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Jan 31, 2008 17:00 ET
Ascendant Copper Provides Update on Junin Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2008) - Ascendant Copper Corporation ("Ascendant") or (the "Company") (TSX:ACX)(BERLIN:A0HMLE)(FRANKFURT:A5C) today responded to notices received from the Regional Director of Mines of Pichincha that purport to nullify two concessions, Golden 1 and Golden 2, that form part of the Junin copper/molybdenum project in Ecuador on the basis that these concessions were granted unconstitutionally.
Ascendant believes that there are several irregularities in the notices. Ascendant intends to vigorously defend its rights and will take appropriate action upon further study with its Ecuadorian legal counsel.
"It is important to note that a significant number of concessions throughout Ecuador were granted to a number of mining companies under the same mining law which the notices state are unconstitutional," said Gary Davis, President and CEO of the Company. "We believe that the notices that Ascendant and many others received, if acted upon, will create tremendous uncertainty in the mining industry. President Correa has recently made a number of statements supporting the role of mining in fostering growth in Ecuador. We are actively seeking clarification from the central government and will co-operate fully under any reasonable circumstances. We will inform shareholders immediately when we more fully understand all issues involved."
Jan 25, 2008 15:14 ET
Ascendant Copper Responds to Announcement by Ecuadorian Minister of Mines and Petroleum
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2008) - Ascendant Copper Corporation ("Ascendant") (TSX:ACX)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) ("the Company") has learned through media reports that the Ecuadorian government has voided two concessions, Golden 1 and Golden 2, forming part of the Company's Junin project in northwestern Ecuador. Ascendant has received no notification of annulment from the Government of Ecuador or the Ministry of Mines and Petroleum, nor is it aware that any such notification exists.
According to Ascendant Copper's records, all concession payments regarding each of its projects have been made, on time, as stated by Ecuadorian law. The Company has complied with all government requests, abided by all Ecuadorian mining regulations and remains in compliance with all laws.
The Company continues to work closely with the Ecuadorian government on both the Junin and Chaucha projects. The 7,400-hectare Chaucha project is currently moving toward pre-feasibility study.
Ascendant Copper has been in contact with the Ecuadorian government for more information and clarification and will continue to do so. The Company will provide an update as soon as additional information becomes available.
Ecuador assembly wants mining "house in order"
By Alonso Soto
MONTECRISTI, Ecuador, Jan 28 (Reuters) - Ecuador's assembly to rewrite the country's constitution is working to overhaul the mining sector and fueling investor worries about what tighter state control could mean for the nascent industry.
Ecuador last week revoked 587 mine concessions, including a key project held by Canada's Ascendant Copper (ACX.TO: Quote, Profile, Research), after charging they failed to pay annual fees on time. But the measure spared some of the big foreign players in Ecuador.
President Rafael Correa, a leftist former economy minister, has vowed to boost the government's grip over natural resources to better distribute wealth among the poor, echoing moves made by ally Venezuela's Hugo Chavez and worrying Wall Street.
Alberto Acosta, head of the government-controlled assembly, said the 130-member body currently debating a new constitution could decide to expand the state's hold over mining as it seeks to "put the house in order."
"We have to study the government's decision and will take additional steps if needed, but what is key here is to establish in the constitution the basic principles under which mining activity will be developed," Acosta told Reuters.
A top mining ministry official, who was not authorized to speak in public, told Reuters the government plans to revoke another batch of the more than 1,000 concessions for not paying annual fees on time.
Most of those are smaller operations, some of which have been abandoned, the source said.
But some investors are concerned about mixed messages. Acosta's remarks have often been tougher than those of Correa, who says the government would allow large-scale, open-pit mining if it generates enough revenues for the country.
Acosta has opposed open-pit mining, which could hamper mining operations in the country as most of the large projects plan to use that technique to extract metals.
"The market has received mixed messages ... some investors are worried about tighter control," said Michael Gray, a mining analyst with Genuity Capital Markets in Vancouver.
LARGE SCALE MINING
Speaking from the assembly's headquarters in Montecristi, Acosta said assembly members should prohibit mining in nature reserves, allow communities to decide if nearby projects should move elsewhere and ban open-pit extraction.
"Large-scale mining needs to have clear rules, but the big question remains if we really want open-pit mining," Acosta said in the interview.
Ecuador has no significant output of precious metals, but dozens of junior firms are exploring for copper and gold, including Canada's Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (CTQ.TO: Quote, Profile, Research) and IamGold Corp. (IMG.TO: Quote, Profile, Research).
The government estimates the country holds $130 billion worth of metal deposits.
The state has already started talks with Aurelian and Corriente to increase state participation in their contracts.
A government official close to mining policy decisions told Reuters that Correa is trying to convince Acosta to change his opposition to open-pit mining to allow large-scale projects to start work in the Andean country.
Acosta is part of Correa's inner circle and colleagues consider him the president's mentor, with great influence over the assembly.
The country has granted around 4,000 concessions, or 2.9 million hectares (7.1 acres), of which companies pay only an annual ownership fee, sparking sometimes violent demonstrations by environmentalists and communities who complain the state is granting too many deals without control. (Editing by Patrick Markey and Christian Wiessner)
Ecuador plans mining overhaul; wants new deals
By Alonso Soto
QUITO, Jan 29 (Reuters) - Ecuador plans to revoke most mining concessions, but preserve those held by the industry's biggest players in a move to push them to renegotiate their deals, top government officials told Reuters on Tuesday.
The assembly rewriting the country's constitution is analyzing a government proposal to issue a decree to boost state control over the nascent gold, silver and copper mining sector.
A copy of the proposal obtained by Reuters calls for the takeover of most of the country's 3,000 concessions, but would exclude companies that have big investments in exploration. The document does not detail a capital amount.
"The main companies will not have any problems," a top government official close to mining policy decisions told Reuters, asking not to be named.
President Rafael Correa, a left-wing economist and ally of Venezuelan President Hugo Chavez, has vowed to boost the government's role in natural resource extraction to better distribute wealth in the poverty-stricken country.
Last week the government revoked 587 mining concessions held by companies that failed to pay annual fees, sparking fears among investors of greater state intervention in a sector that is largely still just exploring for precious metals.
Another official close to Correa said the decree would exclude companies like Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (ACX.TO: Quote, Profile, Research), Iamgold Corp. (IMG.TO: Quote, Profile, Research), Dynasty Metals (DMM.TO: Quote, Profile, Research), Coastport Capital and International Minerals Corp (IMZ.TO: Quote, Profile, Research).
The official said the decree's goal was "to force companies that have invested to come in and talk."
The proposal is being discussed by the assembly's natural resources committee, which would propose an order that would be voted on by the 130-member body. Two assembly members told Reuters the 13-member committee had only started to discuss the proposal and does expect to decide on it immediately.
The proposed decree says the spared companies would have to renegotiate their deals with the government in one year or else the state would cancel their deals. It says royalties paid to the government will be at least 3 percent.
The proposal would also give Correa the powers to set "mining areas of national interest," which will be only exploited by a planned state mining firm.
Mining Deputy Minister Jose Serrano has said that revoked concessions would be auctioned once a new bill to reform the current mining law is approved later this year.
The proposed decree also calls to cancel concessions in environmentally protected areas and those in the application process.
(Reporting by Alonso Soto; Editing by David Gregorio)
However you Compute it, Ascendant Copper is One Very Undervalued Company
By D. J. Hadfield
Jan, 23rd
Certainly, one of the most daunting challenges an investor faces is putting on the thinking cap and calculating the value of a mining or junior exploration company share. There are countless ways of valuing and comparing companies, and tens, if not hundreds of variables to consider when making your final investment decision.
How do we determine the value of a mining company? The first thing to keep in mind is that all production is prospective, although it comprises the company’s primary source of value.
In the case of Ascendant Copper (TSX:ACX), we have some near term revenue generating potential, and some longer-term prospects.
For example, the company is in negotiations to purchase St. Genevieve Resources (CNQ:SGVL), which is a junior with base metals holdings in Arizona and Nevada, including two near term, past producing properties, namely Zonia and Emerald Isle.
When Ascendant has completed the purchase of SGVL, the company estimates it could go to production at the larger of the two deposits, Zonia Mine, within two years and generate some substantial cash flow annually for some time to come from that property.
The 3,000 acre Zonia Mine property produced 33 million pounds of copper from 1966 to 1975. A NI 43-101 technical report dated October 2006 by Scott Wilson Roscoe Postle Associates estimated an inferred resource of 63 million tons averaging 0.37% total copper at a cut-off grade of 0.25% copper. The total resource was estimated at 460 million pounds of copper.
A note on mine valuation: Determining the price of copper for a non-producing exploration company is a relatively complex task. The actual price of copper – presently about $3.25/lb – must be discounted for future and ongoing exploration costs, fluctuations in the price of copper, risk and other extraction and capital costs, to name just a few. For the purposes of this essay, I will use an average discounted price used in a recent report by an investment bank. For this report, it compared the market capitalization of five non producing copper junior companies divided by the number of pounds of in the ground copper, all of whom can be considered peers to Ascendant. The resulting average value of a pound of copper in the ground is a highly discounted $0.03.
Of course, there are variables that can affect either side of this equation – resource property evaluation is certainly not a precise science. For example, the actual value of all of the metal suspected to be in the ground at one US property and one Ecuadorian property – Zonia and Chaucha, respectively – not calculating for extraction costs or risk, etc., is easy to figure out: approximately $8.0 billion. Just multiply known resource estimates by the present price of copper.
To do that kind of math would be like figuring out the price of a car by multiplying its weight by the price of iron ore – nonsensical, at best.
Thus, the near term Zonia Mine, with 460 million pounds of copper, multiplied by a valuation of $0.03/lb Cu would yield a value of about $14 million to Ascendant.
$14 million is a random sort of number, until we turn it into a per share valuation. Presently, ACX has almost 71 million shares outstanding. After a merger with SGVL, based on the terms of the deal outlined in press releases, I calculate about 100 million ACX shares out. Thus, on a per share basis, Zonia is worth $0.14 per share. Right now, ACX trades at $0.25 per share.
But didn’t I say that ACX is undervalued? You bet
But future production from Zonia is only a small fraction of what Ascendant has on its plate. Let’s go to South America.
Ascendant has two major projects in Ecuador, right now. If you know Ecuador, then you know there’s some uncertainly at the moment, as the Government reworks the existing mining laws.
Nevertheless, the language from the government and actions by other mining companies in the country suggest a return to business as usual. Dynasty Metals and Mining (TSX:DMM) recently bought out its NSR for $1 million on its near term Zaruma deposit in Ecuador.
Haywood Securities analyst Eric Zaunscherb recently noted the risks involved in operating in Ecuador, including the possibility that a 70% windfall tax could be imposed on mining companies operating in the country, but also added that, "The President and the Ministers of Energy and Mines have already stated that they would go for a contractual arrangement on a one-to-one bases.”
Additionally, the government’s new tax will only be levied on certain commodities, and only when prices cross a particular threshold. What the specifics are only time will tell.
Historical estimates on Ascendant’s Chaucha property are 2.2 billion pounds of copper in the ground. Again, using the average valuation of $0.03 per ground pound of copper, we can calculate the relative value that Chaucha adds to ACX’s share price. The exploration value of the Chaucha (2.2 billion pounds X $0.03) is $66 million for a per share value of $0.66
By adding the per share value of Chaucha to that of Zonia, we get a total per share valuation of $0.80 and a post-merger market capitalization of $80 million and that is based on only two of its properties.
Another way to value a property is by determining its net present value – the value today of production tomorrow after considering cost of production, both capital and operating versus revenue. If one assumes average capital costs for constructing an SXEW operation and all production break even cost of, say, $ 1.15 per pound, then at the price of even $2.00 per pound of copper a back of the envelope calculate would indicate a possible net present value for Zonia (at a 10% discount rate) of over $50 million. Divided by the shares outstanding, on a per share basis under this scenario, Zonia could be worth $0.50. It is too early to run a discounted cash flow for Chaucha, but adding in the $0.66 per share for Chaucha, $1.16 per share is the sum of a discounted cash flow model for Zonia and an exploration valuation for Chaucha. 12-24 months from now, a discount cash flow model on Chaucha may be feasible, significantly adding value to Ascendant’s stock price.
Presently Ascendant Copper has a market cap of approximately 14 million.
Go figure. If we agree on the $0.80 valuation, generating an $80 million market cap, this is over 470% difference from today’s market price. If the discounted cash flow model for Zonia and an exploration valuation for Chaucha are used generating a post merger valuation of $116 million in market capitalization or a $1.16 per share price then that’s as much as a 725%% difference from where the stock is trading today. And even if we just take a discounted cash flow valuation for Zonia at 50 million, and leave everything else aside for a moment; that is still over a 250% difference from where Ascendant is presently trading.
Of course, these calculations can be augmented or detracted from in any number of ways. In the former case, the company may find it can go to production at another property before or during production at either of Zonia or Chaucha. The other US property involved in the acquisition of SGVL called Emerald Isle, is a past producer and could, according to Ascendant, add another $22 million in cash flow over four years.
Moreover, the company has a much larger property in Ecuador that has been slowed by an anti-development group. Nevertheless, there’s another potential 19 billion lbs copper and 864 million lbs molybdenum to be moved into measured and indicated categories at Junin, too.
All told, if you’ve heard the rumour that Ascendant Copper is possibly the most undervalued junior exploration company trading on the TSX, then you’re certainly not alone.
Hmmm. That is going to be a little painful. I sincerely hope that they have a good plan for these funds.
Someone picked up 500,000 shares today at .50. Interesting.
May 31, 2007
Ascendant Copper Corporation announces ongoing exploration progress on its Telimbela Copper Project, located about 56 kilometers northeast of Guayaquil, Ecuador.
Operating under an existing preliminary environmental impact assessment (PEIA) for the property, recent mapping, soils sampling, and channel sampling at Telimbela has generated highly encouraging results in a heretofore largely untested area known as the Northeast Zone. On March 22, 2007, the Company announced results of an initial exploration program in the Northeast Zone that consisted of non-continuous channel rock samples over a distance of approximately 40 meters and averaged 0.8 % copper.
An extension of this earlier outcrop sampling program has now yielded a continuous zone of 98 meters grading 0.52% copper with a high value of 1.93% copper over 2 meters in width. In addition, four hundred meters to the south, another continuous channel rock sampling program has yielded a second zone 58 meters wide grading 0.55% copper. These two zones are contained within a newly delineated soils and rock geochemical anomaly which has grown to 800 by 600 meters in size and remains open to the south. Assay results from the final soils geochemical grid are pending.
Structural mapping of the Northeast Zone indicate that the newly discovered geochemical anomalies may be an extension of the previously identified Central Zone, explored by the Japanese in the early 1970's. In addition to the exploration results reported above for the new Northeast Zone, the Company has also recently conducted some additional outcrop and channel sampling in the Central Zone, which has yielded values of up to 0.35% copper.
Pursuant to existing mining laws and regulations in Ecuador, and in conjunction with Whistler Associates, a final consultation with the community of Telimbela was conducted in order to gain approval of a more comprehensive EIA which would allow more comprehensive exploration including proposed drilling on the concession. The EIA, along with comments incorporated from the public consultation meeting, will be submitted to the Ministry of Energy and Mines in the coming week. A favorable response from the Ministry is expected within 45 days.
Commenting on the results from this exploration program, James Stonehouse, the Company's Vice President of Operations (South America) said, "Ascendant's senior management is highly encouraged by these exploration results. Pending approval of all necessary permits, we anticipate commencement of a first phase drilling program in June of this year."
In 2006 the Company acquired an option to purchase the Telimbela copper-molybdenum property from Ecuador Gold S.A., a subsidiary of EcuaGold Resources Ltd. (TSX-V: EGR). The purchase agreement obligates the Company to complete specified cash payments and exploration commitments over a two-year period commencing July 2006. The Company has the right to acquire 100% of the property upon fulfillment of the terms of the agreement and the granting to Ecuador Gold of a 2% net smelter return royalty on production from the property.
John R. King, the Company's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI43-101"), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the Company and these geologic observations of the samples are correct. Assaying of the samples was conducted by ALS Chemex Laboratories, an ISO certified laboratory in Lima, Peru.
Ascendant Copper Corporation is a mineral exploration and development company responsibly advancing its Chaucha and Junin copper-molybdenum projects in Ecuador toward a verifiable economic base metal discovery. Ascendant has a solid mineral asset base, a diversified portfolio, proven management, and is committed to becoming a mid-tier copper producer through its joint venture with Antofagasta PLC (LSE:ANTO) on the Chaucha Project and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
To view a map of Ascendant Copper Corporation - Soil Sampling of Northeast Zone and the Layout of Northeast and Central Zones, click the following link: http://www.ccnmatthews.com/docs/acx_maps.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
(303) 824-0271 or Toll Free: 1-866-907-6047
(720) 962-4648 (FAX)
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
Source: CCN Matthews (May 31, 2007 - 9:36 AM EDT)
I am beginning to suspect that Calgarylady might make a better moderator than I, or perhaps assistant?
I am not as good at updating things as I should be...
Thanks CalgaryLady.
I think this could be very good for the company if the government has responsible folks making decisions. It seems to me that they do. Although superficially similar to Venezuela, scratch the surface a little and you will find that Correa and Chavez are from extremely different places.
From what I have read about the Correa, he seems quite reasonable. I support his desire to see more revenue from mining and oil reach the poor in Ecuador, and I expect that he will promote mining to see that it does. He is smart enough to know that it won't happen with state control though, and has likely learned from Mexico, et al. how not to do it. He has a Ph.D from the University of Illinois in economics, too.
The environmentalists say that the government won't allow it, while I believe that Ascendant thinks that they will. My money thinks that Correa will see the benefit of the mine for Ecuador. The oil won't last forever, and that is what generates most of the foreign exchange now.
Time will tell, although the pps doesn't seem to be reacting one way or the other right now.
Here is an article I just found that came out today (after I wrote the comment):
OIL ROYALTY REVENUES A POSSIBILITY
Ecuador’s President contemplates mining law change to benefit nation’s treasury
President Rafael Correa, an economist, may revise the nation’s mining law to generate more revenue for the Government of Ecuador, vowing not to “kneel in the face of foreign investment.”
Author: Dorothy Kosich
Posted: Monday , 26 Mar 2007
RENO, NV -
As Ecuador changes the nation's mining policy, Deputy Mining Minister Jorge Jurado said the nation is seeking a model in which both mining companies and the state can benefit.
Ecuador's Minister of Energy and Mines Albert Acosto met this past week with members of the National Chamber of Mines and the Camara de Mineria del Ecuador to discuss Ecuadorian President Rafael Correa's proposed policy changes.
If a mining reform bill is to be introduced, it could take three to four months to prepare, Business News Americas reported Friday.
Acosto claimed that the nation's mining industry does not contribute much to the nation's treasury even though mineral concessions occupy an area of almost 11% of Ecuador's total land base. On March 14, President Correa said he would revisit oil and mining deals and restructure Ecuador's foreign debt.
At the time, Correa told foreign reporters, "We are not going to make our country kneel in the face of foreign investment." Ecuador's largest foreign investor is the Calgary, Canada-based energy company EnCana. Along with Occidental Petroleum and Chevron-Texaco, EnCana is part of a trio that virtually controls Ecuador's domestic oil industry.
Correa has openly opposed Chevron-Texaco in a $6 billion lawsuit filed by local residents and indigenous groups in the Oriente Region, who claim that the oil company dumped 18 billion gallons of polluted water onto the floor of the Amazon rainforest.
An economist with a leftist political orientation, Correa may consider imposing royalty taxes on oil and mineral exports to pay for health, education and infrastructure projects in Ecuador. Nevertheless, Correa has not identified any particular energy or mining contracts up for renegotiation.
Colorado-based Ascendant Copper's Junin copper/moly exploration project has generated opposition from environmental NGOs and some local groups. Last November, Ascendant signed a community development agreement with communities near the Junin project. The company agreed to contribute $4 million over the next four years for social programs and community during the duration of the exploration phase of Junin.
Vancouver's Corriente Resources had its Mirador copper project activities suspended by the Ministry of Mines after a series of protests in the Morona-Santiago and Zamora-Chinchipe provinces against resource development. Nevertheless, for the past six years, Corriente has provided medical care, housing, education and employment to three nearby villages
After several unsuccessful negotiating sessions with the protesters, the federal government asked Corriente to temporarily suspend its Mirador project camp activities to aid in the negotiating process. Mirador production had originally been planned for late-2008, but is now delayed to mid-2009. Corriente has been negotiating with the Correa Administration to resume the fieldwork. In a January news release, however, Corriente said, "While the government has indicated support for such resumption, it has yet to provide clear and sufficient indications of when this will be achieved."
Under current mining law, the National Government of Ecuador cannot revoke a mining concession unless the concession holder consistently fails to comply with the nation's mining law. All government royalties or taxes other than the National Corporate Tax have been eliminated for mining investment. Provincial and local governments are not permitted to collect local taxes on mining, nor enact mining regulations.
In a recent interview with Business News America, Deputy Mining Minister Jurado stressed that neither communities nor the environment will be left out during the development of large scale mining projects. He also discussed the possibility that the Correa Administration could seek more revenues from mining.
Ironically, Ecuador is considered one of the least explored nations in South Africa despite the presence of gold, copper, silver, zinc and coal.
Wow, that was nice.
That is a whole lot of copper no matter how you look at it.
If the company can get a grip on the political situation, this could be quite huge.
Thanks Calgarylady.
Keep an eye on this. We are up considerably again today.
I understand that the company was planning to talk with the government. We could be seeing something related to those talks now. That is speculation, however.
Wow, up quite a bit in the past few days (over 50% from a month ago). Apparently some kind of agreement was reached with some of the local communities.
The environmentalist thinks that the government will shut down mining.
I understand that he is quite a bit smarter than that, but time will tell.
I owe someone a reply...
That makes sense. Thanks.
Excuse me if I missed this in an earlier comment, but can't you get the chart for ARU to come up automatically with this board?
More top-notch talent joins the company. Something must be up...
Dr. John B. Gammon Joins the Board of Directors of Ascendant Copper
Ascendant Copper Corporation ("Ascendant" or the "Company") (TSX: ACX) is pleased to announce today that Dr. John B. Gammon has joined the Board of Directors.
John holds a B.Sc. (honours) degree in Geology from the University of Leicester, UK, and a Ph.D. in Geology from Durham University, UK. After graduation, John conducted postdoctoral research at the Universities of California and Princeton as the recipient of a Senior Visiting Fulbright Fellowship. For the next twenty years he was employed in successively senior positions in mineral exploration management with, among other companies, Falconbridge.
John spent seventeen years with the Government of Ontario, Canada, in the Ministry of Northern Development and Mines, the first two years as Director, Mineral Development and Lands Branch and then as Assistant Deputy Minister, Mines and Minerals Division. He was senior advisor on all mining issues to five successive governments. In appreciation for services to mining and northern Ontario, John was awarded an Honorary Doctor of Laws from Laurentian University in 2006.
After retiring from government in 2005, John established the "Centre for Excellence in Mining Innovation" at Laurentian University. He is also the Founder of the World Mines Ministries Forums, Toronto. He currently sits on the Boards of Gold Summit Mines, Sherwood Copper Corporation and Strait Gold Corporation.
The Board and Management welcomes John to the Company and the wealth of experience he brings. Gary E. Davis, President, comments, "John is a valuable addition to the Ascendant team and will certainly strengthen our communications with key stakeholders, especially those within the Canadian government."
Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties: the Junin property and the Chaucha property, which it has partnered with Antofagasta PLC for exploration and advancement. The Company has also acquired an extensive exploration database developed for Ecuador by Rio Tinto Mining and Exploration Limited and has an option to purchase the Telimbela copper/molybdenum grassroots exploration property located in an historic mining district in south-central Ecuador.
Distributed by Filing Services Canada and retransmitted by Market Wire
Source: Market Wire (February 28, 2007 - 9:30 AM EST)
If you're like me, you have difficulties trading TSX stocks from an American account. In fact, "trading" is not the appropriate word.
But now, thanks to e*trade, all that could change! Yes, they will soon allow all account holders to trade international stocks in local currencies! No doubt, their competitors will soon follow. This could be really great for the TSX and many of its listed companies, by bringing a whole new group of buyers to the table.
No wonder I feel like a late night advertisement...
E*TRADE FINANCIAL ANNOUNCES LAUNCH OF GLOBAL TRADING PLATFORM, PROVIDING RETAIL INVESTORS ONLINE ACCESS TO FOREIGN MARKETS
Both Active Traders and Mass Affluent Investors Indicate Strong Interest
NEW YORK, February 20, 2007—E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced that E*TRADE Securities LLC has launched its Global Trading platform. E*TRADE's US retail customers will now have online access to foreign stocks and currencies in the major international markets and will have the ability to buy, hold and sell in the respective local currency. The pilot launch is focused on the major global markets ? Canada, France, Germany, Hong Kong, Japan and the United Kingdom ? and may be expanded to include online access to up to 42 international markets and related currencies.
"Demand for international investing continues to rise dramatically in the United States," said R. Jarrett Lilien, President and Chief Operating Officer, E*TRADE FINANCIAL Corporation. "Retail investors see international investments as a key component of overall portfolio diversification and, want the added benefit of direct share ownership. Our Global Trading initiative offers E*TRADE customers online access to six major international markets, making it easy and affordable to own foreign equities."
A recent survey of E*TRADE brokerage customers indicates that 67% of those polled are interested in trading stocks on foreign exchanges, with Mass Affluent investors as likely as Active Traders to take advantage of direct international investing opportunities. Those surveyed cited the opportunity for enhanced portfolio diversification (85%), currency exposure (59%), and the opportunity to invest in growth sectors/stocks (49%) as the top three reasons why direct investing outside the US is attractive.
Through our online Global Trading platform US brokerage customers can:
Buy and sell common stock (limit orders) in Canada, France, Germany, Hong Kong, Japan and the United Kingdom
Buy, sell and hold the following currencies in their accounts1:
US Dollar
Canadian Dollar
British Pound Sterling
Euro
Hong Kong Dollar
Japanese Yen
Transfer multiple currencies
View account information:
Multi-market Positions
Balances within each currency
Order status
Transaction details
View international real-time quotes from exchanges in Canada, France, Germany, Japan and the United Kingdom
View delayed quotes from Hong Kong
Access international news, including headlines and company news
View international charts, including mini-charts for indices
With foreign affiliates that provide access to 42 international markets, as well as 15 international branded websites and eight physical locations outside the US, E*TRADE FINANCIAL is uniquely positioned to provide retail customers with access to foreign markets. In addition to providing online access today to six global markets, E*TRADE offers broker-assisted access to an additional 36 markets, providing customers access to 42 international markets overall. E*TRADE plans, in time, to offer US retail brokerage customers online investing access to all 42 international exchanges and related currencies.
"Last year US investment in international mutual funds was greater than it was in US-based mutual funds ? demonstrating the acceptance of investing outside the US as a real option for today's retail investor," added Lilien. "The barrier to entry to compete on a global scale is high. E*TRADE FINANCIAL's existing international network infrastructure allows us to bring global capabilities to US retail investors rapidly and cost-effectively."
The Global Trading platform will be made widely available to E*TRADE customers in Q2 2007. For more information, visit www.etrade.com.
Something must be up with the company. I know that the CEO is a respected guy in the industry, and these two guys they hired last week look really sharp, too. It seems unlikely that the company could snag them both unless they had something up their sleeve (in addition to the copper in the ground) that the rest of us don't know about yet:
Mr. Gill has more than two decades of experience in the financial world, twelve years as Chief Financial Officer for companies in the North American business market. He was the cofounder, CFO and Director of RxKinetix Inc., an international biotech company which most recently sold for $115 million cash based on milestone payments. Mr. Gill has directed financial and operational activities for numerous companies including RxKinetix Inc., American Sensors, Inc., Pilkington Barnes-Hind, Glemby International, and General Electric subsidiaries. In addition, Mr. Gill has completed an IPO and secondary financing with listings both on TSX and NASDAQ.
Mr. Haigh, B.A., B.Sc., is a geologist with many years of experience in the mining industry, the last 20 years of which have been spent as an investor relations professional with substantial corporate communications responsibility. In his career he has provided investor relations services for numerous companies including Newmont Mining Corporation (ASE, NYSE, TSX), Queenstake Resources Ltd. (ASE, TSX), Archangel Diamond Corporation (TSX.v), and Anatolia Minerals Development Ltd. (TSX), among others.
BTW It looks like Mr Haigh met the Ascendant CEO at Archangel Diamond, where Mr. Davis was CFO:
Mr. Davis was appointed Chief Executive Officer and President of Ascendant on December 20, 2004. He brings to Ascendant significant senior executive experience in the natural resource industry with broad commodity experience in base metals, precious metals, diamonds, industrial minerals, and coal. Mr. Davis was appointed as President and Chief Financial Officer of Atlas Minerals Inc. (formerly Atlas Corporation) on March 11, 2002 after having previously been appointed Chairman, Principal Financial Officer and Secretary on September 7, 2001. Mr. Davis also held the position of Chief Executive Officer from October 27, 2003 until June 2, 2004. He also has extensive experience as a Chief Financial Officer, serving in this capacity and previously other management positions with Archangel Diamond Corporation (TSXV: AAD) from May 1997 to December 2002, garnering experience in corporate finance as well as compliance issues. Mr. Davis spent thirteen years with ARCo Coal Company, a division of Atlantic Richfield, where he was responsible for worldwide acquisitions.
Although at this point it is pure speculation, I am guessing that there may be some good news involving either the environmentalist or the minister of mines (or something at the national level).
Thanks RU. Yeah, sometimes I think IMcrazy with this one, and other times I am surprised it hasn't exploded yet.
From what little I can tell, the new CFO and IR guys are top notch folks. I am guessing that they wouldn't publicly associate themselves with this if there weren't the possibility of a nice reward down the road.
I would imagine that it isn't fun to be made the target of eco-terrorists e-mail campaigns (as appears to be the case...)
I am wondering what the CEO told them to get them aboard.
Or maybe he just let them look at the market cap in comparison with inferred resources, and offered them some options. Who knows?
Maybe I should pick up some warrants.
OT: Sumisu san, Nihon ni imasu ka? Ore wa ima nihon ni iru kedo ishukan dake... Samui!
More boring news. I hope they are ramping up to announce something major (which I have seen before when companies hire new IR and othet positions all of the sudden), but only time will tell.
Ascendant Copper Corporation Welcomes Rana S. Gill as New CFO
Ascendant Copper Corporation ("Ascendant" or the "Company") (TSX: ACX) announced today that Rana S. Gill, C.A., has accepted the appointment as Chief Financial Officer with the Company effective yesterday.
Mr. Gill has more than two decades of experience in the financial world, twelve years as Chief Financial Officer for companies in the North American business market. He was the cofounder, CFO and Director of RxKinetix Inc., an international biotech company which most recently sold for $115 million cash based on milestone payments. Mr. Gill has directed financial and operational activities for numerous companies including RxKinetix Inc., American Sensors, Inc., Pilkington Barnes-Hind, Glemby International, and General Electric subsidiaries. In addition, Mr. Gill has completed an IPO and secondary financing with listings both on TSX and NASDAQ. He is an avid traveler and philanthropist, recently traveling to Poland where he helped construct homes for lower income families.
Ascendant's President, Gary E. Davis, stated, "Rana will be an outstanding addition to the Ascendant team. His broad experience, which includes capital acquisition, financial planning and auditing, regulatory and legal compliance, and human relations, will be of major benefit to the Company's development and operations. Rana's experience, coupled with that brought by the recent addition to the staff of John Haigh as Manager of Investor Relations, will allow us to significantly bolster communications of the Company's strategic direction and accomplishments to our shareholders, potential investors, and investment analysts."
Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties: the Junin property and the Chaucha property, which it has partnered with Antofagasta PLC for exploration and advancement. The Company has also acquired an extensive exploration data base developed for Ecuador by Rio Tinto Mining and Exploration Limited and has an option to purchase the Telimbela copper/molybdenum grassroots exploration property located in an historic mining district in south-central Ecuador.
Distributed by Filing Services Canada and retransmitted by Market Wire
Source: Market Wire (February 20, 2007 - 9:30 AM EST)
News by QuoteMedia
www.quotemedia.com
Up 20%. Some news.
February 19, 2007 - 9:30 AM EST
Ascendant Copper Corporation Announces That It Has Hired Mining Veteran John R. Haigh as Its Investor Relations Professional
Ascendant Copper Corporation ("Ascendant" or the "Company") (TSX: ACX) announced today that John R. Haigh has been hired as the Company's Manager of Investor Relations effective February 12, 2007.
Mr. Haigh, B.A., B.Sc., is a geologist with many years of experience in the mining industry, the last 20 years of which have been spent as an investor relations professional with substantial corporate communications responsibility. In his career he has provided investor relations services for numerous companies including Newmont Mining Corporation (ASE, NYSE, TSX), Queenstake Resources Ltd. (ASE, TSX), Archangel Diamond Corporation (TSX.v), and Anatolia Minerals Development Ltd. (TSX), among others. He is a life-time member of the Society of Mining Engineers and a member of the National Investor Relations Institute. Mr. Haigh is known by most mining analysts, mining industry professionals, and many fund managers. He has most recently served as Executive Director of the Denver Gold Group, a trade organization made up of most of the precious metal mining companies in the world.
Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties: the Junin property and the Chaucha property, which it has partnered with Antofagasta PLC for exploration and advancement. The Company has also acquired an extensive exploration data base developed for Ecuador by Rio Tinto Mining and Exploration Limited and has an option to purchase the Telimbela copper/molybdenum grassroots exploration property located in an historic mining district in south-central Ecuador.
Distributed by Filing Services Canada and retransmitted by Market Wire
Source: Market Wire (February 19, 2007 - 9:30 AM EST)
News by QuoteMedia
Arigato, Sumisu.
Wow, down 20% on almost no volume. This might be an excellent time to add.
I don't believe there has been much recent dilution.
I don't believe that this reflects any specific information from Ecuador, but am not sure.
The news from Ecuador may acually be good, but we need confirmation.
Hi Energyguy,
Welcome aboard here.
It seems hard to find a junior mining company with more potential than this one when you look at what they believe is underground.
Please take a look at this page for a description of one of their concessions:
http://www.ascendantcopper.com/index.cfm?p=24
Of course, with 900 million tons of copper in the ground (at a .4 cut-off grade and copper at 2.45/lb) the pps should be sky high, and it most definitely is not.
Between the company and the minerals is a very determined environmentalist.
You can start your dd here: http://www.decoin.org/ The guy behind that organization is a Cuban American, Carlos Zorrilla, who seems to be quite media savvy. I believe that he genuinely would not like to see mining in the area. Many other environmental groups seem to have picked up his fight as it helps them raise funds for themselves. Zorrilla does not speak for all the inhabitants of the area, however.
Apparently, there are few indigenous people in the area and the large majority are campesinos from other places, many of whom are involved in illegal logging. Much of the area seems to be denuded of trees, from photos I have seen from places other than the DECOIN web site. This is because of the poverty there and lack of other economic options. DECOIN claims to be working on coffee, but I am not sure of how extensive it is.
I think that some local people believe that they will not see any of the money that comes from mining, as may have been the case in the past with other companies. This pov is likely being encouraged by DECOIN. Ascendant appears to genuinely want to help the economic development of the surrounding communities, which would go far in decreasing their need to rely on illegal logging and deforestation.
Zorrilla has encouraged people to block the roads to Ascendant's concessions, a tactic of many leftists in South America. It is easy to demonize Ascendant as a "greedy transnational corporation" that will destroy the environment and leave the people there with even less than they have now, as this kind of situation may have happened in the past with other companies in other areas.
Also, Ascendant has perhaps erred in the past with its choice of local partners in the project, some who had little respect for the campesinos, apparently. Also, some locals who are for mining have, out of frustration, overstepped their bounds. That did not help Ascendant's case.
The new government in Ecuador seems to be very supportive of mining (done properly) and apparently the Minister of Energy and Mines would like to see mining take a much more prominent place in Ecuador's economy, similar to other countries in the region. Right now, it is a minuscule portion of the economy.
It is hard to guess what the outcome will be, but it seems that Zorrilla may be overplaying his hand, as many local people and groups are seeing that Ascendant is very sincere in its commitment to the environment, and to them. They are beginning to throw their support behind the company.
With their support, this could be one of the most productive copper mines in the world.
In that case, the pps would certainly reflect that...
Welcome to Ascendant Copper.
Please check out the concessions that Ascendant has in Ecuador.
Notice that the market cap is very low.
There are issues with environmental groups.
I didn't hear anything...