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That makes a lot more sense. Thanks.
Interesting company. Thanks for the posts. Just one question:
Isn't 10 times trailing sales a little rich even for a growth story?
CC painting the tape at the EOD or was it you Red? LOL
Here are all the trades for V: ISX on 8/ 9/2007.
41 Records Returned
Trades
Exchange Date Price Change Volume Buyer Seller Markers
V 2007-08-09 15:51:58 1.50 -0.01 9,000 88 E-TRADE 88 E-TRADE K
V 2007-08-09 15:51:58 1.49 -0.02 1,000 88 E-TRADE 2 RBC K
V 2007-08-09 15:48:07 1.49 -0.02 500 33 Canaccord 89 Raymond James K
V 2007-08-09 15:48:07 1.44 -0.07 2,000 33 Canaccord 1 Anonymous K
V 2007-08-09 15:48:07 1.42 -0.09 1,000 33 Canaccord 1 Anonymous K
V 2007-08-09 15:48:07 1.41 -0.10 500 33 Canaccord 79 CIBC K
V 2007-08-09 15:46:34 1.39 -0.12 1,500 33 Canaccord 1 Anonymous K
V 2007-08-09 15:26:47 1.39 -0.12 7,500 33 Canaccord 1 Anonymous K
V 2007-08-09 15:18:34 1.25 -0.11 30 89 Raymond James 88 E-TRADE E
V 2007-08-09 15:14:37 1.40 -0.11 3,000 33 Canaccord 1 Anonymous K
V 2007-08-09 14:38:39 1.30 -0.21 2,000 80 National Bank 79 CIBC K
I don't. I know the bounce back will come. Just from what level?
Sold (chickened out) around 1.80 from 1.47.
I want these shares back below 1.47. LOL
Trick now is to find the re-entry point.
Guesses welcome ...
They were just a little slow on the take-off. What a difference a month can make. It's all about timing.
Terry: It doesn’t sound like we are or will be reducing crop producing farmland globally according to this USDA report. If anything, they expect a very large increase in biofuel related farmland which bodes well for POT.
http://64.233.167.104/search?q=cache:c9Mv11VRDuwJ:www.farmfoundation.org/projects/documents/TrostleF....
From the report:
Supplying the projected growth in biofuel feedstocks will require a global increase in
the area planted to crops. During the last 30 years, the growth rate for the world’s total
area planted to 10 major field crops has averaged less than 0.2 percent per year. (The
crops include: wheat, rice, corn, barley, sorghum, other feed grains, soybean, rapeseed,
sunflowers, and cotton). However, in the USDA projections, the projected total area
harvested of these crops grows nearly 0.4% per year -- more than double the average
rate of the last 30 years. Some of the increased area comes from Brazil where new
lands are brought into crop production, and from Argentina where some pasture is
converted to cropland. The former Soviet Union has land currently idled that was
farmed in an earlier era that can be brought back into production. And, of course,
existing land can be cropped more intensively. But the land-use implications of the
projection scenario do raise the question: is the biofuel expansion a sustainable growth
path?
Terry: Found this report dated June 2007 from the International Fertilizer Industry Association. It provides some of the answers you were looking for.
http://64.233.167.104/search?q=cache:dxqmow7n26wJ:www.fertilizer.org/ifa/publicat/PDF/2007_istanbul_...
Here is another shorter one on Mineweb dated July 2007
http://www.mineweb.com/mineweb/view/mineweb/en/page38?oid=23464&sn=Detail
PotashCorp plans $1.6-billion potash mine, mill expansion in New Brunswick
Canadian Press
Friday, July 20, 2007
SASKATOON — — Potash Corp. of Saskatchewan Inc. , the world's largest fertilizer company, is planning a new two-million-tonne potash mine and expanded milling operations in New Brunswick, with an estimated cost of $1.6-billion (U.S.).
The four-year construction project, which needs regulatory approval, would raise the company's projected total annual potash capacity to 14.9 million tonnes by 2011.
The PotashCorp site is close to the company's terminal at the port of Saint John, with the shortest shipping times to key Latin American markets like Brazil, where substantial long-term growth in demand for upgraded potash products is expected.
Using conventional underground mining methods, the new mine will draw on the company's large, high-quality Picadilly deposit, which contains potash ore grades similar to those found in Saskatchewan deposits.
© Canadian Press
ISX .. So, there is potentially / likely 14% for Pinetree and 10% for Longview. Does anyone know what other institutional holdings exist and how much is held by management?
TIA
kidl
OT ... Thank you "T".
kidl
Music to my ears
I wouldn't put too much weight on what TD does.
Any idea how something like this works?
ISX Resources Inc. Corporate Update
nlk
FSC / Press Release
ISX Resources Inc. Corporate Update
Calgary, Alberta CANADA, July 18, 2007 /FSC/ - ISX Resources Inc. (ISX - TSX Venture),
Mr. Dean Curtis announces that he, through a retirement trust of which he is the beneficiary, has acquired 1,000,000 common shares ("Common Shares") and 1,000,000 Common Share purchase warrants ("Warrants") of ISX Resources Inc. ("ISX") at a price of $0.60 per Common Share and $0.20 per Warrant.
Mr. Curtis now beneficially owns or controls 2,226,000 Common Shares (approximately 9.2% of the issued and outstanding Common Shares) and 1,400,000 Warrants of ISX. Assuming exercise of all of the Warrants which Mr. Curtis beneficially owns and controls, Mr. Curtis would own or control approximately 14.2% of the Common Shares then issued and outstanding. The above-noted Common Shares and Warrants are held in Mr. Curtis' Registered Retirement Savings Plan.
The Common Shares and Warrants were acquired for investment purposes from a third party in a private transaction.
Although he has no present intention to increase his ownership, Mr. Curtis may increase or decrease his ownership of ISX from time to time based on investment considerations.
For further information please contact:
Dean Curtis
902D, 500 Eau Claire Avenue SW
Calgary, Alberta
T2P 3R8
(403) 269-7580
Source: ISX Resources Inc.
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
Looks like the ISX party is over for the moment
T: Yes, I do own ISX thanks to RR and this forum and thanks for clarifying the soon to become free trading shares and thanks for your other comments.
Great forum
kidl
ISX … Just saw a post on SH claiming that 16 Mil shares at 35 cents become free trading in the next day or two.
Can anyone confirm this off hand without sifting through Sedar?
Thanks MSC290
MS Outlook question:
I had to transfer a Outlook pst file from one computer to another. The one it was transferred to has Outlook 2002 but the transferred pst file was created in Outlook 2003. It won't open in the 2002 version.
Anyone have any ideas aside from buying a current version of Outlook? Even if I did, would it allow me to open a pst file created in an older version?
TIA
kidl
Probably a stupid question:
Is Grisoft AVG still free or is only the 30 day trial free?
TIA
kidl
Petrobank Closes Southeast Saskatchewan Acquisition
ccnm
CALGARY, ALBERTA--(CCNMatthews - May 1, 2007) - Petrobank Energy and Resources Ltd. ("Petrobank" or the "Company") (TSX:PBG)(OSLO:PBG) is pleased to announce that it has closed the acquisition (the "Acquisition") of land and reserves previously disclosed in our press release dated April 9, 2007 relating to the expansion of our asset base in the Bakken light oil resource play. Today, Petrobank acquired a 50% working interest in certain producing properties in the Viewfield/Stoughton area of southeast Saskatchewan, with extensive undeveloped acreage and an ongoing farm-in with a third party, for $8.5 million.
The Acquisition enhances the core of Petrobank's recently expanded position on the Bakken light oil play in southeast Saskatchewan. Under the original farm-in agreement related to the Acquisition, the previous operator drilled four (2.0 net) Bakken horizontal oil wells which are currently producing 80 (40 net) barrels of oil/day. The Acquisition includes 9,426 (4,813 net) undeveloped acres and we have the potential to earn a further 13,598 (6,799 net) acres with additional drilling. In a reserve report dated effective December 31, 2006, McDaniel and Associates Consultants Ltd. assigned total proved reserves of 251,000 barrels, and total proved plus probable reserves of 730,000 barrels, to these acquired lands.
Petrobank plans to fracture stimulate the existing four producing wells and drill additional Bakken horizontal oil wells to earn the remainder of the lands. These lands are located within the core of our Bakken fairway, and are contiguous with our existing land position. Inclusive of the 41,800 acres acquired at the Saskatchewan crown land sale in April 2007, our acreage position on the Bakken fairway is now approximately 138,000 (114,000 net) acres.
The addition of these lands obtained through the Acquisition further enhances our ability to build critical operating mass in the area, which allows us to optimize our facilities for production of oil and also the ultimate recovery of significant volumes of solution gas and natural gas liquids from our Bakken wells. Petrobank currently has two drilling rigs working our Bakken lands and we plan to increase this to four rigs by the third quarter of this year.
All recently acquired lands are highly prospective for Bakken light oil and are expected to yield up to four horizontal wells per section (one section equals 640 acres). Currently, we estimate our Bakken drilling inventory at 550 (500 net) wells. With these recent acquisitions, the Bakken light oil resource play is expected to be our Canadian Business Unit's primary focus area in 2007 and for years to come. Our highly effective Bakken drilling and stimulation program, along with the expansion of our land base, has strategically positioned Petrobank to be a key Bakken light oil player.
Petrobank Energy and Resources Ltd.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada and Colombia. The Company operates high-impact projects through three business units. The Canadian Business Unit is developing a solid production platform from low risk gas opportunities in central Alberta and an extensive inventory of Bakken light oil locations in southeast Saskatchewan, complemented by new exploration projects and a large undeveloped land base. The Latin American Business Unit is operated by Petrobank's 80.7% owned, TSX-listed subsidiary, Petrominerales Ltd. (trading symbol: PMG), which produces oil through two Incremental Production Contracts in Colombia and has exploration contracts covering 1.5 million acres in the Llanos and Putumayo Basins. WHITESANDS Insitu Ltd., Petrobank's 84% owned subsidiary, owns 39,680 acres of oil sands leases with an estimated 2.6 billion barrels of gross bitumen-in-place and operates the WHITESANDS project which is field-demonstrating Petrobank's patented THAI(TM) heavy oil recovery process. THAI(TM) is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil that integrates existing proven technologies and provides the opportunity to create a step change in the development of heavy oil resources globally.
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Specifically, this press release contains forward-looking statements relating to, prospects and technologies which remain unproven and the expected amount and timing of capital projects. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the ability to economically test, develop and utilize the technologies described herein, the feasibility of the technologies, general economic, market and business conditions; fluctuations in oil and gas prices; the results of exploration and development of drilling and related activities; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of the Company. There is no representation by Petrobank that actual results achieved during the forecast period will be the same in whole or in part as those forecast.
FOR FURTHER INFORMATION PLEASE CONTACT:
Petrobank Energy and Resources Ltd.
John D. Wright
President and Chief Executive Officer
(403) 750-4400
or
Petrobank Energy and Resources Ltd.
Chris J. Bloomer
Vice-President Heavy Oil and Chief Financial Officer
(403) 750-4400
or
Petrobank Energy and Resources Ltd.
Corey C. Ruttan
Vice-President Finance
(403) 750-4400
(403) 266-5794 (FAX)
Email: ir@petrobank.com
Website: www.petrobank.com
'It's a nice problem to have'
Petrobank's bitumen recovery project is working so well that production is being held back for lack of storage space
Jon Harding, Financial Post
Published: Saturday, April 21, 2007
http://www.canada.com/nationalpost/financialpost/printedition/story.html?id=66f1fbc8-b61c-4e74-bd1e-....
CALGARY - A $35-million oilsands experiment Petrobank Energy and Resources Ltd. is conducting on a muddy rectangle of land cut from the northeastern Alberta forest is going far better than president and CEO John Wright could have hoped.
The thermal recovery project, which Mr. Wright thinks can revolutionize the oilsands busines, is showing it is capable of producing more oil than expected and it reached its peak potential sooner than expected.
Petrobank is the 84% owner of Whitesands Insitu Ltd., a pilot project in which the company's oilsands reserves are being baked underground in a volatile mix of oxygen and hydrocarbons.
John Wright, president and CEO of Petrobank Energy and Resources Ltd., says there's a market out there for the company's patented toe-to-heel air injection (THAI) bitumen recovery system.View Larger Image View Larger Image
John Wright, president and CEO of Petrobank Energy and Resources Ltd., says there's a market out there for the company's patented toe-to-heel air injection (THAI) bitumen recovery system.
A combustion front, slow-moving and at 600-degree Celsius, is pushing oil to the surface.
The so-called fire flood recovery method was tested and scrapped by a handful of industry stalwarts in the 1970s. Petrobank took the technology and adapted a horizonal well configuration that lets gravity -- the oilsands melt towards the production well--do some of the work.
With the eyes of the industry watching closely, heavy crude has been successfully sucked above-ground for the better part of the past eight months at Whitesands via two of the project's three planned horizontal production wells.
A third well pair -- made up of one vertical air injector and a horizontal producer sitting 500-metres away -- will be brought on stream in the coming weeks, all of which is leading to a new challenge for Mr. Wright.
Whitesands' potential output was an uncertain measure pending the success of Petrobank's patented toe-to-heel air injection (THAI) recovery process.
With THAI working so successfully, production from the three sets of wells could easily double early predictions of 1,800 barrels of oil a day, and for now, it's being choked back well below that because the project's storage tanks are too small.
It's a nice problem to have, Mr. Wright said.
"It's telling us everything about the process that worked theoretically in the lab works in the field, and also that we took a very fail-safe, call it conservative, stance in our planning.
"We didn't build big enough tanks, but the last time I drove down the road that was a pretty easy solution to solve. There are lots of big tanks out there."
Mr. Wright and his Petrobank colleagues believes the THAI process could unseat the more common oilsands recovery method called steam-assisted gravity drainage, or SAGD, which itself has only been used by the industry for a little more than 10 years.
Only about 10% of Alberta's oilsands are buried close enough to the surface to mine.
The THAI process seeks to recover as much as 80% of the bitumen in place, more than double that of SAGD, and for half the capital and operating costs.
There's no need to build water processing and large steam production facilities, and large quantities of natural gas aren't required because there's no need for steam.
Mr. Wright figures costs to build an oilsands project using the THAI recovery method would come in at between $10,000 and $15,000 a flowing barrel, a measure of capital intensity. That's about half the cost for a SAGD project and a giant step back from large-scale mining and upgrading projects that produce upgraded synthetic crude, for which costs have risen to between $100,000 and $128,000 per flowing barrel.
"Above ground, it's way less pots and pans, and below ground it's half as many horizontal wells, which are the expensive wells," said Mr. Wright.
Petrobank will later this year build three more well pairs to test another of its patented processes called CAPRI, in which catalysts mixed with the hot oil at the well bore could work to upgrade it underground. The company is also planning to build a separate commercial project producing 10,000 barrels a day on its oilsands leases.
Ultimately, the hope is for Whitesands Insitu Ltd. to farm out its technology to other oilsands players.
"I honestly believe if I come out with a technology that's different from the one you're using, and after the initial shock I can show it takes half the capital investment, has half the operating costs, will recover twice as much oil and start up in half the time, how long are you going to wait?" Mr. Wright said.
"There will be some skepticism, but sooner or later it'll just be accepted as a common concept, like SAGD was."
DOW JONES NEWSWIRES
Nymex Holdings Inc.'s (NMX) New York Mercantile Exchange Inc. signed a 10-year
deal with the Ux Consulting Co. LLC, a uranium pricing index and information
provider, to provide on and off-exchange traded uranium futures products on
Nymex platforms.
Financial terms weren't disclosed.
Nymex will list the uranium futures products on the CME Globex and Nymex
ClearPort electronic platforms on May 6 for trading on May 7.
-Nicholas Hatcher; 201-938-5400; AskNewswires@dowjones.com
TD Newcrest raises target on PBG to $31.00.
(Posted by vip vix on Stockhouse)
Raising Target Price on Anticipated Fireflood Success
Event
We are increasing our Target Price to $31.00 from $21.00, based on our
assessment of the WHITESANDS project and new discoveries from a recent field trip to the project itself.
Impact
Positive Details
Based on our new discoveries and forecasts, we feel we have turned the
corner and have now started to “de-risk” some of the project. We are optimistic enough to:
• Begin estimating the upside associated with developing Petrobank’s
existing leases on a commercial scale. Based on what we know today, we
estimate that the Whitesands leases are capable of being developed to
100,000 bbl/d, at a capital cost of $1.5–2.0 billion, in about half the time
it takes a standard SAGD project, and at less than half the operating
costs. (This is our estimate and not Petrobank’s.)
• Begin de-risking THAI™ in our valuation and to begin putting in some
value for the blue sky upside associated with this process, should it
unfold as Petrobank expects. Thus, our target price increase to $31/share.
• As a backstop to its oil sands value should THAI™ fail, PBG can still
develop the lease through SAGD. In this case our forecast ‘SAGD’ value
of PBG as a whole is between $19.50 and $27.30 at $45 and $60 WTI
Risked NAV scenarios. Our methodology and valuation are outlined in Exhibit 1.
• For a complete discussion regarding our findings, estimates and
valuation methodologies, please refer to our report entitled “It’s Getting Hot in Here…”, dated March 8, 2007.
Valuation
PBG trades at a risked base case ($45/bbl WTI) P/NAV of 93% vs. its peer group at 121% and a risked high
case P/NAV of 71% vs. its peer group at 87%.
Justification of Target Price
Our $31.00 target price was derived by calculating the midpoint of our base NAV (using the TD price deck)
and current case NAV (calculated using US$60 WTI). Our target price is based on the midpoint of our $45
WTI Risked NAV at $26.53 and $60 WTI Risked NAV ($34.61), but with additional risking added to the
THAI™ process (25% risking). We are arguing that the risk/reward profile is attractive at these levels, with a
potential upside of more than $30/share, versus a potential downside of less than $8/share if both THAI™ and
CAPRI™ fail.
Key Risks to Target Price
Risks associated with this target price include those business risks of the company and industry, including but
not limited to: loss of key employees, drilling success, volatile commodity prices, product supply and demand,
capex overruns, government regulations and taxes, exchange rates, interest rates, environmental and weather
concerns. In addition to these risks, PBG faces potential project risks from the fire flood, including reservoir
temperature maintenance, early air breakthrough and timing/ execution risk.
Investment Conclusion
Despite the fact that it is supposed to be an early stage experimental pilot (i.e., it is overloaded with monitoring
equipment), we believe that it is working well and is already close to being cash flow positive. This should
become evident by the Q2 results. In our initiation of coverage research report on Petrobank, we mentioned
that the THAI™ process would initially look good, but that the risks would likely dissipate slowly, as we gain
information over time. We are not in the clear yet. However, the reality is that the process is de-risking— to
our mind, it has gone from about a 10% chance of working to over 75%. This is why our target price valuation
now includes a 75% chance of success of THAI™ working (on Petrobank’s leases only). Clearly, if it is indeed
a success, the ‘blue sky’ option of leveraging this technology to other areas is significant. Based on this, we are
increasing our Target Price to $31.00 and maintaining our SPEC BUY Recommendation.
PBG interview on RobTV. Worth listening to.
http://www.robtv.com/servlet/HTMLTemplate/!robVideo/robtv0726.20070223.00048000-00048320-clip3/h/220...
Uranium North Confirms Significant Uranium Endowment at Amer Lake
ccnm
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 20, 2007) - Uranium North Resources (TSX VENTURE:UNR) announces that they have confirmed the presence of widespread uranium mineralization in two of the numerous target areas on the Amer Lake property in the Thelon Basin region, Nunavut. Recent surface sampling confirmed the significant uranium endowment of the property and re-established the locations of the Main and Faucon Zones.
"The sample results exceeded our expectations and in all cases returned average uranium values higher than the historic exploration results," says Mark Kolebaba, President and CEO of Uranium North Resources. "These results provide added confidence our exploration drilling this season will quickly increase our estimate of the pounds of uranium at Amer."
Grab samples collected over a 200-metre strike length at or near the Main Zone produced above-average uranium grades as follows:
Table 1. Main Zone
----------------------------------------------
% U3O8
SHOWING SAMPLE TYPE (URANIUM OXIDE)
----------------------------------------------
Main 3a Grab 0.15%
----------------------------------------------
Main 3b Grab 0.33%
----------------------------------------------
Main 4 Grab 0.12%
----------------------------------------------
Main 5 Grab 0.20%
----------------------------------------------
Table 2. Main Zone-North
----------------------------------------------
% U3O8
SHOWING SAMPLE TYPE (URANIUM OXIDE)
----------------------------------------------
N. Main 6a Grab 0.58%
----------------------------------------------
N. Main 6b Grab 0.46%
----------------------------------------------
N. Main 7a Grab 0.10%
----------------------------------------------
N. Main 7b Grab 0.08%
----------------------------------------------
N. Main 2 Grab 0.02%
----------------------------------------------
Table 3. Faucon Zone
----------------------------------------------
% U3O8
SHOWING SAMPLE TYPE (URANIUM OXIDE)
----------------------------------------------
Faucon 1 Grab 0.13%
----------------------------------------------
Faucon 2 Grab 0.13%
----------------------------------------------
Faucon 3 Grab 0.19%
----------------------------------------------
Faucon 4 Grab 0.14%
----------------------------------------------
Faucon 5a Grab 0.56%
----------------------------------------------
Faucon 5b Grab 0.43%
----------------------------------------------
Faucon 5c Grab 0.89%
----------------------------------------------
Faucon 5d Grab 0.67%
----------------------------------------------
Interesting article thanks to metacomet on SI
Oil industry finds hot rock resource
Major players in the oil sands, under political pressure to reduce their greenhouse gas emissions, have quietly formed an industry-wide consortium to explore using heat in the Earth's crust as a clean alternative to natural gas.
The consortium, called GeoPower in the Oil Sands, or GeoPOS, plans to drill an appraisal well to assess the heat potential of granite rock that lies 500 metres below the Earth's surface. If the required heat levels are found, an "enhanced geothermal system" could be built that supplies the hot water needed for extracting oil from the tarry sands – a job typically performed through the burning of natural gas.
It could also deflate the nuclear industry's hope of building reactors in northern Alberta, an idea being pushed by the federal government and investigated by Husky Energy Inc. and France's Total SA.
"We are a member of the GeoPower consortium," confirmed Shell Canada Ltd. spokesperson Janet Annesley. "Geothermal fits with our principles of sustainable development, in that there's a potential economic benefit, which is reducing our operating costs and dependence on natural gas, and (it) reduces our greenhouse gas emissions."
Brad Bellows, a spokesperson for Suncor Energy Inc., said geothermal energy is "definitely" being looked at as a clean, long-term, and price-protected energy source for oil-sands production.
The oil sands account for nearly a third of Alberta's natural gas consumption, and the amount used is expected to jump four-fold over the next 10 years as development of the oil sands gathers momentum.
This dependence on natural gas has made the oil sands the fastest-growing source of greenhouse gas emissions in the country. Volatility of gas prices has also caused headaches for oil companies, which are exploring alternatives – including nuclear power – to give them greater price certainty.
Michal Moore, a senior fellow at the University of Calgary's Institute for Sustainable Energy, Environment and Economy, said geothermal energy could be cost-competitive with nuclear power in about 15 years and would only require about $400 million in additional research and development.
Like nuclear and unlike solar or wind power, geothermal provides a constant, predictable source of energy in the form of heat – used directly or to generate electricity. Another benefit is that geothermal energy releases virtually no airborne pollutants and there are no waste-disposal and security concerns like with nuclear power.
It's also Kyoto-friendly. According to Natural Resources Canada, new geothermal facilities emit 0.1 kilograms of carbon per megawatt hour of generated electricity, compared with 185 kilograms of carbon for a coal-fired plant. They also outperform coal and nuclear plants in terms of reliability.
"If you think long term on this, the oil sands are a security issue for North America," said Moore, a former chief economist with the U.S. National Renewable Energy Laboratory and past commissioner at the California Energy Commission.
"To the extent we can diminish the impact of accessing the oil sands, through advanced in situ techniques combined with cutting the reliance on natural gas, it gives Canada a tremendous competitive advantage in the future."
Moore spent the last 17 months as part of an 18-person expert panel, led by the Massachusetts Institute of Technology, looking at the potential for tapping geothermal energy in the United States.
Specifically, the panel studied enhanced geothermal systems that can tap high temperatures up to five kilometres below the Earth's crust. The heat can be used on its own for district heating and oil-sands production, or turned into steam for electricity generation.
"On the whole, this is about as clean a power supply as you're going to get," Moore said.
Geothermal power generation is common in California, Hawaii, Nevada and volcanic countries such as Iceland, where the heat is closer to the surface and easier to tap. Western GeoPower Corp. is the only company developing geothermal power in Canada, at a site about 170 kilometres north of Vancouver.
Geothermal power is generated from heat of 80C to 200C, deep in the Earth's crust, and is not the same as ground-source heat pumps or "geo-exchange" systems, which use constant temperatures just a few metres below the Earth's surface to assist in heating and cooling buildings.
"It doesn't take much extrapolation to show that the deeper you go, no matter where you drill, you will encounter 250-degree temperatures," said Moore, adding that even Ontario could one day be replacing its nuclear plants with geothermal plants. "The power supply should exist just about any place, if you go deep enough."
The MIT-led report, released in January, concluded that there are no technical barriers or limitations to tapping enough heat in the Earth to generate 100,000 megawatts of power-generating capacity in the United States by 2050. Add Canada's geography to the mix and the figure would more than double – roughly equivalent to 200 large nuclear reactors.
Geothermal expert Susan Petty, founder of geopower consulting firm Black Mountain Technology of Seattle, sat on the MIT panel and said Canadian oil companies could easily apply their drilling expertise and geological engineering base to geothermal development in their own backyard.
She urged Ottawa to create its own expert panel that would build on the findings of the MIT group. Having already reached drilling depths exceeding 6,000 metres, where rock is hot enough to produce power, the oil industry is a natural fit for geothermal energy.
"The biggest problems we have right now are not drilling the wells," Petty said. "It's making the fractures (in the rock) that would allow you to extract (heat) energy."
Geothermal plants work by pumping cold water into a deep well and exposing it to the hot rock below. The water absorbs the heat and is pumped back to the surface, where the hot water or steam is used as required.
For this process to work, the rock has to be porous enough so water can flow through it and absorb as much of the heat as possible. If the rock is solid, cracks must be created by pumping water at high pressures and forcing fractures. Petty called technology advancements in this area "amazing."
"When I started on the panel, I thought it was only economic now to do conventional geothermal. But when I looked at how far they'd gotten and how much the technology improved, I was convinced in the end that we could make it economic.
"This isn't as complex as a nuclear plant," Petty added. "We know how to pump hot water, we know how to make holes in the ground, and we know how to use hot water to make electricity. We just need to do it better."
Moore, meanwhile, hopes to publish two papers on the issue in academic journals this fall, after which he'll present his conclusions to the federal and Alberta governments, oil companies and anyone else who will listen.
His thesis: There's plenty of heat three kilometres down and deeper to substitute the use of natural gas in the oil sands.
"Canada is rich in opportunities," Moore said. "All the deep drillers we had who testified and gave information to the panel suggest this is workable, but you won't know if it works until you try it."
Both Moore and Petty said the first couple of geothermal plants will be expensive – as were the first oil wells ever drilled – but the costs will fall as lessons are learned. Besides, they added, it's not as if nuclear plants, "clean coal" projects or other choices are any cheaper.
For example, Sherritt International Corp. and the Ontario Teachers' Pension Plan recently outlined plans for a gasification facility southeast of Edmonton that would convert coal into synthetic gas for use in the oil sands. It will take at least five years to build at a projected cost of $1.5 billion.
Whatever the chosen approach, it has become increasingly clear to some in the oil sands that something must be done. Daniel Yang, a reservoir engineer with Shell Canada, told an audience last month at a geothermal conference in Potsdam, Germany, that planned multi-billion-dollar expansions of oil-sands projects must address the issue of rising gas consumption and carbon-dioxide emissions.
In an abstract of his presentation, Yang wrote that tapping the Earth's heat is an "ideal opportunity" because profitability of geothermal is "of secondary importance" in the face of rising environmental concerns. "Any level of heat supply is a success," he concluded.
http://www.thestar.com/Business/article/180278
Oil patch girds for battle with Ottawa
SHAWN McCARTHY AND BILL CURRY
Thursday, February 08, 2007
OTTAWA — Canadian oil executives have moved to defend their industry as “a major driver of the Canadian economy” amid growing fears in Calgary that the Conservative government is preparing to unveil tough, politically motivated environmental and tax policies.
In a letter obtained by The Globe and Mail, Kathleen Sendall, the chairwoman of the Canadian Association of Petroleum Producers, takes issue with suggestions that the booming oil sands developments are unfairly subsidized and that the highly profitable industry can easily afford tax increases and new environmental regulations that would drive up costs.
Her letter was sent last week to Indian Affairs Minister Jim Prentice, an MP from Calgary who is Prime Minister Stephen Harper's point man in dealing with the oil industry on climate change strategy.
Mr. Prentice, Environment Minister John Baird and Natural Resources Minister Gary Lunn are scheduled to meet with senior oil industry executives in Calgary on Friday for further consultations on the climate change policy.
But top of mind for the industry executives will be Ottawa's plans for the accelerated capital cost allowance, a controversial tax break that provides generous writeoffs for oil sands companies.
New Democratic Party Leader Jack Layton — whom Mr. Harper is courting to get his environmental legislation through a minority Parliament — has long campaigned against the tax break, calling it a subsidy for oil sands production that is a major contributor to Canada's greenhouse gas emissions.
Industry sources say executives are worried that the Conservatives may agree to eliminate the tax break as part of a deal to win Mr. Layton's co-operation.
So far, the oil industry has taken a low-key approach in its own defence.
The approach is in stark contrast to the public campaign it mounted against the former Liberal government's decision to ratify the Kyoto Protocol, which committed Canada to reducing emissions to 6 per cent below 1990 levels.
In her letter to Mr. Prentice, Ms. Sendall — a senior vice-president of Petro-Canada — said the oil industry paid out $27-billion to the federal and provincial government in 2006 and expects to invest $40-billion across the country this year.
She added that the accelerated capital cost allowance — which allows companies to depreciate the full cost of equipment in the year it is purchased — was extended to the oil sands projects by the Liberals in 1996 in recognition of high capital costs, long investment horizons and financing risks.
While crude prices have climbed, so too have costs, Ms. Sendall said, echoing the industry's argument that oil sands investment could dry up if both Alberta and the federal government impose new environmental regulations and raise taxes.
Companies now require prices of about $50 (U.S.) a barrel to earn a reasonable rate of return, she said. “The economics are just as challenging now” as they were in the era of lower oil prices, she said.
While Finance Minister Jim Flaherty has also indicated he will review the capital cost allowance, Mr. Lunn defended the provision Thursday, echoing the industry's own argument. “What they're doing is they're getting to write off their depreciations in the year they make their investments. So it's not a tax break,” he said.
Sources in the industry say that, until recently, oil executives were confident that they had an ally in Mr. Harper and that they would be able to maintain the generally favourable treatment that they had received from previous Liberal governments.
The Liberals were reluctant to impose tough greenhouse gas emission standards on the industry for fear of provoking a political backlash in Alberta. It was a fear that the oil industry, the provincial government and opposition Conservative MPs played on by raising the spectre of the hated national energy program of the 1980s.
Now, with Mr. Harper facing mounting political pressure for tough action on climate change, industry executives worry that the Conservatives can afford to impose some pain on the oil patch in order to win political support in Ontario and Quebec.
Still, environmentalists argue the government is unlikely to introduce tough new emission standards, but is more likely to follow the lead of the Alberta government, which is expected to impose modest targets that would gradually reduce emissions per barrel of oil produced but would not impose major new costs on oil sands producers.
Hi Swami. Sorry can't help you with Trading Chief. Not a subscriber. Should I be?
Hi Swami,
Are you trading less, just posting less or posting on another board?
Thanks and Cheers,
kidl
Maybe slightly OT for this board but since it’s where the computer gurus reside …
Is anyone familiar NStein and their data mining technology? http://www.nstein.com/
It trades one Vancouver under V.EIN.
What sparked my interest that it has a relationship with Corbis (Bill Gates) and the Research Council of Canada.
Technology overview (from their website):
Nstein Technologies
Nstein Technologies (TSX-V: EIN) develops and markets leading edge software solutions for analyzing vast amounts of unstructured data in virtually all languages. Nstein's linguistic based platform collects, organizes, analyzes, cross examines, shares and translates data from any sources, in real time. Nstein's enterprise search and information access solutions transform reactive decision making into a high impact proactive and even predictive process, and solve mission critical problems. Nstein has developed tailored solutions for clients in homeland security & intelligence and e publishing markets, as well as for large enterprises and government organizations. The Company is headquartered in Montreal, Canada, with offices in the USA and Europe. More information is available at www.nstein.com
Comments would be very much appreciated.
TIA
kidl
Petrobank Energy and Resources Ltd. Adopts Shareholder Rights Plan and Completes Financing
ccnm
CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Petrobank Energy and
Resources Ltd. (TSX:PBG) (OSLO:PBG) ("Petrobank" or the "Company")
announced today that its Board of Directors has adopted a Shareholder
Rights Plan (the "Rights Plan") designed to encourage the fair treatment
of shareholders in connection with any take-over offer for the Company.
The Rights Plan addresses the Company's concerns that existing Canadian
legislation does not allow sufficient time, if a take-over bid is made,
for either the Board of Directors or the shareholders to properly
consider the bid, or for the Board of Directors to seek alternatives to
such a bid. Given Petrobank's corporate structure and the diversity of
our assets, the Board of Directors considers the additional time afforded
by the Rights Plan to be critical to ensure all alternatives can be fully
explored in an attempt to maximize value for all shareholders in the
event of an unsolicited take-over bid.
The Rights Plan is effective immediately and will provide the Board of
Directors and the shareholders more time to fully consider any
unsolicited take-over bid for the Company. It will also allow more time
for the Board of Directors to pursue, if appropriate, other alternatives
to maximize shareholder value. Shareholders will be asked to confirm the
Rights Plan at the Company's 2007 annual and special meeting of
shareholders to be held before June 22, 2007 and upon receipt of such
confirmation, the Rights Plan will have an initial term that would expire
at the annual meeting of shareholders of the Company to be held in 2010
unless terminated earlier. The Rights Plan may be extended for an
additional three years after 2010 by resolution of shareholders at such
meeting.
The rights issued under the Rights Plan become exercisable only when a
person, including any party related to it, acquires or announces its
intention to acquire 20% or more of the Company's outstanding common
shares without complying with the "Permitted Bid" provisions of the
Rights Plan or without approval of the Board of Directors. Should such an
acquisition occur, each right would, upon exercise, entitle a
rightsholder, other than the acquiring person and related persons, to
purchase common shares of the Company at one half of the prevailing
market price at the time.
Under the Rights Plan, a Permitted Bid is a bid made for all of the
Company's common shares to all shareholders that is open for not less
than 60 days. If, at the end of the 60 days, at least 50% of the
outstanding shares, other than those owned by the offeror and certain
related parties, have been tendered to the bid, the offeror may take up
and pay for the shares but must extend the bid for a further 10 days to
allow other shareholders to tender.
The Board of Directors is not aware of any pending or threatened
take-over bids for the Company that have been made or are contemplated.
Additional details regarding the Rights Plan will be provided in the
Management Information Circular that will be available for viewing on
SEDAR and mailed to the shareholders of the Company prior to the
Company's 2007 annual and special meeting of shareholders.
Bought-Deal Financing
Petrobank is also pleased to announce that all required documentation in
connection with the bought deal financing previously announced on
November 29, 2006 has now been received and the final portion of the
transaction has closed. The bought deal financing consisted of 3,000,000
common shares (the "Common Shares") of Petrobank at a price of $17.75 per
Common Share and 1,500,000 Common Shares issued on a flow-through basis
(the "Flow-Through Shares") at a price of $23.00 per Flow-Through Share,
resulting in gross proceeds of approximately $87,750,000 (the
"Offering"). The Offering was conducted through a syndicate of investment
dealers, led by Haywood Securities Inc. and including TD Securities Inc.,
and Fraser MacKenzie Ltd.
Petrobank will use the proceeds of the Offering initially for the
repayment of debt. This financing also enables the Company to accelerate
the development of the WHITESANDS project and expand our conventional
exploration and development programs in Canada, primarily focused on our
growing platform of opportunities in the Bakken and Torquay light oil
plays in Southeast Saskatchewan.
Petrobank Energy and Resources Ltd.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural
gas exploration and production company with operations in western Canada
and Colombia. The Company operates high-impact projects through three
business units. The Canadian Business Unit is developing a solid
production platform from low risk gas opportunities in central Alberta
along with light oil resource plays in southeast Saskatchewan,
complemented by new exploration projects and a large undeveloped land
base. The Latin American Business Unit is operated by Petrobank's 80.7%
owned, TSX-listed subsidiary, Petrominerales Ltd. (trading symbol: PMG),
which produces oil through two Incremental Production Contracts in
Colombia and has exploration contracts and Technical Evaluation
Agreements covering a total of 2.0 million acres in the Llanos and
Putumayo Basins. WHITESANDS Insitu Ltd., Petrobank's 84% owned
subsidiary, owns 39,680 acres of oil sands leases with an estimated 1.6
billion barrels of bitumen-in-place and operates the WHITESANDS project
to field-demonstrate Petrobank's patented THAI(TM) heavy oil recovery
process. THAI(TM) is an evolutionary in-situ combustion technology for
the recovery of bitumen and heavy oil that combines a vertical air
injection well with a horizontal production well. THAI(TM) integrates
existing proven technologies and provides the opportunity to create a
step change in the development of heavy oil resources globally.
Certain statements in this release are "forward-looking statements"
within the meaning of the United States Private Securities Litigation
Reform Act of 1995. Specifically, this press release contains
forward-looking statements relating to, prospects for technologies which
remain unproven and the expected amount and timing of capital projects.
The reader is cautioned that assumptions used in the preparation of such
information, although considered reasonable at the time of preparation,
may prove to be incorrect. Actual results achieved during the forecast
period will vary from the information provided herein as a result of
numerous known and unknown risks and uncertainties and other factors.
Such factors include, but are not limited to: the ability to economically
test, develop and utilize the technologies described herein, the
feasibility of the technologies, general economic, market and business
conditions; fluctuations in oil and gas prices; the results of
exploration and development of drilling and related activities;
fluctuation in foreign currency exchange rates; the uncertainty of
reserve estimates; changes in environmental and other regulations; risks
associated with oil and gas operations; and other factors, many of which
are beyond the control of the Company. There is no representation by
Petrobank that actual results achieved during the forecast period will be
the same in whole or in part as those forecast.
FOR FURTHER INFORMATION PLEASE CONTACT:
Petrobank Energy and Resources Ltd.
John D. Wright
President and Chief Executive Officer
(403) 920-0134
or
Petrobank Energy and Resources Ltd.
Chris J. Bloomer
Vice-President Heavy Oil and Chief Financial Officer
(403) 750-4497
or
Petrobank Energy and Resources Ltd.
Corey C. Ruttan
Vice-President Finance
(403) 920-0135
(403) 266-5794 (FAX)
Email: ir@petrobank.com
Website: www.petrobank.com
This sounds interesting. U without drilling and for 28 cents.
Sparton Locates Major Source of High Uranium Coal Ash for its Non-Conventional Uranium Program in China
09:31 EST Tuesday, December 19, 2006
POTENTIAL FOR AS MUCH AS 273,000 POUNDS PER YEAR OF YELLOWCAKE PRODUCTION WITH SATISFACTORY LEACH TEST RESULTS
TECHNICAL REPORT AND LEACHING TEST PROGRAM TO BEGIN
TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) - Sparton Resources Inc. (TSX VENTURE:SRI) (the "Company") reported today that it's eight month old research program in China, conducted jointly with ARCN, the remote sensing and research branch of the China National Nuclear Corporation ("CNNC") has identified a major supply of uraniferous coal ash that may develop into a significant supply of uranium ("U") for that country's developing nuclear power program.
Based on a comprehensive review of archived analytical data for most of China's coal deposits the ARCN-Sparton team completed a field sampling program of fly ash and bottom ash from a number of coal fired power stations burning lignitic coals with anomalously high uranium contents. The analytical data for the coal ashes tested has resulted in the Company recently focussing on three power stations (two operating and one under final stages of construction) located within 20 km of each other in central Yunnan Province. These stations all burn the same high uranium content lignitic coal from one centrally located open pit mine. These include the Xiaolongtang, Dalongtang and Kaiyuan stations located approximately 250 km southeast of the Yunnan provincial capital of Kunming. To date only samples from Xiaolongtang have been analysed, and sampling of the other operating station (Dalongtang) is currently underway. The Kaiyuan station is in the commissioning phase and samples will be collected when test material is available.
The local coal has a high ash content (approximately 20-30%) and the coal uranium content varies from about 20-315 parts per million ("ppm") and averages about 65 ppm U (historical and current data). Both the bottom ash and fly ash samples tested by Sparton returned values varying from 123-142 ppm U. Two coal samples tested by Sparton returned values of 20 and 105 ppm U respectively. Analyses were done by the Beijing Central Analytical Laboratory using Induced Coupled Plasma (ICP) methods. The initial analytical results in China were confirmed by analyses at SGS Laboratories In Toronto, Canada and additional check analyses are currently underway using SGS. All the available current data are believed by Sparton's technical staff to be reliable as they correlate well with reported values from historical literature research information.
Due to its high radioactivity levels the waste ash from these stations is not suitable for sale to cement users for residential applications. Small amounts are sold with permission of the Yunnan Bureau of Environmental Management for outdoor applications such as bridge abutments but most is stockpiled in dry re-vegetated disposal areas. Currently the Xiaolongtang station, which has been in operation for sixteen years, produces 600,000 to 800,000 tonnes per year of combined fly and bottom ash and has accessible stockpiles containing about 5 million tonnes of recoverable ash. When a sixth burner is operating at Xiaolongtang in 2007 the station is expected to produce about 900,000 tonnes of ash annually (information supplied by Xiaolongtang Guodian Operating Staff). In 2008 the local coal mine has indicated that it will increase its allotment of feed material to Xiaolongtang from the current 9000 tonnes of coal per day up to 15-16,000 tonnes per day depending on power requirements. This will increase the production of coal ash significantly, effectively doubling the output of ash at Xiaolongtang at that time.
In aggregate, until 2008, all three stations in the area are expected to produce an average of about 1.2 million tonnes of ash annually based on forecast schedules for power generation supplied by the Xiaolongtang officials.
Uranium Content and Potential Value of Ash
Using available analytical data, the annual coal ash produced from these stations, assuming an average U content of 125 ppm, contains about 150 tonnes or 330,900 lbs of uranium or 390,000 pounds of U3O8 (yellowcake). At current world spot yellowcake prices of about $C75 per pound the gross value of the contained uranium oxide in this material is valued at over $C29 million. At a U recovery rate of 70% (to be confirmed with planned leaching tests) the current value of uranium oxide (273,000 pounds) in all the ash which could be processed annually would be approximately $C20.5 million. Using similar assumptions, the value of the 5 million tonnes of accessible ash stockpiles is approximately $C72.38 million. Based on Sparton's analytical results the ash also contains potentially valuable amounts of rare earths, strontium and vanadium which may also be extractable. The potential for recovery of these metals will also be determined in the planned testing program.
Leach Testing Program and Technical Report
Sparton has commissioned a full independent technical report and leaching test program for the Xiaolongtang area ash material under the direction of Lyntek Inc. of Denver, Colorado USA. This engineering and mineral process design company has been involved in over 30 uranium recovery projects in 10 different countries and is a recognized leader in uranium extraction process engineering. Senior Lyntek staff have visited the area and are currently working on recommendations for the leach test parameters for various types of ash from the different active burners at the power stations.
The test program, expected to extend over several months, will involve leach testing of various types of ash samples from all active burners at the stations, and endeavour to establish the best process methodology to maximize recovery of uranium and other valuable metals from this material. At a later stage if leaching results are positive it is expected that detailed sampling and leach testing will also be done on the stockpile material. Scoping studies and pre-feasibility level reports to develop a uranium recovery plant will be then be commissioned. This work is fully supported by the management of the Xiaolongtang station, which is owned by the China Guodian Power Corporation.
Cautionary Statement
While the available information generated to date are positive and indicate significant potential for development of a secondary recovery program of uranium from the Xiaolongtang area waste ash material there is as yet insufficient data regarding actual uranium recoveries, possible sale prices and business and operating cost structures to accurately predict any possible economic benefit to the Company and its partner ARCN in this program.
The purpose of the leach test program and technical report will be to establish the technical parameters necessary to achieve reasonable recovery rates, and will be able to predict within reasonable limits a operating cost range for a possible industrial development to extract uranium from the ash material.
Business issues and an operating structure for an extraction plant going forward will be subject to negotiated agreements with the coal ash suppliers, CNNC, the local Yunnan and Federal environmental authorities and Sparton and its operating partners in this program.
To protect their commercial position in this pioneering enterprise, Sparton and ARCN have registered the business of extracting uranium from non conventional sources in China and made patent applications for specific flow sheets to recover uranium from both coal ash and other non conventional sources. These applications have been accepted, indicating that there are no competing applications, and are now under final review by the China patent authority.
Going Forward
There are compelling reasons for success in the future of the development of a uranium extraction facility at this location as well as others in China. Not only will these facilities function as a source of new domestic uranium supply in China but they will serve to clean up a potential or existing environmental hazards in the radioactive waste ash material. Once cleaned the ash will also have some value as a cement and concrete filler material for any applications.
Benefits to the Company are expected to accrue in the form of management fees, and possible modest production royalties plus an equity ownership in the operating company set up to build and operate a recovery plants. Based on historical programs for the recovery of uranium from coals ash in North America, Europe, and also in China the Company believes there is a significant potential for developing a new business in this field.
There are several other coal ash production and waste stockpile locations currently under evaluation by Sparton and its partner in China, and this initial detailed evaluation project at Xiaolongtang is seen as a stepping stone to several similar programs at other locations in the country.
Sparton's exploration and evaluation programs in China are being carried out under the direct supervision of A. Lee Barker, P. Eng., P Geol., the Company's President and CEO who is a Qualified Person under National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sparton Resources Inc.
A. Lee Barker
President and CEO
(416) 366-3551
(416) 366-7421 (FAX)
Email: info@spartonres.ca
or
Sparton Resources Inc.
Charles Ge
Director
+86 10 8559 0034
+86 10 8559 0034 (FAX)
Email: Charlesge@vip.163.com
Website: www.spartonres.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein.
Swami, you are one lucky guy. While you didn’t get the 10 years, you got something nearly as valuable. Care to point me to the store where you buy your luck?
Tories push back on trusts
SINCLAIR STEWART
Friday, December 15, 2006
The federal government has no intention of giving special treatment to energy trusts or extending the four-year grace period for the sector, according to a series of talking points prepared this week by the Finance Department for Conservative MPs.
The briefing, designed to help MPs field questions about Ottawa's controversial policy to tax income trusts, suggests Finance Minister Jim Flaherty refuses to budge from his original position, despite a stiff lobbying effort from a coalition of trust executives in the oil patch.
Mr. Flaherty is expected to provide clarity next week on how much growth existing trusts can undertake before they run afoul of something called “undue expansion.” There had been some hope, however slim, he might use that occasion to cut the sector some slack, and perhaps lengthen the transition period to 10 years, as was the case in the United States and Australia. Others had hoped he might grandfather some portions of the trust market, particularly in energy.
However, in the memo, a copy of which was obtained by The Globe and Mail, the Finance Department takes some pointed shots at the lobbying effort. It insists that one of the energy trusts' main arguments — that they resemble U.S. master limited partnerships, or MLPs, and therefore should be treated similarly — is “blatantly untrue.”
“The reality is, the Energy Trust Coalition is holding on to the only argument they have — and it is an argument that does not hold water,” the memo stated.
The document insisted that although Canada was similar in some respects to the U.S. and Australian markets, it was not appropriate to take a “cookie-cutter” approach and follow their example by allowing domestic trusts to remain tax-exempt for a decade.
“Moving to 10 years, at this point, would penalize Canadian investors and taxpayers,” the memo stated. “Imagine losing an additional $3-billion to move to 10 years from four years.
“Who will pay for important policies and programs if these businesses have an even longer tax holiday? Canadian taxpayers and families — that's who. Moving to 10 years will also create even larger winners and losers.”
Eric Richer, press secretary to Mr. Flaherty, said there's been no wavering on the Oct. 31 trust move.
“The minister has been clear on this: The decision of the 31st is final,” Mr. Richer said.
In another section, titled “Why did we break a promise?” the Finance Department explained why it reversed a campaign pledge not to meddle in the trust sector. The memo references proposed trust plans from BCE Inc. and Telus Corp., along with an impending proposal from EnCana Corp., and said it feared a domino effect throughout the capital markets that would exacerbate lost tax revenue.
“While difficult and regrettable, rest assured it was a careful and deliberate decision,” it explained. “But the facts were clear — the trust market had changed so drastically in recent months and the risks to the Canadian [economy] were growing — there was no question to us that not taking action was a bigger risk than having to break an important promise.”
The Tories have been criticized by some investors who said that the party's pledge to leave trusts alone was the reason they felt safe sinking their savings into trusts. Trusts have proven particularly popular with seniors, since these tax-efficient vehicles pay out regular distributions to their unitholders.
However, in its memo, the government refused to shoulder the blame for these decisions.
“This claim just isn't true,” the document stated. “A number of factors influence investor decisions, particularly tax benefits. But let's be clear. Maintaining a balanced portfolio of investments is always wise, no matter what the circumstances. Some investors, unfortunately, chose not to do so.”
With files from Steven Chase
Commander Intersects 15 Metres of Radioactive Bedrock
14:34 EST Tuesday, December 12, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - Commander Resources Ltd. (TSX VENTURE:CMD) provides an update on the progress of the 3,000 metre diamond drill program on its Hermitage uranium project in Newfoundland. To date five holes totaling 520 metres have been completed on the ST-129 Prospect and one hole of 104 metres has been drilled on the Troy's Pond prospect, located approximately one kilometre west from ST-129. All holes drilled to date have intersected radioactive intervals of bedrock at depth beneath surface mineralization.
At Troy's Pond, the one hole drilled so far intersected a number of radiometric intervals, the widest of which extended over 15 metres of drill core from 41 to 56 metres. This zone sits sub-vertically below the Troy's Pond North bedrock exposure which is at least seven metres wide; detailed geological logging will be required to determine if these are the same zones. The hole was lost in radioactive rock at 104 metres due to caving. An additional 2 to 4 holes are planned at Troy's Pond before drilling is halted for the Holiday period.
On ST-129, a number of zones of radioactivity up to five metres wide were intersected across the strongly altered hydrothermal corridor as predicted from surface sampling results. Detailed core logging is underway to understand the geologic setting, mineralization and structural controls on uranium mineralization.
Core is being split for assay and will be shipped to the lab. Assay results will not be available until the New Year.
Early in the New Year drilling will resume with a preliminary test of the Main Showing at Blue Hills followed by the first test of the Doucette and He2 areas in the White Bear area.
Please refer to the Company's website (www.commanderresources.com) for details on each target area.
The primary objective of the initial 3,000 metre program is to define the key stratigraphic and structural setting of the main uranium occurrence areas and prioritize for follow-up drilling. Since this is the first-ever drill test on the property, several target areas will be drilled to generate more focused follow-up by a subsequent program. A total of 24 uranium occurrence areas are known which represent a pipeline of targets for testing in 2007.
Senior Project Geologist, Larry Pilgrim, P.Geo, is supervising the drill program. Bernard Kahlert, P.Eng is the Company's Qualified Person under N.I. 43-101 for the Hermitage Project.
About Commander Resources Ltd.
Commander Resources Ltd. is a Canadian junior exploration company that controls one of the largest new gold districts in Canada and a new uranium belt in Newfoundland. Commander's underlying mission is to generate or acquire quality opportunities and add significant shareholder value through discovery of mineral deposits, leveraged partnerships, and/or sale of assets.
On Behalf of the Board of Directors
Bernard Kahlert, V.P. Exploration
Shares Issued: 58,303,919
FOR FURTHER INFORMATION PLEASE CONTACT:
Commander Resources Ltd.
Cathy DiVito
Corporate Communications
(604) 685-5254 or 1-800-667-7866
Email: info@commanderresources.com
Website: www.commanderresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Thanks again for the Lotus Notes comments including the PM's. Funny thing is, the company my friend works for prides itself on their advanced technology. It's obviously technology which is not IT related. They are in the (prefab) construction business. I passed your sentiments on to him with a recommendation to have a VERY close look at their IT department.
Thanks guys, That was very helpful.
Hi, anyone around here who is familiar with Lotus Notes?
A friend of mine is using it for emails (corporate set-up, not his choice). I am using Outlook / Word.
Here is the problem:
I can send him emails in HTML format. He sees them in HTML format and seemingly replies in HTML format but I receive them in plain text and can't convert them to HTML.
Is there a way to send emails using Lotus Notes in HTML format which I will receive in Outlook in HTML format?
TIA
kidl