| | | WM, HMLO, EDV
It look like Wallbridge Mining aka WM is planning to build mines on its gold properties in the Detour Fenelon Trend in Quebec. Their latest PR, besides cleaning up some technical language in the Technical Report for the Fenelon project, announced they have filed a base shelf prospectus allowing them 'to offer from time to time over a 25-month period up to $50 million of equity, debt or certain other securities'. We'll see how well they do on raising these funds, which are just the start for the funds required to build mines at Fenelon and Martiniere.
ca.finance.yahoo.com
Hemlo Explorers aka HMLO released an encouraging update on their JV with ABX on the Pic gold prospect in Ontario. Barrick can earn an 80% interest over 6 years by doing exploration and completing a PFBS. Another part of the JV requirements is that ABX had to spend a minimum of $800k in the first 12 months, so it is very encouraging that after 13 months they have already spent $2.6M.
So what have they been up to? An intensive programme of till and rock sampling was used to identify three areas of interest. In fact, they were interesting enough that they are already 3 holes into a drill programme designed to test the three locations. Assays are pending.
Message 34526123
Here's some crappy news from West African gold miner Endeavour Mining aka EDV. They have fired their CEO for his involvement in what they are calling ' irregular payment instruction [re] US$5.9 million' in relation to an asset disposal. As well, anonymous allegations were submitted through channels regarding his personal conduct with colleagues. Fortunately they had Ian Cockerill , an industry veteran with an impeccable reputation, on hand to step in and assume the role.
At one point today shares of EDV were down more than 11%, but IMO the effect will be short-lived and this presents a buying opportunity.
ca.finance.yahoo.com
Saville has reduced the chances of a sustained upside breakout in the PoG this month to near zero due to the continued optimism that the US economy will have a soft landing rather than a recession. He still thinks the breakout will come, but not till later this year.
And just so you know, thanks to the late run after RIO's EIA was approved just before Christmas, I managed to win the Silicon Investor stock picking contest again. The price is a 5oz bar of silver from FR's Mexican mines. |
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