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Garibaldi (GGI.v): The missing 96 metres

Alphamining makes a simple but very good point about this pump job. Right here.

Very expensive things on Amazon

My pal Steve Bodzin has spotted a glitch in Jeff Bezos's empire and started a new blog to tell you all about it. Unsurprisingly, as its Bodzin it's also funny too. Check out an example here.


The Friday OT: Deacon Blue; Chocolate girl

A blast from the past:

Just a really good pop song. Catchy ballad, good lyrics and tight band with a sound of its own. Youtube here.

Bear Creek Mining (BCM.v): The Santa Ana mega-lose

No matter what Catherine McLeod-Seltzer pretended (e.g. her silly speech at Beaver Creek this year) this was always going to end badly. If you stripped away the emotive arguments and looked at the facts of the the matter, it was as close to an open-and-shut case as they come. IKN tried to tell you too, no end of occasions, latest example here:
"Bear Creek is going to lose. It's going to lose badly, embarrassingly and heavily. Anyone holding this stock for the Santa Ana angle and thinking Swarthout = Payout is in for a nasty surprise."

BCM.v got $30.4m from the ICSID case, which doesn't even cover the cost of the lawyers, let along the time much for their demand for $522m. Your NR:

"VANCOUVER, Dec. 1, 2017 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) announces that the Tribunal of arbitrators hearing the Company's Santa Ana arbitration claim (the "Arbitration") at the International Centre for the Settlement of Investment Disputes ("ICSID") has rendered an Award (the "Award") of approximately US$ 30.4 million in favor of the Company, which Award includes interest and arbitration costs (including attorneys' fees)."

However, BCM couldn't resist trying to BS you even today with the announcement of this mega-fail...a nasty case of pride swallowing going on, methinks. This for example...

 "...the Tribunal agreed with the vast majority of Bear Creek's arguments." just gringo hogwash. The plain and nasty fact is that there was only one fact that mattered; you should never have taken this case to court because you didn't have a hope in hell of winning. Peru knew it too, which is why their "see you in court, suckers" call was the right one. You lost BCM, period. Own it.


The Chile election shock (from IKN445 last weekend)

Round two come a week before Christmas and, contrary to most expectations, Sebastian Piñera has a fight on his hands. This from IKN445 last weekend


Chile: A shock result in round one
Last weekend’s result in round one of the Chile Presidential election blindsided me, but at least this time I have plenty of company because it came as a shock to just about every seasoned political watcher in Latin America. It might not have looked like it at first glance, with the top three names in the order they were supposed to come, but last Sunday’s Presidential round one election was a big shock that has seen Chile take a surprise jump to the left.

At the start of the month we had headlines like (8), “Top Chile Pollster Predicts First Round Win for Former President Piñera”, which came with quotes such as, “Everything is moving in that direction, and if he does not win in the first round he will get at least 45 percent of the vote, so it doesn’t make much difference”. As late as last week at the Colombia Gold Symposium, I was asking both Chilean residents and political-watcher experts who were of one voice, “Piñera shoo-in. Therefore the final result…

  • Sebastian Piñera 36.63%
  • Alejandro Guillier 22.70%
  • Beatriz Sanchez 20.27%

…was a big shock. However, it wasn’t just a numerical surprise with no consequence, it opens the door to a full-scale fight in the round two run off on December 17th. Headlines now read like this (9) (10) (11):

  • Piñera aims for center in tight battle for Chile's top job

  • Chile faces new political landscape as leftwingers dent billionaire Piñera's hopes

  • Piñera faces battle to win Chile presidency

  • 1st-round leader Sebastian Piñera no sure thing for Chilean runoff election

And that’s just the international coverage in English, the mainly right-wing controlled press in Chile is having its own version of a nervous breakdown, four squillion words spilled to date.

The biggest surprise to the upside was the 20.27% harvested by Beatriz Sanchez of the left wing “Frente Amplio” (Broad Front), an alliance of several left wing and hard left wing groups such as the Humanist Party, the Liberal Party, Democratic Revolution, the Green Ecologist Party, the Equality Party among others. Her showing was Chile’s version of the type of “anti politics” protest vote from grassroots that has seen many surprise results in the last couple of years all over the world.

Sanchez got closer to the eventual second placed candidate that everyone expected (and must have caused a few nerves in the Alejandro Guillier camp on election night, less than 2.5% separated them in the end). Guillier now goes into the second round run off against Piñera and though strictly speaking is running as an independent, his “Nueva Mayoria” (new majority) party is the obvious follow-on from the current Michelle Bachelet government and if he goes on to win it would be seen as continuation of current policies.

Piñera’s weaker than expected showing was due the to Beatriz Sanchez surge, but also due to the 7.93% garnered by José Antonio Kast, a seasoned hard-right wing politician and open supporter of General Pinochet (and his legacy), who was expected to get around 2% of the vote but ended up with 7.93%.

As for market reaction to the result, here’s the ten day chart of ECH, the US traded ETF that tracks the Chile stock exchange:

Picture speaks a thousand words. Meanwhile, though the Chilean Peso hasn’t put in the rally I called for earlier on the year and gone under 600 to the US Dollar yet, it was a long way from panicking and this weekend’s 634 forex shows the underlying currency isn’t anywhere near as spooked as the more flighty verdict of Chilean exposed equities

Summing up, what we need to know today is that Chile has taken a lurch to the left. The combo of a strong showing by real left wing Sanchez and the chances of centre-left-same-as-current-government Guillier in round two mean that the left wing now has Kingmaker powers. Indeed Sebastian Piñera has admitted this and has stated out loud he will “court the centre” in order to get past the winning post in December. That might mean the alteration or plain dropping of some of his more strident righty election proposals, such as promised tax cuts for businesses or plans to make big cuts in public sector jobs.

Meanwhile, Guillier’s job is to gain the support of as many of the 20% who voted for Sanchez as possible. That process starts by getting her official support of course and that means making concessions to the left (Sanchez’s group campaigned against quasi-government candidate Guillier by stating that the Bachelet social reforms were too little and too slow). If we add in the other minor left candidates likely to opt for Guillier in round two, he has at least 45% and that’s enough to make a serious challenge. This one is now in the balance.

As for mining, for sure it would prefer a right wing win next month but let’s not start wailing about he entry of Communism into Chile or other such silliness, a Chile mining industry under an eventual Guillier government would be in practical terms little different to the Chile we’ve seen during these Bachelet 2 years. In other aspects yes, Chile would bring in more left-wing policies (schooling, public health etc) but for mining, it will keep on keeping on whoever gets’ the nod. To give that context, I suppose I’d reduce the overall Chile score in our Regional Risk Review come end December by one point, two max, if Guillier wins. Hey, it might drop by a point due to a Piñera win now too, what with the close vote coming up.

Bottom line: There are better things for you the mining investor/speculator to worry about than the result of this upcoming election. Once the shouting dies down, mining in the country will continue as per.

Angry Geologist does Garibaldi (GGI.v) again

On the back of last night's disclosure NR (as ordered by BCSC) Angry Geologist has even more fun with Garibaldi in this post right here. We are big fans.

A real bargain stock

What do you want from a tinycap junior? Would this list fit?
  • A market cap of just $8m
  • A tight share structure
  • Smart management team
  • No debt 
  • $4m in cash at bank
  • Liquid investments in third party companies worth around $7.5m
  • Cash flow that covers its expenditures
  • Plenty of growth upside in its projects

Seriously, this stock exists. Almost totally ignored by the market (except for me, I own a few shares and do not plan on selling anytime soon), its cash and third party shares alone are worth 50% more than its market cap. Not only that, it also earns enough from its operations to cover its burn rate, how many tinycap juniors can tell you they're not about to run out of money and dilute you with placements? Subscribers to The IKN Weekly know the name of this stock and I'll name it here on the blog this Sunday evening coming. Subbers, you have a day and a half.

The Alset (ION.v) scam: The quarterly financials tell the real story

This evening Alset Minerals (ION.v) filed its financials for the quarter ended September 2017, so take a minute to check out the balance sheet of this stupid scam, run by the nefarious double-speaking Allan Barry Laboucan:

There's nothing here, it's an empty shell. Having burned though $164k in cash in the quarter (with a quarter of that going straight into the back pocket of Allan Barry in cash) it had just $114k left in the kitty at the end of the quarter. Not only that, but the real near-term situation as seen by company working capital is dire, they were at negative $100k+ at the end of the last quarter. Since then ION.v has raised $200k via yet another dilutive placement (share count now up to 56.34m, up 17.2m from the same quarter last year) but even that only keeps the lights on until the the start of 2018 max....and these jokers are trying to make out they're doing significant exploration work on their Chinchilla pasture.

The future of ION.v is easy to guess: it either dilutes the share count heavily (if they're lucky enough to find a sucker willing to buy in) or it simply wilts and dies, which is a far cry from the blather and nonsense the lying toerag Barry foists upon the naive fools at every single day (amazing that a CEO of a junior mining company has so much time to dedicate to spouting crap on a bullboard, no?). This company is a classic Vancouver nothingburger with mediocre assets, pathetic management and no cash.

But instead of my ranting, let's leave the final word to ION.v itself, as the one thing about Regulatory Filings is that unlike the constant BS that spews from the mouth of the lying scumbag Allan Barry, the company is required by law to tell the truth about its situation. Therefore we quote from Note 1 of the financial statements, as after listing a few of the obvious material deficiencies at the company they state this:
"These material uncertainties cast significant doubt regarding the Company’s ability to continue as a going concern."

Quite right.

Bunker Hill Mining (BNKR.cse), formerly known as Liberty Silver: Bobby Genovese's latest flop

An interesting piece of intel passed this desk today. Bunker Hill Mining (BNKR.cse), which is the new name for the Bobby Genovese scam stock Liberty Silver, is having all sorts of trouble in raising money for its new project but as usual, the man accused by the SEC of securities fraud is trying to mask the cruel reality behind layers of BS. 

On November 20th BNKR ran this NR in which it claimed that "due to demand from investors" it was upsizing the current private placement from $5m to $8m. However, before that move BNKR had only sold and $1.7m worth of stock and so far at least, they've had scant extra interest for this offer (even though it's priced at $1.25 and you get a half warrant thrown in, all a big discount to the current (and rigged) market price. Not only that, but the few shares they've managed to shift are mainly to Howard Katz, a pally pal of CEO Bruce Reid from the old Research Captital days (Katz must owe him some sort of favour). This lack of love for scamster Bobby G's latest scheme is backed up by the fact that this placement was supposed to have closed on November 23rd, but here we are a week later and the silence is deafening.

The problem with all this? Well, almost the moment they close the PP Bunker Hill will have to pay $1m to the current owners of the mine for the options deal, leaving them with a thin treasury to do Bobby G's normal things (e.g. pay large sums of money to James West to pump the stock to idiots).


Tahoe Resources (TAHO) ( at Escobal: No decision until next year

According to the Constitutional Court today, there isn't going to be any legal decision on the fate of its currently suspended operating licence until next year. The court said that it will first visit the region around the mine and speak with locals and those meetings won't happen until January, after that (and no telling when precisely) they'll make their call on whether to make the suspension permanent or whether to give the power back to TAHO.

Don't read IKN

Read Alphamining on a whole bunch of stocks (WHY, GGI, GQM, LA, IBAT, MXL) in just one post.


Calling Daniel Ameduri: Do we buy Zinc One (Z.v) yet, Daniel Ameduri?

Let's remember what the strapping young lad told us in May 2017 about Zinc One (Z.v):

Dear Reader,

We are so certain that this extremely undervalued company is a strong buy here, we are staking our entire careers on this single stock pick.
I, Daniel Ameduri, fully expect this company to lead the rally for zinc stocks, to the point that if my recommendation to you here today at CAD$0.65 doesn’t at least double over the next year, I will officially close down my letter.
In fact, I see this stock as a coiled spring, and I believe that I may be proven right over the next 30 days, with 11 months to spare!

Going to keep your word, Daniel? Or are you a two-faced lying piece of crud, Daniel?

Barrick Veladero: Another scandal looming on the horizon

News out of Argentina today is that five people, including three public employees who worked in the Cristina government's Environment Ministry in 2015, have been charged with breaking the so-called 2010 "Glacier Law" which protects high Andean glaciers and water sources. They've been put on a 5 million peso (just under U$300k) bail and are prohibited from leaving the country, so these charges are clearly serious.

The interesting bit is the reason behind the charges. After an investigation that started due to the infamous waste spillage at the Barrick Gold (ABX) Veladero mine in San Juan province, these separate criminal charges have arisen because the judge in charge of the original investigation found out that the functionaries deliberately perverted the law by stopping the mountainous area in the immediate vicinity of Veladero from being included included in the national census of glaciers and water sources demanded by the 2010 law. Those zones should have been included and it's obvious that their non-inclusion was of great benefit to ABX, as if they were some specific zones would have been protected by the law.

So, what made a group of public officials inside the Environment Ministry of Cristina Fernández de Kirchner decide to help ABX and keep zones near its mines out of the Glacier Law and its protection? An altruistic desire to see gold mining develop in the country? A love of capitalism? The thought that they were already protecting enough mountains and one or two extra didn't matter much? Or, are we about to find out when the trial started that ABX bribed those officials in order to keep on keeping on at Veladero without sticky government beaks messing with their mine plans? 

Time will tell on that, but one thing is sure: The zones "forgotten in the Glacier Law survey have now been ordered investigated, mapped and included in the database and what happens after that could well be interesting. Shandong are bound to be happy with their new partner


Bill Shankly: "Some people think football is a matter of life and death. I assure you, it's much more serious than that."

One year ago today, November 28th 2016, was the day of the plane crash that killed 71 people including nearly all the Chapacoense football team and many of the club staff. A sad anniversary indeed, but today I'm going to reach for a silver lining that came from the disaster. The way in which the club and supporters of the team they were to face that day in the Final of the Sudamericana Cup, Atlético Nacional of Medellín, stepped up and showed their collective humanity after the disaster wasn't just a credit to the city, to Colombia or even football, but to human decency. For example, this was the scene in the Atlético Nacional stadium on November 30th:

The club said to its fans, "We're holding a homage ceremony for Chapacoense tonight, come along if you can" and that was the reply, a stadium packed to the rafters. For another example, the way in which Atlético Nacional immediately contacted FIFA, insisted on defaulting the final and awarding the title to Chapacoense of Brazil (the first top level title in the club's history). Or when the two teams met in the Recopa final in May this year, even though it was a fully competitive match (a red card in the return leg) the atmosphere was like nothing I'd ever witnessed (and all I was doing was watching on TV). Those and more, two teams brought together by tragedy and now the firmest of friends.

There's no neat close or eloquent turn of phrase to this post, except to say that Bill Shankly, legendary manager of the Liverpool team, was right. And that every football weekend I now find myself searching for Atlético Nacional's result and get a small smile every time Los Verdolagas win.

Ah. Sank? Oh!

Asanko (AKG):

Stick a fork in her, she's done.


Check out this wonderful scam: DNS Minerals

DNS Minerals makes itself out to be a private mining company and, via its website and this cute video made by someone who calls himself the Mexico country manager, Emilio Guilardo, tells the world that its making really good headway on its Sierra Madre silver project in Mexico. So much so in fact they've recently sent in extra teams of geologists to speed things up.

Which is all very nice, until you realize that the whole thing is a total farce. Just as one example, let's check out the biogs of the DNS Minerals Board of Directors, starting with CEO of DNS Minerals, one Brian McAllister:

Brian McAllister

Chief Executive Officer

A professional Geology, with a BSc, MSc, and D.I.C. degrees in Geology, Geo-Mechanics, Mineral Exploration, and Evaluation, Mr Brian McAllister has over 30 years experience under his belt, in exploration, development, and mining underground, and mining open pit, and evaluation and management. Recognized as a “Qualified Person” according to the Toronto Stock Exchange, and “Competent Person” according to the London Stock Exchange, he is a Fellow of the Institute of Mining, Metallurgy and Materials (FIMMM), a Chartered Engineer (CEng), Chartered Geologist (CGeol), European Engineer (Eur Ing) and European Geologist (Eur Geol).
Along with, he is a published researcher/ author for his policy study review on behalf of the Government of the United Kingdom on Diamonds in Sierra Leon. Furthermore, he has served as an expert witness for a well-reputed and well-established law firm based in London.

That sound reasonable to you? Yeah me too, right up to the moment you go and check on the website of a real mining company, the publicly listed Arian Silver (AGQ on the London AIM market). Here's the biog of Jim Williams, CEO of Arian:

Jim Williams

Chief Executive Officer

Jim Williams is a professional geologist with over 30 years’ experience in exploration, development and mining (underground and open pit), evaluation and management. Mr Williams holds BSc, MSc and D.I.C. degrees in Geology, Geo-mechanics, mineral exploration and evaluation. In addition Mr Williams is a Fellow of the Institute of Mining, Metallurgy and Materials (FIMMM), a Chartered Engineer (CEng), Chartered Geologist (CGeol), European Engineer (Eur Ing) and European Geologist (Eur Geol) and is therefore a “Qualified Person” under the rules of the Toronto Stock Exchange and a “Competent Person” under the rules of the London Stock Exchange.

Mr Williams has published work including a diamond policy study review in Sierra Leone on behalf of the UK government, and has worked as an expert witness for a leading London-based law firm.

Apart from the names, those two chunks of prose look rather similar, no? BUT WAIT! THERE'S MORE! Let's turn our attention to the DNS Minerals chair, one Tony Johnson:

Tony Johnson


With almost 40 years of experience in projects in the Americas, Africa, Europe, and the former Soviet Union in the international mining industry, he has also held various positions of directorship in numerous public and private companies working in the mining finance and mineral exploration industry.

And now compare that to the biog of the Arian Silver chair, a real person called Tony Williams:

Tony Williams


Tony Williams has 40 years’ experience in the international mining industry, having been involved in projects in the Americas, Australia, Africa and Europe and the former Soviet Union. Mr Williams has held a number of directorships in public and private companies engaged principally in mining finance and mineral exploration.

No my dear reader,I am not making this up. What's more, I'm only just getting warmed up. We continue with this supposed DNS board member

James Mullaney

Independent non-executive director

Mr Mullaney has served as a mining engineer for over 30 years in the mining sector. His senior executive positions were at multiple mining companies, Hope Bay Gold Corporation, Palmarejo Silver & Gold Corporation until its merger with Coeur d’Alene Mines, and worked as a mining analyst and investment banker with Shepards, Merrill Lynch, James Capel & Co. and Yorkton Securities. With a Bachelors of Science with honours from the Royal School of Mines, he is currently serving as a director or officer for numerous publicly traded resource companies.

However this is James Crombie of Arian, who is a real person:

James Crombie

Independent non-executive director

Mr. Crombie is a mining engineer with over 30 years of broadly based experience in the mining industry. Mr. Crombie has held several senior executive positions with various mining companies, including Hope Bay Gold Corporation, Palmarejo Silver & Gold Corporation until its merger with Coeur d’Alene Mines, and was a mining analyst and investment banker with Shepards, Merrill Lynch, James Capel & Co. and Yorkton Securities. Mr. Crombie is also currently an officer or director or both of a number of publicly-traded resource companies. He graduated from the Royal School of Mines, London, with a Bachelor of Science (Hons).

Next, please! DNS claims Daniel Corbin is a board member:

Daniel Corbin

Independent non-executive Director, Audit Committee Chair

Having worked as a Chartered Accountant for over 35 years and as a finance director with a broad-based experience at the entrepreneurial and the quoted level, he has significant experience worldwide in commercial interests in the Middle East, Far East, Africa, and Europe. Including both natural resources and construction. He also dealt as the Finance Director of Sandfield Diamond Developments Plc and Brimster Diamonds Ltd and serves as an advisor for natural resource companies on corporate strategy and project finance.

However, James Cable really is a board member at Arian:

James Cable

Independent non-executive director, Audit Committee Chair

James Cable has been a chartered accountant for over 35 years and is a finance director with extensive experience at board level in quoted and entrepreneurial private companies. He has significant international and commercial experience gained in the Middle East, Africa, Far East and Europe in several business sectors including natural resources and construction. He is a former Finance Director of Kopane Diamond Developments Plc and Mantle Diamonds Ltd. and advises natural resources companies on corporate strategy and project finance.

Next! DNS Simon Bramble:

Simon Bramble

Independent non-executive Director, Nomination and Remuneration Committee Chair, Corporate Governance Committee Chair

Having qualified as a Solicitor in 1975 and having worked as a retained lawyer for several years with Citibank, and Chase Manhattan. After his return to the private sector, he set up his law firm; this would go on to becoming one of the top 500 law firms in London. He was the specialist in a firm on company law where he also served as a senior partner; furthermore, he has served as the advisor to various companies.

And Arian's Tom Bailey:

Tom Bailey

Independent non-executive director, Nomination and Remuneration Committee Chair, Corporate Governance Committee Chair

Tom Bailey qualified as a solicitor in 1975 and worked as an in-house lawyer for a number of years with Citibank and Chase Manhattan before returning to private practice to establish a law firm which ultimately became one of the top 500 law firms in London. Mr Bailey was the senior partner of his firm specialising in commercial law. Mr Bailey has for a number of years carried out consultancy work for various companies.

And finally from DNS...

David Richardson

Company Secretary

Presently a Fellow of The Institute of Chartered Secretaries and Administrators (“ICSA”), Mr David Richardson has served at senior offices in international blue chip companies and has recently served as Assistant Company Secretary of ICSA, he is a leading authority figure on governance and compliance.

Which compares to Arian's...

David Taylor

Company Secretary

David Taylor is a Fellow of The Institute of Chartered Secretaries and Administrators (“ICSA”), has held senior roles in a number of international blue chip companies, and most recently served as Assistant Company Secretary of ICSA, a leading authority on governance and compliance.

So what part of "DNS Minerals is a total scam and Emilio Guilardo needs to be arrested and thrown in jail immediately" do you not understand? And please check out Emilio's video right here, it's just this side of wonderful:

IKN cracks another case. Margaritas served, the end.

Yamana Gold ( (AUY) is still hiding the truth about its Argentina liabilities from authorities

Do you remember back in September 2016 when this humble corner of cyberspace revealed that Yamana was on the hook to the tune of U$110m in a lawsuit in Argentina (one they previously pretended had been thrown out?). Do you also remember how AUY then came out with a lame-assed denial a few days later?

Well folks, the case has moved on and just a few days ago we had a new development. What this document here means (though short and in Spanish)... that the attempt by Yamana lawyers to have to case thrown out has again been denied by the judges (and we're now at Supreme Court level) and that's not good at all for AUY. After all, U$110m in cash is a lot of money for any company. It's certainly a material number, so it' really is about time Marrone came clean to his shareholders about the true state of this liability.

It's Monday, so...

...sing it!

Alabama 3, cooler than a snowcone at the South Pole.


The IKN Weekly, out now

IKN445 has just been sent to subscribers. This week's edition was brought to you by an excellent Asis computer, a crappy wifi connection, black coffee, a quiet house, and by the music of BT, Nils Frahm and Ruben Blades.

Yamana Gold (AUY) ( wants to sell Gualcamayo

Marrone has come up with a cunning plan: With Gualcamayo carried at nearly $350m on the Yamana Gold (AUY) ( books despite not being worth half that figure and Argentina suddenly the flavour of the month, the world's highest paid CEO* has decided to sell the mine and as such has just signed a mandate with TD Sec (which was of course confidential right up to the moment IKN was told about it) to that effect. Marrone will apparently accept $300m, which is a number that can only exist in some psychotropic dreamscape as soon as you realize that a) the oxides are running out fast and try as they might they can't find any more b) the sulphide "resource" is an uneconomic joke and c) it makes a loss on every ounce of gold it produces.

*compared to the amount of work he does

Just for the record

Please be clear that Allan Barry Laboucan is a worthless piece of shit, a liar, a scam runner and a fake CEO with no qualifications whatsoever. He is the epitome of all that's wrong with the Canadian junior mining scene and the world will be a better place when it finally and totally ignores anything that came out of his flaccid, flapping mouth. 

Further questions?