Hi ml, Are you at all familiar with SUR American Gold? I've posted a couple of things about them in the fairly recent past so please do a search under SUR.V to get a better idea of what they seem to have going for them. I'm blown away by the high grade test results they've shown so far and today's release doesn't diminish my enthusiasm in the least.
Even though they have a pink sheet listing (as do most new companies) I've been buying them on the Toronto Stock Exchange to avail myself of the probable 20% gain in the conversion rate when the Canadian Dollar gains parity with the USD. At today's conversion rate they're selling for $0.54CAD which is $0.413USD.
I think SUR's upside potential in % terms is infinitely better than any other mining stock that has caught my attention up to now.
Kindly let me know what you think. ===============================================================
Sur American Gold Corporation: Continuing Exploration Success At Comval Gold Project, Philippines
Tuesday December 9, 9:09 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 9, 2003--Sur American Gold Corporation (TSX Venture:SUR - News) is very pleased to advise that it has received further excellent results from the Batoto and Tarale areas of its Comval Gold Project, Mindanao, Philippines.
The latest results continue to support the model of large quartz stockwork gold deposits cut by medium to high grade veins.
As indicated in the Company's news release dated November 7, 2003 the exploration/development strategy calls for a dual program of mapping, sampling and assaying of the more than 60 gold bearing vein systems leading to underground development and bulk metallurgical testing and secondly in order to ascertain bulk mineability by undertaking a comprehensive sampling program of fresh rock from existing and new exploration and production adits in the Batoto and Tarale stockwork zones.
Recent highlights:
*High grade bulk samples taken from the 2-10 metre wide Batoto St Rafael vein of 9.6 g/t and 11.9 g/t gold. This vein is being developed in order to provide samples for bulk metallurgical testing and will also enable the development of a long cross cut to ascertain the grade of the deposit over an interval of approximately 200 metres wide in fresh rock under the base of a previous (1980-1981) open cut operation. To date about 3.5 tonnes have been removed.
*High grade bulk samples from the 1-2 metres wide St John Batoto vein of 8.7 g/t and 21 g/t gold as well as lower grade wall rock of 4.7 g/t and 3.5 g/t gold. To date 11.6 tonnes have been removed.
* Pervasive mineralization grading approximately 0.8 g/t gold over the entire 50 metre length of a recently discovered tunnel in relatively fresh rock near the Batoto St John area. Sampling was undertaken in 4 metre sections and every second sample interval was assayed using bulk leaching in 8 kg capacity leach tanks. This result is highly encouraging and when taken together with the known higher grade veins strongly indicates the potential bulk mineability of large areas within the Batoto deposit. This crosscut is planned to be extended further to join up with the St John vein some 30 metres to the west and may be developed well beyond the St John vein.
* The discovery of a further 6 veins in the Tarale zone. To date only two have been sampled and assayed. Tarale 48 is a 3 metre wide structure which assayed 7.1 g/t gold and Tarale 49 is a 1.9 metre wide structure which returned 14.4 g/t gold. To date more than 52 structures have been discovered in this zone. Considerable work remains to be done in this area as all the intervening areas exhibit intense quartz veining and stockworking.
* Commencement of development of four high grade Tarale veins viz Tarale 7 (148.3 g/t), Tarale 8 (42.6 g/t), Tarale 12 (34.8 g/t) and Tarale 15 (16.5 g/t gold). The purpose of this development is to obtain samples for bulk metallurgical testing and also to enable the development of a major cross cut across the 200 metre wide Tarale zone in order to determine the bulk mineability of this large area.
All sampling is personally undertaken by experienced technical personnel who each have more than 15 years experience in correct sampling practices. Sampling practices are personally approved by Mr Rennie Blair Msc, FAusIMM, the President of Sur American Gold Corporation who is a qualified person as defined by National Policy 43-101. The latest assaying was performed at the JBMM Laboratory at Monkayo, Compostela Valley Province.
Sur American Gold Corporation trades on the TSX Venture Exchange under the symbol "SUR". The Company's directors, management and technical team are very experienced in all facets of the mineral resource industry and are focused on increasing shareholder value by exploring in the high potential magmatic arc of the western Pacific.
Hi ml, CC covered it's reverse hedges. I sure like McEwen's style. Congratulations!
Goldcorp's Holiday Gift: Gold Inventory Delivers Rewards to Shareholders
Wednesday December 10, 12:02 pm ET
US$0.10 per Share Special Dividend Record Earnings Forecast for 2003
TORONTO--(BUSINESS WIRE)--Dec. 10, 2003--Goldcorp Inc. (NYSE:GG - News; TSX:G - News) is pleased to declare a special dividend of US$0.10 per share. Shareholders of record on January 6th, 2004, will be eligible to receive payment of this dividend on January 13th, 2004.
GOLD INVENTORY DELIVERING VALUE TO SHAREHOLDERS
As a demonstration of our belief that gold was beginning a major new bull market we began to build a gold inventory in the 3rd, quarter (ending September 30) of 2001 by commencing a program of holding back a portion of our gold production from sale. By the end of the 3rd quarter of 2003 Goldcorp had accumulated a total of 142,913 ounces of gold in this way representing 11% of our total production over this period. The goal of this program was to sell this gold for a higher price at a later date and therefore generate increased earnings and the ability to pay higher dividends to our shareholders.
This program was complimented in the 2nd quarter (ending June 30) of 2002 as we began to purchase gold and continued to do so on an opportunistic basis whenever the gold price declined to its long-term trend line. By the end of the 3rd quarter of 2003 Goldcorp had purchased a total of 123,817 ounces of gold. Our total gold inventory reached 266,730 ounces (8.3 tonnes) - more than the bank of Canada!
We were right about the gold price! When we began to build this inventory the gold price was only $274 per ounce and is currently more than $405 per ounce - an increase of more than $130 per ounce! We believe gold is truly in a bull market!
Generally accepted accounting principles (GAAP) do not allow us to record the earnings from this gold until time of sale. However, we wanted to demonstrate the benefits of this program and return the value it has created to our shareholders. To do so, we sold our gold inventory during the current quarter. This gold was sold for an average price of $388 per ounce. This represents an increase of $72 per ounce over the average gold price of $316 per ounce which would have been realized if all gold had been sold at the time of production. It also amounts to an increase of $66 per ounce over the average price at which the gold was purchased.
RECORD EARNINGS IN GOLD'S BULL MARKET
In selling this gold we have crystallized unrealized pre-tax income of $40 million or $0.22 per share, which on an after tax basis is $0.13 per share. As a result of our strategy we are now forecasting both earnings growth and record earnings for 2003. We are extremely pleased to be able to do so in gold's new bull market.
GOLD'S BULL MARKET IS JUST BEGINNING - REBUILDING GOLD INVENTORY
We continue to hold two fundamental beliefs about gold, First, that Gold is money, a fact we have been able to demonstrate with this special dividend and Second, that it remains in the early stage of a major multi - year bull market. As a result of these beliefs we have begun rebuilding our gold inventory and we will again continue to hold back approximately 10% of our production from sale. This is in anticipation of higher gold prices which will allow us to continue to generate further earnings growth and increased dividends to our shareholders.
HOW MUCH GOLD SHOULD WE HOLD BACK?
Our shareholders have been very enthusiastic supporters of our gold inventory program. We are pleased to have been able to reward this support with true bottom line value. However, we would like our shareholders to tell us how much gold we should continue to hold back. Is 10% enough? Your views matter to us - please let us know. We would also encourage other gold companies to follow our lead and generate higher returns to their shareholders by holding back a portion of their gold production. Gold is Money and Gold is in a Bull Market!
Goldcorp's Red Lake Mine is the richest gold mine in the world. The Company is in excellent financial condition: has NO DEBT, a Large Treasury and Strong Cash Flow and Earnings. GOLDCORP is completely UNHEDGED and pays a dividend twelve times a year. Goldcorp's shares are listed on the New York and Toronto Stock Exchanges under the trading symbols of GG and G, respectively and its options trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Stock Exchange (PCX) in the United States and on the Montreal Exchange (MX) in Canada.
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