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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).
That was...no, I'm just lost for words.
A moment about which you'll be able to say "I watched that live" decades from now.
I adore one-hit wonders.
Mar 8, 2011 2,011,900
Mar 7, 2011 3,430,300
*when somebody mails me a link. You guys trudge thru the 999 worthless chunks of blabber and find the one thing worth reading so that i don't have to. Your efforts are appreciated.
SRK Consulting has been retained to prepare an updated NI 43-101 compliant technical report on the Boleo project. Baja anticipates that the updated technical report will be filed in September 2012. Upon completion and filing of this report, Baja will have 60 days to complete a non-backstopped rights offering to provide it with funds to exercise its Stage II participation right. Mount Kellett has advised Baja that it does not intend to participate in such rights offering.
UPDATE: No, BUT seriously..... HAHAHAHAHAHAHAHAHAHAAAAAAAAAAAAA!!!!
UPDATE 2: We remind readers of the Ottotrans™ number 44, dated September 7th 2011, on Donlin Creek. Read the NadaGold real NR over there, here's the Ottotrans™ again:
And this is what it means:
Press Release Source: NovaGold Resources Inc. On Wednesday September 7, 2011, 8:30 amVANCOUVER, BRITISH COLUMBIA--(Marketwire -09/07/11)- NovaGold Resources Inc. (TSX: NG.TO - News)(AMEX: NG.TO - News) The feasibility study completed on the Donlin Gold Project (formerly Donlin Creek) in 2009 is being updated to include power generation utilizing natural gas delivered to site via a proposed 500-kilometer natural gas pipeline from the Cook Inlet to the mine site. Utilizing natural gas is expected to lower costs to generate power and reduce operating risk. In connection with this update, Donlin Gold LLC, owned equally by wholly owned subsidiaries of NovaGold Resources Inc. ("NovaGold") and Barrick Gold Corporation ("Barrick"), has provided its owners with preliminary capital cost estimates of approximately holy shit you gotta be joking me Rick US$6billion....you're serious, dude? for the Project with an additional approximately US$1 billion for the natural gas pipeline...oh, just another billion thrown in there, don't worry about it. The previous capital cost estimate for the Project released in April 2009 was US$4.5 billion and did not include a natural gas pipeline. NovaGold was advised by Barrick that it will also discuss these preliminary capital costs estimates for the Donlin Gold Project at its Investor Day taking place today in Toronto, Canada.
"Since April 2009 the price of gold has more than doubled, so for fuck's sake stop looking at that seven billion dollar capex number, willyaz?" commented Rick Van Nieuwenhuyse, NovaGold's President and CEO. "We are encouraged by these developments because that's what we have to say to look good in front of the mining knownothings in New York that we've strung along so far and we hope that they fall for our bullshit again this time."
Donlin Gold has advised its owners that this capital estimate is preliminary in nature with significant review and coordinating work remaining to be completed before the estimate is eventually doubled in the manifold studies that will be done before anything close to a build decision is made, perhaps around 2025. Such work includes, among other activities, hitting rocks with hammers, drinking copious amounts of alcohol in the evenings and sitting around wondering just why we're still taken seriously as a gold exploration junior, what with a combined capex of over $12Bn for our two main projects....I mean, what's 20% of the market cap of Barrick between friends anyway?
It is anticipated that the feasibility study update, including a revised National Instrument 43-101 compliant technical report by AMEC will be completed before the end of 2011. The feasibility study update will include the finalized capital cost estimates whatever that means, because we say finalized to make it sound all certain then throw in estimates to cover our asses with the reality of thing, updated operating costs, reflecting lower power costs and higher diesel, labour and other costs relative to the previous study, and revised economics based on these and other reviewed technical inputs which sounds all important, doesn't it? The revised economics will be based on current long-term forecasted gold prices which have risen significantly compared to US$900 per ounce of gold that was used in the 2009 feasibility study, but we haven't decided which number to guess at yet. NovaGold will announce details and results of the updated feasibility study when available.
The Donlin Gold Project is one of the world's largest undeveloped gold projects and will almost certainly stay that way until the cows come home with proven and probable mineral reserves of 33.6 million ounces, measured and indicated mineral resources of 4.3 million ounces and inferred mineral resources of 4.4 million ounces, all of which worth precisely nothing until they can be dug out the ground so quit it with all those in-situ valuation comparatives will you please, dumbass anal ysts? The updated feasibility study will contain revised mineral reserve and resource estimates. The Project is anticipated to be capable of producing over one million ounces of gold per year for over 25 years with significant additional exploration targets identified on an eight-kilometer mineralized trend. The Partners expect to formally initiate permitting for the Project early in 2012.The technical information contained in this press release was reviewed by Kevin Francis, SME Registered Member, VP, Resources for NovaGold and a Qualified Person as defined by NI 43-101.
Love and Kisses, Rick!
UPDATE 3: Oh this gets better and better. Here's the NadaGold (NG) (NG.to) NR out minutes ago to address the Barrick snafu and here's a piccy to go with it.
Here's today's 2q12 results NR that includes the latest hike call, here's the chunk of script:
Pascua-Lama Cost Increase- Due to lower than expected productivity and persistent inflationary and other cost pressures, as previously disclosed, the company initiated a detailed review of the cost and schedule estimates for Pascua-Lama in the second quarter. Preliminary results currently indicate an approximate 50-60 percent increase in capital costs from the top end of the previously announced estimate of $4.7-$5.0 billion, with first production expected in mid-2014. The company will provide a further progress update with third quarter results.
Holy crap, an $8Bn can of worms.
World's most wonderful wikipedia page? Richard Fifer, thug, drug dealer and general piece of shit, gets the full ass-lick treatment over at wiki
"Richard Glenn Fifer-Carles, born on January 23, 1957 in the Republic of Panama at Gorgas Army Hospital is recognized in his native country as the Father of Panamanian mining.""In 1986, the visionary engineer found the land where he would implement his main goal: to create a mining project in Panama which would bring tangible benefits to the country."
"Richard Fifer-Carles is a man of many talents who has contributed not only to the growth of the mining industry but different sectors of the Panamanian economy."
- There not a mention of his conviction for drugs dealing.
- There's not a mention of the embezzlement charges while Governor of Panama's Cocle province.
- There's zero zip nada about the way he serially rips off other member of the Panama mining scene and is hated with a vengeance by peers there.
|It is proposed that this article be deleted because of the following concern:
Finally, South American Silver (SAC.to) gets some English language coverage (aside from this blog, of course)
Nuff said. (Best enjoyed with sound on, DL)
So to the text, copypasted from this morning's Scotia mining daily letter:
AuRico’s New CEO Discusses Challenges and Progress at Ocampo: Yesterday, Scotiabank hosted an update for institutional investors with CEO-designate and current CFO, Scott Perry. Since July 17th when AUQ reported their disappointing q2 production numbers, revised lower 2012 guidance and management changes - the share price is currently -19% vs -3% to -5% for the average Senior & Mid-tier Producer. Focus during the lunch was on Ocampo given the source of the negative news last week came from this Mine. The root problem of Ocampo's issues stemmed from a sudden surge in labour turnover during Q2. Scott Perry said that once bonuses were paid a high number of skilled workers left the company for other jobs. The disadvantage in working at Ocampo is the fact that workers are on a 20 days On - 10 days - Off schedule which generally pays better but workers are away from their families more than they are home. Scott said AuRico once had a retention program whereby if workers stayed at the Mine for 3 years they would get a 50 to 60% bonus paid but this program lapsed after Ocampo reached a steady production profile and this was a big mistake in retrospect. Scott said the company recognizes they need to pay more to keep their workers and they have reinstated their retention program - they have now filled 90% of their vacant labour positions. In addition, an underground contractor is being used to catch up on Mine Development with a target of having 6 months of Ore accessible to production workers (Note: that during Q2 this got down to an unacceptable 1 month which bottlenecks Mine Production). The contractors are hired for development work only. Currently, Ocampo is developing about 100 m a day, while it needs only 75 m a day to keep pace with production. The company expects to be caught up by mid-2013, but it may keep the contractor on the job beyond that to build a greater development buffer. By 2014, AuRico still plans to expand the mill to 4,000 tonnes per day (tpd), with 3,000 tpd coming from the underground and 1,000 tpd coming from the open pit. Crushing and grinding capacity exists to support the expansion and only minor modifications to tankage and filtering are anticipated.
What about Acquisitions? While the company made two acquisitions in 2011 that brought them El Chanate (Capital Gold acquistion), and Young-Davidson (Northgate acquisition) - the company will not be looking at further acquisitions for at least 18 months as they hunker down to surface value with their existing assets. PDF
Third cabinet in one year, five new ministers. This is typical for Peru, we can´t expect otherwise with the lack of political parties and Presidents who are novices in this game. So we keep hoping for the best with each turn, but know the doors will keep revolving in some of these ministries. My general impression? Civilians and Liberals, people who respect the Rule of Law and human rights, politically independent and technically competent, on the whole. In general the five new cabinet members seem like competent folks in their areas of expertise. Milton von Hesse is a decent and honest person. People and companies have tried to corrupt him (includes [name of large company, redacted]) but he is someone who is incapable of taking bribes or looking the other way. His original field was agro and he is a good match with Carolina Trivelli, with whom he has worked on agro development issues in the past. The rural sectors need urgent attention. Midodi de Habich is widely known as a leading expert in health policy. She knows the public sector in and out and also has good ideas for reform.
Jimenez is PUCP (ottonote: long-established Lima University, good reputation for academic standards) and a relatively young PCM, which is a nice change, and has credentials on the right side. Both he and Pulgar Vidal are for dialogue, and respecting basic rights, even if they may have supported State of Emergency in Cajamarca which is not unreasonable in itself (killing people with use of lethal force by the police, IS unreasonable, of course). Let´s hope that the slogan "Cabinete del dialogo" rather than conflict is realized. One can always hope. I have two concerns. The first is political leadership. These folks are largely independent, technical people who know their fields but we need real old fashioned political leadership in this government, ability to communicate to citizens and the press and explain and just LEAD. Who is going to do that? Nadine? Seriously, Ollanta still has to stand in front and I don´t know if Jimenez has those skills. The second is Conga. Or rather, the need to “de-Conga”, to shift attention to the many other issues on the agenda and other regions that need support. Jimenez´s first comments suggest this administration remains focused on Cajamarca, but as the Regional President of Cuzco said this morning, the rest of the country is anxiously awaiting projects in infrastructure, gas, health and education, you name it. Its time to shift Conga to one side – deal with it, of course, and hopefully the Jimenez Cabinet will be more effective at that -- but not give it such exclusive attention.
...12 months of Baja Mining (BAJ.to):
A chart that goes with this photo of John Greenslade, taken as the markets opened yesterday morning.
- Juan Jiménez as expected has moved from Justice Minister and is the new Prime Minister and Cabinet Chief. On the key issue of Conga this isn't a conciliatory signal at first light, because while at Justice he publicly supported the imposition of the State of Emergency in Cajamarca recently, as well as being against lifting the Emergency measures early
- Pedro Cateriano is the new Defense Minister. A previous Vice-Minister in other government roles and currently Peru's representative at the Interamerican Court of Human Rights, this is a direct promotion. An interesting choice, as he isn't beyond ruffling feathers of Peru's great and good, including a recent run-in with Nobel Literature laureate Mario Vargas Llosa.
- Eda Rivas is the new Justice Minister, taking over from the promoted Juan Jiménez and coming up from the vice-minister of justice role. A straight promotion and a logical choice.
Fernando Bolaños is the new Minister for Education(see below) and comes from the Humala party (Gana Perú) ranks. His twitter account here, for those interested enough.
- Milton Von Hesse, until today director of Peru investment promotion body ProInversión, is the new Minister of Agriculture.
UPDATE: More for the pile
- Midori de Habich is the new Minister for Health. A health consultant and has worked with USAID over the years. Twitter here
- Wilfredo Pedraza is the new Interior Minister . He's the ex-head of the Peru INPE prison service and a lawyer with his own buffet.
UPDATE 2: Patricia Salas remains Education Minister. Something strange went on there, because Bolaños was unofficially named by many trustworthy sources, but at the last minute was a no-show for the ceremony. We'll probably never find out
UPDATE: Here's Reuters EngLang on the story.
Well, the insurance policy is one way of liquidating stock, I suppose. NR here, excerpt here:
VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/23/12)- Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (DMM.to) announces that the processing plant at the Zaruma Gold Project, located in the El Oro Province of southwestern Ecuador, was the target of an armed robbery in the early morning of July 23, 2012.A group of armed robbers gained access to the site and escaped with dore bars containing approximately 1,300 ounces of gold and 4,000 ounces of silver. No employees were fatally injured during the assault and the gold storage facility sustained some repairable damage. The robbery has been reported to the appropriate Ecuadorian authorities. Police are currently on site at Zaruma working with the Company to investigate the incident.Dynasty has insurance to cover this type of loss with an internationally recognized insurance company and is in the process of filing a claim. Continues here
What, me? Cynical? Nah...
"...for all I know Mr Stonehouse may well be the nicest person around, always willing to help old ladies across the street, do fine things for charity and be the life and soul of any Christmas party. But when a VP Expl...
- was at the centre of the clustafark called Ascendant Copper in Ecuador
- and then at the centre of the clustafark called Mercer Gold in Colombia
...it makes his new employer, Scorpio Mining (SPM.to) a very easy avoid." CONTINUES HERE
- and is then hired by a company that makes a point of NOT mentioning the names of companies in Mr Stonehouse's background in the NR, preferring to talk in general terms about his years of experience in The Americas and his fluent Spanish