full-time investing; total portfolio up over 130% in 2009; but 2010 sucks!
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Always look on the bright side of life ... from Monty Python's Life of Brian.
NXT.v/ntcxf.pk jumps 45% today on partnership with Chinese company. (still under the radar)
Natcore Signs Agreement With Chinese Consortium to Take Its Solar Technology From Lab to Power Grid
VANCOUVER, BRITISH COLUMBIA, Feb 22, 2010 (MARKETWIRE via COMTEX) --
Natcore Technology Inc. (TSX VENTURE: NXT)(PINK SHEET: NTCXF) ("Natcore" or the "Company") is pleased to announce that it has reached agreement with a consortium in China to form a joint venture company to develop and manufacture film-growth equipment and materials using Natcore's proprietary Liquid Phase Deposition (LPD) technology.
Natcore has signed a letter of intent with the Zhuzhou Hi-Tech Industrial Development Zone ("Hi-Tech Zone") to form a new company, "Natcore China", with rights to manufacture anti-reflective (AR) film growth equipment and materials. Natcore China will be 55% owned by Natcore Technology, with the Hi-Tech Zone and its partners ("Chinese Partnership") holding the remaining 45% ownership position.
"This agreement is a major milestone in the growth of Natcore Technology," notes President and CEO Chuck Provini. "Not only does it fully fund our remaining research, development and production costs for AR film equipment, but it immediately plugs us into a network of end users in a country that is one of the world's largest and fastest-growing producers of solar cells. In short, it helps move us out of the lab and closer to achieving our goal of making solar energy efficient enough to be affordable to the world."
Natcore China will be funded by an initial $3 million investment consisting of $500,000 contributed by Natcore Technology, and $2,500,000 contributed by the Chinese Partnership. (All amounts in U.S. dollars.) Natcore China will have the exclusive right to develop, manufacture and sell AR film-growth equipment in China, and a three-year exclusive right to manufacture such equipment for sale outside of China. Natcore Technology and the Chinese Partnership have begun drafting a definitive agreement incorporating the principles reflected in the executed letter of intent. Completion of the agreements is subject to regulatory approval.
The Chinese Partnership will consist of the Zhuzhou Hi-Tech Industrial Development Zone and two Chinese firms, including a major producer of polysilicon and a manufacturer of industrial equipment used in the solar industry. Natcore's partners project that the joint venture company will eventually create as many as 500 jobs in manufacturing and R&D.
Key elements of the joint venture include:
-- Majority, 55% control of the joint venture company by Natcore
Technology.
-- Operation in China as a local company, with all intellectual property
protections accruing to such a position.
-- Natcore Technology funds 17% of joint venture; with the Chinese
Partnership contributing 83%.
-- A fast-track development program initiated upon signing of a definitive
agreement, with a projected timeline of 10 months to first product
shipments.
-- Early integration of Natcore's LPD film-growth technology into existing
solar cell production lines, in advance of final equipment development.
-- The ability to fast-track revenues by accepting lead orders in China and
throughout the world.
"We had always envisioned a joint venture operation in China as part of our long-term business plan, after we had completed development of our AR film growth equipment," notes Brien Lundin, Natcore's Chairman and co-founder. "But well before that could come to pass, we were approached by the Hi-Tech Zone with their offer to completely fund our AR film growth development program, and give us majority ownership in the joint venture."
"We will retain control, enjoy a ready-made customer network and open up new avenues for funding of potential future joint ventures," he adds. "It was an opportunity we couldn't refuse."
Under the agreement, Natcore China will complete the engineering and production of self-contained, self-replenishing film-growth equipment that will recycle the chemicals and water used in Natcore's LPD process. In advance of this, however, the Chinese Partnership envisions the incorporation of the technology into existing manufacturing lines through manual replenishment of the chemical bath. In this way, Natcore China would be able to serve its first customers, which may include members of the Chinese Partnership, before final product development is completed.
One of the key advantages of the Natcore LPD process is its relatively low environmental impact. "Pollution control and toxicity are very big issues in China now," says Provini. "Our ability to not only reduce the cost of solar cell manufacturing, but to also do so in a much more environmentally friendly manner, is a very important benefit to our new partners and their customers."
On behalf of the Board of Directors,
Charles Provini, President & Chief Executive Officer
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
About Natcore Technology Inc.
Natcore Technology is the exclusive licensee, from Rice University, of a thin-film growth technology enabling room-temperature growth of various silicon oxides on silicon wafers in a liquid phase deposition (LPD) process. Although the implications of this discovery for semiconductors and fiber optics are significant and wide-ranging, the technology has immediate and compelling applications in the solar sector. Specifically, the Company's LPD process could enable silicon solar cell manufacturers to significantly reduce manufacturing costs and increase throughput, and has the potential to allow, for the first time, mass manufacturing of super-efficient (30%+) tandem solar cells with double the power output of today's most efficient devices.
Having been independently tested and verified by one of the world's most respected science and technology laboratories, Natcore's technology is now in the process of being commercialized. Our goal: to make stand-alone solar energy competitive with conventional power generation.
This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Natcore Technology Inc.
Chuck Provini
President & Chief Executive Officer
732-576-8800
Info@NatcoreSolar.com
www.Natcoresolar.com
ATPG insider sales have been substantial over the last 2 months, including a large sale by the CEO on 11Jan (over $17million net). This probably foreshadows a poor earnings announcement (as forecast by Bobwins previously).
http://www.form4oracle.com/company/atp-oil-gas-corp-atpg?id=8538
'peeker
OT: Betty Davis eyes and Angelina Joli lips.
You must be pretty cute, too, after a long elevator ride.
ATPG: Excellent upbeat presentation; no questions taken in main conf rm. Looks like this one has great upside with 4 wells to be brought online the B I G Telemark hub during 2010 (one/qtr). Production growth chart shows great increases; buy it and keep the fingers crossed that wells and production upramps are as successful (or even more successful) than forecast. Word was already out on their big plans for 2010 and beyond, so the conference didn't really have much NEW per se.
'peeker
ps> I had to watch because I was late to the party; bought some today at $18 (and proud of it). That said, now that the presentation is complete, I would expect some pullback based on the rapid rise in the last week, and it will fluctuate with price of crude like every other oil stock in the world.
ATPG: Excellent upbeat presentation; no questions taken in main conf rm. Looks like this one has great upside with 4 wells to be brought online the B I G Telemark hub during 2010 (one/qtr). Production growth chart shows great increases; buy it and keep the fingers crossed that wells and production upramps are as successful (or even more successful) than forecast. Word was already out on their big plans for 2010 and beyond, so the conference didn't really have much NEW per se.
'peeker
ps> I had to watch because I was late to the party; bought some today at $18 (and proud of it). That said, now that the presentation is complete, I would expect some pullback based on the rapid rise in the last week, and it will fluctuate with price of crude like every other oil stock in the world.
ATPG presentation link (see it before the 2pm presentation):
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzY5MDcwfENoaWxkSUQ9MzY1MTUyfFR5cGU9MQ==&t=1
If you don't have time to enjoy the whole presentation, Pg16 has an impressive chart for future production expectations.
'peeker
AUM/GDMN (it)! Any idea what they are intending for IBO pricing?
Lone Clone, nice collection of REE info and segregation of companies involved in each. Have you collaborated with Bobwins on any of these for evaluation of companies?
Thanks for making the list and comprehensive info available.
'peeker
NGAS source:
http://inflation.us/ngas.html
Rare Earth Minerals to Spike Higher in 2010:
I know some of you have been accumulating some rare earth miners. Has anyone compiled a list or are there strong opinions about best rare earth mining stocks to own?
http://www.goldstockbull.com/articles/rare-earth-metals-higher-2010/
'peeker
OGC.to/OCANF.pk movin' on up!!! not sure why, but an impressive move over the last few days. OGC.to was under 1.70 on 2/5/10 and hitting 2.15 today.
NGAS Recommended by National Inflation Assn.
Currently: $1.38
Web site: http://www.ngas.com
We are currently experiencing one of the coldest winters in decades and there is a good chance you are using natural gas to heat your home. Our new NIA stock suggestion is NGAS Resources Inc. (NGAS), a natural gas exploration and production company based in the eastern United States, principally in the southern portion of the Appalachian Basin. NGAS has specialized for over 20 years in generating their own geological prospects in this region, where they have established expertise and recognition. Although NIA has been very bullish on many companies in the gold, silver, and agriculture industries, we believe one of the most undervalued commodities right now is natural gas.
In our opinion, our first natural gas stock suggestion - NGAS - is the most undervalued and oversold natural gas stock at the current time. Since the beginning of January, NGAS has seen a steady and steep drop from as high as $2.15 to its current price of only $1.38. If NGAS were to head back to the high of just one month ago we could potentially see gains of about 56%.
NGAS currently has a market cap of approximately $46 million yet generated revenues over the most recent twelve months of over $64.8 million. NGAS previously grew revenues from $70.2 million in 2007 to $84.4 million in 2008 with net income of $2.9 million. NGAS had about $69 million in debt at the end of the last quarter, which it recently reduced. NGAS had a book value at the end of the last quarter of $3.77 per share.
NGAS’s core assets include 77.9 billion cubic feet equivalents (Bcfe) of proved reserves, 400,000 acres and interests in 1,400 oil and gas wells! During 2008, NGAS achieved record production of 3.7 Bcfe, up 13% from the prior year. They also increased their estimated proved developed reserves at the end of 2008 by 18.7% to 57 Bcfe, with an additional 21 Bcfe of proved undeveloped reserves. Their undeveloped acreage position of nearly 250,000 acres in the Appalachian Basin provides them with an extensive inventory of low-risk, repeatable drilling locations for future growth.
Furthermore, NGAS is diversifying their asset base with similar unconventional plays outside the basin. As part of this strategy, they are aggressively developing their New Albany shale play within the south central portion of the Illinois Basin in western Kentucky where they have successfully drilled 37 wells in their new field discovery, Haley’s Mill. They currently hold 46,000 acres there for development.
We believe NGAS is set for a bounce in the near future and could see major revenue growth over the long-term. Oil futures are currently 14 times more expensive than natural gas, while historically the ratio has averaged 6 based on the energy equivalent basis of the two commodities. NGAS is leveraged to the upside potential of natural gas, which we believe could become one of the best performing commodities of this new decade.
Careful, Wade. That's how Tiger got started.
'peeker
Your spreadsheet makes this the best post on the TRGD board ever!
IMHO, of course,
'peeker
IAE.v rated Buy at Octagon w/ C$7.50 target based on 2011 estimated cash flow:
(copied from StockHouse note)
From Octagon:
Today’s announcement that Ithaca’s share of Athena’s production will initially be 4,950 bd by the end of Q2/11 dramatically improves the outlook for the Company.
Generally, the market begins to price stocks on the one-year cash flow outlook. Within a few months, the impact of the 2011 mid-year production additions should be reflected in the stock
price, and by year-end the market could be keying on exit 2011 estimates.
Clearly, there is substantial value creation potential for investors in Ithaca. High-growth stocks with a strong balance sheet frequently trade in excess of a 5x multiple of cash flow; based on the exit projections for 2011, this implies a stock price of over $7.50.
We maintain our BUY recommendation with a target price of $3.00 for the short term.
RODM earnings Tuesday AM pre-mkt:
Hmmm... should we hold into earnings or dump before the close today?
Rodman & Renshaw Capital Group, Inc. (RODM) will report its financial results for the fourth quarter and full fiscal year ended December 31, 2009, the morning of Tuesday, February 9, 2010.
In conjunction with the earnings release, Rodman & Renshaw senior management will host a conference call at 10:00 AM Eastern Time, hosted by Mr. Edward Rubin, Chief Executive Officer and Mr. David Horin, Chief Financial Officer. Investors and analysts can participate in the conference call by dialing 1-877-407-8031 (United States) or 1-201-689-8031 (International).
I hope, for the sake of all TRGD shareholders, that you are correct.
Regards,
'peeker
TRGD current shares out is shown as 102.01 million on my TradeStation view, however, such "precision" for the number is meaningless since total diluted shares (including all options) is not necessarily known.
Has anyone had any success getting total diluted shares for TRGD.pk, including total outstanding options (particularly to mgt/Biscan)?
Regards,
'peeker
MTO.to upgrade this morning:
Metanor Resources Inc. Receives Buy Recommendation with Significant Upside Valuation from Laurentian Bank Securities
Feb 08, 2010 (BAYSTREET NEWSWIRE via COMTEX News Network) --
Metanor Resources Inc. (TSX VENTURE: MTO) (Pink Sheets: MEAOF) (Frankfurt: M3R) is identified in newly issued analysts report by Laurentian Bank Securities as having significant upside market valuation justification in which the analyst has initiated coverage with a BUY (S) rating and a 12-month share price target of CDN$1.15.
A full copy of the qualified analyst's report is available via http://sectornewswire.com/LBkMTOFeb2010.pdf online.
Report highlights/excerpts: Target Price: $1.15
Initiating coverage of Metanor Resources Inc. with a BUY (S) rating and a 12-month share price target of $1.15. The improved production rates expected in mid-2010, coupled with the completion of the underground development at Bachelor (late 2010) should help Metanor's shares re-rate higher. We derive our 12-month target price by applying a 1.0x multiple to our estimated 7% NAVPS of $1.14, based on a long-term gold price of US$900/oz. We highlight the following.
Imminent commercial gold production in pro-mining Province of Quebec with tremendous exploration upside. The Company is operating one gold mine (Barry Deposit), with a second in development (Bachelor underground) and scheduled for production in late 2010. In 2010, we expect the Company to produce ~33,000 oz (annualized) ramping up to ~66,000 oz. annualized) at a cash cost of ~US$512/ounce in 2011.
Adding accretive (higher-grade) ounces adjacent to existing mining infrastructure. Systematic drill programs planned to expand/upgrade current resources (~1.0 million ounces of Au). New discoveries and historical resources (~1.5 million surrounding the Bachelor mill) open potential for additional feed to the 100% owned Bachelor Lake Mill.
The 2010 development/expansion program at the 100% Bachelor Lake Mine and Mill is expected to generate continuous news flow throughout the year. The Company is in the process of ramping up the Bachelor Lake Mill currently processing ~800 t/d to ~1,200 t/d (expected by Q2-2010). The Company plans to blend the higher-grade ore from the Bachelor underground (expected by the end of 2010) with the lower-grade ore currently being transported from the Barry open pit.
Investment Thesis - Ramping up Output & Exploration:
We believe the ramp-up of Metanor's current operations coupled with solid exploration potential (close to existing mining infrastructure) will transform the Company into a profitable gold producer. Metanor Resources Inc. is a mining and exploration company focused on developing its property portfolio in the pro-mining province of Quebec (Canada). The Company is in the process of developing the higher grade (underground) Bachelor Lake/Hewfran property to blend the ore with Barry open pit that is currently being mined and milled at the 100% owned Bachelor Mill.
Significant Operational Upside Anticipated in the Next 12-months: Operational improvements as well as the completion of the underground development of the Bachelor Lake property should enhance the share value in the next twelve months. Metanor has yet to reach commercial production as the operating team is currently applying its efforts on efficiently ramping up the mill from 800 t/d to ~1,200 t/d (expected by Q2-2010). The mill is currently processing the lower-grade (2.5 g/t - 3.0 g/t) ore from the Barry open pit mine and the Company plans to blend the higher-grade (6.0 g/t - 7.0 g/t) ore from the Bachelor Lake/Hewfran by the end of 2010. For 2010 (annualized), we estimate the Company will produce ~33,000 ounces of gold. Looking forward twelve months, we expect production to ramp-up by 230% (from 2009 production ~20,000 oz.) to ~66,000 ounces at a cash cost of ~US$512/ounce. We believe the market has failed to fully appreciate these anticipated operational upsides (due to the lack of awareness in the investment community) and we expect the share price to improve in lockstep with production and cost improvements at the Bachelor Mill over the next few years.
Potential to Increase Current Total Resources by ~50%: The completion of the 2009 drill campaign expected to be followed up by an aggressive drill program in 2010. The Company has been systematically drilling on its key deposits with the intent of expanding the current total resources (~1.0 million ounces of Au) to: 1) increase the mine life of Barry (open pit) and 2) delineate additional mineralization (new potential targets) around existing mining infrastructure (Bachelor Lake Mill). The encouraging results from the 2009 drill programs on the Bachelor Lake/Hewfran as well as the Barry property have resulted in the discovery of new gold bearing zones and expansion of known resources along strike as well as at depth. We believe the success of the 2009 exploration programs amalgamated with the expected drill programs in 2010 have the potential to increase Metanor's total resources by at least 50% (in the next 12-months).
Speculative Buy Rating with a $1.15 Share Price Target: We are initiating coverage on Metanor Resources Inc. with a BUY (S) rating and a 12-month share price target of $1.15. The improved production rates expected in mid-2010 coupled with the completion of the underground development at Bachelor (late 2010) should help Metanor's shares re-rate higher. We derive our 12-month target price by applying a 1.0x multiple to our estimated 7% NAVPS of $1.14, based on a long-term gold price of US$900/oz.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.
Contact Information:
Fredrick William, Managing Director
Market Equities Research Group
editor@marketequitiesresearch.com
IAE.v looking good for next yr.
Here's a post from Stockhouse this AM:
I do not know if anybody noticed but the forecasted initial production for Athena was about 2K BOPD in the December corporate presentation page 6. Now we are talking 5K BOPD. With all the production upgrade we have to revise the early 2013 production estimates to above 20K BOPD.
Care to calculate that cash flow ?
I did, $2.5 per share at $70 a BOE !!!!!
Not a bad forward cash flow for a stock trading at $1.4
09:57 GORO produced first concentrates...
February 3, 2010 OTCBB: GORO
FRANKFURT: GIH
GOLD RESOURCE CORPORATION PRODUCES FIRST CONCENTRATES FROM EL AGUILA MILL
DENVER – February 3, 2010 – Gold Resource Corporation (GRC) (OTCBB: GORO, FRANKFURT: GIH) is pleased to announce first concentrate production at its El Aguila Project Mill, located in Oaxaca, Mexico.
Gold Resource Corporation’s El Aguila mill startup on January 25, 2009 has led to the first concentrates produced from the mill’s initial flotation circuit on February 2, 2010 from the Company’s El Aguila open pit gold and silver ore.
William W. Reid, President of Gold Resource Corporation stated, “We are very pleased with successful concentrate production from our El Aguila mill. I want to thank all our El Aguila Project management team and employees, Lyntek’s engineering and construction management team and all the contractors for their excellent work in achieving this milestone. We also want to thank Hochschild Mining for their continued financial and technical support. Gold Resource is fortunate to have put together such a talented and excellent team for the El Aguila Project”.
Mr. Reid continued, “We will now be in this initial start-up mode through the month of February as we continue operator training as well as flotation circuit optimization. We target achieving “Commercial Production” sometime in March. Commercial Production is declared when the mill throughput and mill recoveries are at least 80% of the mill design. During this optimization period we will be running lower grade ore. First quarter results will reflect this optimization and lower production rate as we ramp up to Commercial Production.”
Mr. Reid stated, “This is a good time to have a new mine coming on line as we are in unprecedented times in the gold market. We see 2010 as one of increasing shareholder value as we ramp up production, generate increasing cash flows, continue to explore the exceptional potential of this high-grade mineralized system and accelerate development of our second and largest mine, the Arista underground gold-silver deposit with significant copper-lead-zinc credits.”
ZAGG making nice move today w/ news:
iPad Protection Offered by ZAGG
12:56p ET February 2, 2010 (Business Wire)
ZAGG Inc. (NASDAQ: ZAGG) (www.ZAGG.com), a leading producer of electronics accessories for protecting and enhancing the mobile experience, including the popular invisibleSHIELD(TM) and ZAGGaudio(TM) brands, has begun accepting invisibleSHIELD pre-orders for the Apple iPad. Announced today by Apple CEO Steve Jobs at an invitation-only conference, the iPad is a highly anticipated touch screen tablet computer. ZAGG will continue accepting pre-orders through the official launch date of the iPad.
The invisibleSHIELD is ZAGG's military-grade, virtually invisible, and indestructible film that protects thousands of gadgets from bumps, scratches, and dings with a lifetime guarantee. The invisibleSHIELD designs for Apple's iPhone and iPod lines are some of ZAGG's most popular products.
"Historically, ZAGG's accessories have sold well for Apple products," said Derek Smith, Vice President of Sales of ZAGG. "The invisibleSHIELD -- our flagship accessory -- will allow iPad users to protect their tablet computer without compromising the operation or appearance of the device."
The invisibleSHIELD for the iPad is available as a pre-order on ZAGG.com.
"The invisibleSHIELD will be ideal for protecting and enhancing the iPad," said Robert G. Pedersen II, CEO and co-founder of ZAGG. "We expect the iPad to be another successful product for Apple, and our invisibleSHIELD is the perfect complement."
For more information about ZAGG or any of their products, please visit ZAGG.com.
Run of the MILL: now up 36% to 2.65; yeeeehaaaa
HKFI.pk earned .48 in yr ago Q4. Their quarterly results usually show losses Q1-Q3, so it's waaaay not reasonable to expect much in current qtr.
Looks like a good time to consider selling if/when they do a PR.
JMHO,
'peeker
HFKI ? Sure about that symbol? I cannot find it.
What is price of TRGD trading in Germany today?
What is a good link for getting near realtime quote for Tara Gold trading in Germany?
Thanks!
'peeker
PRIM sounds like it would not fit your criteria for minimal liquidity. I owned it once or twice last yr, and it moved around seemingly on its own rather than with or against the market. Looking at the chart, it hasn't moved much since Jan 15th.
It trades a large volume only very infrequently, too infrequently to satisfy those who are risk averse. Remember a few yrs ago how we used to all moan with pain when mkt was heading down and we had illiquid stocks that we held too long due to illiquidity?
Nice move in RODM today!!! It's been weak in the weak market, but the rising tide seems to be why it's floating higher today.
'peeker
RODM up 6%; news is that earnings will be announced on the 9th:
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) today announced that it will report its financial results for the fourth quarter and full fiscal year ended December 31, 2009, the morning of Tuesday, February 9, 2010.
OT: Omigod that was U G L Y :(
ps> "... Don't act like a fool; get your pants off the ground!"
OT: Let's all do a collective "PANTS ON THE GROUND" for KiK?
from Atlanta,
'peeker
What IS up?
Not the price of AAA. Are you implying there is another large partnership/buyin/contract about to be announced?
Thanks for your input on CEMI. I read the article ... very helpful.
'peeker
ps> I once did some work with Scripps Inst of Oceanography geophysicists and oceanographers in a previous career. We did some deep ocean borehole re-entry and ocean bottom seismograph work on Scripps vessel for DARPA. To hint at the timeframe, we were testing low noise deep ocean environments for measuring nuclear blasts by USSR.
CSGH doing well again today, up 12% on double avg volume. Has anyone's heard whether their battery business is gaining new business (or other reason for the nice price move)?
TIA,
'peeker
uh, wade, that's taking shorthand too far.
09:26 CADC contract win
Co announces that it has signed a definitive contract to provide its ready-mix concrete service to the high-speed railway project between Xi'an and Ankang, the largest city in southern Shanxi Province. China ACM will provide technical counseling for the production of 270,000 cubic meters of ready-mix concrete. Equipment for the portable mixers has arrived on site and production will commence in February 2010. Duration of the project is estimated to be 20 months. Revenues for this contract are an estimated $3 mln with an estimated $800,000 net income.
07:03 TGA has a new project in Western Desert of Egypt:
Co announces a new exploration project in the western desert of Arab Republic of Egypt, an operations update and an expanded 2010 Capital Budget. All dollar values are expressed in United States dollars unless otherwise stated. Co has signed a farm out agreement with Vegas Oil & Gas SA to earn a 50% interest in the East Ghazalat Concession in the Western Desert of Egypt, subject to the approval of the Egyptian Government. The East Ghazalat Concession is operated by Vegas, a privately owned oil and gas company with extensive Egypt experience and success... Co has projected funds flow from operations for 2010 of $55.0 million, based on an average Dated Brent oil price of $65.00/Bbl and the mid-point of production guidance. The 2010 funds flow sensitivity to a change in oil price is approximately $1.0 million per dollar change in Dated Brent (i.e. $65.0 million for $75.00/Bbl Dated Brent). The 2010 funds flow forecast is based on an estimated production target of 9,300 to 9,700 Bopd (firm plus contingent budget), with a targeted exit rate over 10,000 Bopd.
GDMN: Hmmm... just curious, but why do you expect them to issue more shares? Just based on your thoughts about usefulness of the cash OR from a conversation w/ GDMN mgt?
Geology of San Roman: Report contains several useful pictures (particularly 7.4) to help understand the geology.
1.2 Geology and Mineralization
At the Don Roman project, mineralization consists Zn-Pb-Ag metasomatic skarn mineralization developed in a more favorable lithologic unit near the base of an otherwise thick, massive limestone. It is probably genetically related to the nearby Santo Tomas porphyry copper system. The author has inferred that mineralization has developed as irregularly shaped crudely tabular bodies (mantos) largely within this unit and as planar to chimney-like bodies at structural intersections. The favorable zone appears to dip to the northeast at approximately 25 to 35 degrees.
Harry, glad to see such detail as you have provided in the July 2009 geologist's report.
Excerpts:
20.0 Interpretations & Conclusions:
Because of the limited area occupied by the mine workings and the extremely difficult access for drilling from the surface, the direct approach of drifting across the target zone and driving crosscuts at 25 meter intervals, followed by fan drilling from the crosscuts has been chosen. This will result in a mineral resource which is well defined in three dimensions.
From reviewing the underground exposures and sampling results as well as examining limited surface exposures, the author has inferred that the Don Roman deposit is a metasomatic, somewhat distal skarn, probably genetically related to the zoned Santo Tomas porphyry copper system located less than 5 kilometers to the east or a satellite intrusive body. The mineralization appears to be controlled by a favorable stratigraphic horizon near the base of the limestone unit. Zn-Pb-Ag mineralization occurs as irregular roughly tabular mantos and planar to chimney-like cross-cutting bodies related to small faults.
With the limited evidence at hand at this time, predicting the overall shape and size of the deposit would be very conjectural. The ore bodies in such deposits can occur as several separate bodies whose size and distribution is difficult to predict. After the underground drifting and drilling program is complete, the picture will be much more clear.
The Don Roman deposit is only one of several similar Zn-Pb-Ag occurances in the immediate area, many of which are controlled by American Metal Mining. Some of them may prove to be as good as or better than Don Roman. There are also at least two veins very close by with attractive gold values. The best known of these is Don Felipe. An access road will be constructed shortly which will allow the cutting of trenches and cutting of bulk samples.
The Sanaloya concession group is approximately 10 kilometers to the northeast from Don Roman. It has at least three very attractive prospects – the Centenario Au-Cu-Ag vein, the El Oro stratabound (?) Fe-Au-Cu prospect and the El Mono Zn-Pb-Ag vein. Restoration of access roads to these will allow mapping, trenching and sampling of these, probably including bulk samples for preliminary mill testing.
American Metal Mining has taken the somewhat unconventional approach of constructing a processing plant early in the program. However it is anticipated that the ore derived from the driving of workings to develop the Don Ramon mineralization will provide the cash flow to pay for the processing plant, the development work and the resource calculation. At the same time the several other properties can be advanced toward development and eventual production as well.
21.0 RECOMMENDATIONS
Because the resource to be defined by the underground development work at Don Roman will be vital to the success of the project, it essential to develop systematic sampling and mapping procedures and to document them well. Such a program is in place and will need to be modified somewhat as experience is gained. Establishment of a rigorous assay data quality control/quality assurance program will also be necessary.
The presence of an operating mill will also provide pressure to develop additional resources quickly. The other development projects, such as bulk sampling at San Felipe, and the work on the Sanaloya group of properties must be pushed forward rapidly to get them into the development stream as soon as possible. With luck, the Don Ramon development work will produce a resource sufficiently large to allow plenty of time for the development of the others. Meanwhile, some attention must also be devoted to other acquisitions.