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Jay was about 18 months late on that call, geesh, sell the Juniors now? Sell IPT now? Why? If you rode these babies down 95% peak to trough, you'd be holding.
KOG at .36, anyone initializing or averaging down on positions at these levels? I'm think about the former.
NRDS, from another board
"Even though the stock has remained relatively stable what people fail to realize here is with the really low capex here the net returns will be very volatile. Roughly a 10 cent move in copper will effect the IRR of the project by 9%. This stock by no means realizes this volatility and I took advantage of the runup a month ago to face the facts and reluctantly dump my position.
All I can say given the known volatility in project economics I think it is getting very dicey here especially if you run the numbers in the FS with current copper prices. Plenty will depend upon what the revised cash costs of the operation when JC goes into operation. From the latest FS I extrapolated roughly a $1.70 cash cost for the operation that assumed a lower than current sulfuric acid price but higher diesel prices in the estimate however, both continue to trend down with copper prices. So that figure is an unknown now and hopefully for those who are long here it will go a bit lower.
27% of the production is hedged in 09 at $2.52/lb according to an SEC filing I viewed (a figure that has been misquoted by many because the figure uses a long ton assumption a 2200 not 2000 short ton divisor.) So that is roughly a guaranteed 5.5 mil in cash flow with close to nil on the rest if you assume the numbers in the old FS."
Monty, I follow TRGD, and have been averaging down most of the way.
tx for the info!
STM (Strathmore) was up 67% today too
Monty, on SGR, I've heard nothing but great things on it. I don't own it however, too pricey, lol.
xmas in Oct, everything 30% off or more :-\
AGT is at a 30 plus month low, nice timing Jay.
It appears to be rtl2
Free RT Level II at http://www.vantagewire.com/quotes/viewquote/QMNM/
Just Register. Canadian stocks as well.
And I hold STM as well Bob, hoping things move up before this winter, perhaps Oct or Nov?
Nord, I bought yesterday at .29
I have a small stake in Ban thanks to your table pounding, up huge today, thanks bob, I like this one.
Goz and FCO are Ux stretches in my opinion, especially Goz, didn't even know they had Ux.
Was Oil Lock Limit Up 2 times today?
nosleep, can you briefly explain HAT's asset value, is it all Uranium? If so, how big?
Very true, I got some today at .205, not sure if that is anywhere near the bottom, but it has to be within, o, say 20 cents or so !
BQI plummets to $1.68! Files 10-Q Quarterly Report, updates reservoir test program and independent resource evaluation process.
I tried bottom fishing LBE last week at .31 and didn't get hit. I'll try to get some in the high 20's this week.
Bob, what's your thoughts on STP.V at these levels? 42 cents.
I would think Tenajon (TJS.V) for Moly would do quite well if we see another bull phase. It's well under it's highs, and by more than a factor of just 3x.
mkgp down over 50% to .20, whats the news?
922 M OS x .007 = $6.454 M mktcap. If this company isn't currently worth more than this number or doesn't have a foreseeable future worth more than this number, than the SP obviously won't sustain any run at 2.5 B OS. Other than a run down of course.
I think the idea is that some feel based on current and future production, that the NAV will be significantly higher than $6.454 Million.
steel
Kipp, here are some of my fav's from that list, although I like them all for the most part
GOZ (Gold Ore Resources)
MTO (Metnaor)
IPT (Impact Minerals)
ECU (ECU Silver)
EXM (Exmin)
HLM (Houston Lake)
SNN (San Anton)
ABI (Abcourt Mines)
ADA (Acadian)
designer, I own both, have any info?
Liberty Mines Financials posted below, any thoughts?
Liberty Reports Second Quarter 2008 Financial Results
Liberty Mines Inc LBE
8/13/2008 4:39:40 PM
EDMONTON, ALBERTA, Aug 13, 2008 (Marketwire via COMTEX News Network) --
Liberty Mines Inc. ("Liberty or the Company") (TSX:LBE) reports continued strength in the production rate at the Redstone mine for the three months ended June 30, 2008. The Company produced 200,800 (229 per day) mined tonnes of ore in the second quarter of 2008, up 12 % over the previous quarter and continued to exceed the Company's 2008 production targets at the Redstone mine of 200 tonnes per day. The increase in production resulted in a 7.4% increase in the accountable pounds of nickel sold during the three months ended June 30, 2008 to 613,562 accountable pounds.
The increased production and continued diligence in monitoring costs allowed the Company to decrease the cost of producing a pound of nickel for the three and six month periods ended June 30, 2008 to US$5.91 and US$6.42 per pound which includes mining, milling, smelting, refining, price participation and marketing costs but excludes mine depletion and operating asset amortization charges. The Company anticipates the cost to produce a pound of nickel to remain in the US$6.00 to US$7.25 range for the remainder of fiscal 2008 as the McWatters mine will not be declared to be in commercial production until late 2008. With the combined commercial production of the Redstone and McWatters mines at 1,400 to 1,500 tonnes per day at a much lower cost per tonne, the Company will be able to produce a pound of nickel at a target cost of US$3.50 per pound.
The Company continued to focus on development activity at the WcWatters mine in the second quarter of 2008. It is anticipated preproduction at McWatters will commence from the upper level sills in September 2008 with full production from the mine at 1,200 to 1,300 tonnes per day from the lower high grade zone currently scheduled for early 2009.
The following table summarizes the Company's consolidated financial results
for the three and six month periods ended June 30, 2008.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended June 30 Six months ended June 30
2008 2007 2008 2007
----------------------------------------------------------------------------
Revenue $ 4,390,763 $ - $ 12,314,916 $ -
Mining and
processing costs $ 3,660,101 $ - $ 7,665,444 $ -
Amortization
depletion of
operating assets $ 3,033,042 $ - $ 5,795,826 $ -
----------------------------------------------------------------------------
Operating loss $ (2,302,380) $ - $ (1,146,354) $ -
General and
administrative
expenses $ 1,792,555 $ 144,837 $ 2,961,794 $ 423,327
Impact benefit
agreement $ 1,033,958 $ - $ 1,033,958 $ -
Stock based
compensation $ 462,245 $ 501,141 $ 1,166,953 $ 893,720
Amortization and
accretion other
assets $ 273,186 $ 103,900 $ 483,206 $ 113,840
Interest and
bank charges $ 87,239 $ (35,066) $ 150,660 $ (25,405)
Interest on
long-term debt $ 444,469 $ - $ 444,469 $ -
Accretion interest
expense $ 308,093 $ - $ 308,093 $ -
Foreign exchange
loss (gain) $ 84,267 $ (46,681) $ (78,048) $ (71,642)
----------------------------------------------------------------------------
Loss before
income taxes $ (6,788,392) $ (668,131) $ (7,617,439) $ (1,333,840)
Future income taxes $ 1,912,592 $ 663,276 $ 1,876,592 $ 663,276
----------------------------------------------------------------------------
Loss for the period $ (4,875,800) $ (4,855) $ (5,740,847) $ (670,564)
----------------------------------------------------------------------------
Loss per share -
basic and diluted $ (0.06) $ (0.00) $ (0.07) $ (0.01)
----------------------------------------------------------------------------
June 30, 2008 December 31, 2007
----------------------------------------------------------------------------
Working capital deficiency $ (13,007,696) $ (2,102,096)
Total assets $ 106,297,564 $ 86,839,787
Shareholders' equity $ 63,948,587 $ 72,458,763
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The Company generated revenue for the three and six month periods ended June 30, 2008 of $4,390,763 and $12,314,916 respectively. The Company's achievement of increased production levels in the second quarter of 2008 was not enough to offset the significant decline in nickel prices realized in the same period. The second quarter revenue was significantly impacted by the decline in nickel prices which averaged 11.3% lower than the previous quarter of 2008. In addition, the three month forward nickel prices were approximately US$9.50 per pound at June 30, 2008. This resulted in an additional $1.7M decrease in revenue for the three months ended June 30, 2008 as the final settlement of the Company's outstanding receivable balance is based on the price of nickel three months after the month of treatment based on the terms of the off-take agreement.
Cash mining and processing costs for the three and six month periods ended June 30, 2008 totaled $3,660,101 and $7,665,444, providing a cash operating margin of $730,662 and $4,649,472 respectively.
The mining cost per tonne of ore for the three and six month periods ended June 30, 2008 was $92.62 and $100.33, as compared to $111.54 for the fourth quarter of 2007. The decrease in the mining cost per tonne was a result of lower propane consumption which is used to heat the mine through the winter months and operating efficiencies realized through the continued increase in tonnes of ore mined into the second quarter of 2008 compared to the previous two quarters.
Processing costs for the Redstone mill averaged $48.61 and $45.61 per tonne for the three and six month periods ended June 30, 2008 compared to $34.27 per tonne for the fourth quarter of 2007. The increase in the mill processing cost per tonne is a result of the timing of additional routine maintenance required on certain pieces of processing equipment and additional operating salaries and wages. The Company anticipates the mill processing costs to remain in the $40.00 to $45.00 range for the third quarter of 2008 and decreasing to a target of $14.50 once the mill is at full production with the increased tonnage from McWatters.
On April 29, 2008, the Company closed a brokered debt financing arrangement totaling CDN$13,045,000 and US$3,355,000 bearing interest at 14% per annum. Interest of CDN$2,749,950 and US$704,550 was prepaid on closing the brokered financing agreement. The Company expensed $345,430 in prepaid interest for the three months ended June 30, 2008 using the effective interest method. In addition, interest was accrued totaling $99,039 on the USD$10,000,000 the Company had drawn at June 30, 2008 on the USD$15,000,000 credit facility in place with JJNICL.
The Company incurred commission and transaction costs with respect to the JJNICL credit facility and brokered debt financing agreement totaling CDN$1,189,969 and US$405,079. These costs have been deferred and recorded against the current and long-term portions of the Company's long-term debt balance. For the three and six month periods ended June 30, 2008, $308,093 of the deferred commissions and transaction costs were expensed using the effective interest method.
The Company's net loss for the three and six months periods ended June 30, 2008 were $4,875,800 ($0.06 per common share - diluted) and $5,740,847 ($0.07 per common share - diluted) respectively compared to $4,855 ($0.00 per common share diluted) and $670,564 ($0.01 per common share - diluted) for the comparable periods of 2007.
Cash flow from operations for the three months ended June 30, 2008 were $483,953 compared to $4,927,357 in the previous quarter of 2008. The Company's cash flow from operations was negatively impacted in the second quarter of 2008 by declining nickel prices which fell 11.3% over the previous quarter.
Subsequent to the end of the quarter, incentive stock options were granted to certain directors and officers of the company to purchase an aggregate of 1,000,000 common shares exercisable at $0.47 per share for a period of five years. The options were granted pursuant to a stock option plan approved by shareholders on June 14, 2007.
"We have overcome significant difficulties, from permitting issues last year and water problems this spring, to bring the McWatters mine into production. Soon we will be able to extract development ore from the mine and will work diligently throughout the fall to prepare for full production in late 2008 or early 2009. Although the current price of nickel is a concern for all producers, our cost to produce a pound of nickel will be approximately US$3.50 less metal credits as we hit our production targets. We anticipate the Hart mine to come on stream in the second half of 2009, and we do have the option to increase the production rate at McWatters. This could significantly increase cash flow in 2009 even if nickel prices remain at current levels." said Liberty's President and CEO, Gary Nash. This press release contains non-GAAP measures like operating cost per tonne of ore, net cash cost per pound of nickel, etc. Please see the Corporation's MD&A on SEDAR for discussion of non-GAAP performance measures.
Kipp, what makes GPR and FMA any better or more quality than:
GOZ (Gold Ore Resources)
MTO (Metnaor)
DIB (Dia Bras)
EXN (Excellon)
IPT (Impact Minerals)
ECU (ECU Silver)
SBB (Sabina Silver)
SPM (Scorpio Mining)
SEG (Silver Eagle)
NSM (Northern Star Minerals)
EXM (Exmin)
HLM (Houston Lake)
RR (Rainy River)
SNN (San Anton)
ABI (Abcourt Mines)
ADA (Acadian)
LBE (Liberty Mines)
Just to name a few?
good job cl001, and a replay of Aug 2007 is precisely what is happening, to the day one year ago damn near. Aug 9th was a Thursday, then the next Thursday, Aug 16th, we capitualated.
PetroBank under $36, Oct 2007 lows, RSI is oversold. Anyone nibbling, thoughts? I don't have a position on this, they have the THAI patent, correct?
QMNM drop was due to the massive dilution coming on Sept 5th. Going to 2.5 Billion OS from just under 1 Billion.
Hudbay is on my watch as well, I can't believe it's at the levels, under $10, used to be $29. But, there are a lot of mining stocks in even worse scenarios.
I don't know the particulars of Hudbay, except that they have a resource of an out of favor mineral(s), zinc?
koz, I know, NORD at .55 now.
avandalay, I just avg'ed down on ADA this week. I also hold SST at lower levels.
I am currently looking at nickel plays, can you believe that, ha!
Hey Guys, FedUpUSA.org has a Video and some PDF's worth watching and checking out on the bill about to pass this week on the bailout of FNM and FRE.
The use of taxpayer funds to bailout Fannie Mae and Freddie Mac will put in jeopardy the US Credit Rating and the dollar's status as reserve currency. This in fact, puts the US Government at risk.
The sheer size of the bailout has finally provoked the anger of the majority of taxpayers who had nothing to do with causing the problem but now find themselves being asked to pay for it.
Luckily, they now have an advocate that is ready to help them let congress know how they feel. With one click here: http://www.FedUpUsa.org , taxpayers can educate themselves and do something about it. They can watch a short video, read two letters from knowledgeable, responsible taxpayers to congress, participate in a protest in Wash DC and sign a petition endorsing the recommendations advocated in the two letters to stop bailouts and reverse the disastrous policies that have taken the US to the brink of a meltdown of its financial system.
The ramifications of a bailout of this size, especially without debate, demands that all media step up to bat and help get the word out to taxpayers.....after all, the Fed doesn't have its own money.....it is using taxpayer money without their approval. The future of our country is at stake.
steelpiston71
Not Bob, but some U's that should do well if Ux continues to rebound in spot would be UEX, PDN and LAM. These are all either producing or closer to that goal.
XE (Xemplar) is an interesting play, it was up over $8 not to long ago, now under a dollar. Potential huge resource iirc.
I also have been watching specs like ESO, TEL, FDC, GEM, SRI, CVV, BTT, etc.
steelpiston71
I'd say U.TO is a good proxy, I watch it too. Also spot Ux has finally stopped it's dive recently. Hit 57 and then actually rose to 58 and now 60. That trend continuing would surely help, as would Jim Dines offering up some bullish statements.
Uranium on the CDNX is getting hammered, anyone notice?:
WUC.V -15.833%
TEL.V -12.903%
TVC.V -12.048%
BVT.V -12.000%
FDC.V -10.294%
JNN.V -10.112%
WCU.V -10.000%
etc.....
Monty, it's listed here: http://individuals.interactivebrokers.com/en/accounts/fees/TSXstkfee.php?ib_entity=llc
For instance, for the NGG order, I arrive at $1.54 this way, using Removed Liquidity:
500 share NGG.V @ C$0.455 ($1.54)
Commission Fees: 500 x .455 x .005 = $1.1375 or $1.14.
Exchange Fees: 500 x .0008 (Removed Liquidity) (RL) = $.4
Commission + Exchange Fees: $1.14 + .40 = $1.54.
For the ATW order, it appears Add Liquidity (AL) (No Charge) was used:
8000 shares of ATW.V @ C$0.76 ($30.40)
Commission Fees: 8000 x .76 x .005 = $30.40.
Exchange Fees: 8000 x 0.0 (Add Liquidity) (AL) = $0.0
Commission + Exchange Fees: $30.40 + 0 = $30.40.
I'm not exactly sure how the Quadra order was only $10 however, as there should have been an exchange fee added on to that one, but it looks like it was just the commission of 1000 x .01 = $10?
What do you think of my math on these?
steelpiston71
Monty, thanks, is the Add/Remove Liquidity options available when you place your order? They have different pay scales I noticed.
Hey Monty, regarding Interactive Brokers fees with Canadian Juniors, how much would it cost to buy, say, 10,000 shares of Exmin at .11 with fees and commissions?