start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


On self-fulfilling prophecies

IWNATTOS writes a fine piece over at his blog today. Go check it out, but here's a chunk to get you thinking first:

"...the market wants the market to crash 200 points like last fall. Unfortunately, despite all the worry being spread thru the blogosphere, it's just not going down that well.

People are even comparing the present slowing upward trend of the spring with the nasty lower-high rounded top that presaged the enormous downward kablooie of 2007.

And yet the market's not going down. If sentiment sucks so bad, why isn't the market going down? Because something else is keeping it up.

And bloggers are stupid humans. Don't forget that. Ritholtz loves going on about investor psychology and how it stops you from making money - but why doesn't he write an article on how investor psychology also makes bloggers write bullshit?"

whole thing right here

Five days of metals and miners: July 14th

The regular Saturday slot: The last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).

The basic bottom line is that metals beats miners. Silver and gold put in a neutral week, industrial miners sank, PMs large and small really sank. Nasty stuff for the juniors and for example, of the 12 stocks currently held in the IKN Weekly 'Stocks to Follow' list, two went up, one remained unchanged and nine dropped week-on-week. I'd guess that to be pretty typical of other people's portfolios.


The Friday OT: k.d. lang; Constant Craving

Every time I hear the first bars of this track, my heart soars. The simple, basic, visceral reaction to the arrival of great beauty.

Magical, uplifting, transporting music. And as a special bonus it comes with a healthy dose of Samuel Beckett

Hey, how's that Lumina Copper (LCC.v) Strategic Review going?

Oh, that well?

You're gonna have to dyodd eventually dude, cos these days the lazy amongst you can't even trust a broken slot machine.

So what does Trevor Turnbull of Scotia think about the Fortuna Silver ( (FSM) numbers of yesterday?

Find out for yourself by clicking here, but to give a general idea he likes the better than expected silver number and he's popped his target price up half a Loonie to $5.50. Sounds about right to me.

Baja Mining's ( latest news release, translated

If you're wondering what the NR out of Baja Mining ( today means, here's your cribsheet:

1) The blahblah about CAs and interested/uninterested buyers is pure sideshow. The real info is at the bottom with this line:
Management has now advanced its review of the anticipated operating costs at the Boleo Project, and currently estimates operating costs at between $50 - $60 per ore tonne

2) Go to the BAJ website, check out the resource. The P+P reserve (the bit that matters) has copper grade of 1.49% for the U/G rock and 0.73% for the open pit rock. There's the Co and Zn (and Mn too I suppose, though that's another circuit) but as the new slated plans for Boleo are about processing the copper only (to save capex cash), this gig revolves around the copper, period.

3) 0.73% Cu is 16.1 lbs per metric tonne. Even at 100% recoveries (which won't happen) and the current $3.50/lb copper market price, that's $56 worth of copper for every tonne of rock you process.

4) 1.49% copper is 32.85 lbs Cu/t. With the same parameters as above, we're at $115/t rock worth of copper.

5) In other words and getting to the point, BAJ has this morning told the world that its open pit reserve is now uneconomic, or if you like 21% of its mineral has suddenly disappeared. Ooopsy!

6) In a normal country, Greenslade will be jailed for fraud. Sadly, Canada is not a normal country.

PS: Oh, one final thing. It's now pretty clear that the guys at Mount Kellett, the people who bought 19.9% of BAJ at prices around a $1 (best guess) average and then went on for NR after NR about their belief in Boleo's world class potential etc etc, know fuck all about mining. The moral here is that just because you have $60m to throw at the market it doesn't make you smart. Next time you see the Mt Kellett names pop up on a deal keep that one in mind, yeah?

Chart of the day is...

...three years of the Gold/Oil ratio;

We last featured this ratio in June when the ratio hit 20X. We're now dropping again (as somewhat expected), which is either bad news for your bullion hoard or bad news for your next fill-up at the pumps.

PS: Today's Dilbert is recommended.

Wendell Z-Man Zerb says goodbye to The Can of Corn

And thusly therefore Wendell Zerb, the Z-man, is no longer with Canaccord. It's the downside to a performance-related job I suppose. No performance, no job. 



Fortuna Silver ( (FSM) 2q12 production

Three points to make here on the blog about the 2q12 production numbers just delivered, all pretty basic:

1) Gold numbers were pretty good (esp from San José), Pb and Zn was a bit light at Caylloma, but what matters at FVI is the silver production and the rest is noise. It's not got the word "silver" in its corporate title for nothing.

2) Here's the quarterly breakdown of silver production, including the latest numbers:

The 2q12 was a good one for silver and puts the company on a straight line production of 3.9m oz Ag for 2012. This compares to company guidance for the year of 3.7m oz. We note an intraday price rally in FVI on these numbers, which is wholly merited.

3) This is the difference between a silver miner that consistently delivers on its promises and those that don't.

How Great Panther Silver's ( (GPL) 2012 production stacks up against company guidance and projections for 2012

This table explains the situation so far an incorporates the 2q12 production numbers out this morning with the 1q12 results. We then compare things against the company's 2012 full year guidance.

Notes on the columns in the table, from left to right:

  • For the first half of 2012 (1h12), silver production comes to 734,249 ounces, gold to 5,082 ounces and overall silver equivalent (AgEq) is at 1,113,388 ounces
  • We then do a simple 2X multiplication to see what that production for the first six months of would imply over the full year. 
  • Next, we table the low end guidance, as seen in the company's 2011 year-end MD&A, published on March 15th 2012 
  • Then, we table the high end guidance, as seen in the company's 2011 year-end MD&A, published on March 15th 2012.
  • Finally, we take our simple 2X multiple estimate for 2012 and compare it to the low end guidance offered up by the company less than four months ago. What we see is that GPR has missed on tonnage throughputs so far this year, has missed badly on silver production guidance, has beaten its low end guidance for gold by 164 ounces and that the overall AqEq number has also missed significantly.

The choice as to whether you should trust anything that ever comes out of the mouth of CEO Robert Archer, anything written by the biased analysts paid by GPR to promote the company to the general public or anything ever written or published by this serial OPUD company, including the eight paragraphs of outlook for GPR included in this morning's NR, is up to you, kind reader.

Barkerville Gold Mines (BGM.v): Two messages for new longs

Message one is from the BCSC:

"...cautions investors not to rely on either the indicated resource estimate or the "geological potential" disclosed in the Original News Release."

Message two is from this humble corner of cyberspace:

with thanks to @citypsmith

UPDATE: Best comment mailed in so far comes from reader TG:

"Breaking news, Cow Mountain re-named Sheep Mountain".

Kinross ( (KGC) news

The sad news today is of the deaths of seven people in a plane crash in Mauritania, with apparently two of them employees of Kinross ( (KGC) as the plane had been chartered by the company. We stop our petty rummaging about the world of mining news and reflect on the more important things of life. Our sincere condolences go out to all those connected with the three soldiers, two customs officials and two members of the company presumed dead.

UPDATE: Kinross just informed the market that none of its direct employees were on the flight. In their words, the deceased counted, "... two pilots, two Mauritanian customs officials, and three contract security personnel". No matter, our sincere wishes remain as stand. As a slight sidebar, good on Kinross for getting the news out as quickly as possible

Chart of the day is... in July:

Wheeeee! Isn't this fun? Oh wait, that's July 2011:

Hmmmm, not so fun


Another advantage that bloggers have over real journalists

Felix Salmon has a great, chunky and very readable longform post over at his site today entitled "Media ethics and transparency". A strong reco to go over and read the whole thing but here's just one small snippet that resonated here at IKN Nerve Centre™:
"...all reporters, be they beat reporters or investigative reporters or opinion journalists or anything else, have human sources and understandably feel bad if they write something that upsets the sources they get along well with. And that ends up shaping news stories, at the margin, much more than any financial incentives they might have."

Reason that segment caught mine eye? Well, I sometimes get asked questions along the same line, about how I feel about pissing off people via negative posts at this humble corner of cyberspace. The answer is that I'm a blogger, not a reporter, and I have no friends. Just thought I'd clear that up. Now go read the Salmon piece.

The new Chávez campaign spot

I think it fair to say that he's not pitching at the socioeconomic A group.

Exeter Resources ( (XRA) getting a little closer to its true value

The last time we looked at Exeter ( (XRA) was June 26th, its market cap was $155m and your humble scribe in his everso humble way said...

"The plain bottom line about gold mining is that if a deposit cannot be mined at a profit it doesn't matter whether it's in Chile, China or Congo and it doesn't matter if it is 1m oz or 100m oz gold contained. It's worth nothing. Zero, zip, squat, nada, nothing. As regards XRC, Yale Simpson's opinion is that (and I quote the NR) "...the current depressed share price does not reflect the potential future value of the Caspiche deposit..." and he would say that, wouldn't he? But it's an opinion, not some sort of objective truth so let's throw in another opinion to get a bit of balance. My opinion is that XRC has $61m in cash and a market cap of $155.3m today, which means it's still overvalued by around $94.3m."

Today XRC is down to $119m, so it's gone a few kms down the road so far without getting to its destination. But hey, this is only my opinion of course and there are others out there that differ. Such as Wendell Zerb of The Can of Corn who says:

Wendell Zerb, Canaccord Genuity (1/18/12) "Exeter Resource Corp. has released the prefeasibility study for its 100%-owned Caspiche Au-Cu-Ag project, with results as expected. We maintain our Speculative Buy rating and 12-month CA$9.35 target price. . .Exeter's Caspiche deposit remains one of the most significant new Au-Cu-Ag discoveries in the last decade; located in the Maricunga belt in Chile and adjacent to Barrick's Cerro Casale and Kinross' Maricunga (Refugio) deposits, Caspiche is well located as this prolific district expands. . .we continue to value Exeter on metrics related to it ultimately being acquired."

Which is their prerogative. I mean, just look at that sexy bigtime M&A anticipation since Jan 18th, Z-man:

dyodd, dude

Possibly the single most laughable analysis of LatAm political risk this year (and with the amount of competition out there, that's saying something)

It's about South American Silver (, it's from Byron Capital Markets, it's written by some guy named Jon Hykawy PhD MBA (we include the letters to show that being educated and being intelligent are often mutually exclusive) and it's available for download here. There are two things that make it so, but so poor:

1) It calls buy on South American Silver (, which is bad enough but the big one is...

2) It called buy on yesterday, July 10th 2012, despite the overwhelming evidence already clear to anyone with half a brain that Bolivia was taking the Mallku Khota concession away from It honestly beggars belief to see this type of call made to clients yesterday morning. Byron already had a buy call and a $2.75 (!!) target on this dog of all dogs but couldn't get away from their own misguided, incorrect and entrenched view on the stock, preferring instead to throw their clients even further under the truck.
Jon Hykawy, Ph.D., MBA, you sir are a dumbass. Worse, you're a dumbass who prefers to wallow in chutzpah than give honest advice to the people who pay your salary. When you write things like...

"As such, we have to conclude that while there may be a period of extended dialogue, the rule of law is likely to prevail and SAC will likely have the opportunity to develop at least the main ore body at Malhu Khota." deserve everything your boss offers down to you, and good and hard. Therefore, rather than spin out your lies and aggravate client losses with your utter stupidity next time just...

Chart of the day is...


It comes from an interesting and very recommendable blog post over at blog The World Complex, and I sought and got permission from the blog's owner, Mike, to run this chart here today. We exchanged on the significance of the chart too, with my thoughts being that it's academically intriguing but not so useful, while Mike (who's obviously had more time to think it over) seeing the gold component as both interesting and useful in the investment strategy sense, too. He pointed out another post of his along the way too that dovetails into that chart above, this one entitled "Gold Still Number One", which goes into more detail about the theory. 

It's interesting stuff and World Complex is a well-written, intelligent blog (much better than this one for a start) so it's getting a shout-out today and I hope you go over and visit, then bookmark or RSS or whatever the site as well (the same way I've done).


And as the Jaguar Mining (JAG) ( sell-off accelerates...

....and sees the stock at U$0.88 at time of writing this, we remind readers of your humble scribe's conclusion to the nine page analysis on Jaguar (JAG) ( published to subscribers on May 6th:

The bottom line to today’s somewhat disparate analysis is that on the financials alone, JAG doesn’t add up and the heavy waterfall drop we’ve seen in the stock price these last few weeks has only brought it down to the level at which it deserves to be priced today. There is the potential for share price appreciation and there’s even the chance that some third party that thinks it can do a better operational job at its assets might move to make a hostile bid on the company, but right now I doubt that will happen. The problem here is that if things stay the way they are, the current $2.32 share price can go a lot lower just by letting JAG keep on keeping on and dragging itself further down so why should a potential buyer pay $4 or $3 per share when it can wait a while and pay $2...or even $1? These last few weeks have seen the market change its attitude towards JAG, the trust and hope is gone and the world is turning its back on this company, and that’s about the worst thing that can happen to any going concern. We’re now at the point where JAG can put in a good quarter and people will still mistrust it as an investment vehicle and consider it a single blip. Until something happens to change JAG at its most basic level it’s not a stock I’d want to take a risk upon, even at these low prices.
Those of you that like them distressed and very high risk may feel like running a trade on JAG, but if you do, be clear that the company might have come down from $6 but it’s not going back up there again in the near future, and unless things change drastically at the company (e.g. debt removed, gold goes to $2,500/oz, qtr production jumps to 60,000 oz) it will never see those levels again. The chances of further depreciation in this share price are high, so the risk of buying at today’s levels should not be understood as “well, it could drop to $2 i suppose”, because the low end potential is zero. If current management is thrown out and people that actually know how to mine at a profit move in, it might be worth revisiting JAG but under status quo conditions there’s too much risk and not enough reward potential here

The low range price of zero now coming into sight.

UPDATE just 5 minutes after posting: Wowsers, full scale cave-in happening now, 81c just passed the tape. No more running commentary on this today though, rubberneck the wreck for yourself.

The B2Gold ( production numbers (incl s.w.a.g.* on profit margins)

After this morning's production NR (linkeration here), here's how gold production and sales stack up...

....and here's your your humble scribe's best shot at the COGS and margin at B2Gold ( for 2q12:

Plenty more charts where they came from, but we'll save those and opinion on the numbers for IKN167 next Sunday. Probably. So with this burst of pre-bell numbercrunching my coffee is cold. 'Scuse me, gonna wave it and drink it now.

*stupid wild assed guess

Endeavour Silver (EXK) ( has trouble with verb selection

When Endeavour ( (EXK) writes in the title of its production NR "Endeavour Silver Production Continues to Climb in Second Quarter, 2012", that should really be "Endeavour Silver Production Continues to Drop in Second Quarter, 2012" because here's how 2q12 looks compared to the rest of 'em:

The thing is, in the touchyfeely, nothing-ever-goes-wrong world of the News Release copywriter you get to compare EDR's mediocre quarter against 2q11 rather than the most recent quarters, to the reality of the dropping production levels for silver can be neatly ignored. Also true for revenues, which dropped from $49.4m in 1q12 to $40.4m in 2q12. However we do note that although just 22.3% of the revenues mix, gold production was pretty good from its two mines in 2q12...

...because unlike the sophists in IR departments, we at IKN like to give the whole story.

Chart of the day is...

...Jaguar Gold Mines (JAG) versus the gold ETF (GLD in 2012:

To commemorate JAG dropping under $1 for the first time yesterday. It took two months from the original "we're screwed" announcement, mainly because there were still some people deluding themselves into believing JAG had something going for it. Looks like they've changed their mind. 

Sometimes on the blog and more often in the Weekly, I mention Rule One™ for operating mining companies which is "Make A Profit". Not a free cash flow profit or an EBIT profit, but a real live post tax post everything bottom line profit. JAG is the poster child of why Rule One exists and why it's important because all the improvements in cash costs in the world won't save you from a screwed up balance sheet.


Tomorrow is the beginning of the end for South American Silver ( in Bolivia

The end for South American Silver ( is now in clear view. According to several reports (here's just one), President Evo Morales will welcome a delegation of locals from Mallku Khota at the Presidential Palace at 6:00am tomorrow morning (Tues July 10th) and at that meeting the parties will discuss the cancelling of the Mallku Khota concession and the nationalization of the project. Or in the words of Daniel Santalla, Minister of Work, Employment and Social Security (translated from report):
"On repeated occasions the President has not only about cancelling (the concession) but also nationalizing local companies that are in the hands of transnational companies. We want him to give consent for the nationalization of this company." 

"The wealth that the country counts on should be passed to The State and the revenues obtained should be distributed to all Bolivians."

Or in other words, is toast in Bolivia. Hey, I wonder how those "strategic" Chinese investors who piled $16m into the company at $1.60 in May this year are feeling about their investment advisors and the silver-tongued Greg Johnson now? Probably need to check on them there strategies you've been using, for example doing some freakin' DD and finding out what we've known for months about this accident-waiting-to-happen stock. And no, before you ask "DD " does not mean taking the word of Laurence Roulston, Jay Taylor or Michael Baybak as gospel...but you've worked that out now already, haven't you? Oh well, only cost you $10m or so and you have the consolation of knowing that you've kept CEO Johnson in the lifestyle to which he's become accustomed.

Barkerville (BGM.v) and the burden of proof (from IKN166)

This from IKN166, out yesterday:

A simple comment on Barkerville Gold Mines (BGM.v)
The junior mining story of the last week was without doubt Barkerville Gold Mines (BGM.v), its announced 43-101 compliant 10.6m oz of indicated level gold at Cow Mountain, its “resource potential" of between 65m and 90m oz gold and the doubts thrown up by the investment community about the validity of the new resource, led up by Quinton Hennigh’s excellent thinkpiece that we managed to get onto the blog (21) to show a wider audience on Tuesday evening.

I’m not going to make any comment about the geological critiques of Hennigh, nor am I going to pick apart the rather dubious past history of BGM the company, the “overly promotional” (let’s be diplo) manner of its CEO Frank Callaghan or even the sudden appearance of paid-for pumping we’ve seen in the stock that brings its own red flag. What I want to comment here is simply about the burden of proof.

There have been many criticisms of the news release from two Thursdays ago that saw BGM climb hard and then come back down to earth, but one common denominator of nearly all of them is the lack of proof and evidence that’s been offered up by BGM and its chosen 43-101 compiler Peter T. George. Now for sure under the 43-101 rules, once a press release of the type we saw from BGM is out the company has a maximum of 45 days in which to file the full report to SEDAR. However, it’s also normal under these circumstances, especially those in which a resource jumps from (let’s say) 1m oz to (let’s say) 10m oz gold, to offer up more than the scant amount of proof that's been used to compile the data and resource conclusions. When not just one or two things, but a whole list of things are open to obvious criticism, the simple fact that BGM and its 43-101 compiler haven’t been as forthcoming as they could be is its very own red flag. And let’s not forget that although BGM has a maximum of 45 days to file the document, it could if it wished (and many other companies do) file the document immediately and get the doubts settled one way or the other. So it’s not just the substance that can be called into doubt around this story but the style, too. Put bluntly it looks shady, and shady junior companies are precisely the ones we should run a mile from until otherwise proven.

The world of the junior mining company is not the world of the court of law. There are no rights or privileges of “innocent until proven guilty” in this sector and if anything, the wary investor who cares about avoiding the marginal story companies as well as the outright scams should take the exact opposite view and be cynical, doubting and assume guilt of an unknown party until proven innocent. The way in which BGM has gone about unveiling its apparently massive new resource has made for more questions than answers, more doubt than certainty, more heat than light. Until the hard facts are presented in the form of the official 43-101, the phrase here has to be “caveat emptor”.

A Romney thing

I'm not going to do much commenting on the U.S election to come this year and that's for three reasons:

1) Not LatAm
2) I have no preference whatsoever between two poor candidates on offer
3) It doesn't matter who wins anyway.

But I'm going to cede and throw out this excerpt from this report today because, quite frankly, you can't make this shit up.

"A New York City donor a few cars back, who also would not give her name, said Romney needed to do a better job connecting. "I don't think the common person is getting it," she said from the passenger seat of a Range Rover stamped with East Hampton beach permits. "Nobody understands why Obama is hurting them.

"We've got the message," she added. "But my college kid, the baby sitters, the nails ladies -- everybody who's got the right to vote -- they don't understand what's going on. I just think if you're lower income -- one, you're not as educated, two, they don't understand how it works, they don't understand how the systems work, they don't understand the impact.""

Those wonderful moments when life imitates art. The whole L.A. Times piece is here

South American Silver ( No, it's not a surprise (for those who have been looking, anyway)

One of the things I'm now getting about this whole South American Silver ( episode are a bunch of people saying that the Mallku Khota incidents have sprung up out of nowhere and have obviously been imported into the region by outside agents in the last couple of weeks to screw things up for Johnny Foreigner in Bolivia and all that kind of thing.

Well folks, that's a crock of dung. I mean, we here at IKN were telling you about the obvious signs of troubles at Mallku Khota six eight months ago. Here's what was written at that time:


November 10th 2011

South American Silver ( It's not what they say, it's what they don't say

South American Silver (, the junior developing the Mallku Khota silver project in Bolivia and run by arch-sophist Greg Johnson, reported its 3q11 numbers this evening along with the usual blah-de-blah you get from a company with more style than substance. But scratch the surface and you get to see that not all is going swimmingly Chez
Let's start with this NR dated March 31st 2011 (last day of 1q11) that went heavy on the pomp and circumstance while announcing the company's PEA (scoping study) results and included the line "Budget of $16 million approved for 2011 with Pre-Feasibility activities beginning in Q2."

Next, we skip to the 2q11 report NR here, which noted that, "During the 2nd quarter ended June 30, 2011, expenditures at the Malku Khota project totaled approximately U.S.$1.0 million."

And so we get to tonight's NR for the 3q11 numbers that has this line: "During the 3rd quarter ended September 30, 2011, expenditures at the Malku Khota project totaled approximately U.S. $0.9 million."

And while we're at it, both quarterly NRs noted in more than one spot that community relations work was ongoing, with meetings and suchlike. Also both the 2q11 and 3q11 NRs said, in the exact same words, that the cash had been spent this way: "Work focused on metallurgical testing, environmental baseline data collection, community meetings and various engineering optimization studies."

And what does all this mean? Well, we can fluff around and start throwing different marginal possibilities into the mix, but when it comes right down to it there are only two real possibles looking at us. Either...
1) South American Silver ( plans to spend $14.1m on the project in 4q11, or...
2) Locals aren't letting drill.
And when you start poking around the interwebnetpipes and start picking up on stories of how protests by locals (yup you guessed it) have stopped activities at Mallku Khota and accuse the company of polluting nearby lakes and poisoning their trout farms therein, a little bit of sense is made.

The tough part for is that the prohibited drilling is the number one most important thing the company has to to move the project from its current PEA level to the Pre-Feasibility (PFS) level. According to that 43-101 compliant technical report published in May 2011, the recommendations for moving to the PFS started, first and foremost, with this:
"Carry out infill drilling of the deposits in the early stage of the PFS to ensure that sufficient Inferred Resources are promoted to Measured and Indicated categories to support the decision to proceed to DFS."

Then came a list of other things it needed to do, but the infill drilling was given top priority for a good reason. That's because you can include inferred resources in a PEA but you can't include them in a PFS and as nearly half the mineralized tonnage at Mallku Khota is still in the inferred category, if you can't include that little lot in the mix your numbers are not going to impress. But of course, the teeny tiny little fact that the isn't allowed to drill at its project, when drilling is the single most important ingredient in the PFS that's supposedly coming out in 2012, isn't mentioned in the company literature at all. After all, it is a Canadian junior mining company run by an Ex-NadaGold director. Waddya expect?

UPDATE: Welcome TFmetals readers, people plug dumb stupid enough to have given over cash for a subscription to a random-walk chartist. Ever feel like you're late to the party, guys? Feel like somebody might have been lying to you all this time, perchance? Now do us all a favour, crawl away and don't come back.

Chart of the day is...

...soybeans, monthlies:

Not quite an all-time record price, but darned close. Those of you predicting an immediate economic collapse in Argentina, take a good hard stare and weep at your own dumbassery.


The IKN Weekly, out now

IKN166 has just been sent to subscribers and for the first time in weeks, I like its content.

South American Silver ( still misleading the market about the Mallku Khota protest

This from South American Silver's ( news release dated Sunday July 8th (and note that date):
"One project opponent died during one of these security actions. While the exact cause of the death is still under investigation, it is believed to have been as a result of the individual mishandling dynamite"

And now this news report (translated) from Bolivia on the real, official, documented cause of death, dated Saturday July 7th:

"The forensic medic Abelardo Machaca, who performed to autopsy on José Mamani Mamani aged 45, determined in his report that the death of the member of the Ayllu Sullka population was due to a gun shot during the confrontation of last Thursday between locals of the Mallku Khota community and police."

Oh, and there's also this little issue, entitled (translated): "Evo Morales Agrees to Rescind Mallku Khota Concession". Sure is a fun report to read, don't you think Mr. Johnson? Why not tell your shareholders about that one as well?

And by the way, the other two hostages were released today, too.