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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (37)	10/9/2001 3:06:59 PM
From: rdww	Read Replies (1) \| Respond to of 39344

VLG and CVV just got married in northern Manitoba in the hunt for diamonds last week

To: goldsheet who wrote (37)	10/10/2001 1:18:38 AM
From: marcos	Read Replies (1) \| Respond to of 39344

Oh right, Sultan is a Lang Group operation ... five years ago either Bishop or Kaiser liked Valerie a lot, i think JK it was ... they've been quiet for some time ... you never hear much out of Hunter Dickenson lately either, Taseko and Misty Mountain and those ... hdgold.com

To: goldsheet who wrote (37)	10/11/2001 6:26:12 AM
From: d:oug	Read Replies (1) \| Respond to of 39344

Bob Johnson needs to be weaned off the Gold and Silver :o) SI: StockTalk: Gold and Silver Mining Stocks To:russwinter From: Bob Johnson Thursday, Oct 11, 2001 Couple of stocks with VERY good increases in reserves: RESOLUTE LTD The Board of Resolute Mining Limited announced today a significant upgrade in the mining reserves at its Golden Pride mine in Tanzania to 13.1 million tonnes grading 2.5g/t Au for 1,072,957 ounces. This represents an increase of more than 500,000 ounces over the reserves remaining at 30 June 2001 (5.8 million tonnes @ 2.91 g/t Au for 545,929 ounces). flq.com.au EQUIGOLD NL The minable gold reserve has increased by in excess of 80% and at the current mill throughput rate of 2.5 million tonnes per annum the mine life of the project has increased for 18 years. This almost doubles the original mine life of 10 years. flq.com.au eXtra SI: StockTalk: GOLDEN PHOENIX MINERALS, GPXM From: Robert J Mullenbach Thursday, Oct 11, 2001 ... web site has been updated, golden-phoenix.com I like the testing for Gold Flacks ( Flakes) ? October 9, 2001 We have several very good leads on our Mineral Ridge reclamation bond and feel confident that we will have it posted by the end of this quarter. We continue to upgrade our facilities at the mine and will have the operation ready to go when the agencies are happy. We published a press release today, which reported... ... found some small flacks of gold in the concentrate. Assay results should be completed in about 5 days. the-privateer.com From: M Veit Thursday, Oct 11, 2001 <<Mike completed a metallurgical study today at the mine with Gene McClelland of McClelland Labs.>> I wonder whether this is a "chain of custody" study to verify that the ore is indeed amenable to gravity concentration. Such proof would raise a few eyebrows and do the company a world of good... "In other news... for gold recovery would be effective for the higher grade Donlin Creek ores.'' biz.yahoo.com <<found some small flacks of gold >> Maybe so much heavy stuff was bouncing out of the bowl that flack jackets were needed <G>.

To: goldsheet who wrote (37)	10/11/2001 11:19:50 AM
From: russwinter	Respond to of 39344

Looks like Societe General is willing to do the first phase financing without requiring OXS to raise additional equity. A true contrarian might buy here at 7.50 pence. Can I restrain myself? news.ino.com

To: goldsheet who wrote (37)	10/25/2001 11:54:00 AM
From: russwinter	Read Replies (2) \| Respond to of 39344

Looks like another undercapitalized junior somewhere gets Getchell at pennies on the dollar? From Infomine: Placer Dome has written off its 100% interest in the Getchell Mine in Nevada, according to the Canadian Press. Jay Taylor, Placer Dome's president, said that the company was "disappointed in our findings at Getchell." The company announced that it will sell the stockpiled ore to Newmont, while it "determines the best means of maintaining the option value of the property." Placer Dome bought the Getchell Mine by purchasing Getchell Gold Corp in 1999 for US$1.085 billion. Earlier this year, the company wrote down part of its investment in Getchell, but continued exploration activities. Even my pessimistic odds now look high.: Message 16070316 Message 16069004

To: goldsheet who wrote (37)	11/21/2001 8:24:09 PM
From: d:oug	Read Replies (1) \| Respond to of 39344

off-topic, a d:ougak on-Bob Johnson question: Would Bob Johnson... ... take candy from a baby or take collectable coins from an very elderly lady? We all know thats a BIG no, but, what about these very young as in highschool girls? It was a trend i noticed, these very young ladies asking me the same question about good & bad behavior as they were shown by examples of these high & powerful folks as shown on t.v. news lieing and doing wrong, as if it was o.k. but, when they had the opportunity to mimic this type of activity, they felt it was wrong and wondered why their parents accepted such as prez clinSin's "forgive me for lieing eventhought at the time i lied i knew it to be a lie and felt it better served myself to lie and then later to correct the lie in asking for forgiveness from those etc etc etc. ok, heard on the news to day a report that the US Mint is laying off workers because the demand for coins has decreases quite a bit, with explaination being that people are so in debt and needing to obtain cash not another loan or on credit, that they are holding them Piggy Banks over a hard surface and verifying Newtin's Law of gravity and down down and crashing that Pig full of Coins :o) ok, but what if the person paying a small charge to a girl at a food store working to make a few bucks for holiday spending receives from a person of age 88 and woman widowed handing you a handfull of coins to pay the $5 bill for the little food she can afford on her small and constantly NON-increasing Society Security checks becauses over thes 10 years inflation was zero meaning no increase NEEDed? Oops, forgot to mention these nickels dimes and quarters have been inside that jar for over 50 years and most in nice condition. Maybe even a copper(not steel) penny from 1945. Bob ofcourse would tell lady face value less than worth. Sad this world has too few Bob Johnson(s). d:oug

To: goldsheet who wrote (37)	11/22/2001 10:58:23 AM
From: russwinter	Respond to of 39344

Australia's Paydirt: One of Australia's most prominent mining figures, Ewen Tyler, considers the parlous state for exploration and employment in the mining sector is the worst he has seen in his 50 years of involvement, reports Australia's Paydirt. As chairman of Helix Resources Ltd he told the annual meeting in Perth that major miners are buying up their rivals intending to close them down or at least curtail their output. In this way they will shrink metal production and expect to increase commodity prices. “This is, quite sensibly, all about improving the poor returns on their producing assets. It is estimated that the mining industry returns less than 10% on capital employed, less than their cost of capital,” he said. Your earlier post: <We may have a very bullish very inflationary cycle with incredible precious metals prices, but it will not be until 2004-2005 ? Much patience required.> Certainly agree with the last sentence. Anybody who expects deliverance in the next five weeks will be disappointed. Still the process may come on much sooner than 2004, as supply issues are being dealt with especially in base metals. I'm thinking the first move (of survivors, such as your list) will be a dead cat bounce based just off of extremely depressed valuations. Then the second move will be more fundamentally driven. Gold: I see the FN/NEM/NDY deal (if they can fend off AU) to be a landmark event in this sector, generating new gold demand from accelerated demand (closing out the huge forward sales in the market). As you know I've been looking for this event (purchasing prior sales, rather than just delivering) for over a year. It's finally going to happen. Your latest quarterly numbers look about in: about 14 million oz, a slight downturn. goldsheetlinks.com

To: goldsheet who wrote (37)	11/23/2001 9:45:34 AM
From: russwinter	Respond to of 39344

When there's a problem, it's not worth it to fix 'em. Philex to shut down 60,000 oz producer Bulawan: e-newsservices.com From the release: A re-evaluation of the economic feasibility of continuing development of the remainder of the production lines and related draw points indicate that in light of the expensive ground support system required as a result of poor ground conditions, coupled with a continuing low gold price, the financial returns would at best be marginal. In view of the results of the re-evaluation and the financial condition of the Company, the Board of Directors, in a meeting on November 22, 2001, approved management's recommendation to terminate all development work at the Bulawan operation.

To: goldsheet who wrote (37)	11/30/2001 3:19:57 AM
From: d:oug	Respond to of 39344

Too T:o)ugh, for Bob Johnson's web site to resolve ? "Australia produces about 300 tonnes of gold a year, third behind South Africa and the United States, and much of that is mined by Normandy." "... wasn't that many months back, the Australian gov't who dehoarded their official gold stores, claimed that Australia only produces 168 tonnes a year give or take..." "... when it comes time to buy a tiny little outfit like Normandy, all of a sudden we get a Near 100% doubling..." The following picture is Bob Johnson's image of holiday silver. eoni.com d:ougak

To: goldsheet who wrote (37)	12/26/2001 8:11:08 PM
From: russwinter	Read Replies (1) \| Respond to of 39344

Gleaned from Northern Miner: "FCX expects gold production to fall 23% next year as it mines lower grade ore during the first half of 2002. The company expects to pour 2 million ounces in 2002, down 600,000 oz from this year. FCX sees 2.4 million oz for 2003 to 2005." Your trailing 12 months number at Goldsheets is 2,864,000, including 674,000 (2,696,000 annualized) last quarter.

To: goldsheet who wrote (37)	5/20/2002 9:41:28 PM
From: russwinter	Respond to of 39344

Hedgers wipe out more than $1-bn By: Tim Wood Posted: 2002/05/17 Fri 21:00 \| © Miningweb 1997-2002 Message 13847341 PRINCETON, New Jersey -- Placer Dome [PDG] is the sole remaining major hedger with a positive mark-to-market value on its hedge book, some $235 million to the good at the end of March, but that's about where the good news ends. The combined value of hedge programmes run by the major producers, including currency and related derivative instruments, had a negative mark-to-market value approaching $2 billion at the end of the first quarter. The hedge programmes cover more than 70 million ounces of gold; equivalent to nearly a full year of new mine production. The unrealised losses piled on as gold ran up from the December 31 closing price of $277 an ounce to the first quarter closing of $303 per ounce, a $26 gain, or 9.4 per cent. With bullion since adding a further $7 and holding at these levels through the second quarter's midway point, things are looking bleak. The books of the largest hedgers swung violently as the leading foursome by ounces committed – Barrick [ABX], AngloGold [AU], Placer Dome and Newmont [NEM] – saw their balance sheets weaken by close on $1 billion. The top four account for over 50 million ounces of hedge commitments, half of those against Barrick's name alone. Australia's Newcrest [NCR] is in a precarious position at nearly half a million dollars in the red on all its positions against just 6 million ounces committed, or a little more than one fifth of resources. Fellow Aussie producer Aurion Gold also looks endangered with 90 per cent of its reserves short sold, a programme that is underwater to the tune of $250 million. That is more than double the loss Ashanti [ASL] carries on 9 per cent fewer ounces. Newmont Newmont has been fighting to buttress investor perception of it as a champion of the anti-hedging movement, but as the fourth biggest hedger with 7.3 million short-sold ounces acquired from Normandy, the "leveraged-to-gold" mantle falls squarely on Gold Fields [GFI], at least for the time being. Newmont's successful and very fully priced bid for Normandy was predicated on a rising gold price, but if truth be told, it ran a little early. There is no question that if the mark-to-market value had been positive when the deal was closed in mid February, Newmont would have closed out every ounce. Newmont treasury representative Randy Engel says the company has to deal with the hedge book "opportunistically". He says there were no undue surprises on assuming responsibility for the hedges, but there is little point spending most of its cash reserves to escape the noose. That may partly explain why Newmont has failed to achieve the widely expected rerating on its debt after it was cut BAA3 by Moody's a year ago. Intriguingly, Engel says the net negative value of $411, which covers all instruments, represents a full and final settlement figure. It has been widely assumed by hedging critics that early close outs would invite severe penalties. A Toronto mining executive was surprised at the claim, saying that his personal experience with hedge contracts was that it was almost impossible to wriggle out of them except at huge additional cost. Newmont executives would never say so, but It would actually suit the company to have gold dive briefly back to $277 per ounce, which would put its hedges back in the black and make it worthwhile to close out. Meanwhile, Engel says the firm is committed to managing its positions actively to ensure the fastest possible reduction in committed ounces at the least cost. "We won't be doing wholesale maintenance on it on a day-to-day basis," he says. That may be a weakness says another mining executive who thinks Newmont's lack of hard core hedging experience is being shown up in its lack of flexibility relative to other producers. Rogue magician For as long as Newmont is within the hedging camp, it has the potential to wreak the sort of havoc a rogue magician does by revealing trade secrets. Houdini was only as appealing as the mystery of his exploits. Until now, all producers have hardly pushed disclosure limits when talking about their hedging programmes. They cite competitor concerns and contractual secrecy demanded by their banks as reasons not to provide the sort of information investors could use to do independent modelling. Indeed, it is impossible to find a single equity analyst or portfolio manager who can claim to have any of the hedge books nailed down beyond extremely rough sensitivity charts. It is not a trivial concern give the tremendous contribution hedging has made to the bottom line in the down cycle. The reverse will be true the longer the boom persists and the hedgers risk chaffing against the swing to full disclosure given all the accounting scandals. Consequently, Newmont's semi mischievous revelation in its primary news release of how producers burnish prices received on hedged ounces is a welcome start to unravelling the black boxes. Quite how far it will be able to go remains to be seen, but it has set a new reporting benchmark for its peers. Investors should be demanding identical disclosure across the board in terms of understanding the net price achieved on hedged ounces where producers have borrowed gold and, therefore, incurred costs against floating rate instruments, in order to generate cash flow. Accounting guidelines require only contractual prices to be disclosed so producers can continue presenting headline figures as they do and burying the detail in footnotes. The easiest thing to do would be to follow the old Normandy practice of revealing the average life borrowing costs in simple percentage terms. Investors on the gold bug side of the fence will be hoping against hope that Newmont reveals as much as possible about its hedging model if only to allow someone to break the cipher on many others. Company Mark-to-market Committed oz Barrick -$127m 24moz AngloGold -$495m 12.9moz Placer Dome +$235m 8.6moz Newmont -$411m 7.3moz Newcrest -$492m 6moz Aurion Gold -$247m 5.5moz Ashanti -$106m 5.1moz Lihir 2.5moz Cambior -$29.8m 1.2moz

To: goldsheet who wrote (37)	2/6/2003 8:07:24 PM
From: d:oug	Respond to of 39344

On the other hand, a gold-touting website......... . 321 Gold of Miami, which had previously touted Silverado on its site, released a commentary calling WND's piece "a hatchet job." . However, Bob Moriarty, writer of the 321 Gold piece, conceded: "... article raises some real issues of overstating resources and assets. If they are true, Garry [Anselmo, Silverdo's CEO] should come clean and put this behind him. …" . ... disclosed to readers that 321 Gold had received advertising fees on a regular basis from Silverado and that... It's your money and no one can take responsibility for you." worldnetdaily.com