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11/27/14

Si señor

Soy de River


The PRD Energy (PRD.v) further house of pain, right on cue

Pre-open yesterday morning this humble corner of cyberspace explained just why PRD Energy (PRD.v), a stock already pummelled to pieces in 2014*, was headed even lower. Here's what's been happening in the meantime:


And that's a mean old time.

Any word from Marin Katusa about these results, Casey flock? And let us recall, this wasn't some ordinary reco, this was the Casey Research screaming shouting top of roof "next Bakken" promotion that had them all drooling and signing on to his newsletter this time last year. Strange how he's not as enthusiastic about telling you every move in PRD.v these days, innit guv...


*now 74% down year to date

To collider!

The first time I read it, it was funny. I'm now on the 8th or 10th and it just gets better and better. Improve your day with this work of cartoon genius.

Insider selling by the CEO of Fortuna Silver (FVI.to) (FSM)

A list of facts:

  • On November 18th, Fortuna Silver (FSM) (FVI.to) CEO Jorge Ganoza exercised 36,600 of his options priced at $4.03 and sold them all at prices between $5.20 and $5.30.
  • On November 20th, Ganoza exercised 39,200 of his options priced at $4.03 and sold them all at prices between $5.20 and $5.22.
  • On November 21st, Ganoza exercised 110,400 of his options priced at $4.03 and sold them all at prices between $5.21 and $5.33.
  • On November 24th,  Ganoza exercised 190,000 of his options priced at $4.03 and sold them all at prices between $5.22 and $5.53.
  • On November 25th,  Ganoza exercised 136,000 of his options priced at $4.03 and sold them all at prices between $5.20 and $5.51.

In total, in the space of one week FVI president and CEO Jorge Ganoza has exercised 512,200 options of his company, priced at $4.03 apiece, and sold them all into the market at an (IKN estimated) average price of $5.30. In other words, around $650,000 in pre-tax profit. What does Fortuna Silver's CEO know about Fortuna Silver that we don't? 

Data from here.

Panoro Minerals (PML.v): The Mystery of the Missing PEA

Yesterday Panoro Minerals (PML.v) filed its 3q14 financials, which told us of the $9m held in treasury (after raising a net of just under $6m in July), working cap of $7.6m and the usual bits and bobs found in an exploreco. It also told us that the PEAs (aka scoping studies) for its main Cotabambas project as well as its second string Antilla project were advancing and they were looking to complete them in 2014.

When it comes to the main Cotabambas project in particular, IKN sincerely hopes you're not holding your breath on this one. Back in April 2013, the Cotabambas PEA was going to be delivered in December 2013. But December 2013 came and went without a whisper. Which was odd.

January was mouse-like in its tranquility at PML headquarters too, but then on February 26th we got statements made by PML.v CEO Luckedout Shaheen to Northern Miner, just before PDAC:
So far, metallurgical work on the sulphide component of the deposit shows it produces a “clean and high concentrate” grading 27% copper, 11.9 grams gold and 152 grams silver, without any arsenic or mercury and with low levels of lead and zinc, Shaheen adds. The preliminary economic assessment (PEA) is due out in July.
And as a slight sidebar we also got in the same interview that day...
With $10 million in its treasury, Panoro has more than enough cash to finish the two PEAs and take it well into next year, Shaheen says
...and because they didn't need any more money this year they ran a $6.5m placement in July 2014. Because of a juggalo clown riding a unicorn. Next came the 2013 year end filings, dated April 25th 2014, which told us...
Panoro is continuing its exploration at the Cotabambas project with geological mapping and geochemical sampling, while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd. Metallurgical test work is in progress under Amec´s supervision. The PEA is expected to be completed by mid 2014.
...that that elusive PEA would be with us "by mid 2014". But again time slipped away from us. Luckily we didn't have to wait long until new information was available as reported by Laurentian Bank securities in its update on PML.v in July 2014 (author Christopher Chang). They wrote after consulting with the company:
 "Preliminary Economic Assessment Anticipated in Q3/14: Panoro plans to announce the results of its Preliminary Economic Assessment (PEA) for its wholly-owned Cotabambas copper-gold-silver-molybdenum project in Q3/14"
Ah, but you'd have already noticed that today is November 27th, nearly two months have gone since the end of 3q14 and we still have no PEA for the Cotabambas project. So to re-cap on this:
  • In April 2013 PML.v said the Cotabambas PEA would be with us in December 2013
  • In February 2014 PML.v said the Cotabambas PEA would be with us in July 2014
  • In April 2014 PML.v said the Cotabambas PEA would be with us in mid-2014
  • In July 2014 PML.v said the Cotabambas PEA would be with us by the end of September 2014
  • In November 2014 PML.v said the Cotabambas PEA would be with us by the end of 2014

This is definitely nothing to do with this company's management team being liars, con artists and 100% full of shit, so what else could it be? Darn, I'm confused.

A Christmas gift idea

Check out this 30 second blurb for 'Gods, Gachupines and Gringos' by Richard Grabman, the excellent and most readable history of Mexico written by Mexico resident, history expert and owner of the blog The Mex Files.



To learn more and order, check out his website, or Amazon, or fine booksellers anywhere. A great book.



Phillip Hughes

A terrible thing today. Part of the meaning of sport is that you don't die doing it, it's supposed to be a harmless proxy. Therein lies immense sadness. 

11/26/14

Naughty naughty, Yamana Gold (AUY) (YRI.to)

By trying to illegally influence legislators during a key debate on mining laws in Chubut province, Argentina last night, Yamana Gold (AUY) (YRI.to) has done itself way more harm than good in its everfail efforts to get Suyai moving forward. This is just plain funny.



Hilarity ensued.