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The top three most visited IKN posts this week are... reverse order:

Third Place: "Hey, do you remember all those hot gold/copper projects...". One of those silly little ones that resonates sometimes.

Second Place: "Out now, the latest edition of Global Mining Observer", the publication that kicked off all that Arizona Mining ( hoo-hah last week. There were several other updates and developments of course, plus of course the stock was 20% lower by Friday's close.

First Place: "Nice spot...", in which IKN's esteemed readership apparently appreciated your humble scribe's very limited photographic skills. The technique used is simplicity itself, take 55 shots and one will come out okay-ish. Yousuf Karsh I am not.


The Friday OT: Moby/Skylar Grey; The last day

Your humble scribe is not a big fan of Moby, most of his stuff comes across good-not-great and a tad superficial. But every so often he knocks one out the park and here's an example of great Moby. And Skylar Grey has a great voice. Also because of the great line "All this rapture right here all along in scraps he tore away".

Great Youtube here. For the great Maisie.

IKN's submission for #DisruptMining

So Integra Gold (ICG.v) and Goldcorp (GG) are sponsoring an event at PDAC next year called #DisruptMining (read all about it at this link) and together they are, "Calling for Disruptors to pitch their disruptive technologies and business ideas to a panel of industry senior executives and a live audience of mining industry influencers and decision makers".

Which looks fun, so here's IKN's submission: Jail the industry scamsters. Nothing would improve the state of the mining industry more rapidly.

In The IKN Weekly this weekend...

...the report on the site visit to Continental Gold's ( Buriticá project.

Chart of the day is...

...the USD Dollar index, monthlies:

Most of the time it's up there as one of the most important squiggly lines in business, but not right now. Because that's not even close, at the moment it's the only chart that matters.

Shocked! Shocked ah wuz! Argonaut ( San Antonio permit denied

OK people, IKN has been going on about this one for years. Literally. Therefore the news out this morning that the environmental permit for Argonaut Gold's ( San Antonio project has been denied by Mexico comes with no side dish of surprise or "disappointment" (pace CEO) round these parts.

And by way of just a single example here's what was written at this humble corner of cyberspace way back in April 2014, a post prompted by GMP's buy call on the stock that included a NAV weighting of $1.30 for this single project. 

All the meta-twaddle and nonsense you read above was prompted by reading GMP's call on Argonaut Gold ( this morning. They like the thing, want you to buy it and even resort to the puerile "it's a smart money buying opportunity right now" argument to get your ego stirring and you on the phone to the trading and compliance desks. Thing is, GMP and IKN could argue the toss about its valuation call on the numbers (1.15X of NAV8% is rich as hell for this thing, guys) but when it comes to its pol risk call on what's happening in Mexico, they're just being plug dumb stupid. The subject is again San Antonio in Baja California Sur State, and the line GMP uses is...

"We continue to take a conservative approach, estimating production beginning in Q4/15."

Woah! Stop! That is not a "conservative approach". The true conservative approach is estimating production that will never begin and removing the $1.30/share NAV estimate for that "asset" (word used loosely, because in fact it's the exact opposite, a liability) from the calculation. Expecting San Antonio to ramp up in 2015 and calling that a "conservative" estimate shows a complete and utter lack of understanding about the political risk factors around the project, even if you decide to disagree with IKN's own "never gonna happen" call. It's the hallmark of a nodding dog analyst who cannot speak Spanish, hasn't bothered to read up on the local situation, has no clue about the type, strength or depth of the opposition to the project and has limited their DD to a phone call to the IR department to find out the company's own viewpoint and repeated it verbatim to brokerage clients.

The day of the GMP buy reco closed a $4.03 stock. This morning it's $2.01 and in all likelihood it's about to go lower. More IKN kung fu strength.

Eldorado Gold ( (EGO) in December, IKN in September

Remember this September 6th IKN post? It went like this:

"The next news from Eldorado Gold ( (EGO) now that the Jinfeng mine deal is closed and the company has got the cheque, will be the exit of president and CEO Paul Wright who is about "to be resigned" by its board. Shouldn't be too long."
Well in the end it took three months because that cheque took a while to clear, plus they were trying to find the person to take over, but here we are and...

VANCOUVER, Dec. 16, 2016 /PRNewswire/ - Eldorado Gold Corporation ("Eldorado" or the "Company") today announced that Mr. Paul Wright will retire from his position of President and Chief Executive Officer following the Company's 2017 Annual General Meeting in April 2017. Continues here

So, 63 and "retired"? You're kidding me, right? IKN kung fu is strong.


Calvin & Hobbes explains today's market

H/T reader C, expert on the strip:

Remember, ladies and gentlemen...

...that this chart on junior mining newsletter writers is as true today as when it first appeared:

So here's my question about Arizona Mining ( and manganese

You know that feeling you get when you suspect a junior mining company isn't disclosing everything it should? In two of its NRs in this whole manganese brouhaha, Arizona Mining ( has claimed the following:
  • With further work done, they claim to be able to optimize the concentrates to create a cleaner product (regrinds, treatments etc).
  • They also claim that the penalty they'd incur on Mn content is "approximately 1%" of the value of the concentrate "and is therefore immaterial".

Hence the question: If it's immaterial, why spend time and money to attempt optimization? Why consider an expense-laden re-grind for your operation, or extra machinery for your circuit?

Meanwhile, a luckily timed NR out of this morning on a "major step-out hole". We know the Zn content because they tell us (22.8%). As yet no word on the Mn content. 


More GMO on Arizona Mining (, zinc, manganese, things like that

So Arizona Mining got stuffy about being compared to Bre-X and got a retraction out of AW at Global Mining Observer. Fair enough, but the follow-up GMO article that came out last night is just too much fun.

The basic point: Juniors should not hide the weak points of their story from the market (, they need to be open and honest about the weaknesses (because there's always at least one) and work hard on improving them to the market's satisfaction (REG.v), else risk being behind the curve and playing catch-up to public opinion. That's not a good image.

I mean, who reads Forward Looking Statements anyway?
"Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended."

Hey, do you remember all those hot gold/copper projects...

...peddled by the BS juniors back in 2011? The ones that became hot copper/gold projects in 2014 after gold went out of fashion and then became hot gold/copper projects earlier this year? You do? Oh good, so now the great news; They're hot copper/gold projects again.


Nice spot...

...for a gold mine.

Your humble scribe's location, earlier today.


On the road

Your humble scribe has been invited to go and look at something, an activity that threatens to keep posting light at this humble corner of cyberspace until later in the week. Feel free to talk amongst yourselves.

Welcome to your beautiful and soothing Monday

Wrap your arms around the day and celebrate its existence. Youtube here.

"Hit The Crystal"

Oceanagold (OG): Haile Mary update

(sorry, doing this on the phone, can't embed)

Hey, remember this post back in April?

Here's a chunkette from the script:

"...changes, framed as "design enhancements" by OGC in its February 2016 NR, are anything but that. Those that really know about these things believe Haile has turned into a migraine-level headache for OGC, with overruns in capex and timeline to production (first ore through the mill was supposed to happen 4q16...kiss that goodbye)."

Now compare that to the news out of OGC this morning on Haile:

"The results of the exploration program at Haile will be a major input into the Company's optimisation study currently underway and on schedule for completion mid-2017.

"Over the course of 2016, the Company has increased its Greenfields exploration ground by approximately 50% from the start of the year and commenced drilling of the Longleaf target. Additionally, the Company continues to progress target generation activities with the interpretation and integration of geology and drill hole data with magnetic, electro-magnetic, gravity, and induced polarization data to identify and prioritise both near mine and Greenfields targets."


The IKN Weekly, out now

IKN935 has just been sent to subscribers. The usual tripe, I wouldn't bother if I were you.

Happening right now in Ollachea, Peru

The Minera IRL Christmas party for local residents.

The new IRL CEO, Diego Benavides, is guest of honour at the party. This is the type of return you get when you treat locals with loyalty and respect. Sadly, too many people in Canada will never understand these basic concepts. They never get invited to the best parties, either.

Out now, the latest edition of Global Mining Observer

The latest edition of the wonderful AW's wonderful Global Mining Observer has hit the streets. Find its top stories here on Altius and here on Arizona Mining (which I particularly liked).

But you don't need me for all this, the way forward is to get a free sub and get GMO straight into your inbox. Do that on this link.

UPDATE: Oh this is fun! Here's what Tommy Humphreys of has to say about the GMO article on Arizona Mining:

 "Provocative, misleading headline and one-sided article"

Because if there's one thing that Tommy Humphreys, two-faced scamster and purveyor of paid-pump bullshit to greenhorn idiots, knows about, it's provocative misleading headlines and one-sided articles. GMO should wear it as a badge of honour.

PS: To fully understand Tommy Humphrey's petulant little outburst, three items to consider:
  • Richard Warke is Frank Giustra's pally pal and business partner.
  • Tommy Humphreys is Frank Giustra's poodle.
  • Tommy speaks up when given orders from his owner.