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11/1/13

Memory Lane: The 2010 Canadian dealmakers of the year mining award

The 2010 Canadian Dealmaker of the Year awards ceremony took place on March 2nd 2011 (just before PDAC, now there's a thing) and was co-sponsored by Deloitte, Lexpert, The Globe and Mail and Thomson Reuters. And the winner of the 2010 Mining Award was? Well, let's quote from this G&M report

MINING INDUSTRY AWARD
Kinross Gold Corporation for its acquisition of Red Back Mining Inc.

Any news on how that award-winning deal panned out for Tye Burt and his team? Anything?

Or put another way, the very same media channels and beancounters now queuing up to berate the mining industry for its excesses of the very near past were congratulating and encouraging them at the time, handing out worthless gongs and massaging their outsized egos. No one is innocent.

UPDATE: Reader 'R' kindly writes in to remind your author of this, from PDAC 2013:
Bill Dennis Award for a Canadian discovery or prospecting success  
This award, named for a former president of the association, honours individuals who have accomplished one or both of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry. The award may also be used to recognize an important mineral discovery in Canada.  
Pretium Resources is the recipient of this year’s Bill Dennis Award for advancing the Brucejack Property’s Valley of the Kings into a world-class, high-grade gold deposit.

This thing isn't like that thing, Golden Minerals (AUMN) (AUM.to) edition

Most will look at today's NR from Golden Minerals (AUM.to) (AUMN) and stop at the bit which notes how its waste of space CEO Clevenger has decided that he can't bleed to corporate structure any further and is going to make like a shepherd* in the near future. Whereas me, personally, own opinion and that, I think the second paragraph is more telling because...

"The Company is making progress toward charting its future," said Jeffrey G. Clevenger, Chairman, President and Chief Executive Officer of the Company. "We continue to move forward with developing Velardena's production re-start plans under a more efficient and productive work environment. We are aggressively looking for supplemental feed for the Velardena oxide plant as the sulfide content of the ore increases over time at that property. Be assured we are making every effort to move the Company forward."
Separately, the Company announces that Mr. David Drips, Vice President and General Manager Velardena, who has been responsible for the Velardena operations in Mexico, has left the Company in order to pursue other interests. Mr. Clevenger commented, "Dave Drips has been the cornerstone of our operational activities for the past four years and we wish him the very best with his pursuit of his career objectives."

However, we must concede that Golden Minerals performs a very useful service in the mining stocks community. Everyone else can look at their own port stock performances from 2013 then say, "Well, could have been worse, could have bot AUMN".


AUMN is the mining company most promoted and pumped by GATA, lest you forget. In fact that's another fine service it has brought to the mining community, as a reminder of just how fucking stupid that Murphy guy is.



*get the flock outta here

Pretium (PVG) update

Being the avid chartist like what I am...




...that doesn't look so very healthy to me. But hey, wtfdik anyway? I've no position in this thing so you're probably better off asking a long for their opinion. For example Louis Lobito Little Wolf James of Casey Research, who bought his "substantial position" in early October around $5. Waddya say Lobito, still hanging tough? Not worried about the lawsuits? You with George Albino on this one still?

BlackRock bails on Minera IRL (MIRL.L) (IRL.to)

My thanks to reader RC, who sends in this link. Here's a screenshot ripped from the bit that most interests:

Full show here.

In a nutshell, that says that BlackRock has been dumping its 17.3m position in Minera IRL (held on the London exchange under the MIRL ticker) and on August 19th the total holding went under 5% of company shares out. On that date IRL had173.68m shares out, it means BlackRock was already down to 8.68m by that time. Therefore since August 19th (which was the same day IRL announced its Don Nicolas financing deal, by the way) BlackRock has sold an additional 1.4m shares or so of MIRL. As of yesterday IRL was informed by BlackRock of its selling.

Chart of the day is...

...gold.


Thing go up. Thing go down again. Thing move 3%. Thing make lot of talk. That kind of thing.

10/31/13

The new Mexico royalty law passes the Senate

As of January 2014, mining companies in Mexico will pay an additional 7.5% royalty on pre-tax profits and precious metals will pay 0.5% extra on top of that. Senate approved.

The end.

It's just gone 9am local time...

...and 10am EDT, my trading is done for the day (subbers, all 3 on) and it's nice and sunny outside. So the rest of my day includes not-house, carving a pumpkin and there's probably a plate of fish around lunch time too. In other words, signing off for this Thursday unless something weird and/or wonderful happens as there's no point being self-employed if you can't enjoy the benefits occasionally.

Have a good one. I leave you with this short mail, received yesterday from kind reader 'S':
Just in reference to your re-naming juniors item, there used to be an aussie junior called Savannah Gold that, if I recall correctly, had to change its name because if you googled the company name, the actual link to the company was way down on the list below links to the now deceased porn star with the same stage name.

Barrick (ABX) suspends Pascua Lama

In IKN234 last week, we ended a short note on another Barrick (ABX) Pascua Lama problem (this time a strike on the Argentine side) by asking "At what point will ABX stop throwing bad money after good on this project and put it on that euphemistic “care and maintenance” thing?". Well, here you go. Front and centre, first item up in the ABX 3q13 NR, is this

PASCUA-LAMA PROJECT SUSPENSION
Barrick has decided to temporarily suspend construction activities at Pascua-Lama, except those required for environmental protection and regulatory compliance. This decision will postpone and reduce near term cash outlays, and allows the company to proceed with development at the appropriate time under a more effective, phased approach. The decision to re-start will depend on improved project economics such as go-forward costs, the outlook for metal prices, and reduced uncertainty associated with legal and other regulatory requirements.
"We have determined that the prudent course - at this stage - is to suspend the project, but naturally we will maintain our option to resume construction and finish the project when improvements to its current challenges have been attained," Mr. Sokalsky said. "As a result of our previous decision to slow down and re-sequence construction, which resulted in significant demobilization over the last few months, we are in a much better position to implement this temporary suspension quickly and efficiently, with many ramp-down activities already underway. Our previously lowered capital cost guidance for 2014 is now expected to be further reduced by up to $1.0 billion while we continue to address all our environmental and social obligations. This decision is consistent with our disciplined capital allocation framework announced last year."
The ramp-down will be carried out in a way that allows for an efficient and effective re-start when conditions warrant. In the meantime, the company will update and refine capital cost estimates and stage the project's remaining development into distinct phases with specific work programs, budgets and objectives. This staged approach will also facilitate more efficient planning and execution, more effective capital deployment, and improved cost control. The company will also continue to explore further opportunities to improve the project's risk-adjusted returns, such as strategic partnerships and royalty or other income streaming agreements. Most importantly, Barrick's decision will maintain the option value of this major world class resource and its potential to generate significant cash flows during its 25 year mine life and beyond.
continues here.

IKN presumes that the esteemed readership knows a beginning of the end announcement when it sees one, but if you need help, the killer phrase in the NR is how Pascua Lama is now dependent on "..the outlook for metal prices". It's time to re-baptize this thing as "The Five Billion Dollar Environmental Monitoring Station".

Chart of the day is...

...crude oil futures, the Nymex Dec'13 contract to be exact:

Yes, compared to 3q13 costs are dropping for mining companies. Thanks for asking, please ask again.

Tis the witching hour

The only thing to halloween about is a witch.



Or a duck.

10/30/13

A Flash update...

...has just been sent to subscribers, the second one on the Wednesday but this time it's post-close. More on Mexico and a trade idea too.

pip pip

"The Adventures of Cobre", Codelco's "New Chilean Superhero For The World"

I am not making this up.

Repeat: I am not making this up.

Chile State owned copper company, Codelco, has a new Superhero. His name is Cobre (Spanish for copper, dontchaknowz) and you can see him in action here, plus get the links to his first two comic book episodes. There's also the cast of characters to peruse, including his muse Laura López, his alter ego Antonio Aruni and his grumpy boss Osorio.


Go check out all his super copper-related mining hero adventures now.

Mining PRs and the Ottotrans™, part 77



Our occasional series is back, with today's example from Nevada Copper (NCU.to).

This is what they wrote
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2013) - Nevada Copper Corp. (NCU.TO) ("Nevada Copper" or the "Company") is pleased to provide an update on the financing process at its 100% owned Pumpkin Hollow Copper Project located in Yerington, Nevada.
Over the past year Nevada Copper has made considerable progress with receipt of all required permits, and a significant financing for, the Stage 1 underground operation. Earlier in 2013, Nevada Copper executed a US$200 million senior secured loan facility and copper off-take agreement (See March 28, 2013 News Release) and US$24 million equipment finance facility (See October 1, 2013 News Release). When combined with treasury, sunk costs to date as it relates to the production sized head-frame and hoist (completed in April 2013) and current development on the 2,140 foot, 24 foot diameter concrete lined production sized shaft, Nevada Copper has a majority of its project capital financing in place. The balance of any additional funding required for Stage 1 will not be required until Q3-2014 which will allow sufficient time to consider all available financing alternatives.
With the goal of minimizing dilution to our shareholders, the Company has also been reviewing all financing alternatives including additional partnership, joint venture and off-take opportunities to provide funding for both Stage 1 and Stage 2 of the Pumpkin Hollow Copper Project. As part of this process, BMO Capital Markets was engaged by Nevada Copper as financial advisor to assist the Company with the process of identifying, evaluating and considering these opportunities with a goal of securing financing to develop both stages of the Pumpkin Hollow Project while maximizing shareholder value.
Giulio T. Bonifacio, President and CEO of Nevada Copper, stated, "As we continue to advance Pumpkin Hollow, management have been actively engaged in pursuing partnership alternatives for financing both Stage 1 and Stage 2 of the Pumpkin Hollow Copper Project and, with the assistance of our advisors, we will continue to evaluate these alternatives as we advance Pumpkin Hollow to production in 2015."
The Company does not plan to make any future comment on these matters unless there are material developments that warrant such comment.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO

And this is what it means

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2013) - Nevada Copper Corp. (NCU.TO) ("Nevada Copper" or the "Company") is pleased to provide an update on the financing process at its 100% owned Pumpkin Hollow Copper Project located in Yerington, Nevada.
Over the past year Nevada Copper has made considerable progress with receipt of all required permits, and a significant financing for, the Stage 1 underground operation. Earlier in 2013, Nevada Copper executed a US$200 million senior secured loan facility and copper off-take agreement (See March 28, 2013 News Release) and US$24 million equipment finance facility (See October 1, 2013 News Release). When combined with treasury, sunk costs to date as it relates to the production sized head-frame and hoist (completed in April 2013) and current development on the 2,140 foot, 24 foot diameter concrete lined production sized shaft, Nevada Copper has a majority of its project capital financing in place. The balance of any additional funding required for Stage 1 will not be required until Q3-2014 which will allow sufficient time to consider all available financing alternatives.
With the goal of minimizing dilution to our shareholders, the Company has also been reviewing all financing alternatives including additional partnership, joint venture and off-take opportunities to provide funding for both Stage 1 and Stage 2 of the Pumpkin Hollow Copper Project. As part of this process, BMO Capital Markets was engaged by Nevada Copper as financial advisor to assist the Company with the process of identifying, evaluating and considering these opportunities with a goal of securing financing to develop both stages of the Pumpkin Hollow Project while maximizing shareholder value.
Giulio T. Bonifacio, President and CEO of Nevada Copper, stated, "Look you fuckers, we've done all this fucking work so stop selling our stock will you? What the fuck does it matter if we tried to bullshit you on sustaining costs for the open pit stage, there's a shitload of work done here and we've spent a fuckton of money, you shorting lilly-livered dickweeds! I mean, fuck it, we're under $2 now, how dare you not like us! Hah, I'll show you, just wait until we get all that Chinese money on board and they pay my bonuses instead."
The Company does not plan to make any future comment on these matters unless there are material developments that warrant such comment.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbor.

Excellent news for Gold Resource Corp (GORO) regarding the proposed Mexico royalty tax

Gold Resource Corp (GORO) will NOT be affected by the proposed Mexico royalty tax. That's because the country is planning to charge its royalty to pre-tax profits and as GORO can't turn a profit at these metals prices to save its fucking life, it won't have anything to pay.

Good news, right?


Disclosure: No position at present in GORO.

Chart of the day is...

...three years of the gold/copper ratio:



No channel hopping, please.

A Flash update...

...has just been sent to subscribers. The main reason is the Mexico mining royalty bill and recent developments, but there's a note or two on other matters as well.

10/29/13

UPDATED: Time for some ministerial musical chairs in Peru

Nothing on the boards yet, but rumours are now rife in Peru that we're about to have a cabinet re-shuffle, with cabinet chief/prime minister Juan Jiménez one of the people about to be given the opportunity to step aside.

The post everyone outside of Peru will be watching, however, is FinMin and whether Luis Miguel Castilla stays at that desk. He was strongly rumoured as on the way out a few months ago, smiled and said he had the full backing of Humala and was happy at the post, and at that time stayed. Considered the neoliberal centre-right bastion in the Humala administration, he's the one (and any eventual replacement) that'll make a difference to the country risk profile.

UPDATE 1: This is now moving fast, with La Republica now saying that they've heard Jiménez has handed in his resignation.

UPDATE 2: Although still unconfirmed, the Jiménez departure is now a given. Well sourced rumour is that the President of the San Martín Region (northern jungle gateway region of Peru), César Villanueva, is going to get the job of Prime Minister and cabinet chief. Mini-update: That now seems confirmed, with serious news source Gestión calling it.

UPDATE 3: Massive rumour now doing the rounds that FinMin Castilla is leaving his post.

UPDATE 4: Jiménez is gone, confirmed. Villanueva is the new PM, confirmed. Jiménez just said on Peru news TV that the decision was made on Monday. What's left to see is who goes with the ex-PM and how many ministers get changed in this cabinet shake-up. The swearing-in ceremony for the new PM has been set for tomorrow evening, which means we'll have all new ministers named and confirmed and sworn in at the same time.


Re-naming juniors

This bounces off an exchange with one of my finer mailpals a few days ago and happens today because the mind wanders on days like these. Some knowledge of Spanish may be required in a few cases. So in no particular order...
BSX.to = Below, son
SGR.to = Sans Gold
RN.to = Rio NoGo Gold
GPR.to = Great Big Pussy
BAT.v = Battered Gold
SRD.v = Dire Strait Minerals
HDG.v = Hide In Desert Gold
PVG.to = Pretty ugh Resources
NET.v = Notwork Exploration
DNT.to = Canned Gente Copper
CSI.to = Cor! Losses!
RIO.to = Rio Bajo
GQC.v = GoldQuashed

Then there's GG, which might not be a junior but if named after the board's main activity would be Golfcourse Inc. Not forgetting Golden Reign (GRR.v), which is to be admired for living up to its corporate title (at the homophone level anyway) and treating its shareholders in true 1980's pornflick style. But the last word must go to NG, which is and will forever be NadaGold.

So which one(s) have I missed?

UPDATE: Suggestions coming in:

MAO.v = Mordor Minerals or Maudite Minerals
BRG.to = Biggus Dickus Gold
FDR.v = Stupid Flanders Resources
KLM.v = Commode Resources (and all the 'in the toilet' type jokes you'd imagine)
HAO.v = Have A Zero Resources
EVG.to = Evading Gold
LSL.to = What A Liberty Silver

And two of you mentioned that we could do something with the Copper Mountain ticker, but that's too easy.

Repeating IKN's July 1st 2013 post on Chile's presidential elections...

...in light of today's CEP poll that puts Michelle Bachelet on 47% and her nearest rival on 14%. Here's that repeat post:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


This modern and thrusting world that in what we lives* much prefers its news stories and current affairs analysis on struggles, conflicts, controversies and polemics. Thus, after watching how the results of Chile's election primaries came in last night your humble scribe has been wondering what sort of angle apart from

'Chelle wins

can be put on the upcoming main event on November 17th. For sure Chile internally will be able to spin out the vote coverage to more than just

'Chelle wins

because it can follow the minor players, consider the deeper meanings of that a 10 point win might have instead of a 15 point win or a 20 point win, wonder about the shape of any congressional consensus or mandate, muse on the role of the right wing opposition etc etc and get beyond the most important 

'Chelle wins

message. However, those of you unfortunate enough not to live in South America aren't going to get much in the way of news and views about this upcoming election because all the wider world wants to know about any presidential election is who's going to get the big job. And that one's easy. 'Chelle wins.


*innit



The latest from Blasphemy Gold (BS.v) 2

Just out:

VANCOUVER, Oct. 29, 2013 /PRNewswire/ - Blasphemy Gold Inc. ("Blasphemy" or the "Company") - (TSXV: BS, OTCQX: BSSHT) announces the engagement of Peter Grandich to provide investor relations and a communications program for the Company for a two year period, subject to approval by the TSX Venture Exchange.

Peter Grandich is the Managing Member of Grandich Publications, LLC which publishes The Grandich Letter (first published in 1984) and provides coverage of the metals and mining industry. Mr. Grandich also provides a variety of corporate finance and development services to publicly-held companies. Mr. Grandich is a long-standing member of The New York Society of Security Analysts and The Society of Quantitative Analysts.

Under the terms of the agreement, Blasphemy Gold will pay Mr. Grandich U$2,000 per month and will also be granted options to purchase 300,000 common shares exercisable for a period of two years at an exercise price of $0.20 These options will vest immediately. The agreement may be terminated by either party upon thirty days notice.

About Blasphemy Gold
Blasphemy Gold is an exploration stage mining company, currently focussed on the development of its flagship Mange Orignale property in Northern Quebec. Previous exploration work at the site in the 1990s by a number of Tier 1 mining companies produced an historic (i.e. non-43101 compliant) resource of 350,000 oz gold grading 3.4 g/t, but development was eventually halted due to low gold prices.


We seek safe harbour.






It's Full Colour! Great news people, Lachlan Star's (LSA.to) annual report is in full colour!

I'm going to forgive myself for using exclamations in the title line for once, because this stuff is important. Here's the NR for Lachlan Star (LSA.to) today:

October 29, 2013 07:30 ET

Lachlan Star Announces June 30 2013 Annual Report in Full Colour

PERTH, WESTERN AUSTRALIA--(Marketwired - Oct. 29, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA)(ASX:LSA) is pleased to provide its June 30 2013 Annual Report in full colour. To view the full announcement please click the link below:http://www.lachlanstar.com.au/images/Lachlan_Star_Annual_Report_2013GLOSSY.pdf

Yup people, make sure you get your GLOSSY copy too, because it's in full colour. No matter that the mine is worth shit, it couldn't break even without $1,500/oz gold, the company hasn't posted a net profit since 2011, the management team is comprised of the revolving door all-the-bullshit-all-the-time variety, it's worn its treasury down to nothing and the balance sheet looks like a loan shark has vomited last night's curry supper all over it....the fucking annuals are full fucking colour, mate! You cannot make this shit up.





What else do you want from your gold mining company these days, anyway?


The illegal gold of Madre De Dios

We here at IKN Nerve Centre™ are happy that the world is now focussing a little of its attention on the mess that is the Madre De Dios region of Peru and the price the environment is paying for the extraction of gold there. That's because we were reporting extensively on this subject three years ago, the time when nobody gave a damn and something could have been done to stop the rapid expansion going on but....hey...(sigh).

For example this post dated September 8th 2010 which quoted then-President Alan García as saying:
"....the illegal activity (of Madre De Dios gold mining) makes us look like a backwards, third world country and leaves open the possibility to be condemned internationally for allowing this chaotic activity to take place." He also explained how..."his government would stop the existence of the informal mining that was poisoning rivers, destroying the environment and making slaves of the youths that were dragged into the sector by the large operators."
But then other posts after that which showed clearly that neither he nor his government gave a rat's ass about MDD. There are many but this one was a good one, "Peru again fakes caring about the Madre De Dios hellhole". Or what about this one, with the cool photoshow and more Presidential hypocrisy quotes? And we reported in November 2010 when the region gold production shot up for the first time to the levels we still see today, right here. And we continued, with this post entitled "The Shame Of All Peru" for example, coming later in 2011.

In all, we ran 21 posts in the 2010 and 2011 period on that freakin mess. So, welcome to MDD in 2013, world, it's good that you've decided to care at last. Better late than never I suppose

The US oil production boom (and it's not shale)

I had no idea. This is pretty impressive stuff and here's how the report begins:

(Reuters) - The Gulf of Mexico, stung by the worst offshore oil spill in U.S. history in 2010 and then overshadowed by the onshore fracking boom, is on the verge of its biggest supply surge ever, adding to the American oil renaissance. 
Over the next three years, the Gulf is poised to deliver a slug of more than 700,000 barrels per day of new crude, reversing a decline in production and potentially rivaling shale hot spots like Texas's Eagle Ford formation in terms of growth.
continues here

10/28/13

Sell In May And Go Away

Your humble scribe quotes from Investopedia:

Definition of 'Sell In May And Go Away'

A well-known trading adage that warns investors to sell their stock holdings in May to avoid a seasonal decline in equity markets. The "sell in May and go away" strategy is that an investor who sells his or her stock holdings in May and gets back into the equity market in November - thereby avoiding the typically volatile May-October period - would be much better off than an investor who stays in equities throughout the year.
Your humble scribe offers up the chart for the Nasdaq and the S&P 500, May 2013 to date:


Your humble scribe hereby requests that the fooled-by-randomness season-timing chartslobber crew please



Thank you for your attention

A Flash update...

...has just been sent to subscribers. A look a company's quarter, filed tonight.

pip pip

Hey Stan! Here's an interesting news story from Brazil

Here's the link, here's how it starts

A Brazilian judge has ordered that work on the controversial Belo Monte dam in the Amazon be halted on grounds that environmental commitments were not met, the court said Monday.
A spokesman for the Federal Court in Brasilia said Judge Antonio Souza issued the ruling Friday, suspending the project’s environmental license as well work at the dam, located in the northern state of Para, following objections from state prosecutors
The judge said the license was granted on condition that the environmental commitments be honored.
continues here

The latest from Blasphemy Gold (BS.v) 1

Just out:

VANCOUVER, Oct. 28, 2013 /PRNewswire/ - Blasphemy Gold Inc. ("Blasphemy" or the "Company") - (TSXV: BS, OTCQX: BSSHT) announces that drilling has begun on its highly prospective Mange Orignale property in Northern Quebec. 

"I know I speak on behalf of all the Blasphemy team when I say that we're excited to be entering this new stage of development at Mange Orignale", remarked Ivor Taleferu, CEO of the company. "Drills are turning and we're confident that the historic resource known at the site will be confirmed by 43-101 standards in the weeks to come."

Drilling of the 5,000m program is expected to continue until mid-November and the company expects to be able to bring first results to the market before the end of the year.

About Blasphemy Gold
Blasphemy Gold is an exploration stage mining company, currently focussed on the development of its flagship Mange Orignale property in Northern Quebec. Previous exploration work at the site in the 1990s by a number of Tier 1 mining companies produced an historic (i.e. non-43101 compliant) resource of 350,000 oz gold grading 3.4 g/t, but development was eventually halted due to low gold prices.

We seek safe harbour.

Corvus (KOR.to): The BCSC does something useful for a change

Before the serial bullshitters at Cardero Group get called out by the BCSC on their PEA numbers for their latest flight of fancy, Corvus Gold (KOR.to):


After the serial bullshitters at Cardero Group get called out by the BCSC on their PEA numbers for their latest flight of fancy, Corvus Gold (KOR.to):


Oh, just the six percent knocked off your preferred case, is it? All at a scrummy grade of 0.219 grams per tonne of gold and a 0.1 g/t cut-off, hey, what could possibly go wrong? And this is a PEA level report, too. I mean, did anyone else notice what happened the last time a Cardero Group company ran an "enhanced" PEA at a big bulk mine gold project and then later tried to convert those "optimized" figures into a full feas study? Does the name "International Tower Hill" ring a bell?

If you want to speculate that Cardero Group has suddenly decided to change the habit of a lifetime and be straight and honest with its project assessment, take them at face value and have a punt on this kind of leveraged vehicle to gold, well that's your call not mine. But if this kind of junior is your idea of a top pick I suggest you change professions.




And as for Volta Resources (VTR.to)...

...I remember that one, even though it's an Africa thingy and I know basically nothing about the whole continent, because when it started running back in late 2009 early 2010, I owned Troy Resources (TRY.ax) (TRY.to) and Troy had shares in VTR after flipping it a property. So when it did this...




...TRY bailed its VTR at roughly the right time (sold in December 2010). By the looks of the NR, BTO has bought VTR for the Kiaka property, which is roughly 5.8m oz Au (mostly M+I) at 1 g/t Au and a 3:1 strip. I'd guess that The Clive's team has seen something behind that strip number that they like. Could be the 2m oz M+I at the Kiaka central part of the deposit, as that grades 1.5 g/t.

The Clive Competition: The B2Gold (BTO.to) (BTG) buyout game is over, we have a winner

Remember this? Back on August 19th this humble corner of cyberspace offered one ounce of shiny glistening silver to the IKN reader who could correctly identify the name of the next company that B2Gold (BTO.to) buys out. Well folks, here's today's news...

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 28, 2013) - B2Gold Corp. (BTO.TO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold") and Volta Resources Inc. (VTR.TO) ("Volta") are pleased to announce that they have signed a binding letter agreement pursuant to which B2Gold has agreed to acquire (the "Transaction") all of the outstanding common shares of Volta at the agreed exchange ratio of 0.15 B2Gold shares for each Volta share held (the "Consideration"), which represents a purchase price of approximately C$0.42 per Volta share and a total equity value for Volta of approximately US$63 million based on continues here

...and the winner of the competition is...ME!

That's because nobody, out of the dozens (no joke, it was a wild inbox moment round here) of entries, managed to name Volta Resources as the target of The Clive's desires. A lot of you went for Navachab, PMI Gold was there, Midas, Rio Alto even, plus a whole heap of names, but not one of you went for the comparative minnow Volta. So the silver stays mine, all mine! Muahahahahahaaaaa

10/27/13

The IKN Weekly, out now



IKN234 has just been sent to subscribers. It has 16,579 words....some of which are.....ready???....(roll on drums)....spelled correctly! (tish boom).

Try the veal.

Lou Reed

He did this:



RIP.