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1/20/18

Angry Geologist does Almadex (AMZ.v)

TAG outdoes herself with the intro to today's post on Almadex (AMZ.v):

The hardest thing in exploration is finding mineralization, once you've found it, that is the hard part done and all you have to do is keep drilling to find how big it is, by drilling a little further away from the "discovery hole" with each drill-hole.
However, there is the another approach. Once you've found the mineralization, just keep drilling the same area time and time again. I'm going to call this the "Poliquin" method after the stunning drilling program at El Cobre.

It filled my mind and mouth with yoks, guffaws and lolz. Go read the whole thing, even without the stunningly poor regional and community risk around this project you'll realize why you should have done like this humble corner of cyberspace and avoided AMZ.v.

Advance Gold Corp (AAX.v): Another exercise in Allan Barry Laboucan hoodwinking

Well wouldn't you know it? A late Friday evening NR from the purveyor of Mexican chinchilla pasture, Allan Barry Laboucan, as he tries to sneak news of yet another ultra-dilutive placement past the dumbos at CEO.ca who hang upon his every word:

Kamloops, British Columbia: Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) announces that, subject to the approval of the TSX Venture Exchange, it proposes to undertake a non-brokered private placement of units (the “Units”) at a price of 6 cents ($0.06) per Unit for gross proceeds of up to $180,000. Each Unit shall be comprised of one common share in the capital of the Company and one common share purchase warrant.

Each warrant shall entitle the holder to purchase one common share at a price of 8 cents ($0.08) per share at any time within 24 months of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.

The Company intends to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all regulatory approvals. Advance Gold will use the net proceeds of this private placement for general corporate purposes and to advance our Tabasquena silver project in Zacatecas, Mexico.
The Company also announces that it will not be proceeding with the $0.08 unit financing announced November 6, 2017.

About Advance Gold Corp. (AAX.V)
Advance Gold

1/19/18

The Friday OT: Carlos Rivera; Recuerdame (from Coco)

There are two soundtrack versions to this most wonderful of animated movies and the English version has its own song lyrics, so if you like 'Remember Me' English/Spanish version by Miguel and Natalia Lafourcade by you can click on that link above and listen to it. Me? The Carlos Rivera Spanish language version by a million miles.



Even by its high standards, Coco is the best thing ever to come out of Pixar and this song caps the movie perfectly. Youtube here.

Still no word from Tahoe Resources (TAHO) (THO.to) on the toxic spill at Shahuindo

It's been over 24 hours since the incident, it's been reported to the local press, due to the severity Peru's OEFA is involved and even they've made an initial statement. But nothing from TAHO, because that's the kind of company they are.

Meanwhile, this Facebook page from a Cajabamba local includes a video which purports to show the contamination left by the spill. She speaks over the video and says that the scene is the mud that came down from the mine, along with other commentary. She also says that the spill happened on Monday evening which, if true, makes TAHO's position on this event simply disgusting.

UPDATE: At last, TAHO comes out with its VERY carefully worded NR. No mention that they've been sitting on this news all week. They "forget" that an OEFA investigation is not just any old routine inspection and pretend that it wasn't a biggie, when in fact it should be material news. The locals have a temr for the "exceptionally heavy rains" that affect that part of the world every year, they call it "The Rainy Season" and it happens every freakin year, so why did the TAHO infrastructure collapse? Then the best bit of legalese, when they straw man "At no time has the rainwater had any contact with process water or any contamination from industrial activities", when nobody accused them of it in the first place, this is about the collection pond after all that industrial stuff.

And the big protest and roadblock set for Janaury 30th onward at Shahuindo is still on, by the way.

One year ago today, America changed forever and all thanks to just one man

It was on this momentous day one year ago that a seismic shift happened. A great day for humanity, with the continent and indeed the world taking a massive step forward. Democracy and justice was shown to work, the will of the people heeded by governors of the highest office, The USA and indeed its neighbors became more secure and less corrupt than they have been for many years. Yes indeed, El Chapo was extradited to The USA.

1/18/18

Tahoe Resources (TAHO) (THO.to): A serious pollution incident in Peru

Peru's official environmental control body, the OEFA, tonight reports that a serious pollution incident has occurred at the Tahoe Resources (TAHO) (THO.to) Shahuindo mine in Peru. According to the report, a sedimentation pool became inundated with water due to a failure of the water diversion canal during the current rainy period. The material from the pool (a highly toxic mix) reached and has contaminated the local Condebamba River.

Meanwhile, this report from local news website "cajabambaperu" timed 1:08pm this afternoon, has photos of what appears to be the contaminated water in local crop fields and flooding houses. It states (translated):
"...one of the waste pools of the company (Tahoe Resources) overflowed and inundated the local community of Liclipampa Bajo, in the province of Cajabamba, leaving crosp and houses inundated with highly toxic materials."

As usual, no word from Tahoe Resources (TAHO) tonight, you have to get your news from a blog.

"How are the top stock picks from VRIC 2017 doing?"

My thanks to JF for the heads-up.

With the VRIC mining/junior mining conference on in Vancouver next week, a blog called Penny Mining Stocks* cared enough about the gig to compile a results page of how the Top Pick stocks did, chosen by a select group of upstanding individuals who would never ever ever have an alternative agenda to the one displayed to their subscribers. You know them as "newsletter writers".

The title of the post is "How are the top stock picks from VRIC 2017 doing?" and it makes for interesting reading. Here's a screenshot of the end bit:


Nice moral, too. By the way, it's perfectly possible that Louis Little Wolf Lobito James feels proud about that performance, he really is that stupid. Go read it the whole post yourself, right here.

*FWIW I have no idea who runs the blog or who publishes there.

Angry Geologist did SolGold (SOLG.to) (SOLG.L) last night...

...and I've just noticed the post. It's here and it's all about the Maiden Resource on Alpala. TAG's most telling remark was...
"...you get the impression that SolGold wanted a billion tonnes of resource come hell or high water."
...and I'm inclined to agree with her.

Bring Out Yer Dead! Dilutive placements in BS failed juniors abound





1) In a perfect world the market will rebel against PI Fincorp, tell it in no uncertain terms that Rye Patch Gold (RPM.v) is farked and needs even more money that this $15m in order to survive, turn its back on this bought deal and leave the commish-grabber holding a very big and expensive bag as RPM dives to under $1.00 on last night's news.

2) Meanwhile, even more hilarious is the ex-Ameduri pump Inca One (IO.v) which plans Lake Titicaca scale dilution via a placement to raise $2m. Ameduri got people in at 35c and 40c, now IO.v offers a share plus a full warrant for 5c. 

3) The scam lithium play Alset Minerals (ION.v) run by the liar and thief Alan Barry Laboucan is running a 7.5c placement to raise up to $1.2m. It'll then afterwards run a 3-for-1 reverse split and pretend that its previous shareholders have not been ripped a new one. Proceeds from the placement will be dedicated to purchasing high calorie Mexican finger food and tequila.

With Asanko (AKG), the devil's always in the details

In 4q17 Asanko Gold managed to just make the bottom end of its downward revised guidance by producing 205,047oz gold (bottom end of range 205k oz). Here's how that was accurately predicted by IKN in November 2017:
"....it's a fair guess they're going to come in around 205,000 oz to 210,000 oz...AKG will squeeze into the bottom end of the 205koz to 225koz range they revised downwards after the 2q17 earnings."
So far so mediocre. But if you look a little further down today's NR, AKG has left a massive clue as to how bad things really are in this short segment of script:
At December 31, 2017 the Company's balance sheet had approximately US$49.3 million in unaudited cash, US$2.1 million in gold receivables and US$4.1 million in dore (with a market value of US$5.9 million).
Any thought on that owly?

Yeah, that's what I thought too because if you check the financials as at 3q17:
  • Cash was U$60.8m, it's now U$49.3m (11.5m down)
  • Receivables were U$2.3m, they're now U$2.1m (0.2m down)
  • Gold Doré was U$2.2m it's now U$4.1m (1.9m up)

Now for sure that isn't the be-all-and-end-all of the financials, but if you can't take the hint that U$9.8m in real moolah seems to have disappeared from the company in the last quarter, a company burdened with massive financial debt obligations you will surely remember, then I wish you the very greatest of luck with your financial investments. Because you're gonna need it.

UPDATE: It would also seem that Asanko is a proponent of Bistromathics as in its own NR today:
  • AKG states it ran 1,087,000 tonnes of treated ore
  • AKG states the gold feed grade was 1.5g/t
  • AKG states that its recovery rate was 94%

If you do the math on that you get production of 49,282 oz gold but somehow they claim to have produced 51,550 oz  (and oh how convenient, juuuust make guidance).

A rumour on Anglo American with a big copper porphyry in Brazil

This humble corner of cyberspace receives its share of rumour and hearsay mails and normally, they need a bit of back-up bona fides before making the blog. But sometimes I'm good about running with the intel as-is and here's one of those, from A. Reader. According to the Brazil Mining Department (DNPM) Anglo American has quietly filed for copper exploration permits for all the available mineral rights in the Alta Floresta Gold Province. That's because word on the ground in Mato Grosso is "...they have stumbled upon a massive copper porphyry discovery" and they're keeping it quiet because they want to stake as much as possible first. They've staked another 2.2m hectares in the North of Mato Grosso in the last few weeks but still want more.

1/17/18

Rye Patch Gold (RPM.v) announces a $15m dilutive placement

Ah wuz shocked! Shocked Ah wuz!

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

VANCOUVER, Jan. 17, 2018 /CNW/ - Rye Patch Gold Corp. ("Rye Patch" or the "Company") (TSX.V: RPM; OTCQX: RPMGD; FWB: 5TN) is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead underwriter on behalf of a syndicate of underwriters (collectively, the "Underwriters"), under which the Underwriters have agreed to purchase, on a bought deal private placement basis 11,538,500 units (the "Units") of the Company at a price of $1.30 per Unit, for aggregate gross proceeds of $15,000,050 (the "Offering"). Each Unit will be comprised of one common share and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of Rye Patch at a price of $1.65 for a period of 24 months following the closing of the Offering.
The Company has also granted the Underwriters the option to increase the size of the Offering by up to 3,846,200 Units to cover over-allotments, exercisable in whole or in part at up to 48 hours prior to the closing date of the Offering, for additional gross proceeds of up to $5,000,060.
The net proceeds of the Offering will be used for debt servicing, working capital and the continued ramp up of the Florida Canyon Mine.
The Offering is scheduled to close on or about January 31, 2018, or such other date as agreed between the Company and the Agents, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.
In addition, the board of directors (the "Board") of Rye Patch has also determined to initiate a strategic review process to explore alternatives available to the Company for the enhancement of shareholder value.
Chief Executive Officer Bill Howald commented, "The Board has approved a process to review and evaluate potential alternatives that may further maximize value for Rye Patch's shareholders."
Mr. Howald added, "The strategic review will encompass a careful evaluation of the Company's development strategy, business plan, market valuation and capital structure and will consider numerous opportunities or alternatives for the Company, including potential mergers, acquisitions or dispositions, restructuring or refinancing of its credit facility, and any other options identified with the fundamental objective of achieving the best value for the Company's shareholders."
The Board has appointed a Special Committee comprised solely of independent directors to review and evaluate proposals considered as part of the strategic review process, and to make recommendations to the Board thereon. The Special Committee is chaired by Tim Baker and is comprised of Jonathan Challis, Charles Russell and John Mansanti, being all of the independent directors of the Company.
There can be no assurance that the Company's efforts will be successful or that the strategic review process will result in any transaction.
The Company's mine ramp up at Florida Canyon will be unaffected by this review process.
This news release does not constitute an offer to sell or a solicitation of an offer to sell securities in the United States, nor in any other jurisdiction.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 
About Rye Patch Gold Corp.


Tahoe Resources (TAHO) (THO.to): I actually burst out laughing

Just three minutes ago. Link here, my mailbox screenshot here:


Yep, this is indeed the same Canadian domiciled company that bribes Guatemalan elected officials for its permits then shoots people protesting against the decision in the legs. It's the same one that fought tooth and nail to stop the court case from happening in Canada because it knows how deep the excrement gets now. The company that hides workplace fatalities from the market for years. Just wonderful. 

And when Shahuindo locals go on their protest and block all access to the THO mine in Peru at the end of this month, you can be sure CEO Clayton will be urging the Ombudsperson go visit.

Eight days of New Gold (NGD)

On January 9th, while noting the sudden weakness in the stock, this humble corner of cyberspace wrote:
"Without sticking my neck out too far or risking the proverbial pie in the face in a few days' time, I think it fair to surmise that () the market isn't going to like New Gold's (NGD) 4q17 production numbers when they show up."

The 4q17 production NT hit post-bell last night and...


...yup, got that one right.

For what it's worth I'm going to take a good hard look at NGD today. There may be a trade here.

Get ready for the Zinc One (Z.v) pump from Daniel 'Davidoff Cigar' Ameduri

It's coming very soon and, as Davidoff is desperate to clean out his underwater paper to suckers like you, it's going to be one helluva full-court press megapump as well. Expect wave after wave of NRs in the days and weeks ahead. You have been warned.

Because if the thing isn't $1.30 by May, according to his own guarantee he's closing his company down. Just four months to save FMT from your own words, Dannyboy. Go for it!

1/16/18

The word in Lima: PPK will resign in February

There's a well-sourced rumour going round the better informed streets of Lima this afternoon that PPK has simply had enough and he's going to play the age/illness card to resign as President in the near future, perhaps as early as next month. First Veep Martin Vizcarra will then assume the presidency, 2nd Veep and Prime Minister Mercedes Araoz will fade into the background, Vizcarra will put together a new cabinet of ministers with plenty of Fujimori people on board (not Keiko-ists though, she's seriously but SERIOUSLY fallen out with her dad and Kenji is now the chosen one).

But first PPK wants to do his Pope meety-greety thing at the end of this week. After that, hell breaks loose once again in the Peru political class.

Goldcorp (GG) goes Blockchain

From one of IKN's smartest and quick-eyed sources (I would have got there in a couple of hours), this from GG's Q4 production presentation this morning:



Oh my stars.

1/15/18

An IKN Freebie: The weekend's coverage of Wesdome Gold (WDO.to) in The IKN Weekly

As usual in The IKN Weekly published on Sunday evening (issue 452, dated January 14th) we did plenty of things, with one of them a good look at the 4q17 production numbers (as well as preliminary 2018 guidance) as announced by Wesdome Gold Mines (WDO.to) on January 11th. By way of an example of what goes on in The IKN Weekly I've decided to offer the article up as a freebie for anyone interested so if you'd like a copy please send a mail to the usual address...

otto.rock1 (AT) gmail (DOT) com

...with "WDO Report Yes" (or even 'yes please' if you feel so inclined) in the title line and I'll send you over a copy on Wednesday. And rest assured that I won't use your mail address for any other purpose, neither will you be peppered with marketing bumph from me from now until the cows come home because this is IKN, not freakin' Stansberry Research.

The Pan American Silver (PAAS) Navidad project in Chubut, Argentina

A really interesting read on the new move sin politics around the subject, right here.

Hi! My name's Nouriel Roubini

How you doing today? You may remember me from that time in 2005 when I made a prediction about the stock market and then three years later it came true. Well, what I've noticed recently is that a lot of people have been paying attention to other people and not me and that's something we need to fix immediately, don't we?
I'm here to tell you about financial things and what I've done is made some "polemic" comments about Bitcoin and gold on the so-called "Twitter" platform today which should certainly ruffle a few feathers! I called them both scams, pretty daring of me, no?

So have a great day and don't forget to like me. And listen to me more often. And book me on your TV segment (by the way CNBC, since you last phoned I've changed my phone number, so mail me to connect. TIA).

Best wishes, Nouriel.



Hey Nouriel, 26 retweets and 49 likes! Nice job, dude.




B2Gold (BTO.to) prints C$4.00

It's been a while.


Since just after PDAC last year, in fact. What's more, the chart suggests that 4 is an important ceiling level to break through, so a few more pennies this week and we could rush straight to C$4.50. Cool!

This is what i love about technical analysis, by the way: use verbs like "suggest", "seem"  or "indicate", modals like "could", "may" or "might", then make your wild assed call. If it comes in you then toot your horn to the world, if it doesn't you point out that "it was only the chart showing possibilities". And there are people who get paid for publishing this bunkum, bless their hearts.



I was going to do my impersonation...

...of a dumbass gringo CEO who doesn't have the first clue about Latin America, let alone the specific region in which his company operates, doesn't give a flying rat's ass about locals, can't be bothered to find out the true drivers of community culture and instead just wades in like a hundred failed bosses before him, tries to impose his own clumsy corporate culture and ends up with the inevitable disastrous results for company, community and shareholders.

But Fred Stanford of Torex has beaten me to it.

Canaccord opens coverage on Tinka Resources (TK.v) with a $1.00 target

A bit lowball, but it's a start.


1/14/18

The IKN Weekly, out now



IKN452 has just been sent to subscribers. Full of the usual guff and nonsense, I wouldn't bother if I were you.

What, this week's picture? Okay, if you care enough and want an extra clue, but you really had to be there. In the 70's, that is.

Warren Irwin talking sense

You know IKN by now; Cynical, snarky, mean to people, horrid and smelly and it's just not fair, all that jazz. And yeah I do go out of my way to keep the fanboy thing down to a strict minimum (unless it's the Legendary Legend Brent Legend Cook of course) because the last thing the mining industry needs is yet another place where the out-sized egos of the mediocrity in charge of this pathetically run sector get stoked and massaged like waygu beef before becoming tartare in a Michelin 3star.

But there are exceptions to the rule and here's one today. I got sent this link to an interview with Warren Irwin, head honcho of Rousseau Asset Management and published a couple of days ago as the sender thought it was blogworthy and as it turns out, it really is.




It's not about his incessant promoting of NXE either (he loves it, but however good the deposit might be U is the past, not the future), this interview is worth your time for the points he makes about the market, the traps awaiting the greenhorns, the sharks around every corner. All true, all in line with IKN's main message over the years, all done in a far more diplomatic and intelligent tone than this humble corner of cyberspace will ever bother to achieve. So watch this Q&A, it's a good one.