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Jemi Fibre (JFI.v): Bobby Genovese understands how the stock market works

He turns this...

...into this:

My isn't he clever?

Posting will be light today

Things to do.

Catch you all tomorrow.


Yamana Gold ( (AUY) thinks Brio Gold is worth $369.3m

Seriously! I'm not joking, it says so right here:

YAMANA GOLD INC. (YRI.TO)(AUY) ("Yamana" or the "Company") hereby announces that its wholly-owned subsidiary Brio Gold Inc. ("Brio Gold") has commenced a private placement of Brio Gold common shares, consisting of a primary offering by Brio Gold and a secondary offering by Yamana. The implied initial post-money valuation of Brio Gold based on the private placement is approximately $369.3 million.
The primary offering as currently planned will fully fund the near-term business plan for Brio Gold with the majority of proceeds expected to (continues here)

And with a secondary, too...

Yes it's true, you gringos really will buy anything, won't you?

Minera IRL ( (MIRL.L): Jaime Pinto's mathematics problem

Here's a photo of the newspaper advertisement run by Minera IRL Team Hodges in a Peruvian newspaper today (that's costing you the shareholder money, of course):

Please note that Team Hodges has included the so-called declaration of the people of Ollachea in the advert. And underneath they write in Spanish (translation your author) "The position represented by Mr. Diego Benavides does not represent the sentiment of the majority of the population."

Okay, we got that straight? Now for three facts:

1) Thanks to his source inside Team Hodges, your author has today seen a copy of the full declaration that's featured in the advert above, including the signatures page.

2) It is signed by a total of 147 people.

3) The Official Registry of Community members of Ollachea has a total of 760 people.

Therefore we can state that even if all the people who signed the Team Hodges declaration are legit (and let us recall that the Community has already identified and reported to Peru's Ministry of Energy and Mines that there are false signatures on the list) and even if all signatures were voluntary (they weren't and there's proof of that as well, again in the hands of the relevant authorities) and even if all the names on the list are real members of the community of Ollachea and on the official list, the number of people who signed on represent 19.3% of the town's population.

Seriously Jaime Pinto, is that all you got? After the bribes, the threats and the corruption? And from that you put together this smear campaign to try and fool people into voting for you? Even without the criminal charges now hanging over the heads of you and your cohorts, it's pretty pathetic.

I mean, would you hire a man as a company head who can't do math?

PS: Yes reporters, I am willing to share.

Something that Jaime 'NOT HODGES!' Pinto now knows

On this fine and bright Monday morning, Jaime NOT HODGES Pinto now knows things that most of you don't. For example, he now knows that last night's revelation that Peru's Ministry of Energy and Mines (MEM) is investigating his actions in Ollachea over the last couple of weeks, as reported in the Team Benavides news release, is just the tip of a very large iceberg.

Buh-bye, Jaime Pinto. Buh-bye.

PS: By the way Jaime, "respected Peruvian lawyer" is an oxymoron.

UPDATE: Best mail of the day (so far) comes from 'DT', regular reader and market professional. He keeps it short'n'sweet:
 For the love of all that is holy, you rarely get to see fireworks of this magnitude.  Well, I guess we know how this is going to end up now.


Chart of the day is...

...the gold/silver ratio:

I'm constantly amazed at how memory-challenged the silverbug community is.


The single most impressive news release I've ever read

Team Benavides Minera IRL ( (MIRL.L) has published the following today.

Jaime Pinto thought it was going to be Team Hodges versus Team Benavides. He thought that "he who shouts loudest wins", no matter what sort of lies and BS he comes out with. But there's always something that this sort of person will miss and that's what has happened to Jaime Pinto this weekend.

It's now Team Hodges versus THE MINISTRY OF ENERGY AND MINES OF PERU. Oh yeah. Say buh-bye, Jaime Pinto. Wave buh-bye.


Investigation by the Ministry of Energy and Mines During Visit to Ollachea Finds Acts of Social Disruption and Illegitimacy of Published Statements

Lima, 23 November 2015, Minera IRL SA reports that a visit by a representative of the Ministry of Energy and Mining to the Community of Ollachea, where the Ollachea Gold Project is located, found acts of social disruption had been instigated by the non Executive President of Minera IRL Limited and that illegitimate statements supposedly representing the Community had been published by the same individual.

·        A specialist representative for the region of Puno from the Ministry of Energy and Mining visited the Community of Ollachea last Saturday 21 of November, interviewing community members and representatives of Company Minera Kuri Kullu, (a subsidiary of Minera IRL SA), demonstrating the illegitimacy of a supposed community statement that non executive President Jaime Pinto promoted and made public through a press release.

·        The issued statement and other acts of disturbing public peace, public defamation, usurping of functions, and acts against public faith were promoted by Jaime Pinto and Don McIver, VP of Exploration, with the objective of trying to obtain favourable votes in the upcoming shareholders EGM to be held on November 26.

·        The details of these actions will be made known in the near future and the legally recognized authorities of the Rural Community of Ollachea will file criminal charges.  The Ministry of Energy and Mining, through their office of Social Affairs, has been informed from the visit to Ollachea of all of these actions, and along with proof and testimonies, will be conducting their own investigation.

“We are shocked by the mistreatment and perverse approach of Mr Pinto towards the Community of Ollachea.  We commit all our efforts to restore the trust and commitment that the Community and Company have built and maintained over 8 years, that have permitted us to achieve all our permitting and financing for the Ollachea Gold Project.  We hope to recuperate the lost time due to the stress of the Company, in order to shortly begin construction,” stated Diego Benavides, President of Minera IRL SA and Minera Kuri Kullu SA.

The Rural Community of Ollachea rejects and declares null and void the Declaration of Minera IRL Ltd (published in its press release of the 21 of November), as its contents do not reflect the position of the Community, do not have the authorization of the Community President nor the General Assembly of the Community, who are the only bodies authorized to express the views of the Community.  What is more, the Declaration of Minera IRL Ltd contains one or more falsified signatures which have been proven by comparing them to those in the Official Registry of Community Members, which has a total of 760 persons registered.

The use by Mr Pinto and Mr McIver of a small group of community members, known for their negative approach and desire for personal gain, to intimidate and threaten signatures from local people, has been denounced by the Community to the Ministry of Energy and Mining. 

Mr. Pinto is currently under investigation for corruption by the Second Provincial Fiscal Court Specialized in Crimes of Functionary Corruption (2da Fiscalía Provincial Penal Especializada en Delitos de Corrupción de Funcionarios), regarding the loss for the State of Peru of some U$50m due to the purchase of sovereign debt during Mr. Pinto’s time at the Ministry of Economy and Finances (MEF).

Also, during his time as Executive Chairman of Mantaro Peru SA, a subsidiary of Stonegate Agricom of the Sprott Group, Canada, Mr. Pinto supervised actions of agitation and division among neighbouring communities to a phosphate project in the Central highlands of Peru, which resulted in the permanent paralyzation of the project.

Mr Don McIver currently faces charges brought by Peru’s Criminal Investigation Directorate (Dirección Investigación Criminal DIRINCRI) for the illicit appropriation and disposal of assets of Minera IRL SA.  Along with Mr. Carlos Yrigoyen, Controller, and Yuri Valdiviezo, Head of Exploration, it is alleged that Mr. McIver appropriated and destroyed the exploration drill core of the Corihuarmi mine, valued at over U$1m, in an action connected to the intention of the current Board to close the Corihuarmi mine, the only source of income of the company. The destruction of the drill core has impeded the continued geological model of the deposit.

In conclusion, the Community of Ollachea exhorts Mr Pinto and Mr McIver to abstain from continuing with this campaign of defamation and public disorder in regard to the decisions of the Community.  Also, the Community wishes to inform that on November 28 it will hold a General Community Assembly to report on legal actions to be pursued and to make decisions regarding the group of Community members who were bribed in order to generate dissent in the Community.

For further information contact:

Argentina: La Nacion is calling Macri the winner...

...with 53% of the vote. For what it's worth, though anti-CFK I'd trust La Nacion to call it right, certainly more than the extreme supporters on either side of the fence.

If so, that's roughly in line with pre-vote intention polls. Read all about it here