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I hadn't noticed the Mexican property has been removed, although I have noticed it has been absolutely quiet.
It is pretty hard to get a read on today for ECC.
No doubt with a better idea (or any at all) of what Kinross has come to understand of the Underworld property there would be a better context.
Granted, there is still the expected maiden NI 43-101 from KAM, and KAM briefly dipping sub-dollar (probably on a trigger) after the 160k sale took KAM to its lowest point since June 2010 has to make KAM look attractive to value hunters looking for risk in explorers, so some of the change in KAM could just be rebound from year-end sellers with some capital gains to book into 2012 from early buy-in.
All the same, the most "newsy" explorer to my awareness lately in the White Gold area has been CSL (with some hype from analysts), and it appears that their news
http://www.marketwire.com/press-release/comstock-metals-discovers-a-new-area-of-gold-mineralization-at-qv-tsx-venture-csl-1736261.htm
didn't cause much excitement among that speculative following, not much dumping either (most of which was after the drill results some couple weeks back).
I just noticed that pretty much timed to the CSL news KAM did a reversal "big time". Coincidence? One probably needs to know what Kinross does. I noticed though that PPG (ex Smash) did not find sympathy as I would expect if the northern CSL news is operative so much further south on KAM and then today on ECC. I am tending to consider the upcoming NI 43-101 as involved instead.
Perhaps some overflow from the Comstock NR, but whatever is afoot yesterday saw strong buying return to KAM (after hitting some really low lows earlier in the preceding 24 hours). Other than the Comstock release I did not turn up anything that is public.
Larry Reaugh has resigned as a Director and CEO to focus on other interests. He will sit on the Technical Advisory Committee and continue to be an asset to the Company.
Could be, people waiting to see what/if they have from oversubscription (I know I am) . . .
I don't remember, is there a wait period on shares from rights?
Sure, but just to be clear, the PRs are entirely the responsibility of Richard (as he made clear in the last CC). They may in fact be Andrew's doing, but Richard said that the content of the PRs are from his doing. Now Robert may have mislead Richard on the state of things, sure, may have, but Richard should have over time learned to compensate and release PRs about that is in hand, not what maybe will be.
Well, with me at least, Robert's credibility is miles above the other two that constitute this company, all jmo obviously. I am not too sure there will be a point at which he is sidelined and as has been said "out of the way". The observation about the 400M share stake (and possibly royalty income) as compared to the pace of progress has always been something of a touchstone to me when assessing the possible future.
yes, exactly, just what you said, just like you said justgetnby
(except you forgot the edit up together all the different existing and being now recorded video footage that Superstorm Sandy didn't gobble up after all)
why must Wanderport confuse it all up so, when it is just so clear, just like you said
I only saw the PR stating when testing is (was then) scheduled to take place. The earlier PR said Intertek was being given a mandate to provide its interpretation of its analysis. An analysis is more than taking measurements. Usually the engineering work done in the analysis gets presented with summary internally, and needs to await a weekly or semi-weekly meeting to receive sign-off as the to-be-released product, the interpretation backed by the analysis based on the measurements and test.
That takes time. That time will run into the holidays.
On another front, when initially reading the last PR the possible reading that a video would be released by the testing was happening did not even occur to me, as in reading I only took the wording to say that while testing was underway there would be video recording of the operations. I do not see why there needs to be any delay in release once the video exists, but that is how I read the PR. Given history I would imagine that information released, video, interpretation, data, whatever, will be staged and happen when the company deems the best time . . . and I assume that would be after the holidays, after year-end book closing, etc.
we better get something soon, hopefully next week and before the holidays
I am not expecting anything that soon . . . well, maybe/probably the video
Intertek will need time to look like they have earned their money, so will take some time to digest (analyze) the test results, and also then take some time to word and review their interpretation of the analysis.
Of course, this will run into the holiday season.
Once Intertek turns over its deliverables, then Wanderport gets to paw over what is written and compose and deliberate over what/when to release info.
We are likely looking at after the first of the year.
Remember how thinks needed to wait until August to be released because that was normally a better time? Well, holidays are not the best time.
Very. Very not cool.
Not as cool as reaching agreement with indigenous community either.
Yes, all said could certainly be, except I cannot see a last leg in the bull ahead, next leg up yes, but I don't see a last, just more after each pause as the debt is beyond resolution (of which there is precious little).
subconsciously they must have been realizing they are in a lot of hot water . . . no, wait, that does not fit - it is not their reaction to make sure they are not wasteful
After we reach a certain plateau of gold,the diluting should end.
I don't see that . . . it could only happen if the company had sufficient treasury to carry its property obligations and minimized burn and it went into a waiting mode . . . which would probably be suicidal.
CD will build a shallow mine,if no offers.
I thought CD had no desire whatsoever to get involved in development. Such would require even greater funding than would continued drilling. So these two comments just do not work together at all.
Not sure if you caught the impact of an earlier comment, about 1.5M Oz would have to be worth $12 per in-ground Oz, also not sure I am reading into it the intended, but that is $18M and with 188M shares fully diluted, well you can do the math . . . and when I look around at undeveloped properties in good jurisdictions, politically and by infrastructure and nearby mining, I am seeing market caps that reflect even lower in-ground values.
IMO at this point it depends on not just the next NI43-101, at least if the new resource is not way higher than expected, but it also depends much on seeing the ability to raise funds to continue. If the burn rate remains similar, and to continue another year comes to $4M including costs for resource estimate update, maintaining other property obligations, and maybe some minor work on KC, all of which is probably a stretch within $4M, with a half warrant per placed share then we are looking at increasing the fully diluted by a third of what it is now if share price remains where it is or a touch better.
dilution occurring necessary to raise $ to realize that potential will ultimately affect price / share. But I fully expect when all said & done share price will be much higher than where it is today
While that is logical my biggest concern is whether there will be success, or enough success, with the future placements. Look back at the past few, and imo the market environment for juniors raising funds with placements has only gotten tighter/worse.
or perhaps Stans resolved the temporary catastrophe centered in his ministry by more tightly aligning one or more bigger fishes in the countries political pond, particularly finding one that had been anxious to gobble up that specific small fish minister
That interview is quite revealing despite holding no surprises !
Thanks for posting.
neither ticker is "the right one" as they are both valid, ELI on the Toronto exchange (the company's home exchange) and ELSRF on the US OTC, i.e. over the counter (which is actually, so to speak, a packaging of ELI allowing it to trade in the US).
On iHub whether some Canadian registry company has one, the other, or both discussion boards seem nothing more than an artifact of who started boards.
As for a brokerage, as you look at alternatives just be sure to ask if they have restrictions on penny stocks and look closely at their fee structure. Some brokers, such as those that use Penson or Apex underneath discourage or even disallow OTC, and some just make it prohibitive by having standard commission for only up to 1000 or 2000 shares with added cost per share above that. Most of the major brokerages let you trade the US form of the foreign shares (where the company has established the US form) without any special restrictions or penalties or added costs . . . but some do not and can make it impossible or cost prohibitive. Also, always check what the trade is saying it will have for commission before you issue it, as whether is will be at standard cost or at a different much higher cost depends on the kind of market making the company has contracted to have. Fidelity has one of the lowest standard commissions of the major name retail brokers and no restrictions. That is not to say they are imo the best or most inexpensive of the brokerages I use, just that their cost structure is competitive and service good and they don't play restriction games.
Well, I surely wouldn't want to contest what you have stated, including the medium to longer term outlook for MUX.
In my gut I also feel that by the time the few North American projects in the pipeline are well underway and there are the resources and time to devote to aggressively moving the (then remaining?) Argentine prospects along the political/economic climate there will have awakened to reasonable international business realities.
And sure, MUX by the rights offering issued a 10% increase in O/S but its treasury only received funds equivalent to a 5% (at pps at time of announcement) or an approximate 7.5% (at pps at time of close) portion of the market capitalization. So yes, by definition that is dilution. I also believe that got priced into the MUX pps the day after the announcement. Not all dilution is bad by any stretch, only when the funds are squandered instead of used to increase value beyond the dilutive cost, imo.. That said, I would rather MUX could be beyond this which is more what one expects with a junior than with a mid-tier. But the reality is that MUX is only now starting to be a producer, taking the initial steps to becoming mid-tier.
As RM commented in the last NR, MUX is now well positioned for the El Gallo phase II work. With luck monetizing assets and/or the Argentine situation will bring fruit so that MUX can complete Phase II while also moving the other North American initiatives along without further issuance, but at least the company has been forthcoming in setting expectations that regard. All to be seen.
If stocks did, on a day to day basis, what you expected, we would all be at your door, as you would be able to generate endless wealth.
A very few stocks make their own way and set their own course instead of being swayed by the larger currents of the market and global socioeconomic/geopolitical environment. Even those few exception stocks, while usually anchoring the market, do have their days also (Ex Apple yesterday).
Apparently you, and some others, expected MUX price elevation when the rights offering ended. I have not been able to see the angle from which I would expect this. You found the PR that the right offering was fully subscribed to be good, positive news. Well yes, I would have taken failure of the rights offering as a surprise, a wake-up call with negative edges, so I guess the PR was good, positive news. But I had not looked at it as anything other than the expected, certainly nothing able to counter the other factors molding the market and the MUX market yesterday.
I could be misreading also, but I took
by allowing for individual, combined and sequential firing of the magnetrons as will be determined manually
The test is intended to be used to further qualify our MCMHU's heat engine, which we expect to eventually incorporate in various dynamic flowing water heating products
That is many billions in new debt to be financed by Goldman Sachs, and a large percentage is premium to be paid over market for the two companies.
I guess it is easier to see the net longer term positive when sitting in the boardroom.
Former mining minister in Kyrgyzstan arrested for embezzlement
December 3, 2012
http://www.mining.com/former-mining-minister-in-kyrgyzstan-arrested-for-embezzlement-94242/
The Associated Press says Uchkunbek Tashbayev, former head of the state mineral resources agency, has been arrested over suspect deals involving mining concessions and embezzling unrefined gold.
Tashbayev was already in the outs after he was dropped from the mining agency in September and replaced.
Centerra Gold operates its Kumtor Mine in the country. The company is fighting off nationalization charges and accusations of environmental mis-management.
Kyrgyzstan is ranked in the bottom 10 of the Fraser Institute's ranking of attractive mining jurisdictions, finding company alongside Honduras, Guatemala, Bolivia, Venezuela, India, Philippines, Ecuador, Indonesia, and Vietnam.
OMG - what else to say
the combined company's estimated EBITDA would approximate $12 billion and operating cash flows would approximate $9 billion
It is tough to say, some years it is driven up in the final days, other years down, but more often up. I just liked the look of 1666 and besides it is 1% above 1650. IMO it is after Jan 1 when things will be interesting.
Duluth Metals Announces an Updated Mineral Resource Estimate Confirming Large Increases to Twin Metals Contained Metal, Grade and Indicated Tonnage
TORONTO, December 4, 2012
http://www.heraldonline.com/2012/12/04/4458138/duluth-metals-announces-an-updated.html
Amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with contained metals (using a 0.3% Cu cut-off) of [color=green]13.7 billion lbs copper, 4.4 billion lbs nickel, and 21.2 million ozs palladium+platinum+gold (TPM)[1]in the Indicated category and 11.8 billion lbs copper, 4.0 billion lbs nickel, and 12.8 million ozs TPM[1] in the Inferred category[/color], representing an average 19% increase from the June 2012 interim AMEC Report.
Using a base case 0.3% Cu cut-off, AMEC estimated an Indicated Mineral Resource of 1.17 billion tons[2] and an Inferred Mineral Resource of 1.26 billion tons on the three deposits (Birch Lake, Maturi and Spruce Road) occurring on approximately 11% of the footprint of the prospective portion of the Twin Metals Minnesota (TMM) property block, representing a 60% increase in Indicated Tons and a 9% increase in Inferred Tons from the June 2012 interim report.
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announced that Twin Metals Minnesota LLC (TMM) has received a draft NI 43-101 Technical Report on the consolidated mineral resources for the Twin Metals Minnesota Project in Northeastern Minnesota prepared by an AMEC E&C Services Inc. (AMEC) team led by Dr. Harry Parker. This final study utilizes 867 drill holes and 308 wedge offsets to confirm the Twin Metals Minnesota Project to be one of the largest base and precious metal deposits in the world of this type. In addition, the PGM resource estimate confirms the project to be one of the largest palladium and platinum resources outside of South Africa.
I did not get that the misfiring of the magnetrons was now fixed. I did get that the magnetrons can now all be fired as desired. But the testing is under different manually controlled firings, right? The unit design as I understood it was to have that firing pattern all electronically controlled, adaptively in response to flow-rate, temp setting, etc.
So it sounded to me like the tests are of the heating capability but not of that capability as it performs in the fully integrated engine design where magnetrons are automatically controlled instead of manually controlled.
Yes, pretty much. There are some considerations that could be taken into account by looking at cycle times and the effects of residual heat.
What Robert outlined as the protocol, the to be measured, is all fine.
My issue is with the releasing of an interpretation of the analysis of the testing measurements, which does not sound like release of the measurements, and even release of an analysis of the measurement would be better, but an interpretations of an analysis ?
I had the same reaction/grin at the part about confirming linear scaling. First reaction was, how could it be any different (unless there was some really abnormal loss of heat in the magnetrons or their directing the microwaves).
Second reaction was he was saying "not sublinear" meaning that the design scales up (more cavities)with each added microwave source operating at the same approximate efficiency, whatever that turns out to be.
1666 like tossing a dart at a donkey blindfolded given a totally manipulated market needing to meet what the end-of-year books demand.
you must have read a different PR
"reserved December 12, 13 and 14, 2012" to run the tests "(pending any unforeseen delays)"
"publicizing a video recording of the MCMHU while undergoing said" tests
Is anyone really surprised ?
Let's see, after the days of testing comes analysis so Intertek can deliver its "independent interpretation of their efficiency analysis", all possibly delayed by the holidays, followed by delivery of report to Wanderport, then Wanderport's review and crafting of what and how to release the info from the interpretation of analysis . . .
Were does that put things ? Mid January 2013 ? And that just to find out whether there will be hand-waved, well-spun results or hard data we can assess ourselves ?
The saga continues IMO
"company will inform the public about any progress without delay"
-FB
that, plus recent history of zero information
implies no progress
Correct? Simple inference of propositional logic, right?
The unprovable speculation presented is both sensible and something that has been floated around for a long time (multi-year).
Remember all those controlled years before gold was allowed to start its uptrend, or how (until this year) the upward rate has been averaging out to pretty much a straight line. But it was only after the GATA championed wider awareness, and then the revelations that the lead bullion-banksters are apparently working with the government in the manipulations, that there has been heightened interest in understanding the motivations behind such strong, consistent intervention policy.
btw, where the excerpts say "wealth will move from holders of paper wealth to those entities holding gold, silver and energy assets" depending on timing I would add food, productive land, and in a slightly longer water resources (and also cheap control over large industrial resource prospects, as we have seen China doing on an even larger scale than its conversion into hard asset reserves)
Thx for sharing
Cheers
That all makes sense to me, as I also see the long-term potential of MUX. If my main holding was in sheltered instead of taxable account I would also be trading in and out more on the (lately) regular fluctuations building a larger core position.
And heck, just because you see MuX as a buy and forget, don't let that hold you back from sharing with this board
I find it interesting that the share price, after the rights announcement, declined to make the rights issue at about the 30% top of the discount range used abroad, down from the 50% at time of announcement. Coincidence probably, but it will be interesting to see the outcome from the closing of the exercise period today.
more like 6 million off float (5.9M)
all the same, agree with yourself and InXS, the extension seems a worthless exercise for the holders . . . all depending on what one believes the shareprice could ever reach.
So (depending on future price) this could be an exercise in appearances, implying extent of undervalue, showing management to be friendly to placement participant investors, potentially deferring when write downs for tax purposes has to be done (?), whatever, but one still has to believe in a future high value for EXS (there is quite a protfolio of properties).
All that said, this is better than the attempt, late last year, to reprice the exercise on all those options (many management held).
a turn-around in the Toronto exchange in general, some confidence that in the nearer term precious metals are not going to retreat, clarity on the future of the Argentine assets, continuous improvement on El Gallo production/ramp-up, clarity on cash-flow from San Jose for uses outside Argentina, recognition MUX is a gold producer not just a silver royalty collector, some grasp on size of placement to complete El Gallo phase II and keep other pipeline projects underway, plus some unexpected like acquisition of some attractive new properties from a distressed junior, and maybe a couple kitchen sinks, some forks and knives, . . .
Take your pick. Something, perhaps from among these, is making the general sentiment a little skeptical on MUX (is that how one describes a large short interest?)
. . . or it could mean that they are content not to loose the warrants, perhaps on the outside chance that their exercise might be adjusted at a later date (when more politically feasible to do so?)
I have always been pretty amazed that retail investors put up with options and warrants getting extended and repriced. Is it that retail investors are welcome to take risks without any downside cushion, and suffer the shareprice consequences of participants in placements being relieved of downside from a risk they took on that went bad?
I understand how extending and/or repricing serves as a perk that placement participants might consider when thinking about subscribing, but it is in fact the company acting in a way that is not in the interests of shareholder value in at least one blatant sense.
and "related company" means what in this context ?
I honestly have no idea as I do not see the relation between those companies and the article or companies mentioned in it.
ideas ?
the wait is over, remember . . . so come on now and get with it and stop acting like you are waiting
cautious, even skeptical, markets in general; plus news timed at a time almost all were forced to swim upstream; and the more DD challenged (chart only types) only see a significant percentage gain off the midsummer lows. As the size of those following grows, things may change, but (at least for the US ticker, much of the time the CA also) for now this is still a little below the radar imo.