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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 the 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.