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News from May 2012
Added: Asante Gold Corp
Asante Gold is a new company with one property in Ghana, West Africa. The property is on 5,000 acres and is located between two large gold mines. The operating Perseus mine is a 6 million oz resource that is only a few miles away and is on trend. The... more
Added: Aux Resources Corporation
Auramex Resources is a small explorer with 4 properties (two in Canada and two in Mexico). Their Stewart property in British Columbia is on 100,000 acres and they have done some drilling and found some gold, but currently seem to be progressing slowly.... more
Added: Dundee Precious Metals Inc
Dundee Precious Metals is mid tier producer (my definition). They have two producing gold mines in Bulgaria (Chelopech) and Armenia (Deno) at 140,000 oz, plus significant offsets in silver, copper, and zinc to make them very low cost mines. Plus, they... more
Added: Eldorado Gold Corp
Eldorado Gold is a strong company with a lot of reserves and is expanding production. In fact, they are a growth oriented company with production increasing from 100,000 oz in 2006 to 750,000 oz in 2012. They have 6 operating mines and 3 more under... more
Added: Gold Fields Ltd.
Gold Fields is a large major that is growing. They plan to increase production from 3.6 million oz to 5 million oz by 2015. Their market cap has a chance to triple in value if everything falls into place: they meet their production forecast, the price of... more
Added: Gold Reserve Inc
Gold Reserve Inc has been on hold since April 2008, when their mining license was revoked. Unless the Venezuela government gives them the green light to build the mine, this stock is at risk. Moreover, even if they receive the permit to build the mine,... more
Added: Gold Resource Corp.
GORO (Gold Resource Corp) was a stock picker's dream stock back in early 2009 when it traded under $3. I was an idiot and did not buy it, even though I analyzed it and liked it. There are three stocks that I regret not buying back in 2009: GORO,... more
Added: Golden Star Resources Ltd.
Golden Star Resources is an old company with 25 years of exploration experience. They are undervalued versus their peers (future reserves are valued at $48), but will have trouble expanding production (currently 350,000 oz) in the next few years based on... more
Added: IAMGOLD Corp
IAMGOLD is a steady major, projecting production growth between now and 2016 at a 10% growth rate. They will increase production from 900,000 oz to 1.4 million oz. That is not fantastic growth, but enough to push the stock price higher, perhaps a 3... more
Added: Jaguar Mining Inc
Jaguar Mining is a mid-tier producer and is significantly undervalued versus its peers. Estimated future reserves are valued at $17 per oz, when the industry average is over $200. Moreover, they are a growth company that projects production to nearly... more
Added: Kingsgate Consolidated Ltd.
Kingsgate Consolidated is a growing mid tier producer and is possible 3 bagger. They will produce 220,000 oz of gold in 2012 and have two large potential silver mines to increase that to 400,000 oz by 2016. That will likely boost the stock price to a $2... more
Added: Kinross Gold Corp.
Kinross Gold can't grow fast enough to outperform gold significantly. Even with their forecasted growth from 2.7 million oz in 2012 to 4.7 million oz in 2015, they will likely only double their market cap. They probably will do a little better than that,... more
Added: Kirkland Lake Gold Ltd
Kirkland Lake Gold is a mid tier producer in Canada. The problem with that is that most of the upside is priced into the stock, and it is not undervalued. They only have one producing property (4 million oz resource) and it is valued at $838 million... more
Added: Altus Strategies Plc
Legend Gold Corp is potential 50 bagger, but very high risk. They have six properties on 150,000 acres in Mali (West Africa), and all are 100% owned. They have a 600,000 oz resource (Tiekoumala) that is growing and another discovery (Lakanfla) they are... more
Added: Visible Gold Mines Inc
Visible Gold Mines has six early exploration projects in Quebec. I like this company, even though they do not yet have an advanced stage project. They are a new company, with excellent management and a skilled geologist named Robert Sansfacon. In 2011... more
Added: Endeavour Mining Corp
Endeavor Mining is a mid tier producer (my definition). Last year they had 159 million shares outstanding and this year they have 295 million. That dilution hurt the stock valuation and may have soured a few investors appetite for the stock. They are... more
Added: Goldrich Mining Co
Goldrich Mining is a high speculation stock with significant potential. They have two large properties in Alaska (190 miles north of Fairbanks) in an existing mining district. It has significant infrastructure, but I don't think there is a road all the... more
Added: DELETE - Nautilus Minerals Inc.
Nautilus Minerals is a high risk speculation stock, however, the sky is the limit. They are planning to mine from the sea floor at deep depths (5000 feet and deeper). If it works, they will likely expand rapidly, adding reserves and new mines. They... more
Added: New Gold Inc.
New Gold is a relatively new major with growth prospects. It's going to be interesting to see how companies such as New Gold get valued as gold heads higher. They are fairly valued today with a market cap of $5 billion. They plan to expand production... more
Added: Buenaventura Mining
Buenaventura Mining is large major with production of 1 million oz of gold, 16 million oz of gold, and significant copper. They are valued at more than 10x cash flow and I don't think they have the growth potential to justify that valuation. They do have... more
Added: Barrick Gold Corp
Barrick Gold is a monster company with 285 million ounces of gold and silver equivalent, and projections to increase production steadily from 7.5 million ounces to 10 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4... more
Added: Centerra Gold Inc.
Centerra Gold is a emerging major operating in Mongolia. They have no debt and lots of cash ($537 million). Their only problem is growth and the approach of the end of life for their main mine (Kumtor) in 2022. That is a decade away, but at some point... more
Added: CMC Metals Ltd
CMC Metals is a potential 30 bagger, but the risk is very high. They have small deposits, but a plan to begin mining soon. They have (50% owner) a small gold mine (Radcliff) in California that they plan to get into production soon, perhaps 2 years. It is... more
Added: Cornerstone Capital Resources Inc.
Cornerstone Capital Resources is a project generator. They have been around for a while, but do not have any advanced stage gold projects. They have one advanced copper project in Canada (175 million lbs) that has a PEA. They have two JVs in Ecuador that... more
Added: DRDGOLD Ltd.
DRDGOLD is an emerging major, but they recently sold their underground mine (Blyvoor) for 85 million shares to Village Main Reef. Blyvoor had high cash costs and they wanted to focus on their higher margin tailing reclamation project (from three old... more
Added: Marifil Mines Ltd.
Marifil Mines is a project generator in Argentina. They have 17 properties, although about half of them are potash. They have gold, silver, base metals, and potash. They have one significant JV with Novagold, where they have a 30% interest. Novagold has... more
Added: Metallic Minerals Corp
Monster Mining is a new company in Canada (Yukon). They have a large silver discovery (Keno-Lightening) that is next door to Alexco's large high grade silver deposit. It is on 5,000 acres and they have identified more than a dozen drill targets. Initial... more
Added: Mountain Boy Minerals Ltd
Mountain Boy Minerals is a project generator with 9 gold/silver projects in Canada (British Columbia). They have one advanced stage gold/silver project (Silver Coin), but they only own 20%. Silver Coin is a 1.8 million oz resource that is a JV with... more
Added: Gold Springs Resource Corp.
South American Silver has a very large late stage silver project in Bolivia (Malku Khota). They have a PEA for 13 million oz of production the first 5 years and 10 million oz for the life of mine (15 years). I'm going to value them as a 10 million oz... more
Added: Bullfrog Gold Corp
Bullfrog Gold has 3 bagger written all over it. They have a late stage project in Arizona (Newsboy) that is only 2-3 years away from construction. Once construction begins, it will likely be a 3 bagger. Newsboy is at least a 500,000 oz resource and... more
Added: Harte Gold Corp
Harte Gold falls into the Junior: Almost Enough Resources for a Long Life Mine category. I do not own any stocks in this category for two reasons: 1) The timeline risk it takes to complete drilling and then build the mine. 2) The unknown risk if they are... more
Added: Telson Mining
Soho Resources has a late stage gold and silver project that will generate about $500 million in cash flow (50,000 oz for 11 years). The only significant issue is the timeline risk. Production is likely not to begin until 2017. However, I would expect... more
Added: Starcore Intl. Mines Ltd.
Starcore International is a small gold producer in Mexico, with annual production of 36,000 oz. Their market cap jumped 150% last year and took most of the value out of the stock. It is a possible 3 bagger going forward, but unless they can expand... more
Added: Alianza Minerals Ltd.
Tarsis Resources is a project generator focusing in the Yukon. They have a dozen early exploration projects in the Yukon (1 JV), and another project in Mexico. This is a very high risk stock because they have not found anything yet. However, at this... more
Added: Teuton Resources Corp.
Teuton Resources is a project generator in Canada (British Columbia). They have been around for a long time (1982) and have 25 projects (about 6 JVs). However, they do not have any advanced stage projects and their fully diluted market cap is only $12... more
Added: Thunder Mountain Gold Inc.
Thunder Mountain Gold is small project generator in the USA. They don't have much going on at this time, although their two best projects (gold) are optioned. Neither of which has had much exploration. Their Southern Mountain project in Idaho (25% equity... more
Added: Kingsmen Resources Ltd
Tumi Resources has 14 projects in Sweden and Mexico (mostly silver, but some gold projects). They have significant upside potential with a fully diluted market cap of only $5 million. However, they have not made much progress with their projects. They... more
Added: Unigold Inc.
Unigold Inc has 4 properties in the Dominican Republic on a large land package (200,000 acres). They own all 4 projects 100% and are focusing on their Neita property, which is approaching late stage development. They have drilled 40,000 meters and will... more
Added: West Vault Mining Inc
West Kirland Mining has two advanced projects and a market cap of only $12 million. Plus, they have 60% options on 11 properties (300,000 acres) in Nevada they got from Newmont (via Froneer Gold). Plus, they have 25,000 acres in Nevada they optioned from... more
Added: DELETE - Westminster Resources Ltd.
Westminster Resources is relatively new explorer with two large properties in Mexico. El Cobre is 70,000 acres and has 3 projects and Navojoa is 50,000 acres and has 3 projects. They made their first JV deal recently and kept 25% of their San Bartolo... more
Added: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator, but they currently don't have any JVs. They have 4 early exploration gold projects (100% owned) in the Yukon. They are focusing on their 60,000 acre Mariposa property, and began drilling in 2011. Early... more
Added: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have 38 producing properties and 10 under development, plus another 144 in early or advanced stage exploration. They are growing revenues at about 25%, which is a little bit better than bullion price... more
Added: Sandstorm Gold Ltd
Sandstorm Gold is a relatively new royalty company. They are focusing on gold and currently have only 9 properties. However, they are forecasting cash flow of around $50 million in 2012 and resource and revenue growth at about 20% until 2017. Also, they... more
Added: Santacruz Silver Mining Ltd
Santacruz Silver Mining appears to be a can't miss investment. I have the stock rated 3.5 and think it is at least a 5 bagger. They have a fully diluted market cap of only $57 million and I estimate future cash flow (in 5 years) to be around $300 million. more
Added: Wheaton Precious Metals Corp
Silver Wheaton is a large silver royalty company. They have 16 producing silver royalty properties with a fixed cash cost of around $4, and 3 projects in development. They have 1.6 billion ounces in attributable resources and production of 27 million oz,... more
Added: Slam Exploration Ltd.
Slam Exploration has about 9 properties (3 are base metals) in Canada, but none of them are advanced or approaching late stage development. They do have two gold JVs that their partners are drilling, but there is not a lot of good news. They are... more
Added: Melkior Resources Inc
Melkior Resources appears to be having troubles. They do not have an advanced gold project and only $1 million in the bank. They have three promising gold properties. Carscallen in West Timmins is next to a Lakeshore Mining deposit and is their focus.... more
Added: New Jersey Mining Company
New Jersey Mining has a small advanced gold project in Idaho. However, they only have a 50% interest (they are the operator). The Golden Chest project looks like a potential mine, although they have not yet issued a PEA and are still drilling it. The... more
Added: Aya Gold & Silver Inc
Maya Gold & Silver has significant potential. They have a gold and silver project in Morocco that are both likely producing mines. Zgounder, their silver project (85% owned) is a past producing mine (working mill onsite) with a 15 million oz resource (5... more
Added: Northern Vertex Mining Corp
Northern Vertex Mining has two nice properties in the US (Idaho and Arizona). They are not large projects, but combined they are close to 2 million oz. They are getting close to doing a PEA for both and are intent on building both mines themselves -- if... more
Added: Tristar Gold Inc.
TriStar Gold is a small project generator with a couple of projects in Brazil. Both are on large land packages: CDS on 170,000 acres and Bon Jardin on 22,000 acres. However, both are early exploration projects that are going to take a lot of money to... more
HUI down to 390.
We are very close to the bottom. I thought we would see $28 silver and $18 SIL. It's here. Now we are moving to the bottom. It's hard to say what it will be, but I think the low $20's in silver is possible. This is 2008 all over again, although not quite as bloody -- yet.
Many juniors were down 90% in 2008, today they are down 70%, with the goods one down 50%. It's opportunity time. I thought we would get one more chance to get some really... more
Added: Bonterra Resources Inc
BonTerra Resources has an excellent project in Quebec. They have 3 properties on 6500 acres that are all next to each other. Fifty-nine holes were drilled in the 1990s, and then they obtained the property and drilled another 108 holes. They plan to... more
Added: Eagle Plains Resources Ltd.
Eagle Plains Resources is a project generator in Western Canada that has been around since 1992. They have amassed equity interests in 27 projects and have 18 JV deals. They would have more, but utilize a spin-out strategy once a project advances to... more
Added: Franco-Nevada Corp
Franco Nevada is a royalty company, and a very good one. They're revenue growth is growing at about 50% to 80% per year, and they have 43 producing projects with an expected net income around $200 million in 2012. They have an excellent pipeline of 25... more
Added: Garibaldi Resources Corp.
Garibaldi Resources is a new company with a huge land package (850,000 acres) in Mexico (Sierra Madre). They have 9 projects and dozens of potential drilling targets. They have used hyper spectral aerial surveys to identify these targets, instead of the... more
Added: Golden Tag Resources Ltd
Golden Tag Resources has an excellent silver project in Mexico. It is a 100 million oz resource (3 opt) with significant offsets for lead, zinc, and gold to make it a very low cost mine. They own 50% and are the operator. The only downside is there has... more
Added: Goldquest Mining Corp
Added: Greencastle Resources Ltd
Greencastle Resources appears to be an inexperienced gold explorer. From my analysis they are looking for projects they can option. They only have 3 properties and have not done very much exploration. They do have one significant property (Nechako) in... more
Added: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines has a monster project in Alaska with 20 million oz (.5 gpt). They plan to begin producing in 2018 at 550,000 oz per for 23 years. Estimated cash costs are under $600, but energy prices are likely to be very high in 2018, so I would... more
Added: Bayhorse Silver Inc
Kent Exploration had a good property (Gnaweeda) and spun it out into a new company (Archean Star). That left shareholders with 4 early exploration projects. That was not shareholder friendly, as that property could have been the catalyst to drive this... more
Added: Braveheart Resources Inc
Rainbow Resources is a new exploration company. They have two projects that are both early exploration. The Big Strike project is several properties on 30,000 acres in Southwest British Columbia. They plan to drill it in 2012. There won't be many drill... more
Added: TNR Gold Corp
TNR Gold is not performing that well for a project generator. They have been around a while, yet only have three JV's for their 9 gold and copper projects. That is not good and a reason their fully diluted market cap is only $11 million and why they have... more
Added: Typhoon Exploration Inc
Typhoon Exploration is new company that began in 2003. They have 5 properties in Southern Quebec in the Abitibi gold belt. All are early exploration with no or very little drilling. Most of the properties are JV deals, although they own two of the... more
Added: Avrupa Minerals Ltd
Avrupa Minerals is a small Canadian based Project Generator that is exploring in Europe. They have 12 projects, of which 8 are gold or silver, and are focusing in Portugal and Kosovo. They have 3 JVs, one in Germany and two in Portugal. They are... more
Added: Canarc Resource Corp
Canarc Resources is a Project Generator focusing in Canada. They have some very good properties, yet investors have stayed away. Their New Polaris project is a 1.1 million oz resource, averaging 11 gpt. They have a PEA for 72,000 oz of production for 10... more
Added: Canstar Resources Inc.
Canstar Resources is in the lowest category: Potential Exists. I'm tempted to also give them the lowest rating of a 1. However, they have a significant property called Mary March that has upside potential. It is near a past producing mine and the geology... more
Added: Carlin Gold Corp.
Carlin Gold Corp. has 3 early exploration properties in Nevada that look promising. However, until they release some assay results it is pure speculation and very high risk. I don't understand why they have not drilled some holes into Cortez Summit. It... more
Added: Colorado Resources Ltd
Colorado Resources is a relatively new company with a lot of targets. They have several large properties in British Columbia and the Yukon, plus they are looking to buy another in Nicaragua. I don't know why they want to spend their cash. They have $13... more
Added: Aton Resources Inc
Alexander Nubia Int. has four early exploration projects in Egypt. They are a Canadian company with 600,000 acres of claims, which I find interesting. They have a drill plan for 2012 and 2013 to do extensive drilling on two projects they are focusing.... more
Added: Angkor Resources
Angkor Gold Corp. is a high speculation stock with significant upside potential. They have a fully diluted market cap of only $33 million and have significant exploration potential in Cambodia. They have 600,000 acres and 10 drill ready properties. They... more
Added: Athena Silver Corp
Athena Silver has an excellent property with 60 million ounces at about 80% recovery rates. That equates to 3 or 4 million oz of production for 10-12 years. They have a market cap of only $9 million. At $100 silver, the cash flow could be over $300... more
Added: Calibre Mining Corp.
Calibre Mining appears to me to be a project generator. They have 6 early exploration properties in Nicaragua and 3 are JVs. My expectation is that the other 3 will become JVs, but I could be wrong. They have a fully diluted market cap of $47, so they... more
Added: Cartier Resources Inc.
Cartier Resources is a company focusing in Quebec and are in search of finding and building their first mine. I think they will succeed, but it is going to take a long time. They have 7 projects and will spend $3.4 million on exploration in 2012. None of... more
Added: Condor Resources Inc.
Condor Resources is a relatively new project generator. They have 15 properties, but only 1 JV. Currently they are drilling two projects, which they hope to JV. I like the locations where they are focusing: Chile and Peru. Both of these countries tend to... more
Added: DELETE - Rambler Metals & Mining Plc
Rambler Metals and Mining is a copper and gold producer in Canada. Most of their cash flow comes from copper, with only a small percentage from gold and silver. They have a single project and it is a long life mine that just began production in December... more
Added: Evolution Mining Ltd
Evolution Mining is a solid mid tier producer. They have four producing mines and a fifth will begin production in 2012. They will produce 350,000 oz in 2012 and 400,000 oz in 2013. Even with above average cash costs of $800 per oz, they have substantial... more
Added: Silver Bear Resources Plc
Silver Bear Resources has a large (125,000 acres) late stage project in Russia. Their Mangazeisky project is a 50 million oz resource of extremely high grade silver (17 opt). And this property has very good exploration potential to expand the resource.... more
Added: Silver Lake Resources Ltd..
Silver Lake Resources is an emerging mid tier producer. They have three large projects in Australia and are a growing company. Production is scheduled to grow from 100,000 oz in 2012 to 200,000 oz in 2013 and 300,000 oz in 2014. And that will likely not... more
Added: Western Copper & Gold Corp.
Western Copper and Gold has a huge copper/gold project in Canada (Yukon). If they can get financing and gold prices hold up, this could be a 20 bagger or more. If you value this as a 300,000 oz per year long life gold mine, it is a likely 10 bagger with... more