Hi John,
<edit> Oops! forgot to push the last button and thought this was posted BEFORE the NRS post... my apologies!<end edit>
There was someone promoting Tara Gold over on the NRS thread so, not wanting to bash anyone, I hope you don't mind me posting here. [BTW- I use this thread as kinda sorta a PM system - Subject 54980 ]
No, I don't hold any position in Tara and have no plans to do so. Tara Gold is intriguing at how it has been able to work out the number of deals while operating out of some guys house in suburbia, an upscale neighborhood of Chicago. At first I thought this was one that ames had pounded the table on earlier so I looked deeper. {I think ames has been a proponent of Teryl Resources Corp. TRC.v) I'm not too impressed with the findings on Tara.
What I posted was my polite way of showing what these "new producing mines" are all about. Look at that list - everyone of those projects is a "tinker toy" operation. My definition of tinker toy is any mine with under 50,000 opy of production. My gut feel is that one needs about 100,000 opy in size to have economies of scale for long-term viability. [This is my main concern with CMM's properties in Peru! But that is another LONG discussion.] Also I've never heard of any of the partners on the JV deals so it is not clear if these partners can pull off profitable operations for the long-term. The projects that Tara is contemplating on its own are ones in which they think they can go into production with "package plants!" Ouch!
Next Tara trades on the OTC market and I've had my fill of second or third tier companies whose stock has to be traded on a "wild west" exchange. If I am going to risk capital at this point it will be with a company that trades or soon will trade on the listed exchanges [which might include the TSX]. Sans that, the story of an OTC stock better be pretty compelling for me to take the OTC risk.
The real shocker for me is that Tara is only an OTC listed company. Well, it does trade on some German exchange, but best I can tell anyone can list anything on those exchanges, even a ham sandwich! <grin> That said, being an OTC listed company Tara has less stringent reporting requirements with the SEC. But the last filings that Tara made were in April and May of 2007 and these were quarterly reports from 2005! OUCH!
In the, "You are known by the company you keep" department, here is a little info on the President of Lateegra Gold Corp, the JV partner on the Picacho Mine.
On June 1, 2007, the British Columbia Securities Commission ("BCSC") announced a settlement agreement made between the Executive Director of the BCSC and Michael Townsend. The Settlement arose as a result of Mr. Townsend failing to file in a timely fashion, as is required, share transactions performed by him through an offshore account in two companies for which he served as a director at the time. One of those companies was Lateegra Gold Corp. The BCSC stated that the period in question was between January, 2005, and August, 2006. On August 30, 2006, Mr. Townsend filed the required insider reports. As a result of the agreement, Mr. Townsend has agreed to pay a fine totaling $41,250 for failure to file insider reports in a timely fashion, and has also agreed to a one year ban on trading securities, except in limited circumstances. He has also agreed to resign from any position he holds as officer or director of any issuer, with the exception of Lateegra Gold Corp., for which he will be entitled to remain as a director and officer. He is also prohibited from engaging in investor relations or acting as a director or officer of any other issuer for one year.
lateegra.com
The JV partner on the La Currita project did a "forward stock split" in Feb/Mar 2007! Nothing like seeing half of your shares disappear...
ravengold.com
How does this sound? Raving lunatic or good reasons for avoiding?
As far as GORO is concerned...one of those properties ( Al Aguila?) use to be owned by US Gold when McEwen bought the company. McEwen gave the property to The Reid's as a parting gift to get them out of the way. Now at the time the GRC was just a shell company or private or so it seemed so nothing to write home about. But it looks like these guys could be rain makers. I suspect that William Pass CFO of UXG still is a substantial shareholder of GORO.
That chart looks pretty strong for GORO, gotta wonder how much upside is left? From a trading stand point I'd like to see it rest and catch up with the 20 MA.
Good luck,
H3 |
