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And Lexit showed that it is postponed until Dec 13 . . .
6570542 Canada inc. et Andrew Barakett
(O’Brien Avocats, s.e.n.c.r.l.)
Pretty much any time I ask an IR person something I either get a straight answer, an obscure answer, or I get told that the info has not yet been released to the public in a PR. As I understand it, release to public then allow discuss one on one.
lol 2ez
I was about to ask if that aeon was a great kalpa or one of the lesser kalpas
but then I saw the (first two) alternate meanings for kalpa and now it seems we best stick with aeon
http://en.wikipedia.org/wiki/Kalpa
Kalpa may refer to
A word in Sanskrit, meaning
- "practicable, feasible, possible", and also "proper, fit, able", from a root k?p "to be well ordered or regulated";
- Kalpa (Vedanga) "proper practice", "ritual", one of the six disciplines of Vedanga in Hinduism;
- Kalpa (aeon) a Sanskrit word referring to a great length of time (Aeon) in Buddhist and Hindu cosmology;
Strange the mention, as I started my week by checking the website to see if anything had been changed there, the specs and efficiency numbers being the big two I was looking for.
My expectation is that when they give some numbers they will turn out to be almost as meaningless as when they showed those graphs with the units not shown from the single cavity device. I am a little more than 2/3 of the way expecting to see good looking efficiency numbers but left not knowing whether they are talking about line power consumption to heat in water conversion efficiency, or power emitted by magnetron to power absorbed as heat in water (which would not translate into the efficiency of interest to the consumer, as in Energy Star, etc.).
Time will tell - well, it may tell.
Yes, it was nice to see some questions addressed.
That one however was not answered quite as I had posed the question.
Gary said 450k / month burn and EXS had just gotten 7.5 m from placement.
I knew the last part, but asked how much more was needed to operate at current drilling rate to end of 2012.
I need to go back to the last financials again, but the way I read it the company had outstanding payables of about half of the 7.5 m placement that came in after the placement.
If so, then there is cash of about 8 months from date of financials, so maybe around mid-2012 (without increasing depth of drilling).
Quite the market response with the news from La Joya Durango property today (of course a record relief/up day in general did not hurt).
http://www.silvercrestmines.com/uploadedFiles/images/Nov30-2011LAJOYAphaseII-SurfaceSamplingResultsFINAL.pdf
Yesterday's release of Q3 results must have set the mood
http://www.silvercrestmines.com/uploadedFiles/images/2011-11-29-SVLNR-SE-FS-OPresults.pdf
I have held this for some time and today is first I have seen it solidly over $2 . . .
Anyone here ?
On my watch list and dip/buy list, too....
A couple of good dips since Oct 1 . . . Maybe more before the projected Q1 2012 release of info from the preliminary economic assessment, but with this news (and then Q1 2012) opportunities may be getting more scarce.
I am guessing traditional potash is much more exportable than the ThermoPotash product, if only by weight per acreage of treatment.
http://www.verdepotash.com/Investors/media-centre/news-releases/news-release-details/2011/Verde-Potash-Successfully-Produces-KCl-from-its-Potash-Resources-Amenable-to-Strip-Mining1127514/default.aspx
Looking better all the time . . . traditional potash product now in addition to the slow-release ThermoPotash product
Has there been any release of production cost per ton on these ?
lol - and yes, I guess there was some confusion.
I actually was following up upon In XS bringing up the BOD, and D. responding about the BOD, in which the iH board discussion was added.
We do seem like a bunch of arm chair coaches or back seat drivers
Great observation (pps causes) and we also do not know the divisions that now exist in the BOD. I am in however relative to expanding the BOD along the lines you outline.
Not sure what you mean there D.
I was only indicating that, unlike a number of juniors I do or have held, on EXS board I do not see the CEOs (present and/or past) of other juniors that are being or have been successful navigating the complex of prioritizing the prospects and financing them to where they become able to target what they want rather than just what is most likely to bring near-term shareholder value. Seems like a handicap to me.
When I look at the composition of the board I see a lawyer, a European possibly with a background limited to finance, and geology/engineering expertise.
What I do not see is business background, experience taking prospects to developed buy-out candidates and/or into production. It seems to me that some voices would help that see the forest of how best to leverage all of EXS inventory in order to advance its best near-term opportunities in the most cost effective and expeditious manner.
Not to worry. This ain't it.
Looking back we may see this as a good day to sell into a headwind of excessive exuberance. Much ado about nothing, or close to it. A chance to get to cash ahead of the turbulence yet ahead.
In my read this is only dropping a couple squirts of oil into a pile of very rusty, nearly frozen up gears. Think about it. Since the fedsters reopened the swap desk in May they have exchanged out only 2.4 billion US. The rate drop announced today means the cost of those short-term dollars would have been a monstrous $12 million less.
Is funny money being created - probably. But that is not the point, nothing new is happening that was not already happening. It is just at a lower cost.
When the Euro was dropping badly a month or so ago the ECB used this facility to pump something above half a billion US into European banks to buy Euros one day. Just a small press release and bit of a market boost and of course temporary stabilization of the Euro/USD rate. Ditto a week or so later when the European interbank overnight came close to freezing up.
The difference today is in the spin they are trying to leverage out of the effort they already have been making to keep the European financial system somewhat liquid, and the "cut the rate in half" sounds so good. But look at the numbers - $12 million is a very small amount of oil and all else was already going on.
CDLG while I do applaud your efforts it is my opinion that you are mistaken in saying
there's no excuse that it is not well known by now
Can someone please answer the question???
who gets the &18,500/ mth
Seems clear to me that they just need to get a sample of sufficient size that is a valid representative of the main ore body in order to do test work on the flow sheets, processing, etc. to get estimates on recovery
Could it be that his marketing department is not in sinc with his latest write up
Very nice summary and observations Chippy.
I would add:
a)
A number of pre-paids are indicated, covering pre-feasibility study, the chemical work, environmental study, etc. but there is no indication whether those pre-paid items are entirely/largely paid or only so in a minor percentage. All the same a number of things that will only complete during the current fiscal year (to mid-2012) are already at least partly paid.
b)
It appears that there is no sum spent (pre-paid) as of reporting date on the bankable feasibility study. So, upcoming expenses include that, permitting, and then all development cap ex to bring to production.
c)
There is a significant number of warrants and options that will likely be exercised (presently well in the money) during the earlier quarters of 2012 (and one other large group late in 2012 that might be exercised if the share price doubles +/- by then)
d)
The 18 month projection, excluding sizable one-off expenses, agrees closely with the burn rate mentioned in the MD&A
Quote:
somewhere somebody has a hughe interest in keeping SP as low as possible...
Agree but who has benifit to do this?
still not down to my buy back in level set based on zero forward progress and my opinion of risk/reward - but I would very much like to see things change so I would raise my buy in level back up
>Where does one find the current totals for volumes flowing through all the discount windows and trade facilities anyway?
Great Q, and who the hell knows! I don't think even Goldman Sachs (Government Sachs) knows the answer to that one
I do not know when it was removed. I know I once posted that I had seen it there shortly after the initial AMF news release. Much later I posted that fact and either Gold or Beers posted to tell me it I was wrong, that it had been removed much earlier. I also know the web sometimes does strange things, cached pages, etc.. But I do know with zero doubt that I went to the OTCmarkets company profile page after the AMF release brought the situation to my attention and it was there just as I have stated.
Amyot was still listed as the Director of Communications in the company profile clear into July, at the time this AMF thing first broke, I was at the OTCmarkets website, perhaps it was July 22 but within days of the AMF thing breaking and that is what was then listed there.
OK. Whatever.
I pretty much had given up on trying to communicate with yourself.
I see now that you explained where you were focused.
I had not done the calc for the prior quarter, and so did not see that the g/t they report is apparently the amount recovered, as it is as you show correspondent to what they report as production for the quarter.
I only worked from their October numbers, and as is must usually reported, I just saw the terms like "ore with an average grade of" and "Mining grades" to mean the grade of the ore.
I am still somewhat mystified, as if for the prior quarter the recovery was 60% to 70% and 17.4 g/t that would mean the ore grade was 24.86 g/t to 29 g/t. That does not seem to agree with statement of Aug 25 PR
"current mill feed head grade is averaging approximately 20 g/t" but then they also say they are at that time seeing 71% recovery, meaning they were then averaging around 14.2 g/t produced.
they apparently have more than enough cash to extend through and beyond the bankable feasibility study
That would be nice. Is that info from IR? or . . .
The list update they provided indicated they had cash to carry through the end of Sept, with the pre-feasibility study covered, and enough to start the feasibility study. They must have managed outflows pretty well.
I also would like to see AMY get current on its filings.
There has been too much change and expense outflow since that last reporting (as of April 30, 2011) and hard numbers on currently outstanding options and warrants would also be helpful.
That is quite the mess if it is how the ATS system operates.
Unless I am mistake in the US bid/ask offers are not "moved" to other markets but only made visible on and coordinated between them.
A number of good points raised D.
and the plans to split the company up via a dividend in the form of free shares
Good morning. US markets have a short day today, closing at 1 pm NY time, in case some have not noted this.
I posted last night but goofed by hitting submit instead of the italics button just after pasting the first sentence - so the rest was typed in haste using edit.
Here is a what-if. I am and am not a conspiracy theorist type, depending on the conspiracy. But, as Destinator has been noting the apparent pattern of persistent price manipulation, and AGB veritas has brought up a couple other factors, well I am going to toss out what has been in back of my mind.
What if parties wanted EXS, or its property inventory. There are only a couple ways to go about it. A takeover or position to be the lead receiver if it is forced into insolvency. Are there any others?
In a takeover, if someone or group just bought shares, as soon as they held 20% the Flip-in provisions of the shareholders rights could be triggered. If it was a concealed group, this would be triggered as soon as it was apparent what was happening, at prices back at the time the event happened. That would make a little (at the pps today) windfall for us (we could buy 2 shares for each one held for about half the price average at the time 20% was reached).
So, in a takeover, Flip-in would be unfavorable.
The route of making a public tender offer carries zero or little shareholder rights penalties, depending on if it is a qualified offer or not qualified.
In that case, having the share price as low as possible would be an advantage, but the shareholders (well, a majority of shares) would have to agree and feel the offer was fair value. An offer that gave a 100% return to current price would hopefully be rejected when that only restores shareholders to the low pps of a couple weeks prior. But then again, some may see it as a way to restore (some of) what they feel to be a lost situation.
Now, if the pps was sufficiently low, and contributed to make the interest in any placements evaporate, and other routes to obtain financing are unavailable to a company, how does a company remain solvent and operating ? Loan sharks. Is there any alternative to shutting down until financing can be found ? Not meaning to pick on Sprott companies, but take a look at the terms for the rejected term sheet with Aurcana, subject of recently decided court case (last half of this press release).
http://www.aurcana.com/s/NewsReleases.asp?ReportID=430022
Immediate payback of 5% of advanced amount, payback in AG credited at a price that halves the difference between actual and $23/oz, etc.. There are also warrants, priced based on market.
I have seen much less favorable terms for non-producers, and an upfront transfer of shares (not, or in addition to warrants) is included (again, the lower the pps the better for the financiers).
Most importantly, their financing, unlike our shares, are secured. It a company is dissolved the financiers are in line for the assets, to negotiate it out with any others and those still due from option agreements.
I am only intending to float a concept. It does not seem totally off track to me. Add to it the facts of the off year for all things exploration and potential for a liquidity freeze-up (or at least slush-up) as inducement to thinking one could pull it off.
Would it make sense to hunt financially weak companies with great assets, especially in a very adverse financing environment.
Oh, in closing I should quote Junkster
2. There will no joint venture with a "major"...the only way it works is to accept a financing from a major so as to maintain EXS' 100% interest in TPW.
Macro and Micro forces more powerful than we have ever seen
Thank you for a very thoughtful post, understatements and all.
I have just come around from my US Thanksgiving and find this board was pretty active today. A number of good points of view.
I remember some very good properties that changed hands in the big 2008 dip aftermath, due to bankruptcy. Beware of secured financings as we head into what may be a very tight time for credit or placements. It was just a week or ten days back when the EU overnight banking liquidity almost froze up, if I recall being loosened by an IMF and US Fed trading desk.
I do not get level 2 for Toronto, and so an curious how many House or Anonymous are involved in the 20,000 block hocus pocus, and very curious of the mention of counterfeit shorts.
Something is afoot, for sure. It is hard to see what all in the EXS case, but the only thing that makes sense is an attempt to own what we own at a deep discount. Some of this seems to me a natural result of the global macroeconomic mess, some the risk off sentiment, some the weak financials of EXS and its need for large sums to complete the selected strategy of proving up TPW first, some the tax season, . . .
That is nearly a perfect storm in itself.
But if there is also this concerted effort, many days running, to drive the pps down, what is the end game? The volumes have been going back up the past couple days. Would that mean "they", if there is a they, are being successful?
I would be in on what ABG veritas suggested, but I do not think that if I do add the US EXSFF shares would work for objective 1 mentioned - but I have been tempted to cost avg up for many days running now.
If the pps is being driven down - beware of senior, secured financings.
ECC treasury enhanced by warrant exercise by gross proceeds $1,125,477
http://www.ethoscapitalcorp.com/s/news.asp?ReportID=492534
I have been under the impression the cash on hand is pretty fine anyway.
http://www.ethoscapitalcorp.com/s/news.asp?ReportID=492534
I see a number of familiar aliases here. Hello.
I hold ECC/ETHOF, have monitored the two iHub boards for a while, and have followed ECC since before it optioned into the Yukon from Shaun Ryan. I have also been surprised at how quiet iHub is about ECC, especially now that it is showing the quality of its Yukon ground and is catching media for it.
Did anyone else here benefit from CEO Gary Freeman's prior venture in Mexico, Pediment (now part of Argonaut)? I am hoping his leadership does as well for me again, but it is looking like it will be better.
I am not capriciously discounting anything.
I am using exactly the same numbers you used.
However I am not basing conclusions on the total amount of gold in the ore mined but on the gold recovered from the ore.
Your numbers are including the gold that is left in the ore that is not bringing in any money. They say they are recovering 60% to 70% of the gold from the ore. Your numbers assume they recover 100%.
Believe as you wish, but from their reported mining activity in October they were operating at a loss for the month.
What calculations are you posting?
see my first posting of today
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69312417
you forgot to discount for the recovery rate mentioned in the PR from which you obtained your figures.
I have always puzzled about a leach operation in Alaska/Yukon seasons.
The possible hole in your polemic about Barr is that he is still holding a hair over 4 million shares and 0.5 in options, not counting the 5.788 million shares and 2.4875 in warrants held by Pacific North West Capital, and both show very little reported transactions in 2011 and small net increases in shares held.
I just posted the calculations, and they show a loss
There was a mistake in them ?
1 ounce troy = 31.1034768 g
The idea I got is that they are operating at a monthly loss of about 3/4 million, depending on actual $/oz payout, actual tons/mo and grade, actual recovery, size of refinery discount. The cap ex is said to end in January, so the loss continues for the entire quarter.
After the cap ex ends, if the CIL circuit comes on-line, and if the "depending on actual" factors remain the same then it works out positive.
If CIL adds 20% to recovery, bringing from 66.6% used in my post to 86.6% that adds 0.73665m, approximately wiping out the shortfall now seen, so the positive amount is then approx the amount cap ex can be reduced.
Take 5,126 tons and multiply by 14.9 grams. Take the total and divide by 31 to get ounces
Current gold recoveries are in the order of 60-70%.
Operating costs in the third quarter were 98% of budget at approximately $2.6 M per month. Capital costs for the same period averaged $594 K per month, higher than the $409 K that was budgeted.
Yes. And if one factors in offtake this year exceeding new production (again) which last I saw it is tracking toward, and that this purchase is at least 1.5x by Oz of last years (after factoring 0.580 billion vs 1.5 billion at the changed price per oz) . . . plus new demand from new awareness of Ag due to last year's performance and this years for that matter, plus the spring squeeze . . . AGQ may again be a nice to us.
BTW I still need to email, did catch the address - it has been busy, all through last weekend and probably this also - finally getting the to the last of the late plantings.
Thanks for pointing to that news.
If I recall correctly in April when Ag was rushing to its spring peak I saw an interview vid on the net with Eric Sprott in which he told how long it took, I think it was clear into March, before PSLV actually managed to take delivery of that last Dec purchase, and he noted that some of the last bars received were newly poured.
glass half full POV
no one around today is willing to sell at these levels
250 US and 0 CA - what volume
Given the broader trashing today that is imo a fairly strong statement for AMY.
PS may look back at this morning as a nice day for catching knives if one has the nerves for it