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1) If you want to read the normal type of agenda-ridden bullshit on Venezuela from the channels of choice, don't let me stop you. The Google machine is that way, try "Venezuela December 8 election" as suitable keywords, then sit back and read your eyes sore.
2) If you'd like a balanced and intelligent preview of the election in English, Setty has written this. It's only four paragraphs long but it captures what's important, what's not, what's been made up, what you need to watch for etc etc and it does the job well.
This is what they wrote:
TORONTO, ONTARIO--(Marketwired - Dec. 6, 2013) -Colossus Minerals Inc. (the "Company" or "Colossus") (CSI.TO)(COLUF) provides an update on the status of the Company's efforts to identify and secure funding for the balance of the expenses identified to commence production at its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil.
In a press release dated November 14, 2013, the Company indicated that delays related to dewatering had resulted in a delay in production until the second quarter of 2014. The delay in reaching initial production meant that additional financing would be required.
Following November 14, 2013, the Company prepared a revised forecast of the capital and operating expenditures required to get to initial production with the funds required to meet certain existing obligations of the Company and estimated that it would be necessary to raise approximately US$70 million. Since then the Company has consulted with key stakeholders to discuss potential sources and structures for financing the US$70 million as well as additional funding that is expected to be needed between commencement of production and positive cash flow from operations. After lengthy discussions it was agreed that, at this time, a different approach is required.
Accordingly, the board of directors has taken a decision that the Company's strategy should be reviewed. To achieve that purpose, the Company will take the following steps:
- Cease underground development for the time being and focus on de-risking the project:
- completing the dewatering and undertaking additional underground drilling; and
- decreasing overall costs.
- Complete the NI 43-101 compliant resource estimate with Roscoe Postle Associates Inc. by the end of December.
As previously disclosed, the Company will need additional capital to carry on its business activities. These circumstances indicate a material uncertainty which may cast significant doubt as to the ability of the Company to continue as a going concern. The Company, in conjunction with its key stakeholders, is continuing its efforts to raise short-term capital to partly address its working capital deficiency and pursue other strategic alternatives.About Colossus:
This Mineweb note is the best thing you'll read on the sector all week. Here's a clip:
"There used to be an old joke in university that geologists were engineers who couldn’t do math. Sometimes I wonder if this isn’t true when I see resource models for gold deposits with grades less than 1 g/t gold (or equivalent grades for other elements) in some inaccessible northern frontier area with no infrastructure or lying under 100 metres or more of till. This isn’t an orebody; it’s a shareholder-funded science project that didn’t work out."The whole thing here
More cool "just coincidence" charts on the action 23 minutes ago where that one came from, including a massive move in Dow futs right before the report hit, right here.
UPDATE: While on the subject, only fair to point you towards Keen's report of the proceedings, as it has plenty more flavour besides the bit you see above. A most interesting read, particularly on the panel's view of 43-101.
These things are so obvious it hurts the braincells, but just to count down a few of the items:
1) An option on 50% of an untested piece of chinchilla pasture in Sinaloa, Mexico.
2) Manipulated two-bit junior put together for the pump
3) Company that pays $25,000 for this type of shit promo to feed the US OTC market morons.
4) And a CEO named Wally Boguski. Is that Polish? And while you're over at the officers CV page, check out the other backgrounds, they'll make you guffaw as well.
Sierra Iron Ore Corp (NAA.v) I name thee scam, scam and thrice scam.
h/t the always wonderful YH
To the pathetic, unprofessional and obnoxious journalist Andrew Anthony of The Guardian, caught in his lie
Hello,I notice that you have an entry on your website under the heading "For the 1000th time, Coca is not cocaine".
You then go on to write:"Yeah, that's just what we need, another so-called expert regurgitating the stupid. Listen Andrew Anthony, it's really simple"
before explaining the difference between coca and cocaine
OK, for the 1000th time, freelance writers in British newspapers are not responsible for the headlines, standfirsts, captions or fact boxes that appear alongside their pieces.
I did not write the fact box containing the egregious error about coca and cocaine. It was stuck on the end of my piece by the editors, no doubt after an intern had written it. I had no knowledge of it and no control over it. I have as much responsibility for that mistake, in other words, as you do. It's really that simple.
I know it always helps to have an identifiable person on whom to hang righteous anger, but you've got the wrong one. And, by the way, where does the "so-called expert" come from? I was writing a piece about the changing social profile of cocaine in Britain. I wasn't making any claims for knowledge beyond that. So let's see if this interweb thing is worth the time and you amend your entry accordingly as the Guardian did after I notified them of their error.
PS: Already getting feedback on this post, so to cover a Q already answered twice yes, I could show the other mails in the exchange (and will if necessary at a later date) but I tried to keep this post concise. It could have become very long and lost the main thrust otherwise.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2013) - Baja Mining Corp. ("Baja") (BAJ.TO)(BAJFF) reports in relation to the significant volume of its shares that traded on December 3, 2013, that Mount Kellett Master Fund II A LP filed a report on www.sedar.com after the market close on December 3, 2013, advising that it has sold all of its 67,421,117 common shares of Baja.
PS: Oh, one final thing. It's now pretty clear that the guys at Mount Kellett, the people who bought 19.9% of BAJ at prices around a $1 (best guess) average and then went on for NR after NR about their belief in Boleo's world class potential etc etc, know fuck all about mining. The moral here is that just because you have $60m to throw at the market it doesn't make you smart. Next time you see the Mt Kellett names pop up on a deal keep that one in mind, yeah?
PS: For anyone wanting a lot more on the Baja Mining trainwreck, IKN covered the whole sordid tale in deep detail at the time. Check out this link for most of the posts, all in one place.
"Mexico has informed the IAEA's Incident and Emergency Centre (IEC) of the theft of a truck carrying a dangerous radioactive source used in medical treatment. Mexico's "Comisión Nacional de Seguridad Nuclear y Salvaguardias (CNSNS)" said the truck, which was transporting the cobalt-60 teletherapy source from a hospital in the northern city of Tijuana to a radioactive waste storage centre, was stolen in Tepojaco near Mexico City at around 08:00 UTC on 2 December 2013. At the time the truck was stolen, the source was properly shielded."
"...the source could be extremely dangerous to a person if removed from the shielding, or if it was damaged."
UPDATE, Ah, they found it. All's well that (etc)
I saw this mentioned on Twitter and had to go look. And it's true.
Just received this from HB and it's getting an airing here, because I agree 100%:
The selling pattern in RIO reminds me of a situation in 2002, where a perfectly healthy 25 year old (no dotcom junk) software company was sold into the ground just like this. The seller was an investment holding which needed any penny it could get (not that surprising at the time). In the end it was selling for 60 cents. After the seller was finished (probably in more ways than one) the stock started to creep up slowly. In 2011 it sold for 22€. Yes, I sold mine waaay too early :-)
With the current situation in the gold sector a similar constellation is not inconceivable. Would be nice to know how much powder the seller has left. Alex Black didn't have any idea who it is? Doesn't exactly look like a mom and pop operation ...
"Due to analyst departure and reallocation of resources, we will be publishing our Junior Mining Weekly as a bi-monthly report."
Jeez dudes, would you make up your mind one time, yeah? I mean, this is a ten day chart, not a year or something:
Disclosure: No position
Yesterday was John Lennon's turn in the spotlight, as carried by IKN in this post, today we have a sighting of Ringo Starr in Peru:
“Gold is the ultimate expression of mind-body integration. It is the symbol of purely, “crassly” material value because it is beautiful–i.e., because it is a spiritual value.”
An interesting read. Here's the abstract, get the PDF here:
Issued in November 2013
NBER Program(s): AP
The Incas saw the drug as a gift from the gods and used it in sacred rituals. The empire's only method of communication was a chain of messengers who would walk hundreds of miles over mountainous terrain; the royal emperors would ply them with cocaine so that they could go for days without food or sleep.
- Coca is a plant. Its leaves were/are used by Andean peoples (not just the Inca, that's a double stereotype) for many different reasons, including your ceremonies but other things too.
- Cocaine is a drug. It comes from the coca leaf but it's just one of the 20 alkaloids found in the coca leaf and is held in tiny quantities.
UPDATE: Don't tell me that this interwebs thing isn't worth the time, either. We now have a corrected Guardian report and this at the bottom:
This article was amended on 1 December 2013. The original version wrongly stated that the Incas used cocaine, rather than coca leaves.Thanks due to Guardian South America reporter Vicky Baker for the rapid improvement in the article.
With a new chairman at its helm, and new chiefs leading the enforcement division, the agency created a 26-person task force in July devoted to rooting out microcap trading abuses. Since then, the agency has opened five or six microcap investigations a month, well above the previous year’s pace, agency officials said. The initiative builds on the efforts of a loosely-knit SEC working group created three years ago.
“For years, we did a number of these cases, but we didn’t attack it with a systematic approach,” said Andrew Ceresney, co-director of the SEC’s enforcement division. “We now have people focused on the area full-time for the first time, and by marshalling their expertise, we think we can make a difference.” continues here