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A little excerpt from IKN342, out tomorrow

Something that Canaccord Genuity and Minera IRL (MIRL.L) ( people will be interested to read, I'm sure:
"I would strongly suggest to lawyers looking into this case that, come the time, they get a few people from the El Comercio newspaper on record about the happenings of November 26th. Those lawyers should also get Messrs. Henry Fitzgerald-O'Connor and Oliver Donaldson of Canaccord Genuity Limited in London, the NOMAD (Nominated Adviser and Broker) for Minera IRL Ltd, on record as it would seem they have committed a grave infraction and dereliction of duty regarding key company news releases."

Jaime Pinto's been a naughty boy. Again.

Full text tomorrow, subbers.

Lawrie Williams does the Minera IRL EGM clownfest

It's well worth reading Lawrie Williams' (Sharps/Pixley etc) take on the craziness of the Minera IRL ( (MIR.L) EGM last Thursday, as he puts his sharp pen and professionalism to work on the story. Here's a short excerpt:

"The EGM vote suspension is a total fiasco and is put down to some irregularities with some of the votes in terms of Ontario securities legislation – here its should perhaps be noted that Minera IRL Ltd. – the parent company – is not actually a Canadian company and the TSX is one of three exchanges on which it is quoted with shareholders virtually split between the three (LSE AIM, TSX, and Lima) as we are given to understand it. Shares are currently suspended effectively awaiting the outcome of the new EGM."
Read it all here, you'll be glad you did.


NV Gold (NVX.v): A late Friday classic NR

See it. Read it. Believe it.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 27, 2015) - NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it and its wholly-owned Nevada subsidiary, NV Gold Corporation (USA) (NVX US"), have entered into an Asset Purchase and Sale and Debt Repayment Agreement (the "Agreement") with Mr. John E. Watson, the Company's President and CEO. Under the Agreement:
  1. NVX US will sell its Afgan-Kobeh Property (the "Afgan Property") to Mr. Watson for US$304,626;
  2. the Company will sell the shares and debts of its wholly-owned Swiss subsidiary, SwissGold Exploration AG ("SGE") to Mr. Watson for US$50,000; and
  3. the Company will use all of the proceeds of such sales to repay debts owed to Mr. Watson.

Interestingly, Mr. Watson is currently paid $25,000 per month by NVX.v, but as they don't have any cash to pay him it's just been adding up in the current liabilities column. 

I wonder why?

And as a little cherry on top of this particular cake, Watson's salary was increased this year from $22,500 in 2014. 

Mining Press has the cool photo

Pinto and Benavides, from this note here.

The report is in Spanish (Mining Press is a Chilean/Peruvian publication) but it's also pretty good as a general "what you need to know" about the Minera IRL soap opera. If you're versed in the tongue of Cervantes, it's recommended (and if not there's always Google Translate).

The Friday OT: Led Zeppelin; Kashmir (from Celebration Day live)

From the concert with Jason on drums.

Credit due, they sounded great. I mean, they could have turned up and played acoustic-only versions that a tribute band knocks out and the crowd would have lapped it up, but Led Zep did the reunion at a top notch level.

More crispy ginger beef

Thanks are due to a reader who will remain anonymous for forwarding this mail, sent to a whole bunch of Fasken lawyers and people yesterday evening by "Bill" (who knows them well, it seems):

You must be distraught over how shareholders are being ignored by this board. Perhaps you and your firm could represent the shareholders in a class action to enforce the results of today's vote? Sr. Pinto is in town so you could serve notice tonight over some crispy ginger beef at The Pilot. Oh, wait... 

Laugh it off, d-bag. It's just your career at stake. You could always fail up into government.

Hey Chuck-a-LK, what would happen if someone documented everything you did and started feeding it to all your colleagues and partners? You think they'd come galloping to your rescue? I bet not. All those Osgoode grads worked so hard, you think they're going to let a schiester like you stand in the way of making partner?
We can start with Ruth?

Google it Ruth. Chuck had a good day today at the Minera IRL shareholders EGM. And don't make me send you an lmgtfy link. Ruth, you gotta try the crispy ginger beef. Chuck will make you some. Just ask him.

Not that Chuck gives a damn about what the shareholders voted for or anything. His buddy Hodges got voted out at the last meeting and now he's bitter. Gonna pillage a village in Peru I think. And a mine or two.

You should see all the racist stuff someone had some journalists to write as agit-prop leading up to the meeting. Did Fasken look after that?

How far is Fasken going to let Chuck drag them into this? Let me know. I'm looking for a lawyer myself. Will Fasken accept service? Can they, if they were colluding with the plaintiffs? Will Fasken be a plaintiff? Only time will tell, won't it Chuck-a-LK?

Cheers, Bill

SP Angel on Minera IRL

The Minera IRL Ltd NR on yesterday's clownfest is already out in London (link here), they're bound to put it on MarketWired in about half an hour.

Anyway, here's SP Angel, from this link. As usual, right on the button.

Minera IRL (LON:MIRL) SUSPENDED – EGM adjourned despite Rebels holding >90% of votes, questions over handful of shares
• The chairman yesterday adjourned the Minera EGM.  We are told the adjournment was over potential irregularities over a handful of shares.
• Diego Benavides and his supporters are now forced to wait till the next EGM which can be called at anytime but no later than 17 December.
• Long suffering shareholders must now wait, while the company is effectively paralysed, racking up costs at a time when, we believe >90% of the shares have been cast in support of sacking the entire board.  Do Turkeys every vote for Christmas?  We hope these turkeys get a proper roasting by shareholders when this is all said and done.
• In a further twist:  we are also told that a key shareholder has agreed to buy Rio Tinto’s 19% stake and is seeking to be elected to the board
Conclusion:   Do Turkeys every vote for Christmas?  We hope these turkeys get a proper roasting by shareholders when this is all said and done.
* SP Angel analysts are expressing their own views and opinions in this analysis.  SP Angel has no corporate connection with Minera IRL or its subsidiaries.  SP Angel holds no shares in Minera IRL and does not have any current financial arrangements with the company.


Merry Christmas Chuck

Ho Ho Ho:

The Samarco tailings dam disaster: A video

AJ+ has put together this one minute 39 second video that you have to see. The scale of the disaster that they don't want you to know about up North is starting to come to light.

Here's the AJ Youtube blurb:
Brazil's Doce River has turned orange and is full of dead fish after one of the worst mining disasters in the country's history. The polluted waste contains arsenic, zinc, copper and mercury and has cut off the drinking water of hundreds of thousands of people and left fishermen devastated.

Crispy ginger beef

mmmmmmm....crispy ginger beef.

Minera IRL ( (MIRL.L): So here's how I'm guessing this works

No special info here, just my best guess. Mail in if you have better ideas.

1) Due to any old BS excuse, Jaime "NOT HODGES!" Pinto (backed by fellow scumbags Hodges and Higgins) suspends today's meeting.

2) Pinto says that the EGM will reconvene in "two or three weeks", however the board is under no obligation to stick to that timeframe.

3) Meanwhile, they want the board meeting of the subsidiary Minera IRL SA to go ahead, at which point they kick out Diego Benavides as president of the subsidiaries.

4) As a matter of fact (and deny it all they like, we 100% know the real plan down this way and even know the name of the buyer) the only thing that's been stopping Team Hodges from stripping the Ollachea asset out the company and selling it for peanuts to a third party has been the defence of the subsidiaries by Diego Benavides.

5) Therefore, these scumbags in Team Hodges are going to try and force the Minera IRL SA board meeting in Lima to go ahead and as soon as they get control, sell all assets out the company to their third party buyer. 

6) If Benavides postpones the Minera IRL SA meeting, they'll just keep postponing the Minera IRL Ltd meeting up there.

Canadian scum.

UPDATE: I've been getting good and interesting feedback from this conjecture post. Thanks to one and all. We'll get more solid thoughts out later.

The Minera IRL ( (MIRL.L) EGM has been suspended

These Team Hodges scumbags couldn't go any lower, they need castrating in a public arena. Due to them being out-voted by an overwhelming majority, they simply hide behind anything they can find and run away like cowards. They're pretending that Ontario law abides for a company that works under Jersey law. Seriously, grabbing at any straws they can. And thus the meeting has been suspended, due to assholes.

Want to know why Canada's mining industry is dying a death? It's due to asswipes like Chuck Higgins and Daryl Hodges, ably assisted by "respected Peruvian lawyers" like Jaime Pinto.

And by some incredible surprise, Daryl Hodges and his rotten taste in bad quality footwear showed up at the Minera IRL EGM, held in his matey mate Chuck Higgins' place of work.

Minera IRL ( (MIRL.L): Jaime Pinto shows his true colours at the EGM

Because he's lost, Jaime Pinto, who is chairing the EGM currently taking place in Toronto, is refusing to count the votes. He's appealing to a ridiculous and petty technicality that has no basis whatsoever.
Like a little spoiled brat kid.

Tell me again about the "respected Peruvian lawyer"? What a joke.

PS: To pass the time until all this stupidity gets sorted out, take a look at this wiki biog. 

PPS: And this. Take a good hard look at this and while you do, think about how the Canadian scumbags in Team Hodges have ruined what he built. I cannot believe that Doug Jones is allowing this. 

Chart of the day is...

...copper, dailies.

I'd rather buy coffee.

In fact I'd rather drink coffee.


Endeavour Silver ( (EXK): Sweet mother of holy children, what a pathetic excuse for a mining company

Tonight's NR "Endeavour Silver Announces At-the-Market Offering of Up to US$16.5 Million" out of Bad Crook's Mexican mining company saw your humble scribe burst out laughing. Not out of surprise mind you, just the whole chutzpah thing this most cringe-worthy of mining companies has going for it.

There's going to be a piece on this company and this news in Sunday's edition of The IKN Weekly (IKN342), another in our series of salutary tales about just why you, dear and kind retail mining company investor, really really REALLY need to pay attention to balance sheets.

PS: Bad Crook is paid $40,000 per month. Cash.

The use of passive voice in mining company news releases, IAMGOLD ( (IAG) edition

It could be done through this humble corner of cyberspace's famed Ottotrans, but in this we're about the use of annoying grammar tricks rather than content. And passive voice, my stars it's annoying and anyone who's riled at a politico who says "Mistakes were made" instead of "we made mistakes" will know the score on this one.

IAMGOLD, unably mismanaged by the apparently un-moveable Steve Letwin, shortlisted for World's Worst CEO for the last three years, gave us this pearl this evening (IKN highlights):
Five experts in rock mechanics, four of whom were mandated by the Company and one by the CSST, have made their recommendations after concluding that the root causes of the rock burst have been identified.

Why can't they just tell it as it is, write "We Totally Farked Up" and be done?

A fine quality musical interlude for your Wednesday viewing and listening pleasure

Talking Heads, Once In A Lifetime.

Posted from a shotgun shack in another part of the world.

Daniel Earle of TD Sec moves Guyana Goldfields (

This morning pre-bell, Daniel Earle of TD Sec upgraded Guyana Goldfields ( to spec buy and stuck a $4.00 target on the thing. And the reaction?

Not bad Dan, not bad at all. That's some heavy-hitting action for a bear market, Dan. You're boxing clever there, Dan. Hey, could you do the same for B2Gold soon? Thanks in advance.

Who got the Sweetheart-Level deal on SilverCrest Metals?

People who never lose got in at Sweetheart Level:

This SilverCrest Metals (the spin-out from when SVLC managed to sucker Neumeyer into buying its main assets) funding round is a great example of how badly the deck is stacked against retail. Data from here.

Luis Suarez scores a goal

Ah, now this is something. From the Barsa 6 Roma 1 game last night.

Chart of the day is... futures, long-term chart:

There comes a point when people who grow coffee refuse to sell it to you up there.

What racism in mining sounds like

Yesterday's piece by John Cumming in Northern Miner about the Minera IRL (MIRL.L) ( saga was obviously heavily biased towards Team Hodges (for example calling Daryl Hodges "savvy" and implying he had something to do with raising the $70m from COFIDE when in fact the charlatan is only savvy about money when it involves his own back pocket), but hey...there's ignorance everywhere. However, it's one of those rare occasions when the racist element in mining in South America, by which we refer to all you White Men With Burdens who come this way to kindly teach the locals and then start moaning when they don't react the way you require, shows its ugly head.

"If the Benavides-led group wins the day, Minera IRL Ltd. will quietly disappear into Peru’s mountains and jungles as the potential riches of the Ollachea gold project are squandered, and the town of Ollachea will ineluctably return to its centuries-long roots as a small-minded artisanal mining community, rather than an emerging modern mining camp."
The problem here: You get to hear this type of crap from the voices of White Male Miners in South America far too much, but it's normally when the hour is late, the wine bottles are three quarters done and the music is low. The sentiment above is all too common, the only rarity is seeing it in print.

For the record John Cumming, aside from the fact that you don't know what you're talking about and aside from the way the "natives-with-feathers-in-their-hair" have already put together a $240m financing deal without the help of Canada, you're a piece of shit.

UPDATE: Best mail so far comes from reader 'BB':
 "I almost choked on my muffin this morning when I read that quote from the loser at that publication without an editor. I guess they have free WiFi at The Pilot where I'm assuming he wrote it."

Yup. Once upon a time 'Northern Miner' was the media of record for the mining industry. Oh how the mighty fall. John Cumming would be instantly dismissed for that type of racist scumbaggery in any publication worth its salt. NM is one of those that hasn't atrophied and died with a bang, but with a whimper.


Jemi Fibre (JFI.v): Bobby Genovese understands how the stock market works

He turns this...

...into this:

My isn't he clever?

Posting will be light today

Things to do.

Catch you all tomorrow.


Yamana Gold ( (AUY) thinks Brio Gold is worth $369.3m

Seriously! I'm not joking, it says so right here:

YAMANA GOLD INC. (YRI.TO)(AUY) ("Yamana" or the "Company") hereby announces that its wholly-owned subsidiary Brio Gold Inc. ("Brio Gold") has commenced a private placement of Brio Gold common shares, consisting of a primary offering by Brio Gold and a secondary offering by Yamana. The implied initial post-money valuation of Brio Gold based on the private placement is approximately $369.3 million.
The primary offering as currently planned will fully fund the near-term business plan for Brio Gold with the majority of proceeds expected to (continues here)

And with a secondary, too...

Yes it's true, you gringos really will buy anything, won't you?

Minera IRL ( (MIRL.L): Jaime Pinto's mathematics problem

Here's a photo of the newspaper advertisement run by Minera IRL Team Hodges in a Peruvian newspaper today (that's costing you the shareholder money, of course):

Please note that Team Hodges has included the so-called declaration of the people of Ollachea in the advert. And underneath they write in Spanish (translation your author) "The position represented by Mr. Diego Benavides does not represent the sentiment of the majority of the population."

Okay, we got that straight? Now for three facts:

1) Thanks to his source inside Team Hodges, your author has today seen a copy of the full declaration that's featured in the advert above, including the signatures page.

2) It is signed by a total of 147 people.

3) The Official Registry of Community members of Ollachea has a total of 760 people.

Therefore we can state that even if all the people who signed the Team Hodges declaration are legit (and let us recall that the Community has already identified and reported to Peru's Ministry of Energy and Mines that there are false signatures on the list) and even if all signatures were voluntary (they weren't and there's proof of that as well, again in the hands of the relevant authorities) and even if all the names on the list are real members of the community of Ollachea and on the official list, the number of people who signed on represent 19.3% of the town's population.

Seriously Jaime Pinto, is that all you got? After the bribes, the threats and the corruption? And from that you put together this smear campaign to try and fool people into voting for you? Even without the criminal charges now hanging over the heads of you and your cohorts, it's pretty pathetic.

I mean, would you hire a man as a company head who can't do math?

PS: Yes reporters, I am willing to share.

Something that Jaime 'NOT HODGES!' Pinto now knows

On this fine and bright Monday morning, Jaime NOT HODGES Pinto now knows things that most of you don't. For example, he now knows that last night's revelation that Peru's Ministry of Energy and Mines (MEM) is investigating his actions in Ollachea over the last couple of weeks, as reported in the Team Benavides news release, is just the tip of a very large iceberg.

Buh-bye, Jaime Pinto. Buh-bye.

PS: By the way Jaime, "respected Peruvian lawyer" is an oxymoron.

UPDATE: Best mail of the day (so far) comes from 'DT', regular reader and market professional. He keeps it short'n'sweet:
 For the love of all that is holy, you rarely get to see fireworks of this magnitude.  Well, I guess we know how this is going to end up now.


Chart of the day is...

...the gold/silver ratio:

I'm constantly amazed at how memory-challenged the silverbug community is.


The single most impressive news release I've ever read

Team Benavides Minera IRL ( (MIRL.L) has published the following today.

Jaime Pinto thought it was going to be Team Hodges versus Team Benavides. He thought that "he who shouts loudest wins", no matter what sort of lies and BS he comes out with. But there's always something that this sort of person will miss and that's what has happened to Jaime Pinto this weekend.

It's now Team Hodges versus THE MINISTRY OF ENERGY AND MINES OF PERU. Oh yeah. Say buh-bye, Jaime Pinto. Wave buh-bye.


Investigation by the Ministry of Energy and Mines During Visit to Ollachea Finds Acts of Social Disruption and Illegitimacy of Published Statements

Lima, 23 November 2015, Minera IRL SA reports that a visit by a representative of the Ministry of Energy and Mining to the Community of Ollachea, where the Ollachea Gold Project is located, found acts of social disruption had been instigated by the non Executive President of Minera IRL Limited and that illegitimate statements supposedly representing the Community had been published by the same individual.

·        A specialist representative for the region of Puno from the Ministry of Energy and Mining visited the Community of Ollachea last Saturday 21 of November, interviewing community members and representatives of Company Minera Kuri Kullu, (a subsidiary of Minera IRL SA), demonstrating the illegitimacy of a supposed community statement that non executive President Jaime Pinto promoted and made public through a press release.

·        The issued statement and other acts of disturbing public peace, public defamation, usurping of functions, and acts against public faith were promoted by Jaime Pinto and Don McIver, VP of Exploration, with the objective of trying to obtain favourable votes in the upcoming shareholders EGM to be held on November 26.

·        The details of these actions will be made known in the near future and the legally recognized authorities of the Rural Community of Ollachea will file criminal charges.  The Ministry of Energy and Mining, through their office of Social Affairs, has been informed from the visit to Ollachea of all of these actions, and along with proof and testimonies, will be conducting their own investigation.

“We are shocked by the mistreatment and perverse approach of Mr Pinto towards the Community of Ollachea.  We commit all our efforts to restore the trust and commitment that the Community and Company have built and maintained over 8 years, that have permitted us to achieve all our permitting and financing for the Ollachea Gold Project.  We hope to recuperate the lost time due to the stress of the Company, in order to shortly begin construction,” stated Diego Benavides, President of Minera IRL SA and Minera Kuri Kullu SA.

The Rural Community of Ollachea rejects and declares null and void the Declaration of Minera IRL Ltd (published in its press release of the 21 of November), as its contents do not reflect the position of the Community, do not have the authorization of the Community President nor the General Assembly of the Community, who are the only bodies authorized to express the views of the Community.  What is more, the Declaration of Minera IRL Ltd contains one or more falsified signatures which have been proven by comparing them to those in the Official Registry of Community Members, which has a total of 760 persons registered.

The use by Mr Pinto and Mr McIver of a small group of community members, known for their negative approach and desire for personal gain, to intimidate and threaten signatures from local people, has been denounced by the Community to the Ministry of Energy and Mining. 

Mr. Pinto is currently under investigation for corruption by the Second Provincial Fiscal Court Specialized in Crimes of Functionary Corruption (2da Fiscalía Provincial Penal Especializada en Delitos de Corrupción de Funcionarios), regarding the loss for the State of Peru of some U$50m due to the purchase of sovereign debt during Mr. Pinto’s time at the Ministry of Economy and Finances (MEF).

Also, during his time as Executive Chairman of Mantaro Peru SA, a subsidiary of Stonegate Agricom of the Sprott Group, Canada, Mr. Pinto supervised actions of agitation and division among neighbouring communities to a phosphate project in the Central highlands of Peru, which resulted in the permanent paralyzation of the project.

Mr Don McIver currently faces charges brought by Peru’s Criminal Investigation Directorate (Dirección Investigación Criminal DIRINCRI) for the illicit appropriation and disposal of assets of Minera IRL SA.  Along with Mr. Carlos Yrigoyen, Controller, and Yuri Valdiviezo, Head of Exploration, it is alleged that Mr. McIver appropriated and destroyed the exploration drill core of the Corihuarmi mine, valued at over U$1m, in an action connected to the intention of the current Board to close the Corihuarmi mine, the only source of income of the company. The destruction of the drill core has impeded the continued geological model of the deposit.

In conclusion, the Community of Ollachea exhorts Mr Pinto and Mr McIver to abstain from continuing with this campaign of defamation and public disorder in regard to the decisions of the Community.  Also, the Community wishes to inform that on November 28 it will hold a General Community Assembly to report on legal actions to be pursued and to make decisions regarding the group of Community members who were bribed in order to generate dissent in the Community.

For further information contact:

Argentina: La Nacion is calling Macri the winner...

...with 53% of the vote. For what it's worth, though anti-CFK I'd trust La Nacion to call it right, certainly more than the extreme supporters on either side of the fence.

If so, that's roughly in line with pre-vote intention polls. Read all about it here