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Thanks, I hadn't seen that. It sure does seem mysterious.
Does it seem that someone may have had a hunch as to what news was going to come out? Hmm...
Regardless of the job numbers, money is being printed to keep the economy on life support. With our monetary system (we borrow money, and pay back principal + interest), inflation is inevitable. Money is fake; gold is king.
FYI, LSG posts all their news releases on their website, and keeps it updated regularly: http://www.lsgold.com/
Hi Stanner, I never suggested that Tony is misrepresenting the company, but that he released estimates in the past (before I invested in this company) that he was unable to deliver on.
Here is my personal opinion:
Some investors probably lost a lot of money when the share price came down from $4.00 to $1.30, and then some more (myself included) had to average down on the drop from $1.30 to $0.30. Market pessimism is baked into the share price.
I hung on, seeing the potential with the amount of ounces they have in the ground. I currently own close to 40,000 shares. Before the gold crash in April, the share price was in the 0.60's, with pessimism cooked into the price. I think that $1 is attainable by January 2014, and here is why:
- They achieved their production target for 2012 (85,000 - 100,000 ounces), mining 85,782 ounces in 2012.
- They have lowered costs, and will ramp up to 3000 tonnes per day in the coming months. After a rocky road, they are moving in the right direction now, but the market is so bearish on gold for no good reason. Once gold recovers, and the market realizes that Tony is delivering, we will make some money.
- Gold will recover. The economy is still in shambles, no matter what mainstream media says.
No prob! I am glued to this. Enjoy the cruise! Hopefully you come back to profits :)
surfguy, I usually agree with you, but I disagree that the news has brought the SP down.
The past couple years has seen ECOS sign distribution agreements and letters of intent around the world, with nothing materializing. Still, there was no significant negative drop.
Then, the moment we were all waiting for. Out of left field, the Korean chicken deal, which actually spoke of revenue, and seemed to be a finalized deal mentioning specifics.
This was our best and most concrete deal to date....then, also out of left field, came the ridiculous dilution and subsequent drop from 0.01 to the 0.0005.
The "There is significant doubt that we can continue" stuff was repeated in recent filings, but this was after the SP had already tanked...does anyone know if that phrase is a generic one that is required in filings with X amount of debt, for example? Or were they just mentioning it in filings as of late as a note of caution?
Regardless, I like the buying today and the little jump up. Maybe I won't lose a ton of money over this, and I can take another trip to Europe this summer :)
Only crazy people would invest in ECOS. But are we crazy? Or are we crazy like a fox?
I hope you're right too. It would make sense. The massive dilution seems to have finally stopped, not that we are all near financial doom....
Hiring? ...Recent business growth? ...INTERESTS OF STOCKHOLDERS!???
This tells a different story than the "There is significant doubt that we will be able to continue" messages of the recent past. I hope that MS is not just teasing us...
It will end soon IMO. It can't be held down forever. And miners like LSG and BRD are racing up production and lowering costs. When the sheep realize that the people telling them to sell their gold didn't sell their own gold, they will come back in herds.
Gold price is being kept between $1380 and $1420. Why the drop? The economy is in peril, despite what mainstream news tells us. Gold rules the land.
Hi Harry, I should have specified on the TSE. Sorry about that.
I don't have L2 - I am going strictly off Google Finance. Does anyone with L2 have any more info on the massive BRD.TO trades today?
I took note of that too. With gold being artificially kept down to $1400, we should still see it respond. When gold moves up, good resource estimates will start to matter as much as they should again.
The share price didn't go up today on the good news, but some people with a lot of money decided that this was a good idea today. 1.01 million shares traded. Notably:
200,000 at 14:24
99,000 at 14:26
67,500 at 14:30
200,000 at 15:14
77,000 at 15:16
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/4_This_Amazing_Chart_Shows_Gold_Set_For_Massive_$1,000_Spike.html
All gold stocks might be in for a nice move up once the manipulation ends. Gold is king.
The market was still asleep....until the huge volume this past hour. Someone is buying BIG.
I expect a move up soon. Based on Q1 earnings alone, this stock should be $2.40
Thanks for the perspective rino. MS has signed too many agreements to let how company get bought out for cheap if/when something actually comes to fruition. That would be a legitimate concern at this SP.
I am in the same boat as you; there is no sense in selling at this point. I am hesitant to average down anymore though, in the event that a R/S is coming
If they paid the licensing fee, I would assume that they were able to pay renew their lease for the Barrington office.
Does anyone live in the Chicago area? Someone should swing by the office and see if anyone is there, and how they are spending all of our pennies...
POG broke 1400 resistance today and is saying there. This is a good sign!
DSO UPDATE ON NML WEBSITE:
http://www.nmliron.com/projects/dso-project/production-status
Things are coming along. $$$$$
Thanks for the update wshaw!
Onward and upward
Thanks benji. I'm currently down 11K, and thinking it might be my turn to accept that we've been had. I was making good money off gold money before I got tired into MS's trap.
So...what is the company doing now, besides selling shares?
Are they actively trying to finance the construction of an NPU/M Fuel/D-20 facility?
Are they meeting with investors who could provide the startup capital they
Are they paying themselves, then flushing money down the toilet? I'd like us to get out of this hole someday...
Gold mining stocks: 10 reasons it's time to be brave
See article
Gold mining stocks: 10 reasons it's time to be brave
See article
Brigus Gold Reports Temporary Suspension of Milling Operations
BusinessWire · May 22, 2013 | Last Updated: May 22, 2013 8:22 AM ET
Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE MKT: BRD; TSX: BRD) reports that due to abnormally heavy rainfall and melting of the remaining snowpack, water levels in the holding facility and water management facilities at the Black Fox Mill are higher than recommended. As a precautionary measure the Company has temporarily suspended milling operations at the Black Fox Mill. This suspension occurred on May 12th, 2013, and since then the Company has been actively treating and reducing water levels in the holding facility and water management facilities. Milling operations will resume when water levels have been normalized. Underground and open pit mining operations at the Black Fox Mine are not affected and the Company is stockpiling ore to be processed once milling operations are resumed.
See full article:Source
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This is unfortunate, but as long as the actual mining is unaffected, I don't think Q2 results will take a hit. They can process the stockpiled ore once water levels drop.
If Q2 results are affected, they will still get it processed before the end of 2013 atleast, so we will still meet targets.
Gold had a nice jump up today! We are not where we want to be yet, but we may have seen gold's bottom, and we are on our way:
Current Gold Chart
This corresponded with a BRD 10.6% PPS increase on the NYSE. The TSE was closed today, so I expect all my shares to follow suit when the TSE opens back up tomorrow. GLTA
On page 8:
There were lots of trades of 500 shares today....strange...
It is easy to manipulate a stock when the volume is as low as it was today, I guess.
I'm buying today. I liked BRD at 0.80, and I like it now. Once people wake up, I'm making MONEY off this, and the shorts will be crushed.
A $0.60 stock with earnings of $0.06 in Q1. Bananas.
What experts think about gold prices: Marc Faber, Jim Rogers, and other experts on the price of gold crash
Maybe Warren Buffett will finance some NPU's with the change in his pocket.
Really though, are all these shares being sold just to pay MS and pay the rent? According to the last 10-K, their lease on their Barrington office expires in May 2013...
A glimmer of hope in that 10-K was "Ecolocap has sold its first NPW system and is presently undergoing negotiations for multiple installations."
That is a good point.
Is it possible that, if such a huge amount of shares are dumped at close, it takes time for it to register, so it appears as being after 4PM?
I am starting to confuse myself...I can't make any sense of anything anymore.
Did anyone listen on the conference call today? Anyone care to share the details?
So, the quarterly earnings are 0.06/share, and now we drop from 0.68 to 0.62? Umm...
Maybe by "close to", he meant that he sent an e-mail to EXIM asking for money.
Or maybe by "a financing deal", he meant financing his salary by selling discounted shares while the shareholders become impoverished.
Hopefully ABX's buddy BRD comes along too!
Brigus Gold’s revenue jumps
May 14, 2013 - 7:08pm By The Chronicle Herald
Brigus Gold Corp. of Halifax said Tuesday that it produced a record 26,316 ounces of gold in the quarter ended March 31.
Revenue from gold sales in the quarter was $43.8 million, up from $25.8 million in the same period last year.
The mid-tier mining company said cash operating costs of $630 per ounce, 27 per cent lower than in the first quarter of 2012, contributed to a material increase in cash flow from operations.
“We are pleased with the financial results for the quarter,” said company chairman and CEO Wade Dawe in a news release.
“Our strong cash flow generation is a result of record gold production combined with effective cost management throughout the organization.”
Brigus has mining projects in Ontario and Saskatchewan.
The company said its Black Fox gold mine near Timmins, Ont., is on track to reach production levels of 90,000-100,000 gold ounces in 2013.
Source:http://thechronicleherald.ca/business/1129471-brigus-gold-s-revenue-jumps
It seems nothing can stop the share price from plunging in this market. My gosh.
If I had some cash, I would consider buying some ABX.
I am in deep on BRD and LSG, waiting for the market to wake up on gold miners!
The deal with Brigus is paying off for them, and will continue to as Brigus becomes increasingly productive.
Lake Shore Gold Reports First Quarter 2013 Results
Source: http://lsgold.com/Investor-Centre/Press-Releases/Press-Release-Details/2013/Lake-Shore-Gold-Reports-First-Quarter-2013-Results/default.aspx
05/14/2013
TORONTO, ONTARIO -- (Marketwired - May 14, 2013) - Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced financial and operating results for the first quarter of 2013. As previously announced, gold produced during the first quarter 2013 totaled 23,200 ounces from milling 197,640 tonnes at an average grade of 3.8 grams per tonne. The Company sold 26,100 ounces during the first quarter 2013 at an average price of US$1,630 per ounce.
Tony Makuch , President and CEO of Lake Shore Gold, commented: "Overall, we had a solid quarter and achieved strong production growth from the same period in 2012. In particular, we finished the quarter strong with throughput in March averaging the new capacity of 2,500 tonnes per day. Our grade for the quarter was 3.8 grams per tonne and averaged 4.0 grams per tonne in March, which compared to a target level for the quarter of 3.9 to 4.1 grams per tonne. Exiting the first quarter, we continued to have a solid balance sheet, with cash and cash equivalents of $51.9 million.
"Looking ahead, our company remains poised to achieve at least 40% production growth in 2013 to between 120,000 and 135,000 ounces of gold. Even at today's prices, this output will position us to generate net free cash flow in the fourth quarter. A key milestone in achieving our growth is completing our mill expansion. When complete, our mill will be capable of processing in excess of 3,000 tonnes per day, which will support both higher production and lower unit operating costs, with cash costs targeted for below US$700 per ounce by the fourth quarter. The Company has been reviewing all costs, particularly at this time of lower gold prices and when we are nearing completion of the heaviest phase of our capital program for the year. Although we are experiencing cost pressures as we near completion of the mill expansion, we are offsetting the impact with cost savings in other areas through efficiencies and capital reductions. We continue to target capital investment in 2013 of approximately $90 million. Once the mill expansion is complete, our capital requirements will decline dramatically, which along with higher production and lower costs, will position us to generate net free cash flow."
"With the recent drop in the gold price, we are managing our debt and our debt covenants and working closely with our secured lender, Sprott Resource Lending Partnership. We are also reviewing our spending timelines in order to manage the balance sheet. Because of this, we now plan to complete the mill expansion in the third quarter."
First Quarter 2013 Highlights
•Produced 23,200 ounces of gold in first quarter 2013 (197,640 tonnes at 3.8 grams per tonne), an increase of 39% from the 16,680 ounces (160,510 tonnes at 3.4 grams per tonne) produced in first quarter 2012.
•Timmins West Mine - 18,700 ounces (161,410 tonnes @ 3.7 grams per tonne)
•Bell Creek Mine - 4,500 ounces (36,230 tonnes @ 4.2 grams per tonne)
•Poured 20,530 ounces of gold in first quarter 2013, an increase of 27% compared to 16,180 ounces for first quarter 2012.
•Sold 26,100 ounces in first quarter 2013 at an average price of US$1,630 per ounce compared to 18,470 ounces at an average price of US$1,690 per ounce in first quarter 2012.
•Cash operating costs per ounce of US$982 in first quarter 2013 (including US$42 per ounce for royalties) compared to US$1,046 per ounce (including US$9 per ounce for royalties) for first quarter 2012.
•Company invested $36.8 million in mine development and mill expansion in first quarter 2013, with additional $1.4 million invested for exploration (largely in-mine drilling), compared to $36.8 million and $7.4 million, respectively ($2.9 million for in-mine drilling), for first quarter 2012. ?$17.6 million at Timmins West Mine
•$15.5 million at Bell Creek Mill
•$3.7 million at Bell Creek Mine
•$35 million standby line of credit ("Standby Line") with Sprott Resource Lending Partnership drawn on February 1, 2013. The Standby Line bears an interest rate of 9.75% compounded monthly and is due on January 1, 2015.
•Cash and cash equivalents of $51.9 million at March 31, 2013.
•Cash earnings from mine operations for the first quarter of 2013 of $16.9 million, an increase of 80% from $9.4 million for the first quarter of 2012.
•Net loss for the first quarter of 2013 was $0.6 million (or $0.00 per common share) compared to net loss of $3.0 million (or $0.01 per common share) for the first quarter 2012.
•Increased total probable reserve estimate by 13% to 927,000 ounces, including 798,000 ounces (4,811,000 tonnes at 5.2 grams per tonne) at Timmins West Mine and 129,000 ounces (960,000 tonnes at 4.2 grams per tonne) at Bell Creek Mine.
Outlook
The Company's key milestones over the balance of 2013 are:
•Completing the ongoing mill expansion in the third quarter to reach a capacity exceeding 3,000 tonnes per day;
•Growing mine production to support higher throughput and lowering unit operating costs to below US$700 per ounce by the fourth quarter of the year; and
•Completing its 2013 capital investment program, with investment levels set to decline dramatically during the third and fourth quarters of the year.
With the achievement of these milestones, the Company will begin generating net free cash flow in the fourth quarter, based on current gold prices. The Company is committed to achieving its guidance for the year, including production growth of at least 40%, to 120,000 to 135,000 ounces, cash operating costs of US$800 to US$875 per ounce and capital investment for the year of approximately $90 million.
Conference Call & Webcast
Lake Shore Gold will also host a conference call and webcast on Wednesday, May 15, 2013 at 2:00 pm EST to discuss the Company's first quarter financial and operating results. Those wishing to access the call can do so using the telephone numbers that follow. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-223-7781
Replay number: 905-694-9451 or 800-408-3053
Re-dial ID: 8256094
Available until: 11:59 pm (May 22, 2013)
Qualified Persons
Mine development and operating activities at the Company's Timmins assets are conducted under the supervision of Dan Gagnon , Senior Vice-President, Operations. Mr. Gagnon is a qualified person ("QP") as defined by National Instrument 43-101 and has reviewed and approved the information included in this news release. Mr. Gagnon is an employee of Lake Shore Gold
The QP for the Company's reserve estimates at Timmins West Mine and Bell Creek Mine is Natasha Vaz , P. Eng. As QP, Ms. Vaz has prepared or supervised the preparation of the scientific or technical information disclosed in this press release. Ms. Vaz is an employee of Lake Shore Gold.
About Lake Shore Gold
Lake Shore Gold is a mine development and operating company that is in production and pursuing rapid growth through the advancement of three wholly owned, multi-million ounce gold complexes in the Timmins Gold Camp. The Company is in production at both the Timmins West and Bell Creek mines, with material being delivered for processing to the Bell Creek Mill. The Company continues to have an active drilling program aimed at supporting current operations and evaluating high-priority exploration targets around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the Company's expected production levels, production growth, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com, or the Company's most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tony Makuch
President & CEO
(416) 703-6298
Mark Utting
Vice-President, Investor Relations
Lake Shore Gold Corp.
(416) 703-6298
Website: www.lsgold.com
Personally, I am never scared of a company that makes money!
In 6-12 months, the sheep will return and make US some money.
I want this to succeed too...but I feel like we threw our money in a well. I remember when I thought $0.01 was low...now we are at a tenth of a penny!
I predict that MS sells shares until we hit a billion, then closes up shop and rides off into the sunset.