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1/14/17

The top three most visited IKN posts this week are...

...in reverse order:

Third Place: "Peter Marrone's fat salaries are only matched by his brass neck". Your humble scribe thanks A. Person for the heads-up on that 2011 quote.


Second Place: "Seminario SAB and Minera IRL". Amazingly, incredibly, coincidentally, the day after this post appeared Seminario stopped its fear campaign via mail and social media in Peru. And amazingly, incredibly, coincidentally, it also marked the bottom price of IRL in Peru trading, since then recovering 17%. Napoleon Valdez and his minion Jaime Pinto are going to get a lot more exposure on these pages in the weeks to come...they'll just love that. Hey Pinto, you were so cool on Canal Ñ the other day, talking about corruption. After all, with your track record there's no doubting how much of an expert you are on the subject.
 
First Place: "Yamana Gold (AUY) (YRI.to) fails to disclose its El Peñon problems" which won the hit count by a country mile because, once again, IKN is the first to break English language news of mining company deceit and mushroom politics towards shareholders and the market. When will the blithering idiots like Marrone running these companies learn that to control news you have to lead it, not play catch-up to pissant bloggers? People this stupid should not be given the controls to multi-billion dollar market cap companies and ruin public image for all the sector.

Chile gets a Unabomber

This morning, Chile woke up to the across-the-board headlines news of what can best be described as an eco-terrorist organization sent a letterbomb to Óscar Landerretche, head of Chile's State-run mining company Codelco (the world's biggest copper producer). The bomb exploded when Landerretche and his wife opened it, causing both of them enough injuries to land them in a hospital emergency room, though thankfully neither are seriously injured and Landerretche was discharged early this morning, burns on his hands.

According to a message via a blog post later (which I'm not linking to, not giving these scumballs an ounce of extra publicity) the group who call themselves "Individualistas tendiendo a lo salvaje" (kind of difficult to translate neatly, but "Individualists with savage tendencies" is the gist of it) wrote alongside pictures of the explosive device by way of proof (translated):

"The pretentious Landerretche deserves to die for his offenses against Earth. We are not scared if people not targeted by the attack are injured or killed....he deserves our explosive gift for being at the head of a devastating mega-project against all our beautiful Earth."

The interesting bit is that this isn't the first eco-terror attack performed by this group, as other letterbomb attacks on academics with far lower public profiles have already happened in Chile under their name.

1/13/17

The Friday OT: Madonna; Open your heart

This is what happened: I was strolling through a large local department store earlier this week, looking for something completely unconnected with anything in this post, when I walked past a TV showing this video on some music channel. I walked straight past it, paid no attention, then suddenly stopped and turned round with, "Damn, long time since I saw this...and hey, Madge really could sing!".



A cool 80s pop song that's stood the test of time, so give it another hearing. Video good enough for a single shot listen. Large serving of cliché slap bass as a cherry on the cake. Youtube here.

Lobito in 2016! We check his track record so that you don't have to

It's that wonderful time of the year when the bullshit scammers working for the proven securities fraudster and legal bullyboy Porter Stansberry make up their fictitious report cards on their performances in the year just gone by. Top of the list of the BS-purveyors is Louis Lobito Little Wolf James, Chief Rock Kicker at Casey Research and a past master in massaging his true performance to make it look way better than it truly is.

But help is at hand! The industrious backroom staff here at IKN Nerve Centre* have done the heavy lifting for you and looked back through all the 2016 editions of Lobito's two publications, "International Speculator" (IS) and "Casey Resource Investor (CRI) and found every single new recommendation made by Lobito in 2016. Then also his claimed entry price (which is often a bullshit call in itself, he loves picking a price from a couple of days before publication date when it suits him) and where we stand today. Then to round off, we add in the percentage change and a final column which assumes a $1,000 level stakes investment in each of the twelve names he reco'd last year. A table!


And the good news is....yes indeed Lobito made a profit last year. If you'd invested $12,000 with him, a thou on each pick, you'd walk away today with $12,098. And 63 cents. Before commissions. And before paying Casey Research. Hoorah!

In a little more detail, Lobito started badly by telling his flock to short the US stock markets (SH and SDS, with SDS famously being his Top Pick of the year...he hee). His did his subbers well by picking out Eastmain (ER.to) and Alexco as junior mining picks, then a good call on Kinder Morgan (KMI) in June. But then things got sticky....and I just love that new reco on Tahoe Resources Lobito, you outdid yourself there.

Bottom line: A monkey with a dartboard.

*me

Chart of the day is...

...the TIPS ten year yield, last six months:



Readers of The IKN Weekly will understand why this is such an important chart right now.

The Trump rally is over.

1/12/17

Peter Marrone's fat salaries are only matched by his brass neck

IKN Nerve Centre receives a jolly missive from A. Person, a fine chappy with a long memory. See below. Did you know that Peter Marrone, head honcho of Yamana Gold (AUY) (YRI.to) and taker of pure cash salaries that make your eyes water used to justify his crazy take-home pay on this type of bullshit promise? This might explain why he never spends any of his dollar bills on Yamana shares. From here, "The Loaded List of 2011".

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Hola Otto, I don't know what's funnier the salary or the pump mentioning 1.7 million ounces by 2014.

PETER MARRONE
YAMANA GOLD
$9,927,227
Production of 1.05 million ounces of gold is quite a feat for a company that was only formed in 2003. Yamana already has seven active mines and five in development. Marrone, its CEO and chair, left investment banking to form the start-up with a dozen employees. He says output is set to rise to 1.7 million ounces by 2014, as four of Yamana’s developing mines reveal their riches.

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And to be clear...


  • In 2016, Yamana produced 1.27m oz gold.
  • In 2015, Yamana produced 1.275m oz gold.
  • In 2014, Yamana produced 1.198m oz gold.

Also, current guidance for 2017 is less than 1.3m oz gold. So out of which part of his overpaid anatomy did Marrone extract 1.7m oz? 

A Flash update...

...has just been sent to subscribers, just before 11am on this cold and damp Thursday morning. A small trade, no big deal really but it needed to be announced first. Gotta do things the right way.

Arizona Mining (AZ.to) comes out swinging

They're really this worried about their image? Your extract:


CEO Jim Gowans commented: "HDS-396 is one of the best holes I have seen in my career."
Arizona Mining also wishes to announce that it has received interest from several groups regarding the potential sale of concentrates from its Taylor Deposit.
Oskar Lewnowski of Orion Mine Finance said: "Having our own zinc mine and being in the industry, we have reviewed the assays and specs of the work done to date on the zinc concentrates at the Taylor Deposit of Arizona Mining. We would be prepared to purchase as much of the zinc concentrates, at market, without penalty, as we could. The Taylor Deposit is shaping up to be a world class deposit and Orion would welcome any opportunity to be involved."
Ocean Partners, USA Inc., an internationally recognized global trader of zinc, lead, copper and precious metal concentrates and related by-products and secondary materials, have advised, that in their opinion, and based on the preliminary metallurgical test work released in early 2016, both the zinc and the lead concentrate expected to be produced from the Taylor Deposit on the Hermosa project of Arizona Mining will be highly marketable under any market conditions. Furthermore, we have been advised by Ocean that they are prepared to enter into a MOU to purchase all of the lead and zinc concentrates to be produced at the Taylor Deposit.
The Company is completing further metallurgical work and its preliminary economic assessment ("PEA") by end of the first quarter 2017. Once completed, the Company will be in a position to address the interest from the various parties regarding offtake agreements for its concentrates. Management has always felt the composition of the concentrates would not be an impediment to the success of the Taylor Deposit.

No matter that you can drive a horse and carriage through the semantic legalese wording of the puff piece, this is likely enough to get the masses all hot and sweaty about AZ.to again.

Garofalo Used Car Salesman Miracle Part Deux

Sells Los Filos to Giustra.

David Garofalo performs a miracle

He actually managed to sell Cerro Blanco.

Bluestone Resources Inc. (TSX VENTURE:BSR) ("Bluestone" or the "Company") is pleased to announce that it has entered into an agreement dated January 4, 2017 (the "Agreement") with Goldcorp Inc. ("Goldcorp") to acquire 100% of Goldcorp's Cerro Blanco Gold project ("Cerro Blanco") and Mita Geothermal project ("Mita Geothermal") in Guatemala (the "Proposed Acquisition").

"Cerro Blanco represents a unique and transformational acquisition for Bluestone," stated John Robins, CEO and Chairman of Bluestone. "The Cerro Blanco Gold Project is fully permitted for production, designed and developed to world class standards and hosts very high gold grades with strong potential to expand existing resources. We are excited to have Goldcorp as a partner and shareholder in the development of Guatemala's next low cost, underground gold mine." continues here

To be accurate, it's more like "He actually found somebody stupid enough to buy Cerro Blanco", but hey...splitting hairs. We can safely assume that BSR.v is unfettered by the burdens of a professional DD department. Or anyone who can speak Spanish. Or anyone who's ever visited Guatemala.

The pleasures of working for Serafino Iacono

I'm a little late to it, as it was a pre-Christmas report, but all the same this exposé of the horrendous working and living (and dying) conditions suffered by workers at Gran Colombia Gold (GCM.to) by James Bargent and published by The Star is an impressive article. Here's an extract:

"...the teenage assassin who carried out the attacks is beginning a 23-year prison sentence, after confessing his crimes in a recent trial. But the workers in Gran Colombia’s mines continue to pay — now in the form of money extorted from their meagre earnings.
The Toronto-registered company is Colombia’s largest underground gold and silver producer. But in Segovia, Gran Colombia does little actual mining. After arriving in the region in 2010, the company cut costs by laying off most of its directly employed workforce then rehiring them through subcontracting companies.
Today, about 65 per cent of production in Segovia is through Damasa, a business group of five mining companies all owned and run by one man, Julio Erazo. Damasa miners who spoke to the Star on condition of anonymity complained of low pay, a lack of proper safety equipment and unstable short-term contracts that are terminated if they complain.
In September last year, the workers’ already precarious situation took a deadly turn when the Urabenos dispatched an 18-year-old hit man known as “Venom” with orders to target Damasa. The Urabenos wanted their cut of Gran Colombia’s gold, and Julio Erazo had stopped paying it, according to witness testimonies in the case.
In the space of a month, Venom shot up a living room where a miner sat with his family, murdered Bedoya in front of his pregnant wife, hurled a grenade at one of the company processing mills and shot dead a mine manager in the street outside his home."

Read it all here, well worth your time.

1/11/17

Regarding Almadex (AMZ.v) and its ‘El Cobre’ project (from IKN399, last weekend)

Here's a short piece that made last weekend's edition of The IKN Weekly, IKN399 dated January 8th. At that time Almadex (AMZ.v) was a $1.65 stock and here we are, three days later and 17% lower. The only edit is the removal of the names of the two copper stocks I currently own.

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Regarding Almadex (AMZ.v) and its ‘El Cobre’ project
Since August last year (get used to referring to 2016 like that) Almadex Minerals (AMZ.v), the spin-out of Almaden (AMM.to) (AAU) and run by the Poliquins, has been returning assay results from its El Cobre project in Veracruz State, East coastal Mexico. Here’s an example (12) of one of the earliest NR in the series (I think) dated August 8th and this NR (13) will take you to the latest release that’s headlined this way:

Almadex Hits 240.00 Meters of 0.22% Copper and 0.50 G/T Gold Within 646.38 Meters of 0.15% Copper and 0.30 G/T Gold Which Also Includes 469.00 Meters of 0.18% Copper and 0.38 G/T Gold in Hole EC-16-017 at the Norte Zone

With “El Norte” referring to one of the targets inside the larger ‘El Cobre’ project. AMZ at El Cobre is a project I’ve kept one eye on these last few months (though you’ll note without even mentioning it so far, let alone buying any shares, so when reader PB shot over this mail on Friday...

“Care to comment on either your blog or in the Weekly regarding Almadex's new drill results?  My main concern regarding this project is that it is in Veracruz and I remember Goldgroup Mining's success with Caballo Blanco.  From the property descriptions provided by Almadex (about 75 kms northwest of the city) and Candelaria Mining (65 km northwest of the city), they could be as close as 10 kms to each other.  Thanks.”

...it nudged me into making a first comment about the project. So here we go:

1) Yes, I’m concerned about its geographical location as well. PB noted the “success” of Keith Piggott and Goldgroup at Caballo Blanco (he was being ironic) and the way the project was shot down for environmental and community protest reasons (and by the way, Candelaria Mining is untouchable today for the same reason), but we also need to note that Almaden sold Caballo Blanco to Goldgroup. At El Cobre, the Poliquins know exactly where they are.

2) Up to date the assays widths have been very good, there’s obviously a large mineralized body, but for my taste it’s a long way from being a orebody and the main issue is that of grade. It’s a little early to be accurate about overall grades there, but taking the assays so far, averaging out, being reasonably generous to the upside and sticking a thumb in the air, I’m going to assume at this point an average grade of 0.2% copper and 0.3 g/t gold. Sorry folks, that’s not enough to float my boat for a non-surface sulphide mineralization and to illustrate that here’s a simple table (stuck together in about ten minutes) using those grades, reasonable-to-generous recoveries (90% Cu, 75% Au) and a range of metals prices to give a “what’s that rock worth?” spreadsheet table:

AMZ.v: El Cobre rock worth/tonne at various mkt prices (U$/mt)
Assuming avg grade of 0.2% copper, 0.3 g/t gold, 90% Cu and 75% Au recoveries
Gold/oz U$
Copper/Lb U$
2.00
2.25
2.50
2.75
3.00
1000
15.17
16.16
17.16
18.15
19.14
1100
15.89
16.89
17.88
18.87
19.86
1200
16.62
17.61
U$18.60
19.59
20.59
1300
17.34
18.33
19.33
20.32
21.31
1400
18.07
19.06
20.05
21.04
22.03
1500
18.79
19.78
20.77
21.76
22.76
source: IKN calcs from AMZ data

3) I’ve picked out the U$2.50/lb copper and U$1,200/oz result for reference purposes (a “rock worth” of U$18.60/tonne) but even at U$1,500/oz gold and U$3.00/lb copper the numbers involved aren’t that great. Now I’d agree there are a few mines in the world today that can run super-low opex and make money on that kind return per tonne, but they’ve been built already and the capex is paid off. In today’s environment those grades make margins too skinny for capex and opex combined, it’s way down the pecking order for copper or copper/gold projects, in short it doesn’t work.

So why care? For one thing, at its current C$73m approx market cap it’s getting a lot of valuation for what, so far at least, is a pretty mediocre return. That implies AMZ is getting speculative holders who are betting the company finds something better at the project as the drill program continues, which fits in with the message in the latest NR that, “...the Company interprets that a distal and high level portion of a porphyry system with significant gold values has been intersected”. In other words, AMZ and its backers are betting that 1) they haven’t found the best-grading guts of this system yet and 2) they can find it. Which is fine, well and good but as things stand today this company and its stock is not for me. Instead of betting on AMZ and that two-fold risk of whether they find economic higher grading rock, I much prefer to bet on (two names removed) because I know they have higher grading rock. As the market has baked in plenty of positive assumptions here, there looks to be plenty of downside risk already in AMZ and the comparative value isn’t good. Now yes, for sure they could hit the jackpot and announce a big bad 1,000m of 0.7g/t gold as the first hole of this year’s campaign and if so, there’s many multiple of upside in the game and that’s why I have my eye on the stock. But it’s watching brief only at this time, because in my opinion (two names removed) are clearly better propositions on what we know today.

Bottom line: AMZ looks expensive on what we know today, plus there’s the potential of difficult environmental and community relations further down the pipeline, but it’s by far from a lost cause because there’s plenty of exploration potential and you never know, they may be able to deliver on their theory, drill into the main porphyry and suddenly hand over world class results to the market, instead of the mediocre ones we’ve seen to date. AMZ is on watching brief, but at today’s prices I’m not a buyer.



Mining PRs and the Ottotrans™, Part 97

 

Welcome to the ninety-seventh edition of our occasional series in which we take the news releases and announcements made by junior mining companies, extract the gobbledygook and leave you with the real message behind the spin and nonsense. This time we run with Black Dragon Gold Corp (BDG.v) and its 1,830 word (!!) NR this morning:
Black Dragon Gold Corp. Update to Shareholders

January 11, 2017
VANCOUVER, BC--(Marketwired - January 11, 2017) - Black Dragon Gold Corp. (TSX VENTURE: BDG) ("Black Dragon" or the "Company"). Brian Wesson releases the following letter to update on corporate and financial matters as well as a strategy update to shareholders.
Dear Shareholders,
Further to my letter of September 19, 2016 (the "September Update"), the Company's focus is to extract value for shareholders by moving Salave to production as quickly as possible. The immediate goals are:

1. Re-engaging with Stakeholders;
2. Recapitalising the Company; and
3. Completing the Feasibility Study.

Re-engaging with Stakeholders
We re-emphasise our commitment to operating the project with the support of our stakeholders. Since the September Update, we have progressed our strategy towards the next stage of permitting. In light of the fact that the mining concessions have been granted and in good stead, as confirmed by the Supreme Court of Spain in September 2016, management can focus on completing the Feasibility Study and engaging with stakeholders on the social and administrative feasibility of the project options. The Company's focus is on presenting a final project for Administrative Mining Project Authorisation and feasibility that is the result of a transparent and collaborative process, independent of the legal process underway and, as such, we are and will work extensively with our in-country consultants, the regulatory authorities and stakeholders. We anticipate submitting applications for the remaining relevant permits and publication of the Feasibility Study prior to Q3, 2017.
We have reached out to the relevant authorities at all levels of the government. Spain has recently finalised the re-election of the federal government and are finalising appointments to the relevant departments. We continue to engage with the local and regional authorities to foster the necessary trust in the Company and management.
We are in the process of selecting a Board of Directors and management team for our Spanish subsidiary and operating company in Spain. It is critical that the project is operated as a Spanish and Asturias-based project with an extensive local presence, and we have taken great measures to identify candidates that have the necessary expertise and are sensitive to the needs of the local communities. Our local Spanish team will be administering the project, handling the day to day operations and providing accessible and effective community relations. Black Dragon's technical team will join where required and provide assistance to the local management team with the support of the executive directors and management of Black Dragon.
The Company's executive directors, technical and corporate team expects to spend significant time connecting with the Spanish team and collectively engaging with the stakeholders in Asturias and Tapia in Q1 2017. The executive directors will continue to spend significant time in Spain on an ongoing basis, working with the authorities and stakeholders to ensure the project supports and ultimately becomes an integral part of the community.
We have set up a temporary website, www.fenixmineriaoro.es, from which the community can contact management and discuss any issues or concerns as and when they arise. We will update the website as we progress with consultations.

Recapitalising the Company
As previously announced, management has been reviewing the financing options with a view to balancing the Company's requirement to ensure it is sufficiently capitalised to be able to focus its resources on fast tracking to production and maximising the value to shareholders.
The Company's priority is repaying the reduced workout of the RMB debt to clear the burden on the balance sheet and re-focus on the project. The Company exercised the option agreement, as negotiated by Lionsbridge, in December 2016 and expects to close the definitive RMB agreements on or before 20 January 2017. The repayment of the RMB debt will facilitate the project financing which is expected in Q3-Q4 2017. Management is in discussion with potential project financiers to fast track this process.

Completing the Feasibility Study
As previously announced, there are considerable resources available for the Feasibility Study with the majority of the studies underlying reports completed. Furthermore, we have engaged TetraTech to complete the feasibility study. The TetraTech mandate is to work with the Company with input from our Spanish legal counsel, Herbert Smith Freehills, technical advisor Westech International, the relevant Spanish permitting authorities and stakeholders to finalise a final project design that addresses the concerns of all parties while maximising the value for shareholders. The completed reports will then form the basis of the study which is expected to be published in Q2-Q3 2017. Much of the technical work completed to date has been published by the following groups:
a. Technical reports on the mineral resource base completed by Mining Development Associates , Golder Associates and Roscoe Postle and Associates Inc.
b. Metallurgical test work carried out by Ausenco Ltd. and ALS Metallurgy Kamloops. The relevant reports determined that flotation kinetics are good and a high-grade concentrate can be produced removing any need for the use of cyanide, de-risking the permitting process.
c. Extensive environmental reports published by the University of Oviedo, Spain based consultants Congeo and Amphos 21 and SRK, (UK).
d. Reports covering design elements such as the mine planning, paste fill, plant layouts and costing by international and Spain based consulting groups.
As announced in the prior update to shareholders, the Salave project is the largest undeveloped Gold deposit in Europe with significant intrinsic value. Management's view on the project is supported by:
1. The 69,000 meters of mostly diamond drilling completed across the mining concessions demonstrating the geology to be consistent with other intrusive hosted/related multimillion ounce gold deposits such as Fort Knox, Pogo and Donlin Creek in Alaska and Telfer and Boddington in Western Australia.
2. The quality of the orebody and depth potential is demonstrated by intersections including Hole RN 70 which intersected two discrete zones of high grade mineralisation, 29.5 g/t Au over 18.15m at 252.2 meters depth and 37.7 g/t au over 21.65 m at 281.0 meters depth.
3. The exploration upside is demonstrated by drill intercepts on strike of the existing resources and the lack of drilling at depth despite the continuation of high gold grades at depth and down plunge of the known mineralisation. The mineralisation typically occurs as wide zones averaging 18 m thickness and generally dipping at 30 degrees with grade increasing at depth. Regional upside is underpinned by mining concessions that cover an area of 662 hectares and an Investigative Permit that cover an additional 2,765 hectares, comprising a significant land holding of 3,426.97 hectares in a highly prospective region.
4. The overall economic viability demonstrated in Golder's PEA report issued in 2011
5. The confirmation of a resource base amenable to underground mining as per Mining Development Associates NI 43-101 technical report (Oct. 7, 2016). The current mineral resource for Salave includes measured and indicated resources containing 944,000 ounces of gold (6.52 million Tonnes @ 4.51 g/t Au) calculated at a 2.0 g/t Au cutoff grade using a USD$1,100/ounce gold price (See February 6, 2014 and October 17, 2016 News Releases).
6. The amount of land owned including 10 hectares of freehold land primarily over the Salave deposit and historical Roman open cut workings.
The Technical Information disclosed in this news release has been reviewed and approved by Douglas Turnbull, P.Geo., a Qualified Person as defined under National Instrument 43-101.
Signed "Brian Wesson"
President and Chief Executive Officer
on behalf of the Board of Directors
Black Dragon Gold "BDG" is the 100% owner of the largest undeveloped gold project in Europe, the Salave project. Salave is situated in the North of Spain in the province of Asturias. The Company is moving Salave to production supported by a strong management team and board of directors experienced in the design, construction and operation of mining projects worldwide. The Salave project has measured and indicated resources totalling 6.52 million Tonnes grading 4.51 g/t Au containing 944,000 ounces of gold at a 2.0 g/t cutoff grade and gold price of USD$1,100/ounce. In addition to the current mineral resource, historical exploration work suggests there is the potential for additional mineralisation within Black Dragon's landholdings. The company considers Salave to be a near term development project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, expecting timing for commencement and completion of the feasibility study, timing for the submission of applications for and receipt of permits, timing for the completion of transactions with RMB as well as completion of related financing, availability of and timing for project financing, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, future production estimates and the timing of same and the timing and results of future resource estimates, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Salave project, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the key assumptions, risks and challenges with respect to the forward looking information discussed herein, and about our business in general, investors should review the 2015 technical report on the Salave project and the Company's other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.

And this is what it means:


We used to be called Astur Gold. We changed the name of the company. Nothing else has happened. The Salave project will never be permitted. Please allow us to rip you off again. Enjoy 2017.

Monthly copper production at the Chinalco Toromocho copper mine, 2014 to date

Because IKN still does requests. Toromocho in Peru has been misfiring on all cylinders all year.
Data from here.

1/10/17

Tahoe Resources (TAHO) (THO.to) The slightly disappointing update

Returning to Tahoe Resources (TAHO) (THO.yo), we had a good old chuckle last week about the way even Scotia (where the senior metals anal yst is also a director of the company) called its 4q16 and 2017 guidance "slightly disappointing". Here we are a few days' trading down the line and this humble corner of cyberspace cannot help but wonder how slightly disappointed the people who bought TAHO up by 10% on the day before those results are feeling this evening.
 


Slightly ripped off by bad sell side advice, perchance? Slightly miffed about the amount of time Ferrari Kev is spending on the golf course, maybe? Slightly pissed about the way Clayton is running their company into the ground? Slightly annoyed about the millions spent on drilling at La Arena with no results at all? Slightly crapping themselves about the impending Guatemala Supreme Court ruling on OIT169 in the country? Because the problem at TAHO is that however bad they think 2017 is going to be, the worst really is yet to come.

Skin in the game, Yamana Gold (AUY) (YRI.to) edition

You would have thought that a guy like Peter Marrone who gets this kind of cash salary per year...

...would buy a few shares of his own company. Sadly not, as even though there's $37.78m in cash staring at you on that chart (data from Yamana Management Information Circulars) he owns less than U$2.2m worth of bought shares, a numbers that's hardly changed for many years (apart from the DSUs and RSUs he awards himself for free, of course). This may be why he doesn't seem to give a damn about his shareholders or the mediocre way the company goes about its business. 

Peter Marrone, the gold mining CEO in love with US Dollars.

Seminario SAB and Minera IRL

It's been fascinating to watch how Peru stockbroker Seminario S.A.B. has been constantly peppering small retail shareholders of Minera IRL with scare stories about the stock, trying to force their hand into selling their shares these last few days. Seminario has sent literally dozens of mails with screenshots of the trading screen of IRL to what they think are weak hand holders, pushing on the way the stock has sold off (now down to U$0.115), scaring people by telling them "The Canadians are selling into the BVL" (they're not), using every dirty trick in the book to extract their shares for cheap. So that Napoleon Valdez can buy them. Paid whores and liars all.

UPDATE: Also "pottermagic", a handle being used by Jaime Pinto on social networks, is exhorting people to sell their IRL shares. Another of Polon's whores.

A Flash update...

...has just been sent to subscribers, just before midday on this damp and misty Tuesday morning. A trade.

OT: What just happened to Google Translate

You really should read this article. Here's an excerpt:

"...Google Translate got smart. It developed the ability to learn from the people who used it. It learned how to make educated guesses about the content, tone, and meaning of phrases based on the context of other words and phrases around them. And — here’s the bit that should make your brain explode — it got creative.
Google Translate invented its own language to help it translate more effectively.
What’s more, nobody told it to. It didn’t develop a language (or interlingua, as Google call it) because it was coded to. It developed a new language because the software determined over time that this was the most efficient way to solve the problem of translation.
Stop and think about that for a moment. Let it sink in. A neural computing system designed to translate content from one human language into another developed its own internal language to make the task more efficient. Without being told to do so. In a matter of weeks."

full note here

Continental Gold (CNL.to) got money

From Red Kite.  NR here.

Chart of the day is...

...the US Dollar index (USD):



Looks like it's topped out to me.

1/9/17

Please fire Yamana (AUY) (YRI.to) CEO and his worthless IR department

This is crazy. How can a U$3Bn market cap company try to ignore what's happening at one of its major assets, refuse to say anything to its shareholders for five days and then when a pissant blogger posts a few plain facts about the disaster in El Peñon, Chile, finally, long after the close of market, come out with a news release using phrases like "successfully entered into a collective bargaining agreement" before having to admit their mega-spun version of the truth?

If I were a shareholder of Yamana (AUY) (YRI.to) I'd be ashamed at the way it's being run.

Yamana Gold (AUY) (YRI.to) fails to disclose its El Peñon problems

Despite the mine being around 18% of its total gold production and nearly all its silver too, Yamana Gold (AUY) (YRI.to) hasn't bothered to tell the market about the employee rebellion at its El Peñon mine in Chile, which started because YRI offered them a miserable 2% pay rise (nowhere near the underlying rate of inflation). The strike action was called, the protests got rowdy and millions of dollars worth of on site equipment was damaged by the near-riot conditions inside the mine on Friday and Satruday (which was also completely closed down and evacuated once police arrived).

At what point will Peter Marrone start acting like a real CEO instead of a joke cut-out copy of one?

1/8/17

The IKN Weekly, out now




IKN399 has just been sent to subscribers. Cordoba and more...doba. Frying tonight.

A random Sunday morning cartoon

Sent over by DB, shared here because it made your humble scribe smile: