Juniors and coppers took it hard. Gold, silver and PM biggies didn't.
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Juniors and coppers took it hard. Gold, silver and PM biggies didn't.
PS: IKN159 will also be a F****ook-free zone.
I'm excited to re-enter capital markets and mining, after a one-year hiatus, by optioning two past-producing, silver mines near Kingman, Arizona for a private company I started last year called, "BDR Resources Corp." (www.bdrresources.com <http://www.bdrresources.com/> )
The Silverado & Hibernia Silver Mines Project is 2,882 acres (1,116 hectares) and is the home of two high-grade, underground silver mines. Silverado & Hibernia produced until 1929 and into the 1960's, respectively. It has no modern, systematic exploration done to date. I visited the mines two weeks ago and was impressed with what I saw and learned.
A 2008 NI 43-101 technical report highlights:
* The Hibernia Project constitues a property of merit due to the excellent potential for the delineation of a bonanza type epithermal silver-gold deposit based on the persistent structure, significant silver-gold values, limited previous work and recessive nature of the host rock.
* Reports from the late 1800's indicate that ore assaying 100 to several hundred ounces per ton silver was shipped from the Hibernia Mine. Sulphide ore is reported at 60 feet in the Silverado shaft that assayed 470 oz/ton (13,324 g/t) Ag.
* Recent results from the property include a 206.3 oz/ton (5,848 g/t) Ag with 0.28 (7.94 g/t) Au obtained in 1986 and maximum values of 45.5 oz/t (1,290 g/t) Ag and 0.45 oz/t (12.8 g/t) Au in 2007 from a shaft 400m northwest of the Hibernia decline. The gold values suggest a donation to the north with increasing gold:silver ratios
The vendor of the property, a Professional Geologist, Mining Engineer Technologist and "Qualified Person", has over 30 years experience in the minerals industry including 18 years of senior officer experience with public mining companies and more than 25 years experience in gold and silver exploration, development and production in North America. His last two personal property transactions have had multi-million ounce Silver & Gold discoveries. - One of those discoveries is near the Hibernia & Silverado Silver Mine Project.
We began our 'Phase One' exploration program on April 16 after signing an option agreement to earn a 100% interest in the Project on April 11, 2012 (5 year option with escalating payments totalling $500,000 cash; 1,200,000 shares; $1,100,000 in exploration expenditures; 2% NSR with a 1% buyback for $1,000,000).
The program consists of mapping, a 280 geochemical soil sample program, and ground-geophysical Magnetic and VLF-EM (very low frequency electro-magnetic) surveys. The program is nearly complete and will be in results, review and reporting stage shortly.
The Silverado Mine is accessible by taking highway 93 towards Kingman from Phoenix (235km away) and then a dirt road for 9 miles. From the Silverado Mine, it's nearly a 45 minute relatively easy trail to the Hibernia Mine. I plan on visiting again in early June with the Qualified Person who will write the updated 43-101, you are welcome to join!
I also brought back some ore from the Hibernia mine dump, which may assay similar to the 43-101 samples of 40 oz/t Ag. The work we are doing now on the property should begin to indicate some of the geological structures and help plan a 2nd phase exploration program.
The intent of the work program is to further qualify it as a property of merit and commission an updated NI 43-101 technical report for the purpose of listing BDR's shares and an Initial Public Offering on the Toronto Stock Venture Exchange by the fall of 2012.
I have attached BDR's Fact Sheet for your review, which is available alongside the 43-101 on our website at http://www.bdrresources.com <http://www.bdrresources.com/> .
I look forward to reconnecting with all of you as BDR builds from 'the ground up' in hopes of making a silver discovery.
If you have any questions, comments, referrals or want to learn more about our finances and plans for future acquisitions / growth in the meantime, I'm available at your convenience to listen, answer and share more of this story.
rahim.jivraj (at) springandmercer.com
ECU Silver significantly increases resource estimate at Velardena, Mexico10th Dec 2008, 12:00 am ECU Silver Mining Inc said the fourth NI 43-101 compliant mineral resource estimate on its Velardena district properties in Mexico’s Durango State has significantly raised the resource forecast there.
The results confirm a 6 percent increase in measured and indicated resources to 40 million ounces of silver equivalent and an Inferred resource increase of 118 percent to 391 million oz of silver equivalent.
Chairman and chief executive Michel Roy said: "Our objective in our recent exploration campaign was to convert some of our mineral potential into the inferred category. This was successfully done and we now have an inferred mineral inventory of 391 million oz and measured and indicated of 40 million oz of silver equivalent establishing Velardena among the larger silver and gold projects in Mexico. This increase in our mineral resources is the largest in the history of the company.”
The CAM measured, indicated and inferred resource estimate, which does not include the San Diego property, is shown in the following table:
---------------------------------------------------------------------------- Classification Tonnes Gold Silver Gold Silver Silver (M) (g/t) (g/t) Ounces Ounces Equivalent (M) (M) Ounces (M) ---------------------------------------------------------------------------- Measured & 2.3 3.46 195 0.3 14.6 27.6 Indicated ---------------------------------------------------------------------------- Inferred 3.1 3.33 159 0.3 15.8 32.3 ----------------------------------------------------------------------------
IKN back with the moral of the story: Do not listen to people paid by junior mining companies to pump junior mining companies.
NR here, excerpt here:
"Mr. McEwen provided an overview of recent decrees announced by the government of Argentina and the possible adverse impact also on the mining industry. In particular, Mr. McEwen informed shareholders that the uncertainty related to the repatriation of funds from the San Jose mine could impair the company's ability to internally finance its projects. If these uncertainties persist, the company will need to seek external financing alternatives for the development of El Gallo Phase 2."
It's a very sad day.
No more posts today.
The whole ballgame, right here:
...the amount of copper produced by Chile, per month, and split down into three categories:
1) Codelco production
2) La Escondida production
3) All other
Which your humble scribe thought interesting on dialling it up a few minutes ago.
This is what they said:
-- Extorre is of the view that the current market for the Company's shares does not reflect the underlying value of its high quality asset at Cerro Moro. -- Extorre is evaluating the potential for a staged mine development to take advantage of the substantial cash flows which would be generated from the very high grade mineralization accessible by open pit mining.
The Company would then fund the balance of the capital expenditure reported in PEA-3 through operating cash flow. -- This initiative is advancing rapidly as the Company is particularly sensitive to shareholder dilution. The financing alternatives being pursued will be those that are the least dilutive to shareholders. -- A public announcement on the parameters for the proposed staged development initiative is expected before month end.
And this is what it means
VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/16/12)- Extorre Gold Mines Limited (XG.TO)(XG)(E1R.F) ("Extorre" or the "Company") releases high grade drilling results from Cerro Moro and comments on current market conditions as follows:
-- Look, it's just not jolly well fair, ok? Stop selling our shares, will you? -- Right then. If you're going to be bastards about this and not buy us out,
we'll build the blinking mine ourselves. Hah! -- After all, we have $30m in cash. Can't cost that much to build a mine, right? -- And the fact that we already burn our treasury at $10m/qtr is beside the point, ok?
"The only problem with that property is that you can’t drill it fast enough. The results continue to be outstanding from the project, there are no problems with it, it’s purely a function of general market conditions"
- A proven management team; not by their own puffed-up opinions of themselves, but a real history of success in the mining
- A good address; you want to be in a country or a region with a good attitude towards both foreign investment and mining investment. As regards LatAm for example, most of Mexico, most of Peru, nearly all of Chile, most of Brazil and about half of Colombia fit nicely. However Ecuador, Bolivia, Argentina do not. And of course there are more good and bad names both inside and outside of LatAm to consider.
- A decent prospect. Be picky insist on top quality projects, not any old thing.
- A strong balance sheet. Does your target company have a decent wedge of cash? Have heavy debt? Have a low/high burn rate? If a producer, is it free cash flow positive? Know the answers to these basic questions
...the Gold/Silver Ratio (GSR), 12 months:
Look on the bright side, it means GORO's
"As day follows night, $JAG will revisit yesterday's lows. Boys will be boys..."
Senior Golds are Inching Towards Lowly P/NAV Lows of 2008? Tanya Jakusconek this morning highlighting that our North American gold group is currently trading at 0.90x - the 2008 low was 0.79x. This morning Scotia Mocatta's Simon Weeks notes that physical demand for Gold has returned, largely from India where they have been noticeable by their absence of late. Gold has closed lower in 7 of the last 9 sessions and given the two way interest that lies in this $1550 - $1560 corridor as well as the return of some reasonable physical demand it’s probably time to take a breather on the downside especially given some signs of euro strength this morning following German GDP numbers were 5x higher than consensus (not looking like a recession).
In 2011, Gran Colombia commenced work on a prefeasibility study of the Marmato Project to examine a number of feasible development options for mining, processing and mine waste management to provide the foundation for decision making for the optimum development of the project. The options include stand-alone open pit mining, modern underground mining and a phased combination of both open pit and underground mining. As a result of this newly discovered deep zone mineralization that is open at depth with increasing grades, the Company has decided that the current plan to complete the prefeasibility study in the second quarter of 2012 will be delayed as the ongoing deep drilling continues. Gran Colombia will further explore the significance of this high grade deep zone mineralization and its impact on the current work undertaken in the prefeasibility study before determining the Company’s options for the development of the Marmato Project.
So if you don't understand yet just why The USA is so darned keen on promoting FTAs with the rest of the world (the previously pacted on with Colombia kicks into operation any day now), that chart gives you plenty of clues.
The Mexico Presidentials after Debate One: Vázquez drops, AMLO climbs, but Peña Nieto affirms his position as favourite
- As many people surmised at the time, Josefina Vázquez Mota (PAN) had a weak debate and that shows in the drop in her voter intention.
- AMLO (PRD) had a good debate (it's one of his strong points) and as a result is marked in second place now.
- Meanwhile, Garbiel Quadri of the minor PANAL party showed well and basically doubled his voter intention numbers. But at 2% overall, he's always going to be a bit player in this year's election.
- The main winner according to this poll was Enrique Peña Nieto, who saw his voter intention rise from an already strong favourite's position.
|Mexico Presidentials: Voter Preferences pre-and post-May 6th Debate|
|Peña Nieto (PRI)||39.20%||41.90%||2.70%|
|Vázquez Mota (PAN)||22.10%||19.40%||-2.70%|
|published May 14th by pollster Buendía y Laredo|
|post-debate survey taken May 7 to May 10|
- The NR: Here
- The risk: $5.3bn
- The reward: Base case 11.5% IRR
- The conclusion: We'll leave it to Freddie
VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/14/12)- Baja Mining Corp. (BAJ.TO)(BAJFF.PK) today announced the resignation of John Greenslade as a director of Baja. Mr. Greenslade has also resigned from his positions as Baja's CEO and President.Baja's Board has commenced the search for a new CEO. Continues here.
Whereas 12 days ago, on May 2nd to be precise, IKN already had the info wrapped up:
Baja (BAJ.to): The dope from South Korea in just two words
It might take up to a couple of weeks to wash through, but the fat lady is singing. You heard it here first, folks.
We even got the timing about right. Your author tips his hat to confidantes (once again)
You might be more worried about gold or oil or copper, though. That's fine, it's your life. Just keep breathing.
Update: For those versed in the language, this El Pais report is worthy of your time (though it went to press before the latest murder over the weekend). It starts like this:
In the whole of World War 2 68 journalists were killed, in the Balkans war 36, while in the last decade in Mexico, a country officially in peace, more than 70 in the last decade. The list close, for the time being, with the four killed in Veracruz less than two weeks ago. continues here
Oh, the refined and gentlemanly pastime that is Association Football:
Also congrats to Man City for the win, in the most amazing style too. But this is the play of the year for me.