hello sidesh0wb0b and thank you. let's see what today's news might bring. on another note, i actually take some of my vacations in ecuador. i just might have to take a side trip to the mining dist. the next time i'm down there.
here's a blurb from pinnacle, don't know much about them but i signed up to read the report, see below:
Pinnacle Digest: Strategic Land Acquired within Mining District of Loja: Review Initiated
6:16 AM ET - M2
SPIRITEXPLORATIONINC.Sector: Mining
Article | Mining October 29 2007
Current Price: 3.14
Spirit Exploration Inc. (OTO:PK: SPXP) experienced a 1.62% rise in share value Friday along with 23,782 shares traded. On October 26th they announced that through their wholly owned subsidiary, Ecuador Gold Corp. they have acquired a strategic land package comprised of 11 concessions totaling 13,503 hectares (approximately 28,000 acres) inside the Regional Mining District of Loja. This acquisition has caught our attention at PinnacleDigest and we have since begun a follow up review upon Spirit. We are evaluating the aspects surrounding this property. The factors influencing the market which Spirit Exploration operates within are fundamental to our review. We are focused on their immediate future objectives and will be reviewing them as we move towards the winter season.
At PinnacleDigest we are currently focused on the small to mid cap markets. We are focused on companies specifically in the mining and energy based sectors operating within North America. Our main goal has and will always be to enhance our members approach to the market, while adding additional research.
US stocks rose for the sixth week in seven as higher earnings from tech giants Microsoft and Apple added to speculation the economy is growing. In terms of Microsoft, Vista and Halo 3 drove them to higher than $1 billion first quarter sales squashing estimates. A fact staying in our mind from last week is that, Merrill Lynch reported their largest quarterly loss in its 93 year history. Home sales tumbled midweek as the markets dipped on Wednesday. The Dow rose 2.1% to finish the week. Speculation the Fed may drop interest rates before they meet on Halloween is holding this index up. The S&P 500 jumped 2.3% on the week closing at 1535.28 Friday. Both of these benchmarks closed at records on October 9th.
The markets are not out of the woods by any means as the housing and financial sectors are still very unstable. Statistically speaking they have without a doubt emerged from the beating they were dealt this summer at the behest of the mortgage meltdown and a continually sliding housing market. Irregularities in the market such as US stocks capping the largest September advance in 8 years after the Federal Reserve cut interest rates have led us to focus on the international mining and energy sectors.
Consumer spending is an excellent tool to monitor the health of the economy. We realize that too much and too little spending are both meaningful signs. It should not be forgotten that consumer spending amounts to roughly two-thirds of America’s GDP.
The TSX and TSX-Venture are our bread and butter at PinnacleDigest. These indexes are heavily weighted in the resource sectors and it has been showing almost daily in the markets. The TSX Composite rose on Thursday as higher energy prices drove enthusiasm into the markets. The index has been soaring on record energy prices and a 27 year high for the price of gold. These factors have mining company’s earnings prospects looking higher than ever. We have our eye on the oil and gas sector at PinnacleDigest as the price of oil continues to trade at historically high levels. The TSX Composite soared 171.49 points Friday closing at 14296.43.
At PinnacleDigest we feature three companies trading within the mining and oil and gas industries.
In respect to Spirit Exploration we are interested in their most recent development, but even more specifically the trend of the sector influencing their ultimate success. We are currently researching the Fruta Del Norte Gold-Silver Deposit and determining our stance on its economic feasibility. Statements by management are also being reviewed as they seem to read into their upcoming efforts.
Peter Laipnieks, President of Spirit, stated, "We are extremely excited about this land package as it is in the heart of the Loja epithermal zone. This area has produced incredible early results. These early findings continue to show that management has taken the right steps for the shareholders and the proper positioning of Spirit right in the heart of this gold rich environment during this rapidly accelerating gold market."
Montello Resources (MEO:TSX-V) is our most recently announced featured company and is up over 50% since our coverage began on September 14th. Their Pincher Creek Property has announced the production of 225 barrels of oil per day. In respect to the Brown Sand formation achieved an average production after swabbing operations of 140 barrels of fluid a day. Bear in mind the water cut of this fluid was up to 60%. The remaining 40% should amount to roughly 56 boed. This announcement is monumental and is the beginning of Montello Resources’ stream of revenue. Their High Impact Drilling program is ongoing at the John Bowen #2 Well in the underdeveloped Appalachians of Tennessee. There have been major developments at both of their projects which can be read about in our “News Room” section.
Hi Ho Silver Resources (HIHO:CNQ) is our current featured mining company. They are aggressively drilling at their 22.8 million ton Moly Kettle River Project.They have announced results at their Kettle River project in British Columbia and are hoping to more than double the resource at this property by Christmas. This company is in the process of applying to the TSX exchange which will bring global exposure to their projects and company. We encourage all of our current and new members to review the research report on both of these companies on our homepage.
Crude oil’s September rise was unprecedented as the value of oil rose for six straight weeks to finish the month. Oil has not stopped its rampage clearing $90 a barrel Thursday and again on Friday to close at $91.86 a barrel. This is taking place on another unexpected drop in US stockpiles. Oil and fuel inventories have fallen, coupled by a heightened sense that supply concerns stemming from the Middle East will tighten. Tensions between Turkey and Iraq are mounting and this has led to a possible drain on supply. Our current stance on this sector is very bullish. We are impressed by the demand which has stabilized oil over $80 a barrel. The value and demand of crude oil is an all consuming product which affects every aspect of the market. We know it is a monumental time period in the history of oil and are constantly updating our review on various oil and gas companies.
Tension has been rising in the Middle East for months and this is creating speculation the value of oil could explode. Many oil and gas companies fluctuate with the value of oil. Companies operating within this sector will be a focus at our digest heading into the fall. Our featured oil and gas company is Montello Resources (MEO-TSX-V). A full research report documenting their properties and potential can be viewed on our homepage.
At PinnacleDigest we are currently very focused on the mining and resource based sectors. The TSX Venture Exchange moved up 39.44 points Friday to close the week at 3091.62. There are many junior companies operating within the North American markets that we are tracking closely.
Record energy costs and a fear the US will impose on Iran sent gold to yet another 27 year old record Friday as it closed up to $787.50 an ounce. It has been the same story for months now, a desperate US dollar and record breaking energy prices are fueling inflation and the investment of gold as an alternate investment. Inflation and the desperation of the financial system appear to be going no where. This means gold will continue to rise. These factors have been having an effect for months and moved gold up 2.5% last week alone. Gold is up over 25% on the year and is charging towards its seventh annual increase.
The gold market is white hot and companies are rushing to bring on new mines combined with developing new potential deposits. Many experts are predicting the dollar to continue to slide against the euro. Everyone knows this will boost demand for the precious metal as investors leave the falling dollar. We will be watching the selling and buying levels of gold and the US dollar very closely over the coming few weeks. Silver futures traded past $14 an ounce Friday to close at $14.21 an ounce for December delivery. It is moving north for the many of the same reasons gold is.
Copper prices moved up the most in 2 weeks Friday on speculation global economic growth is expanding. The US dollar has rebounded the last few days after trading near record lows against 6 major currencies. This has spurred major buying of the metal.
PinnacleDigest is always monitoring China and their purchase of the metal. It was reported Friday that Chinese imports of copper and it alloys rose 93% to 1.2 million metric tons in the nine months ended September 30th. This is compared to a year earlier. There has been a significant slow down in residential construction in recent months which is having an effect on the market. Copper’s rise of late has been greatly attributed to the Fed cutting the borrowing rate which should encourage growth and continued construction in the United States. Copper has been leaning on China and the knowledge that the world’s largest consumer will continue to hold prices and demand strong. Copper may continue to fall on concerns that US growth will continue to slow. Copper has gained over 20% on the year and closed at $3.5375 a pound on the Comex division of the NYME Thursday.
It should not be forgotten that this metal is tied directly to the growth of the US economy. US home sales rose in July, altering concerns that an economic slowdown will curb demand. We are however, very bullish on companies mining copper as worldwide demand is currently outpacing supply of the metal. Global and domestic economic expansion moves the copper market.
Global demand continues to pressure the current supply. In the second quarter China’s economy reportedly expanded at the fastest pace in 12 years. We believe the fundamentals are in place for the value of copper to increase. We believe demand will be very strong well into 2008. Our current “Sector Insight” found on our home page depicts this rise.
We believe very strongly in the current commodity boom. We are not only focused on the major base metals, but smaller more obscure metals as well. We are closely monitoring companies with major molybdenum deposits as this metal is trading at historically high levels. Mosquito Consolidated Gold Mines (MSQ:TSX-V) lays claim to world class Molybdenum deposits in Idaho. We encourage you to review the research report on our homepage discussing their projects.
The TSX and Venture exchanges are heavily weighted in the mining and resource based industries. For that reason we monitor this index very closely. The mining industry will be a major focus at PinnacleDigest over the coming months as their main season takes command. There are many mining and resources based companies we are continually following and updating our review upon.
It is a crucial time to be well informed and knowledgeable about the sector and industry most influencing the companies in your portfolio. Please feel free to review our “Weekly Volume” for a deeper insight into specific aspects of the market.
PinnacleDigest now has a comment board on every main section and article of importance on our site. This feature was built to ensure our members would have their say in our development as well as our past work. Post your insights, questions or thoughts on any section or article that is of interest to you. Our member’s opinions and interaction fuel this investor community which is driven to achieve gains in the market while continually improving our approach.
