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any ideas on why the big volume on GORO yesterday?
American Manganese patent award
http://finance.yahoo.com/news/american-manganese-receives-u-patent-110000182.html
Hmmm,somehow Loneclone forgot to mention that the management at GORO has managed to build a low cost-per-ounce mine with no debt. In addition to the gold and silver, the lead, copper, and zinc help hold down the costs. Love those polymetallic mines.
GORO prelim 1Q. draw your own conclusions ...
http://goldresourcecorp.com/releases/GRC-2013-04-16-1.pdf
FWIW, I added to ORT and AUN this morning - I like their stories. I remember when Buffet was down 40% on his Washington Post shares, and they asked him what he was going to do -
'nothing' was his answer. He ended up making a nice profit. I've always contended that there's a fine line between faith and foolishness. Time will tell. best to all
Agreed, reverse splits can be an asset IF a company is growing and has real cash flow like Aurcana. Thanks to whomever for the cheap shares I collected this week.
Is Aurcana a buy yet?
Lots of tempting prices out there. Might nibble, but I'm thinking that there's still a chance that gold bounces off of $1550 on this correction.
Aurcana proposes share consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 13, 2013) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(AUNFF)(AUNFF) is pleased to announce that is proposing a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every eight (8) pre-consolidation common shares.
"After carefully considering Aurcana''s growth and strategic objectives, we believe that a consolidation could provide significant benefits to the company and its shareholders. This change may open the door to a large base of potential new investors and will qualify the company for a possible dual listing on a U.S. or other major stock exchange. This is an important step in Aurcana''s strategic efforts to become a senior silver producer," said Mr. Lenic Rodriguez, President & CEO.
Rationale
A share consolidation of the company''s issued and outstanding common shares is in line with Aurcana''s strategic and growth objectives to become a major senior silver producer.
This action has no impact on the company''s value or future cash flows.
While there are no guarantees, there may be important benefits that the proposed consolidation could provide, including:
•A higher post consolidation price per share could make Aurcana eligible for investment by a large base of potential new investors, who cannot otherwise invest below a minimum per share value.
•A larger investors pool may also result in a possible increase in trading volumes.
•A higher post consolidation price per share could also improve the company''s ability to pursue a dual listing on a major exchange and finance in the market, if warranted in the future.
•An increase in the share price in absolute dollar terms may improve the market perception of Aurcana''s stock.
•The proposed consolidation could also align the company''s number of outstanding shares relative to its peers.
If approved, the Consolidation would reduce the Company''s 467,157,647 issued and outstanding Common Shares to approximately 58,394,706 Common Shares. The exercise or conversion price of outstanding stock options and warrants would be proportionately adjusted based upon the same consolidation ratio. The company name will remain unchanged after the consolidation.
The proposed Consolidation is subject to the approval of the TSX Venture Exchange and Aurcana''s shareholders.
Full details regarding the proposed consolidation will be included in the information circular to be mailed to all Aurcana shareholders of record on February 26, 2013 and posted on www.SEDAR.com in connection with the Special Meeting of Shareholders, which is scheduled to be held on Thursday, March 28, 2013.
Pending 1st Nations lawsuit for Rubicon?
it's a wonder any mines get built any more.
http://finance.yahoo.com/news/rubicon-remains-committed-further-discussions-222300219.html
Orbite convertible debenture offering
http://www.marketwire.com/press-release/orbite-completes-c25-million-convertible-debenture-offering-tsx-ort-1737602.htm
I had emailed a question in to the conference call, but the same question was asked and answered by another investor during the phone-in portion of the call. Never-the-less, within a 1/2 hour of the call's completion, I had a return email from their new communications director, Catalin, thanking me and wanting to know if I had further questions. I'm more and more impressed with Lenic's management style all the time. If he continues to deliver, he's going to earn a big name in the industry as a savvy miner and a very class act.
Basser, I emailed Catalin back and asked him if they had plans for La Negra to mine the higher grade ore mentioned in the revised resource numbers. I'll update the board if I hear anything. Thanks for your Aurcana updates. It might not even be a 2-bagger, but it seems like a safe bet for a nice return, and if silver blasts off, it will be nicely leveraged for mucho upside IMHO.
looks like Aurcana benefitted this last several days from a mention in Motley Fool and supposedly a reco from John Doody.
is there a link for the report?
yikes and wow - very persuasive - might be the best info you've shared, and you post lotza good stuff! Thanks!!! ( although it's kinda sad and kinda exciting to contemplate gold at $6500 to $13,000).
thanks, a very savvy presentation - the info is concise, understandable, useful and timely. Looks like Lenic has lots of components in place for a longer-term growth story regardless of bullion prices. Any appreciation in Ag prices will be extra gravy. He appears to be the kind of guy who not only has a vision but also has the know-how and determination to get things done. This suggests to me that he has the local support as well as the industry contacts to make things happen, which are big deals in the mining biz. Think I'll add some traders next time we have a correction (maybe October seasonality) to take advantage of what's setting up to be a solid, longer-term growth story which will be interrupted from time to time by the inevitable challenges and surprises (aka buying opportunities if you believe Lenic can deliver). best to all
All are good options because AUN has cash and is making more cash.
Lenic stirkes me as a very savvy hombre and don't forget that he has a lot of skin in the game. If the water issue is handled, then this is looking more and more like a great story. I'd love to see them talk about a future 7500 TPD mill rate to create a 10-year mine life. All kinds of possibilities for upside, and if silver runs back in to the $40's or higher, I'd love to see AUN pull a GORO and start paying a dividend. best to all
How about a share buyback program once the cash is flowing. I suspect Lenic has considered it - he seems pretty savvy.
ok Bobwins, I added a chunk - seems pretty darn fascinating.
Aurcana presentation
agreed, somtimes it's hard to remember that we should do more of what works and less of what doesn't. Maybe we're finally ready for a May bounce. If so, then the best thing to do would be to move $ in to the better upside performers...just not always easy to sell at a loss.
ot East Africa oil
while we wait on ERHE, in the mean time, Africa oil is on a roll -Tullow is quite the partner. Kenya and the East Africa rifts could be quite a surprise.
Africa Oil: Ngamia-1 Well Discovers Additional Oil in Kenya
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0788094001&sourceType=1http://www.ccnmatthews.com/logos/20080624-AFR.jpg
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/07/12 -- Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide the following update in respect of the previously announced oil discovery at the Ngamia-1 well on Block 10BB, Kenya. Africa Oil holds a 50% working interest in this block, which is operated by Tullow Oil plc ("Tullow") which holds the remaining 50% interest.
The Ngamia-1 exploration well in Kenya has now been deepened to a total depth of 1515 meters and has encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters. Following the initial announcement on the 26th March 2012 that Ngamia-1 had encountered in excess of 20 meters of net oil pay, the well has now been deepened from 1041 meters to 1515 meters. A further four good quality, oil-bearing reservoir zones have been encountered. Due to deteriorating hole conditions, a sidetrack of the well was required to deepen the well. Moveable oil with an API greater than 30 degrees has been recovered to surface from six of these intervals. This oil has similar properties to the light waxy crude encountered in the upper reservoir zone.
The Ngamia-1 well will now be drilled to a depth of approximately 2,700 meters to explore for deeper potential including the Lokhone sandstone which was one of the primary objectives of this well. Plans are in place for at least two drill stem tests upon completion of drilling operations. The Weatherford 804 rig will then move to Block 13T where the Twiga-1 (formerly Mbango South) wildcat well will spud in the second half of 2012. A further rig is being sourced to drill the Block 10A Paipai prospect in the Cretaceous Anza Graben system.
Africa Oil President and CEO, Keith Hill, stated, "The total pay sand thickness in this well has far exceeded pre-drilling estimates and certainly has highly positive implications for numerous similar prospects on trend. Based on these results, we are working with our partner Tullow to source additional rigs and acquire additional seismic to accelerate the exploration campaign in this basin. Our goal in the near term will be to assess the size and extent of the potential of this newly discovered basin."
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali, as well as Puntland (Somalia) through its 51% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
Thanks checkmate,
I'm nibbling just because the resource is so big, plus the vanadium is also substantial. Nice to read that they can start with a simple crushing operation.
There really is oil to be found in Nigeria. Hopefully ERHE's chart will look like MMT.V, Mart Resources, someday.
TARM, Tara Minerals in deal with Yamana
Yamana Buys Picacho, ~$40,000,000
On April 4, 2012 the Company’s subsidiary, Adit Resources Corp. (“Adit”) sold its wholly owned subsidiary, American Copper Mining S.A. de C.V. (“American Copper”) to Yamana Mexico Holdings B.V. (“Yamana”). American Copper’s primary asset is the Picacho group of concessions (the “Property”) located in Sonora, Mexico. The Property does not have any proven reserves.
As consideration for the sale of American Copper, Yamana agreed to pay Adit, in U.S. dollars: ·
$7.5 million, minus approximately $780,000 (the amount required to pay the Mexican government to release its tax lien on the Property), will be deposited into an escrow account and will be released when the Mexican government releases its tax lien on the Property (the “Escrow Release Date”);
Yamana Gold Inc. will surrender 500,000 common shares, and warrants to purchase an additional 250,000 common shares, that it holds in the capital of Adit for cancellation by Adit; ·
$9.8 million one year after the Escrow Release Date; ·
During the period ending five years after the Escrow Release Date, $1.0 million for every 100,000 ounces of gold, (whether measured, indicated, or inferred; as defined by Canadian Securities Administrators National Instrument 43-101) discovered on the Property. If no gold is defined on the Property three years after the Escrow Release Date, Yamana will make an advance payment of $3 million. Pursuant to this provision of the Agreement, Yamana will pay a maximum of $14 million.
·
$4.3 million six years after the Escrow Release Date.
Yamana has the option to terminate the agreement within ten business days prior to the one year anniversary of Escrow Release Date for any reason. If the Agreement is terminated, Yamana will be required to return the capital stock of American Copper and the underlying Property to Company in good standing.
It's Easter Week - talk about coming back from the dead!
Additional thought - with PM equities lagging price-wise and with financing tight, I suspect Lenic has some accretive acqusitions in mind - AUN.V is in a sweet spot with cash and increasing revenues. We might gripe about dilution, but it looks to be up and way from here. best to all
Interesting that Rodriguez talks about 8 to 9 million oz/yr in 2013 - he must have some acquisition(s)in mind. At this point in time, I wouldn't bet against him - he has done a superior job IMO in bringing upgrades at La Negra and production at Shafter in on time and under budget. I wonder how many people appreciate the work he has done.
have to agree with Jim Sinclair's comments that the whole sell-off thing was central bank orchestrated (along with Bernanke's remarks) to distract from the fact the ECB just cranked up another huge QE. Like my gradpa used to say - no matter what color you paint it, it still smells the same.
the slippage is frustrating but it seems like everyone is waiting longer than expected for Pre-feas, 43-101's etc. I still think there is enough upside to warrant adding on dips. I'm mostly interested to see if the pilot models are viable in the field at full scale, and whether further $ needs will be debt or dilution. I expect more slippage as we proceed - not uncommon for potential 10-baggers to only turn in to doubles when it's all said and done - but it looks like AMY has lots of potential markets if it can produce, and manganese pricing looks like it will hold up. All in all, still a good speculation IMO.
West Africa activity: estimated 20,000 bpd from Angola pre-salt well
http://www.reuters.com/article/2012/02/10/cobalt-angola-idUSL5E8DA3GM20120210
yes, the West Africa pre-salt similarities to Brazil are striking. One has to wonder what the pre-salt possibilities are in the JDZ, etc. That's why I like HRP.V and Marcio Mello for their Namibia potential. i can't imagine anyone else in the world that knows more about pre-salt than Marcio.
OT Energulf updates Namibia resource estimate
Angola and Namibia are looking very prospective also.
http://www.energulf.com/ENG%20NR%20PRR%2051-101%20Namibia%2020120221.pdf
agreed - i added some options on VXZ this morning as a hedge for any downside action. With a big treasury auction tomorrow, I'm assuming the market will 'mysteriously' drop to chase folks to the bond auction.
Motley put Aurcana on the map today.
http://www.dailyfinance.com/2012/02/06/the-greatest-growth-story-in-silver-today-part-2/?source=edddlftxt0860001
Tara Minerals Update
Tara Minerals Adds to Iron Ore Holdings
CHICAGO, October 10, 2011 (MARKETWIRE) – Tara Minerals Corp. (OTC: TARM, BERLIN: 6T3) is pleased to announce that it has reached an agreement for the right to mine the 150 hectare Champinon iron ore property located in Mexico. The host structure has been estimated, through surface mapping and sampling, to be at least 40 m wide, 1.5 km in length and open in all directions. Surface grab samples returned assays ranging from 62.0% to 68.9% iron ore. Tara has committed to extract and sell a minimum of 60,000 tons every 6 months.
The property is located 12 km from the Don Roman mill in the Municipality of Choix, State of Sinaloa, Mexico. The agreement gives Tara the right to mine Champinon for a period of 10 years and has an automatic renewal clause upon expiration. Tara will pay the concession holder a royalty of $5, plus any Value Added Tax, for each ton of material sold. The concession holder has been paid $175,000, plus Value Added Taxes, and will be advanced funds, against the minimum royalty, on a monthly basis. Tara anticipates that it can initially reach production rates of a minimum of 30,000 tonnes per month, scaling up to over 50,000. Local concession roads are being upgraded to handle the hauling traffic. Tara is also reviewing contractors to carry out the mining, processing, and hauling work. Discussions with concentrate buyers are confirming a strongly priced market for high-grade iron ore material over 62%.
Mr. Francis Biscan Jr., President of Tara Minerals Corp., commented, "Iron ore continues to show a sustainable growth profile with potential for substantial operating margins. Champinon is a key addition to our portfolio because this high-grade ore can be mined, crushed, and direct shipped without the need for concentrating the ore. This acquisition is significant, as we continue to position ourselves in Mexico's iron ore market."
About Tara Minerals Corp. (http://www.TaraMinerals.com)
Tara Minerals Corp. is focused on advancing its gold/silver/zinc/lead Don Roman mine and mill, its iron ore projects and its Picacho gold/silver project, all located in Mexico. Management is creating long-term shareholder value and deploying its capital to advance its projects by enhancing resources, further outlining new discoveries/targets, and acquiring additional strategic assets. Tara's strength in recognizing value early and strategy of reducing risk through a foundation of cash flow, positions it for low-risk value creation.
Contact: David Barefoot (888) 901-4550
David@TaraMinerals.com
as i recall, Alex had a bunch of shares - doubt he will walk away without trying all options. Might be on life support, but not dead yet IMO - DYDD