Subscribe via email, get all daily posts sent to you next day (and without all the annoying ads)

3/24/12

Five days of metals and miners: March 24th

The regular Saturday slot: The last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).


Thursday was the bottom in metals and from here they go back up.

3/23/12

The Friday OT: Nicolas Jaar: I got a woman

JS wins.



This is cooler than something really quite cool indeed, but as relax-making as it might be it's also intricate and high-level musicianship that rewards multiple listens. A great way to chill out at the end of a hectic week. Check the youtube page for the lyrics and a translation too.

Junior mining shares wolf update breaking howl news thingy dog-type stuff

You know that dog of a stock you sold yesterday out of total frustration and its lack of anything that looked like momentum or interest?





It's finally making a noise this morning.

Chart of the day is...

...copper, dailies:

Enjoy your day.

3/22/12

Venezuela opinion poll: Chávez 46%, Capriles 45%

Via Daniel Cancel of Bloomie and Caracas Chronicles, news today is that Venezuelan polling company Consultores 21 puts Hugo Chávez at 46% of voter intention and his rival for the big vote later on this year, Henrique Capriles at 45%, with 9% undecided. In other words, a statistical dead heat.


Now be careful on this folks, because Consultores 21 has a long-standing reputation as an anti-Chávez house. Then again, it's fair to say that recent polls from pro-Chávez houses that have him 18% and 22% and all sorts of other percentage in front in the polls are a crock. Trying to be as stand-off and neutral as possible, the truth is likely somewhere in between and Chávez has a modest lead...but then again, the BS war of numbers we're going to see in Venezuela this year is in its early days and you can bet money it's going to get worse on both sides. Also fair to say that Chávez has a fight on his hands this time and this election is not a foregone conclusion by any measure or means.

But the true truth: There's only one set of results that will really matter in this Presidential election.

We haz teh anointed

Louis Lobito James today hath spoken on Fortuna Silver (FVI.to), the world is perfecterated. Amen.

(and before we leave you with Lobito's words of wisdom, a disclosure: Long FVI.to and way, way longer than the Casey dumbass).


Fortuna Silver Mines (T.FVI, C$6.01, 124.9M SO, 128.8M FD, C$750.6M MCap, US$63M Cash, www.fortunasilvermines.com)
BUY SECOND TRANCHE UNDER C$5.50—Fortuna has had a fatality at its Caylloma mine in Peru. This is the first such accident since the company bought the mine seven years ago, notwithstanding the daily handling of explosives and operation of a lot of dangerous equipment in the dark. I have been to the mine in operation and would say that the safety and security practices on site are among the best I've seen. The company has always taken it very seriously and done a good job – but accidents do happen.
At least one industry observer – a self-anointed industry vigilante – has written highly critical remarks about Fortuna's plan for disclosing this information. We do not regard the source as credible and do not agree with the criticisms.
Meanwhile, in Mexico, a political activist in the area of Fortuna's San Jose mine was fatally shot recently. He was not shot during any directly anti-mine activity, nor by Fortuna security personnel. He was apparently critical of the mine and of the local government, which some activists say is in cahoots with Fortuna. The real bone of contention is local water use planning, which has turned violent before. Fortuna is often painted by opposition as the Bad Guy, even though the company rebuilt a water treatment plant for a local community, vastly improving their water quality, and pipes more water in. Locally, the focus of conflict is actually the government, not Fortuna, and there may well be political fallout from the conflict for years to come.

For now, however, the company has a lot of local support, is in full compliance with the law, and does not appear to be in any immediate danger.
I've been to this site as well, and I've seen the clean, safe work environment the company has created there. I've seen female employees treated with a respect and dignity that I had not seen in Mexico before. I saw local villagers who'd once had few choices other than scrabbling in the dirt or leaving, now trained and operating advanced computer-controlled machinery. I saw much more at the mine, a quality job from top to bottom, but I also saw that new restaurants and other businesses had sprung up in the town around the mine (I'd seen it before Fortuna built San Jose, as well).
In my mind, Fortuna's operation at San Jose is a text-book example of the positive impact responsible industry can have on a poor community that desperately needs capital influx.
In short, Fortuna is a good company, run by good people, providing good returns for investors, and having a good impact in the world.
As for what to do, I note that the shares dropped under our C$6.00 guidance for first tranches this week, so I'd look for second-tranche opportunities, especially if the issues discussed cause the market to discount FVI unrealistically.

So tell us Louis, while you're around giving out emergency market updates and all that. This Guyana Gold (GUY.to) thing you said you were buying more of at $5.87 just three weeks ago. It's now $3.24. Is that good or bad?

And can you help us out with thoughts on Sandspring (SSP.v), the stock you reco'd as a buy in June 2011 at $2.19. That one is now at $1.03, a 53% loss. Any extra thoughts on that?

What about East Asia Minerals (EAS.v), that was $5.15 in May 2011 when you told people to buy it? That's 40c or so now, a 90%+ loser. We need your guidance, oh great Lobito!

Then there's Avion (AVR.to), down 40% since you called it a buy at $2.00 in August 2011. That's another we'd really like to know more about, Lobito.

Next up Great Panther Silver (GPR.to), your buy call from September 2011 at $2.87 is now down at $2.10, which is another 26.8% haircut on your subscriber's cash. Advice please!

What price was PC Gold (PKL.to) when you said it was a buy? 72c I think. Well today it's 33c

Gold Bullion (GBB.v) was what, 40c or so when you told the top level Casey subbers to buy, then 50c or so when you got it on the Intl Speculator? Well today it's 16c...how you feel about that one these days?

But the good news is that Louis Lobito Little Wolfie Wolf James of Casey Research doesn't take this humble corner of cyberspace seriously.

A party in Quito, Ecuador today

And it doesn't even matter if you have an invitation. Today's the climax of the anti-mining marches in Ecuador, with the protesters due to descend on the capital's main square and do their thing. It'll alomost certainly be peaceful, with most observers watching to see what the final numbers look like in the crowd. Keep up with the fun via this Google newslink that'll file reports all day.

UPDATE: El Comercio of Ecuador is running what's basically a live blog on the protests as they congregate in the Centre of Quito, right here. It's as close to an unbiased commentary as I've found (so far) and doesn't seem to be favouring either the anti-mining indigenous nor the pro-Correa stance.

International Tower Hill (ITH.to) (THM): Metallurgy problems, perchance?

This from the company's news release dated June 29th 2011:

Since December 2010, when major contracts were awarded to carry out its Pre-Feasibility Study, the Company has made significant technical progress and expects the study to be published in the fourth quarter of 2011. Key work programs completed or underway to date include.....Near-completion of metallurgical work programs – including column leaching, gravity concentration and flotation-CIL testing – by FLSmidth, McClelland Labs, RDi, Knelson and Falcon
 This from the company's news release dated November 22nd, 2011:
While the bulk of engineering studies have been timely completed, a detailed metallurgical review of the Preliminary Economic Assessment flow sheet has indicated further optimization is possible.  The publication date of the PFS is therefore being extended to the first half of 2012.

This from the company's news release dated today, March 22nd 2012:

While the bulk of engineering studies for the PFS were completed in November 2011, the Company is currently carrying out detailed metallurgical testing after a review of the Preliminary Economic Assessment flow sheet indicated that further optimization is possible.  Due to the large amount of testing underway, the publication date for the PFS is now expected in the third quarter of 2012.

So run that by me again, guys? The met was near complete in June 2011....but then it needed "optimization" (so cute) come November....and then four months later it needed more optimization.....via "large amounts of testing" on things that were near complete eight months ago. Hmmmm....

Chart of the day is...

...this one that maps the Chinese copper de-stocking / re-stocking cycle, from this report out of Deutsche Bank this morning.

There's  more on that link (available for 90 days) but here's the cover blurb to give the idea:
Overview
Chinese refined copper imports rebounded from the new year holidays impact reached 375.8kt (up 12.0% MoM) in February.  According to our China copper inventory model, last month restocking surged close to record highs Figure 1. Although some lending easing has taken place, imports related to financing deals could continue in the near term in our view.  Bonded warehouse stocks have reached over 530Kt and could approach 600Kt soon.  Meanwhile, copper scrap imports almost doubled to 402.7kt in February from the previous month.  Our China metals & mining team noted that mostly went to feed expanded smelting capacities utilizing scrap feed materials. This should lead us to see an increase in copper production in the coming months.

3/21/12

We knew the Jaguar Mining (JAG) (JAG.to) YE results would be bad. But not this bad

I'll have a good look at the fully filed report mañana, but just this paragraph of the NR is enough to get the overall gist, I'd safely wager:

Jaguar reported an adjusted net loss of $8.8 million or $0.10 per fully diluted share for the quarter ended December 31, 2011. The adjusted result excludes $12.8 million in non-cash, non-operating expense from an unrealized loss on the conversion option embedded in convertible debt attributable to the change in accounting methods from Canadian GAAP to IFRS (see note 1), $3.7 million in termination benefits to executives, $3.3 million in non-cash interest expense related to the amortization of the discounts on convertible notes, a $2.2 million write-down of inventory to net realizable value at Paciência, $1.6 million of deferred income taxes and $1.6 million loss on disposition of property, plant and equipment.  Including these items, Jaguar's fourth quarter result was a net loss of $33.7 million or $0.40 per fully diluted share.

Avion Gold (AVR.to): They told you about the political risk of this Mali-based stock when they got you to buy, didn't they?

Or did they? Here Reuters on this developing story:

BAMAKO | Wed Mar 21, 2012 5:06pm EDT
(Reuters) - Mutinous soldiers attacked Mali's presidential palace on Wednesday in an apparent coup attempt in the West African country, defense ministry and diplomatic sources said.
Heavy weapons fire rang out in the capital Bamako and the mutineers, angry at the government's handling of a rebellion in the Sahara desert north, forced the state broadcaster off air after seizing parts of the capital Bamako.
"We now know it is a coup d'etat that they are attempting," a defense ministry official said, asking not to be named. A diplomat confirmed the clashes at the presidential palace. continues here

UPDATE: IWNATTOS in the comments section demands that we name names....and so, all reluctantly like, we do just that. Here's what Louis 'Lobito' James of Casey Research thought about Avion Gold's (AVR.to) political risk in August 2011 when recommending the stock at  $2.00 (yup, he's already lost 31.5% on his trade)

Politics
We think much of Mali’s tarnished image on the world stage comes from the criminal activity in the northern, Sahara part of the country. There’s corruption, poverty, lack of infrastructure, and other Third-World problems, but those seem to be improving. Most important is that the place looks stable by African standards, and that the country has shown itself to be a place where miners can work. (In addition to Randgold’s Loulo, AngloGold Ashanti and IAMGOLD jointly operate the 13.1-million-ounce Sadiola mine in the Tabakoto region as well.) Plus, when the government is a 20% partner, it has an interest in helping one move ahead. Burkina Faso is more concerning, but our sources familiar with the country tell us that even if there is more political turmoil and a regime change, it will not likely affect mining concessions. Those have long been respected in the country. That means Avion can keep exploring on Hounde and wait to see how things shake out before making any major capital investments in the project. This is not Ontario and Quebec, that’s for sure, but we rate the risk level in Avion – which is in production and making money now, unmolested by the state – to be acceptable.

Yup, just a coup d'etat to ruffle that call a bit, Lobito...splitting hairs I guess...

UPDATE 2: In annals of timing perfection, reader 'HA' finds this interview with Mark Lackey of Pope & Co who said in this report dated just two freakin' days ago (!!!).....

It is a mistake to suggest that all African nations are unstable. Burkina Faso has had a democratically elected government since 1987; Mali since 1991. These two countries perform differently than countries without democratic principles and both countries are pro-mining, which makes it easier to develop mines in these two countries.

We like the stability of Burkina Faso and Mali. We particularly like that they are not on the list of countries where economic nationalism is on the rise. They have recorded low political risk in recent mining surveys compared to the rest of the world. As a consequence, we feel that dealing in Burkina Faso and Mali is superior to many other places in the world.

Ahh, now ain't that cute?

UPDATE 3: Here's a report from The Voice of Russia out just minutes ago and I hope and pray they don't correct the typo (hint, missing a W), but just in case here it is for posterity:

The events taking place in Mali are "just a rebellion" and not a coup according to the president of the country, Amadou Toumani Toure on his Titter micro-blog.
On Wednesday night the army of Mali stormed the Presidential Palace in the capital Bamako and there were clashes between the military and the guards guarding the home of the country’s leader.
Prior to that military troops took control of the building housing state television and radio, ending their broadcasts.
The cause of the rebellion is dissatisfaction within the Army as to how the authorities responded to an armed uprising of Tuareg tribes in the north.
According to the military the operation to suppress the riots was carried out poorly and there was not enough food or ammunition.
The Tuareg are fighting for the independence of the region of Azavad, which is located in five countries, including Mali.

Batero Gold (BAT.v): Word volume > Trade volume

Thank you to all those kind readers (mostly new ones too!) who have taken time out out of their busy schedules to write to your humble scribe and explain how much of a dumbass he is about Batero Gold (BAT.v) and why it's still the stock pick of the century, despite the share price movement registered in the last couple of weeks that seem to point to a contrary argument. We at IKN Nerve Centre™ enjoyed laughing at reading all your comments and mails, but kind of winced about the couple of really long ones that ran to over 2000 words each because the thought of all that pent up frustration and anger spilled in a missive meant for just lil old me was a little overwhelming.

On the subject of share price movement, we note today that this morning just nine thousand two hundred shares of BAT.v have changed hands, with the stock trading at just 98c. It is therefore perplexing to consider that all this passion for Batero Gold (BAT.v) evident amongst its loyal supporters, especially those who worship at the altar of The Dollar Vigilante, isn't being translated into massive buying at (according to my newly minted mailpals) this supposedly incredibly cheap, once in a lifetime buying opportunity.

Or put another way, money talks and bullshit walks and it's not our fault that you have no money left to spend on your cult-driven stock picks, the reason why you have no more money to buy BAT stock is more likely connected to the way you invest in the market in the first place. So would you all please either go buy some more stock or stop trying to sucker other people into your failures, but either way just...

Colombia's parliament to debate a bill on drug legalization

This, from Colombia's El Tiempo newspaper, is just about the most interesting thing I've read this morning. Below is the translation


The free consumption and commercialization of narcotics in Colombia to be proposed

This Wednesday at 1pm a bill of law is scheduled to be presented to the secretary of parliament that promises to generate wide debate in the country

The committee representative of the Conservative Party for Guaviare, Constantino Rodríguez, announced that he will support an initiative to make legal in Colombia the cultivation, sale, consumption and commercialization of drugs.
"There are six articles that talk of the legalization of drugs and though them what we're looking for is to stop the conflict that drugs in the country have generated over many years. History has shown us that it0s more difficult to combat any drug when they are illegal", Rodríguez told El Tiempo.

The law bill is presented just a few weeks before the issue will be part of the agenda of the Americas Summit, due to take place in Cartagena on April 14th and 15th. This also come after two functionaries from the United States (the vice-President and sub-secretary for information affairs) said that their country was willing to discuss anti-drug atrategies that have been implemented in the world, particularly those that have been strongly criticized for their poor results.

The idea behind the bill of law, according to house representative Rodgríguez, is to legalize "cocaine, marijuana and opiates, which are the ones that have brought the most controversy to our country."
Government should not restrict or fumigate, drugs processing should be free and legal as happened in their time to alcohol and tobacco, but with legal restrictions imposed such as that children must not be allowed to consume them", he added.
The law bill also proposes "that all resources spent in fumigations go to social investment to prevent young people from getting involved with drugs."



Ouch! What was that? Oh look, a monkey just flew out of my butt

This from Peru's State newswire service, Andina, this morning:
Valdés: Illegal mining in Madre de Dios will stop in 12 months
Lima (Andina): The Prime Minister and cabinet chief, Óscar Valdés, said that the formalization of informal and artisan-type mining will be completed in a maximum period of 12 months, which will stop the destructive actions of illegal mining.

234

Chart of the day is...

...the Argentine Peso, 5 year:



Can somebody tell me again exactly when the US Dollar is going to collapse please? Because on the advice of a goldbug website about five years ago that told me the dollar was going to collapse into a Weimar-like death spiral and advised me to get into all things Argentina as quickly as possible, I re-mortgaged my house in Montana and put it all into Argentine Pesos.

Yours sincerely,
Ann Elk (Miss)

3/20/12

Jaguar Mining (JAG) (JAG.to): The answer was b)

Below we re-post an offering first published at IKN on November 16th 2011, the day the Jaguar BS rumours started flying that zoomed the stock up to $8, but before that let's check in on the current state of play at JAG:

Hmmm, it seems to be right back where it started before the Chinese rumourmill did its crazy thing. Hoodathunkit, eh? Anyway, we note that of the two choices offered on Nov 16th, a) never came to pass. Therefore, don't complicate your life with nuances, the right answer was, is and will continue to be b)

Here's the re-post:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

11/16/11

What happens next at Jaguar Mining (JAG) (JAG.to)?


Over at the earlier post today, along with its three updates, we tracked the story of the supposed, alleged, apparent bid by China's Shandong for Jaguar Mining (JAG) (JAG.to). Now that JAG has officially acknowledged receipt of an offer (though doesn't say from whom or what kind of price) and has also implied between the lines that the offer they got wasn't enough (all that "no further than exploratory" malarkey), what happens now is simple. It's put up or shut up time at Shandong. Either 
a) Shandong goes public and hostile and puts its bid on the table for everyone to see, or...

b) ...this whole episode is bullshit.

Faites vos jeux, mesdames et messieurs. For what it's worth, via unsolicited mails from industry contacts and a quick straw poll of others your author gets the feeling that there's less to this deal, especially any eventual price tag, than meets the eye. Or in other words, i ain't going near this dog.

7.6 mag in Oaxaca, Mexico

Talk of it being upgraded to 7.8 already. USGS details and map here, copy here:

Distances here.

136 km (84 miles) SSW of Huajuapan de Leon, Oaxaca, Mexico
162 km (100 miles) WSW of Oaxaca, Oaxaca, Mexico
170 km (105 miles) SE of Chilpancingo, Guerrero, Mexico
322 km (200 miles) SSE of MEXICO CITY, D.F., Mexico

Depth is being reported at 10.9miles, which isn't funny in the slightest, either. Residents of shakyzones all over thinking of you, Mexico.

update: some reports now stating epicentre in Guerrero State.

Update 2: Epicentre now nailed down to South of a place called Omotepec, coastal and on the frontier between the States of Oaxaca and Guerrero. The municipality of Omotepec has a total population of 20,800 people, according to the 2005 census. Hope they're ok, but anything that starts with a 7 is not something you'd wish on your worst enemy.

Update 3: Holy crap, it went on for 55 seconds. I've personally experienced a 6mag of 10 second duration and had to be convinced by hard evidence later it was that short, cos it felt like minutes at the time. But 55 seconds is an eternity and there must be some very upset people up that way today. We send our sincere best wishes.

The secret behind The IKN Weekly stock selection strategy

Today we reveal the secret of good stock selection and how to pick one's way through the minefield that is the Canadian junior mining sector, but first a quick preamble. Over nigh on three years, The IKN Weekly has a track record of stock selection that currently reads 40 trades closed as winners, 17 trades closed as losers and one break-even. Also, at this time there are six trades open running a profit, six at a loss and one unchanged. Now for sure, it's not a 100% record (46 out of 71 is 65%) and not only that, this type of count doesn't take into account the difference between small losers and triple digit winners, or the difference between a small trade in a risky stock that went wrong or a larger bet in a more strongly reco'd stock that went right (or vice versa, of course), but it's a guide that is fairly representative over time. The IKN Weekly is not one of these stupid services that pretends it never picks a loser, it's based in the real world, calls its trades, shows every single one made, warts and all, in every edition, and concentrates on picking more winners than losers.

So now to the secret! We're taking the massive step in revealing the deep and mysterious method we use in order to be successful over time. It's luck. Pure, undiluted luck. We offer examples:

  • We choose certain stocks because the IR departments cold-call us, show us a fancy presentation and we like it so much after five minutes' study that we immediately buy the stock and tell others about it.
  • Other stocks are chosen because they have pretty names, or ones that sound cool.
  • Boothbabes are an important signal. The prettier the assistant hired to hand out pamphlets and free pens at the trade show, the more favourable the outlook for the junior mining company that did the hiring.
  • When all else fails, a good game of stone scissors paper is a good option to fall back on. Or a simple coin-toss.
  • We also find that stroking a rabbit's foot while considering new names is near-failsafe.
  • On the other hand, we avoid certain stocks that don't have flashy websites because they obviously don't care enough.
  • Other stocks are avoided because their tickers don't sound very attractive.
  • Or because the management looked at me in a funny way once.

And there it is in a nutshell. The good news is that you don't need to comb and filter through the thousands of companies that the junior mining sector has to offer. You don't need to know anything about mine engineering or geology, there's no need to bother yourself with visiting projects or company HQs to speak with the officers or see what's going on at grassroots level. Above all you certainly do not need to be able to read and analyze a balance sheet, or a P&L sheet, or a statement of cash flows and there's no necessity to spend hours reading through the regulatory filings or building your own spreadsheet models of a company to determine whether they're potentially good investments.

Yes folks, it's just plain luck combined with a blind trust that the company you choose will do what they say they'll do that will make you umpteen millions as a junior mining investor. So relax, plan that next fishing trip and before you go, buy yourself a few stocks and you're on your way to the type of two-winners-to-one-loser ratio that The IKN Weekly enjoys. Because remember, all we do is pick 'em out of the lucky hat as well. That's the secret...plain luck. And now you know. Have a nice day.

Chart of the day is...

...the gold/silver ratio:

Steady as she goes, number one.

And today there's this, of course.
For one special person on a special day.

3/19/12

The Bellhaven (BHV.v) buyer

Word is slowing seeping out, like molasses thru the crack in a wooden barrel, that it was IAMGOLD (IAG) (IMG.to) who bought the 2.272m share block of Bellhaven Copper & Gold (BHV.v) last Friday. So throw that on the pile with the other big chunk IMG bought in the recent private placement at 55c and you start to see a trend, perhaps. Y'see, even a dumbass scamster like the SEC-banned Thom Calandra gets to play at stopped clocks occasionally.

Cut-off calculations and Batero Gold (BAT.v) (from IKN150)

In yesterday's edition of The IKN Weekly, IKN150, we ran a piece about resource cut-offs, how they're calculated and a couple of et ceteras. To illustrate it we used Batero Gold (BAT.v) as an example. I've been told by a couple of readers that I should put it on the blog and as the top 2/3rds of it doesn't contain anything particularly stock specific for subscribers, I don't see why not. So here's the top 2/3rds, bar the intro blurb.

"....so we’re having a second look at a bit of the math behind this weird and wonderful thing called the cut-off level.

First up, we note again the formula that determines how a cut-off grade is calculated:

Cut off = operating cost (per tonne) divided by (metal value X recovery)

All fine. So in the case of Batero, we know the cut-off level it’s using (a low 0.16 g/t gold) and we also know it decided on a $1500/oz gold price chosen for its calculations (which we also noted was pretty darned high for a base case, but that’s for another chapter). Finally, according to the 43-101 technical report it might need a pretty fine grind on the rock but in a reasonably optimistic scenario 80% recovery levels are possible for the Batero-Quinchia deposit.

Therefore, we can put together this line of math:

0.16 g/t = operating cost (per tonne) divided by ($1500/oz X 80%)

Now we need to get all that into common denominators, in this case grams, so....

0.16 g/t = op cost (tonne) / ($48.23/g X 0.8)

Now let’s make it easy to read by doing three things 1) let’s use symbol X for op costs 2) let’s do the calc that’s in brackets 3) let’s flick the formula around for easier reading:

X / 38.60 = 0.16

And for those of you watching at home, that means X = 6.18, which means in turn that BAT is saying it can operate the Batero-Quinchia property at an operating cost of U$6.18 per tonne of rock moved.

Now that may be true, perhaps BAT.v can indeed run its eventual mine at $6.18 per tonne of rock operating cost if it gets a fast track approval, all permits in place, the money arrives for development, construction begins punctually and the mine is happily running production come, let’s say, 2016. I honestly don’t know, but what I can tell you here is that it’s a very tight costs presumption being made in what it still an early stage exploration project and from what we’ve seen in recent years, the cost profile is already above $6.18/tonne in your typical open pit operation of this size and costs are creeping up every single year.

Or more bluntly, BAT has assumed what’s as near as a best case possible for operating costs in order to make the pit resource look bigger than it is if we consider mine economics as our benchmark rather than simple ounce counting. Or even more bluntly, a 0.16 g/t gold cut off is pure, unadulterated junior mining bullshit and we repeat (until blue in face if necessary), it doesn’t matter one monkey’s fart how many ounces you say you have in the ground, what matters is how many ounces you can get out of the ground at a profit. And if you don’t believe me on that, ask anyone who bought Exeter Resources (XRA) (XRC.to) in April 2010 when that company announced it had a resource of 24.3m oz gold at its Caspiche project, or in September 2010 when it announced an upgraded resource of 26.4m oz gold.

Copper Fox (CUU.v) halted pending news...

...but before it got halted, this happened:


What? News leaking in a Canadian junior miner? Whatever next!?!?


But no matter what owly thinks, what Ernesto thinks is more to the point.

UPDATE: Got that title wrong, it's one of those "halted pending company contact" things, which will probably turn out to be something like "...the company has no freakin' idea why we're getting slammed today..". in a NR later. Anyway, if the news is interesting we'll update again. If not, not.

UPDATE 2: Jeesh, what a bunch of jokers. This update out of non-official channels this morning, unfair advantage to those who read it, the dumpage, the halt and now the Canadian Regulatory suits are rolling back all morning trades due to "improper dissemination of news". Egg, meet face. Face, this is egg.

But of course, these CUU.v cowboys will want to be taken seriously afterwards. Welcome to the whacky wizzo world of the Canadian junior, Ernesto.

 

IKN150 ugly typo correction headsup thingy for subscribers

It's a really annoying typo, so rather then than (jeepers, need to slow down, thanks commenter) pretend it doesn't exist any longer, the shame goes public. On page seven, paragraph 3, the phrase "..the stock position is not under review..." should read "..the stock position is now under review...". Yup, its changes the entire context of the sentence and yes, the guffaws from the back of the class are well deserved. Promise sir, it won't 'appen again, sir.

Thanks to those subbers who took the time out to write in and mention it. Good of you all.

Chart of the day is...

...the Peru IGBVL General Index of the Lima stock market:


This is one I occasionally put in the Weekly intro, because it's a good index for those of us who follow emerging markets and mining stocks...because the IGBVL gives you all that wrapped up in one. So anyway, the index is flitting around 23,000 right now and its all time high is 24,000, almost to the unit. It's likely to break one way or the other soon so faites vos jeux, mesdames et messieurs.

3/18/12

The IKN Weekly, out now

IKN150 has just been sent to subscribers. It contains 12,417 words, according to the wordcount app thingy here. That's about average.

Peru Presidential approval: Ollanta slips six points

This morning we have the numbers from the regular monthly poll out of Ipsos/Apoyo on Peru's presidential approval. Here's the chart:


He's still over the halfway mark, but at 53% Ollanta has slipped six points since February. The poll (1,204 people interviewed, urban Peru only, margin of error +/-2.8%) comments that the slippage is likely due to the recent news about how Ollanta's brother Antauro seems to have been enjoying privileges in prison.

Data from here

UPDATE: This is quite interesting and worth an extra word. The approval breakdown by socio-economic groupings looks like this:
A: 62%
B: 54%
C: 55%
D: 50%
E: 52%

A little more approval at the top, but all the same think that's what you can safely call "across the board".