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News from October 2015

10/31/2015
Analysis  
Updated: Golden Minerals Co
Golden Minerals was one of my favorite stocks in 2011. They had 50 properties on 800,000 acres, including two flagship projects: Velardena in Mexico and El Quevar in Argentina. Velardena was in production and ramping up to 4 million oz of silver...  more
10/28/2015
Analysis  
Updated: Goldgroup Mining Inc
Goldgroup Mining is a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low grade open pit project. They began mining in 2015...  more
10/28/2015
Analysis  
Updated: Loncor Resources Inc
Loncor Resources is a new exploration company with 500,000 acres in the DRC (Democratic Republic of Congo). When I looked at them in 2012, they had a FD market cap of $113 million. I thought that was bit pricey for a company without any resources....  more
10/28/2015
Analysis  
Added: Georgian Mining Corp
Noricum Gold has an exciting gold project in Georgia, the previous Russian country. The own 50% of the Bolnisi project which has a large historic resource of 6 million oz of gold, 22 million oz of silver, and 1 million tons of copper. But don't let those...  more
10/25/2015
Analysis  
Updated: ATAC Resources Ltd.
ATAC Resources is project generator with a very large project. The Rackla Gold project is a 115 mile narrow trend on 400,000 acres in the Yukon, Canada. They are drilling about 23 deposits and have had excellent drill results. So far it seems like every...  more
10/25/2015
Analysis  
Updated: Coral Gold Resources Ltd.
Coral Gold appears to be an excellent long-term speculation stock, but there is substantial risk. They have a 2.6 million oz inferred resource (.5 gpt). It is a near surface oxide mine, which are cheap to build and operate. And the FD market cap is only $  more
10/25/2015
Analysis  
Updated: Metanor Resources Inc.
Metanor Resources has not performed as a stock or company. They started producing at Bachelor Lake in 2013 at 40,000 oz ($850 per oz cash costs). Their goal is to double production to 80,000. Their all-in costs are around $$1200. Thus, they need higher...  more
10/24/2015
Analysis  
Updated: Atlanta Gold Inc
Atlanta Gold Inc. is an undervalued stock with big upside potential, but also a lot of risk. They have a $1 million FD market cap and are getting close to production. The Atlanta mine is a 700,000 oz (3 gpt) surface mine. They planned to bulk sample 2500...  more
10/24/2015
Analysis  
Added: Oceanus Resources Corp
Oceanus Resources is a project generator / exploration company with two interesting projects in Mexico. The Agua Prieta silver project has 44 million oz at 75 gpt. It is getting close to a PEA and will likely become a mine. The La Lajita gold project has...  more
10/23/2015
Analysis  
Updated: Levon Resources Ltd
Levon Resources has a huge potential mine in Mexico. The Cordero project has 500 million oz of silver (18 gpt), 9 billion lbs of zinc, and 4 billion lbs of lead. They released a PEA in March 2012, with a mine plan to produce 40,000 tpd for the initial...  more
10/21/2015
Analysis  
Updated: Silver Bull Resources Inc
Silver Bull Resources has a large silver/zinc project in Mexico. Sierra Mojada is a 90 million oz (45 gpt and 75% recovery rate) deposit with 4 billion lbs of zinc. The property is on 48,000 acres and has exploration possibilities for future growth. In...  more
10/20/2015
Analysis  
Added: New Carolin Gold Corp
New Carolin Gold is an interesting stock at this valuation, which is a $5 million FD market cap. They have a tailings project (28,000 oz), plus a pretty good property (Ladner) to explore in British Columbia. They can use the tailings project to fund...  more
10/19/2015
Analysis  
Updated: Golden Arrow Res Corp.
Golden Arrow Resources has a large silver project (Chinchilla) in northern Argentina. Silver Standard optioned 75% of the project in 2015, and is working on a pre-feasibility study. Chinchilla is a 140 million oz resources with a PEA to produce 8 million...  more
10/18/2015
Analysis  
Updated: Oceanagold Corp.
OceanaGold is solid mid-tier producer. The have 16 million oz in resources (1.2 gpt) and will produce 400,000 oz in 2015 with all-in costs around $1000 per oz. They are not cheap, with a FD market cap of $1.2 billion and future reserves valued at $100...  more
10/18/2015
Analysis  
Updated: Tinka Resources Ltd.
Tinka Resources is a project generator with a 30 million oz silver project (Colquipucro) in Peru. It is a moderate grade surface mine (60 gpt) that is a low cost heap leach with 90% recovery rates. They are doing some drilling at Colquiprucro, but most...  more
10/17/2015
Analysis  
Updated: Oceanagold Corp.
OceanaGold is solid mid tier producer. The have 16 million oz in resources (1.2 gpt) and will produce 400,000 oz in 2015 with all-in costs around $1000 per oz. They are not cheap, with a FD market cap of $1.2 b illion and future reserves valued at $100...  more
10/17/2015
Analysis  
Updated: Pan American Silver Corp.
Pan American Silver is one of the best silver producers. They plan to increase silver production from 25 million oz to 30 million oz. As long as silver prices stay high, they are going to be a cash flow machine. Cash costs in 2015 will be around $11 per...  more
10/17/2015
Analysis  
Updated: Pan American Silver Corp.
Pan American Silver is one of the best silver producers. They plan to increase silver production from 25 million oz to 30 million oz. As long as silver prices stay high, they are going to be a cash flow machine. Cash costs in 2015 will be around $11 per...  more
10/16/2015
Analysis  
Updated: Minco Silver Corp.
Minco Silver is highly undervalued. Especially for a company that is close to building their first mine (construction should begin in 2017). They have a large high grade deposit (150 million oz and growing) that is an anomaly. It is high grade at 6 opt...  more
10/15/2015
Analysis  
Updated: Sabina Gold & Silver Corp
Sabina Gold & Silver has a large high grade gold project in Canada. The Back River project has 7 million oz (6 gpt) and significant exploration potential. The feasibility study calls for 200,000 oz of production annually at 3,000 tpd. The capex is $320...  more
10/14/2015
Analysis  
Updated: Silvercorp Metals Inc
Silvercorp is a mid-tier producer in China. They have large high grade resources with 235 million oz at 200 gpt. Their cash costs for the last quarter were about $9 per oz (silver equivalent per oz including gold). All-in costs were around $14 per oz....  more
10/13/2015
Analysis  
Updated: Endeavour Silver Corp
Endeavour Silver is a star performer in the silver production category. They have everything working. They have 3 high grade silver mines in Mexico producing 8.5 million oz (silver equivalent including gold) in 2015. They are expanding production and...  more
10/12/2015
Analysis  
Updated: Fortuna Silver Mines Inc
Fortuna Silver is a mid-tier producer in Mexico and Peru. Fortuna is very similar to First Majestic Silver and Endeavour silver. All of them have performed very well over the last 3-5 years. They all have low cash costs, very little debt, and substantial...  more
10/11/2015
Analysis  
Updated: Rio2 Ltd
Atacama Pacific Gold has a large gold project in Chile. It is a 4.5 million oz, low grade (.4 gpt) oxide surface mine. They released a PFS in 2014 to mine a 3.3 million oz oxide open pit at 250,000 oz per year. The cash costs are projected to be $650 per...  more
10/10/2015
Analysis  
Updated: Jaguar Mining Inc
Jaguar Mining is a mid-tier producer in Brazil with 3 operating mines at 100,000 oz annual production. Recently they went bankrupt from high costs and high debt. They have now restructured the debt and re-listed their shares. Original shareholders got...  more
10/10/2015
Analysis  
Updated: Paramount Gold Nevada Corp
Paramount Gold Nevada is a project generator. It is a new company (in 2015) that was a spinout of Paramount Gold, which sold their San Miguel project. That leaves them with the Sleeper project in Nevada. It is very large with about 7 million oz of gold...  more
10/08/2015
Analysis  
Updated: Aquila Resources Inc
Aquila Resources is developing a gold project in Michigan. Back Forty is a million oz resource (2 gpt), along with Silver: 12 million oz Zinc: 1 billion lbs Copper: 110 million lbs Lead: 74 million lbs These offsets make this a very low...  more
10/07/2015
Analysis  
Updated: Liberty Gold
Pilot Gold was formed from Fronteer Gold’s management team. They have an advanced project in Turkey called Halilaga. It is really a copper project operated by Teck (60% ownership and operator), with 2 billion lbs of copper and 3.2 million oz of gold (18  more
10/06/2015
Analysis  
Updated: Lion One Metals Ltd
Lion One Metals is highly undervalued with a FD market cap of only $15 million. They have an advanced high grade project in Fiji called Tuvatu (90,000 acres). It is a 800,000 oz (6 gpt) deposit that is fully permitted. A PEA and PFS were released in 2000...  more
10/05/2015
Analysis  
Updated: Roxgold Inc
Roxgold Inc. has an advanced gold project in Burkina Faso. Yaramoko is a million oz deposit with an avg grade around 12 gpt. They released a feasibility study with a capex of $107 million to begin producing 100,000 oz per year in 2016 (under construction)  more
10/04/2015
Analysis  
Added: Patriot Gold Corp.
Patriot Gold has an advanced open pit project (Moss Mine) in Nevada. It is a 700,000 oz resource with cash costs at $500 per oz. Thus, it is economic. The capex is only $27 million, some of which has already been spent by their JV partner Northern Vertex...  more
10/03/2015
Analysis  
Updated: Atlantic Gold Corp
Atlantic Gold Corp has four surface projects next to each other that have a combined 1,600,000 oz (their share) at 1.5 gpt. They have an experienced team and might be able to pull this off. They want to begin construction in 2016 or 2017 for initial...  more
10/03/2015
Analysis  
Updated: Aurcana Corp
Aurcana Corp is an emerging mid-tier producer. They have a FD market cap of only $11 million, with future reserves valued at 14 cents an oz. Their market cap was $545 million in 2011. They have two solid properties (La Negra in Mexico and Shafter in...  more
10/03/2015
Analysis  
Updated: Excellon Resources Inc.
Excellon Resources appears to be a slam dunk 3 bagger if they can expand their resources in Mexico (two properties with 100,000 acres). However, I have my doubts. I'm a stickler for management, and I did not like their company presentation, nor their...  more
10/02/2015
Analysis  
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe, Africa. Production is 44,000 oz and they get 49%. All-in costs are about $1000 per oz. They have cash flow, $25 million in cash, and no debt. Plus, they have 18 properties to explore (200,000 acres in...  more
10/02/2015
General  
September 2015 Newsletter Posted
The September 2015 Newsletter has just been posted. If you're set to receive a notification via email, it will be arriving shortly.  more


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