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12/5/14

Allied Nevada (ANV) (ANV.to) (updated)

I cannot remember the number of times I've been told to steer well clear of this company (which was always easy, there's enough on my plate in South America without complicating things by adding in operators in the North) by a whole range of market pros I know and trust. So when you read ANV's NR this morning, remember the basic rule of news releases: Anytime a mining company feels obliged to tell you about something that isn't shiny and wonderful and great and wrapped up in wholly positive prose and wording, things must be very bad indeed.

UPDATE: Just out of interest, on November 3rd ANV released on its 3q14 numbers, updated on operations and gave guidance of 220k-230k oz gold. Today they tell us that the acid leach material issues were known to them in late October and those guidance numbers have been pulled down by 10k. Nothing was mentioned about the problem in the November 3rd update, or its outlook section.

Late October...November 3rd...hmmm...



Any lawyers reading IKN today?