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BXE - Bellatrix
This Canadian driller is breaking to new highs. Very large inventory of wells to drill. Using "pads" to drill many wells from the same spot. I remember picking it for one of the PSL contests and it didn't do any good.....been holding and molding. Donald Cox "buy reserves of something tangible, still in the ground, in safe countries, cheap......" has been a cornerstone of my investments. Too bad I am no good at trading........
Here is a recent presentation for a snapshot of the company:
http://www.bellatrixexploration.com/pdf/130307BXEPresentation.pdf
Good Luck!
Kipp
"Medusa Mining Limited (ASX: MML) added 9% to end at $6.65, despite the gold price being little changed in the last few days, and no news from the company. Medusa is a gold producer, focused on its Co-O mine in the Philippines, with a long-term strategy of producing around 400,000 ounces of gold per year, at low cost. The company currently produces around 60,000 ounces per year at a cash cost of US$261 an ounce."
There were 1.8 million shares traded and this is the only mention I could find on the move. Maybe the market is figuring out the value of the steady march from 60k to 400k ounces at a sub $300/oz cost.
Kipp
Timmins Gold - TGD on the way to 130,000 ozs
Timmins is on target for 100,000 ozs in 2012 and projecting an increase to 130,000 ozs.
Here is a recent presentation:
http://www.timminsgold.com/i/pdf/CorpPresentation.pdf
Hard to think there is not upside here.
Kipp
Timmins Gold Corp. (TMM.TO)(NYSE MKT:TGD)(NYSE Amex:TGD) is pleased to report record production of 25,153 ounces of gold for its Q3 2012 fiscal quarter ended September 30, 2012. Timmins Gold also produced 13,857 ounces of silver during the quarter.
During Q3 2012 a total of 40,490 ounces of gold were placed on the heap leach pads, compared to 35,282 ounces of gold in Q3 2011, a 14.76% increase. Gold produced during Q3 2012 reached 25,153 ounces, compared to 16,917 ounces in Q3 2011, an increase of 48.69% and 23,203 ounces in the previous quarter (Q2 2012), an 8.4% increase. The number of gold ounces placed on the pads is scheduled to increase during the rest of the year as the mine continues its expansion. Timmins Gold maintains its production target of 100,000 ounces of gold during 2012.
The increased production in Q3 was achieved as a result of improvements in process and commitment to our expansion plan, which was initiated late last year. Modifications to the existing crushing circuit, changes in our blasting patterns and optimization of our heap leaching process are producing results.
"We would like to congratulate our President Arturo Bonillas and his operating team for achieving our target of 25,000 ounces for the quarter," stated Bruce Bragagnolo, CEO of Timmins Gold Corp. "The strong operating quarter was the result of a number of incremental process improvements. Completion of Stage 2 of our crusher expansion is expected to take us to over 22,000 t/d in Q4, and crushing capacity is scheduled to reach over 30,000 t/d early in 2013 as we continue with our expansion program. We continue to fund all of our operations, expansion and drilling from existing cash flows, and we believe that we are well positioned to continue realizing current gold prices, generating strong margins and increasing cash flow from operations."
MMY
DrLink,
The PP issue looms large, but it is not a done deal and has obviously run in to a "buzz saw" with regulators and shareholders. It may not happen, it may get scaled back, or it may go through and result in big dilution. That said.... there is serious value even if the stock is diluted. I see good risk reward at prices below the proposed PP price of $.50 and $.70. It seems like $.50 is worst case when looking at the production increase and rising gold prices. The junior miners are not for the faint of heart!
Good Luck!
Kipp
MMY.V (MMTMF) Monument Mining Presentation
Hello All! It has been a long long time since I posted here. I do keep up with reading all of the posts here and on the VMC boards. I even managed picks for the PSL 21 and 22.
I felt compelled to post this presentation that was just put out by Monument. I like what I see and they seem like a solid miner. I sold a bunch of Orbite and bought Monument this morning. (Orbite is too hyper posting and starting to give me the same vibe several here mentioned)
http://www.monumentmining.com/i/pdf/ppt/CorporatePresentation.pdf
I also have a big position in Aurcana since the $.50 days. They should continue higher as Shafter comes online. Here is a link to their recent presentation:
http://www.aurcana.com/i/pdf/CorporatePresentation.pdf
Madusa is another Australian listed miner that is increasing gold production in the next few years from less than 100,000ozs to 400,000ozs. Here is a link to their recent presentation:
http://www.medusamining.com.au/newsroom/asx/2012/120831_investorpresentationseptember2012.pdf
Good luck to all of you!
Kipp
Bellatrix Exploration Ltd. (BXE.TO)
I have been buying this steady growth driller on this dip.
Here is a link to the August presentation:
http://www.bellatrixexploration.com/pdf/110805PresentationAugust2011_2.pdf
Lots of land, increased production, sound management.
Good Luck!
Kipp
The most Parabolic of all!
The U.S. Debt and out of control spending/government are the reason I am heavily invested in metals/oil/commodities.
Look at the graphs of the last few years in this article...going parabolic:
http://www.americanthinker.com/2011/05/obamas_hockey_stick_the_federa.html
How can anyone think our dollar is going to be worth more in the near future?
Aurcana/Sprott Story
This is messy and is holding AUN back. I think it is a buying opportunity.
Yesterday's Top Story: Sprott duo sue Aurcana over canceled $25M silver mine debt financing
Rising silver prices lead Canadian junior Aurcana to cancel debt financing proposal with two Sprott companies - and it gets sued as a result.
Author: Kip Keen
Posted: Tuesday , 19 Apr 2011
Halifax, NS -
In a word, two Sprott companies feel used. Sprott Asset Management LP (SAM) and Sprott Resource Lending (SRL, TSX: SIL) allege, in a suit filed in British Columbia's Supreme Court April 15, 2011, that junior Canadian miner Aurcana (TSX-V: AUN) had accepted a financing proposal last year in which their participation in a C$60 million private placement was contingent on a subsequent C$25 million debt financing.
But Aurcana President and CEO Lenic Rodriguez scoffs at Sprott's claims, saying in a telephone interview it would be "totally impossible" for them to convince a court of their position, as the two financings were completely separate and non-binding. "It's black and white," he says.
In court documents SAM and SRL relate their version of events. Back in September 2010, they write, Aurcana was seeking equity financing to the tune of C$60 million, along with C$25 million in debt to fund construction of its Shafter mine in southwestern Texas - where it plans to produce about 3.9 million ounces silver a year starting in May 2012 - as well as to repay outstanding debt and to use as working capital.
In late October SAM and SRL state they proposed to Aurcana that they would subscribe to C$10 million of a C$50 million private placement, and then lend it C$25 million. Six days after they made the proposal Aurcana, they say, accepted the equity and debt arrangement, and SAM and SRL argue it was an enforceable agreement in which the equity financing was contingent on debt financing - a stipulation Rodriguez vehemently denies.
Three weeks later, November 19, 2010, Aurcana announced the C$50 million private placement and it subsequently closed on it December 8, 2010, for gross proceeds of C$60 million, C$12.5 million of which came from SAM and SRL. The C$12.5 million, in the words of SAM and SRL, was "in satisfaction of the Plaintiffs' (SRL and SAM) obligation under the financing agreement to complete the equity financing."
The two Sprott companies then argue it was their lead-subscriber role in Aurcana's equity financing, along with public knowledge of the Sprott debt arrangement, that resulted in the private placement's success. But, SAM and SRL allege, Aurcana knew before the private placement closed in early December, 2010, that it would not proceed with the debt financing.
Aurcana "failed to advise (SAM and SRL) of the decision not to proceed," SAM and SRL write, and as a result, they charge Aurcana "wrongly traded on the reputation and resources of the Plaintiffs and unjustly benefited thereby."
But Aurcana's Rodriguez counters, deriding the allegations are baseless. He say not only was the debt agreement non-binding, but that Aurcana's board of directors never approved it. Aurcana states in a press release its "only obligations to SAM and SRL if (it) did not proceed with the credit facility is privacy, confidentiality, jurisdiction and the payment of legal fees and other out of pocket expenses in connection with the non-binding term sheets."
SAM and SRL, however, are suing Aurcana for payment of standby fees at current silver prices, damages for breach of contract, misrepresentation, and punitive damages.
Aurcana explains that its change of heart on the debt financing stems from the realization that the October covenants were restrictive and not in Aurcana shareholders' best interests. "Silver prices have increased substantially since commencing negotiations on the credit facility in October, 2010," Aurcana states. "Assuming that silver prices remain in the current price range of $35 per ounce, the aggregate cost of the debt facility to (Aurcana) will be approximately US$50M to borrow US$25M over a three year period."
Aurcana had originally planned to close the debt financing by mid-December, 2010. However, given skyrocketing silver prices and what it saw as an increasingly bad deal for its shareholders, Aurcana says it tried to renegotiate the debt financing with SAM and SRL. The negotiations were "very onerous" and "tough" Rodriguez recalls, as "each time the price of silver increased the cost of the financing increased."
Ultimately he says he negotiated the best deal he could with SAM and SRL and presented that to the board of directors, but they in turn would not agree to what they saw as harsh terms.
Rodriguez boils down SAM and SRL's court action to corporate grumpiness. "They're not very happy that they're not going to be making the $50 million when they signed that," Rodriguez says, referring to amount of money SAM and SRL would have made if the proposed debt financing agreement had gone through.
SRL Chief Financial Officer, Jim Grosdanis, says he would not comment on Aurcana's version of events until after SRL issues a press release (or if it does so). But he says he finds "it interesting" Aurcana did not mention details of SAM and SRL's lead involvement in the $60 million private placement in its press release responding to SAM and SRL's allegations.
Fortuna - FVI.TO NEWS
"The Next First Majestic"!
http://finance.yahoo.com/news/Fortuna-Silver-Reports-cnw-571246934.html?x=0&.v=1
Aurcana and Fortuna are my 1 2 punch for new silver production.
Here is the Fortuna presentation:
http://www.fortunasilver.com/i/pdf/Presentation.pdf
(I like to post presentations if you haven't noticed!)
Fortuna is saying new production will come in Q3 of this year. Aurcana says it is 4 months into an 18 month project.
I have seen this movie before with First Majestic and Alexco! I would love to see a re-run of those 2 films!!!
I can wait, and I can hold through a shakdown if we get one. I see no hope for our government to control spending. No hope to reduce entitlements. No hope for our dollar. No chance they will vote NO on increasing the debt cieling.
Good Luck,
Kipp
Aurcana News and Record Volume Today
Huge volume churn in Aurcana shares today. The news yesterday was positive.
Link to full relase http://finance.yahoo.com/news/Aurcana-Announces-Record-ccn-2210351508.html?x=0&.v=1
Highlights:
Mr. Lenic Rodriguez, President and CEO of the Company, commented: "The La Negra Mine is a success story for Aurcana. It has delivered consecutive years of increasing silver production and reduction in unit cost. The 2010 expansion of the mine and mill from 1000 to 1500 tpd, was very well timed for the rise in Silver and Copper prices."
Shafter Silver Mine Project, Texas
Shafter Silver mine is currently in the fourth month of an 18 month construction program. The project is on budget and on schedule to go into production in May of 2012.
At the end of the first quarter 2011:
-- Earthmoving and site preparation is 60% complete and will be finished by the end of April. Pouring concrete foundations will commence in early May 2011; -- Mine portal is excavated and ground support installed in preparation for mining commencing in mid April 2011; -- The first of three sets of new Sandvik underground equipment has been delivered or is in transit; -- An oversized ball mill has been procured and is currently being removed from its location in Florida and will be delivered to site in June 2011;-- All key members of the project team are hired and on site; -- Detailed engineering was started in October 2010 and is well in advance of construction; and -- Ways of accelerating the project schedule are being investigated.
Technical Reports on Reserves and Resources for the La Negra Mine are available on the Company's website at www.aurcana.com and filed on SEDAR.
About Aurcana Corporation:
Aurcana is committed to become a mid-tier silver producer. Annualized pure silver production is on schedule to exceed 5 million ounces (6.0 million ounces of silver equivalent) by year 2012. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable.
Aurcana - Fortuna - Medusa
I sold all of my First Majestic this week and split the proceeds evenly into AUN.V, FVI.TO, MLL.TO as I feel these 3 have the most promise to get discovered in the same manor as First Majestic.
I will try to find time to post all the reasons why in the next couple of days. Managing fertilizer sales into $7/bu corn, $14/bu soybeans, $9/bu wheat takes up most of my day!
Good Luck to all of my fellow VMC'ers.
Kipp
First Majestic Earnings. (TSX:FR - News)(AMEX:AG - News)(Frankfurt:FMV - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce that production in the first quarter of 2011 reached 1,825,366 equivalent ounces of silver, representing a 13% increase over the 1,619,403 equivalent ounces of silver produced in the first quarter of 2010. Production during the quarter consisted of 1,769,209 ounces of silver, making First Majestic's first quarter production 97% pure silver, the highest in the silver mining industry.
Silver production in the first quarter of 2011 represents a 25% increase compared to the first quarter of the prior year, and a 1% increase over the 1,757,332 silver ounces produced in the fourth quarter of 2010. In addition to the 1,769,209 ounces of pure silver, the Company produced 1,187,912 pounds of lead, representing a 53% decrease from the first quarter of the previous year, and 351 ounces of gold, representing a decrease of 59% compared to the first quarter of 2010.
Company guidance for 2011 released on January 11, 2011 stated, "Production is anticipated to exceed 7.5 million ounces of silver in 2011". Results of the first quarter are within this guidance. As previously announced, the increasing production for the balance of the year will be achieved by; 1) increasing the blend of fresh ore at the La Encantada operation to 1,250 tpd in the second quarter and to 1,500 tpd in the third and fourth quarters, and 2) the current expansion program underway at La Parrilla is anticipated to result in the flotation circuit running at 800 tpd in the third quarter compared to the current production rate of 425 tpd.
During the first quarter of 2011 the total ore processed at the Company's three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to 456,505 tonnes milled in the quarter representing a 2% decrease over the previous quarter.
During the quarter, the Company completed 7,025 metres of underground development, compared to 5,100 metres of underground development completed in the first quarter of 2010. Development continues to be focused on increasing the reserves and resources and preparation ratios at the three operating mines. Due to the expanding production levels anticipated in 2011 and 2012, the Company's development budget was increased to US$21.74 million in 2011 compared to $12.34 million in 2010.
Diamond drilling programs companywide amounted to 5,793 metres in the first quarter consisting primarily of definition drilling, representing an increase of 1,780% compared to the first quarter of 2010.
Some of the achievements from the first quarter included:
At the La Encantada Silver Mine:
-- The cyanidation plant, which was initially inaugurated with a rated capacity of 3,500 tpd has been able to reach an average throughput of 3,838 tpd during the first quarter of 2011, for a total of 314,712 tonnes processed in the quarter.-- The preparation of the Buenos Aires area was completed in the first quarter which is expected to allow for the increased production of fresh ore to 1,250 tpd during the second quarter and a further increase to 1,500 tpd during the third and fourth quarters, versus the 1,000 tpd of fresh ore which is currently being processed. This increase of fresh ore throughput is expected to have a positive impact on the blended head grades and silver recoveries.-- New areas of reserves and resources have been developed at the San Francisco vein and at the hanging wall of the 660 ore body.-- During the quarter, an additional new power generator arrived at the mine and has been consolidated into the modern generation plant. This Caterpillar CAT 3516B is one of five identical units which make up this generation plant. The addition of this new generator allows the Company to replace the last old inefficient generator and to reap the resulting substantial savings on spare parts, repairs and maintenance.-- The two new induction furnaces which began operation in December, using the latest technology in smelting precipitates, are working extremely well, resulting in a much more efficient operation, lower costs and higher quality silver dore bars.
At the La Parrilla Silver Mine:
-- Accelerated development is underway at the four mines which make up the La Parrilla mining operation. This increased activity is preparing the mines for increased production planned in the flotation circuit for the second half of the year and in the cyanidation circuit for the first quarter of 2012. During the quarter, a total of 2,321 metres of underground development were completed.-- The plant expansion program launched in December 2010 has made substantial advances. The new crushing area, the new ball mill for the sulphides circuit, the expansion of the flotation circuit and the new thickeners and filters are all on schedule to be completed in June 2011, in time for third quarter start up. This expansion once completed will result in the mill capacity reaching 1,600 tpd, from the current 850 tpd effectively doubling the current output of the La Parrilla operation from approximately 1.5 million ounces to 3.0 million ounces of silver equivalent annually for 2012.
At the San Martin Silver Mine:
-- The Company is preparing to drive a 500 metre ramp into the Esperanza vein that was discovered in 2008 and drill tested in 2010. A two kilometre road to La Esperanza is approximately 95% complete. The current program for 2011 is to drive this 500 metre ramp into the structure, to open up the structure, to develop along strike, and to drill at depth.-- The Company is continuing the underground drilling program launched in 2009, to drill short holes systematically into the foot wall of the Zuloaga vein. The results have been extremely favourable, allowing for consistent production levels and head grades.
At the Del Toro Silver Mine:
-- As previously announced on April 12, 2010, and January 11, 2011, all permitting was received in late 2009 and early 2010 for the construction of a 1,000 tonne per day flotation mill at the Company's Del Toro Silver Mine. Commencing in late 2010, an extensive development program was launched at the property, consisting of 1,650 metres of ramp and crosscuts. This development program has three purposes: 1) to gain access to each of the three defined ore bodies to upgrade the current NI 43-101 Resources to Reserves; 2) to prepare the ore bodies for mining; and 3) to build multiple underground drilling stations to drill the ore bodies at depth to define additional resources.-- Currently, the ramp is now 1,100 metres in length and 186 metres in vertical distance from surface. A crosscut was made at the 7th level (176 metres from surface) where a drill rig was installed in February 2011. Two holes have been completed to date, with a total of 705 metres drilled, and both holes have intersected the ore bodies as expected.
At the Real de Catorce Silver Project:
-- During 2010, the Company evaluated and confirmed the geological data obtained as a result of the acquisition of this project in late 2009. In November 2010, First Majestic successfully completed the purchase of the land underlying the Santa Ana Hacienda located within the Real de Catorce property, together with all associated buildings and infrastructure, the outstanding royalty, and certain historic geological and proprietary mining information.-- The construction of a Thematic Park, including a mining museum, announced previously, is underway. The final concept and plan will be presented to the environmental and heritage authorities for approval in the second quarter. Meanwhile, cleaning and rehabilitation of the historic Santa Ana Hacienda commenced in early 2011. Also, the cleaning of the impressive underground workings has commenced. The restoration of the above-ground buildings to a suitable condition will be executed later in the year in order to allow for tourist access. This new mining museum will bring needed employment to the local community and will also form part of the Sustainable Development project which will provide permanent jobs to the local communities.-- During the quarter, the first Environmental Assessment works commenced starting with the Baseline study. During the second quarter, the Environmental Impact Statement, the Risk Study, and the Change of use of Land Studies will all commence.
MJX.V cl001 - Is there a pink sheet ticker? I don't see one??
Thanks,
Kipp
Aurcana Video Worth Watching!
http://www.b-tv.com/features/watch-now/watch-now-enlarged.html?clip=AurcanaMar11.wmv
Aurcana - AUN.V - AUNFF
I have a gut feeling there will be a reverse split to get the stock price high enough for institutinal ownership. Hopefully an AMEX listing will follow that. These guys must be taking note of the First Majestic success!
Here is the latest presentation: http://www.aurcana.com/i/pdf/CorporatePresentation.pdf
5,000,000 ounces of production WILL get noticed!
Kipp
Fortuna - FVI.TO - Alexco - AXU
Look at these 2 charts. I think Fortuna is about to shoot higher ut of the consolidation.
We shall see.
AUNFF was a nice buy earlier this morning!
Kipp
More Medusa!
Mr market continues to undervalue this producer with big production (100%) increases on the way, AND new drill results out today.
Buy and mold in the Bobwins tradition.
Good Luck All.
Kipp
First Majestic - Fortuna
I am selling some of my old moldy shares of First Majestic and buying Fortuna. I see Fortuna as "The Next First Majestic"!
Kipp
AUN.V Aurcana getting dumped - ???
I can't find a reason for the sell off, at least not an obvious one. I wonder if the Shafter expansion got de-railed? I bought some yesterday at $.86 and it got hammered this morning. Anybody have any ideas?
MLL.TO - Medusa
I am thinking about adding more Medusa right here. Does anyone have any bad news or doubt about this low cost gold miner with big production gains in the works. 200,000 ounces at a cost under $200/ounce and a goal of 400,000 ounces on the horizon?
Kipp
FRC.TO nuts - I was thinking $16!
Thanks to you and Bobwins for bringing the frackers to us.
Kipp
FRC.TO - Earnings Report is Late?
Anyone hear anything on the earnings front? Here is what was supposed to happen:
CANYON SERVICES GROUP INC.: FOURTH QUARTER 2010 CONFERENCE CALL
(CALGARY, ALBERTA) February 24, 2011, Canyon Services Group Inc. (“Canyon”) (TSX: FRC) intends to release its fourth quarter results on Monday, March 7th, 2011 after the close of the market.
Canyon will host a conference call on Tuesday, March 8th, 2011 at 9:00 a.m. MST (11:00 a.m. EST) to discuss Canyon’s results for the fourth quarter of 2010.
To participate in the question & answer session, please call the conference operator at least 15 minutes prior to the start of the conference call.
Dial In Numbers: 604-681-0262 Vancouver
403-532-8075 Calgary or International
780-429-7423 Edmonton
647-837-0597 Toronto
613-683-0932 Ottawa
514-788-7663 Montreal
Toll Free Dial In Number: 1-877-353-9586 from Canada and USA
Participant Pass Code: 51215#
A replay of the call will be available until March 15th, 2011
To listen to a replay of the call:
1. Toll Free: 1-877-353-9587 (available in Canada and USA only) International: 001-403-699-1055
2. Enter the 6 digit Conference Reference Number, 537934 followed by the # key.
3. Please also key in the participant access code 51215#
For further information contact:
Canyon Services Group Inc.
2900 Bow Valley Square lll
255-5th Avenue S.W.
Calgary, Alberta, T2P 3G6
Fax: 403-355-2211
Brad Fedora, President & CEO or Barry O'Brien, Vice President, Finance & CFO
Phone: 403-290-2491 Phone: 403-290-2478
Rotation from Big Cap to our Small Cap Miners
I noticed all of my miners were up and the big boys were down again. NEM, BHP, AEM all down. Fotuna, First Magestic, Alexco, Aurcana all up as well as spec plays Golden Minerals and Pretium up near or at all time highs.
Priceless!
Kipp
Alexco - AXU
Alexco is one of my favorites. These guys are on the Keno Hill in Canada. They are scratching around for a 100,000,000 ounce silver motherload!
http://www.alexcoresource.com/i/pdf/AXR-Overview.pdf
On time, on budget, everything as promised! Drill results pending.......come on MOTHERLOAD!
Kipp
Fortuna Silver - FVI.TO - FVITF
Here is the recent Fortuna presentation: http://www.fortunasilver.com/i/pdf/Presentation.pdf
The new "San Jose" mine is scheduled to start production in the Q3.
Kipp
Aurcana - AUN.V, AUNFF
I took a look at the most recent presentation this weekend: http://www.aurcana.com/i/pdf/CorporatePresentation.pdf
I added some shares at $.80. I like what I see and the addition of Shafter and the prospect of 5,000,000 ounces looks like a winner. Quite a bit of copper and zinc as well. Kipp
Also this news:
Aurcana announces the appointment of Paul Matysek, Past President and CEO of Potash One, to its board of Directors. Aurcana has also added Ken Collison, and Jerry Blackwell to its Technical Advisory Committee.
Mr. Matysek has over 30 years of experience in the mining industry and is an experienced professional geochemist and geologist with a Bachelor and Master of Science degrees in Geology. Mr. Matysek has held senior management and director positions with several natural resource exploration and development companies including Lithium One, Ocean Park Ventures, Forsys Metals and Nevada Copper. Mr. Matysek, a company builder, most recently held the position of President and CEO of Potash One Inc. In November 2010, Potash One Inc agreed to a friendly takeover by K+S for $4.50 a share ($434 million of consideration). Prior to joining Potash One Inc., Mr. Matysek was the President and CEO of Energy Metals Corporation, a premier uranium company traded on the New York Stock and Toronto Stock Exchanges. Energy Metals became one of the fastest growing companies in Canada in the last few years having grown from a market capitalization of only $10 million in 2004 to approximately $1.5 billion when it was acquired by a larger uranium producer in 2007.
Mr. Collison has over 30 years of experience in the mining industry. Most recently, he served as Chief Operating Officer of Thompson Creek Metals, which included the responsibility for the operations of the Endako and Thompson Creek molybdenum mines. From 2001 to 2004, Mr. Collison worked for the State of Alaska managing construction of sewer and water systems for rural Alaska with extensive dealings with rural populations including first nations communities. In addition, he has held various high ranking positions with Coeur d'Alene Mines and Rio Algom Limited. Mr. Collison has served as a director of the Mining Associations of Canada and BC as well as president and director of the Nova Scotia Chamber of Mineral Resources. Mr. Collison holds a B.Sc. in Mining Engineering and a Masters of Engineering in Mining; he received both from the University of Saskatchewan.
Mr. Blackwell, a Director and President of Gitennes Exploration Inc., is a professional geologist who since 1970 has worked continuously in the mining exploration industry. Since 1993 Mr. Blackwell's principal occupation has been serving as President of the Corporation. Prior to his appointment with the Corporation, Mr. Blackwell was self-employed as a consulting geologist, and prior to that was a project geologist with Cominco Ltd. Mr. Blackwell also serves as advisor to Bayswater Uranium Corp. and Invenio Resources Corp., companies listed on the TSX Venture Exchange.
The Company is also pleased to announce the appointment of Mr. Salvador Huerta as Chief Financial Officer of the Company. Mr. Huerta was born in Mexico and finished his university degree as a Certified Public Accountant in Mexico. Mr. Huerta has over 25 years of experience as CFO. Previously he was Deputy President and CFO of manufacturing companies in Mexico such as TIMEX, HJ Heinz, ALFA Group and San Luis - Rassini Automotive Group. He has several professional post graduate courses from IPADE (Harvard Business campus in Mexico), The Harvard Business School and The University of Hawaii. Salvador has served as a director on the advisory board of IME (Institute of Mexicans Abroad) and President of the Rotary Club of West Vancouver.
Aurcana President, Lenic Rodriguez states: These appointments reinforce Aurcana's already strong management team and provide further guidance to the strong growth path that the company is currently following.
Aurcana further advises that 10,100,000 stock options at a price of $0.76 per common share in accordance with the policies of the TSX Venture Exchange (the "Options"), have been granted to various Directors, Officers and Consultants of the Company.
The Options have been granted in accordance with the terms of the Company's 10% rolling Stock Option Plan approved on June 18, 2010.
PCY.V - Presentation
coinmaker, I looked at the recent presentation on Prophecy. One of the slides shows 186 million shares outstanding and the closing price yesterday was $1.09. I am going to buy a few shares and do some more dd on this one. Thanks!
http://www.prophecyresource.com/pdf/Presentation_PCY_Europe.pdf
I also took note of the "Advisors" to the company:
Rob McEwen
Mr. McEwen is a leading Canadian mining industry entrepreneur. He is the Chairman and CEO of US Gold
Corp and Minera Andes Inc. Mr. McEwen was the founder and former Chairman and CEO of Goldcorp Inc.
During his tenure at Goldcorp Mr Goldcorp, Mr. McEwen transformed the company from a collection of small companies
into a $8 billion mining powerhouse.
Harald Batista
Mr. Batista is an accomplished entrepreneur and a member of the prominent Batista family in Brazil that
includes Eliezer Batista, the founder of Vale do Rio Doce Company (now Vale Inco) and Eike Batista, the
founder
FR.TO - First Majestic CEO sees his company as takeover target
This is one of my biggest winners! Thanks to Bobwins!!!! Kipp
Thu, Mar 3 2011
* Plans to double production by 2014
* Sees itself a good target for majors
* To spend $10 million on exploration in 2011
* CEO Neumeyer sees spot silver over $100 within 2 years (In U.S. dollars)
By Julie Gordon
TORONTO, March 3 (Reuters) - With silver prices at 31-year highs, and top producers lowering their production forecasts, First Majestic Silver's (FR.TO: Quote, Profile, Research, Stock Buzz) CEO sees his growing company as a prime target for a takeout bid.
"I can't believe it hasn't happened yet," said Chief Executive Keith Neumeyer. "If you look at some of the bigger companies out there and the pressure to grow their production, it's surprising."
First Majestic will double its production to 16 million ounces of silver over the next three years, Neumeyer said in an interview with Reuters ahead of Toronto's PDAC prospectors and developers convention. That could make the company a hot acquisition target for a larger producer in need of replacement ounces, he said.
PDAC, opening Sunday, will bring together hundreds of small miners, industry giants and financiers at a time when metal prices are surging to record highs.
This week, spot silver prices climbed to a 31-year high at $34.96 an ounce, as uncertainty over the Libyan conflict drove investors into precious metals.
At the same time, Hecla Mining (HL.N: Quote, Profile, Research, Stock Buzz) and Pan American Silver (PAA.TO: Quote, Profile, Research, Stock Buzz) -- two relatively large producers -- announced lower silver production forecasts for 2011.
"I don't know what goes on in the board rooms of the majors," said Neumeyer. "I think they're off track based on their activities over the last couple of years." ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For price charts: r.reuters.com/myp67r For more stories related to PDAC: [nN02153893] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
First Majestic's valuation is one factor that may have discouraged a takeover bid so far. Its shares have quadrupled in the past 12 months.
The Vancouver-based miner, which operates entirely in Mexico, owns three mines and has two development projects, and boasts 93 percent of its revenues from silver production.
The company has no plans to diversify into other metals.
"We formed a silver company on purpose to be in the silver space," said Neumeyer, who was the founding president of base metal miner First Quantum Minerals (FM.TO: Quote, Profile, Research, Stock Buzz). "Our whole focus is to remain as pure as possible in the silver space."
SILVER BULL
On top of being a pure-play silver producer, First Majestic remains completely unhedged, even with spot silver soaring more than 80 percent in 2010.
"I'm a bull on silver," said Neumeyer. "I'm not going to be hedging silver at $35 because I think we're going to have plus $100 prices on silver."
With plans to start up the Del Toro project in 2012, and an expansion underway to double silver output at the La Parrilla mine that same year, the company is well positioned to reap the benefits if silver prices keep rising.
But along with higher metal prices, come higher costs.
First Majestic's direct cash costs have risen because the Mexican peso has appreciated compared to the U.S. dollar. Neumeyer added that chemical, power, labor and equipment costs are also climbing.
"But the price of the metal has gone up substantially," he said, adding that with direct cash costs around $8.00 an ounce and spot silver above $30.00 an ounce, there is a "substantial buffer."
First Majestic will spend about $76 million on expansion and development in 2011, including $10 million earmarked to restart an exploration program shuttered during the economic downturn in 2008.
While Neumeyer noted he is always on the lookout for acquisition opportunities, he said the company is focused on internal growth.
"It really makes a lot more sense to just develop our current projects," he said. "And if we're lucky and discover something major -- that could also give us a boost in production going forward." (Reporting by Julie Gordon; Editing by Frank McGurty)
O/T Kauaicat
I got the 70% number from a PIMCO chart posted at this link:
http://www.cliffkule.com/
This is a good site for people who believe inflation, a week dollar, and commidity investments are a good bet.
Kipp
O/T The Next Golden Move
My thoughts are in line with this article. The FED purchased 70% of recend bond issues with QE2 funny money. QE2 runs out in June, WHO IS GOING TO BUY US DEBT AFTER THAT? QE3??
by: Alexander Smith March 01, 2011
First off, let's be clear that short-term US interest rates aren't going anywhere. Bernanke knows it would crush the rebounding economy and, much like the ever expanding deficit, plans on dealing with it later. Putting off deficit cuts and putting off raising interest rates are key reasons why debt in the US has spiralled out of control.
As long as the unemployment rate stays above 8%, raising interest rates will not be considered. Rising short-term interest rates is one of the only things that could bring down gold. It gives us confidence in gold knowing the US government can't afford to raise rates because it can only stay above water and function with continued low interest rates. Remember, the Federal Reserve is now the largest holder of US debt. This is extremely bullish for gold as we expect short-term interest rates to remain at historic lows for some time.
If the Fed delays raising interest rates too long and fails to reign in the money supply, a more extreme scenario will arise. Our team at Pinnacle has been preaching for years that the only way out of this extreme debt is for the US to inflate its way out - destroying the value of the dollar. This is good for commodities and even better for precious metals.
Long-term US Treasury Bonds have spiked recently amidst panic and turmoil in the Middle-East and Northern Africa. The US Dollar, believe it or not, is still considered a safe haven for many foreign central banks. Central banks have been gobbling up US debt in recent weeks. On Thursday, February 24, 2011, the government sold $29 billion in seven-year notes at a high yield of 2.854 percent. Keep in mind, the Federal Reserve bought $5.01 billion that same day in notes set to come due in 2012 and 2013.
Earlier in the week, the U.S. auctioned off $35 billion of two-year Treasury notes. The two-year security yielded 0.70 percent. Below are the current rates as of February 24th 2011.
There is nothing abnormal about the above chart - except for the fact short-term interest rates have been hovering around 0 for a record period of over 2 years (long-term rates are always higher - this is to account for medium levels of inflation).
Why have longer term rates been rising recently?
Central banks are beginning to realize that the long-term outlook of the US dollar is bleak. There is a rising fear amongst global buyers of US debt that inflation is taking hold. Central banks around the world are demanding better rates to cover higher expected levels of inflation.
This is extremely bullish for the long-term value of gold. This gold bull-market is not something that can be smoked out in a few months. It has taken several years for countries like the US to work themselves into such dire fiscal circumstances. Even as you read this, the US is squirming and fighting its way into more debt by threatening default if the ceiling is not raised.
The debt ceiling is nothing more than the federal government's credit line. Congress gives the final nod on whether or not it will be raised. This is why Geithner and Bernanke have been making threatening remarks for weeks attempting to scare the public and politicians into raising the debt ceiling - yet again.
Congress has increased the debt ceiling numerous times over the past hundred years. It most recently increased the borrowing limit by $1.9 trillion on January 28, 2010, from $12.4 to $14.3 trillion. Congress has raised the debt ceiling six times in the past three years amidst the financial crisis and recovery. Less than 3 years ago the debt ceiling was under $9 trillion. And people wonder why gold is at $1400 an ounce. It will be going a lot higher than that in the years ahead.
We already know with absolute certainty that the US deficit will increase over the next few years. The budget has already been laid out for us. We just need to react appropriately by insuring our wealth in assets that will appreciate in an inflationary environment.
The debt ceiling exists to give foreign investors confidence the US is a reliable borrower and will repay its loans. Every time the debt ceiling is raised, that confidence is diminished. Rising long-term treasury rates are a clear sign foreign investors are losing confidence in the US and its currency. Our team believes the US debt ceiling will be increased on or before March 4th, which is the deadline.
It all comes down to the US government's ability to pay the interest on its debt.
Low interest rates is what allows the government to borrow money cheaply and keep payments low (rob Peter to pay Paul). The US has no chance of defaulting if the government keeps interest rates at rock bottom prices. With interest rates at these artificially low levels, the annual interest on the $14 trillion debt is just over $300 billion - easily payable as long as the economy keeps expanding and rates don't rise.
This could change if foreign investors become worried about their chances of getting paid back by the US government. The alternative is a safer or more profitable place to invest their capital than the United States.
Lately, the Fed has been buying a large percentage of US Treasury bonds, but foreign central banks have been responsible for the majority of buying. With that stated, it wouldn't take much to startle foreign banks and cause them to discontinue purchasing US Treasury bonds or demand higher short and long-term rates. What will most likely occur is investors from around the world will demand an increasingly higher return on their money which we've begun to see in long-term bond sales. If that happens, it will be much more difficult for the US to meet its debt obligations.
The false demand that exists for US debt has been created by the Federal Reserve, both in the actual purchasing of US debt and the many efforts to stimulate the economy.
The economy has been putting out some great numbers in recent months. This is easy to do when interest rates are low and money is not just easy to come by, but basically free to borrow. Read "Money for Nothing and Debt for Free" to learn more about how some American companies have taken advantage of the unprecedented low interest rates.
The Bulls Are Back
The Hedge Funds don't seem to mind this cheap credit as they have recently borrowed the most since 2007 to purchase US stocks. Hedge funds increased their net leverage in January to the highest level since October 2007. The markets went on to rally to unsustainable levels prior to the crash of 2008. This is yet another reason why we believe the markets have higher to climb.
As debt in America continues to rise to unsustainable levels, the factors of low interest rates and an ever expanding money supply will lead citizens, private investors, hedge funds and every type of money managing entity into assets that will appreciate. No one will be left on the sidelines as cash, and by that we mean the US dollar, has become one of the riskiest assets in the world. Stocks, and in particular, well positioned junior gold stocks, will have a run more widespread than most of us can imagine.
I urge our readers to remember the simple rule that iflation is your best friend when commodities comprise your portfolio.
Forget $100 oil. $100 uranium is a real problem.
URG is my only horse in this race. Kipp
By Richard Martin, contributorMarch 3, 2011: 9:53 AM ET
FORTUNE -- Just after Christmas, the container ship Altona, bound for China and carrying a load of 770,000 tons of uranium concentrate (also known as yellowcake, the transportable form of uranium that will eventually be processed into nuclear fuel), ran into a storm in the South Pacific, between Hawaii and the Midway Islands. After three days of gales and heaving seas, the crew discovered that the containers in the hold had shifted and two drums of yellowcake had been smashed open. There was loose uranium in the hold.
The ship returned to British Columbia, and Canadian mining giant Cameco (CCJ) --which was delivering the processed uranium to a Chinese utility in Zhangjiang -- assured the world press there was never any serious danger of the uranium leaking into the sea, or harming the crew. The Altona berthed at Vancouver before transferring up the coast to a Cameco plant for clean-up.
15Email Print CommentWhile the incident sparked little outcry, it's an apt symbol for the unsettled waters into which the nuclear-power industry is sailing. Supplies of uranium, which has been in surplus since the fall of the Soviet Union, are beginning to tighten, and prices are rising again after plummeting during the world financial crisis of 2008-09.
Uranium hit a three-year high of $73 a pound on the spot market at the beginning of February, and there are predictions that it could go much, much higher: a pair of analysts at CRU Group, a commodities and minerals analysis and consulting firm, said in a recent report that prices over the next decade could challenge the all-time high of $136/lb., set in the pre-crash days of 2007.
The nuclear renaissance
For suppliers like Cameco, and for nuclear power utilities worldwide planning new reactors by the dozens, a uranium shortfall would further complicate the heralded "nuclear renaissance" that promises to add thousands of megawatts (MW) of new nuclear generating capacity in the next 20 years. The prospect of that renaissance has added a speculative froth to uranium markets not seen since the nuclear go-go years of the 1970s, before Three Mile Island and Chernobyl. But it has also raised the specter of $100-plus uranium and spotty supplies of the world's most efficient source of energy.
"We're going to see major changes one way or another in the uranium supply-and-demand situation in the next 20-30 years," says Mark Hibbs, an international nuclear policy analyst at the Carnegie Endowment for International Peace, "but the uncertainties have never been greater than they are now."
Those uncertainties are fueled by two concurrent developments: rising demand as many countries, particularly India and China, embark on massive nuclear power build-outs, and the fall-off of the so-called "secondary market" -- i.e., uranium that has already been mined.
Next year will bring the end of the "Megatons to Megawatts" program, launched by the U.S. after the fall of the Iron Curtain to secure and safely reprocess dismantled nuclear warheads in the former Soviet Union. Since the mid-1990s M2M has dumped hundreds of tons of uranium onto the world market. Along with existing above-ground supplies, the repurposed Soviet material accounts for nearly half of the annual requirements of the world's nuclear fleet. That means that the yearly supply of newly mined uranium falls short of demand by 40-50%.
The world consumes on the order of 180 million pounds of uranium a year, points out Cameco CEO Gerald Grandey, and produces only around 140 million. With the end of M2M, and the depletion of uranium inventories built up two decades ago, "new primary production will be required," Grandey said during a recent symposium on "The Future of Nuclear Energy," in Denver.
The so-called nuclear renaissance threatens to widen that gap. China alone has announced plans to add 110 gigawatts of nuclear power-generation capacity over the next decade, a figure equal to 25% of total world nuclear power today. Cameco forecasts that more than 100 new reactors could be added worldwide over the next decade, further stretching already thin primary production.
Short-term focus, long-term void
That's good news if you're a producer of uranium, like Cameco or French nuclear giant Areva, or a uranium-rich country like Kazakhstan (which last year took over as the world's No. 1 source of mined uranium). If you're a nuclear-power utility in a country where developing new uranium supplies has not been a high priority -- like, say, the United States -- it's a less rosy scenario.
Ken Peterson, VP of nuclear fuels at Chicago-based Exelon Corp (EXC, Fortune 500)., the largest producer of nuclear energy in the U.S., contends that major American utilities are covered by long-term uranium contracts lasting into the next decade, "and we have 100 percent [supply] coverage through 2015."
That may be enough for Exelon executives, and investors, but it's a blinkered view in terms of the longer term and the broader market. The third factor affecting uranium supply is the long lead time it takes to bring into production new uranium finds: at least 10 and often 15 years. That means there's a doughnut hole in long-term uranium forecasting: though there's plenty of uranium in the ground, says Grandey, the problem is bringing it to market fast enough. "Our challenge is investing and permitting and developing new mines fast enough to overcome the drop-off in Megatons to Megawatts."
Indeed, supply disruptions have occurred recently at big mines including the Ranger and Olympic Dam deposits, in Australia, while several large projects in development, such as Trekkopje, in Namibia, and Cameco's Cigar Lake mine, in northern Saskatchewan, have been delayed.
That's why the rapidly developing nations of India and China, as well as developed Asian tigers like South Korea and Japan, are moving aggressively to build partnerships and launch joint ventures with uranium producers, particularly in the former Soviet Union. To take one example out of many, Moscow and Tokyo in January announced an agreement to jointly prospect for and develop uranium ore deposits, as well as construct and operate new reactors. China, meanwhile, may well be stockpiling uranium: the country imported about 5,500 tons of yellowcake last year, according to physicist Thomas Neff, a uranium-industry analyst at MIT, while it consumes only half that much.
"The quantities purchased by China last year surprised us," says Philip Macoun of CRU, "and certainly contributed to the rising price."
Burned by aggressive ramp-ups and failed uranium-mining ventures from the 1770s, U.S. utilities -- most of which pay more heed to signals from Wall Street than from the world's uranium mines -- take a shorter-term, not to say more complacent, view.
The Americans are "out of sync with the rest of the world," says Mariangeles Major-Sosia, the vice president of international network coordination at Areva. "They don't have the longer vision that other countries have, because the U.S. doesn't really have an energy policy. They're publicly traded companies, so they're making decisions to next year or next quarter."
As long as the current generation of utility executives remains in power, that's unlikely to change.
Cl001 News Letter Info
http://www.miningstocks.com/chen/index.php
Thanks Cartonet - You would think I could get it right since I only actively monitor VMC Ag, Mining, Energy.
Too busy with my day job selling specialty liquid fertilizer and micronutrient zinc, manganese, boron, etc. $7 corn has us "drinking from a fire hose".
I am out of pulp stocks all together now. What a nice ride they were.
What stocks are you invested in that relate to this board?
Kipp
cl001 - AUMN
The PP at $18.50 has held up well, rebounding after 2 trips into the $19's. What have you heard lately? I posted the BMO presentation yesterday and they added illustrations of the mine plan and pictures of the camp. I would like to see drill results from the other properties soon.Maybe a sale of one of the portfolio properties?
Thanks,
Kipp Public Reply | Private Reply
cl001 - AUMN
The PP at $18.50 has held up well, rebounding after 2 trips into the $19's. What have you heard lately? I posted the BMO presentation yesterday and they added illustrations of the mine plan and pictures of the camp. I would like to see drill results from the other properties soon.Maybe a sale of one of the portfolio properties?
Thanks,
Kipp
AUMN - BMO Presentation
BMO has a metals confernece going on right now. Here is the AUMN presentation.
http://www.goldenminerals.com/present_BMO2011.php
This stock needs a catalyst to get it moving out of a long consolidation........................................................................
Good Luck!
Kipp
Canadian Dollar Trades Above 0.97 Against US Dollar
The Canadian dollar breached the key 0.97 level against the US dollar in early New York trading on Tuesday for the first time since November 2007. The Canadian currency reached as high as 0.9687 against the greenback before reversing direction around 8:15 am ET. The greenback-loonie pair is presently trading at 0.9709.
SYRG
52-Week Range: $1.95-4.00
Market Cap.: $73.3.6m
Shares Out*: 23.6 m
Estimated Float: 16.0m
Short Interest: 0
Avg. Daily Vol.: 17.4k
Insider Ownership: 9.8m
Inst. Ownership: NA
FY Ends: Aug