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La Prensa today, article covers claims by environmentalists that "their" sample results show that the rivers near Petaquilla, (i.e. Molejon, San Juan, and one other), are contaminated.
They don't tell with what. Probably bovine scatalogy.
Time will tell. I do not need the links as I am on top of all the articles that are published in Panama. There are a lot of links from as far away as Argentina, and Europe, that attempt on the web to make you believe that they are originating in Panama and have up to date information.
Thanks for your comments and here's hoping Q1 news is good for all of us.
I do not believe that ANAN has the authority to do anything more than make a recommendation and I doubt non-certification with a volunteer organization having nothing to do with evaluating operations or contamination would carry much weight with the government executive, legislative, or judicial branches.
Still think it is the financing and consistent operations are all that matters.
This was strictly a PR deal and hopefully they will do one with some journalists. No point in inviting the environmentalists as they are against all development, no matter what the facts or benefits.
The certification, I think, is where some third party comes in and blesses you for the volunteer certification. It may have more to do with storage and control rather than with manufacturing processes and contamination. Their web site has about two inches of disclaimers relating to their not being involved or giving an opinion on the two latter. Don't think it is a big deal and will be done in appropriate time.
The only things that are going to help the share price are IMO:
1. Resolving the debt issue.
2. Consistent ramp up of production and lower costs of production.
Solve those two and all else falls into place.[color=red][/color]
Could not find a large copy, but the one in www.goldinpanama.com is clear text.
If you go to www.goldinpanama.com the article appears in a little larger and clearer text. The heading at the top specifies the visitors as Members and Directors of the Societies/Associations of Electrical Engineers, Mechanical Engineers, and Architects, along with the quasi government association.
They had a comprehensive tour of all facilities and then technical discussions and reviews of operations, planning, control, design, with the responsible company experts. Future plans for development and exploration were also explained.
One of the Directors stated that more journalists need to come and visit the mine.
This probably will not affect the SP now, but it gives the government all it needs to assure public opinion and stifles efforts to close or hinder the mine; the visitors were obviously impressed and pleased.
By the way in Spanish "Colegio de ..." does not mean they are professors from a college or students, etc. etc. They are members and heads of various boards and oversight groups.
Example: American Bar Association = Colegio de Abogados de Panama
These are very powerful and influential groups.
Lojiko get a grip!!! All of those people in the article are senior recognized experts in their respective fields and most probably hold multiple advanced technical degrees like the first one you are now working on yourself. Not a school field trip.
The picture you post is from another older article.
My guess is that Petaquilla will plaster this poster in all of the newspapers and magazines in Panama in the coming days to once and for all shut up the complainers. Even one of the engineers took an off hand swipe at the yellow journalists in comments.
Sheesh...sometimes I think this stuff just goes over everybody's head. Much better long term that you bring in country experts and have a detailed examination of your operations, than waste time responding to phone calls from people who really can't understand your answers.
Good Morning. a large group of engineers from the the Society of Engineers and other prominent industry groups were given a complete tour of Petaquilla facilities and operations.
In the text are endorsements from five engineers touting the excellence of the installations and operations. Basically, these educated experts in electrical, civil, and facilities engineering were greatly impressed by Petaquilla and give the operations an A+++++ in all areas of design, construction, operations, planning, and control.
Sorry I don't have time to translate in detail, but that is the main thrust. You can see by the smiles of everybody it was a big PR success. This stuff gives government more ammo to crush environmentalists efforts.
We all try to do the best that we can. I have advanced degrees in engineering and business from top schools with thirty years on the ground in 14 Latin American companies at an executive level...BUT IF I KNEW WHAT THE HELL I WAS DOING,(???),I WOULD NOT HAVE SO MUCH PETAQUILLA AT +$3.00 AND A LOT MORE AT $0.25!!!!!!
I just try to keep my work on point and perhaps give a little more perspective from my inside knowledge of how Panama works. My view is a little biased because I have a good handle on what a fantastic opportunity the could be, but I am frustrated at times by what I see as some incompetence in the operations. Lack of communication does not bother me as I am focused on long term results that speak for themselves with audited books.
I empathize with management because I can remember when I oversaw manufacturing plants in three Latin countries at the same time and the last thing I wanted to do was tell anybody...much less the stockholders...when someone screwed up. You just fix the problem...hold those responsible to account...and move forward. The last thing I wanted was some fricking stockholder or Senator for that matter visiting and second guessing my operations.
Good Luck...Long Term we will be happy.
Has anyone had recent contact with management and do you have any specific up dates as to the DB gold loan? I thought it was to close this week, but I know nothing further.
Thanks for the information. I found it and it seems to work.
PTQ can go to $.01 if BK filed. Odds about the same as meteor hitting your house between now and closing. This sight would be so much more useful if reasonable, well thought propositions were expressed and discussed. I would like to know if anyone has had meaningful contact with management and has some specific details on the time line for completion of the DB deal.
Maybe ranting is good catharsis for the maker, but it sort of looks stupid and wastes time better spent in further real introspection.
Loj...doesn't this site have a delete or ignore 'thingy'?? Allowing short unsupported posts that obviously have no thought or reason behind them deteriorates the value of your board. The only other one I have found is Stockhouse, and at least you can put most of the people on ignore and only look at the respected occasional analysis whether they be pro or con as to SP and future.
THEY DON'T HAVE ENOUGH MONEY TO PAY ME, YET!!!
FORM IS NOT DUE YET....DO YOU SEND IN YOUR AARP DUES EARLY???
LOL
Thank you for the polite question!!!
Having been with this stock for several years my perspective is that:
1. It is very thinly traded and when you shake the tree the mice scramble. (i.e. minute volumes manipulate the price.)
2. The financial risk with the huge debt overhang is the primary cause of the share price. The big boys could shut it down on a moments notice. (The DB deal removes all that risk, but it is not done until its done and the money transfers. I think the preclusion of all other debt holders from acting against the company during the duration of the gold loan is very important also.)
3. All the environmental BS has also helped depress the price in the short term. (There is no way in hell Martinelli will shut the mine, and he controls all three branches of government.)
I have some stock at above $3.00/share as well as $0.25/share. I expect to make money ON ALL OF IT! My guess...September 2011 will be a good time to sell some and buy some BSPM.
Good Luck!
NO BIG DEAL!! This is a voluntary industry program and has no legal weight in Panama or anywhere else in the world. It is not a government code or requirement. Read the industry code at the web site.
I am sure when the deadline nears Petaquilla will fill out the form and send in their dues. If ANAN wants copy they can have one.
This is self certification, no inspections, no third party review, etc. You just say, "yes!", I am doing things the way you like them to be done and mail in the form.
Don't get paranoid about what the Panamanian papers say, most of the time they get it wrong. Send me the form and I'll certify it.
What is important is that every month, when the government does inspect the mine and take samples, it has been in 100% compliance for eight straight months!
The rest is just bovine scatology.
No big deal...mine is and has operated well within all regulations and will file paperwork at appropriate time. Environmentalists have to say something since their claim of contamination fell flat.
SP reflects uncertainty until DB deal is closed and money transferred to all entities scheduled to receive it. Requires sign off all entities attorneys and that takes time. When it is done...it is done and PR will probably come out. Remember DB deal precludes any creditor from taking any action against the company for five years. Lots of 'Ts' to cross and 'Is' to dot.
THERE IS NO NEWS...LOOK FOR OCTOBER 15, 2010 Q1 REPORT AS NEXT PROBABLE DATA.
From your mouth to God's ear; we need a period of quiet progress.
I would not want to be caught in a Central American jungle sabotaging a mine backed by the powers that be.
You would have fellow workers, management, and the government disappointed in your anti-social activity. Doubt if there is much risk.
Just the facts:
1. Tailings pond did overflow due to poor planning.
2. Cyanide in water was way below allowable standards.
3. Overflow of diluted tailings water did not contaminate anything.
4. Failure gave environmentalists a little opening with a non-event.
5. Huge amount of bad press and lies were heaped on company.
6. Big distraction until final report of all clear is issued.
SHOULD NOT HAVE HAPPENED, BUT IT DID. PROBABLY IMPACTED EVERYTHING.
SHOULD BE OVER SOON WHEN GOVERNMENT REPORT ISSUED GIVING ALL CLEAR.
My bet is that we will see $5,000.00 gold before $1,000.00 gold and probably within this decade. But as long as we can dig it for $600.00/oz. I am not worried. There is a lot more gold to be found, but it is hiding!!
No...I think the tailings pond overflow was a mistake and I would have fired the engineer that did not properly anticipate what are normal rains this time of year. Even the farmers move their cattle away from the river lowlands in May and November.
The bad maintenance of the mill was another failure. I believe they took appropriate action and replaced the responsible parties. This is not running a McDonald's and stuff happens. You correct, hold people accountable and move on.
In your dismissive of $7.50 per share you overlook your own analysis and promulgated forecasts of the decline of the dollar and other fiat currencies. Or, is it that you have faith in congress to return the value to the dollar and put us on the gold standard??
Excellent response. Petaquilla is moving inexorably toward its destiny to be a successful relatively small, profitable, modern mining company in Panama. I agree they have jumped the gun and issued forward looking PRs that cause consternation, while time lines and expectations drag on beyond their control. I would prefer no anticipatory PRs. Tell us after things have been accomplished and lower the anxiety for all concerned. Cogent quarterly reports are fine.
Overall I think they are doing a good job, especially since the realignment last November. I do not believe the mine is being sold, and I am sure that the DB deal is in good shape. With a lot of people and lawyers involved in three languages it just takes a while.
There is no threat to the operation that is credible, and progress is being made; albeit slowly at this time. Fluctuations in SP mean nothing, especially with the thin float and low volume in the market. If you want to know where they are looking for large future exploration, you need to follow Azuero as that is the arm undertaking that activity. PDI will spin out when the goals outlined are achieved. My guess is two years after the Koreans turn over their first shovel.
If you are looking for a quick buck this is not the place. If you are looking for real appreciation over time then wait patiently for $7.50 in a couple of years. If you are really agonized, or in too deep to relax and wait for the tree to mature then perhaps somewhere else will suit you better. Teak investments take 20 yrs.! Gold will probably be $3,000.00 when this mine reaches it's potential. Maybe $7.50 is too low???
Thanks for your information. You missed my point, but it was too intuitive. Moot question anyway. PR on DB will probably be out before end of month and everyone will move on to the next marker October 15, 2010.
Sorry to stick my nose in, but does 1,569,063 shares outside the USA and Canada include the 9,500,000 of Fifer and the millions of shares held by Bearer Corporations in Panama?
Sorry, I thought from reading the first page of the 8-K filing that the Q3 financial reports were included. I could not figure out why I could only pull up the press release.
On Google, I later found a posting that says the Q3 financial reports will be filed Nov. 17, 2010.
I am having a lot of difficulty trying to understand why the share price and volume has fallen so much in the last few months. Everything I looked at seemed very positive and I picked up several thousand share on a flyer. Now I am wondering if I missed something.
Company filed 8-K today. Are financial expectations met?
Dear CI, thank you for your comments. I am sure your motives have been proper; that you want to succeed with your investment, as do the other posters.
I left the board because of unwarranted personal attacks, when I only tried to keep all informed, where I had the opportunity to be on site and a strong background in the area. However, you were not the only guy shooting the messenger.
It is better sometimes to just not speak the obvious, or disclose what you know, since it can produce a quick knee jerk strike back against you, often personal.
A good example was the early news about the perception of a toxic spill that was all over Panama. Looks like it wasn't toxic, but the result was the temporary halt in the refi, that was a a big deal.
Don't know your gender, race, or religion and it does not matter.
In any case Proverbs 23.9 fits pretty well, "Speak not in the ears of a fool, for he will despise the wisdom of thy words"
Best of luck to you...I still want $7.50 ea. for my shares!!
Gentlemen, I am retiring from the board. I wish all of you good luck. I am maligned and sworn at sufficiently, that I feel there's no point in continuing.
I stand for no one but myself and my family. I have four children, one international banker, one international medical doctor, two international attorneys with multiple L.L.M. degrees. Our family law firm is the number one international whistle blower firm in the nation,(USA). Our schools were Notre Dame, Tulane, Georgetown, and Oxford.
While I do not pretend a close association with any of the people we have been talking about, I do know Mr. Fifer, Ex-President Torrijos, current President Martinelli, and many other fine well educated Panamanians. My family came to Panama in 1541.
None of these people have ever been asked to do any of us any favor and we have no business, but only social, ties. I have no axe to grind and only participated as a social exercise, wherein I anticipated some intelligent banter concerning our mutual PTQ interests.
I believe PTQ has a good future and know that larger investors are quite comfortable with the company's progress. When you do research in Latin America, be very careful of your sources. Things are quite different and often not as they seem; political foes will calumniate in any way possible to advance their own agendas.
Adios y Buena Suerte.
You waste my time...you know very little about Panama and/or Panamanian political realities and history.
4,000,000 shares of Fifer's options are at between one and two dollars to exercise, so he would want the mine to succeed.
I know a little about Richard Fifer:
1. He has undergraduate degrees in Geology and Geophysical Engineering. He has a Masters Degree from Tulane's A.B.Freeman one of the best schools in the world. He is well thought of at Tulane.
2. Probably more significantly he was a big PRD supporter and a close friend of Torrijos in the last administration. That makes him persona non grata to the current right wing CD administration of Martinelli. Word has it that his removal from active management was necessary to get the commercial production OK.
3. He is the largest individual single stockholder and has his whole life in this project. He has no active management role.
4. At one time there was some scandal associated with him, but in Latin America I am not sure that is relevant, and may or may not be true.
5. Other than being a 'big dog' stockholder with a vested interest in the success of the company he is probably a non-entity.
6. For him to make any serious money the stock must be well above $2.00/share!
Go back to post #1357. Why is anyone surprised?? Don't you people take notes??
Management can't control the share price or the speculators. They can't force people to lend the company money. All they can do is keeping on digging, pouring, and cashing to pay the debts which they seem to be doing. If you dig enough holes and pour enough @$750.00/oz. gross profit you will be fine long term.
A nice PR is pleasant, but really doesn't shore up the share price long term. Real value, real production, and steady debt reduction is what builds value. This can take a couple of years.
Do not be surprised if capitulation of speculators drops share price to a new low for a few days. It really doesn't matter if you have confidence in the project. Dividends will come. CC, you should get out the check book. CI...well never mind. Everybody else, trust your decisions.
Dude, you own just as much of that gold in the ground as you did last February or March. It is there, it is safe, and no one is going to take it from you. Just relax...you wouldn't want all of that in cash now anyway.
As for CI...the name fits...I see nothing to indicate any crooked management and, certainly holding about 10% of the shares, they have no reason to drive the price down, or really any ability to sabotage anything for whatever reason. Volume with all markets is less than 1% of the OS.
Eventually they will either do the current deal or just keep digging up that gold. All this fluctuation is just chatter. Just be really happy you are in a good investment; not holding that world famous blue chip British Petroleum. Now there is a genuine cause for concern. They will not come back.
What painful losses if you have not sold???
Someone who knows more about ODN and ongoing viability than we do.
LOJIKO, I agree 100%. Buying a lot more @ $0.25!
MY BET IS DEAL OFF...AND COMPANY WILL MUDDLE ALONG FOR A COUPLE OF MORE YEARS. SOMEDAY...SOMEDAY...someday...
Has anyone e-mailed Janet or 'good ole' Tom B. and asked them politely WTF??
They surely must have quarterly pour results if the mine is still operating. It has been 36 days since any kind of PR; that is the longest in the whole year!!!
Maybe management is on vacation??
TOO MUCH SILENCE TOO LONG FROM MGMT. Support looks to be between $0.25 & $0.30. If it gets down about $0.25 its time to buy some more!
Approaching fifty days of DD on long term financing of senior debt. Convince me that no one on the planet knows even the name of the bank that is supposedly entering into this 'agreement' and would leak it.
I find it very hard to believe that anyone can keep a pending deal that size secret for so long. People doing the DD must be hidden in a secret location beneath an old building somewhere!
Woodtick27,
Go to CNBC.Com and check on ownership and you will see that Wells Fargo through their mutual fund groups owns another 4,000,000 shares in addition to those you mentioned. I reported on Wells Fargo holdings last year and they are number two after Walnut Street with nearly 8,000,000 shares.
How so??