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McEwen Mining Inc. Message Board

jj719903 26 posts  |  Last Activity: May 16, 2016 6:26 PM Member since: Jan 30, 2004
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  • jj719903 by jj719903 May 16, 2016 6:26 PM Flag

    #$%$ia:

    'Avengers' threaten new insurgency in #$%$ia's oil- producing Delta: Reuters reported that a new radical group called the #$%$ Delta Avengers has claimed a series of pipeline bombings in #$%$ia's oil-producing region this year. Their attacks have driven #$%$ian oil output to near a 22-year low. The group has carried out a string of attacks since February that reduced oil output by at least 300K bpd, and shut down two refineries and a major export terminal. It added that the group emailed journalists last week saying it was fighting for an independent Delta and would step up its attacks unless oil firms left the region within two weeks.
    #$%$ia is now the Big Oil worry: Bloomberg discussed the threat that the "Avengers" pose to #$%$ia's oil sector and Big Oil's involvement in the country. It said with no solution in sight to the problems, production from onshore and shallow-water oil fields looks vulnerable. If the latest group of freedom fighters seeks to outdo its predecessors, then deepwater facilities may be at risk too. The group forced Shell's Forcados terminal to shut in ~250K bpd of exports, and breaching an offshore Chevron facility in the 160K bpd Escravos system.

    Libya:

    Libyan oil blockade partially lifted: The WSJ noted that Libya's divided oil officials have agreed to allow oil to flow again between the country's east and west but have yet to end a crisis that is blocking exports. The factions that control Libya's east will allow crude oil to be shipped to refineries in the west, the first step in resolving a dispute that has further eroded the country's ability to profit from its large oil reserves. Libya's production has collapsed to less than a quarter of its capacity of 1.5M bpd.

    China:
    April crude oil output lowest since July 2013: Reuters reported that China, the world's fourth-largest oil producer, pumped 5.6% less crude y/y in April. China produced about 4.04M bpd, the lowest rate since July 2013.

  • Reply to

    Interesting Read - Innocent Until Proven Guilty

    by jj719903 May 15, 2016 3:35 PM
    jj719903 jj719903 May 15, 2016 5:40 PM Flag

    2. What a pathetically small amount of money to go down on for an easily traceable crime.

    380K .... who knows what else. The bullion banks should be on the hook for billions.

  • Reply to

    Interesting Read - Innocent Until Proven Guilty

    by jj719903 May 15, 2016 3:35 PM
    jj719903 jj719903 May 15, 2016 4:02 PM Flag

    Snippet...

    46. On the morning of November 10, as Gibson prepared to liquidate GISF’s
    remaining TRX position, he knew that the impending sale of the Fund’s TRX holdings
    could greatly depress TRX’s share price, writing to one GISF broker that “we are going to
    potentially tank this stock.”

    47. At the opening of the market at 9:30 AM on November 10, 2011, Gibson
    immediately began selling all of GISF’s remaining 4.9 million TRX shares. TRX’s share
    price, which opened at $3.41, immediately began to plummet, declining to approximately
    $2.99 by 9:45 AM. At 9:52 AM, the New York Stock Exchange halted trading in TRX for
    five minutes due to the dramatic drop in TRX’s share price.

    48. At 10:00 AM that day, shortly after the trading halt in TRX was lifted, and
    with TRX’s weighted average share price down to $2.02 per share, Gibson sold all of the
    $4 TRX put contracts in his account. Two minutes later, with TRX at $2.00 per share, he
    sold all of the $4 TRX put contracts in his then-girlfriend’s brokerage account. At 11:40
    AM that day, with TRX’s weighted average share price at $2.30, Gibson’s father likewise
    sold all his $4 TRX put contracts.

    49. As a result of the substantial decline in TRX’s share price, these put
    positions were highly profitable when sold. In particular, the total profits from these sales
    were approximately $380,000 – with over $254,000 coming from the put positions in
    Gibson’s then-girlfriend’s account; approximately $82,000 coming from the put positions
    in Gibson’s personal account; and approximately $43,000 coming from the put positions in
    Gibson’s father’s account.

    50. Although he purchased the profitable $4 TRX put contracts for himself and
    his then-girlfriend’s account and advised his father to purchase them as well, Gibson did
    not buy $4 TRX put contracts for the Fund – which was financially and legally able to buy
    them – and did not share this opportunity with other clients.

    Continued.... SEC GOV

  • Posted May 15th, 2016 at 10:47 AM (CST) by Jim Sinclair & filed under General Editorial.

    Dear CIGAs,

    In our system, a person is considered innocent until proven guilty.

    Here is some information of alleged acts dating back to 2010 to a situation many of you directly experienced and a few even repeated as presented to you in chat rooms and on public websites. My company and I have been hounded by internet trolls directly based on alleged material produced by these alleged acts.

    ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND- DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, SECTIONS 203(f) AND 203(k) OF THE INVESTMENT ADVISERS ACT OF 1940, AND SECTION 9(b) OF THE INVESTMENT COMPANY ACT OF 1940

    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

    SECURITIES EXCHANGE ACT OF 1934 Release No. 77466 / March 29, 2016
    INVESTMENT ADVISERS ACT OF 1940 Release No. 4359 / March 29, 2016
    INVESTMENT COMPANY ACT OF 1940 Release No. 32059 / March 29, 2016

    ADMINISTRATIVE PROCEEDING File No. 3-17184

    In the Matter of CHRISTOPHER M. GIBSON, Respondent.

    I.

    The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 (“Exchange Act”), Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 (“Advisers Act”), and Section 9(b) of the Investment Company Act of 1940 (“Investment Company Act”) against Christopher M. Gibson (“Respondent” or “Gibson”).

    By the Commission.

    Page #11

    Brent J. Fields Secretary

  • Submitted by Tyler Durden on 05/13/2016 17:57 -0400

    Over the last several years we have documented with clockwork regularity Venezuela's collapse into failed state status, which was cemented several weeks ago when news hit that "Venezuela had officially run out of money to print new money." At that point the best one could do was merely to step back and watch as local society and civilization turned on itself, unleashing what would ultimately turn into Venezuela's own, sad apocalypse.

    Last night we showed what Caracas, looks like this week: Zero Hedge

  • Jason Burack of Wall St for Main St interviewed returning guest, precious metals expert and author on JS Mineset. Producer lawsuit against the banks discussed among other things.

  • jj719903 jj719903 May 14, 2016 8:07 PM Flag

    All that considered, Cruz is looking to spend more time in Washington, D.C. He says he will run for re-election in 2018.

    Just in time to read “The Confessions of Congressman X.”

    'My main job is to keep my job, to get reelected. It takes precedence over everything,' an anonymous member of Congress writes in a new book

    Daily mail

  • May 13 2016, 14:47 ET | By: Carl Surran, SA News Editor

    A change to an obscure maritime law is helping draw major oil companies to an area off Canada’s east coast that may rival the North Sea for its production potential, Bloomberg reports.The government of the province of Newfoundland and Labrador is adding 13 new parcels in an auction set for this November, as the removal of a decades-old shipping restriction opened the area to more vessels seeking oil and natural gas.Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Statoil (NYSE:STO) and BP are among the companies that committed to spend C$1.2B in auctions last November for seven parcels off the coast.The exploration blocks awarded last year may hold as much as 12B barrels of oil, but the price of oil remains low and drillers have trimmed their budgets, so development likely will come slowly.

  • Could it be either or both...

    Greg Hunter: around the 19:30 mark " I am told that renowned gold expert Jim Sinclair is preparing a lawsuit against the big banks that suppressed the gold. Other lawsuits have been filed or are on the way. usawatchdog weekly-news-wrap-up-4-22-16

    Jim Sinclair is preparing a suit against the banks for the benefit of TRX shareholders? Between Greg Hunter's weekly market wrap and the interview on the 17th starting @ 12:20 mark, Sinclair's old saying: he doesn't play for peanuts comes to mind.

  • Reply to

    Why is management selling their stock?

    by nashfan1 Mar 22, 2016 6:23 AM
    jj719903 jj719903 Mar 23, 2016 11:00 PM Flag

    Most transactions were grant of rights. They got rid of the ones at 1.27 and acquired the ones at 0.99.

    Closing date 2016-03-17
    Date of transaction 2016-03-16
    Issuer Name Pengrowth Energy Corporation
    Stock Symbol PGF
    Insider Name Bowles, Douglas Currie
    Insider's Relationship to Issuer 5 - Senior Officer of Issuer
    Nature of transaction 57 - Exercise of rights
    Number or value acquired or disposed of -35,900
    Unit price or exercise price
    Balance of securities held as of transaction date 69,680
    Conversion or exercise price 1.2708
    Underlying security designation Common Shares
    Equivalent number of underlying securities acquired or disposed of -35,900
    Closing balance of equivalent number or value of underlying securities 69,680
    ------------------------------------------------------------------------------------------------
    Closing date 2016-03-17
    Date of transaction 2016-03-17
    Issuer Name Pengrowth Energy Corporation
    Stock Symbol PGF
    Insider Name Bowles, Douglas Currie
    Insider's Relationship to Issuer 5 - Senior Officer of Issuer
    Nature of transaction 56 - Grant of rights
    Number or value acquired or disposed of +154,803
    Unit price or exercise price 0.9932
    Balance of securities held as of transaction date 191,845
    Conversion or exercise price
    Underlying security designation Common Shares
    Equivalent number of underlying securities acquired or disposed of +154,803
    Closing balance of equivalent number or value of underlying securities 191,845

    Pengrowth Energy Corporation $PGF just filed 56 reports. View full report: SEDI:PGF from #insiders, 18 Mar 2016, 00:22

  • Reply to

    Why is management selling their stock?

    by nashfan1 Mar 22, 2016 6:23 AM
    jj719903 jj719903 Mar 23, 2016 12:00 PM Flag

    SEDI reports for PGF, filed on 17/03/2016

    Closing date 2016-03-17
    Date of transaction 2016-03-17
    Issuer Name Pengrowth Energy Corporation
    Stock Symbol PGF
    Insider Name Webster, Christopher Geoffrey
    Insider's Relationship to Issuer 5 - Senior Officer of Issuer
    Nature of transaction 56 - Grant of rights
    Number or value acquired or disposed of +453,081
    Unit price or exercise price 0.9932
    Balance of securities held as of transaction date 559,211
    Conversion or exercise price
    Underlying security designation Common Shares
    Equivalent number of underlying securities acquired or disposed of +453,081
    Closing balance of equivalent number or value of underlying securities 559,211
    -----------------------------------------------------------------------------------------------------

    Closing date 2016-03-17
    Date of transaction 2016-03-17
    Issuer Name Pengrowth Energy Corporation
    Stock Symbol PGF
    Insider Name Stewart, Donald Michael Godfrey
    Insider's Relationship to Issuer 4 - Director of Issuer
    Nature of transaction 56 - Grant of rights
    Number or value acquired or disposed of +100,685
    Unit price or exercise price 0.9932
    Balance of securities held as of transaction date 188,797
    Conversion or exercise price
    Underlying security designation Common Shares
    Equivalent number of underlying securities acquired or disposed of +100,685
    Closing balance of equivalent number or value of underlying securities 188,797
    ------------------------------------------------------------------------------------------------

    Closing date 2016-03-17
    Date of transaction 2016-03-16
    Issuer Name Pengrowth Energy Corporation
    Stock Symbol PGF
    Insider Name Steele, Randall Scott
    Insider's Relationship to Issuer 5 - Senior Officer of Issuer
    Nature of transaction 57 - Exercise of rights
    Number or value acquired or disposed of +76,734
    Unit price or exercise price 1.2708
    Balance of securities held as of transaction date 171,132

  • jj719903 jj719903 Mar 23, 2016 10:41 AM Flag

    Seymour Schulich acquires 14.7% of Pengrowth Energy Corporation
    Canada NewsWire

    TORONTO, March 23, 2016

    TORONTO, March 23, 2016 /CNW/ - Seymour Schulich, through his holding company, Nevada Capital Corporation Ltd. 20 Eglinton Avenue West, Suite1900, Toronto, Ontario, M4R 1K8, announced today that, on March 18, 2016, he acquired, through open market purchases, 26,000,000 common shares and now owns 70,000,000 common shares of Pengrowth Energy Corporation (TSX:PGF). The Schulich Foundation, an affiliate of Mr. Schulich, owns an additional 10,000,000 shares. In total, 80,000,000 shares are owned or controlled by Seymour Schulich.

    Mr. Schulich's current shareholdings represent 14.7% of the current issued and outstanding common shares of Pengrowth. Mr. Schulich further advises that the shares have been acquired for investment purposes at this time.

  • On Friday we elected the Weekly Bullish Reversal at 38.40. Crude pulled back for two days marginally to try to retest the previous reversal at 32.40. We have now gapped up and the major Weekly Bullish Reversals stand up at the $45 level. We warned that the first quarter would try the souls of most traders. March and May have been key targets in time, and April has been a panic cycle in many markets as well. Here the low is in February, not last December. If we, at least, close March above the February high of 34.69, then we have a shot of more than a one-month knee-jerk reaction high. Then we can look for a possible three-month rally into May. The two primary targets are at the $45 and $49 level. That has to be exceeded to hope for a rally to reach the formidable resistance zone in the $69-$70 area.

  • Last week, during the peak of the commodity short squeeze, we pointed out how this default cycle is shaping up to be vastly different from previous one: recovery rates for both secured and unsecured debts are at record low levels. More importantly, we noted how this notable variance is impacting lender behavior, explaining that banks - aware that the next leg lower in commodities is imminent - are not only forcing the squeeze in the most trashed stocks (by pulling borrow) but are doing everything in their power to "assist" energy companies to sell equity, and "persuade management" to use the proceeds to take out as much of the banks' balance sheet exposure as possible, so that when the default tsunami finally arrives, banks will be far, far, away from the carnage.

    All of this was predicated on prior lender conversations with the Dallas Fed and the OCC, discussions which the Dallas Fed vocally denied and accused us of lying, yet which the WSJ confirmed, showing that it was the Dallas Fed who was lying.

    This was our punchline:

    [Record low] recovery rate explain what we discussed earlier, namely the desire of banks to force an equity short squeeze in energy stocks, so these distressed names are able to issue equity with which to repay secured loans to banks who are scrambling to get out of the capital structure of distressed E&P names. Or as MatlinPatterson's Michael Lipsky put it: "we always assume that secured lenders would roll into the bankruptcy become the DIP lenders, emerge from bankruptcy as the new secured debt of the company. But they don't want to be there, so you are buying the debt behind them and you could find yourself in a situation where you could lose 100% of your money."

    And so, one by one the pieces of the puzzle fall into place: banks, well aware that they are facing paltry recoveries in bankruptcy on their secured exposure (and unsecured creditors looking at 10 cents on the dollar), have engineered an oil short squeeze via oil ETFs...Con't..

  • jj719903 jj719903 Mar 3, 2016 3:31 PM Flag

    Conclusion...

    What are our options now?

    1. We negotiate successfully in the 30 day period with Stamico, the government of Tanzanian who guarantee our freedom to operate and protection against all interference of our contract rights. This then opens the traditional financing door.

    2. We proceed to London Binding Arbitration with financial demands equal to our invested funds in Tanzania, lost opportunity and damage to the value of our shares.

    3. We seek a sale of all our Tanzanian assets to a major mining company in Tanzania with commitment of size. The structuring of the transaction would be for shares, not cash in this what we believe will soon to be major gold bull market.

  • TORONTO, ONTARIO--(Marketwired March 3, 2016) - Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the "Company") is providing the following progress report with respect to the recent force majeure notice it issued to Stamico.

    Force Majeure describes a clause in a contract whereby circumstances arise producing a situation known as "Force Greater" than one party has the ability to correct in the normal course of business. Currently, the situation at hand is our business relationship with our joint venture partner, the State Mining Company of Tanzania, which is owned by the Treasury of Tanzania. The trigger for Force Majeure was a significant increase in the number of illegal miners that entered our property. We maintain that there is a direct connection between the increase in the illegal occupation of property under our license and a speech made in the village by the Deputy Minister for Mining. It is our opinion that the Deputy Minister speaks for the Minister who in turn speaks for the government. As such we take seriously such statements made as a statement representing the leadership of Tanzania.

    The Deputy Minister made statements and gave hard dates for us to abide by his orders, generally 14 days. He presented the repercussions of non-compliance that were draconian. None of his orders are stipulated by the contract we have with Stamico. One of his orders was to fix a public road that was being torn up by the rainy season, not our use.

    Part of that Deputy Minister's representation focused on the surrender of mining rights on some of our properties to the artisan miners. Inherently, we do not have a problem with selecting an area for artisanal mining as we have selected three parcels where there is surface enrichment mineable by artisan tools. There are various restrictions that we need identified to ensure that only non-mechanized miners can occupy these properties.

    We have certain reasonable questions such as:

  • Reply to

    Crude Oil - Month End - February 2016 - Armstrong

    by jj719903 Feb 29, 2016 3:20 PM
    jj719903 jj719903 Feb 29, 2016 11:05 PM Flag

    trader...Martin Armstrong developed the Economic Confidence Model. He knows all about trading & TA. He became a millionaire at age 15. The Armstrong Economics blog is quite the educational tool.

  • We have interestingly reached an 86-year peak in oil reserves. This may actually be the end of that trend. Oil prices are causing companies to collapse, and in the Middle East various states have been forced to borrow money and raise taxes. We closed last month at $33.62 and held the Monthly Bearish at $33.55. We are once again flirting with that number closing Friday at $32.78. The low for the month was the week of February 8. Our Weekly Bullish stands at $38.40. Our next key turning point will be April. A daily closing above $33.60 on Monday will be a warning that we may yet see a rally to everyone’s shock and dismay. This would be more geopolitical rather than supply/demand.

  • Reply to

    An Update On Force Majeure Declared Last Week

    by jj719903 Feb 14, 2016 10:18 AM
    jj719903 jj719903 Feb 14, 2016 12:16 PM Flag

    They are a modern form of the historical claim jumper willing to pay anyone corrupt inside or outside of the company if it helps them get what they want. We believe Buckreef represents billions, even at today's prices.

    People seem to think incorrectly that Force Majeure is something the government did to us, but it is something we declared against the government of Tanzania which we will arbitrate in London as per our contract provisions. Force Majeure gets a government's attention as it hits directly into the claim of welcome to investors and offers protection to non-Tanzanians conducting business in the country. Force Majeure freezes all company obligations payable until the issues are resolved and protects all licenses and permits as property in this case of TRX, the parent. I had absolutely no other option but to use the most powerful defense weapon in international mining as a tool provided in our contract. The alternative would have been to simply surrender, which would be the beginning of a very quick end. I had to go nuclear in the mining industry terms instantaneously.

    London arbitration is fair and our claims of no funds due to Stamico are solid. Stamico stands for the State Mining Company run by the Tanzanian government. These proceedings are governed by international law, not local law.

    We issued a detailed release on this subject and two additional items earlier this week.

    Stockholders looking at the market ran to the internet chat sites where information is always somewhat dicey and position profit motivated.

    In the best interest of protecting the company assets, a week ago I pushed the "Force Majeure pause button" protected by contract based on international, not Tanzanian, law and opted for binding arbitration in London while taking my staff temporarily out of harm's way. Stamico themselves publicly announced the imposition of Force Majeure with rather cordial words.

  • Dear Friends,

    With the arrival of Tanzania's new administration, the ministerial staff were sent to mining companies, especially those owned by non-Tanzanian companies. They made demands that were not bound by law or contract, threatening us all. The Deputy Minister of Mining gave a speech to the local village and illegal miners saying that he had given us 14 days to hand over land to them to be mined, which we had already done when we offered them their choice of 3 parcels, one of which they were already on. On the 15th day, two hundred people came over the fence demanding more property. If we took no action and let 200 remain, there would be, as happened at Bulyanhulu, 20,000 more coming.

    With the new government treating us all rudely via the Deputy Minister inciting riots by his pubic pronouncement, I had no viable option but to instantly declare Force Majeure against the government. In Sub Sahara Africa if you are hit you have no choice but to get up and hit back. If you don't you are finished. You must fight instantly or you will be picked on until you give up whatever you have. I am not sure it is too different here, just more refined.

    The rule in Africa is you have to put the illegal miners off your property the first day they arrive. If you don't, 1 turns into 5, 5 turns into 20, and then that 20 becomes 20,000 and you are cooked. When the invasion grew to 200, I had to take an instant, loud, public and serious action. The interlopers were escorted out.

    We do not owe Stamico one cent as that was triggered by actions on their government's part that can only be understood in terms of the movie "Lord of the Flies."

    We are still not able to exercise our full mining license on the Kigosi property due to the whim of a single Minister. We had refused to pay cash to his representative late in the last administration in order to get access.

    To add to this, a Chinese national mining company lusts for Buckreef.

MUX
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