GG won't stop until they own Osisko Mining, one way or another.
Sentiment: Strong Buy
Gold investors should think -if obama' deal with iran allows iran to obtain atomic bombs [never mind a wait of a set number of years] how will mass proliferation of other countries buying their own deterent affect the price of gold!!!
With the appointment of Al-Joundi, Sean Boyd's title will change from President and CEO to Vice-Chairman and CEO.
Agnico Eagle trades at a discount to its peers despite having the highest quality story in the North American gold sector at present. The company recently filed an updated 43-101 compliant report for Meliadine. The report highlighted a 15% ungeared after tax project IRR at $1,400 gold and 80c CAD
(Canaccord Genuity at 14%) and a 10% IRR at $1,150. While perhaps underwhelming on the surface, Lesiak notes that the report utilized only one-third of the current 10.1moz mineral inventory with a mine life of only 8 years. Assuming the mine life can be extended another five years, the IRR at $1,400 gold would increase to 19% or 14% at $1,200 gold. Agnico Eagle will release its Q1/15 results aftermarket on Thursday, April 30, 2015.
1st-"Agnico Eagle Mines (NYSE:AEM) names former Barrick Gold CFO Ammar Al-Joundi as its new president, grooming him as a potential CEO.Al-Joundi had been AEM's CFO for about two years until June 2012 when he joined ABX; prior to joining AEM in Sept. 2010, he spent 11 years at ABX in various senior financial positions.
2nd-"The Financial Post reports in its Friday edition that RBC Global Asset Management manager Chris Beer In precious metals, the manager's largest weights tend to be in lower-cost companies with strong balance sheets and growing production. This includes Agnico Eagle Mines ($36.27), which has about 60 per cent of its operations in Canada, and Goldcorp ($23.85), which is about 40 per cent. Since their costs are in Canadian dollars and they are selling in U.S. dollars, he estimates that currency moves and oil's price decline probably save these miners $150 to $200 an ounce, which is almost a 10-per-cent margin increase."
I have always maintained the Canadian listing of AEM is a great hedge against the falling Canadian vs. USA.
ighlights from the Updated Meliadine 43-101 Technical Report
The updated technical study at Meliadine is based on extracting only the 3.3 million ounces of gold in proven and probable mineral reserves (13.9 million tonnes of ore at 7.44 grams per tonne (“g/t”) gold), which is all contained in the Tiriganiaq and Wesmeg deposits.
Not currently considered in the study are the 3.3 million ounces of gold in measured and indicated mineral resources (20.2 million tonnes at 5.06 g/t gold) and 3.5 million ounces of gold in inferred mineral resources (14.1 million tonnes at 7.65 g/t gold). As drilling continues it is anticipated that a significant amount of the current mineral resource will eventually be converted to mineral reserves and be considered in future development plans.
On the other hand a report in Globe and Mail states "Agnico Eagle Mines is expanding exploration in Nunavut after it found gold on boulders near its mine in the territory. Agnico is moving eight drill rigs and about 80 miners to its arctic camp to locate the source of the golden boulders. Traditionally, small mining companies have done the bulk of the prospecting in Canada. With commodity prices in the dumps and a dearth of high-profile discoveries, investors are unwilling to bankroll junior miners with little or no historical record. Last year, junior companies spent a total of $742.5-million exploring in Canada, while the senior companies spent a total of $1.2-billion. Agnico will be able to explore in Nunavut far more cheaply than any of its rivals, because it already has existing operations in the territory."
A very positive outlook for AEM
It looks like 11 February NR overstated the La Ronde base metal reserves by a factor of 10 (compare the Sedar document against the current reserves as published at the website -- per an e-mail from the compnay the website is correct and the 11 February document in Sedar is wrong).
This error translates into an approximately 16% overstatement of the AuEq reserve ounces assuming 13 March spot market metal prices. While this error was silently corrected at the company website a new release was never issued.
I wonder if this error is part of the reason behind the current very positive bias towards AEM relative to peers in the HUI, GDX and SGDM? Given that analysis and bots read NR and may not always follow-up on silent updates to company websites, I believe some parts of the market are using the incorrect 11 February La Ronde base metal reserve estimates which should translate into a short term price decline as this error becomes widely visible to the market. I believe this could translate into a 20% decline in SP and would put AEM back in line with peers.
Tried to warn my POOR sweet amateur gold/silver DUPES and RETARDO BOOBSTERS, again:
Girls, CNBC weasels spent the entire day WRONGLY PUMPING gold/silver CALL options on behalf of the gold/silver CALL WRITERS In the sleazy wall street club---and that is your 100% GUARANTEE the DYING golds/silvers will now DIVE Into option expiration.....when will my POOR sweet amateur gold/silver SUCKERS ever figure out THE OBVIOUS??? Duuuuuuuuhh??? ROFLMAO
gold properties. this time in Sweden.
OREX AND AGNICO EAGLE SIGN A LETTER OF INTENT FOR A JOINT VENTURE ON OREX'S BARSELE PROJECT
Orex Minerals Inc. has entered into a letter of intent (the LOI) with Agnico Eagle Mines Ltd. (AEM) with respect to the development of Orex's Barsele gold project, located in Sweden.
Pursuant to the terms of the LOI, AEM will acquire an initial 55-per-cent interest in the project on payment to Orex of $10-million (U.S.) ($6-million (U.S.) on closing of the transaction and $2-million (U.S.) on each of the first and second anniversaries of closing of the transaction). As part of the transaction, AEM will commit to spend $7-million (U.S.) on exploration over three years. AEM can earn an additional 15-per-cent interest by completing a prefeasibility study on the project. Orex will also be granted a 2-per-cent net smelter returns royalty (NSR), which may be terminated in exchange for a payment to Orex of $5-million (U.S.).
Completion of the transaction is subject to AEM's confirmatory due diligence, the execution of a definitive joint venture agreement, the approval of the TSX Venture Exchange and all other regulatory, corporate and security holder requirements.
The transaction is expected to close on or before April 1, 2015. Orex plans, after completion of the transaction, to continue with the spinout of the Barsele asset into a NewCo as previously announced on Feb. 1, 2013.
Orex's president, Gary Cope says: "It is great to be partnered with a quality company like AEM to develop one of Scandinavia's best gold projects. We believe that this transaction shows the potential of this property and will serve as a strong catalyst for Orex moving forward." Less
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