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6/24/17

The top three most visited IKN posts this week are...

...in reverse order:

Third Place: "Goldcorp's (GG) bizarre and highly suspicious sale of Camino Rojo to Orla Mining (OLA.v)". The bit about the goat got good mail feedback.

Second Place: "IKN has a question for the TSX(v) regarding Cordoba Minerals (CDB.v)...". Sometimes a bit of straight talk is all that matters. For bonus info, this post a day later gives rthe scuttlebutt (which both HPX and CDB deny, by the way. Oh how we chortled).
 
First Place: "Some advice for Mark Attanasio and Donato Sferra". Always amazes me when the dregs of Canadian society go the whiny denial route when found out about their scumbaggery. And they litigate in nanoseconds, too. Scum is scum.

6/23/17

The Friday OT: Soda Stereo; En el Séptimo Día

It kicks off their seminal album 'Canción Animal'. it's the name of the Cirque du Soleil gig getting rave reviews all over South America, it's a kick-ass tune. All hail Cerati, Zeta, Charly, the continent's finest group ever.




Youtube here. And if you don't like Soda....me da igual, me da igual.

Extra ball: This kick-ass live version from 2008...my stars they were the best.


The Alset (ION.v) scam: Still no news on the samples

Alset (ION.v) delivered its samples for assay on May 12th. It's now June 23rd, which means we've been waiting six weeks for the results and to give you an idea of why that's suspicious here's the real deal on lab turnaround times in Zacatecas, from long-term IKN contact "M" (who has worked for serious mining companies for decades) who lives in works in that area of Mexico and was kind enough to write into IKN Nerve Centre yesterday:

Comment on the Alset post: if they are using ALS Chemex, they have a prep lab in Zacatecas, 50km (about an hour) from the project. Turnaround time for similar samples, 2 to 3 weeks. I know this, the last sample I sent there took three weeks (over Easter). The lab can prep several thousand samples per day.

This may be the difference between a junior exploreco run by a qualified person and a company like Alset run by a CEO with no qualifications whatsoever. Not a geologist, not an engineer, not a lawyer, just a gum-flapping stock pumper who got a gig from a scam company and is there to throw sequins into the eyes of the dumbasses on CEO.ca*. Alan Barry, take a bow.

* Seriously, you ought to see it, he's on that chat site 12 hours a day 7 days a week. Tell me, what serious CEO has the time to dedicate to gum-flapping on a scammer's central bullboard?



People buying Belo Sun (BSX.to) today...

...probably don't realize they're buying a company that's still legally barred from building its mine. The blocking order that was overturned yesterday is the easy one to annul. The big one is still in place.

Cannabis Wheaton (CBW.v) fun

So let me get this straight: Cannabis Wheaton (CBW.v) runs its crazily priced $50m placement that was supposed to close on June 21st, then after two days of zero updates they announce that the terms have been changed, the placement is now $60m (plus a 15% overallot that could take it to $69m) and the close date is now June 28th. Well all that's perfectly normal and not suspicious at all, right?

Meanwhile, we can confirm that over at Eight Capital, the brokerage in the centre of this scam, Mark Attanasio has been fired from the company. For being a twat. But the funny one is Attanasio's partner in slime Donato Sferra, who was asked to leave but as a partner, simply refuses to go (he says he did nothing wrong, the fucktard). Must be just the best working atmosphere over there...


Gold up $10/oz...

...since the "Gold ready to rally" post a couple of days ago:




There's more to come, it'll go to U$1,300/oz but big question is whether it breaks through that line in the sand this time. The game's afoot.

6/22/17

TEDtalk: George Salamis: Mining Disruption, An Overview

Interesting stuff from one of the Integra Gold guys. Skip the intro and pick it up at the two minute mark:



Youtube here.

Goldcorp's (GG) bizarre and highly suspicious sale of Camino Rojo to Orla Mining (OLA.v)

Consider some facts:

  • In late 2009 (closed Feb 2010) and after beating out Penmont for the prize, Goldcorp (GG) paid C$308.5m in cash for Canplats and its Camino Rojo project ($4.60 a share plus a 20c valuation on the spin-out).
  • At that time, Camino Rojo had an all-categories 43-101 resource of 3.44m oz gold (and no reserve, see below).
  • On its books, GG folded Camino Rojo into the carry of its nearby Peñasquito mine, which made sense because the plan was to use Camino Rojo as a new source of feed for its big mine. However, it means that we on the outside can't track how much money GG spent on developing Camino Rojo over the seven years of its ownership. (Edit: See update).
  • However, there's little doubt that GG has sunk plenty of cash into the development of Camino Rojo. That we know because now, GG has it on its books with a 1.7m oz gold reserve and a M+I resource of 7.5m oz gold. That kind of resource bump-up costs serious money to achieve.
  • It's no secret that GG under Garofalo has wanted to get shot of Camino Rojo, a whole bunch of news reports in December last year told how GG had hired Scotiabank to look for a buyer. However, at that time and according to analyst estimates Camino Rojo had a ticket price of around $200m.
  • Yesterday, Orla Mining (OLA.v) agreed to buy Camino Rojo. The price; 31.9m shares, plus a 2% NSR. As OLA.v is a $1.30 stock today (it popped from $1.10 or so on the news) those shares GG gets are worth around C$41.5m right now. 
  • The Chairman of OLA.v is Chuck Jeannes, who was CEO of Goldcorp between 2009 and 2016. In other words, Chuck bought Camino Rojo for over C$300m, spent untold millions of GG's money on its development afterwards (Edit: see update) and now gets to buy it for his new company for a pittance of paper. 

WTF? Seriously, WTF is this? Does Chuck have photos of Garofalo in bed with a goat? How the hell can GG shareholders let this deal happen at such a low price? How the devil can the Canadian regulatory authorities give this a green light?


UPDATE: According to Chuck Jeannes on the OLA ConfCall, GG spent another $150m on drilling and development of Camino Rojo.

Atico. IKN420. VMS.

Here's a snippet from The IKN Weekly IKN 420, dated June 4th 2017:

"...a juicy and well-sourced piece of intel passed my desk this week, as apparently the ongoing drill program at El Roble has hit some real paydirt in the form of a high grade VMS intersect in a new and previously untapped location near to the mine. I don’t have exact details but I did hear that this intersect if confirmed after assays represents a new VMS lens. This fits right in with the geological theory that ATY has maintained since buying into the mine."

Here's how the NR out of Atico Mining (ATY.v) today started:

"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 22, 2017) - Atico Mining Corporation (Atico" or the "Company") (TSX VENTURE:ATY)(OTC PINK:ATCMF) is pleased to announce the discovery of a surface exposure of a copper-rich massive sulfide, cropping out some 130 meters north of the El Roble mine mineralization."

Further questions?

Macquarie bank faces class action over advice on worthless Brazilian mine project

A sell side brokerage guilty of pumping worthless mining stocks to its clients? SURELY NOT!

 Reader 'G' was kind enough to send in this link. Here's how the report starts:


Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors.
The investment bank's brokers are accused of deliberately "ramping" stock in Cleveland Mining Group by playing a key role in the acquisition of a Brazilian iron-ore mine project with a potential value of $34 billion that turned out to be a worthless patch of jungle.

Read it all here.

It's so bullish for gold stocks out there...

...that even Red Eagle is going up.

The Cannabis Wheaton (CBW.v) $50m financing was supposed to close yesterday...

...but so far there hasn't been any news on the closure.

There's unlikely to be any problem.