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What does 400 smell like? LOL
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"Resource defined ounces in the greater Ntotoroso area held by Normandy/Moydow now stand at approximately 8,000,000 ounces."
Thats from the MagnaChem website. I havent been able to confirm that figure from any other source, but I believe it applies to Ntotoroso only and not the entire Yamfo-Sefwi belt.
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Looks like we'll be in this trading range (high 70's low 80's) for a while. Its thinly traded though so a big order can move it either way. Just look what the Botwood announcement did to the stock last summer. Funny how a non event like that can move the stock but $370 gold and all the evidence you want of a possible buy out won't. My bet is that the ones who bought last summer on the Botwood hype are the ones that are selling now.
Oh well, Ive been happy to buy their shares in the last couple of weeks. Looking forward to a gap up double or better sometime in the next 6 weeks.
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Apparently a Bob Bishop pick now.
http://www.stockhouse.ca/bullboards/viewmessage.asp?no=5981681&t=0&all=0&TableID=0
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I'm holding MOY for the next 6 weeks because I believe there's a good chance it will be bought out by Newmont in that time.
You can read more about it here if your interested:
Moydow Mines (MOY) #board-1502
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This is definately being accumulated here by Pacific Securities. They have the stock in a box and they're buying up all the shares that come out.
Whoever Pacific is buying for must know something.
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I was doing a little digging on SEDAR. As of last May, Noel Kiernan the Chairman of the Board of Moydow held some 9,910,200 shares of the company or 36.7% of the issued shares.
http://www.sedar.com/csfsprod%2Fdata31%2Ffilings%2F00449258%2F00000001%2Fg%3A%5C3w_out%5C22059%5Ccir...
Some how I think management is going to have the shareholders best interests at heart when it comes to discussions with Newmont.
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Marcos (OT)
Do you know an easy way of determining how many shares of a stock are held by management? (not necessarily this company)
Thanks.
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CKG looking oooooogggggggglllllllliiiieeeeee
http://ca.finance.yahoo.com/q?s=CKG.V&d=c&k=c1&a=v&p=s&t=5d&l=on&z=m&...
A couple more days like this and I might consider buying some.
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Come on, $367 aint bad. Look where gold was 2 weeks ago !! Nothing goes straight up.
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NLW? _____ Letter Writer?
Ive been in and out of Kinross in the past on a day trade sort of basis. Don't know a lot about it but it did have volume and volutility when I was playing it. I've since decided that the daytrading thing wasnt going to work since I have a regular job so I'm taking a slightly longer term approach now.
I read somewhere not too long ago that there is a very large short position out on Kinross. I guess that will have to be covered at some point.
CDU might be a good play on silver but I think WTC might be better. Don't hold either one right now but they're on the radar.
What do you think of Anatolia? I think it may be undervalued right now though I havent taken a position in it yet.
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The 100 lot bid eventually got pulled and it looked like there were some games being played with the stock today. Pacific was a big buyer again today as they have been for a while now.
I like the way this is trading and am looking forward to news.
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Has to be Moydow Mines (MOY on Toronto)
Read about it here: Moydow Mines (MOY) #board-1502
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John Walker is in jail (LOL)
http://www.investorshub.com/boards/read_msg.asp?message_id=712172
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I agree that the Reuters story was a surprise for Newmont. It may be the credit rating, however, it may also be that they have not finalized negotiations with Moydow. I believe that Moydow is critical to Newmont's strategy in Ghana. They need the low cost ounces of Ntotoroso to justify the capital investment in the project.
Still, my biggest reason for believing that this is going to be a buyout is the silence of Moydow management. The last news release the company provided was in September and it was to announce that the Rank Production Agreement was being extended to Dec 1st. Since then, nothing. The previous news release, July 23rd, was also an extension of the Rank Production Agreement. That tells me that this companies main focus in the last 6 months has been negotiating the future of Ntotoroso with Newmont.
Now if they were just going to carry on with a similar agreement to the one that Moydow had with Normandy it wouldnt be that complicated would it? That tells me that this must be a buyout. Either the deal is done and they are waiting for the go ahead from Newmont to announce it or they are still negotiating terms.
Another reason is the fact that Moydow went after all those claims in Newfoundland this summer. Why would they do that when their focus is in Africa? Because they had already decided they were going to change focus.
Its like a puzzle and it all fits. I'm convinced on this one.
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With the strength in bullion I thought NGT would be an easy sell at .45 this morning but I only got a partial fill and ended up letting go most of my shares at .43. Still, I'd hardly call todays action a gut wrenching drop as it traded at .43 or above for most of the day. To put things in perspective, we closed as low as .34 in the last two weeks. If gold has a temporary setback with the gulf war II being announced, we could easily be back at .34 (JMO) :
http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=ca%3Angt&time=18&freq=7
I think NGT has really been unappreciated by the market. Thats a good thing. Look what happened to CKG the last couple of days:
http://ca.finance.yahoo.com/q?s=CKG.V&d=c&k=c1&a=v&p=s&t=5d&l=on&z=m&...
Some of the fluff came off. Overdue in my opinion.
For the long term though I think NGT is the place to be and I hope I'll be back with an even bigger postion soon.
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I'm not totally convinced. Most of the buying is coming from TDWaterhouse, making me think it's retail. I've noticed MOY getting mentioned a few times over on SI the last week. The buying could be retail.
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Said I wouldn't do it, but I added some more shares today.
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Let go the rest of my NGT to buy more MOY. Should know in the next week whether that was a good idea or not. Still holding some NGT in the RRSP.
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100 lots bid at $1.04. Last at $1.08. I could get used to this.(ggg) Wonder if we'll get news soon?
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Gold high of 370.60 on the Australian market. Trading just a bit under 370 right now.
http://www.kitco.com/
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brian
I see you picked MOY for Al's contest this week. I have a thread for MOY here, #board-1502 .
Come by and post sometime.
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I saw a dollar on the ask but didnt notice the size. I assume you are suggesting that a large number of lots were put there to keep a lid on the stock so that someone can accumulate shares at lower prices. Sounds reasonable to me.
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The figures on the MagmaChem website are interesting. I find it odd that they indicate a reserve of 2 million oz has been identified for zone E yet the Moydow website indicates that the reserve is smaller, only 1.2 million oz.
The numbers are intriguing though and obviously draw attention to the potential for Ntotoroso. I like the bit about the potential for enlarging the deposit size of Zone E by +100%.
How will a resource estimate (vs reserve) be factored into a takeover bid I wonder? Eight million ounces sounds great but I know it would be worth a lot more if it was a proven reserve rather than a resource estimate. Still, it should be taken into account some way.
Bayview, I hope you're right about your 30 day timeline. Monday morning would be even better (gggg).
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NZ, Aust, HongKong open this afternoon our time so we should have a better idea of gold's direction then.
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Amarksp
I agree with this, however in the case of Moydow their property which is joint ventured with Newmont is in the middle of a gold belt with mineable reserves controlled by Newmont on either side. In any case, bayview on the Moydow thread has done some great digging and as it turns out Moydow may have a few more ounces than I was banking on. I encourage you to have a look.
I'm a big Moydow shareholder.
Moydow Mines (MOY) #board-1502
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Wow. This really could be a lot bigger than I expected. Thanks for keeping this thread updated and for your great digging.
I was starting to think the buyout would be around $1.50-$2.00 cdn per share based on
[(+1.2 million oz)(50%)(1.51cdn$)(US$50/oz)]/30 million shares.
If this 8 million oz figure is correct then the buyout may be worth much more than that.
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Website down?
Those grab samples sure have some high grades. Does this company plan to do any drilling?
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Moydow (MOY) is another one that may be taken out soon (Newmont), though it has a smaller reserve (1.2 million oz.). The cash cost of mining is low at around $180 per ounce so I'm hoping Newmont pays at least $50 an ounce in the ground.
If it happens soon enough, I'll be able to add some more Alamos(National) to the pile.
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Anyone been to the meeting?
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So on a post consolidated merged basis, the market is valueing this puppy at about $1.08 Canadian a share. On a fully diluted basis that's $48.6 million Canadian. Which is US $32 million.
With 2.2 million oz in Mulatos (likely higher at $360+ gold) thats about US $14.54 per ounce in the ground.
Now if you consider that the reserve is likely to grow larger with the higher price of gold, say up to 3 million ounces, then the gold in the ground gets really cheap, US $10.67 per ounce. Of course these arent the cheapest ounces to get out of the ground but they look better in a rising gold market. It's good to know we're gonna be run by the guy who started Glamis and Eldorado and who pioneered heap leaching. That won't hurt.
I know this has been gone through before on this thread but I wanted to do so myself so it would make sense to me.
I think this stock should do quite well assuming gold holds above $350 per ounce. If gold pushes through $400, then I wouldnt be surprised if we have a 3 or 4 bagger from these levels. I guess a lot will depend on what any new reserve calculation indicates based on the higher gold price.
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Miners glitter in Vancouver maneuver
Gold explorers seen poised for further gains
By Thom Calandra, CBS.MarketWatch.com
Last Update: 12:52 PM ET Jan. 24, 2003
VANCOUVER (CBS.MW) -- In yet another sign that bullion fever is spreading across North America, a Canadian conference organizer expects more than 2,000 people to attend a weekend gold show.
The Vancouver Gold Show presents what some regard as the riskiest companies in the gold trade -- Canada's crop of tiny minerals miners. On Friday morning, the scrappy miners' shares were afire, with some, such as Navigator Exploration (CA:NVR: news, chart, profile), up 6 percent in a day and almost 50 percent in a week of Canada-based trading.
As gold surpasses $365 an ounce for the first time in six years, and platinum near a 17-year high of $650 an ounce, investors, bankers, analysts and ordinary folk are showing renewed interest in the exploration sector. The value of small mining companies is double, triple and, in some cases, 10 times their worth of two years ago.
"Vancouver is pre-destined to be a hit," says Joe Martin of show organizer Cambridge House International. "We have sold out 103 paid exhibitors and we have passed 2,000 qualified pre-registered attendees." Martin says he has high hopes for upcoming gold shows in Montreal and Vancouver. See: Hard-rock crowd hits pay dirt.
Of course, the sector has some ways to go before it can approach the bloated numbers drawn to the Internet shows of the late 1990s. Attendance also pales against the gold-show crowds of the late 1970s and early 1980s, when the metal staged a run that took it just 20 percent shy of $1,000 an ounce.
Still, gold conference organizers -- the ones who stage shows designed for individual investors -- are confident that a rising gold price, and Main Street's growing impatience with ailing stock markets around the world, will continue to draw converts to bullion.
Just several months ago, when gold was selling for $325 an ounce, the New York gold show registered more than 3,000 pre-registrants and a sold-out list of exhibitors, most of them precious metal mining companies. See: Attendance at gold shows seen soaring.
Sandy Lawrence, president of the New York gold show's coordinator, International Investment Conferences, expects large crowds for 2003 conferences in Cape Town, South Africa, and Las Vegas. Lawrence's Cape Town gathering, in its eighth year, will bring 18 mining ministers from across Africa. She expects attendance to approach record highs.
"It's a professional audience of mining analysts, fund managers, investment specialists and the financiers who are crucial to lowering the cost of capital to explore and develop mining projects," says Lawrence. See: Cape Town mining conference.
In the past 18 months, gold prices have steadily gained after falling as low as $254 an ounce in the autumn of 1999. Analysts assign many reasons -- war fears, shrinking supply of the metal, a sliding dollar and gradual flow of money out of stocks and into hard assets -- for gold's phoenix-like rise.
Even gold producers, their own worst enemy through much of the 1990s as they over-mined the metal and resorted to derivative tricks such as forward sales to boost income, joined the party. According to Gold Fields Mineral Services, the so-called amount of gold sold forward, or hedged, by the world's miners shrank by 352 tons.
The London-based researcher estimates the move away from hedging, a practice that boosts short-term income but floods the market with leased gold, combined with a 60-ton decline in mine production. Together, the two trends contracted the mining industry's supply by 10 percent in 2002.
"We have just gone through five absolutely appalling years for the mining and exploration sector," says K Brent Cook, a geologist and minerals analyst for Global Resource Investments Ltd. in California. "My personal opinion is that we are standing at the early stages of a major move in gold and about to see a commodities boom develop over the next two years."
Cook, who will appear at the Vancouver Gold Show, has been consulting to mining companies, among them Rio Tinto, Apex Silver, Kennecott and Meridian Gold, or working as a minerals analyst for 20 years. He is one of the few geologists on staff at a U.S. investment bank or brokerage.
A year ago, most of the so-called junior miners, many based in Vancouver, had shares worth "not much more than cash in the bank," Cook notes. "No premium was being given to technically competent and honest management teams or the merits of the mineral properties."
A rise in the price of gold since then has sent many of these tiny miners' shares up 200 percent or more. Cook's 2002 favorites, Virginia Gold, Altius, Rio Narcea, Aurora Platinum and Francisco Gold, posted gains of between 36 percent and 283 percent in a year. Nearly all of these shares trade in Canada.
"Gold has out-performed nearly every sector, and there have been some important successes in the exploration market, including the buy-out of Francisco Gold (GLG: news, chart, profile), apparent discoveries by Southwestern Resources (CA:SWG: news, chart, profile), Fort Knox, Canadian Royalties (CA:CZZ: news, chart, profile) and so on," says Cook, who discloses that he and Global Resource Investments either own or finance the miners he has researched.
Realists might note that exploration companies deserve to be categorized as among the riskiest an investor can buy. "The vast, vast majority of exploration plays never become mines,' says Dave Thomas, a former, Toronto-based gold analyst who lives in Oakville, Ontario. "I'd put the odds at less than one in a thousand." See: Exploration analyst worth weight in gold
The exploration industry's believers counter that the rewards for gold, silver and even diamond miners are stellar. The world's biggest gaining gold shares in 2002 notched rises of almost 1,000 percent; nearly all were exploration companies with no actual production.
Cook, the minerals analyst, acknowledges the huge risk involved with companies active in far-flung corners of the world, but worth just $20 million or $30 million. In addition, gold's renewed luster draws scores of new companies into the industry.
"A plethora of new and long dormant companies are being financed based on properties that would have not seen the light of day two years ago," Cook said. "This is dangerous ground that relies on the greater fool theory of speculating that worked so well up to 1997 for the exploration sector and 2000 for the Internet/tech sector."
In 1997, the multi-billion-dollar Canada success story of the decade, Calgary's Bre-X Minerals, came to a crashing end with a bankruptcy, death and deep fraud at the miner's Indonesia property. The company's chief geologist, Michael de Guzman, committed suicide by throwing himself from a helicopter as he flew over the jungles of Borneo.
Cook's current favorites include Virgina Mines (CA:VIA: news, chart, profile).The company's $10 million (Canadian) in cash will see it through at least six joint ventures that are exploring for gold, platinum, nickel and base metals, Cook says.
"Most promising, in my view, is Virginia's joint venture with Noranda/Novicourt, which employs aerial surveys using MegaTem II technology," says Cook. The geophysical detector can spot potential mineralizations that lie as much as 200 meters below the earth's surface. For more, see Vancouver Gold Show.
Gold at $378
http://quotes.ino.com/chart/?s=FOREX_XAUUSDO&v=dmax
I thought the spot market was closed. I dont know the significance of weekend trading but interesting eh?
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Different geology I think, though I'm no expert in that department. Botwood Basin has been described as having similar geology to the Carlin Trend in Nevada.
Also, there are no producing mines in the Botwood Basin as you have in Red Lake where there are two big ones that I am know of.
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Anyone have an opinion on Oddessey Resources ODX. They had a really nice jump today from some good drill results.
Nice looking chart:
http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=ca%3Aodx&time=8&freq=1
Might be a good play should I come up with some more loonies (gggg)
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Just posted this on the Botwood Basin thread and thought it fit in well with your discussion here:
I think that when the war is announced gold will go down $20 then slowly start back up again. There are fundamental reasons for its rise and its not just the talk of war. Wonder how the pennies would react to a correction in the price of gold right now? Mind you, I've heard a few say they were just waiting for a pullback so they could load themselves up. Sounds like a bull market doesnt it?
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It's a good article, though it's a bit of a teaser. Did you sign up for a subscription?
I think that when the war is announced gold will go down $20 then slowly start back up again. There are fundamental reasons for its rise and its not just the talk of war. Wonder how the pennies would react to a correction in the price of gold right now? Mind you, I've heard a few say they were just waiting for a pullback so they could load themselves up. Sounds like a bull market doesnt it?
I like dnt and als. Should be good for a pop during the summer drilling season.
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Marcos
I think in your $15 an ounce calculation you didnt account for the fact that Moydow owns only 50% of the deposit?
There is probably a 10% royalty that needs to be paid to the government of Ghana as well.
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bayview3
Welcome to IHub. I'm known as trading fool over here.
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