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Our Flagship Project: Duquesne-Ottoman (Rouyn-Noranda)
Located between Clifton Star’s 3 previously producing mines in the heart of the world class Porcupine-Destor
mining district which has produced 83M oz. gold historically
Very favourable mining and exploration logistics with paved road access and an abundant specialized workforce
A NI 43-101 compliant inferred resource of 853,000 oz. Au (uncut) or 727,000 oz. Au (top cut to 30g/t Au) @
6.36g/t (uncut) or 5.42g/t (cut) Au was announced September 2011.
2011’s 13,000m drill campaign resulted in a 62% increase from our previous resource announcement in
September 2010
Additional 13,000m drill campaign is aimed at increasing our Inferred resource base to beyond 1,000,000
ounces at similar grades
Huge Blue Sky on the property, and
acquisition potential in the surrounding
properties
Strong institutional support and a management team led
by a core team of geologists and financiers with the
experience to create value for our shareholders
Fully funded with $2M in cash and no debt
Focusing on advanced stage projects with “resources” and
easy access to infrastructure
A gold focused exploration and development company
Some very good points. Food for thought. Thank You
Calgary, AB -- November 1, 2012 -- CanAm Coal Corp. (TSXV: COE), (OTCQX: COECF) ("CanAm" or the "Company") is pleased to report coal production and sales for the third quarter ending September 30, 2012. Consolidated Q3 2012 coal sales were 158,000 tons, more than double Q2 coal sales of 77,000 tons and a 68% increase over Q3 in the prior year. For the nine month period ended September 30, 2012, consolidated coal sales were 302,000 tons, a 46% increase over the prior year. Q3 coal production was 167,400 tons, including 21,300 tons of metallurgical coal.
Three Month Period Nine Month Period
Ended Ended
Sept 30 Oct 31 Sept 30 Oct 31
2012 2011* 2012 2011*
Metallurgical coal 15,443 13,175 47,014 43,203
Thermal coal 142,457 81,086 254,615 163,166
Total 157,900 94,261 301,629 206,369
*The comparative period is to October 31, 2011 as the Company formerly had a January year-end.
Note: CanAm holds 80% ownership in Birmingham Coal & Coke (BCC) following its acquisition of an additional 30% interest, effective July 1, 2012. As at that date, CanAm began consolidating the financial results of BCC in accordance with generally accepted accounting principles and, accordingly the above information is presented on a consolidated basis and includes 100% of BCC's sales and production volumes.
The significant increase in both sales and production is attributable to an increase in the Company's ownership in BCC, which was effective July 1, 2012 and an improvement in production at all of our four operating mines. Management and operational changes executed in the first half of the year at the Powhatan mine paid off and coal sales at that mine set an all-time high of 33,332 tons. Operational challenges at the BCC mines, mainly resulting from an incident in Q1 that damaged an excavator at the Gooden Creek mine, were ironed out and sales from BCC's operations were 124,568 tons, the highest level since Q1 of 2008. Sales of metallurgical coal were up 16% from the prior year but slightly down from Q2 as shipments were somewhat hampered by inconsistency in coal quality.
Looking forward to our Q4 and beyond, the Company is expecting continued growth in production and sales as it brings on production from newly permitted mines. The Old Union 2 mine, which received final permitting in late August, started operations in early October and permits for the Knight and Posey Mill 2 mine are expected in the near term.
Jos De Smedt, President and COO of CanAm, commented: "CanAm achieved significant production and sales growth in Q3. The majority of this growth came from our acquisition of 30% of BCC but important operating improvements also positively impacted results. We look forward to building on this momentum with production from our new Old Union 2 mine starting in October. We are also in the final permitting stages for our Knight and Posey Mill 2 mines. Upon receipt of these permits, mining can commence within a short period of time. We look forward to building on our momentum in Q4 and into 2013".
The Company will release full third quarter financial results in late November 2012.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & COO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
Brisco Capital Partners:
Scott Koyich, Partner
Tel: 403.262.9888
Email: scott@briscocapital.com
Neither the 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.
Forward Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Yes. But, I tend to believe, the dollar will fall. JMO GLTY
October 22, 2012
CanAm Announces Realignment of Corporate Executive Roles
--------------------------------------------------------------------------------
Calgary, AB -- October 22, 2012 -- CanAm Coal Corp. (TSXV: COE), (OTCQX: COECF) ("CanAm" or the "Company") announces a realignment of executive roles at its corporate office. After serving six years as the Company's Chief Executive Officer, Tim Bergen has made a personal decision to step away from day to day Company operations in order to focus solely on business development activities. As a result, Tim will step down as Company CEO and assume the title of Vice Chairman of the board responsible for business development. Tim's mandate will be to develop the Company's 1 to 3 year expansion plan including identifying and evaluating high value development projects and opportunities to develop a seaborne market for the Company's coal reserves. Jos De Smedt, CanAm's President and Chief Operating Officer will assume Tim's day to day management responsibilities. Commenting on the role change, CanAm's Chairman Jon Legg noted, "Under Tim Bergen's leadership, CanAm successfully transitioned from a development company to a full production company, which has delivered exponential growth highlighted by the acquisition of an 80% interest in Birmingham Coal & Coke. With this acquisition completed, the Company is fully focused on operational execution and delivering strong financial results. Our Calgary and Alabama based management team led by Jos De Smedt has the capacity and experience to deliver on this mandate and Bob and Tom Lewis will be responsible for day to day management at all of our mines. As a result, Tim has determined that he can best serve the Company by focusing on development of future growth opportunities. Tim will continue to be a key member of the board of directors going forward". The role change is effective immediately
ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results for the third quarter ended September 30, 2012. The Company's 2012 third quarter financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.
Highlights from the results include:
Cash balance at September 30, 2012 was $74.2 million
Cash spend (before foreign exchange effects) during the three-month period ended September 30, 2012 was $9.7 million compared with $17.8 million during the same period in 2011.
Reported $2.0 million ($0.00 per share) net loss for the three months ended September 30, 2012 compared with a $3.9 million ($ 0.01 per share) net loss during the same period in 2011.
Reduced 2012 exploration drilling in an on-going effort to conserve cash.
The Company modified its mine layout to avoid direct impacts to wetlands (25% reduction) and to streams (32% reduction).
Detailed project engineering was approximately 61% complete at September 30, 2012.
On October 19, 2012, the Company was notified by the Standards Council of Canada ("SCC") that the Company's wholly owned Kershaw Mineral Laboratories ("KML") was approved for accreditation.
On October 25, 2012, the Company announced the Corps had indicated that the scheduled date of December 14, 2012 for publishing the Draft Environmental Impact Study ("EIS") would not be met.
About Romarco Minerals Inc.
Romarco Minerals Inc. is an exploration and development company engaged in the acquisition, exploration and development of precious metals mineral properties. The Company has completed a positive Feasibility study and is continuing exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
Please note: This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com.
Mining Stocks Now Provide Bargain Trade Opportunities: Florian Siegfried
Many precious metals mining stocks are now trading at bargain prices, but the old "buy and hold" strategy no longer applies in this fluid market environment, says Florian Siegfried, CEO of Precious Capital AG. In this exclusive interview with The Gold Report, Siegfried says investors need to do their homework and pick their entry and exit points carefully as he names some undervalued opportunities he expects to provide above-average returns in the next market run-up.
The Gold Report: This is the first time you are speaking with The Gold Report, Florian, so maybe you could give us a brief overview of Precious Capital AG and its investment focus.
Florian Siegfried: Precious Capital is an independent, privately held fund-management company in Zurich, Switzerland, with a team of financial and mining professionals. Our investment strategy is to identify undervalued future winners in the precious metals mining space. Often these are companies that are not yet the focus of the bigger institutional brokers, have good future expansion potential, have reasonable market capitalization and are driven by good management teams. We took over the company in December 2008, and since then, the business has grown quite consistently, and this year is performing very well for us.
TGR: Can you give us your European perspective on the current global economic and financial situation and where things might be headed?
FS: We are long-term bulls on gold because we think that the debt crisis in Europe has been downplayed for too long and there is no solution to the problem. Eventually, we expect to see a credit deflation where most of these bankrupt governments in Europe are no longer able to repay their debt, which will translate into more stress in the banking sector. In our view, this will lead to a deflationary downward spiral, which cannot be manipulated any longer by printing money, because eventually the insolvent banks will fail to lend, and then there is no possibility to lift asset prices anymore. When that happens, the investor community will have a huge preference for liquidity and unleveraged assets.
We think gold is the most favorable asset class in a time of credit deleveraging. An investor in gold will make money in real terms as the credit bubble deflates. Investors who are long in euros or commodity-based currencies will actually lose in purchasing power as credit deflation hits. This is our long-term view and we think that there is no further room to manipulate asset markets, as they have been in the past. I think that we are at the triggering event here.
TGR: How much air do you think can come out of this whole system? And how much can prices deflate overall?
FS: That's a difficult question. One has to look at various asset classes. We would be rather bearish on base metals, such as iron ore, which has already declined quite dramatically since the beginning of the year. China has to rebalance its economy, which largely depends on capital investments and exports and this could become a real problem now. I wouldn't be surprised if in two or three years we would see prices off by 30% or so. Oil prices are still getting some support because of the geopolitical situation, but as China slows down, consumption is probably going to decline and we could see oil off 20% over the next few quarters.
In the equity markets, I think earnings disappointment is going to be a major topic next year. Sooner or later, the market has to realize that if Europe is in a recession, China is slowing down and the U.S. is not getting ahead of the curve, where would earnings growth come from? So, I would expect equity prices, overall, in a year's time could be lower, probably by 10-20%.
TGR: In reading through your Precious Capital fund materials, it was interesting to note the major credit crises over the last 300 years, starting with the South Sea Bubble in 1725 and then the British Credit Crisis of 1772 and then the panics of 1825 and 1873, followed by the market crash in 1929 that started the Depression. Then we had the bad recession in 1973. Now we have this global financial crisis that started in 2008. If the previous 300-year pattern holds, it would indicate another severe event around 2025-2030. Do you think the Federal Reserve and foreign central banks can keep things together and prevent a major collapse in 2025-2030?
FS: These kinds of cycles have a common characteristic. In each, you have good times, with real or so-called "prosperity," mostly driven by excessive use of leverage and debt. 2008 was the same, with too much credit and debt. Bear Stearns and Lehman Brothers failed to serve the debt because they were too highly leveraged. Then the whole system broke down because if one bank failed, many others would fail.
I think we are still relatively early in this kind of cycle. The Federal Reserve and the European Central Bank have really acted ambitiously to solve the crisis and prevent the system from collapsing by just printing money to loan at 0% to the banking system. But, eventually, what is it going to change? In the long run nothing, because it's not just a liquidity crisis. It's also a solvency crisis. The only solution to too much leverage is less leverage. Only the market can bring that leverage to a level where it is actually sustainable. I believe the stimulus, TARPs and LTRO programs from all the central banks have only pushed the inevitable credit deflation cycle down the road.
TGR: So how does all this influence your investment strategy?
FS: We try to identify industries that actually make money in a deflationary environment. Lower commodity prices create margin pressure for most industries and they don't do as well as during times of inflation. The precious metals industry does well in a deflationary environment because the gold price goes up against the whole commodity complex, while input costs such as crude oil or steel are probably stabilizing or will become less expensive than they were in years of higher inflation. Eventually, I think it is the market's desire for liquidity, which will cause gold prices to continue rising.
So, the long-term view is very bullish, but it's a very volatile market, and last year, gold stocks really underperformed. This is mainly explained by a lack of liquidity and investor confidence. The whole precious metal sector has overpromised and under delivered, and many M&A transactions did actually destroy shareholder value. I guess investors have reset their expectations dramatically after all this frustration. However, this can provide opportunities, and we try to use some of our technical indicators to trade these stocks while they are getting into an overbought or oversold condition. This past April and May, when the market was really capitulating, we were buyers in most of the stocks we like.
Right now, we think the market is a bit overpriced, and we've had a very good run in most of these gold mining shares. Now they could go into a little correction mode and probably lose another 10% or 15%. So, we sold some of our positions at the end of September and are waiting for more favorable buying opportunities in the next few weeks. It's not a buy-and-hold strategy that we want to apply here. One can really trade swings if you can get the timing right. We are always invested in the sector, but sometimes we have 30% or 40% cash.
TGR: How has your strategy paid off over the last couple of years?
FS: Since we took over the fund in December 2008, we are up about 140% in U.S. dollars, and this year, as of end of September, we are up about 26%. We have some winners in the fund that performed well based on the discoveries and the operational improvements they made. We were regularly buying when the markets dried up, which forced stock prices to go lower. There were actually no signals that would suggest a long-term fundamental downturn. We see these corrections as tradable opportunities. I was calling brokers in May and it was unusual to see how defensive they were, saying to stay away from gold stocks until gold hits $2,000/ounce [oz]. We got the feeling that was probably the bottom of the market. Timing is of the essence. Pick your stocks carefully, especially in the junior space, because most of these companies will never make money for their shareholders.
That brings me to our selection strategy. The first thing we look at is management. The mining business is very challenging, with a lot of risks. The people with the right experience who have done it before will attract the money from The Street to bring a story to reality and attract institutional money in the future. The next thing we look for is geology. Can a good deposit become bigger, and can this ever become a mine, and what and how long will it take? In addition, a solid balance sheet with little leverage and good networking capital in the bank is key, so they don't have to tap the equity markets in these volatile times.
We are largely positioned in the mid-tier mining space, because the industry as a whole has started to change. Many of the large gold mining companies have grown too big and aren't flexible anymore. Their strategy was for growth in size, rather than profitability. As a result, many have failed to make money for shareholders. Now, the whole industry has started to focus on smaller projects with lower capital requirements. As a result, we think the market has shown a preference for companies that run easy mines, which can be expanded operationally and can be financed by the market without the risk of significant equity dilution.
Many companies have good assets, but don't have the critical mass to attract institutional money. We expect to see more mergers taking place between junior companies or mid-tier producers. It doesn't make sense to have two companies producing, let's say, 150,000 oz [150 Koz] per year trading at a market cap of $500 million [M]. It would be an enormous task for them to get into a league where they could attract institutional money. Growing to a $1 billion [B] market cap internally is probably going to be a tough task. With smart merger and acquisitions [M&A], becoming a 200-300 Koz producer by combining two businesses can get it into the $1B market-cap range more easily. We think that M&A among junior producers is going to be a major topic in the next few quarters.
TGR: So, let's talk about some specifics on companies you're currently invested in that you think look interesting.
FS: One company we own that we think was undervalued at the beginning of the year is OceanaGold Corp., which is a 250 Koz producer in New Zealand. It has transitioned from a company that only operated there, to a more internationally based one. Its Didipio project in the Philippines is well advanced and should get into commercial production next year. We think OceanaGold is going to make a lot of money as cash costs drop and production increases. It had some cost issues over the last 12 months or so mainly due to the strong New Zealand dollar versus the U.S. dollar. The Philippines operation has a lot of credit from copper, which will lead to ongoing cost improvements.
The company has good management and its growth is pretty well financed right now with no need to tap the equity markets in the near future. The stock has had a good run, up about 68% this year. I would rather wait for a correction before buying it here. If management continues to execute its strategy it has the potential to grow to 400-500 Koz/year of production over the next three to four years.
TGR: How about some other ones?
FS: Another company we were just adding to our portfolio is Keegan Resources Inc. (KGN), which is in a relatively safe jurisdiction in Ghana, West Africa. It had a sharp price decline from trading at a little over $9/share, down to around $2.38/share by the middle of May. Its Esaase project had the classic capital expenditure [capex] overruns. They underestimated the cost of the project. When financing requirements changed, the markets became very skeptical and the shares dropped. We feel the project economics are still favorable, and that it can operate on a smaller scale than the planned 300 Koz/year with a $500M capex budget. Management is in the process of recalculating a smaller plant with a much lower capex, about $150-200M, rather than $500M.
After the recent rally, Keegan's market cap is now about $270M, with about $170M in the bank and 6 Moz resource in the ground. The company is almost trading at cash, which provides good market support. When the new project economics are published, it will probably show a 100-160 Moz/year operation with a lower strip ratio and lower operating costs. The recoveries will be the same, say 92-93%. Many of the long-term shareholders and institutions went in at $7-9/share. With the stock trading around $3.97/share, we think it has some real catch-up potential from here. PMI Gold's Obotan mine is about 10 kilometers southwest of Keegan's Esaase project and PMI just raised $100M to start construction of the mine. We originally invested in PMI Gold at $0.10/share back in October 2009.
TGR: How about companies that are a little closer to home? Certainly the Yukon has had quite a bit of activity lately. What do you like there?
FS: We think the Yukon is a great jurisdiction for mining. With devolution of resource management responsibilities in April 2003, the Yukon has its own policy for mining, which we regard as a major benefit for mining companies. The top part of the Yukon has great and underestimated potential from a geological standpoint. The main challenge is the remote locations where you have to bring in all your equipment by helicopter and the short drilling season, which goes from about April/May until the snow comes in October.
In the silver space there we like Alexco Resource Corp. (AXU), which is producing silver from its Bellekeno mine in the historical Keno District. It is fully financed by Silver Wheaton Corp. (SLW) with a very tight share structure of about 65M shares outstanding. We think it has the potential to grow resources and production through internal cash flow and no debt. Nevertheless, the company suffered a 27% increase in cash costs in the first half of the year versus 2011, due to lower base metal credits and mining of lower-grade material. These factors brought the price down quite significantly this year by -45%, to about $3.80/share.
What we like about Alexco is that the company is producing now and has many exploration and development projects in the same district. Most of the exploration and development money it's spending will add to future production. It will probably produce around 2 Moz silver this year. As new projects are added, it will become a two- or three-mine operator in the next two to three years, all funded by internal cash flow. The Keno District has very rich silver grades, historically averaging 50 ounces/ton or so. It's all underground, which is a big plus, because the mine can operate year-round with the concentrate being shipped out by road throughout the year. The management team has a good reputation and when we visited the mine in May of last year our impression was that the exploration and development team are all solid and experienced mining people.
TGR: Any others you'd like to mention up there?
FS: Some of these Yukon stocks really fell out of favor over the last few months. One company we like, especially because the shares are also still trading at very depressed levels despite good news, is ATAC Resources Ltd. (ATADF.PK). This is a pure exploration company with a large land package. All the gold discoveries it released this year point to a potentially huge system that could be described as a Carlin-type gold discovery.
We visited the project last year. The company has identified multiple targets on its so-called Rackla Gold Belt, which is about 185 kilometers long. Every time the company releases results, we see that this system is potentially growing into something much bigger. The grades are phenomenal, like 10.24 grams/ton [g/t] over 46 meters, and not very deep. The stock is down to around $2.36/share, from $10/share in July 2011. The company is well financed and has a good management team. If one looks for value in exploration, I think ATAC is a good name to have at these low levels.
TGR: Let's turn to some projects and companies that have operations in the U.S. What do you like there?
FS: We have a development stage company in the fund called Romarco Minerals Inc. (RTRAF.PK), which has the Haile project in South Carolina. This project has been delayed due to the completion of a full Environmental Impact Statement [EIS]. The stock is therefore in a penalty box, but the project economics are very favorable. It will have low costs and gold grades of about 1.8 g/t open pit, which is rather high. The stock is trading at about $1/share. I would say that Romarco could be a takeover target for a mid-tier producer or even a senior, based on the quality of the asset and the location. Once the EIS issue has been resolved, probably next year, then we think it will be a very attractive stock to own. The main risk is permitting and finance, should the company require to raise more equity, which would be dilutive with the current low share price.
TGR: Maybe you can summarize what our readers ought to be doing in the coming months to take advantage of what you think lies ahead.
FS: The key is to see the fundamentally positive development of the industry. Gold mining shares are trading at historically low valuations, e.g., on a price-to-earnings ratio basis or compared to the price of bullion. I would stress, however, that these shares can be very volatile and people can get frustrated if they don't perform. They sell in a down market and then miss the opportunity to buy when the market rebounds. One has to be really disciplined. Never get married to a company, no matter how good it looks. When things move up and get overbought, always take profits and have cash on the sideline to buy into the dips.
But, as long as we have these fundamental problems in the world with money printing and low economic growth, recessions and depressions, it will be very bullish for gold mining companies. In order to outperform the gold price, you can't just be long all the time and not trade these stocks. One really has to be more active and when the market is capitulating, you have to pick up your most attractive shares. Always do your own due diligence on these companies. Check out the management and how it does operationally, and look at past track records. Once you have identified the right companies that fit your portfolio, then just try to play the sector in a little bit more of a contrarian way. That's my advice.
TGR: Thanks for talking with us today, Florian.
FS: Thanks for having me.
This interview was conducted by Zig Lambo of The Gold Report and can be read in its entirety at http://www.theaureport.com/pub/na/14610 or on our instablog.
Florian Siegfried is the chief executive officer of Precious Capital AG, a Zurich-based fund specializing in global mining investments. Siegfried was previously the CEO of ShaPE Capital Ltd., a SIX Swiss Exchange-listed private equity company, where he was instrumental in raising more than CHF 50 million in equity capital. Siegfried is also a board member of GoldQuest Mining Corp. He holds a master's degree in finance and economics from the University of Zurich.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Disclaimer:
1) Zig Lambo of The Gold Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Gold Report:None. Streetwise Reports does not accept stock in exchange for services. Interviews are edited for clarity.
3) Florian Siegfried: I personally and/or my family own shares of the following companies mentioned in this interview: OceanaGold Corp. and Alexco Resource Corp. I personally and/or my family am paid by the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview
Yes, it was. Its only my opinion but, if they can get another partner , this could gain a lot. Althogh there are a lot of misinformed people out there. The company should address the mining concerns of the people. I know some think its a shaft mine. The open pit might give more concern. Just my opinion . GLTY
Tried to catch it @ .94 this morn. Just a little delay, from the COE.
ROMARCO MINERALS INC. (TSX: R) (the "Company") wishes to provide an update pertaining to the Environmental Impact Statement ("EIS") for its 100% owned Haile Gold Mine project in South Carolina, USA.
The Company regularly exchanges information and holds weekly meetings with the US Army Corps of Engineers ("Corps"), the lead agency responsible for the EIS, its third-party contractor, cooperating agencies and other interested parties, and significant progress has been made. In a recent meeting, the Corps indicated that the scheduled date of December 14, 2012 for publishing the Draft EIS ("DEIS") would not be met. The primary reasons stated were the need to edit previously drafted chapters of the EIS to reflect the Company's new mine layout and the need to accurately characterize the potential effect of mining on surface and groundwater. This is a normal part of the process for developing an EIS. The Corps and its third party contractor have been actively meeting and working with the Company and cooperating agencies to evaluate actions for efficiently completing the EIS.
Currently, the Company's hydrogeology consultant, AMEC, and the Corps' third party contractor are reviewing the hydrological model and the data on which the model is based. The Corps has requested that, as cooperating agencies for development of the EIS, the Environmental Protection Agency and South Carolina Department of Health and Environmental Control also review the hydrology model and data. Once the discussions have been concluded, the Corps has indicated it will make adjustments to the schedule, as appropriate, on its hailegoldmineeis.com website.
Diane Garrett, President & CEO commented: "We continue to work closely with the Corps, the third party contractor, cooperating agencies, and interested parties with the goal of moving through the EIS process as quickly as possible without compromising the accuracy and thoroughness of the analysis and documentation required by NEPA. With a third quarter cash burn of less than $10 million and a current cash position of $71 million, we continue to conserve cash and to take the actions necessary to advance through the permitting process and position the Company to finance, build and operate the Haile Gold Mine."
The new mine layout resulted from the Company's redesign that reduced wetlands impact by 25% and stream impacts by 32%. The Company's original 4,231 acre permit area and mine layout submitted to the Corps in its Federal 404 Wetlands permit application showed direct impacts to approximately 161 acres of wetlands and 38,775 linear feet of streams. The Company, through acquisition of additional lands and increasing its permit area to approximately 4,552 acres, has been able to redesign several of its overburden stockpiles and facilities and shift the proposed mill layout slightly to avoid direct impacts to approximately 40 acres of wetlands (a 25% reduction) and 12,314 linear feet of streams (a 32% reduction).
To date, the Company has received and responded to over 300 formal information requests from the Corps and its third party contractor and many other supplementary questions in the context of numerous meetings and calls. During the regularly held meetings with the Corps, its third party contractor and cooperating agencies, it is routine for the Company's consultants to walk through models or studies, answer additional requests for information, and provide further data. The third party contractor indicated that a significant portion of the DEIS is substantially complete and has briefed the Company on the status of chapters including soils and geology, groundwater hydrology, surface water, water supply, groundwater quality, wetlands and other waters of the United States, aquatic resources, wildlife, socioeconomics and environmental justice, land use, transportation, traffic studies, cultural resources, visual resources, recreation, air quality, noise and vibration, hazardous and toxic waste, health and safety, and monitoring and mitigation.
Conference call
The Company will hold a conference call on October 25, 2012 at 8:30 am ET where senior management will provide an update on the EIS and Haile Gold Mine project. Senior management will also respond to questions from analysts and investors.
To join the call:
In Canada and the United States - 1-888-231-8191
International - 647-427-7450
The conference call will be recorded and playback will be available after the event by dialing toll free in Canada and the United States 1-855-859-2056 or locally 416-849-0833, passcode 56405539# (available up to November 1, 2012).
About Romarco Minerals Inc.
Romarco Minerals Inc. is an exploration and development company engaged in the acquisition, exploration and development of precious metals mineral properties. The Company has completed a positive Feasibility study and is continuing exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
Please note: This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com
SOURCE ROMARCO MINERALS INC.
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I agree, long term hold. Financing is a big issue. Public support is about 50/50 as far as I can tell. Being next door to the Menominee River, could be a concern going forward. JMO
1center has been in for a while, I just started DD on this. Thinking I'll jump in soon though. JMO GLTY
Have you been on their web site? It is a much better website, than it used to be. Message from the President, does talk of the ownership situation. Sadly, I cant recall many of the details of their agreement. I have been mainly following the charts. And watching updates, since my initial purchases. I was at the site last Thanksgiving though. I never did post the pictures that I took. They would have been basicly, what the company has posted anyway. The TSX site, for research on AQA, has changed from strong sell to hold. GLTY
Romarco Minerals Inc. RTRAF-
Business Overview
Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship project is the Haile Gold Mine in South Carolina.
Romarco Minerals Inc. is junior resource and exploration company engaged in the acquisition, exploration and development of precious metals mineral properties. The Company is focused on developing its 100% owned flagship property, the Haile Gold Mine (Haile) in Lancaster County, South Carolina. In addition, the Company has a 100% leasehold interest in the Pinos Gold District (Pinos) in Zacatecas, Mexico.
What is interesting about Romarco Minerals Inc. (R.TO)?
•One of best performing stock at the TSX Venture exchange and true breakout gold junior, Romarco’s market value surged from approximately $50 million in January 2009 to the current $780 million, which approximately represents a16-fold increase in a time span of just 18 months.
•Proven to be a very successful exploration company with several major accomplishments related to resource discovery and project planning during a short duration.
•The flagship property, the Haile Gold mine is an old gold mine with history of production.
•The Haile Gold property is currently in the process of a feasibility study and continued exploration drilling. The company has real potential to develop a producing mine within 3 years.
•The company has NI 43-101 compliant measured and indicated resource estimate totalling 44,632,000 tonnes at an average grade of 1.51 g/t gold for a total of 2.17 million contained ounces of gold with an additional inferred resource estimate of 61,179,000 tonnes at an average grade of 1.002 g/t of gold for a total of 1.97 million ounces of gold.
•The flagship project is in South Carolina, U.S.A, a mining friendly state with over 500 current mines and strong infrastructure.
•The company continues to pursue a very busy drilling program during 2010 consisting of approximately 130,000 meters, which represents a 78% increase over the 2009 drilling program.
•Strong exploration potential as drilling continues to find new gold zones with high grades and the mineralized footprint at Haile remains open in all directions and at depth.
•A strong management team with experienced professionals managing the exploration and operational activities.
•A strong treasury with $160 million cash and no debt allows for an aggressive project development and exploration plans.
Risks
Romarco Minerals Inc. is an early stage exploration company. The commercialization risks associated with mineral exploration and development are high and its prospects for discovering economically viable resources are uncertain. Gold prices can fluctuate and a decline in gold could impact the share price of the company adversely. Early stage exploration companies typically needs significant amount of capital and although well financed, Romarco may still require additional financing. This could result in shareholders’ dilution.
http://www.smallcappower.com/products/romarco-minerals-inc-tsx-r
I believe so. I think it's going to linger down here, till another partner is found though. JMO GLTY
ABCW is below its 10 week simple moving average. This bearish sign is even more significant because the moving average is also trending lower.
The OBV shows that longer term accumulation has given way to near term selling pressure..
COECF is below its 10 week simple moving average.
The On Balance Volume indicator (OBV) shows that longer term selling pressure has given way to near term accumulation.
The RSI, is currently at 17.06%, below the critical value of 30, which suggests that COECF is oversold.
The On Balance Volume indicator (OBV) shows that longer term selling pressure has given way to near term accumulation.
The RSI, is currently at 24.98%, below the critical value of 30, which suggests that AQARF is oversold.
AQARF's MACD is currently indicating a weak bullish signal.
According to the Williams %R which is currently at -93.24%, below the critical value of -80, AQARF may be oversold.
Thank you, yes, form 4, that was where I saw the Perry children getting shares. Didn't know about Goldstein 33,000,000.
The Perry family owns about 1.342m common shares? And officers own about 1.6M common shares? Thanks, for any reply
I forgot to provide link to that, and can't remember where it was. Been to busy, to do proper DD lately. Have noticed its been holding around $1 though. Haven't found anything more on the RTRAF, have you? Canadian Mining News, and BNN, seem to provide some good articles (sadly, not RTRAF), what othe mining sites do you read? GLTY
Technical analysts are often accused of drawing meaningless lines on charts on the grounds that the market knows nothing about these lines. The gold chart shows how useful these lines can be in determining the limits and behavior of future price activity. The long term up trending trading channel continues to define the price activity in gold.
The projection of support and resistance lines helps to define where future price action may pause, develop a retreat, or develop a trend continuation. This allows traders and investors to prepare appropriate trading responses.
Gold has significant resistance features that cap any rapid change in the trend.
There are three resistance barriers that limit the potential rise in the gold price. The first resistance barrier is the value of trend line A, which is now acting as a resistance level. The current value is near $1,790 an ounce. This is the lower edge of a long term uptrend channel so there is a high probability this will act as a strong resistance feature.
The gold price has clustered near this level and been unable to develop a decisive breakout. This does not mean a new downtrend but it shows weakness in the up move.
The second resistance barrier is the value of the resistance level near $1,800. The combination of trend line A and resistance near $1,800 adds more drag to the momentum and reduces the probability of a faster price rise.
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This increases the probability of a price retreat. However, a price move above $1,800 has a high probability of developing into a fast rally and moving quickly to the next resistance level.
Gold [GCCV1 1736.60 0.60 (+0.03%) ] has been trading in a long term up trend trading channel. The lower edge of the trading channel, trend line A started in January 2010. The upper edge of the trading channel, trend line B, started in May 2010.
The third resistance barrier is the value of trend line B. This is the upper edge of the lone term up sloping trading channel. Current value is near $1,900.
A sustained move above the value of trend line A is required before a change to a new uptrend is confirmed. A breakout above resistance near $1,800 and a breakout above the value of trend line A shows a high probability of gold continuing to rise and trade inside the trading channel.
This points the way to higher prices and a steady resumption of the long term uptrend. The price must be able to breakout above the value of trend line A before this can be defined as a trend rather than just a rally.
The UN Security Council has adopted a resolution paving the way for military intervention in Mali to retake the north from Islamist extremists.
The resolution requests a detailed plan for such an operation from African organisations within 45 days.
The UN has so far refused to endorse requests for military intervention without details of a plan.
Islamist groups and Tuareg rebels took control of the north after Mali's president was overthrown in March.
Both Mali's government and the West African regional body Ecowas have made requests for authorisation for an international force to intervene, with Ecowas proposing a force of 3,000.
The BBC's Barbara Plett in New York says that the resolution is an attempt to re-energise the West African regional body Ecowas' effort, expressing readiness to respond positively to a plan.
Negotiation process
It comes a week ahead of a meeting in the capital, Bamako, bringing together Ecowas representatives, the African Union, and the UN secretary-general.
The resolution, drafted by France, requests that "detailed and actionable recommendations" be presented to the Security Council within the specified time.
It also calls on UN member states and regional and international organisations to provide "co-ordinated assistance, expertise, training and capacity-building support" to Mali's armed forces.
A second resolution by the 15-member Council would be required to authorise any action in Mali.
The text also urges Mali's authorities and the rebel groups controlling the north to begin a negotiation process and expresses alarm over the infiltration by al-Qaeda in the Islamic Maghreb (AQIM) and other extremist groups into the north.
Earlier this week, the UN Assistant Secretary-General for Human Rights Ivan Simonovic returned from Mali and warned that the Islamist militias had imposed a harsh version of Sharia law on the areas they controlled.
Mr Simonovic said that he had heard testimony that forced marriage, forced prostitution, and rape were widespread, and that women were being sold as "wives" for less than $1,000 (£620).
They have also stoned to death an unwed couple and amputated the hand of an alleged thief as well as destroying ancient shrines in the historical city of Timbuktu, claiming they violated Sharia law and promoted idolatry among Muslims.
The UN has warned that the destruction of the shrines could amount to war crimes and the International Criminal Court has launched a preliminary inquiry into alleged atrocities.
The UN Security Council has adopted a resolution paving the way for military intervention in Mali to retake the north from Islamist extremists.
The resolution requests a detailed plan for such an operation from African organisations within 45 days.
The UN has so far refused to endorse requests for military intervention without details of a plan.
Islamist groups and Tuareg rebels took control of the north after Mali's president was overthrown in March.
Both Mali's government and the West African regional body Ecowas have made requests for authorisation for an international force to intervene, with Ecowas proposing a force of 3,000.
The BBC's Barbara Plett in New York says that the resolution is an attempt to re-energise the West African regional body Ecowas' effort, expressing readiness to respond positively to a plan.
Negotiation process
It comes a week ahead of a meeting in the capital, Bamako, bringing together Ecowas representatives, the African Union, and the UN secretary-general.
The resolution, drafted by France, requests that "detailed and actionable recommendations" be presented to the Security Council within the specified time.
It also calls on UN member states and regional and international organisations to provide "co-ordinated assistance, expertise, training and capacity-building support" to Mali's armed forces.
A second resolution by the 15-member Council would be required to authorise any action in Mali.
The text also urges Mali's authorities and the rebel groups controlling the north to begin a negotiation process and expresses alarm over the infiltration by al-Qaeda in the Islamic Maghreb (AQIM) and other extremist groups into the north.
Earlier this week, the UN Assistant Secretary-General for Human Rights Ivan Simonovic returned from Mali and warned that the Islamist militias had imposed a harsh version of Sharia law on the areas they controlled.
Mr Simonovic said that he had heard testimony that forced marriage, forced prostitution, and rape were widespread, and that women were being sold as "wives" for less than $1,000 (£620).
They have also stoned to death an unwed couple and amputated the hand of an alleged thief as well as destroying ancient shrines in the historical city of Timbuktu, claiming they violated Sharia law and promoted idolatry among Muslims.
The UN has warned that the destruction of the shrines could amount to war crimes and the International Criminal Court has launched a preliminary inquiry into alleged atrocities.
Thanks 1center, I was on the site,but for some reason it wouldnt let me open it. I was hoping someone could post it. GLTY
MonsterTradingAlerts.com Stocks You Should Be Looking Out For on October 10th, 2012
Romarco Minerals Inc. (PINKSHEET: RTRAF) stock closed its latest trading session at $1.0068, down 10.11 percent from its previous close of $1.12. The stock opened the session at $1.07 and touched its highest price point at $1.08. Romarco Minerals stock's lowest price point for the session stood at $1.0055. Its latest trading volume has been recorded at 986K shares, in contrast to the average daily trading volume of 255K shares.
Romarco Minerals is engaged in the business of acquiring, exploring and developing mineral properties. The company was formed in 1983 and it is based out of Toronto in Canada.
Can someone post the NI 43-101 filing from SEDAR on March 19th 2012. I'm haveing a problem getting in to read report. Thanks. And good job on the IBOX 1 center.
Well, you've been in a while, and have a good avg. Might just take some more eyes on this one to get it going. IMO
ROMARCO RECEIVES EIS SCHEDULE FROM US ARMY CORPS 05/23/2012
Download this Press Release
TORONTO, May 23, 2012 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") has received a schedule from the US Army Corps of Engineers ("Corps") for completing the Environmental Impact Statement ("EIS") for the Federal 404 Wetlands permit. The schedule is as follows:
•Draft EIS filed - December 14, 2012
•Draft EIS comment period begins - December 14, 2012
•Draft EIS Public Hearing - January 29, 2013
•Draft EIS comment period ends - February 28, 2013
•Final EIS made available to public - July 19, 2013
•Record of Decision on permit to be made - August 16, 2013
Diane Garrett, President & CEO commented: " While the Corps' schedule for completing the EIS and issuing its Record of Decision is longer than we have been targeting, that schedule provides clarity for our planning. We will continue to advance detailed design and engineering for the project, adjust equipment orders to align with the Corps' schedule, and diligently manage our cash as we advance one of the best undeveloped gold deposits in the world."
The Federal 404 Wetlands permit is the only Federal permit Romarco requires for the Haile project. The Corps is the federal agency regulating 404 permits. Other pending permits include, but are not limited to, the State 401 Water Quality Certification and the State Mine Operating permit; the regulating agency for these permits is the South Carolina Department of Health and Environmental Control ("DHEC"). DHEC has indicated that it will schedule its public hearing for the State permits following the filing of the Draft EIS by the Corps.
Conference call
There will be "EIS Conference Call" presentation slides available for download on the homepage of the Company's website www.romarco.com prior to the call.
The Company will hold a conference call on May 23, 2012 at 9:00 am EDT where senior management will provide an update on the Haile Gold Mine project status including a discussion of the EIS schedule provided by the Corps. Senior management will also respond to questions from analysts and investors.
To join the call:
•In Canada and the United States - 1-888-231-8192
•International - 647-427-7451
The conference call will be recorded and playback will be available after the event by dialing toll free in Canada and the United States 1-855-859-2056 or locally 416-849-0833, passcode 84216346# (available up to June 5, 2012).
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility study and is continuing exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
The SMA,PSAR OBV,MACD, and DMI are all bullish. Looking good.
I'm not sure. I'm tempted to jump in, but if Rommney wins gold will probably drop. Dont you think?
Nice buys.
I couldn't open it, but I'll take you at your word. How long have been following this one? You seem very knowledgeable. What is your avg if you dont mind my asking? I expect a pullback. How about yourself? I am waiting to load at that point.
Thats good. I do look at the charts. I've been told charts aren't much good in pennyland, but it can't hurt. I do plan on keeping up on RTRAF. It does seem to be a long term play. GLTY
Thanks for the info. Why dont you become a moderator on this? You have a lot more knowledge than I do. Sticky the more important info. GLTY
Interesting article. There is going to be a long road ahead on Haile project. IMO. Just the FED 404 Wetlands permit will take until at least Aug 2013. I assume you live around there? I believe you said you are taking a tour. Do you know the locals feelings of a mine starting up? Have you looked up any of the local papers, or TV stations, to see wich way the winds blowing? Would be good to know once the state starts its public hearings, after the Corps Dec 14th "EIS" draft filing. Again I'm just starting my DD, so thanks for sharing articles. Any help appreciated.