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Sure enough Belgie.
Do I smell coffee?
Thanks for the invitation!
Yeah it's a long haul to GR. And like a lot of folks up here I get shaky when I get as far south as Cadillac.But it would be great to be a part of such a gathering of good folks in the same frying pan. Keep me posted, I will be watching.
Really appreciate your objective and logical thoughts here and on other boards. Your pearls are bouncing off the swine and being picked by those who see the value.
The high cost is due to developement ore. They made a huge shift in mining plans ( which ore-bodies to go after) when they figured out the geology. Through everybody for a loop. Other nasty problem was decreasing the reserve amounts. Dale Ginn is no doubt a great geo, not so good CEO, new guyseems good now.
Fritz
Richard Hughes is also looking for the motherload in the Yukon. Lone Clone (or anybody), do you think KS and KG might run out of shareprice before that ever happens?
You don't suppose ...
Itronics Announces Claim Staking for a Polymetallic Gold Project
Itronics Is Expanding as a "Green" Natural Resources Company
* Press Release
* Source: Itronics Inc
* On 10:30 am EDT, Tuesday October 20, 2009
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Buzz up! 0
o Print
RENO, NV--(Marketwire - 10/20/09) - Itronics Inc. (Pinksheets:ITRO - News) (Frankfurt:ITG - News) (Berlin:ITG - News) today announced that its wholly-owned subsidiary Whitney & Whitney, Inc. has started a project staking lode mining claims in Nevada for Auric Gold & Minerals, Inc., (Auric) a majority owned affiliate formed to acquire multi-mineral (polymetallic) gold properties and to strategically invest in junior gold and minerals companies that provide the opportunity to develop and commercialize environmentally friendly polymetallic gold projects.
Whitney & Whitney used its world-wide database and its extensive mineral property library to identify an attractive, potentially large, polymetallic gold project in Nevada and has agreed to help Auric acquire the property by staking lode mining claims on Federal land. Seed funding from outside investors has been obtained for Auric and a claim staking project to acquire the property has been initiated.
Further updates will be issued as the project advances. Project details will be published once property acquisition is complete.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Clean Technology" company. Itronics, through its subsidiary, Itronics Metallurgical, Inc. is the only company with a fully permitted "Beneficial Use Photochemical, Silver, and Water Recycling" plant in the United States that converts used photoliquids into pure silver and GOLD'n GRO liquid fertilizers. The Company is developing environmentally compatible mining technology, provides project planning and technical services to the gold mining industry, and operates the popular InsideMetals.com web site (www.insidemetals.com) which provides a value-added WORLD VIEW of Gold Producer Stocks, Mineral Producer Stocks, Junior Gold Stocks, and Junior Mineral Stocks.
Itronics has received numerous domestic and international awards that recognize its ability to successfully create and implement new environmentally clean recycling and fertilizer technologies.
The Company's environmentally friendly GOLD'n GRO liquid fertilizers, which are extensively used in agriculture, can be used for lawns and houseplants, and are available, along with liquid fertilizer injectors, at the Company's "e-store" catalog at www.goldngro.com. The popular Silver Nevada Miner bars are available at the Company's 'e-store' catalog at www.itromet.com.
Thanks for the response. Not sure what you mean by "placed about $15M against shares in GPXM".
Looks to me like Scorpio will issue shares to GPXM that will give GPXM roughly 15% ownership at the time of issuance.
“If the parties enter into a definitive JV, it is anticipated that Scorpio Gold would acquire an initial 70% vested interest in Mineral Ridge through payment of cash and stock, and serve as operator of the mine. Golden Phoenix would retain a
direct and undivided 30% interest in the property, and have an estimated 15% interest through its ownership of shares in Scorpio Gold. This would represent an aggregate 45% direct and indirect exposure to the upside of the project as it
advances toward production.
Oops, did not mean that as a reply to searchlight, just asking Osomcure in general.
Hey Osmo: What do you hink of all this?
it is expected that the Ashdown mine can be returned to profitability once moly prices improve.
huh? I have never seen where this operation was "profitable". It's my understanding they never really finished the development phase.
The good guys didn't win this time.
I think you are right, this was just a (necessary) formality rather than a potential increase in reserves. I should have read the stuff better.
On the other hand, MR should show an increase. Can't recall if they are doing a NI 43-101 there, which would really be telling.
Appears that the news today was built into the price? Wasn't earthshaking, but is a step towards a better stock exchange listing.
Those would be nice numbers if you can get them. I doubt that the major WEX shareholders would agree to $1.50 or 2.
If you knew the value of their share of the moly you could back into a price. But lots of unknowns like: total moly resource, total gold resource, other saleable minerals resource, post arbitration ownership % and mining cost at varying production levels. If the buyout was with GPXM shares then you have to add MR to the mix.
The sooner this gets accomplished the better.
Good point, Belgie. I would like to see the minutes of the Ashdown LLC meetings. It seems like some decision must have been made to incur the costs that GPXM needs to fund a portion of. Was there a vote? I wonder if the LLC can elect to spend $100 million , and force WEX to cough up their portion?
Yeah, Baby. Go for the gold.
I know, nobody wants more shares floating around but I think the money will be used wisely and this adds value to the company.
Golden Phoenix Minerals, Inc. Form S-1
Use of Proceeds
If all 18,000,000 shares of our common stock being registered for sale by the Company are sold at a price between $0.21 and $0.30 we will receive between $3,780,000 and $5,400,000. These proceeds will be used for: approximately 60,000 feet of drilling (estimated cost of $1,400,000) and complete ongoing reserve calculations and feasibility work (estimated cost of $400,000) at Mineral Ridge, and the Company’s portion of 30,000 feet of drilling at Ashdown Project (estimated cost of $500,000) and completion of development work and engineering and feasibility work on expansion of the Ashdown Project operations (estimated cost of $1,480,000), and for working capital for general corporate purposes.
We will not receive any proceeds of the shares of our common stock being offered by the Selling Security Holders. However, we will receive gross proceeds of $220,587 if all of the options and warrants are exercised for cash by the Selling Security Holders.
I thought this was a great post on what can happen to PP shares. I wonder if Crestview is pulling any of this on GPXM shares? This could be worse on the Vancouver exchage? Don't mean to pump other stocks here.
Fritz
Re: Certificates for SGR....and some heresay
Posted by: res-investor on February 02, 2008 07:38PM
In response to: Certificates for SGR by rad
I once had a CIBC mellon account.... but I'm sure my present broker is not compliant either.
I have done hundreds of placements over the past 5 years and have now changed my proceedure for doing placements.
I used to just call my broker and take a piece of a PP and fill in the paperwork..... sign and let them fill in the appropriate addresses...... I seldom do this now.
Now I send a cheque, and have the cert and warrant in my name...... I hold that cert till it is near trading..... and I never send in the wt. I usually do placements directly with the companies.
Fact is when one does a PP the broker asks that the shares be registered as a global cert..... burried in the text of your account agreement is this carefully worded acceptance of relinquisment of a personal certificate. To this end the house.... Your brokerage firm can use your stock to sell into the market ( The house pro traders) They do not need to borrow your stock as it is allready in the companies name..... they simply owe you the stock.
I have often wondered why shortly after doing a placement I will see shares sold on a runup.... during " My hold period" sold from the same house...... co-incidence..... riiiiiiight! The 4 month hold is a 4 month trading oportunity for the house to trade what you cannot.
I recall a conversation with my former CIBC broker who mentioned that he was told by head office that CIBC had 7 million shares on it's books...... they were encouraging the individual brokers to short the stock. Trouble is, this broker also had a very large SGR position. He was very pizzed to say the least....
The context of this was when SGR was trying to raise the $20 million financing last year...... I wondered why the price was not specified at the time.......As it turned out it ws to be " Whatever the market will bear"...... The stock price immediately came under pressure..... droping from the $1.40 range down to $.90..... at which point the placement was called off...
Could it be that CIBC emaced a huge in house short.... which is still being recovered...
Case in point look at NKW...... A million share short was covered under mysterious circumstance..... There wasn't enough shares traded, or wts exercised during the time frame this was covered.. I reported this to RS.... Nothing came of it... I thought all transactions had to be through the market... or at least crossed in house.... This never happened.
Disclosure and enforcement are in short supply in the Canadian traded stocks.....
I now hold my certs at home where they are safe from unscruplous institutions...... I don't trust the brokers that are supposed to be acting in my best intrest..... I feel they are using my investments to bet the opposing short side.
I particularly do not trust enforcement or the market regulators to enforce the rules....... We the little guys are playing agaist the house....and the house cheats .... and has enforcement on their side.
The jr resource market is by far the most vulnerable because of the frequent PP required to advance the projects...... These placements end up being a rigged game..... only way to stop that rigging is to hold the paper in your own hand.
Dave D
I think it's the maximum cash burn simply because it's all there is to be had right now.
As we increase mining activity to 100 tons per day the cash burn will increase to whatever. Of course so will profits at that point.
I imagine we will jump feet first into MR as soon as the debt is paid off.
Well, I won't complain if the price runs from .375 to 1.12 on the first shipment of moly, but I think near term the price will have more to do with where the MMs can manipulate it to.
Nice work! I tried the same same, only I was holding out for .47 and whiffed.
This is a nice place.
Fritz
Don't forget about Borealis. That is also part of the reason I am still holding. LOL, though if bad news comes out on that, it may be a reason for selling. Fritz
Checkin' it out.