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Junior Mining

IRVING RESOURCES Acquires Two Gold Projects and Expands Omu Gold Project in Hokkaido, Japan

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Blog

JAYANT BHANDARI Avoid Commodity Price Speculation; and about Resource Stocks

Maritime Resources (MAE)

I have never met anyone who succeeds in speculating in commodities. Most commodity speculatorscome to believe in the bright future of a certain commodity using oft-repeated slogans and soundbites entering a sort of trance and calling themselves contrarians while staying in the emotional “safety” of their echo chamber. And then the situation gets worse, much worse. They then “invest” in mining companies for leverage. This is a very dangerous cocktail, something that is responsible for so many people losing their homes and making the mining industry a loss-making sector of the economy.
I spoke on the above at the recently held Vancouver Resource Investment Conference (VRIC). Here is a discussion, I had with Fergus Hodgson on the same theme:

On investments…
Maritime Resources (MAE; C$0.09) has done a pre-feasibility study (PFS) on a small, high-grade deposit they have in Newfoundland. Last year, Anaconda Mining made a failed attempt to takeover MAE. In the same area as that of MAE is another company, Rambler Metals. According to their PFS, MAE is expected to use the process plant of Rambler Metals.
A few months back, Sprott Capital Partners and Dundee Resources financed MAE at C$0.11 per unit. Since then the index of early-stage mining companies has gone up nicely, but MAE has stagnated.
MAE has a market capitalization of C$12 million. It has C$2.5 million in cash. Based on my calculations there is an easy 50% upside in owning MAE. There is also enough evidence that the project can be looked at differently than it has been in the PFS, to improve the economics. Moreover, the company changed its management last week, an event that went unnoticed by the market. The new management will likely find it easier to give another look at a merger with Anaconda. Perhaps they should also invite Rambler to the negotiation table.
The combined market capitalization of the above three companies is less than C$100 million. There should be a lot of synergies—operational, scheduling, tax-related, and in terms of financing required for the projects—in combining the three companies. Just the savings in administrative expenses will be huge. If such a merger happens, there is extra money to be made in owning MAE.
On other matters…
In my view, the US is lucky to have Trump as its President. The US is one of the best countries in the world, but there are forces at play—given democracy and the resulting rapid rise of culturally Marxist values in the institutions—that means that Trump can succeed in only delaying the degradation of the US. As Doug Casey says “America” is an idea whose home has so far been the US.
Next month, I will be speaking at PDAC, on how East Asia is the future of humanity. This is not just about economic growth, which I see continuing to happen, but more importantly about how the idea of America and the western civilization is setting its roots in East Asia.
Warm regards,

Jayant Bhandari

Associate: Rajni Bala

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.

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MARITIME Announces Board and Management Changes

Vancouver, British Columbia–(Newsfile Corp. – February 1, 2019) – Maritime Resources Corp. (TSXV: MAE) (“Maritime”) announced that effective January 31, 2019 the following board and management changes have occurred to reflect the continued evolution and development of Maritime as it works to further advance the high-grade Hammerdown gold project and its Whisker and Orion exploration projects in Newfoundland:

  • Mr. Douglas Fulcher will no longer serve as Maritime’s President and Chief Executive Officer and has resigned as a member of the board;
  • Mr. Andrew Pooler will no longer serve as Maritime’s Chief Operating Officer and has resigned as a member of the board; and
  • Mr. Garett Macdonald, currently a member of the board, will serve as Maritime’s President and Chief Executive Officer.

Maritime’s Chairman, Mr. John Hayes, stated, “I would like to thank Doug and Andrew, on behalf of Maritime and Maritime’s board, for their service as Maritime’s President and Chief Executive Officer and as Maritime’s Chief Operating Officer, respectively. The company has benefited from Doug’s efforts in guiding Maritime’s operations and has also benefitted from Andrew’s technical expertise as reflected in the progress the company has made to date on its projects.”

Mr. Hayes continued, “On behalf of Maritime and Maritime’s board, I would like to take this opportunity to welcome Garett as Maritime’s President and Chief Executive Officer. With his diverse and extensive engineering experience in project development and mine operations, including both open pit and narrow vein underground settings, the board believes that Garrett will provide the necessary technical and corporate leadership to Maritime as the company examines and advances development opportunities at Hammerdown. His innovation and commercial focus have earned him the reputation for producing results which will benefit Maritime at this important stage in its history and in the development of the company’s projects.”

About Maritime Resources Corp:

Maritime Resources holds a 100% interest in the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada.

On behalf of the Board of Directors,

John Hayes
Chairman

For further information, please call: 
John Hayes
Telephone: 1-866-991-7004
info@maritimeresourcescorp.co

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42598

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Precious Metals

MILES FRANKLIN If The Bank of England Defaults On Venezuela’s Gold, Who’s Next?

If The Bank of England Defaults On Venezuela’s Gold, Who’s Next?
Written by Chris Marcus of Miles Franklin
Recently there’s been growing attention surrounding Venezuela’s attempts to repatriate its gold from the Bank of England. To which so far the Bank of England has refused to return.
Which creates some interesting dynamics that anybody invested in gold, or any of the financial markets, would be well-served to be aware of.
Primarily in that if the Bank of England is refusing to return Venezuela’s gold, reportedly because of sanctions that the U.S. has placed on Venezuela, how safe would you feel if you were another country that had less-than-ideal relations with the United States and had its gold stored at the Bank of England as well?
If Venezuela Can't Get It's Gold Back - Who's Next?
“The Bank of England’s decision to deny Maduro officials’ withdrawal request comes after top U.S. officials, including Secretary of State Michael Pompeo and National Security Adviser John Bolton, lobbied their U.K. counterparts to help cut off the regime from its overseas assets, according to one of the people, who asked not to be identified.”
The article also goes on to mention that “U.S. officials are trying to steer Venezuela’s overseas assets to Guaido to help bolster his chances of effectively taking control of the government.”
While the Wall Street Journal is reporting how “the Trump administration’s attempt to force out the president of Venezuela marked the opening of a new strategy to exert greater U.S. influence over Latin America, according to administration officials.”
Keep in mind that in today’s world, it’s often a challenge to discern reporting fact from fiction. Yet certainly given the U.S. government’s history of regime change, there are legitimate questions raised by the current available details of the situation.
If the U.S. government is now essentially intervening in a transaction that’s between the bank of England and Venezuela, what other international transactions might U.S. sanctions attempt to intervene with in the future?
Certainly an expert on the political dynamics of the Venezuelan government I am not. And my guess is that Venezuelan president Nicolás Maduro is probably as likely to be involved in the same sort of government shenanigans that have become commonplace in many governments around the globe.
But aside from the idea that the United States could conceivably be getting gearing up for new areas of foreign intervention, while at the same time it just ran a $1 trillion deficit for the second year in a row, the entire situation creates a risky dynamic in the international trade and precious metals markets.
Economist and co-founder of Democracy at Work, Professor Richard Wolff mentions how:
The freezing of Venezuelan gold by the Bank of England is a signal to every country that has or may have difficulties with the US, [that they had] better get their money out of England and out of London because it’s not the safe place as it once was,” he said.
“One of the few things left for Britain is to be the financial center that London has been for so long. And one of the ways you stay a financial center is if you don’t play games with other people’s money,” he said.
“You can be sure that every government in the world is going to rethink putting any money in London, as they used to do, when they are watching this political manipulation with the money that they entrusted to the British. It is very dangerous for the world but for Britain particularly,” said Wolff.
He explained: “What the British are showing is that they can’t continue apparently to be the neutral place where you can safely put your money.”
Especially in the context where other foreign nations like Russia have continued to express their displeasure with U.S. sanctions and dollar devaluation. Which made it interesting to hear that:
“Russia vowed to “do everything” to protect Maduro against U.S. efforts to oust him as the Trump administration issued new sanctions against Venezuela on Monday, without elaborating what steps it would take.”
All of which is rather unfortunate. Because underneath all of the political sanctions and actions, is a country whose people appear to really be struggling with the collapse of the local currency.
“Losing the gold would be a significant blow to the country’s finances, undermining its ability to obtain hard currency crucial to importing items ranging from food and medicine to auto parts and consumer electronics.
Venezuela is struggling under hyperinflation now approaching 2 million percent annually. A broad economic collapse has fueled an exodus of some three million people since 2015.”
And now when Venezuela could most use the protection of its gold, the Bank of England has reportedly turned the cold shoulder and won’t even communicate with its client who entrusted it to ensure safe keeping of its savings.
“But those talks were unsuccessful, and communications between the two sides have broken down since. Central bank officials in Caracas have been ordered to no longer try contacting the Bank of England. These central bankers have been told that Bank of England staffers will not respond to them, citing compliance reasons, said a Venezuelan official, who asked not to be identified.”
Interestingly, a separate Bloomberg article reports that the UK government is not getting involved, and is leaving the decision up to the Bank of England.
“This is a decision for the Bank of England, not for government,” Foreign Office Minister Alan Duncan told Parliament Monday during an urgent question on Venezuela. “It is they who have to make a decision on this, but no doubt they will take into account when they do so, that a large number of countries across the world are now questioning the legitimacy of Nicolas Maduro.”
While I suppose it’s possible that this would lead some to question the legitimacy of Nicolas Maduro, as an investor and financial market analyst, it leads me to question the legitimacy of holding gold at the Bank of England.
Simply because it creates a dangerous precedent. Wherein any nation that does something that the U.S. government doesn’t approve of faces the possibility of losing its gold.
Rumors have circulated for years that the gold supply is tight, as metal has shifted from west to east. And that when any large international transactions are done, it’s often a scramble to source the physical metal.
Whether there is something deeper going on with the supply of gold that is leading the Bank of England to refuse the repatriation will only be known in time. If that does turn out to be the case, then we could be looking at a situation where the gold shorts will really be pressured.
Yet even if that’s not the case, just the precedent of this situation alone creates a new dynamic to further pressure the market. Because at least if I was a central banker of another nation with my gold stored at the bank of England, I would certainly be wanting it back ASAP.
It will be interesting to see how this situation unfolds. If you have any questions about this article or what’s going on in the gold market, as always you’re welcome to email me here.
The dynamics are stunning, and all continue to indicate a future with a substantially higher gold price. It will be fascinating to see how the path between now and that outcome unwinds, but this news comes as the latest data point that the existing structure of the gold market is on shakier ground than ever.
-If you have any questions about this article, what’s happening with the Fed, or the precious metals market, you’re welcome to email me here.
-To buy or sell gold and silver call Miles Franklin today at (1-800-822-8080).
-Or get Miles Franklin’s detailed report on why the price of silver is set to explode.
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GRANITE CREEK COPPER Appoints Mathew Lee as Chief Financial Officer

VANCOUVER, British Columbia, Feb. 01, 2019 (GLOBE NEWSWIRE) — Granite Creek Copper Ltd. (GCX.V) (“Granite Creek” or the “Company”) announces the appointment of Mr. Mathew Lee to the role of Chief Financial Officer (“CFO”), effective immediately.

Mr. Lee is a Chartered Accountant with a Bachelor of Commerce Degree from the University of British Columbia and is a member of the Chartered Professional Accountants of British Columbia. Mr. Lee brings broad depth of financial experience in both public and private company operations across various sectors, including mineral resources and financial services. Mr. Lee replaces Mr. Michael Rowley who has stepped down from his role as CFO for Granite Creek in order to concentrate on his responsibilities as President and CEO of fellow Metallic Group company, Group Ten Metals. Mr. Rowley will continue as a Director of Granite Creek.

Mr. Timothy Johnson, President and CEO, stated, “We are very pleased to have Mr. Lee join Granite Creek and to take another positive step forward in developing our corporate team. The Company anticipates release of substantive, project-related updates over the coming weeks and sustained news flow with respect to the Stu Copper project and operational fundamentals.”

Granite Creek further announces it has granted 2,900,000 incentive stock options (the “Options”) to Directors, Officers, employees and consultants of the Company. The Options are exercisable for up to five years, expiring on February 1, 2024, and each Option will allow the holder to purchase one common share of the Company at a price of $0.15 per share, being the closing price of the previous trading day.

About Granite Creek Copper

Granite Creek is a newly-launched copper-focused exploration company. The Company’s flagship project is the 111 square kilometer Stu Copper project located in the Yukon’s Carmacks copper district, adjacent to Capstone Mining’s high-grade Minto Cu-Au-Ag mine and Copper North’s advanced-stage Carmacks Cu-Au-Ag project. More information about the company and the Stu Copper project can be viewed on the Company’s website at www.gcxcopper.com.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade copper, silver, and platinum/palladium producers. Member companies include Granite Creek Copper (GCX.V) in the Yukon’s Carmacks copper district, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill Silver District, and Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President
Telephone:  1 (604) 235-1982E-mail: info@gcxcopper.com
Toll Free:  1 (888) 361-3494Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SPROTT’S THOUGHTS State Of The Union: The Art Of No Deal

State of the Union 2018. The White House from Washington, D.C. Wikimedia Commons.

The partial government shutdown barreled into Day 35 with no immediate end in sight. Airports in the northeastern U.S. announced major delays much to the dismay of travelers who meandered through the long lines at TSA checkpoints.
The FAA temporarily halted flights on the morning of Friday, Jan. 25, as regional air traffic control centers reported a staffing shortage. With more workers calling in sick at the nation’s airports, the threat of further disruption to the aviation system raised additional questions about security and the overall shutdown impact.
As furloughed federal employees missed their second paycheck, the worries mounted for many Americans. How long would the longest shutdown in history last? What are the long-term implications for the affected services? And will the strain on air travel result in perpetual delays?
The web sites for the affected federal agencies displayed the message: “Shutdown Due to Lapse of Congressional Appropriations.” As days extended into weeks, weeks surpassed a month, Americans were reminded of the extent of government involvement in the infrastructure of the nation.
The partial shutdown officially came to an end before the sun set on Friday, January 25. President Trump signed a bipartisan continuing resolution that concluded the longest shutdown in U.S. history. Yet, the action was a temporary stopgap measure that would reopen and fund the government until Feb. 15.
CHIPPING AWAY AT SENTIMENT
According to the Congressional Budget Office (CBO), the shutdown cost the U.S. economy an estimated $3 billion while the overall damage totaled $11 billion – although the majority of the latter estimate is expected to be recovered as federal workers return to work. The CBO estimates that the economy will lose 0.4% from the annual growth rate in Q1 2019.
Separately, S&P Global Ratings says the shutdown cost the nation’s economy an estimated $6 billion. Some critics were quick to point out that the costs to the U.S. economy surpassed Trump’s request for border funding security.
Meanwhile, the State of the Union did not be take place as scheduled on Tuesday, Jan. 29.  The Speaker of the House, Nancy Pelosi, invited Trump to deliver the SOTU on Feb. 5. With Trump’s acceptance, the annual event will take place a week later than originally scheduled.
Earlier this month, Danielle DiMartino Booth, CEO of Quill Intelligence, and former adviser to the President of the Dallas Federal Reserve, sat down with me. She weighed in on the partial U.S. government shutdown and its ramifications on the economy and stated that the drag on confidence and growth are detrimental:

Watch the Video

 
FEDERAL RESERVE OUTLOOK
The central bank’s January meeting came and went with the Fed indicating that rates won’t be rising soon. The FOMC announced no change in its benchmark rate with a continued pledge to be “patient.” All eyes and ears were on the statement issued by Fed Chair Jerome Powell in the post-announcement press conference. When asked if the Fed is on pause, Powell stated that “This patient period is going to depend on incoming data and its implications for the outlook.”
Danielle DiMartino Booth also graded the performance of Fed Chairman Jerome Powell since he has taken the helm. There is nothing like a progress report from the author of “Fed Up: An Insider’s Take on the Why the Federal Reserve is Bad for America.”

Watch the Video

 
With limited data being released by the government due to the partial shutdown it’s been difficult to assess the health of the economy. In January, several data points considered “primary” economic data were not published.
The Commerce Department’s Bureau of Economic Analysis did not release Q4 U.S. GDP data for 2018 as scheduled on January 30. The U.S. employment report for January is scheduled for release on Friday, Feb. 1.
One thing is for certain: disruption to “business as usual” is not favorable. But it is more concerning that this type of disruption does not seem to be backed by strategy for a new alternative order. As earnings season continues, the major technology and industrial companies are issuing guidance that are lower-than-expected. With bellwether firms easing back on forecasts it’s apparent that the shadows being cast on the global growth outlook could darken.
GOFUNDME: CROWDFUNDING FOR THE MODERN ERA
In the era of social media, online fundraising platforms and convenient electronic payments, the stories of assistance for federal contractors and furloughed workers during the shutdown are plentiful. It’s difficult not to grimace when hearing dire stories of Americans struggling to make ends meet and listening to some of the tone-deaf responses coming out from politicians.
If you’ve been paying close attention to some of the GoFundMe campaigns, you’re aware of some of the obscure and bizarre pages that have popped up. Some of the campaigns could be deemed as extreme, leading to many late-night comedians and pundits mocking the huge donations and how one can raise funds for just about anything. Of course publicity and hype can help direct eyeballs to certain campaigns.
The shutdown pain was immediate for those who missed their second paycheck and the pain spilled over into the U.S. economy. It can be surprising to see how quickly donations poured in for some GoFundMe campaigns but it is also a sign of the changing times. Social media and crowdfunding platforms have changed how citizens voice their support as well as opposition.
SHUTDOWN AFTERMATH
When the partial government shutdown finally came to an end, Americans let out a collective sigh of relief. Yet there are risk events on the horizon. The countdown clock is ticking for the major fiscal deadline of the debt ceiling on Mar. 1. Don’t forget that the that date also marks the hard deadline for a U.S.-China trade deal. The SOTU address may mark the dwindling days until another shutdown is avoided.
Many Americans hope that the 15th of February brings no surprises. There is nothing worse than the bite into the unexpected piece of unpalatable chocolate.
Forrest Gump is known for his famous quote, “My mom always said life was like a box of chocolates. You never know what you’re gonna get.”
Feb. 15 is the day after Valentine’s Day but love may not be in the air in Washington D.C. There are concerns that Shutdown 2.0 could become a reality. It is too soon to tell whether Trump and lawmakers will reach a compromise by the deadline or another standoff will commence. The President stated that if Democrats and Republicans can’t reach an agreement on border security, then he would bypass Congress for funding.
The stock market doesn’t like uncertainty and investors sure don’t like the accompanying instability. Yet, the Dow Industrials, S&P 500 and Nasdaq Composite settled higher in January. The major equity averages advanced over 7% for the month.
Shutdown 2.0 on the horizon? We will all have to wait and see if an agreement is negotiated and whether Congress passes another continuing resolution.
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Junior Mining

MIRAMONT Closes Non-Brokered Private Placement

Vancouver, British Columbia–(Newsfile Corp. – January 31, 2019) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) (“Miramont” or the “Company”) is pleased to announce that the non-brokered private placement previously announced on January 17, 2019 (the “Private Placement“) was oversubscribed and has now closed. Under the Private Placement, the Company issued an aggregate of 4,716,498 units (“Units“) at a price of $0.35 per Unit for gross proceeds of $1,650,774. Each Unit was comprised of one (1) common share (each, a “Common Share“) in the capital of the Company and one (1) transferrable Common Share purchase warrant (each, a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at a price of $0.50 per Common Share until January 31, 2021. All dollar amounts in this release are expressed in Canadian dollars, unless otherwise stated.

In connection with the Private Placement, the Company paid a total of $28,054 in cash and issued a total of 80,156 Warrants to eligible finders who introduced subscribers to the Private Placement.

All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring June 1, 2019.

The Company intends to use the net proceeds from the Private Placement for its planned drilling and other activities at Cerro Hermoso, advancing the Lukkacha project and general working capital purposes.

About Miramont Resources Corp.

Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont’s key assets are located in southern Peru. The Cerro Hermoso property hosts a 1.4km diameter breccia pipe targeting gold – polymetallic mineralization, while the Lukkacha property is targeting porphyry copper mineralization.

On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.

“William Pincus”

William Pincus, President and CEO

For more information, please contact the Company at:
Telephone: (604) 398-4493
info@miramontrresources.com
www.miramontresources.com

Reader Advisory

This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42588

Categories
Junior Mining

NOVO RESOURCES Mechanical Sorting Generates Encouraging Results at Karratha

VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce it has received encouraging results from initial testing of mechanical rock sorting of gold-bearing conglomerate from its Karratha gold project.

As discussed in the Company’s news releases dated November 19 and December 20, 2018, the potential viability of mechanical rock sorting was tested by subjecting four bulk samples (see Figure 1 below for sample locations) to crushing, screening, and sorting using a TOMRA mechanical rock sorter. Sorted rock concentrates of very small volume were generated returning high gold contents.

Assays of the sorted waste material, undersize (-6 mm) fraction and oversize fraction (+63 mm) have returned allowing for further evaluation of this technique (please refer to Table 1 below).

  • Samples KX234 and KX237 generated 81.1% and 89.4% recovery of gold, respectively, from the 6-63 mm fraction that was sorted. These recoveries are considered very encouraging considering these tests are first pass and un-optimized. Interestingly, the best recovery is from the lowest grade sample, KX237.
  • Although samples KX235 and KX236 generated lower recoveries, the fine (-6 mm) unsorted fraction of each of these samples displays higher grade than the respective calculated head grade. Novo believes the well-oxidized, crumbly nature of the rock comprising these bulk samples may have played a role in lower recoveries. Gold particles appear to have preferentially reported to the fines rather than remain encapsulated in rock that was sorted. Such oxidation persists to about 1-2 m below surface at Karratha.  Below this level, Novo believes the targeted conglomerate will be harder and less crumbly.
  • Sorter tailings commonly display gravity recoveries of gold of over 50% indicating significant coarse gold remains in this material. Novo believes crushing to somewhat finer size, perhaps 50 mm, may improve sorter recoveries because X-rays will more readily penetrate smaller rock particles making it easier for the mechanical sorter to identify gold particles.
  • Although testing was conducted on rock particles down to 6 mm size, further work is needed to determine the lowest range of particle size that can effectively be sorted. Further crush testing is also required in order to determine means of minimizing generation of fines and maximizing the fraction of material that can be sorted.
  • Gravity recoveries of gold from the undersize (-6 mm) fraction of the four bulk samples tested during this study range between 44%-64%. This data suggests gravity recovery of gold from unsorted fines may be a viable treatment option.
  • Novo considers mechanical sorting a potentially low cost means of concentrating gold that is particularly suitable for the nuggety conglomerates Novo is exploring in the Pilbara. Novo is currently undertaking a thorough review of recent mechanical sorting test data to determine means of optimizing crushing and sorting and what further testing is needed.

Table 1 – TOMRA mechanical rock sorting results from four Karratha bulk samples.

Sample
ID		Mass
(kg)		Size FractionSize Fraction as % of Total
Mass		Mass of Sorter Concentrate (kg)Mass of Sorter Concentrate as % of Total MassGold Grade of Sorter Concentrate  (gpt)Gold Grade of Unsorted Material
(gpt)		Gold Grade of Sorter Tails
(gpt)		Stage Recovery of Sorter
(%)		Gold Distribution to Sorter Concentrate (%)Calculated Head Grade of Sample  (gpt)
KX2345460greater than 63 mm2.3%–––5.18–2.97
6 to 63 mm67.2%13.50.25%792.4–0.6881.1%66.0%
less than 6 mm30.6%–––1.43–
KX2353981greater than 63 mm19.3%–––0.21–1.91
6 to 63 mm64.8%19.10.48%188.8–1.0158.1%47.5%
less than 6 mm15.8%–––1.95–
KX2364205greater than 63 mm9.6%–––0.57–1.40
6 to 63 mm61.5%13.00.31%92.1–0.7039.8%20.3%
less than 6 mm28.9%–––2.19–
KX2374418greater than 63 mm9.2%–––0.17–0.46
10 to 63 mm41.5%3.20.07%377.8–0.0889.4%60.3%
less than 10 mm49.3%–––0.27–
Size fractions in italics were too coarse or too fine to be sorted
Reported masses may be slightly different to those quoted in the Company’s news release dated December 20, 2018 because materials were re-weighed at the assay laboratory

“Novo is highly encouraged by initial mechanical sorting results,” commented Rob Humphryson, CEO and a Director of Novo. “Typically, mechanical sorting machines are utilized to upgrade mineralization by sorting out waste. In this case, gold is being directly and effectively concentrated. Novo expects that optimizations can be made to further enhance this means of gold recovery.”

Novo staff collected bulk samples discussed in this news release. Bulk samples were crushed at Cook Industrial Minerals in Perth, Australia prior to being shipped to TOMRA. Once rock sorting was completed, the concentrate and smaller mass tailings samples were submitted to MinAnalytical Laboratory Services Australia in Perth, Australia for analysis via Photon assay and fire assay. PhotonAssay methodologies are described in Novo’s news release dated December 20, 2018. Larger tailings samples were submitted to SGS Minerals in Perth, Australia where they were treated in a test plant detailed in Novo’s news releases dated February 6 and May 31, 2018. All assay certificates and head grade calculations were provided by SGS and MinAnalytical, with the calculations and head grades checked by Novo internal resources. There were no limitations to the verification process and all relevant data provided to date was verified.

Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, Director, and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.

About Novo Resources Corp.

Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”
Quinton Hennigh
President and Chairman

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking information 
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.

Figure 1 – Plan map showing the location of samples KX234, KX235, KX236 and KX237. Sample KX234 is material from the Lower Cannonball Conglomerate. The remaining samples are from the Upper Cannonball Conglomerate.

A PDF accompanying this announcement is available at: http://resource.globenewswire.com/Resource/Download/8a75c28b-4501-4e84-a0a5-b66cc154c249

Categories
Junior Mining

PACTON GOLD Commences Heliborne Magnetic Survery at Red Lake Gold Project in Ontario, Canada

VANCOUVER , Jan. 31, 2019 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has commenced a high-resolution heliborne magnetic survey over Pacton’s claims in Red Lake, Ontario (Figure 1). This is the initial step in order to prioritize upcoming drill targets as part of an aggressive exploration strategy going forward in this prospective area.

Pacton Red Lake Key Highlights:

  • Completion of heliborne magnetic survey to identify high priority D2 structures in the Red Lake district
  • Surface programs to commence on both geological and geophysical targets in 2019
  • Geologically and structurally similar to Great Bear’s Dixie Project

Pacton’s mineral claims are strategically located between Pure Gold’s Madsen property including the Wedge Zone and Great Bear Resource’s Dixie discovery. Recent drill results from Great Bear Resources (GBR.V) reported 190.78 g/t Au over 5.90 meters including 1,600 g/t Au over a drill width of 0.7 meters in the Hinge Zone (see Great Bear Resources press release dated January 16, 2019 ). Pacton’s Red Lake property geology is similar to the geology that hosts the high-grade discoveries at the Dixie project and Pacton will be using the geophysical data to focus on D2 structures that are proposed to have significant control on gold deposits in the Confederation Assemblage (Figure 2).

Figure 1. Location map of Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)

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Figure 1. Location map of Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)
Figure 2. Geology map with D2 structures and Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)

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Figure 2. Geology map with D2 structures and Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)

About Pacton Gold

Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of their Red Lake project in North-Western Ontario and their conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.

The technical content of this news release has been reviewed and approved by Peter Caldbick , P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

On Behalf of the Board of Pacton Gold Inc.

Alec Pismiris
Interim President and CEO

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cision
Cision

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Categories
Exclusive Interviews Precious Metals

KEVIN VECMANIS What Happens When Central Banks Unwind Balance Sheets

Kevin Vecmains the founder of VanAurum Financial Technologies sits down with Maurice Jackson of Proven and Probable to discuss: What Happens When Central Banks Unwind Balance Sheets.

VIDEO

AUDIO

TRANSCRIPTS

Contributed Opinion

Source: Maurice Jackson for Streetwise Reports  (1/30/19)

Maurice JacksonKevin Vecmanis, founder of VanAurum Financial Technologies, sits down with Maurice Jackson of Proven and Probable to discuss what the unwinding of central bank balance sheets may mean for investors.

Dollar
Maurice J.: Joining us for a conversation is Kevin Vecmanis, the founder of VanAurum Financial Technologies. Mr. Vecmanis, welcome to the show, sir.
Kevin V.: Hello, Maurice. It’s great to be here. Thanks a lot.
Maurice J.: Glad to have you back on the program. In our last interview, we addressed the value proposition for the next capital vortex. Today, we will address central banks unwinding their balance sheets, and the duplicitous effects that may occur. And what actions you, the investor, may take to prepare yourself.
But before we begin, Kevin, your company uses a unique skill set that I find intriguing, which is artificial intelligence for investing. For our first time listeners, please introduce us to VanAurum Financial Technologies.
Kevin V.: VanAurum is an intelligent lead generator for trading opportunities. That’s probably the best way to summarize it. We use machine learning techniques to detect anomalies, and unusual market behavior and then we report on it to members on a daily basis.
Our platform attracts a global cross-section of sectors, ratios and economic data points. And then when something occurs that has some kind of historical precedent for being either positive or negative for forward returns, VanAurum will report on it to members.
We believe that by having an intelligent filter that’s hand-picking market events to look at, it frees up our members’ time to focus their efforts on more productive means, such as, constructing trading strategies and or analysis on their own. So if someone uses a charting service, or trades on technical analysis, VanAurum’s definitely worthy of membership consideration.
Maurice J.: Kevin, your research has noted a mega trend occurring that is related to central banks unwinding their balance sheets. Beginning at the 10,000-foot level, can you share with us why central banks are unwinding their balance sheets, and what this means for investors?
Kevin V.: Stepping back for a moment, in 2009, the Federal Reserve came up with an explicit program called Quantitative Easing, to buy mortgage-backed securities and other debt-related securities from the balance sheets of different institutions, and most central banks globally eventually caught on to this well, to bail out financial institutions in the sector that were carrying this “toxic debt” on their balance sheets.
The Fed conversely grew its balance sheet from about $800 billion to almost $4.5 trillion. And it was maintaining it at that level for a while. When the Fed is maintaining the size of its balance sheet with these debt-related securities what its intentions are as follows: as the securities mature on its balance sheet, it is actively seeking out other similar securities to buy to replace them, so that the Fed can keep the size of its balance sheet at a constant level.
So, the process of expanding the balance sheet, as well as maintaining it at a certain level, there was an implicit assumption in the market that the central bank was going to be there, and be a significant source of debt demand for a lot of these securities, which would be the primary driver behind interest rates ultimately hitting rock-bottom yields. The Fed was such a heavy influence on interest rates that, in January of 2018, the yield on the S&P 500 was about 1.73%. And the yield on the three-month Treasuries, which is considered to be the United States’ riskless asset, was higher than that.
The end result is that the S&P equity yields, which are considered to be risky assets on somebody’s balance sheet, or within their portfolio, these yields are essentially risk-free. Which is a really amazing thing if you think about it. A situation that is really unsustainable.
Going forward, the Fed has now communicated that it is going to shrink the size of its balance sheet. So in effect what that’s actually doing is removing a major source of demand out the market, for not only U.S. Treasuries, but other mortgage-backed securities as well. This is a simple supply and demand factor. The likelihood of supply and demand to equalize will not be accomplished until rates are much higher.
Maurice J.: I always find it disingenuous that the U.S. Treasury references the nominal rate of return and omits the real rate of return on Treasuries.
Twofold question here for you. How will this impact currencies and capital markets?
Kevin V.: We have witnessed the Fed go through hiking cycles in the past, typically any kind of economic turmoil that led to a flight to safe haven assets increased the demand for Treasuries and the U.S. dollar.
I am of the opinion that the Federal Reserve is in a bit of a tricky situation right now. And over time, more and more investors are going to actually start picking up on this. In a historical context, the level to which they’ve actually raised interest rates is not really that high. What is unprecedented is the extended period of time that the Fed has pinned along interest rates to zero. The Fed recognizes that it needs to raise rates because it has artificially suppressed interest rates, which were driving the yields on the S&P and of bonds respectively to disproportionate levels.
Should the market witness again that the Federal Reserve is willing to reverse course, by printing currency (inflation) to buy up a lot of assets and thus further expand its balance sheet again, I believe the market will react violently to the Fed’s attempts. I think this time around, the impact could actually be very negative on the U.S. dollar and Western currencies as investors will begin to realize maybe how unsustainable some of the debt trajectories actually are.
Maurice J.: If currencies and equities will be negatively impacted, what is the prudent investment decision that one should make now?
Kevin V.: In this situation, I like to look at what were the major beneficiaries within the broad markets when the Federal Reserve decided to embark down this path of explicit balance sheet expansion. And I guess the answer to that is bonds, equities, and to a large extent, real estate within major urban centers. So we’ve seen significant inflation in a lot of these markets. They were the major beneficiaries of what I call the risk premium compression that resulted from the Fed artificially lowering interest rates.
After the crisis everybody thought that commodities and other markets like that were going to go hyperbolic. But we actually didn’t see that. And, in my opinion, a lot of the reason why we didn’t see that was because the market was front running all these explicit purchases from the central bank. Why wouldn’t you buy bonds if you knew that the Federal Reserve was going to be buying, $30, $40 billion of them a month, on an open-ended basis.
So I think that drew a lot of capital away from resource sector stocks, from commodities. Any commodity, really. And so I think this time around, when we see this whole process unwinding, to me it only seems logical that the markets that were previous beneficiaries might suffer. Conversely, the markets that didn’t benefit we will start to see a lot of those begin to mean revert. I foresee big potential in platinum, gold, resource sector stocks and energy stocks, which have been punished to a significant degree, especially within the explorers and the producers, which experienced some of the sharpest declines in record.
So, I think it all depends on how the market decides to react with the U.S. dollar. Whatever it is, we get the next major trajectory change from the Federal Reserve. But my inkling, my instincts right now, and all the data that I look at with VanAurum and our research, suggests that the U.S. dollar will probably be negatively impacted the next time around.
Maurice J.: So then the answer will be, if I’m correct here, would physical gold be the first prudent investment decision?
Kevin V.: Yes, definitely at this point. I always advocate having some allocation to gold in your portfolio, especially right now with the debt-based currencies in the West really starting to balloon out of control. But there’s lots of fear in the market right now. We’ve experienced a significant correction on the S&P 500 and the broad equities. A lot of the valuation extremes that we saw leading up to this point was causing everybody to warn of bubbles. We’ve actually seen a fair amount of that lead off. And it’s come back into nominal territories.
I sent a message out to my members earlier this week saying that at this juncture, if the correction in the S&P 500 extends into bear market territory, closer to it being down 20%, which at that point, going back to 1980 within our data that VanAurum analyzes, most of the precedence, if not all of them, are actually positive for one-year returns going forward once the market has experienced a selloff greater than 20%.
So there could be draw downs in the broad equity market from here. In September 2008, the market ultimately fell 40% before hitting its ultimate bottom. And then exactly one year later, from September 2008, the market was almost unchanged again. So, could the market accelerate to the downside again, and resume a bear market? It’s likely. But at this point, I think prudent investors will start trying to anticipate some type of accumulation program for broad equities.
I have my attention on what I would term as the kind of the forgotten markets right now, like gold, which is carving out a multi-year base; platinum, which has been absolutely crushed recently; and silver are going to do extremely well in the environment that we’re about to move into.
Maurice J.: Regarding physical precious metals, would precious metal equities be the right place to be as well, once someone has secured a position first in the physical metals?
Kevin V.: Yes, full disclosure, I have long positions in GDX and GDXJ. With VanAurum, and my research, I study sectors. There are lots of people who are really good at picking individual issues. But when we’re working with our machine learning system, for reasons that maybe are beyond the subject of this interview, we try to stick with a sector. So, I do have exposure to the gold mining equities, through GDX and GDXJ.
Depending on what the investors are looking for, royalty companies and the gold streaming companies really tend to do well during downside turmoil in gold and equity markets. We saw companies like Franco-Nevada, whose stock performed incredibly well during the gold bear market from 2011 to 2015. Where you really get your upside leverage, in the gold mining and the resource space, is when you’re dealing with an issuer whose cost of production is really close to the prevailing gold price.
What happens there is you get profit leverage. So, if you have a gold mining company that’s selling gold for $1,200 an ounce, and say its all-in cost to produce that ounce of gold are $1,199. So it’s making $1 of profit. If the price of gold increases by a dollar, then the earnings for that particular company increased by 100%. So you go from $1 to $2, you double your earnings. And so that’s what we mean by profit leverage.
You start to see a lot of the high-cost companies really start to accelerate when you see gold moving into a particularly strong bull market. I think what’s happening right now is you’re seeing a lot of the accumulation, and a lot of the higher quality issuers, and they’ve been doing well for quite some time.
But the sectors like GDX and GDXJ, I think have been languishing partly because they’re full of lots of producers that a lot of them haven’t been particularly well in this environment. But I think that will change if gold can stage a major breakout. I think you’ll see a bid under, pretty much any company that’s producing gold. And stage a breakout, and sustain it above $1,400 US.
Maurice J.: Switching gears, Mr. Vecmanis, what is the next unanswered question that VanAurum Technologies is researching? And when do you believe we will have an answer?
Kevin V.: Right now, to me the elephant in the room are interest rates, and how the market is fully going to react to the Federal Reserve removing itself as a major demand source in the debt markets. So, it seems to me like there’s a little bit of disbelief. You’re starting to see two-year Treasury yields, which is a fairly close proxy for interest rate hike expectations, you’ve seen a lot of those rates come down recently. Some of that might have been because the yields were overbought. And the bonds were due for a rally.
But to me that really is the biggest question, because the Federal Reserve was such a huge component of this equity rally that we had from 2009 until now. And I think whatever its action will be is going to be a major component of how the market plays out going forward. You can see the market starting to begin to call its bluff. But what I’m really interested in finding out is what the Federal Reserve actually intends to do. If the markets truly start to react violently to the rate hike cycle, it is going to end it? And is the Fed going to start to ease again, meaning increasing the size of its balance sheet. Or is it going to start cutting rates?
I think if the Fed starts cutting rates, having only reached the levels that they’re at, I think that’s going to be a really, really scary warning sign to market participants everywhere that the U.S. economy just can’t handle higher rates and has become almost addicted to Federal Reserve accommodation. And I think at that point, how the market reacts to that is going to be the primary determinant of which people are going to make a lot of money, and which people are going to lose a lot of money. And I think we’ll have the answer to that probably by the summertime.
Maurice J.: Truly interesting times, and unprecedented times. And I’m tickled to death to be here just to watch it all, and actually participate. Sir, last question. What did I forget to ask?
Kevin V.: I think we covered a lot, Maurice. But, I’d like to discuss a little bit about VanAurum’s AI curated newsletter that we put out daily. The core of our research service that we offer right now is our daily AI curated report, which is a combination of human and machine learning and behavior. So, I’m a big believer fundamentally in the convergence of machine learning-based systems and human-based systems. I believe the people and machines are really good at particular things. And what I try to do at VanAurum is to create workflows that combine the best of those worlds.
The AI curated report analyzes a global cross-section of assets, whether it’s Chinese stocks, Israeli stocks, resource sector stocks, yield curves and economic data points. And it figures out when something is behaving unusual in the market. It performs some hypothesis testing on it, to see if there’s any historical precedent for meaningful positive or negative returns. And then it presents that in a report to our members. And that’s kind of the launch point for the analysis that we do.
So, we’re getting this pipeline of trading and investment suggestions coming from VanAurum daily, which are really high quality. Our members love it. The feedback I get from the members is that it’s exposing them to things in markets that they wouldn’t have thought to look at before, which is really what it’s all about.
Maurice J.: For readers that want to get more information about VanAurum Financial Technologies report, please share the contact details with us.
Kevin V.: Sure. Readers and listeners can visit vanaurum.ai. And we have a public version of the report, which is delayed a certain number of days, to keep our best information fresh for our members. But if they’re interested in how that report works, there’s a link on our homepage to the public report. And they can also take a look at the other services that we offer as well.
Maurice J.: And we would like to take this opportunity to remind our listeners, if you’re interested in buying or selling physical precious metals, please call us at 855-505-1900. Or visit our website, provenandprobable.com, where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
Kevin Vecmanis of VanAurum Financial Technologies, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

Disclosure: 

1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
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