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Thanks Digi
I don't know when the content within the links were posted, but this post itself was from this week.
Contrarian view on PTQ...
"I hope and pray those of you have done your due diligence on the stock and decided to buy it despite its many warts, rather than going in blind. I also hope you're flipping it rather than buying and holding. Here's a brief primer on Petaquilla with links to more fun...
The Leader (i.e. The Great One): Richard Fifer
*Did time in a Florida jail for smuggling 4,900 pounds of pot into the US.
*Decided to take up Latin American mining after getting out of jail.
*Bought the rights to the current Petaquilla property in 1987.
*Has owned this land for 23 years and, at least until now, made nothing of it.
*Moved to Panama and was governor of the provinces the company wishes to mine in.
*And best of all, he has returned to power! Hurray! After an absence from the company, it appears, according to spanish-language Panamanian sources, that the Fifster has returned. I quote the original spanish because it's hilarious. And if you're investing in shady Latin American companies, you can read Spanish right? I'm sure you aren't just buying these companies based off the touting done by Canadian assholes who think you can't fact-check them cause you don't know the language.
"Y a propósito de cambios, me han soplado que don Richard Fifer ha regresado al poder de Petaquilla Minerals (grupo al que pertenece Petaquilla Gold, Petaquilla Hidraulics, etc.) con la espada vengadora hecha el diablo, dándole palo parejo a todos los que cuestionaron sus manejos."
THE (Shaky) FINANCES:
* The great one, Richard Fifer, owns most of the company and provides it much of its finances. After repeated failures (more to come later) in getting a mine open, Fifer began lending his company working capital and has been buy more shares.
* Last year, The Great One lent his own company $40M of working capital at 15% interest rate and bought more shares in the 40-50c range while the company offered new shares at a higher price. There's a great investing scheme. Dilute the company at high prices, buy cheaper, and bag a 15% interest rate on the side.
* The company's net shareholder equity has alarming plunged from positive in 2007 to a small negative in 2008 and now negative $70M in 2009. Ouch. Check out the balance sheet (you do actually look at these, right?): http://finance.yahoo.com/q/bs?s=PTQMF.OB....
THE COPPER FIASCO:
* Petaquilla also used to own a copper project. Petaquilla's sister company, Petaquilla Copper offered warrants to outside investors at near C$4 a share. They went public and saw the stock dive. Luckily, copper was still booming so they were able to unload the copper project to Teck and Inmet at $2.20 a share.
* Petaquilla and Teck got involved in dueling lawsuits after Petaquilla began illegally mining the mine despite not having the approval of Inmet and Teck which together owned half the project.
* After selling the copper mine, it's value collapsed after Inmet reassessed it. Teck wrote off its share as worthless (that's right a C$500M copper company bought whose value turned into C$0), and Inmet still is seeking, thus far, unsuccessfully, seeking a partner to pony up so cash so that Inmet can turn it's lame chunk of land into a copper mine.
http://seekingalpha.com/article/92824-in....
* The same people running that failed copper project are running Petaquilla Minerals.
THE FALSE PROMISES:
Petaquilla said it would begin ramping up operations in 2006, 2007 and 2008, and finally began to get small amounts of gold in 2009. Check out this fun promise from Petaquilla's VP back in 2007 where he claimed in an interview that the company would be getting 120k ounces a year in 2008. Actual output: 0k ounces.
http://seekingalpha.com/article/58235-pe....
Petaquilla also claims that it is following environmental laws and it has rights to drill in its property. It has neither. In fact, is has violated Panama's constitution by denying people's rights to clean water and when fined by the government failed to pay those fines. (More on the abuse of Panamanian laws here (Spanish): http://www.ciampanama.org/comunicacion-i....
and English here: http://incakolanews.blogspot.com/2009/08....
THE INSIDER TRADING:
* Not content with collecting usurious 15% interest from his own company, Fifer also trades on insider information. http://www.thepanamanews.com/pn/v_11/iss....
I really could go on, but I don't care to. Long story short, the stock's off 75% in a couple of years, the same management's copper mine was a huge bust, the company doesn't have permits for Molejon mine, Fifer is a shady man who has a criminal track record and has owned the land Molejon is on for 23 years without building a successful mine.
One more all-around good post in dissecting this company:
http://incakolanews.blogspot.com/2009/01....
P.S. The land Petaquilla has claims to is needed for the proposed Panama Canal expansion, so don't be surprised if the government of Panama seizes it by eminent domain.
Buenaventura to all. Good luck -- especially if you invest in this turd, as you'll need it.
Adiós, I'm out."
http://tickerforum.org/cgi-ticker/akcs-www?post=135459&ord=1963206#1963206
GGIFF is Garibaldi (GGI.V). I think they are a JV with Paramount.
Anyone following North Peace (NPE.V)? Under 20 cents and oversold. It's on my radar and I noticed it's in the Ibox here. Thanks. Steel
I completely agree that dx 82 is on deck. I own UUP, but I might scale out of that for a modest profit very soon and throw that into DZZ which would be the better yielding play.
I'm reading a lot of chatter from various places where Gold could hit 980 or there abouts. Most are expecting one last mini bounce from here before that happens.
Agt hit .39 today, key support is being touched, if it doesn't hold, it could fall back into the 20's...
AXU down 12%...
Silver miners, including IPT, doing well this morning !
Aun has La Negra up and running and also has base metals that may be helping the share price as bm's are rallying...
Tx Bob, I also got Pan shares from the BLT deal and had the same questions. I like your reco's too!
Van.V (VanGold) Vangold Resources Ltd will spend $4.6 million on a seismic survey to map out potential oil and gas deposits in block 3A in northern Kenya.
The company's chief executive Dal Brynelsen said the study,planned during the first quarter of 2010, will be preceded by anenvironmental impact assessment.
Hesaid in a press statement that his firm had awarded Nairobi-basedEarthView Geoconsultants Ltd the contract to undertake assessment.
EarthView as a consultant in natural and earth resourcesmanagement, has done EAIs in the region for Lundin, Chinese NationalOffshore Oil Company and Swiss Oil among other companies.
Pave way
Vangold said the consultant is expected to complete the study inthree months to pave way for the seismic survey covering 321 kilometresto commence.
Mr Brynelsen said his firm has delineated 11 structural leadsof oil and gas in blocks 3A and 3B after interpreting in the firstquarter of 2009 the seismic data acquired by Chevron in the locality.
"This data was interpreted in the first quarter of 2009. Itsquality is good and with interpretation and integration it hasculminated in the delineation of 11 structural leads in blocks 3A &3B," he said.
Mr Brynelsen said CNOOCand Africa Oil of Canada are drilling an oil well in block 9 based onChevron seismic data, which delineated massive targets, similar tothose identified by Vangold on block 3A and 3B.
Up huge today on this news...
IMPACT (IPT.V) INTERSECTS 466 g/t SILVER OVER 3.2 METERS AT SANTA LUCIA
Up big on this news...
IMPACT Silver Corp. (“IMPACT”) is pleased to announce additional drill results from a 1,500-meter Phase
One drill program at the Santa Lucia Mining Camp located 3.7 kilometers southeast of IMPACT’s
processing plant in Royal Mines of Zacualpan Silver-Gold District of central Mexico. In a previous press
release (dated October 6, 2009), the first five holes of this program were summarized, including highlights of
1,905 g/t silver over 0.57 meters and 600g/t silver over 1.43 meters
first majestic is rocking!
Whats up with the Bannerman (BAN.to) free fall?
RR.V, Rainy River, up 15% again today....
Gold-Ore (GOZ.TO) Reports Fourth Quarter and 2009 Year End Production Results
9:31 AM ET, December 9, 2009
VANCOUVER, BRITISH COLUMBIA, Dec 09, 2009 (MARKETWIRE via COMTEX) -- Gold-Ore Resources Ltd. (GOZ) is pleased to provide Fourth Quarter and 2009 Year End operational highlights for the 100% owned Bjorkdal Gold Mine in Sweden.
Production of 10,194 ounces of gold at Bjorkdal in the Fourth Quarter was only slightly less than the record production achieved in the First Quarter 2009 of 10,361 ounces.
Production of 37,032 ounces for the 2009 fiscal year was a 32% increase over the production for the 2008 fiscal year of 27,955 ounces, the year that the Company acquired the mine. Audited annual financial statements will be presented by the end of March 2010.
Gld down 3.57%, HUI down 6.18%
BTO, heard Genuity Capital Markets increased their target to $2.25, but I can't find a link.
HL (Hecla) had another good day today, now in the 6 dollar range.
iea.v, low 90s is a 4th attempt at that top.
TRE rise, I've found little useful info, I've been searching though...
Bob, MGOL and GORO, what do you know about this tidbit, I was not aware of this connection...Never heard of MGOL actually.
"Bill McVey, a newly elected officer and director of MGOL and a co-founder of Gold Resource Partners, and substantial investor in Gold Resource Partners and its related entities, said that: "I am excited to become part of MGOL at this early stage and look forward to closing the merger with Gold Resource Partners,
which would bring substantially all the Colombian gold mining operations under the roof of MGOL."
Tara Gold is TRGD not TRGB.
kozuh, lma hits new high? It was $1.95 earlier this month??
The dollar broke out to the upside...
MTO fell under one of my low share price alerts today as well, I was thinking of adding too...
BQI up 20% today and rising
Sold half today, rest is free, avged down as low to .004 to do so. I finally picked a winner in penny heaven, feels good !
Capstone (CS.TO) Up 15% today...
PetroChina buys 60% stake in oil sands project
http://www.globeinvestor.com/servlet/story/RTGAM.20090831.wathabasca0831/GIStory/
Nathan VanderKlippe
Monday, August 31, 2009
Calgary -- PetroChina International Investment Company Ltd. will buy a 60 per cent stake in privately-owned oil sands firm Athabasca Oil Sands Corp. in a deal that oil patch insiders see as a key vote of confidence in Alberta's massive bitumen reserves.
The $1.9-billion deal will give PetroChina a large stake in a company whose assets contain about five-billion barrels of bitumen.
"Oil sands projects are very capital-intensive long-term investments and difficult to fully finance in the traditional equity market," Athabasca chairman Bill Gallacher said in a release. Athabasca "therefore decided to look for joint venture partners, and these strategic joint venture arrangements with PetroChina, one of the world's largest energy companies, can ensure that the MacKay River and Dover projects will be developed in timely manner, which is excellent news for Alberta and the rest of Canada."
Rumours of the impending deal pushed up shares in several small junior oil sands companies, including UTS Energy Corp. and Connacher Oil and Gas Ltd., on a belief that major outside investment interests are once again prepared to invest in the oil sands.
"It's great news for the oil sands business. It shows that there are still large, sophisticated, deep-pocketed companies out there prepared to write big cheques," said one Calgary banker.
Athabasca calls itself the largest leaseholder in the Athabasca region of the oil sands, with 526,000 hectares of net land.
Sveinung Svarte, the president and chief executive of Athabasca, was not immediately available Monday morning. However, in an interview this May, he said the company had spent months searching for joint venture partners.
"That has always been our philosophy to finance our projects," he said then. "We are talking about quite a few billion dollars [in] long-term [capital requirements], and to have a partner coming in and finance a large part of that has been our model."
At the time, he said even with low oil prices, large oil sands properties continued to attract "a lot of interest."
"Even in this market. I would say maybe even more in this market, because I think the buyers have recognized that it's easy to make a deal today," he said. "Because the sellers are a bit more, what shall I say, they expect a bit less than with the price at $147 oil."
Chinese interest have taken an increasingly large stake in the oil sands. China National Petroleum Corp. made a $449-million deal for Verenex Energy Inc. in February - although that deal has had troubles proceeding thanks to difficulties in acquiring permission from authorities in Libya, where Verenex has the bulk of its holdings. And late last year, Sinopec paid about $2-billion for another Calgary company, Tanganyika Oil, which has production-sharing agreements in Syria.
The Athabasca deal shows "that major international companies are game to put up big dough for Canadian oil sands projects. So I'm sure people are looking at that and saying another potentially ready-to-go project is obviously Fort Hills," said another Calgary investment source. "So UTS could be a beneficiary of that."
UTS holds a 20 per cent stake in the proposed Fort Hills oil sands mine, which is majority owned by Suncor Energy Inc. after its acquisition of Petro-Canada. UTS rebuffed a bid by French energy giant Total S.A. to buy that share earlier this year.
Athabasca made application last year to build two pilot oil sands projects that will use technology known as "steam-assisted gravity drainage" to exploit the crude on its lands. Unlike oil sands mines, SAGD operators use underground injections of high-pressure steam to coax the thick bitumen to the surface.
The company plans to apply for its first commercial project, a 150,000 barrel-per-day development in MacKay River, near the end of this year. It expects to begin production of a first, 35,000 barrel-per-day, phase in 2014.
The company estimates that it can turn a profit on its projects with crude prices at $50 to $60 (U.S.). Corporate documents point to potential future production from the company's lands of 500,000 barrels per day.
The company raised $400-million in secured debt last July, through a financing led by GMP Securities L.P. and Lehman Brothers Canada Inc.
TRGL down over 12%, back into the 5's, I don't see any news...
Goro at low 4's nibble time?
I agree, IB rocks for Canadian Stocks.
Oromin (TSX:OLE) dry hole drill results out this morning, down over 30% at one point.
datruth, I would say no, I trade Canadian stocks all the time, all that is required is to buy the currency in which you'd like to buy these foreign stocks. So, in my case I bought Canadian Currency with my US Currency, and IB keeps track of this for me.
It's pretty slick, when I got to buy a stock on the Venture or TSX, it automagically knows to use my CDN reserves. I would think Aussie would be the same.
Steel
Margin call would be my guess. With today's financial fiasco's going on, I see crazy selling for instant capital once in a while. Maybe that was it...
I haven't heard of CGA.to, under my radar for sure, I wonder how?!
I avg'ed down on TRGD and slowly got out. 0.16 today, down 2 cents.