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Bottom line: Reality rears its meek head, Argentina isn't or wasn't ever "at breaking point", The Economist couldn't possibly say anything remotely honest, such as "we were wrong", oh no. We instead we get this next draft of stupidity, the "Well, it looked bad didn't it?" twattery. Too full of themselves to admit a mistake, oh yes.
We like Chocquibtown.
...here's the country's "El Tronador II" rocket yesterday, just before its test launch:
And here it is afterwards:
Some fine tuning needed, methinks. Photos from here.
UPDATE: Reader R sends in a classic from Gary Larson's Far Side:
Ooooh, just a hunch:
Story (Sp) here
"Environmental Impact Studues will be eliminated for seismic activities. The industry has rules, has principles, has well-established practices and the idea is to move from permitting and bureaucracy to action."
*Particular fondness for "...just relax. Don't worry about paper losses...". So cute.
PS: For those who care enough, 2012 is still the record attendance number at 30,369.
- Allied Nevada (which was a particularly good chunk of diplomatic "run away!" without saying it out loud, I thought...pay special attention to this one)
- Torex (and on this one I agreed with everything he said)
- Guyana Goldfields
- Sans Gold (sans teeth sans eyes sans everything)
- Victoria Gold
- Falco Pacific (no love for Thom Calandra's new pump vehicle)
UPDATE: It would seem Marin's "buying opp" mailer is already out there, as it's the only possible reason as to why PRD.v is still over a loonie.
...the last five days of Silvercrest (SVL.to) (SVLC) compared to silver (SLV):
SVL has done a good job in tracking the metal closely these last few days. What it hasn't done is made a wholly necessary disclosure about the armed robbery at its mine last week. Inquiring minds, etc...
And Putin can.
Over lunch I thought about what sorts of remedies there should be for disgruntled shareholders. It's unlikely they'd ever be allowed to physically injure anybody, but one idea that occurred to me was that for each board lot should entitle you to one sledge-hammer blow on the CEO's car. Now, it's true that after 50 or so such blows, the car would be a write-off, and the next 14,950 or so shareholder hammer-blows would technically be wasted, but may be cathartic. So that will be my next recommendation to the compliance officer at the OSC.
UPDATE: The BNN video is now available, it's a seven-parter with the first one here. Sit back, grab a coffee and enjoy. And, guess what stock got a Top Pick rating from The Legendary Cook at just before 2pm EST today?
Belo Sun Mining (BSX:TSX, SPEC BUY, Target: C$2.50): The incakola newsletter/blog issues a negative comment on Belo Sun's Volta Grande project stating that the Federal Public Ministry recommends the Para State Secretary of the Environment does not permit the Volta Grande project. We would note that permitting in Brazil is done on a state level not the federal level. Further, the link on the blog article actually recommended that the license be granted only after impact studies and consultations with indigenous peoples are done (and this is part of the normal permitting process). This newsletter has a track record of incorrectly representing facts in order to put a negative spin on mining stocks. In the past, the author has made similar attacks (but by mis-stating facts) on other stocks such as Argonaut Gold. The newsletter does have a bit of a following so this may cause some concerns but we would be buyers on weakness.
At the time BSX was trading at $1.40 or so. Today it's at 45c and yes indeed, it was and still is plagued by a whole bunch of permitting and community risk issues. So if you pass by the Canaccord stand at PDAC today, you may like to ask Nicolas CampbellSoup whether his view is now more aligned with that of IKN's. Or whether he took the opportunity to tell his Canaccord clients to "buy on weakness" at $1.20. And $1.00. And 80c. And 60c. And 50c. And 45c.
Reader SF wites in with:
Good morn. I get your blog daily in my email and am a fan.
But, your comments on Barisan Gold are incorrect and ignorant.
...Uranium Participation Corp (U.to), five year:
When U.to, normally a decent proxy to the metal due to its make-up, moves up by ~20% in a quarter when uranium spot prices refuse to move and stay around U$35/lb for the duration, it means Canada is making shit up. Japan's plans in March or not.
UPDATE 2: The rumours are stronger and stronger, including talk coming from unofficial sources in Nicaraguan foreign embassies that Ortega has in fact died of a heart attack in Cuba (or on the flight on the way to emergency treatment in Cuba). What's most noticeable about the talk is that it's all one-way traffic and there has been no attempt by officials to counter the rumours. They have a real air of truth about them now and we're now at the point where it'd be a surprise to find out it's all some sort of internet ruse. However, we need to underscore that there has been no official word either way, so it's plainly impossible to confirm his death as yet.
UPDATE 3: We're now just waiting for official confirmation that he's dead. Not much left to say until that happens.
UPDATE 4: Turns out he was just restin' after all. Or see the IKN update post "Daniel Ortega is alive and well and living in Managua" right here, as the dude did some live TV tonight and nipped the whole story in the bud. Must say it was fun while it lasted and I don't mind admitting they had me on the believing side for a while as well. Lessons, lessons...
I nominate Selwyn for the Academy Award as The Most Egregiously Self-serving 'Screw the Shareholders' Approach.
Last year they sold their Yukon properties (for a song, but that's another story) and then announced they were going to 'return the capital to shareholders' via a dividend. As someone who is unfortunate enough to hold some shares bought at much higher prices years ago when I was still learning this game, I made repeated attempts to contact them to get an explanation as to why they would so something so stupid when:
1) the funding environment is so poor for junior miners2) the zinc market is preparing for shortages within the next few years3) the company has zinc properties in Nova Scotia that will need money to be brought into production to take advantage of that shortage.
I made repeated attempts to contact the company to get an explanation but all were ignored, presumably because I stated my intentions in the e-mails I sent and phone messages I left.And you guessed it, today they announced that they need to raise money to get the Nova Scotia mine into production.
Oh, and new management came in just before this happened, and they just consolidated the shared 100:1.
So the new managements distributes lots of cash they knew they would need to insiders via the dividend, consolidates the shares, and then announces they will need to raise the money they just distributed. It will be very interesting to see if this is done via PPs to those same insiders.
We'll be adding to this post I'd expect, so come on back later and don't be shy now.
UPDATE: More, by poplier demand:
Osisko's (OSK.to) Victor Bradley and Goldcorps' (GG) Chuck Jeannes got pissed together last night, it all ended up "YER MI BEST FOOKIN PAL!" "YOU ARE TOO...YER MI BEST FOOKIN PAL" and now OSK has dropped its dumbass litigation on GG.
Brent Cook kindly writes in to kindly inform that he called sell on Duluth back ni April 2013 after some drill program didn't work out. No word on whether he sold at a profit or a loss however, but we're sure he'll kindly make that one clear when he turns up on BNN's Market Call later this week.
Barisan (BG.v):, the same assholes you ripped off the world via East Asia Minerals a couple of years back, have started drilling their latest scam. Perfect fodder for PDAC mouthbreathers, so you can bet dollaz to donutz they'll have a couple of hot boothbabes to steer the CADPAT* brigade further into their web.
Duran Ventures (DRV.v) is halted "pending news"!! Ah, wonderful.
I've been asked to highlight an archetype PDAC junior bullshit NR, so the choice is now made and Selwyn Resources (SWN.v) is the lucky winner. Here's the link, here's the contents:
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn" or the "Company") is pleased to provide a brief update on the Company's strategic intentions for 2014.Amazing how many words a company can use to say precisely and exactly fuck all, is it not?
ScoZinc Project Update
In light of the recently improved fundamentals in the zinc-lead market, a more positive outlook for base metals generally, together with the benefit of a depreciating Canadian dollar, the Company is currently exploring options for financing the Company, with a view to restarting the ScoZinc operation in Nova Scotia, Canada.
The ScoZinc operation has all necessary environmental and industrial approvals and can be placed back into production in less than a year. A skilled workforce is available locally and Selwyn retains local and regional assets capable of extending the mine life.
Other Strategic Initiatives
In addition to actively considering options to refinance Selwyn, the Company continues to pursue other avenues to maximize the value of the ScoZinc Project, including, but not limited to, possible sale, joint venture or other transactions with third parties. Except as required by law, the Company does not intend to disclose developments with respect to the consideration of strategic alternatives until warranted. The Company cautions that there are no assurances that any strategic alternative will be undertaken or pursued.
Granite Creek (GCX.v) announces a 5m unit non-brokered private placement priced at 5c, which should be just about enough to cover the booth costs plus the hotel, bar bill and transport to/from Toronto. Or in company-speak, "operations and general working capital purposes".
UPDATE 2 post-close: Well blow me down, real news from Duran Ventures (DRV.v) after all. They're selling Aguila and a few other things for $7m cash to Mexico's Peñoles (via its Peru subsidiary). At 234.3m shares out as at the last set of financials that's 3c a share at face value, which is a theoretical win for anyone who bought last week but not much use for anyone else.
*just learned that one.
But the regulated space is “where the real money is,” said Oscar Jofre, chief technology officer at Klondike Strike. Along with founder Jason Futko, he is launching a mining-specific equity crowdfunding portal during this year’s PDAC convention in Toronto. “What you are going to see is a lot of vertical-based equity portals like mining, oil and gas, real estate and solar energy,” he said. “It is very exciting and a major transformation of capital because the average person will be able to invest without anyone in the middle to tell you what is or isn’t a good deal.”