The Invecture website now states it "also owns the Los Cardones Gold Project in Baja California Sur with a reserve of 1.2 million ounces". Prior to this, it used to say it entered into an agreement with Vista to buy the project... In other words, it appears the 2nd payment may have been made (or at least will be made very shortly).
As for the Midas shares, they did recently have permits revoked for some public properties, yet to be drilled, but this has no bearing on the properties that already have been drilled and which make up its 1 billion NPV (at $1400 gold).
This is the PGLC portion. To read the whole article, go to "gold recommendations" on theaureport site, and from PGLC or any other June 27 recommendation, there's a link to see the whole interview. It was published yesterday, but does not appear like it will show up until this afternoon officially on the site:
"The Mining Report Interview with Jeff Wright (5/27/14) "We like Pershing Gold Corp. in northern Nevada. Pershing Gold has Relief Canyon, a former producing mine. The company's plan is to proceed with full permitting of the site to mine both above and below the water table of this open pit. It's currently permitted to mine above the water table, but not below. Pershing successfully added ounces to the resource base last month. It shows a heap-leachable oxide resource above 500 Koz gold. Once permits are in hand to restart operations, the project comes with a carbon mill onsite that can produce a carbon concentrate, so the heap-leach operation is a fairly low technical risk. It's a low hanging fruit project that will produce over a number of years. The mine plan is still being developed, however. But given the location and potential, as well as the resource expansion in the offing, it's certainly very advantageous. . .I was in Lovelock, Nevada, in March, looking at the project. It was a good site visit. It confirmed what we had seen in the technical reports. The technical aspects of the mine itself, an open pit that's already somewhat assessable, look good. The heap-leach pads were in place. The grasshoppers and the conveyors were all in place, so we're not looking at a full build-out. It's essentially the restart of a brownfield mine, but Pershing wants to make sure that it has sufficient resources and all the permits in place for a number of years."
Bob Moriarty 321Gold Blog May 16th....
Gold Standard Ventures (GSV-V) was $.82 on November 29, 2013. We have had a nice rally early this year and we are in the end game of a minor correction in the metals. GSV dropped all during December, rose to $.92 at the end of January and has continued to drop by 33% to $.62 today. When I went to Nevada I wanted to know if I had read the tea leaves incorrectly or if the market simply doesn't get it. To my great pleasure I found that it wasn't me that didn't get it, it is the market reading the tea leaves incorrectly.
The Railroad/Pinon project, as GSV terms it, contains 102 square km of ground in the southern Carlin Trend near Elko Nevada. In all of the data on Gold Standard's website, the entire area is treated as if it is one and only one type project or deposit. That's the issue and the only issue. It's not one deposit, it's a handful.
The Carlin Trend has been the ruin of many a poor boy. While the deposits are rich, they are also deep and expensive to drill. A lot of companies have busted their picks trying to find an economic deposit in the Carlin. While GSV has had some excellent drill holes on their North Bullion target, they have yet to come up with a 43-101 resource for North Bullion that will excite even ordinary investors.
The March 5th press release where GSV announced closing the deal on the Pinon portion they didn't own is a lot more important than the market got then or gets today. First of all, I think the company is making a giant mistake by lumping all of the pieces of the Railroad District into only one project. They think of it as multiple targets, they treat it as if it is multiple targets but they talk about it on their website as if the entire district is one simple system and it's not.
North Bullion has a sulfide target that would require roasting like most of the deposits in the Carlin. But Pinon is a near surface oxide deposit that could be an open pit and heap leach mine. Pinon has non-43-101 resource that could easily and quickly be brought into a 43-101 resource that investors can easily get their teeth into.
Company president and CEO Jon Awde has done a brilliant job of communicating his very real opportunity at North Bullion and even in the extremely difficult times of the last three years, has managed to raise money from institutional investors. But retail investors have suffered when actually the company is doing great. Shares that sold for $3 in 2012 are on the auction block for $.60 today.
It's a communications issue and I think that's all. They controlled half the Pinon project until March of this year. Unfortunately, that's like having half a hard-on. You either need the whole thing or you have nothing.
They got the key piece to the puzzle when they completed their deal with Scorpio Gold in early March. Scorpio needed cash to advance their Mineral Ridge gold mine after losing $6.8 million in 2013. GSV has been trying to close a deal on that piece for years and Scorpio wouldn't budge. But everyone is broke right now and money is scarce on the ground.
Two plus two really can equal five. In the case of Pinon Gold Standard, they had something they knew was valuable but without the 2nd half, it didn't make any sense to advance the project because all they would have accomplished would be to make the portion they didn't own a lot more valuable.
In the coming months expect to see a lot of drilling and excellent results coming from Pinon. It is different from North Bullion and I'd like to see the company start talking about Pinon on its own merits. It won't take long or many holes to define a real 43-101 resource and when they do, retail investors will start to understand the very real story GSV is trying to tell.
If you are following the whole mining sector, you should know that many have dropped to historical lows -- and the one I'm heavily invested in right now is actually tanking much worse than BAA.
Hedge funds love the sector because of its volatility, and the ability for major players to essentially shape the direction of where stocks are headed. On Level II of so many miners, the same hedge fund is selling shares to itself to knock down the price a notch. I didn't know this was legal, but whatever. As long as you have the ability to average down, and do, then you'll make money on the miner with good projects.
Aside from your investment here, those with extra funds might want to check out explorers (as it's drilling season). Except for Pilot, PVG, and a few others, almost all are at historical lows right now, and some will definitely make people a lot of money too (as long as you're capable of sticking it out through this rough patch). I'm personally down 40 percent on mine, btw, yet am genuinely confident I will be up 30 percent by end of July. Those who can't handle the volatility need to either stop investing in the mining sector or else develop thicker skin/a greater tolerance level.
You definitely need to be able to hold on tight on days your BAA collapses for no apparent reason whatsoever.
NEW YORK (TheStreet) -- Allied Nevada Gold (AMEX:ANV) has been downgraded by TheStreet Ratings from hold to sell. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins.
■Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 68.32%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 205.88% compared to the year-earlier quarter. Although its share price is down sharply from a year ago, do not assume that it can now be tagged as cheap and attractive. The reality is that, based on its current price in relation to its earnings, ANV is still more expensive than most of the other companies in its industry.
■ALLIED NEVADA GOLD CORP has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. Earnings per share have declined over the last two years. We anticipate that this should continue in the coming year. During the past fiscal year, ALLIED NEVADA GOLD CORP reported lower earnings of $0.01 versus $0.52 in the prior year. For the next year, the market is expecting a contraction of 3300.0% in earnings (-$0.32 versus $0.01)...
Seems as if it's starting to move up quick, courtesy of entity behind the BID and ASK.
First trade was a sale, followed by BID and ASK prices that were greater than closing price on Friday...
Personally not sure about the Pinon deposit -- Brent Cook sold in 2013 when he felt they were running out of space from finding a great deposit at Railroad, and I've always wondered if the Pinon purchase meant that GSV concurred with Cook (though they have never stated as much).
I do think mgmt knows its stuff, and if the gold is there, they'll find it -- but not sure if these are great properties... Still here though, and still have some faith.
Thom Calandra (who keeps going from bullish to bearish on GSV) is back to bullish, and is recommending them as a summer pick. A new interview is supposedly coming out soon too (based on a comment underneath the Calandra post on Stockhouse). I do expect a long-awaited rise back to 80-90 cents soon. It may take great news to get it much beyond that price, though.
Press release just came out 5/15/2014; some holes show that previous drillers of this property missed the gold through an improper understanding of the deposit. GSV's press release expands on their own theories that they are testing.
Press release includes all assay results, including the first few which came up "barren". It's never a homerun press release when some assays come up empty, but it definitely shows the honesty and intelligence of mgmt.
Quite possibly true, but an fyi there were many (myself included) who considered ANV oversold when it dropped under $15 last year, with Forbes regularly updating the stock during its Spring-Summer 2013 collapse as being "oversold".
Anyway, ANV is personally a stock I've never fully figured out; I still follow it, but keep investing in other miners (sometimes with better success, sometimes not).
Am personally unsure how they'd handle the sulfides if they did not get the financing that they're seeking, etc., and, while I think all the suits against ANV are rubbish, I also think their slanderous comments against their prior CEO Scott Caldwell (now of Guyana Goldfields) was a bunch of #$%$ too. He was a CEO who actually bought shares on the open market regularly; now, with their stock at these lows, it's a bit baffling that their mgmt has done no buying these past few months,
The "big sale" was one of a technical nature. Rogers™-Van Eck Natural Resources Composite Index (TICKER: RVEC) announced on June 12 that ANV was being deleted from its index (it deletes solely on impartial reasons, like market cap minimum), and that it would go into effect on June 20.
Go to Rogers Van Eck Indexes for more information.
Still averaging down, but now 40 percent under. Was almost 30 percent in the green in February. In retrospect, perhaps I should have sold then...
That said, still expect a rather rapid return to 30-40 cent level, etc, and expect that, over time, this all will end well...
Sentiment: Strong Buy
"New York, NY – (NISMAGAZINE) – 05/08/2014 - As the gourmet cupcake craze of the last decade now diminishes, the 62-store Crumbs Bake Shop Inc (NASDAQ:CRMB) chain is now shifting all energies from the company’s struggling outlets to the sales via other retailer- thus making an attempt to now cash in on a different fad. Its latest product that entered the grocery-aisle is the croissant-doughnut hybrid that is dubbed- Crumbnut. This will now be available at the BJ’s Wholesale Clubs beginning Monday, alongside the conventional cupcakes, the giant cupcakes that can serve 10, the mini cupcakes, and the cupcake-shaped ice cream-cakes. If the Crumbnut has a familiar ring, that’s probably because it sounds like the highly-hyped Cronut that us sold at NY’s Dominique Ansel Bakery, and there are very long lines of its eager patrons waiting outside this single store right through the year."
Pershing Gold zeroes in on near-term production at Relief Canyon
TEXT SIZE 2014-05-29
Steve Alfers cut his teeth as a transactions lawyer on international mining deals and as a privatisation specialist working in some of the world’s most challenging jurisdictions — from Monglia and Russia and the Ukraine to Zambia and Kosovo. But in 2000 he decided to strike out on his own and build a gold company.
The first thing he did was to team up with “one of the grand investors in Nevada” who he prefers not to name, and put together a business plan that involved stripping gold assets from the investor’s Nevada holdings, creating a company called NewWest Gold, and taking it public on the Toronto Stock Exchange in 2006. NewWest Gold’s package of assets — estimated to be worth about US$2.3 billion — included Long Canyon, Sandman and Northumberland.
Alfers served as NewWest Gold’s chief executive from 2001 until the company’s merger with Frontier Gold in September 2007. (Newmont Mining (TSX: NMC; NYSE: NEM) later went on to pluck NewWest Gold’s assets out of Frontier Gold and spun off the rest as Pilot Gold (TSX: PLG).)
Following the merger with Frontier, Alfers joined Franco-Nevada Corp. (TSX: FNV; NYSE: FNV) as a senior executive, serving as chief of the company’s U.S. operations. But destiny was to intervene again in 2011, leading him back to the helm of another early-stage gold company with an exciting asset on the brink of production.
In August of that year he worked as a consultant to initial investors who had bought a past-producing gold mine called Relief Canyon out of bankruptcy proceedings. The investors acquired the asset for all-in costs of about US$20 million and Alfers joined their company, subsequently renamed Pershing Gold (US-OTC: PGLC), as chief executive in February 2012.
“When I first looked at Relief Canyon I saw an underdeveloped, under-explored property with opportunity for expansion,” he says. “It is an open-pittable, heap leachable project with infrastructure already in place. There was potential for land consolidation and I realized that I could put together a team that would fast-track the project back into production. In short, it is the ideal gold project for Nevada today.”
FYI that I have attempted to post parts 3, 4, and 5 more than one time. For some reason, YAHOO did not upload the rest, and I have since left the Northern Miner page (and no longer have access to the rest of the article).
Everyone, however, gets a free Northern Miner article per week, and it's obviously a recommended read if you have some curiosity in this stock. A January article on ATAC helped that stock double in the next two months (it's since retraced some of that), so it's possible the article might help the stock a little bit.
Congrats. But given that Fischer Investments is the primary buyer, it means the temporary "bankruptcy" was also intentional -- so the Scott Fischer guy remains crooked in my book. As do their insider buys at .0001 cents a few months back. As does his temporary hiring, then quitting, of his board position. etc.
Anyway, happy to have the cupcakes back (I missed them immediately, and tried to buy them on Monday when I thought they may be selling inventory at reduced prices) and happy some here got wealthy from their investments. I took a 25 percent loss, which could have been more.
Thanks for this info. And congrats on selling at what seems to have been the right time (soon after that one article, I presume?). I held onto my shares and am now getting crushed. I did not know about the Belo Monte delay (the article is new, correct? I know there have been delays before?).
As for getting back in, I simply think it's getting crushed now because it fell under 75 million market cap, and VAN ECK (who does the GDXJ) needs to dump the shares based on some rule it initiated last FALL. I used to hold VGZ and ATAC (both of which doubled fairly quickly after the VAn ECK sales concluded) and only hope for something similar happening.
Brazil's economy is in the tubes, so I personally don't have much of a concern about Belo Monte, or of Belo SUn eventually getting to mine Vola Grande, etc.; however, it's all about timing when to get in, and I certainly did not see this tremendous drop coming.