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I agree with PTY, you cannot fight the tape. All commodities are correcting. But look at the good side:
We are mining gold – not a silver, Aug is taking a real beating.
Personally, I am going to buy more shares, what am I going to loose at .60? Do you guys really think that PTQ will be under a dollar two or three years from now? Even if gold $ 1000- we will be making money.
OK , how about conspiracy theory , just for fun ()?
What if company wants cheap shares in near future , because:
BOD or investors wants to purchase as much as possible due to UPCOMING PDI SPIN-OFF.!!!
How about that!?
Who said it? : BUY when everyone is selling..
No promotion necessary, not now at least. I was thinking about and come to realization:
We should all agree that BOD and Mr. Fifer are intelligent people, smart enough to understand present share price fluctuation. Just like us - they also would like to see SP to go higher. The question and answer here lies in a Time/Horizon.
It is also cultural thing ( Yes !!! ) As Americans we are brain-washed/ expected immediate results/ gratification.
Football: average play last about 10 seconds and design to produce touchdown every time. Average score: 27-21
Game in Panama - Soccer : string of multi-plays, one after another, design to confuse opponent, to stretch his defenses, to pass in different directions, to find the opening and finally strike at the goal, lasting aprox. 3- 5 minutes,
Average score: 2-1.
Do you see where am I going with that?
We want our cake now, - They say: what's a rush? You want us to advertise 60K oz producing mine? No, we will take out time to do things right and when everything is clicking and we are producing 100K - then we strike = GOAL ! =advertize that ! In mean time enjoy "string of mini-plays, look -forward just got open ".
from Best1:
There seems a lot of confusion on Stockhouse and IHUB regarding ownership of the Iberian Spanish mine assets.
As of this date, the record shows Fifer and PTQ management have zero ownership in the Iberian Spanish assets.
The word Iberian is often used incorrectly to describe the legal ownership of the Spanish assets.
My due diligence shows the following.
PTQ Option to Purchase
Fifer has set up a new shell company called Iberian Resource Corporation (IRC) and will be used to purchase the Spanish mine assets.
IRC owns contractual rights to purchase the Spanish mine assets for approximately $40 million.
IRC completed the initial technical and legal due diligence on the Spanish assets. This cost was paid by Fifer and his close associates via a small IRC inner financing. This is all is public SEC knowledge.
IRC has given PTQ the option to purchase the Spanish the mine assets. PTQ shareholders will vote on this option.
IRC will be used as the exchange company for closing the transaction. PTQ will issue 40 million shares to IRC. Depending on contract terms, IRC will transfer PTQ shares to the owners of the Spanish assets. But most probably IRC will sell the PTQ shares by private placement and purchase the Spanish assets for $40 million cash.
Present & Historical Owners of Spanish Mines
Cambridge Mineral Resources plc ( “CMR” ) was the original owner of the Spanish mine assets.
Newmont gave no reason for exiting the Lomero –Poyatos joint venture in 2002. However it was obviously related to Newmont acquiring Battle Mountain Gold, Normandy and Franco Nevada. As noted by two top Newmont people transferring to Cambridge.
Mike Thomsen, formerly Newmont ’s exploration director became Cambridge chairman. Guy Massingill became Cambridge Operations Director, formerly he was Newmonts senior geologist – business development and acquisitions; and supervised the drilling at Lomero- Poyato.
Due to the financial collapse of 2008, CMR filed for bankruptcy or re-organization.
In March 2009, Cambridge entered into a heads of agreement to sell the Spanish assets to Mayfair Minerals USA, but the transaction failed to close.
In May 2010, Cambridge sold the Spanish assets to Harrogate PLC, via a venture capital group, for 218 million shares of Harrogate, or 80% control.
Harrogate changed its name to Iberian Gold PLC. Therefore, Iberian Gold PLC is the present owner of the Spanish assets.
Fifers Iberian Resource Corporation (IRC) is a completely different company then Iberian Gold PLC.
IRC entered into a contract to purchase the assets of Iberian Gold PLC. Therefore, Fifers IRC holds a time limited right to purchase the Spanish assets.
IRC has given PTQ shareholders the option to purchase the IRC rights to purchase the Spanish assets.
PTQ will pay IRC 40 million PTQ shares. IRC will probably private place PTQ shares with accredited investors and use the proceeds to pay Iberian Gold approximately $40 million. However IRC may be obligated to transfer PTQ shares to Iberian Gold PLC as per the contract.
If PTQ shareholders vote down the acquisition of the Spanish assets; IRC will probably buy the Spanish assets in its own name via a major public listing of IRC. In this case, PTQ will have no involvement in IRC.
IRC was probably structured in case, PTQ shareholders vote no to buying the Spanish assets.
The important point to realize is that Iberian Gold owns the Spanish mine assets; and Fifers Iberian Resource Corporation (IRC) owns nothing and is a shell company. These are two completely different and independent companies.
This explains why I write on stockhouse; I use this forum to issue my due diligence.
Good luck to all.
Geico, thanks for posting valuable info. Copper industry in Chile is nationalized, so I bought BCH in 2002 for $12, sold at $18 and today it is $ 85 !
Mjk, I give you one, but no one here reads European $100 publications anyway ;0)
Well, we have somewhat agreeable board today, I add my voice into "agree camp" that PTQ shares are undervalued, and I stop right here.
I am disagree, Lo : RSI =30 is way undersold and MACD is in the oversold area also, we are sitting at the
MA-50 support in upper .70-sh, if we break that one the .50 is next, but I doubt it and I am sure we will never see .30 again. But if we are to repeat last summer "double- bottom" and hang-around at .80 -.90 thru July then with a good news in August we can be well over $1.50 (jal?).
I disagree that " street" does not like us or management. I will repeat again (sorry) STREET does not know us!
Lo, YNGFF is well known, open last issue of Mineweb - there is an article about that company. On the other hand I dare anyone on this board to find me an article about Petaquilla in any mining publication outside Panama.
I don't know when promotion will start , but when it does happens - the ask will outnumber the available shares by the mile.
All right, I agree that it is OK to take some profit off the table, but :
About 9 years ago I had a tip about upcoming boom in a copper, so I invested in the Chili company and after watching my investment to grow - I sold it = took a 50% profit and never was able to get back = lost opportunity to quadruple my money.
So this time I am for a long haul , I'd like to hit a home run , just throw me a fast ball for once.
Farviewhill, thanks so much for the kind words. You are just as wise and humble .I wish you all the Best.
I keep XAG on my radar- next year might be a production time for them. Will see.
David, I am glad “you kind of love USA”, but obviously you never live under the dictatorship. I happen to live and experience a true propaganda machine, when you were afraid to speak -up anything different outside party line or find yourself in a jail for a long time.
I love USA, I love the freedom to speak my mind and not being afraid.
I love to listen different views on the media, republican, democratic, tea-party, and libertarian.
I love the opportunity this country gives to anyone regardless of his/her race religion or nationality.
I live this opportunity and love every minute.
Yes we are not perfect and there are politicians who like to use power for their own agenda, and
I do agree that Obama is not popular, but today we all Americans, we all New-Yorkers, we all Obamas.
God Bless USA !
Navy seals are tough bunch, only 2000 of them on active duty- the best of the best, takes long time to train one - money well spent. BinLadin? Officially dead, but may be they kept him alive for a while to get info... It is all good .
Mjk, I salute and thank you for your service. I hope last night event will give your daughter some kind of closure.
SLM.
Scott, there is no way I would participate in a company if I feel the way you do. In your case I would sell your 150K shares and invested in the better plays , like companies which are up 50%.
Jal , I didn’t mean to upset you. Just like you I invested little money in a silver stock , it is doing good and will double in due time, but it is PTQ that makes me excited and I am trying to add all my available money into this one. I feel like I am on a ground floor, I feel that this is an opportunity to strike big, if you read the article I posted “ invest in one stock, hold it for 30 years and don’t sell”. Of cause he meant a winning stock and may be 30 years is pushing, but you know what I mean, or may be my glass is half full.
Have a great weekend.
Absolutely, sometimes just touring the facility, talking to people and see with your own eyes can go a long way in understanding how the business is running, inner-workings between different groups, people .
The final feasibility study should be completed within three months after completing the pilot plant test work.
As discussed in the accompanying video and detailed on his blog, Altucher has a list of Reasons Not to Buy Stocks, which I'll summarize here:
It's really hard and very few people are successful at it. The very best investors in the world can only consistently produce 10% to 15% annual returns, so what hope is there for the rest of us?
The competition is ruthless, relentless and better connected (literally and figuratively) than the rest of us.
It's mostly a scam. In addition to insider trading and other outright frauds, "I would never ever trust any number that comes out on a 10Q, no matter how GAAP compliant it is," he writes. "Enron was GAAP compliant."
Ownership has its privileges. Citing legendary investors like Bill Gates and Warren Buffett, Altucher notes "the guys who make real stock market wealth never diversify and never sell" — and they also have 100s of millions of shares in the companies they run and/or founded. "Then there's the other 100 million people who own stocks."
For those "really determined" to ignore Altucher's advice and buy stocks, he recommends buying index funds or closed-end funds, or "wait for another 2008 and buy a large basket of stocks and really ride them -- and you have to really ride them through all the volatility."
Going once, going twice - I say 1600 by mid/May = SOLD !
MJK, when do you plan to visit the mine?
Are you going to share your notes with us ? ;0)
Jal, jal,jal... Who or when ever told you not to ask hard questions? Board would be boring without them.
The problem arrives when you keep saying same thing over and over again. You guys like to look back and some of us like to
"Look forward". And that's OK: Glass half full or half empty .
You keep asking same question about SP - and I keep saying it over and over: Who is going to buy shares?
Same people are trading this poppy back and forth, Street does not know us until we hit production numbers =100K.
Until then - let just argue - it is all fun.
Anski, - this is a great news . We are getting our ducks in a row.
Personally to me ,production is more important then profit at this stage ( I like profit also), but let say :
I 'll go to jungle and hire a few local Indians to pan for gold. I'll pay them $10 a day, by the end of the week they might pan a few grams of gold - I'll turn a profit- but who cares?
Street does not care about 40k oz producer or 60K oz producer. Now, if we hit 100K- we will "light up the screen",
we will be on everyone radar,( plus profit).
The new production improvements, when fully implemented, are expected to generate an additional monthly recovery of 7,200 gold ounces. - that can double our production to 150K. Cho-cho cho-cho ...
P.S. mjk, fogive my ignorance, what ROFMAO stands for ?
But what happen to " Market looking forward" deal.
Looking forward - we are 200K z producer ( taking in account IR ),
Looking forward - Bernanke killing the dollar , just about to assure $ 2000 gold by YE.
LF - silver is exploding to $60, how that is going to impact IR evaluation?
LF - we have PDI deal ( Panama company gets contract with Minera first )
LF - bank wants to give me .5% interest on my money- PTQ shares look much better investment..
Wee G !!! Why don't you mention this 5 days ago?- "double "
That is good news , mjk. CHO - CHO-CHOO – ALL Aboard!
Lately we have PTQ following “the street- boys”’ – other miners, looks like we are growing up.
.
more news:
The year has just begun but the financial market shows clear signs that China is going to overtake India as far as gold consumption is regarded. Only in the previous year China managed to import close to 600 tons of gold. If we were to make some calculations we will see that this actually means a quarter of the global mine production. China's plan for the future is to increase the country's gold reserves to 5000 metric tons of glittering metal.
It is clear that China is trying to improve its gold reserves in order to be near of what is happening in other Western Countries. This means that it will actually manage to absorb most of the world's gold production. But as it comes out the Chinese officials are coy about releasing any accurate information on how much the gold reserves have risen.
Financial analysts say that this behavior actually has a very simple explanation: by withholding the exact percentage they are stopping a possible immense rise of the price of the yellow metal. Bottom line is that all these actions has transformed China in one of the big gold players on the international market.
India, the world's biggest consumer of gold will probably be over throne in by the China in the years to come, especially if they continue to purchase gold at the current rate. If the Indian investors seem to have become nervous when it comes to purchasing gold as an effect of the rising prices of the glittering metal, the Chinese don't seem to have a serious problem with this.
This has become obvious by the fact that the Chinese government has allowed the public to buy gold as until recently this activity was banned. Also various laws regarding mining for gold are also facilitating gold ownership.
Against all odds the government actually encourages the people to put at least 5 percent of their savings in gold. If an average Chinese would do this at the end of only one year he would have saved 40% of his salary in the form of precious metals. Compared to what is happening in the West, most families are lucky if they can end the year without debts.
Because neither India nor China are willing to go without a "fight", the World gold Council predicts that the demand for the glittering metal is going to rise. Purchasing gold doesn't strictly refer to buying gold bullion or gold coins but in this case it also refers to investments made in the form or jewelry. So if you are looking to save some money for the years to come then you should look into ways of buying gold.
courtesy :
Thanks for that post, Geico.
Reason:
",,..Mining stocks were lower across the board, led by Randgold Research Ltd. , off 1.5%. Antofagasta PLC fell 1.4%, Kazakhmys PLC slid 1.2% and Anglo American PLC fell 1.2%.
Those losses came as precious-metals prices eased off recent gains, and on fears of continued monetary tightening in China, which is a big user of natural resources. Any attempt to slow economic growth is often seen as negative for prospects of mining companies..."
Side note:
All stocks are cyclical , including miners. One should be sensitive to that and excises proper judgment trading those.
But for the value investor - PTQ represent a perfect opportunity to invest for the future growth/ profits.
Mjk you are well respected on this board, so don’t pay attention to those remarks. What happen with your visit to the mine ?
It’s OK Lo, everything is cool.
To those who celebrate Easter : Happy Holiday !
Lo, are you trying to pour water on my parade ? (smile). Those were average grade samples , taking by two different companies. All European quality controls were followed, I did not bothered to copy that part.
I can only guess that production was not commenced because price of gold in those years, aprox. $ 350.
It does not matter anyway; we will have full report soon, as mjk noticed . But it makes nice discussion on a rainy day and we surely see that gold is there. How much?
Much more then in a sea water ;o) Banjas concession is sharing same geological formation with Iberian Peninsula. Anyway Fifer is using his degree in geology well.
Yea, the future looks very promising , you might have to put up with my posts for the next 10 years , lol.
I am jealous of your international travel/living experience. Outside US and eastern Europe I lived in Italy for 6 month . Need to learn Spanish this days,
P.S. It rains every day here for the last two weeks - I might have to build the Ark.
... continue:
VANCOUVER, BRITISH COLUMBIA - (CCNMatthews - July 25, 2007) - Primary Metals Inc. ("Primary" or "Company") (TSX VENTURE:PMI) is pleased to report results of underground sampling programs at the Banjas and Serra da Quinta projects located on the Company's Quinta/Banjas Gold Property (the "Property") in Portugal. The Quinta/Banjas exploration concession covers 44 square kilometres and is located some 20 kilometres to the east of the major city of Porto.
Previous Exploration
The Banjas and Serra da Quinta projects were explored by Bureau de Recherches Geologiques et Minieres ("BRGM") and the Portuguese State entity Empresa de Desenvolvimento Mineiro ("EDM") at the beginning of the 1990s. More recently, from 1998 to 2003, Connary Minerals PLC ("Connary"), a subsidiary of Minmet PLC, completed extensive exploration over the area. The Company has obtained the data related to these exploration programs from the Portuguese Instituto de Inovacao e Tecnologia ("INETI") and is in the process of reviewing and confirming the data produced by them. An important part of the confirmation process has been underground channel sampling in both the Banjas and Serra da Quinta mines.
Gold mineralisation in saddle reefs and quartz veins
The Banjas project is located on a major NNW-SSE regional structural feature, the Valongo Anticline, and is positioned on the northeast limb of the structure, which dips at about 15 degrees to the northwest. Poco Romano (another gold occurrence within the concession) is at the northern end of the structure. Gold mineralisation at Banjas is observed to be hosted in stacked, saddle reef style, gold-enriched black argillic lodes associated with quartz veining. These lodes are narrow, shallow dipping and plunge gently to the northwest. The gold mineralisation within them is associated with sulphides as pyrite and arsenopyrite disseminated in clay and quartz.
At Serra da Quinta, gold mineralisation is associated with quartz veins and silicified zones. These zones are related to a shear that is parallel to a two-mica Hercynian granite contact with Silurian schists. To the Northeast, the prospect is underlain by granite which hosts a 50-100 metre wide zone in which gold mineralisation is associated with sulphides. Serra da Quinta lies 7 kilometres to the north east of the Banjas project.
Confirmation sampling of High Grade gold mineralisation at Banjas
At the beginning of the 20th century, and sporadically up until 1938, the argillic lodes were mined at Banjas for gold. The Company has undertaken an underground sampling program at Banjas to confirm gold grades noted by Connary and BRGM from channel samples taken perpendicular to the flat lying vein structure at intervals of approximately one metre along the stope faces from two stopes (designated Stope A and Stope B by the Company).
Stope A
The face length of the Stope A working is approximately 14.5 metres. The average value of assays from 15 samples in Stope A was reported by BRGM as 11.91 grams per tonne ("g/t") gold across 0.61 metres along the length of the working (14.5 metres). Values ranged from 1.3 g/t gold over 0.6 metres to a high of 47.1 g/t gold over 0.6 metres.
The Company undertook channel sampling in Stope A, taking 4 confirmation samples at 3.0 metre to 4.0 metre intervals along the face, to confirm assay values recorded by BRGM and Connary. The value of these samples ranged from 1.78 g/t gold over 0.6 metres to 19.48 g/t gold over 0.6 metres.
The average value of the samples taken by the Company in Stope A were 11.42 g/t gold over 0.60 metres. A top cut or maximum value for gold assays of 60.0 g/t gold was applied to the calculation. The values obtained by the Company compare favourably with those recorded by Connary and BRGM.
Stope B
In the area designated as Stope B, approximately 25 metres to the south west of Stope A, the face length is approximately 15 metres. The average value of assays from 13 samples taken along the stope face (15 metres) was reported by BRGM as 36.88 g/t gold across 0.67 metres along the length of the stope. Values ranged from 3.1 g/t gold over 0.65 metres to a high of 464.0 g/t gold over 0.6 metres.
The Company undertook channel sampling in Stope B, taking 5 confirmation samples at 3.0 metre to 4.0 metre intervals along the stope face. The value of these samples ranged from 28.96 g/t gold over 0.6 metres to 346.93 g/t gold over 0.6 meters.
The average value of the samples taken by the Company in Stope B were 42.23 g/t gold over 0.69 metres. A top cut of 60.0 g/t gold was applied to the calculation. These values, although slightly lower, compare favourably with those recorded by Connary and BRGM.
Other Workings
The Company also undertook check sampling of other workings that exposed the flat lying vein structure in close proximity to Stopes A and B. These values along with the comparative grades between the Company sampling and the prior sampling are shown in the following table:
-----------------------------------------------------------------------
Historic
Sample Width Width (BRGM)
number (metres) Gold g/t (metres) Gold g/t Method of Analysis
-----------------------------------------------------------------------
Stope A
-----------------------------------------------------------------------
BBJ 1 0.60 1.78 0.60 1.3 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
BBJ 2 0.70 8.77 0.70 17.3 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 3 0.60 19.48 0.60 47.1 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
BBJ 4 0.50 17.01 0.50 9.3 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
Average along 0.60 11.42
14.5 metre face
-----------------------------------------------------------------------
Stope B
-----------------------------------------------------------------------
BBJ 7 0.65 33.76 0.65 3.1 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 8 1.00 33.94 1.00 68.8 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 9 0.60 39.52 0.60 275.5 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
BBJ 10 0.60 50.18 0.60 55.6 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 11 0.60 346.93 0.60 464.00 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
Average along 0.69 42.23
15.0 metre face
-----------------------------------------------------------------------
Other
workings
-----------------------------------------------------------------------
BBJ 12 0.70 540.16 0.70 164.4 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
BBJ 13 0.70 1.79 0.70 2.40 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 14 0.60 10.43 0.60 8.33 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 15 0.60 9.84 0.60 7.47 P5, Au 9, GAR Ag
-----------------------------------------------------------------------
BBJ 16 1.00 28.96 1.00 194.00 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 6 0.80 121.6 0.80 91.00 P5, Au 4, GAR Ag
-----------------------------------------------------------------------
BBJ 5 0.70 6.4 0.70 3.00 P5, Au 9, GAR Ag
We are very pleased with the results of the confirmation sampling," said Lewis Black, Chairman of the Company. "It is apparent that there are structures containing high grade gold at the Banjas project and we hope to be able to show these structures continue to the Poco Romano project some 3,000 metres to the northeast. Confirmation of the extension is the primary objective of the drilling program. Our task is to now extend the knowledge of those structures along the limb of the major anticline with a view to defining an economic deposit. At Serra da Quinta, the gold grades are again encouraging and we await the results of the recently completed drill program to determine if the project has the ability to match the Company's development criteria."
Time/line. Past is the History, future is the Mystery, today is The Present:
Thursday 19th April 2001
Minmet PLC ("MinMet")
CHANNEL SAMPLING AT BANJAS MINE IN PORTUGAL CONFIRMS HIGH GOLD VALUES
MinMet has been advised by its wholly owned subsidiary Connary Minerals PLC ("Connary") that following further exploration of the Banjas Mine within its Valongo Gondomar licence area, detailed underground geological mapping of structures, quartz veins and lodes along with channel sampling has been completed. This has confirmed the high gold values previously reported, but over a much more extensive area, and has given a better understanding of structural controls to the mineralisation.
Argillite lodes and quartz veins were channel sampled at various orientations at different mine levels at Banjas. The results show very high values in Banjas mine argillite lodes that confirm and extend the mineralisation indicated by the previous work by the BRGM/EDM consortium which ranged up to 540g/t of gold. 29 out of a total of 73 (approximately 1m) channel samples taken by Connary, have more than 4 g/t gold and those gold values range from 4.2 g/t to 313 g/t for this channel sampling campaign.
The extremely high gold values and their continuity through the mapped extension of the argillite lodes are a very good indication of the potential of this prospect. The channel sampling has been complemented by geochemical surveys and bedrock channel sampling that covers several square kilometers on the surface above the underground mine workings. The most probable controls for the mineralisation are local variations in structure and type of host rock, with potential for additional discoveries of both argillite and quartz vein lodes.
The results of this programme will now be used as a basis for a full evaluation of the extent and viability of the various lodes. A surface drilling programme at Banjas is planned to test the surface geochemical anomalies and vein structures. The underground drilling (700m) is planned to intercept the structures at different levels and test the possibility of a sequence of stacked argillite lodes in the Banjas mine to produce a viable volume and tonnage.
Gordon Riddler, Group Technical Director said "There is little doubt that the geology, structure and to a large extent the lode-type gold mineralisation evident in the Banjas area is replicated over a distance of at least 10km to the north-west of Banjas, which is re-enforced by evidence from the continuity of the soil geochemistry results reported previously, which themselves gave gold values in excess of 1 g/t."
to be continue:
Here you are, I was worried that you got lost in the jungle and I will miss your fresh daily input.
Fighter pilot , gosh - you are the mench, I was just a radio-man , but a good one... Used to play drums and that helped my key/ speed...
I have some good read 4 U in z nxt pst.
look at that bounce of 50ma
Yes agree, I've been talking about hiring promotion agency in my earlier posts.
But , regardless of us turning a profit ( which is good, Lo ), I firmly believe that certain benchmark has to be made.
Right now we like:
Stealth-fighter jet, gaining speed in a dark, invisible, approaching the 'target'.
Indicator-light goes-on : the target is in a range (bench-mark 100K oz is achieved),
pilot successfully executes "kill"- procedure,
fighter/jet finally lights-up on enemy radar, but it is too late,
( all investors with vision already on-board) , incoming laser-guided missiles destroys enemy installations.
Twenty minutes later F-22 pilot was quietly taxing to his jubilantly awaiting crew, (street).
It's getting pull down by all mining sector, but eventually that has to resolve , with gold and silver going higher..
History/ mistery:
8 August 2002
Cambridge Mineral Resources plc
SRK CONCEPTUAL MINING STUDY VERIFIES LOMERO-POYATOS PROJECT VIABILITY
Cambridge Mineral Resources plc ('Cambridge' or 'the Company') is pleased to
announce that SRK Consulting Ltd (SRK), an international and independent mining
consultancy, have presented the preliminary findings of their conceptual mining
study in respect of the polymetallic Lomero-Poyatos project situated within the
Iberian Pyrite Belt in southern Spain.
The Company commissioned SRK to conduct an independent review of the
Lomero-Poyatos project. The purpose of the review was to independently verify
and validate the resource available for mining, review metallurgical testwork,
prepare a conceptual mining plan and evaluate the economic viability of a mining
operation.
Their conclusions indicate that the deposit can be economically developed to
provide viable open pit and underground mining operations over a minimum 10 year
mining life. SRK considers that the open pit plan has considerable upside
potential and should be a priority evaluation and development target. The open
pit option, in SRK's opinion, would allow a rapid start up of mining at
Lomero-Poyatos, within a two year period, upon establishment of processing
facilities.
SRK also concludes that, using reasonable technical and financial parameters, an
economically robust mine plan can be developed, subject to confirmation of key
project criteria. SRK have adopted a conservative approach in formulating their
resource model which will be upgraded following the completion of the future
drilling programme; however, SRK conclude that upside potential exists both in
terms of tonnage and grade.
The Mineral Resource is substantiated by the exploration completed historically
by Indumetal and Billiton, and more recently by Newmont Mining Corporation
('Newmont'). The results of the Newmont drilling programme show a trend of gold
grades improving to the north east and at increasing depth outside the existing
mine workings. The gold grade of the Lomero-Poyatos deposit is the highest knownin the Iberian Pyrite Belt and anomalously high for a deposit of this type on a
worldwide basis.
Previous resource studies have concentrated their estimates in and adjacent to
the known mine areas. Cambridge's in-house resource estimate for this area
contains approximately one million ounces of gold within the massive sulphides
alone and does not include the semi-massive sulphide zone or other contained
economically recoverable commodities. SRK have reviewed and taken account of
this work; however, their conceptual mine plan is based on an Indicated and
Inferred Mineral Resource of 140,000 and 290,000 ounces of gold, respectively,
in the massive sulphides external to the known mine areas. The Mineral Resource
has been categorised in accordance with the AusIMM JORC Code. Further work is
continuing to assess the total combined resources within the Lomero-Poyatos
Exploitation Permit areas.
Recent geophysical surveys completed by Cambridge have identified strong
positive gravity anomalies to the north and east of the current prospect area
confirming indications that the deposit is open along strike and at depth. The
results of these surveys will be issued in a separate release following
completion of their interpretation.
Metallurgical parameters for the sulphide mineralization were incorporated into
the SRK study from recent metallurgical testwork and reviews undertaken by Amco
Robertson Mineral Services and TJ Mineralogical Services Ltd, who have extensive
experience of similar polymetallic ores within the Iberian Pyrite Belt. TJ
Mineralogical Services Ltd concluded that the preliminary scoping metallurgical
testwork conducted to date achieved its principal aim in demonstrating that
marketable commercial concentrates could be produced for copper and zinc with
good metal recoveries and that a total gold recovery of approximately 78% could
be achieved following refinements. Kvaerner Engineering and Construction Ltd
('Kvaerner') have also reviewed these results on behalf of the Company. Further
testwork to evaluate recoveries and process routes is planned and has been
recommended by both SRK and Kvaerner. Cambridge will target the acquisition or
access to the neighbouring Almagrera processing plant as a low cost route to
obtaining a processing facility.
The SRK economic model indicates that the project has robust economics. The
estimated IRR (Internal Rate of Return) in the range of 30-40% validates the
proposed further definition drilling and metallurgical testwork programmes
recommended to progress the project towards production status or industry sale.
The Board is extremely pleased with the outcome and recommendations of these
preliminary studies and will issue further detailed information over the coming
weeks in respect of the continuing resource review, metallurgical studies and
the interpretation of the gravity survey. The results received to date fully
support the Company's commitment to the Lomero-Poyatos project.
Cambridge has a 100% interest in the mining rights of the Lomero-Poyatos project
area covering approximately 15 square kilometres of Exploitation Permits, the
highest level of mining concession under Spanish Law. In June 2001 the
Provincial Government of Spain granted an unprecedented 60 year consolidation of
these Exploitation Permits, offering long term security to any future
development plans.
SRK is part of the SRK Group, employing over 500 professional staff offering
expertise in a wide range of mining and engineering disciplines. The SRK Group
has a demonstrated track record in undertaking independent assessments of
mineral resources and ore reserves, project evaluations and audits, competent
person's reports and independent feasibility evaluations to bankable standards
on behalf of exploration and mining companies and financial institutions
worldwide.
Yes, there is a move towards consolidation/ correction among all miners. There are other factors which can impact miners in near term:
Oil price- significant expense cost, money devaluation, overall mood of the market turning bearish.
Gold also can pull-back during the summer time. It does not matter to me – my investing/ profit horizon is next 2-3 years. But in mean time it presents opportunity to buy some more shares or sell and wait on the side line. Personally I am accumulating.
P.S. There is a big demand for physical gold/silver which not always translates into miner’s shares, but eventually , I believe something has to give.
Good read:
"We are seeing fresh opportunities
for many old mining countries
where our industry has, perhaps,
been sidelined over past decades. Spain,
with a long history of mining, occupies
about 85% of the Iberian Peninsula and has
some of the most mineralized territory in
Western Europe, particularly the Iberian
Pyrite Belt (IPB). The main polymetallic
deposits, from west to east, include Aljustrel
and Neves Corvo in Portugal, and Tharsis,
Sotiel, Rio Tinto, and Aznalcollar in Spain.
The IPB stretches from Seville in southern
Spain west to south of Lisbon in Portugal
The IPB contains world-class orebodies
including the Rio Tinto mine (copper-gold),
and numerous deposits in the 10 to 100 Mt
range. A total of 1,700 Mt of massive
sulphide ore, both mined and in situ, has
been defined within the IPB, making it the
largest massive sulphide province in the
world. In such well-mineralized terrains it is
not uncommon to find further mineralization
in close proximity to known deposits.Spain is one of the leading European
Union (EU) countries in the value of its mine
output of metallic and non-metallic minerals
and quarry products. It has one of the highest
levels of self-sufficiency with respect to mineral
raw materials among the EU members. Spain
has had a long history of base-metal mining
and in recent years has attracted renewed
interest from many of the world’s major mining
companies for gold and base metal exploration
and extraction. International mineral investment
has been encouraged, CMR says, by several
important factors including the:
The highly prospective geology of the
Iberian Pyrite Belt in the south and the
recent gold discoveries in the north
Transparent legislative framework and
positive fiscal environment covering the
extraction of natural resources
Well-developed infrastructure and available
skilled work force
Extended mining tradition and the track record
of exploration success and mine development
Availability of non-refundable
Government grants for both exploration...."
....
MUMBAI (Commodity Online): Gold soared today, rising to a fresh high near $1510 per ounce as the US dollar tumbled to a 16 month low against the Euro and massive burst of risk appetite in world markets boosted commodities.
A chunk of central banks raised their interest rates yesterday and the glaring differences between the US and the rest of the world are a good enough reason for traders to pull the greenback lower purely on yield differentials, a the serious doubt about the debt downgrade notwithstanding.
Gold had tested $1500 yesterday and cruised along further today as the Euro hit a fresh high of 1.4631 against the dollar. Gold matched the dollar's slide perfectly and currently quotes at $1506.70, up $7.80 per ounce on the day.
Mjk, you made me laugh so hard last night that I almost spill my herbal tea. No , I am not going to sell my GE bonds - it is my other sleeping pill , makes me sleep well, but I've been tearing up all my mattresses and braking my piggy banks sweeping this cheep shares.
Acanuck, you hit nail in the head, if investment makes me feel miserable - I leave.
I am excited about PTQ - that is why I am here, it is like being on the ground floor of Hecla or Great Panther 4 years ago.
Coffee taste good this morning. Salvo, keep your magic going- I got more mullah coming- yea baby!!!
by Best1
I agree with the reasoning and calculations as shown in the last post by TheRock07.
It is important to realize that Molejon is only half built. Half the production capacity is missing.
Molejon was built in two parts so the first part could finance the second part. Given the recent politics; this was good foresight by management.
Molejon was always supposed to be a CIP plant with heap leach pads.
As ore is mined from the pit it was to be processed via CIP plant or Heap Leach depending on grade and mine plan.
It was always expected that the heap leach would be put into operation as soon as the CIP plant was built. It was on this basis that high projected production numbers were given by management.
The build out and start up of Molejon has taken longer then expected, mainly for political reasons, just ask Inmet. You saw it yourself, with the actions of the Panama President. The President, government, Inmet, Lundin, PTQ and the working man, all want to move forward ASAP; but it is taken a bit longer then first planned.
The facts are, the heap leach pads are being built and the CIP plant is being expanded and all will be completed within 4 months.
The ore has already being mined and stockpiled; as very soon, the pads will be loaded and producing gold.
PTQ will be producing well over 120,000 by year end and they will continue to ramp up well into 2012 and 2013.
PTQ is going to start a gigantic exploration program, as soon as Inmet starts stripping the land for mining, cutting transport roads, drilling for power lines and cutting trenches for right of ways, a huge amount of bed rock will be exposed for sampling and drilling.
Gold production and exploration is going to rapidly expand in the very near future.
According to my math, about 50 people sold their positions today.
I was away all day , but placed my order in the morning and it got fell, great gift.
After reading your posts guys :
The “ street” did not sale us today. “Street “ does not know we exist. Overwhelming majority of shares own by Panama Big Money. I wish some of you could get in your head if any of those People decided to sell – this stock would go to 0.10 in a hart beat. It will not happen, people who invested there know what is going on and have enough patience , unlike some of us. Rome was not build in a day.
I said it before that a few thousand of small investors are selling and buying from each other. No one else knows about this company. I believe that in due time management will invite analyst to promote us.
Another point: hundreds of people are reading our posts and if underlying theme of them is negative ( constant questioning management , grades , etc) – it can effect some of readers to sell, not understanding all details.
I am not against constructive discussions, but constant winning and crying not doing any good.
Anyway, to those who sold – thank you for your shares.