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1/17/17

Three things that made me laugh

After a couple of years of Exeter Resources (XRC.to) (XRA) insisting that it has enough water supply to build its oxide gold mine, today XRC comes out and says, "We have a new water supply and we really do have enough water AND THIS TIME WE MEAN IT". You can tell the CEO used to work at Canaccord, can't you? The Zerb Who Cried Wolf.

Buried down in the Argonaut Gold 4q16 production NR, the mere trifle that it plans to spend $75.8m on capex in 2017, all on wholly-owned assets. That's around 22% of total market cap! That's more than its cash + undrawn debt facility as at Dec 31st! That's 5X operating profit for the first three quarters of 2016! The only people buying this stock today are the ones who only read charts and headlines.

I got as far as the intro blurb in Tommy Humphrey's Q&A with Cambone of Kitco before closing the tab, the bit that goes, "He calls himself Millennial Mining’s best stock picker, Kitco News sits down with Tommy Humphreys...". Jeez, how smug do you want your Giustra asslicker to be before you throw up in his face? The complete self-absorbed asshole on a stick with cream and cherry.