. The secondary voltage of 12,470/7,200 will be sent to the mill by direct burial cable.
The larger of the two transformers purchased from West Coast Switch Gear will reduce the 12,470 voltage to the 480 volts required to operate the mill. The other transformer will reduce the remaining power to 208 volts to power the lighting, the on-site laboratory facility and offices located at the Deer Trail Mine site. The availability of additional voltage allows for future expansion at the site, including extra power to operate mining activities as needed.
The two additional transformers will be installed close to the mill facility, where ground is currently being leveled for a concrete foundation. The site is expected to be ready in approximately two weeks and delivery of the two transformers is expected shortly thereafter.
"We are pleased to have acquired these two critical pieces of equipment, each of which will perform a very important function related to the flow of electrical power for the operation of the mill and production facility at the Deer Trail Mine," commented Mark A. Lopez, chief executive officer of Unico, Inc. "With the purchase of the main transformer and its expected near term delivery, followed by the purchase of these two additional transformers, we are looking forward to having the power requirements for the mill in place very soon."
The two additional generators were identified by BNA Consulting, Inc. (www.bnaconsulting.com), a major provider of electrical consulting services in Utah and surrounding states for 35 years. BNA has contracted with Deer Trail Mining Company, for a broad range of engineering services related to the construction of the substation. BNA's procurement services include assisting in locating the best quality electrical equipment possible, including starters and other required electrical components.
The design and completion of the new substation itself is expected to provide substantial cost savings as a result of lower energy costs and greater reliability, and the use of good quality equipment is expected to reduce equipment costs by approximately 40%.
Investor, I hope that you were holding Geovis a week ago. The stock has been breaking new highs every day for a week. The price one week ago was $1.12 and it closed yesterday at $2.30.
Geovic has been listed on the Canadian exchange for 19 years and is still an exploration company but it appears as thought they have started mining. GVCMW has a strong balance sheet and only 22,424,987 OS. They mine Cobalt. The downside is that they have been continually losing money but this is normal for an exploration company. Last quarter the company lost 2.7 million dollars but it looks like they are mining now. There is a lot more information at the address below.
http://www.geovic.net
What a pile of garbage. Altomare claims to have received over 700 million in jury awards but he has yet to receive a dime. He is still having trouble meeting the expenses and must be in need of another influx of cash from unsuspecting investors to pay those bills. The stock sits at .001 for a reason and it isn't 700 million dollars in assets. USXP is still losing millions of dollars each quarter.
Today gold closed down $5.30 at $660.90 and silver closed down .06 at $13.30. For the four days gold is up $4.70 and silver is up .17. The gold/silver ratio is currently 49.69
Today gold closed up $4.40 at $666.20 and silver closed up .18 at $13.36.
The highs at the opening were $670.40 for gold and $13.55 for silver.
Kevin, I will ask Rob when I see him but I believe that GPXM is more interested in production than a buyout.
This morning gold opened in NY up $8.60 and silver opened up .37. In the 1st half hour of trading gold dropped to $666.30 and silver dropped to $13.37.
Kevin did you see this article on molybdenum?
Blue Pearl Chairman Foresees Molybdenum Supply Challenges
Posted on Mar 27th, 2007 with stocks:>
James Finch submits: There is a polite arrogance to the new king of primary molybdenum producers that comes with being the big kid on the block. That’s how the executive chairman referred to Blue Pearl Mining (BLEFF.PK ) during our hour-long telephone interview discussing his company’s developments, the future of the molybdenum market and new companies hoping to imitate his success.
Ian McDonald may very well be entitled to his opinions. After all, Blue Pearl could produce the same number of molybdenum poundage in 2007 as Cameco (CCJ ) would produce of uranium. (And unencumbered by those pesky legacy contracts or remediation efforts at Cigar Lake.) Blue Pearl is now the largest publicly traded primary molybdenum producer. The company plans to mine about one-fifth of the world’ primary moly in 2007, about five percent of the world’s total mined molybdenum. His company will also roast about 12 percent of the world’s molybdenum. Not bad for a company which was a penny stock some seven months ago.
Blue Pearl has become the darling of Bay Street since the company announced its audacious US$575 million acquisition of privately owned Thompson Creek Metals Company. Having closed the transaction in late October, Blue Pearl now owns two operating molybdenum mines and concentrators and a metallurgical (roaster) facility in Pennsylvania. In mid June, the company’s shares traded for less than C$1.80; yesterday the stock closed at C$12.06. Since late August, shares in Blue Pearl have climbed relentlessly, with only brief pauses of consolidation.
We were fortunate to have included Blue Pearl in our seminal molybdenum article about the metal’s relationship with the energy bull market, this past July, at a time when few had heard of the company.
On Monday, the company announced encouraging cash flow from the recently acquired Thompson Creek operations. In the 67 days following this acquisition, Blue Pearl generated revenues of $150.8 million, about $2.25 million per day. Annualized, this could reach more than $800 million in 2007 if the price molybdenum remains firm and production continues according to plan.
Production costs for output from the company’s Thompson Creek and Endako molybdenum mines averaged $6.28/pound. The company sold this production at an average price of $25.74/pound. By 2008, the company hopes to mine 27 million pounds from these mines. The firm moly price helped Blue Pearl discharge the Second Lien Credit Facility of $64.3 million in mid March. According to Monday’s news release, the company cash balance stands at approximately $135 million.
The company expects its bank debt to fall to $320 million after paying its first quarterly installment in 2007 of $18.75 million. Blue Pearl incurred $401.9 million in long-term debt as part of its acquisition of Thompson Creek Metals. At its current production pace, the quarterly bank payments amount to a little more than one week’s production.
What’s on Ian McDonald’s Mind?
Historically, according to Western Troy’s Rex Loesby, annual molybdenum demand has grown about four percent since the 1950s. This fits well with McDonald’s forecast of 700 million pounds by 2020. “That’s what will need to be the supply,” he told us.
And where will this come from? “That, of course, is the big question,” McDonald said. “There’s a dearth of new projects in the pipeline.” And he reminded us that China has started to consume more of their own molybdenum production.
As with uranium and other metals, China is a wild card for molybdenum supply. In any moly discussion, China remains a primary concern for miners. “China was producing, 13 to 14 years ago, about 110 million pounds and exporting 100 million into a 230-million pound market,” McDonald pointed out. "Last year, in a 400-million pound market, China produced about 80 million pounds, net exporting about 30 million, so they are keeping more. The story is they use more of their own."
He is quick to point out that global moly demand was up six percent in 2006, but China’s demand increased some 20 percent.
“I’m not going to sugar coat it,” McDonald points out. “If they wanted to make it look bad, they would. If they start dumping on the market, everybody’s trashed.” But he doesn’t believe this is a likely scenario. There are only 39 big mines in the world, producing molybdenum, he told us. “But in China, there are over 500 small mom-and-pop operations. China is desirous of having some world-class companies, and they’ve shut down some of the smaller operations because they don’t use their power efficiently. If you have a big mining company, they are going to have a long-term view and maximize the country’s resources.”
From where supply comes from is second to the increasing demand McDonald sees ahead. “There are a growing number of applications for molybdenum.” He pointed out that cars consume molybdenum. “There’s about 0.9 pound or so in about a dozen different places in the automobile, and with 55 million cars in the world, that’s about 50 million pounds.” This is probably the third largest application of moly.
“High-end molybdenum stainless steel applications consume the biggest amount,” McDonald said. “Any steel that’s used in the ocean or near the ocean has got molybdenum in it.”
He pointed out that Blue Pearl leaves about 10 percent of the company’s molybdenum production in the sulphide form for the high-end lubrication market – the oil companies.
“Most of it is made into tech oxide, MO3, and about 25 percent would be ferromolybdenum,” he said. “We just sold some (ferromoly) in Europe for $34/pound.”
His company was chosen to help produce advice on the newly launched Sprott Molybdenum Participation Fund. We asked about his involvement. “We get a small fee for storing molybdenum if they choose to buy,” he told us. It would be stored at Blue Pearl’s metallurgical facility in Pennsylvania. “We would also sell them some,” he added. His company would not be counseling the fund in which companies to take investment stakes. “It would pose a conflict of interest and we would have to recuse ourselves,” he said.
Sees New Supply on the Horizon Lacking
“There’s a tremendous barrier to entry for a new primary molybdenum mine to come onstream with no forward market,” McDonald observed. “Because without a forward sale, financing requirements for the capital to build one of these new mined could be very, very challenging.”
He believes one of the other big molybdenum mines will get financed, but he cautioned, “I think that once one does, it doesn’t mean they are all going to.” He explained his own personal experience: "When we raised the US$575 million last year to buy Thompson Creek, this was a company making close to US$400 million a year after tax, and we had some heavy lifting to do. It was difficult. It would be difficult for another junior."
One place where he sees imminent molybdenum supply is from Blue Pearl’s Davidson deposit, not far from the company’s Endako mine and milling facility.
“We will have the feasibility out in the second quarter – I say second quarter, but I hope it’s very soon,” McDonald told us. “It will become the highest-grade molybdenum mine in the world.”
He said his company was lucky to have gotten it three years ago. “It had been ready for production and there was a lot of development done on it.” So, the company decided to move to the final feasibility study instead of bothering with a scoping study or pre-feasibility. He said the Davidson project would be in full production in 2009.
What about mine development? “There’s already 2.5 kilometers of underground workings there and terrific ground conditions,” he said. “We opened that up a couple of years ago, after no one had been underground in 25 years. All of the scaling for the entire 2.5 kilometers fit in a five-gallon paint bucket.” McDonald told us Blue Pearl plans to just mine the deposit and little else, “We will not even crush it, just a rock breaker, and just haul it right down to Endako.”
But Blue Pearl may take in a partner on Davidson – the Japanese trading company, Sojitz. “They own 25 percent of Endako, and they want to buy 25 percent of Davidson,” McDonald said. "It would make sense, if they own the same percentage of both. There wouldn’t be any recovery issues, or combining of ore and al that. We would have the same labor force.” He did caution the deal was not done yet. “We’ll look to possibly do a transaction with them."
Another project where McDonald hopes will provide additional molybdenum supply comes with the possible expansion of Endako into a ‘super pit.’ The company plans to have the scoping study done later this year, possibly by June. "I feel pretty good about that, it’s pretty realistic,” he told us. “We have a massive resource there, and it would be a pretty big job. But, it could take the wind out of some of these other juniors."
We discussed his vision of expanding the mill to 50,000 tons per day. “It’s probably 32,000 tons per day now,” he pointed out. The first step involves redoing the reserves and resource calculations at Thompson Creek and Endako using a $10/pound moly price. The previous pricing was “way too conservative,” according to McDonald. We suspect the higher resource figure would open the door to raising the likely $250 million to upgrade the facility to the higher tonnage operation. And his mind is already moving in that direction.
“Let’s say we had a study done within the next year,” he explained. “It would take to 2008 or 2009 to build it. Unfortunately, because the mine has been operating for forty-two years, we would have to move the existing mill.” The mill would have to be moved because there is ore beneath the present mill site. “It won’t happen overnight,” he warned.
And what about those other junior molybdenum companies?
"We aren’t going to grow our company by buying all these other moly deposits,” he responded. “Then, we have to go and raise $700 million, worry about marketing another 20 million pounds a year, and betting the company on it. Personally, and our board agrees, we’d rather buy something that’s either in production, and pay a little more for it, or take something at a feasibility stage, like copper/moly. We have a pretty good balance sheet, or we will have by the end of this year. Then maybe we could buy some moly production."
What are his plans as 2007 rolls on?
“We qualify for the New York Stock Exchange,” McDonald confided. “We’ve talked to them. I think we will get the ball rolling this spring, and we could look for an early fall consummation. We are going to come to the U.S., we qualify and they seem pretty keen on having us.”
Just to make sure we got his story right, McDonald added: