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Great Youtube here. For the great Maisie.
...the report on the site visit to Continental Gold's (CNL.to) Buriticá project.
All the meta-twaddle and nonsense you read above was prompted by reading GMP's call on Argonaut Gold (AR.to) this morning. They like the thing, want you to buy it and even resort to the puerile "it's a smart money buying opportunity right now" argument to get your ego stirring and you on the phone to the trading and compliance desks. Thing is, GMP and IKN could argue the toss about its valuation call on the AR.to numbers (1.15X of NAV8% is rich as hell for this thing, guys) but when it comes to its pol risk call on what's happening in Mexico, they're just being plug dumb stupid. The subject is again San Antonio in Baja California Sur State, and the line GMP uses is..."We continue to take a conservative approach, estimating production beginning in Q4/15."Woah! Stop! That is not a "conservative approach". The true conservative approach is estimating production that will never begin and removing the $1.30/share NAV estimate for that "asset" (word used loosely, because in fact it's the exact opposite, a liability) from the calculation. Expecting San Antonio to ramp up in 2015 and calling that a "conservative" estimate shows a complete and utter lack of understanding about the political risk factors around the project, even if you decide to disagree with IKN's own "never gonna happen" call. It's the hallmark of a nodding dog analyst who cannot speak Spanish, hasn't bothered to read up on the local situation, has no clue about the type, strength or depth of the opposition to the project and has limited their DD to a phone call to the IR department to find out the company's own viewpoint and repeated it verbatim to brokerage clients.
Remember this September 6th IKN post? It went like this:
"The next news from Eldorado Gold (ELD.to) (EGO) now that the Jinfeng mine deal is closed and the company has got the cheque, will be the exit of president and CEO Paul Wright who is about "to be resigned" by its board. Shouldn't be too long."
VANCOUVER, Dec. 16, 2016 /PRNewswire/ - Eldorado Gold Corporation ("Eldorado" or the "Company") today announced that Mr. Paul Wright will retire from his position of President and Chief Executive Officer following the Company's 2017 Annual General Meeting in April 2017. Continues here.
So, 63 and "retired"? You're kidding me, right? IKN kung fu is strong.
- With further work done, they claim to be able to optimize the concentrates to create a cleaner product (regrinds, treatments etc).
- They also claim that the penalty they'd incur on Mn content is "approximately 1%" of the value of the concentrate "and is therefore immaterial".
I mean, who reads Forward Looking Statements anyway?
"Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended."
Wrap your arms around the day and celebrate its existence. Youtube here.
(sorry, doing this on the phone, can't embed)
Hey, remember this post back in April?
Here's a chunkette from the script:
"...changes, framed as "design enhancements" by OGC in its February 2016 NR, are anything but that. Those that really know about these things believe Haile has turned into a migraine-level headache for OGC, with overruns in capex and timeline to production (first ore through the mill was supposed to happen 4q16...kiss that goodbye)."
Now compare that to the news out of OGC this morning on Haile:
The Minera IRL Christmas party for local residents.
UPDATE: Oh this is fun! Here's what Tommy Humphreys of CEO.ca has to say about the GMO article on Arizona Mining:
Because if there's one thing that Tommy Humphreys, two-faced scamster and purveyor of paid-pump bullshit to greenhorn idiots, knows about, it's provocative misleading headlines and one-sided articles. GMO should wear it as a badge of honour.
PS: To fully understand Tommy Humphrey's petulant little outburst, three items to consider:
- Richard Warke is Frank Giustra's pally pal and business partner.
- Tommy Humphreys is Frank Giustra's poodle.
- Tommy speaks up when given orders from his owner.