Older
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Does anyone know how Cormark Securities rates PTQ.TO?
Must have been something to do with quarterly ending I guess. Seems like there is always a 'buy' when there is a 'sale'....I was just surprised at the size on a day when USA is closed for the holiday. It is the last day of the fiscal year as well as the quarter.
Think I'll tune out for a month.
Looks like someone in Canada just sold 450,000 shares. That is a pretty good chunk if it is one sale.
Anski, +-250,000-350,000 shares is not a big investor. I know several 'people' in Panama who have more than that, and have no thoughts of selling. At current SP that is only +-$150,000.00 In any case the Japanese picked them up. Also this is quarterly ending adjustments of portfolios for the funds. Worry if you see two or three million shares dumped. There are guys out there that bought at $3.00 and higher still holding with no real concern.
Per their letter of engagement they are not negotiating, but rather completing the DD check list. IMO the Oro del Norte results and subsequent 43-101 issuance are the only delay. DD time should expire around June 15th. If the period runs out they may seek to negotiate a new agreement, but I cannot think of a sweeter deal that the one they have already. June will be a very interesting month.
WHEN YOU SEE TRADING DAILY VOLUMES OF 2 OR 3 MILLION SHARES THEN WE CAN GET EXCITED!!
Lojiko, I agree that an e-mail does not have the weight of a PR, but over the years Tom has seemed to be pretty careful about his prognostications. The DD period should be over by end of the second week of June so let's hope for the best on the loan.
Some of these posts are getting far afield from common business sense, and show limited knowledge of mining or Panamanian laws.
For the record, the Panamanian government has nothing to do with the success or failure of the mine; no vehicle to intervene should the company cease operations for lack of funds. Most probably the mine would be nationalized. However, based on my experience in Panama, that will not happen under this administration.
Therefore bankruptcy or any type of interaction with the government is just fantasy. Production will continue albeit at a slower pace, if there is no more funding.
My ranch is about thirty air miles from the mine, and I had intended to go down this week, take the chopper over, and check on things. However, the oil mess we have now here in Louisiana has delayed everything.
This morning I spoke with some friends in Panama City and David who have their ears to the ground, and are also engineers. They confirmed my suspicion that this is just the normal pace rate for business down there.
I do not see any reason for real concern about the future operations. The big question for all is how much more gold is available in ODN. That will determine the future and of course all of the big potential investors are awaiting the news. The thinly traded share price and general market conditions are not relevant. The local expectation is that results will be announced just as soon as possible. Hope you are able to hold on for another sixty days!
Do you really believe that the Manager of Investor/Corporate Relations, a professional with five years in the job, is really "flying by the seat of his pants"? That is a skilled point position answerable to SEDAR and the SEC. As you say time will tell...
See post #1562 of e-mail by Byrne promising ODN results by end of May 2010. They have results ongoing and the fiscal year is ending. No one can make a credible argument for not including that in the year to protect/grow the company. The DD period will be long expired by the end of June. Check on how many weeks have passed since the announcement. Something doesn't feel right.
There was an e-mail, I think to Anski or you, where Tom Byrne committed to ODN results by the end of May, 2010. With the amount of time that has passed since 'aggressive drilling and trenching operations' there is no reason to delay this further unless it is not good news.
If I was trying to get 70mm from an investor I would surely expedite the results. Even more importantly it would be very important to be able to include the reserves in the Annual Report that cuts off Monday and significantly move the share price up to show the valuation of the company at the end of the fiscal year. I am getting more concerned and might bail while I still have a good profit and try and jump back later if it moves forward.
I would rather jump back in at $0.60 if it is going to several dollars per share than have to cough it up at $0.20 to $0.25 if the hill is empty.
You have got to be kidding?
I remember from one of the e-mail postings that there was commitment to provide Oro del Norte results by the end of May. Today is the 25th and counting.
I agree!!When I talk to them I get the feeling it is Schultz from Hogan's: "I KNOW NOTHING!"
Not much to do with PTQ. Why don't you call them and ask about a 43-101 or the cash for gold deal and let our Dear Leader worry about their Dear Leader??
The key today is what happens with the Canadian market open. If we are green in Canada and USA today I think we can all breathe a sigh of relief that maybe better times are ahead. The world markets are really selling off so it will mean a lot if we hold our recent gains.
A 43-101 by the end of the week would be all that is necessary to close the DD on the cash for gold deal. I believe their measured reserves are around $800,000,000.00 at current prices, and tripling that with Oro del Norte would make any prospective lender confident.
They should also come out next week with annual and quarterly production numbers since they will obviously know how many ounces they poured in the fourth quarter.
I thought he was talking about a 43-101. We already had the in house and independent lab chip results some time ago. I would think they would just plug in the rest of the data after drilling and trenching and let the word processor crank out the 43-101 that is mostly boiler plate. They do have a 'qualified' person on site as well as a lab. My guess is that they need that to close the cash for gold deal that is in DD.
New law, I believe it was signed and published April 13, 2010. Tree huggers block road with demonstration...go to jail for two years.
One test since law in effect. Left wing university students blocked road in Panama City. Police used school bus to drive right up into their midst and arrested the whole bunch. You can demonstrate but no disruptions.
Inmet's statement today reported in Panama-Guide that they are not interested in precious metals exploration opens the door for PTQ to get some more concessions. As far as I know Inmet and Petaquilla are the only approved mining companies in Panama.
IF...Oro del Norte triples reserves and the debt relieving cash for gold deal closes PTQ will see a genuine increase in value. IF NOT...same old, same old. Byrne said in one on the e-mails, that I read, that the Oro del Norte results would be out by the end of MAY!!
My thinking exactly, I read the article. HSBC had one of the largest bullion vaults in NYC with I believe like 52,000,000oz. of gold stored when suddenly about a year ago they told all of their retail clients to clean out their deposits within a short time or they would mail the bullion to the address of record. They further stated that they were converting to institutional storage of gold only. Something is going on with China and gold, but I really can't connect the dots.
Anski, who knows if it is relevant...but HSBC is a founding member of LBMA, a world leader in gold loans, Chinese, and has a large presence in Panama.
Looks like somebody hacked into the system and is trying to sell you some questionable medicines.
Interesting list of people, but I don't know what it means.
If I understand this deal right, someone paid $2,000,000.00 @ $0.50/share for 4,000,000 shares of common stock, and the right to purchase 2,000,000 more shares with and additional $1,700,000.00 @$0.85/share in the future.
Unless the bank thought that the shares would be worth something substantially more down the road, they would not have paid a big premium for the shares based on today's prices.
Does that make sense??? It seems they paid about a 20% premium.
My between the line reader is broken...but God willing you are right.
I agree. The money is about one week's pour at going prices. I have no idea exactly why they are doing this, but at least the uncertainty of the PP is removed.
The real information is quarterly production, quarterly revenues and operating profit, Oro del Norte 43-101 report.
I expect that to be good news and move the share price then.
Raising $2,000,000.00 for a company that should have at least a $100,000,000.00 operating profit over the next twelve months is sort of a non-event.
News???Canada up 10%?
Canada up 5% on 36,000 shares...no volume for USA?
IMO any news will be good news as it removes uncertainty.
If they get the $12,000,000.00 100% production comes sooner.
If they don't do the deal then they probably figured a way to move forward with out the dilution.
YES, THAT IS THE WAY I SEE IT ALSO.
No evidence of anything filed on PP so I guess the cash for gold deal is only thing on the table. I have no idea where the DD stands on that. Guess the next news will be update on quarterly production and then the reports for year end and quarter in July. More drifting ahead.
On a further note...I am not sure that the private placement deal will go through. It would seem that with the price of gold holding so well and production running smoothly, the company may decide not to bother with it, due to the dilution. I don't think that would be a bad thing.
No news tomorrow and the deadline expiring might be the best for the long term. Remember this is a gold producing entity that has proven its ability to deliver gold at a very reasonable price. This quarter's operating income should be very strong.
I would be more interested in the $70,000,000.00 cash for 4.5% of production over the five years deal, but I have no idea where that stands. It would be great to be rid of the long term debt, but in any case they can chew it up in a couple of years of good production.
It should since they will have capital to keep operating, and with the price of gold maximizing the value of production things should move forward, albeit at a slower pace due to the drag of servicing the long term debt.
My guess is that they are producing around 6,500 ounces per month with the same G@A, and production costs of about $550.00/oz. When you add back the depletion and amortization money, that is a very nice cash flow.
I am afraid that a lot of small investors cannot read a P&L and don't really understand much about the company and/or its potential for growth.
Long term I am as confident as ever and have used these low points to pick up another 10,000 to 15,000 shares each time. I expect to sell in two or three years.
I always go by the big block holders and all 38 seem to be holding tight or adding shares also. I assume they know much more than the street or I do.
No magic really and that may not be accurate. I remember the days when it was around $0.21 and everyone with small investments was dumping all the small holdings in panic. That was when Torrijos administration and the company were at logger heads.
Now with all the positive things that have happened since reorganization and the election I just don't see it going quite that far again.
However, I never thought that GM would go from $108.00 to $0.00 either.
The world is sort of upside down right now...long term...the gold is there...the big investors are holding fast...no worries! Must be down to about $20.00/oz. in the ground. I'll take all I can get.
READ POST #1357 FLOOR IS $0.30. Makes no difference long term.
"We must have some people posting that have a connection with management!" That is a declaration, so if it is based on fact, disclose your proof and source.
Calumniation is a crime in Panama and you would be looking at time in prison for trying to destroy a professional reputation.
I guess in Canada such things are allowed.
Private equity firm Blackstone Group:
2:59 PM Today
Blackstone Advisory Partners Vice Chairman Byron Wien speaking to reporters in Australia just confirmed their guidance that gold will continue to go up to $1,500.00/oz, in spite of the new proposed 40% tax.
Hi, I was going at end of month but may wait a couple of weeks since part of the family is going on vacation to UK, and I don't want to miss them. I am sorry to see we have picked up someone calumniating on the board. I'll give you an update when I get back.
IMHO management is extremely trustworthy. Have you ever been to the mine, talked to anyone in authority or to board members? On what do you base your opinion?
Why don't you call today and just ask when the next PR is coming out? They can tell you that without disclosing what it will say. The more people they hear from, the more they are likely to respond.
My guess is gold will see $1,500.00/oz. before the end of the year. Then the bubble may burst and it could drop to around $1,000.00/oz..
If PTQ shows a 43-101 with three times the reserves and a 20+yr. mine life I don't think it will hurt the share price. Remember they are pouring at around $550.00/oz.
At $0.45 to $0.55 per share we are buying the gold at a very cheap price and we do not have to even bury it!! I still want $7.50/share before I sell anything!
Let's see Lojiko...You have been posting for a couple of years and the SP has gone from $3.40 to $0.43???? Hmmm....Is that causal or coincidence??? Let me correlate for a moment.....