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For ugluuak on SH, re: Who does Brenda Leong of the BCSC report too?
That'll be Michel de Jong, Q.C. Minister of Finance (BC):
https://www.leg.bc.ca/learn-about-us/members/40th-Parliament/dejong-Michael
http://www.bcsc.bc.ca/About_Us/Who_We_Are/Funding_and_Accountability/
http://www.bcsc.bc.ca/uploadedFiles/About_Us/Who_We_Are/Funding/Mandate_Letter_of_Expectations_2016_02.pdf?t=1476294468126
Contacting the OSC regarding Barrick's peddling of company shares while they're fighting the C1912-2001 injunction might turn out to be a classic case of getting paid while you wait...and a sure way of making headlines here.
OSC names former Difference Capital exec Jeff Kehoe as enforcement director
"...Kelly Gorman, chief of the OSC’s new Office of the Whistleblower, is leaving less than three months after the initiative launched in July. the program promises to pay up to $5-million to members of the public who provide tips on serious enforcement violations."
http://www.bnn.ca/osc-names-former-difference-capital-exec-jeff-kehoe-as-enforcement-director-1.578594
As in Brazil with Eduardo Cunha and the Petrobas affair, so may the truth come to light in Chile with Pascua; yet the Fisco de Chile are desperately attempting to block now the court order calling Richardo Lagos Escobar and Maria Soledad Alvear Valenzuela as witnesses. Makes one wonder, doesn't?
"Not long ago Eduardo Cunha (pictured), who belongs to Mr Temer’s centrist Party of the Brazilian Democratic Movement (PMDB), seemed omnipotent. His is now the latest head to roll in a bribery scandal centred on Petrobras, a state-controlled oil giant....Unlike Ms Rousseff, who was never personally accused of graft, Mr Cunha already faces trial for corruption. In March the supreme court indicted the then-speaker, who enjoyed parliamentary immunity from prosecution in lower courts, on accusations of accepting $5m from a shipbuilder for a contract to sell oil rigs to Petrobras....But fear of jail could prompt Mr Cunha to work with Petrobras prosecutors in exchange for leniency. That could spell trouble for an unpopular government. Over a quarter-century, Mr Cunha is thought to have amassed dirt on politicians of all hues."
http://www.economist.com/news/americas/21707231-fall-house-cunha-end-power-broking
Of interest...From a Marketwired NEWS Release published today:
Barrick Gold Announces Appointment of George Bee as Senior Vice President for Lama and Frontera District Development
"...Mr. Bee will drive forward initial conceptual work completed by the project team to date, working closely with Argentina Executive Director, Juan Ordoñez, as well as the Pascua-Lama team in Chile, led by Sergio Fuentes, Executive Project Director, Pascua-Lama, and René Muga, Executive Director for Chile. The team in Chile will continue to focus on optimizing the Chilean components of the Pascua-Lama project, while working to address outstanding legal, regulatory, and permitting matters."
Full release here:
http://www.juniorminingnetwork.com/junior-miner-news/press-releases/315-nyse/abx/24119-barrick-announces-appointment-of-george-bee-as-senior-vice-president-for-lama-and-frontera-district-development.html
Hey Tibby,
To add to your Saturday morning reading....
John Baird, ex-foreign affairs minister, to advise Barrick Gold:
http://www.cbc.ca/m/news/politics/john-baird-ex-foreign-affairs-minister-to-advise-barrick-gold-1.3013522
That's not a hint, YKR.
And as I said before I am not worried. You just can't seem to provide the docs now despite having them in your possession.
Ok, where is the bone you were gonna throw us - the hint - in this post? You mention it but don't give it. I assume it's this document coming that you are "translating" and unwilling to provide immediately in it's unaltered form.
How do you not know many of us here do not speak/read Spanish? Or is it written Spanish? Or are you writing it as we speak?
Don't say you are gonna give us a hint and then don't. Bad form. Very bad form.
YKR,
Look back on the good majority of your posts since 2012. You have your answer in them. Stop baiting.
You kick the can a lot. It's a tiring game with you.
Show us this document as is, or be quiet. You're not showing us the documents you've promised forever and you're not quiet, so what's the schtick?
I asked you directly to post the documents you have. You deflect this direct ask of mine by bringing up JL and Brent. Don't. I am asking you to post now what you have; not a translated version.
You seemed to be so eager for so long to share this ground breaking news only to continually delay it's publication here on this board. Seemingly you cloak it under the guise of doing us a favour. Do us the favour of posting this now. I understand it's in your possession. Is it not? Share this now so you can get on with your life.
PS. I am not - in your words - "worried".
PPS. You kinda do make yourself out to be a basher here, by not posting what you said you were gonna post and then point a finger at JL calling him to post. Fyi.
Hey YKR,
Why not publish these documents immediately and allow us each the expense to translate as we find fit ?
I don't understand why you built up the grand reveal to pull back at the last moment under the guise of a grand gesture of translating the revealing document. Don't. Give it to us as is. Translate it afterwards if you wish.
It would also be advisable to give references to where you sourced the documents. If no sources are provided, or if they are, the credentials of the translator used should be provided. For verifiability and transparency, of course.
Don't delay. Post the documents now.
One can be the owner of a project seperate from being an owner of the asset. As in this case, the mining activity from the mine itself.
This is not an admission that Barrick owns Mina Pascua.
Thank you, JL, for your words.
All the best.
-newadventure
Precisely, Jaffo. Anyone investing in anything - whether it is in stocks, bonds, housing, etc) is playing a game, whether they realize it or not. The professional game players are institutional portfolio managers, and they, along with everyone else are fundamentally speculators. Investing has a more confident ring to it and lends an air of solid credibility. ABX is not CDIC insured. Prices may fluctuate. And past performance is not indicative of future results. The time are a changin'......so I really...and here i underscore, REALLY - have no idea where Quer's sympathy post came from. Quer ought to place his concern to the pension fund managers instead.
And here I wonder again...why ABX has not informed its investors via a PR about the 5 lawsuits filed against them recently? Seems this is very material when i'm making a speculating, er, investing decision for my RRSP.
Yes, they deserve no sympathy here.
Here, MSX is our baby to see rise.
Here's another one for you Q, as Barrick shares slide to their lowest point yet at $15.73
from today's Globe (and still no mention of the 5 lawsuits filed against them):
Barrick sinks to multi-decade lows as analyst downgrades stock By Darcy Keith
The misery at Barrick Gold Corp. is only getting worse, with the stock price this morning sinking to its lowest level in more than two decades as Credit Suisse backed away from an earlier gutsy recommendation to buy its beaten-down shares.
Analyst Anita Soni downgraded Barrick to "neutral" from "outperform," and dramatically cut her price target, as Credit Suisse lowered its price forecasts for gold. It now sees bullion averaging $1,452 (U.S.) an ounce in 2013 and $1,390 in 2014, down from earlier forecasts of $1,580 from $1,500, respectively.
But Ms. Soni also made clear it's not just the gold price that is hurting the outlook on Barrick, but rather a "confluence" of factors that also includes uncertainty over the Pascua-Lama project, high debt levels relative to peers, and potential write-downs. These "in isolation would likely have been weathered, but in combination reduces the risk/reward profile for the company."
"We are reducing our rating until the company provides clarity on the path for Pascua and for handling asset sales and its financial leverage," Ms. Soni said. She expects Barrick will provide some clarity on Pascua-Lama, located on the Chilean-Argentian border, before third-quarter results are released in late October. First production at the project has been delayed due to work required to comply with orders from Chile's environmental regulator.
Due to the lower gold price assumptions, Credit Suisse's net asset value estimate for Barrick was reduced to $18.40 from $34.50. It lowered its earnings per share forecast for 2013 to $2.61 from $3.24. For next year, it sees earnings of $2.28, down from $2.92.
The rapid decline in gold and copper prices in the second quarter of this year has significantly increased the probability of asset write-downs at Pascua-Lama, as well as at the Jabal Sayid, Lumwana, and Buzwagi projects, she said.
But Ms. Soni thinks Barrick will see brighter days at some point down the road. "Longer term, we like management's focus on fiscal cash flow and returns and Barrick's high-quality asset base that, with rationalization, will provide a low cost and highly renewable base," she said.
Barrick shares are down 5.2 per cent in late morning trading on the Toronto Stock Exchange.
Target: Ms. Soni cut her price target to $20 (U.S.) from $36. The median price target is $27, according to Thomson First Call
Oh please.
You make it sound like you were at the table when this arrangement happened.
This is initiated by Jackholm's sister, not a little ol' granny; sure it's on her behalf as POA yet the circumstances are hardly apparent given what was filed by Jackholm's sister. It's emotionally stirring, isn't it? Makes for an exciting case. Yet the timing is suspect and the demands of reparation - for the whole hog of cash AND shares AND more cash AND no further issuance of shares ( could this be TJ's way to cripple MSX?) - are, in a word, suspect.
I was not there. Neither were you, so please!
Mountainstar sued by ex-director Jackholm's family
2013-06-13 16:18 ET - News Release
Mr. Brent Johnson reports
LAWSUIT FILED BY FAMILY OF FORMER MOUNTAINSTAR GOLD DIRECTOR
Mountainstar Gold Inc. is updating its shareholders and the investing public regarding the following.
A lawsuit has been filed by the family of a former director of the company, Tom Jackholm. Mrs. Jackholm is asking for $1.24-million to cover costs and expenses of mortgaging four properties. The company's directors received notice of the lawsuit via media publication only on Tuesday, June 12, 2013.
Important information in the statement of claim by Mrs. Jackholm is erroneous and misleading on several critical issues, which Mountainstar Gold will prove. The loan from Mrs. Jackholm was negotiated solely by former director Mr. Jackholm, and excluded any current or former directors of the company.
Mountainstar Gold would like to say more in its defence at this time but cannot during litigation. The process to explain fully what transpired must be handled by the company's lawyer and the court. The company strongly believes this will be settled to the satisfaction of Mrs. Jackholm and the company's shareholders in the near future.
- posted on Stockwatch ( http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aMSX-2080073&symbol=MSX®ion=C )
Barrick Gold, Silver Wheaton Shares Halted: Chile Blocks Project, Fines Miner $16 Million
Posted: May 24, 2013 at 12:41 pm
Shares of Barrick Gold Corp. (NYSE: ABX) and Silver Wheaton Corp. (NYSE: SLW) were halted shortly after noon today following a Chilean court ruling that blocks further work at Barrick’s Pascua-Lima mine. The project had been suspended in April to give the court time to consider claims by indigenous communities that environmental damage had fouled water supplies and nearby glaciers and pastures.
In addition to the halt to construction, Barrick has been ordered to pay a fine of $16 million for admitting that it had failed to build systems to contain contaminated water associated with the project. The company said in its press release announcing first quarter results that it is evaluating “all alternatives” for the Pascua-Lima mine, including a shutdown of the project.
Silver Wheaton has a contract with Barrick for delivery of 170 to 200 million ounces of silver from Pascua-Lima’s silver resources, which have been estimated at 676 million ounces. If Barrick cannot meet its contract terms with Silver Wheaton, the mining company may be forced to purchase silver in the futures market in order to meet its contract price of $3.90 an ounce.
This is horrible news for Barrick. Shares were off just 0.5%, at $19.75, before the stock was halted.
from: http://247wallst.com/2013/05/24/barrick-gold-silver-wheaton-shares-halted-chile-blocks-project-fines-miner-16-million/
This is a great news release.
It focuses on a recent event, giving a precise case number for reference, tying this to the history of the ONGOING fraud. It helps to somewhat unravel the "mystery" and obfuscation of this story...giving newbies to this saga a strong foothold in beginning to understand the fraud story. It gets people curious and asking questions: this judge was the Judge the Barrick wanted to quiet back in 2006? whaaaa? for real?....tell me more!.
And this news release also does the most wonderful job of roping in the OSC/SEC into the action - how cannot they now investigate these filings, that is, if they are truly an independent overseer of the securities markets, foremost protecting the interests of the investing public? If they take no action - especially at the point - they make themselves complicit to the ongoing actions of said company and cannot play dumb later and say: "we didn't know". An open investigation at this point is unequivocal.
Great news release.
-na
Here's the article, coming from Reuters (Thomson) - focuses PRIMARILY on the environmental impact, with NO mention whatsoever of the title issue (which is, in fact, EN TRAMANTE - a very, very important issue to be omitted in such an article as this...so why the no mention of it?). The fact that ABX couldn't "could not comment" because "it had not been notified by the court" is what piques my interest here.
Someone said it on this board...was it Tibs or GP...when the "mining dust issues" supposedly occured last Summer that ABX and mainstream media would transform this delay/inoperable project into an "environmental" issue. Here we see more of the same framing.
I say: tick...tock....tack...tick...tock...
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chilean-court-suspends-barricks-controversial-pascua-lama-project/article10967490/
A Chilean court temporarily suspended the construction of Barrick Gold Corp’s Pascua-Lama gold and silver mine after indigenous communities protested the controversial project was destroying glaciers and harming water supply.
The northern court of Copiapo will analyze the communities’ complaints of “environmental irregularities” against the project, which has already been plagued by soaring costs and stiff opposition from environmental groups.
The suspension is also the latest in a series of setbacks to key mining and energy projects in top copper producer Chile that threaten to derail a massive pipeline of investment in the Andean country.
The world’s top gold miner told Reuters it could not comment because it hadn’t been notified by the court. It was not immediately clear how long the suspension could last or what legal actions Barrick could take.
Barrick has delayed the start date of the mine, perched high in the Andes on the border of Argentina and Chile, to the second half of 2014 from a previous target of mid 2014 and raised the cost of building it to $8.5-billion from $8-billion.
Experts have said that Chile has not been firm enough in regulating its mining and energy industries, leaving billions of dollars’ worth of projects exposed to the risk of lawsuits by local communities.
Chile’s government faces mass protests as Chileans demand a bigger share of copper earnings, and some critics charge that a regulatory vacuum is allowing opposition groups to jeopardize approved plans for hydropower projects in Patagonia, thermoelectric plants across the country and major copper mines high in the Andes.
Once completed, Pascua-Lama is set to be one of the largest and lowest-cost gold mines in the world. The mine is expected to produce some 800,000-850,000 ounces of gold and 35 million ounces of silver in its first full five years of production.
Reading this news today...
My sympathies to Brent and the family in this very difficult of times.
You will be kept in my thoughts and prayers during this period of loss. Wishing you strength and hope.
Respectfully,
newadventure
True, GP.
The way I see it is they are accumulating never selling.
So what does that say?
-na
And to add to this Tibby, here is Mr. Sokalsky's PR video after Barrick's Q4 results today.... Pascua has a very brief mention beginning at the 3 minute and again at the 8:40 marks.....
http://www.barrick.com/investors/CEO-results-interview/default.aspx
The Monthly Progress Report for January has been posted:
http://www.cnsx.ca/Storage/1516/139405_Form_7_-_January_2013.pdf
Done as well now.
Goldpanner,
I recall SD originally mentioning and then hammering JL's superstrong ties to the mafioso.
Thanks for sharing this. I really appreciate it.
-na
Found a great ppt template on what a "bankable feasibility study" is here:
http://www.infomine.com/library/publications/docs/Evans2007.ppt
The NI 43 101 acts as an input to this model.
To point out in the diagram on page 3 of this ppt political and investor uncertainty are always present in the lifetime of ANY mining project.
Now Silver-balls, you really are focused on amping up the uncertainty factor here with JL/MSX aren't you. I mean, really focused. Like a laser...yet loaded with malice and peppered with condescension.
Feeling like you have a purpose to live for? Good for you!
Good post, IL. ( a well as post 13467 from goldpanner_1).
It baffles me that we have no over-arching NATIONAL securities regulator. In fact, Canada is the only major industrial nation without a one. The Canadian Securities Administrators is a frakenstein attempt at trying to simulate that national regulatory body, however, to be frank, it is only just a working group between all the major provincial/territorial securities commissions, which look to harmonize regulations where possible. However...
...This securities regulatory structure of ours naturally loads our securities markets (in almost ever capacity) with many redundancies, inefficiencies, and loopholes. Naturally, this allows for worthwhile investigations to be shuffled to other provincial/territorial jurisdictions...sort of like what the left hand does the right hand won't know/doesn't need to know. I like to think of this as another form of "dilution". For example, the BCSC deferred IL's inquiry to the OSC when it directly concerns a BC incorporated company! Teflon seems to coat the system.
I wonder as to when the BCSC capped it's investigation on this matter of ours to say they do not have enough evidence? How are they handling/investigating new complaints? Or are they? What about the the quality/sources of that evidence, as they seem to have closed the book on this investigation long ago?
Many, many, many more questions that I have here ready to ask.
That's so great too hear, YKR. Because I, like many here, have a lot of questions to ask them. I hope they will be properly presented and prepared.
Chirp, chirp
Quer, you seem to have shown yourself a 8th degree master ranter last night. Incredible...and more than just by the book of 101 Rules to Know About Ranting.
This post intrigued me.
Ok, so you knew when to trade this stock before...between $0.02-0.10....and that was AFTER you bought this at about $30 years ago.
Now, it's still trading in pennies and exhibiting volatility swings, yet you can't seem to quit this stock and move on to play any other of the coutless other stocks out there. Why? (I will expect the answer that you've mentioned often, that it's your business and no one elses and ad nauseam).
This stock moved up in value when JL came on board..not becuase of a pump-and-dump scheme, but because of the value others see with this company. That value is real in their eyes.
As an "investor" here, you do not seem to be comfortable with risk or knowing when to cut your losses as you've given every indication here on this board that you see no upside (absolutely, none) to this story. The rational investor with your perspective would cut their losses and move on. You discredit yourself more with every post you publish.
And to all - to lighten the waiting time - an excellent article about the fallacy of the efficent markets theory...a very good read:
http://www.rollingstone.com/politics/blogs/taibblog/secrets-and-lies-of-the-bailout-one-brokers-story-20130108
Hey Folks,
Just some thoughts I felt like sharing after reading the article; all these are, of course, a quick assessment and looking to get some discussion going:
"Within the research being carried out by the North Central Office, had joined an application Lopehandia lawyer, Juan Torres, who called for an international warrant in order to be submitted to state in this case in Toronto Barrick directors . However, the prosecution yesterday rejected this request, not be at the expense of the investigation is continuing. Sources familiar with the case said that one of the events that prompted the rejection of this request was that "Lopehandia data are weak and if intended, no great legal support." "
the decision seems to be based more on formality here and I wonder as to the "research" that this decision was based on
- strong Barrick bias here from the "sources familiar with the case", the anonymity of which makes me question the truth behind this statement;
- the battle is still continuing
---------------------------------------------------------
While Barrick managers will not have to testify in Toronto, yes it could do in Santiago. Sources close to the Canadian miner said that if necessary bring executives from Canada to Chile, will bring, because their interest is declared. In fact, mining has already delivered all belongings history of the prosecution, and in parallel, Lopehandia already said, as Brent Johnson, who is one of the drivers of the Canadian junior MSX, and would have a pre-agreement Lopehandia sale purchase once it is established that the property in question will correspond.
In Barrick's hosts, are confident of their property. "Barrick has all rights necessary for the development of the Pascua Lama mine," said recently the company spokesman, Andy Lloyd, a Canadian mining weekly. These statements, which gave added Vice President of Corporate Affairs at Barrick South America, Rodrigo Jimenez,
- Barrick brass may still be placed in the hot seat...the show's not over, far from it.
- the quotation from Mr. Llyod is the single punch-line we've heard before, without alteration, and may be from months ago (writ here as "recently")
------------------------------------------
"Trust the Chilean legal system and its courts. In any case such legal action will adversely affect the extraction and processing activities planned by Barrick. We firmly believe that all pending actions involving Mr. Lopehandia and MSX without merit, and that as the Chilean legal system to rule over them, Barrick's position will prevail. " He added that "we do not intend to respond to ongoing continuous bombardment of false, inaccurate and misleading issued by Mr. Lopehandia or MSX. Barrick and will vigorously defend the due course of legal proceedings in Chile. "
- Yes, these legal procedings will adversely affect their activities...so I have to ask: why is Barrick allowing this to drag on through a "vigorous defense" rather than simply showing the courts that they are with merit? do they have merit? I guess we are to just believe that they are? A quick closure to these gadfly issues by JRL/MSX would positively affect Barrick's activities, would it not? So why not simply put this issue to rest? Seems like they will work the process more than the merit here.
Nada.
And happy new year to you.
Hope you're having a good night.
Best,
na/
Sorry, Quer, GF is right on this one...Tax Loss selling runs for the Calendar Year; you're confusing this with RSP contributions which can be made in the calendar year + 60 days.
The wheels on this story are greased now.
Mr. MF Drago put the spotlight on Headquarters and tossd the ball to those principles and directors.... like wiping his hands of the responsibility and blame which - I feel - he understands will be enormongous (my word)!
I am imagining the context in which he made this statement - it would be a moment that if filmed would make any picture an Oscar-winner (sort of like Jack Nicholson losing his cool in A Few Good Men).
Tick tick tick tick.....
LATEST NEWS RELEASE:
http://www.cnsx.ca/Storage/1504/138165_NR-Dec_18,_2012.pdf
I applaud the effort, Island. Please let us know what the non-reply will be.
I will guess you will hear something like: "we have the necessary titles". Period.
(listen closely for inbetween the silences of those words in the distant background, Island, you just might hear the sounds of an aircraft bound for Venezuela...Execs ahoy!)
So I was thinking last night, that if news were to come out that would shoot our PPS to the higher levels that we longs here expect - and also aide in elevating Quer's mood - wouldn't it be better early in the New Year rather than now during the holiday season, if simply to make sure that we have everyone's attention on the bombshell of a PR? Sort of like sobering news...
...or like a second Christmas (trivia fact: Orthodox Ukranians celebrate their Xmas on Jan 7th; and for disclosure: I am neither Ukrainian nor Orthodox, and do want a second Christmas if only for the time off ).
Just putting the idea out there for general discussion.
Thanks for this, NCD.
Patiently looking forward to the developments that will come today, this week, next week...tic tac, tic tac, tic tac.....toe!
Happy Monday!
--my last message submitted accidentally, however I think you get the point. ---
Yeah you are right, YKR, hoever you've described practically EVERY company out there. And many of these have "public relations" departments as well.
In my career, I have come to know that the closer you are to the money, or the info, the bigger your bonus. Insiders will always exist. And nepotism is very healthy though impolite to discuss openly.
I think we've had many followers of this board attempt to engage the ABX PR on the Pascua question with vague replies. We are seeing ABX not being able to present their.
So what else have you go
Then you really are inconsolable. As you hold onto this "penny stock" as a lotto ticket before a draw...why? You aren't selling.