RIO, MAI, SLS
Another day, another kick in the teeth, this time delivered by the overreaction to a PR from Rio2 aka RIO. They have run into a permitting problem, with one of the evaluators wanting more information. The market is treating this like their Fenix gold mine project is dead, giving the stock a 50% haircut, but this is far from the truth. In reality, this is a recommendation from a minor part of the process that does not have the final say. If I wasn't already so overweight in the stock I would buy more, but given the current fraught markets, for now I am going to watch and wait.
Read RIO's PR here.
Message 33893046
And fortunately the IKN blog has provided a much more thorough and nuanced dicussion of the ramifications here.
iknnews.com
Today we got two PRs from Minera Alamos aka MAI regarding their Cerro de Oror gold project in Zacatecas, which we recently learned will definitely be the next gold mine they build.
The first PR concerns exploration results from the Melchor Ocampo area, which encompasses and surrounds Cerro de Oro. Melchor Ocampo is covered with old artisanal workings, and MAI has been able to identify a new minerlaized trend 1 km. long located 4 km from Cerro de Oro, in the area where a resource was declared by defunct Echo Bay Mining in the 1990s. Next up is more mapping and sampling followed by drilling.
Message 33893087
The second PR concerns a private placement at 55 cents a share for total proceeds of over $4M to support the development of Cerro de Oro.
ca.finance.yahoo.com
I have been banging the drum about Ecuador having become an avoid for mining investors for some time now, so I wanted to mention to mention how Solaris aka SLS, long the the darling of the Canadian brokerages who have been promoting it heavily, had their camp in Ecuador attacked by locals, It is no surprise there has been no reaction from the company, given their terrible job at community relations. More details here:
iknnews.com |
