OPPORTUNITY TRAVEL | 7 Unforgettable Days in Southeast Asia

7 Unforgettable Days in Southeast Asia

Dear Reader,
My name is Barbara Perriello. I’m the Director of Opportunity Travel and the Conference Coordinator for the 2019 International Living 2019 Fast Track Your Retirement Overseas Conference in Bangkok, Thailand – February 21-23.
Since we’ll already be right here in beautiful Bangkok for the IL conference, I’ve put together an exclusive, fun filled post-conference tour that’s frankly irresistible.
Not only is it a first-class, luxurious journey with an intimate group of likeminded people…
You’ll also get a chance to see firsthand why travelers and expats alike simply love everything about these two destinations – Chiang Mai and Penang.
Yes, it’s sure to be the adventure of a lifetime.
And if this sounds interesting, we’d love to have you join us. But please don’t delay.
With only 20 spaces available, chances are this tour will sell out quickly.
To get all the details about this exclusive expedition and how you can guarantee yourself a spot, go here for pricing and our day to day itinerary
Don’t miss out! Call me right now at 800 926 6575 or +561 243 6276, or if you prefer, send me an email at We’re always happy to answer your questions or help you with special requests.
I hope to hear from you soon…

Barbara Perriello, Director
Opportunity Travel
P.S. Only the first 20 sign-ups are guaranteed a space for this tour. No exceptions. If you’re interested, I encourage you to reserve your place now.
P.P.S. If you haven’t already done so, click here to book International Living’s 2019 Fast Track Your Retirement Overseas Conference – Bangkok, Thailand – February 21-23.
Where We’re Headed Next

International Living’s 2019
Fast Track Your Retirement Overseas Conference

Join us in Bangkok from 21-23 February and put your overseas dream on the fast track. Give us two-and-a-half days…and we’ll give you everything you need to put yourself on the path to the good life. Reserve your place now and save $200. Go here for the full details …

The Oxford Club’s 21st Annual Investment U Conference
March 28-31, 2019 – The Vinoy Renaissance Resort

Every spring, The Oxford Club hosts its biggest event of the year –the Annual Investment U Conference. For this signature event, we spare no expense to bring you the latest and greatest from the investing world as well as a real no-nonsense look into the markets.
Throughout this event, you’ll discover dozens of profitable ideas from our team of expert analysts, as well as investment insights from more than two dozen of the industry’s top economists and investment minds.
Join us as we celebrate more than two decades of success and tremendous profit opportunities brought to life through this premier event. Year-after-year – we’ve seen the ideas shared here soar to great heights and we are thrilled to see what’s in store next.
For more information on this event, and to reserve your spot today, click hereIf you have any questions about the event, please email us at or call us at +443.708.9411.

Sprott Natural Resource Symposium 2019
Fairmont Hotel Vancouver – July 30-August 2, 2019

Plan your 2019 vacation now – we’ll be happy to help you!
Get the lowest price possible for this popular, long-running conference that just keeps getting better year after year!
Join our chairman and personal host, Rick Rule in the heart of downtown Vancouver for this sell-out event. It’s not too soon to claim your Early Bird Discount!
Click here for details.
You really can’t beat this offer!

Opportunity Travel’s South America Expedition 
Uruguay & Argentina – November 2019
Call now to get your name on the list!

One of our most popular tours! Come November 2019 and once again we’ll be heading south to Uruguay and Argentina where we’ll show you so much more than the wonders these countries are known for. We’d love to have you join us!
Tantalizing wines, fabulous farm to table dining and sensuous tango are just a small snippet of what we have in store. Add to that our unique brand of personal service, luxury hotels and “boots on the ground” experts. Find out for yourself why our past attendees return again and again.
Call now to get your name on the list – 1-800-926-6575 or +561-243-6276OR send us an email at

For more information about our tours or conferences, please contact, Barbara Perriello or Michelle Sedita at Opportunity Travel by email at or by phone at +561.243.6276 or toll-free at +800.926.6575.

Disclaimer: Nothing in this e-mail should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. In the interest of full disclosure: Opportunity Travel may receive commissions from any property sales made during any of its trips. And, as a travel agency, we often receive a commission from hotels when we book rooms for our tours and conferences.
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Precious Metals

JUNIOR MINING | Minera Alamos Receives Positive Notice Regarding Permit Applications for La Fortuna Gold Project in Durango, Mexico

Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – November 21, 2018) – Minera Alamos Inc. (TSXV: MAI) (“Minera” or the “Company”) is pleased to announce that it has received a positive notification from the Mexican environmental authorities (Secretaria de Medio Ambiente y Recursos Naturales – “SEMARNAT”) regarding the Company’s permit application (MIA/ETJ) for the development of the La Fortuna Gold Project (“Fortuna”). The notification confirms the successful completion of the technical review phase of the Company’s application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to construct mining and processing facilities at the Fortuna project area. Following the completion of the change of land use payments, SEMARNAT will be in a position to issue the formal approval documentation for the project.

“The receipt of this notification represents a major milestone for the Company. Despite some procedural changes in the MIA/ETJ application process that caused early delays, the notice was received a little over a year following the completion of our strategic partnership with Osisko Gold Royalties and starts the transformation of the Company from a junior explorer to a growing gold producer,” stated Darren Koningen, CEO of Minera Alamos. “Our highly experienced Mexican technical team continues to demonstrate the ability to advance concurrently our full portfolio of late-stage gold development projects. Mexico remains one of the world’s premier mine development locations with respect to the timeframes required for permitting of new operations. We now eagerly await similar notifications regarding the Company’s Santana gold project which remains our first priority for construction consideration in 2019 according to the Company’s current development schedule.”

The receipt of a MIA-ETJ permits for the Fortuna project will allow the Company to initiate applications for other state/local permits that will be required in advance of any commercial mine production. These cover activities such as water use and explosives. In addition, the Company can advance discussions with potential contractors related to mining, crushing, construction, etc. The Fortuna MIA-ETJ applications were structured to provide the Company with significant flexibility to further optimize the development approach for the project and the ability to expand the project operations organically once resources are increased.

In advance of a final construction decision, the Company has also initiated discussions with a number of project finance groups that can provide debt facilities complementary to the Fortuna royalty structure arranged with strategic partner Osisko Gold Royalties. The recently completed PEA (see news release dated August 16th 2018) for the project demonstrated an after-tax internal rate-of-return in excess of 90%, a rapid payback of capital of approximately one year and low production costs for an initial 50,000 oz (AuEq) per annum operation (see La Fortuna Gold Project below).

As planning activities are refined in the coming year (2019) the Company will provide regular updates regarding ongoing advancements at the Fortuna project. The PEA identified several opportunities to further enhance the overall project economics and these are currently under review. Included in this list are the following:

  • Additional metallurgical studies to further optimize the gold extraction process and improve overall metal recoveries.
  • A staged plant construction plan (possibly involving earlier use of ore sorting technology) to reduce the initial start-up CAPEX and then expand the facilities once production is underway.
  • Mine planning studies to evaluate opportunities to delay portions of early waste removal until later in the mine life
  • Consideration of more aggressive use of ore sorting to offer additional economic benefits for the project (i.e. plant CAPEX reductions, increased mineable gold ounces, etc.)
  • Trade-off studies aimed at optimizing cut-off grades (with or without ore sorting) and the incorporation of additional milling capacity – the project is permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.

In addition to the engineering activities, the Company is also preparing for some new exploration at the Fortuna project. The footprint of the currently drilled deposit is small compared to the overall land position (6,200 Ha) and a number of other areas of historical mining activity have been identified with most having never been evaluated using modern exploration methods.

La Fortuna Gold Project

Details of potential development plans for the Fortuna Gold project were prepared in an independent Preliminary Economic Assessment (“PEA”) completed by CSA Global Geosciences Canada Ltd (CSA Global) of Toronto, Canada. For a detailed summary of the PEA contents refer to a previous news release issued by the Company dated August 16th2018.

(Note to reader: Unless stated all currency references are in US dollars).

Table 1 – PEA Summary

Pre-Tax NPV (7.5%) $103,800,000 $134,800,000
Pre-Tax IRR 122% 122%
After-Tax NPV (7.5%) $69,800,000 $90,600,000
After-Tax IRR 93% 93%
Pre-Tax Payback Period 9 months
After-Tax Payback Period 11 months
Average Annual Production 43,000 oz Gold, 220,000 oz Silver, 1,000 t Copper (50koz GEO1)
Preproduction Capital $26,900,000 $34,900,000
LOM Average AISC 2 $440/oz $571/oz
Mine Life 5 years
Mill Throughput (avg. tpd) 1,100
Mill Grade & Recovery 3.68 g/t Au (90% recovery)
Gold Price $1,250/oz
Silver Price $16/oz
Copper Price $5,725/tonne
FX Rate (CDN$/US$) 0.77


  1. GEO – Gold Equivalent Ounces
  2. “AISC per ounce” is a non-GAAP financial performance measures with no standardized definition under IFRS; additional reference info at bottom of release
  3. Base case prices for gold, silver and copper were assessed at values approximately 2%-7% below the three-year trailing average prices for each of the metals and below the majority of the publicly available forward looking estimates available as of July 2018

PEA Cautionary Note:

Readers are cautioned that the PEA is preliminary in nature and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.

Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

About Minera Alamos:

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.

The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

For Further Information Please Contact:

Minera Alamos Inc.

Doug Ramshaw, President

Tel: 604-600-4423



NON-GAAP Financial Performance Measures

The Company has included certain non-GAAP performance measures (All-in Sustaining Cost – “AISC”) in this document. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate the Company’s economic performance estimates; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company’s primary business is gold asset development and maximizing returns from future gold production, with other metal production being incidental to the gold production process. As a result, where applicable, the Company’s non-GAAP performance measures are disclosed on a per gold ounce basis. The Company has followed the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.

Caution Regarding Forward-Looking Statements:

This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos’ financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.



ENERGY | DNI Update – Documents Filed with ONE – Signs Updated Binding Agreement with Korea Graphite to Supply Up to 24,000 Tonnes of Graphite per Year Subject to Korea Graphite Finalizing Offtake Agreements with Korean End Users

TORONTO, ON / ACCESSWIRE / November 21, 2018 / DNI Metals Inc. (DNI.CN); (OTC PINK: DNMKF) (“DNI” or the “Company”)

Environmental Licenses

DNI has properly filed the documents for its 100% owned Vohitsara and Marofody graphite properties. The documents were signed off by the Director General, “DG”, of the Mines Ministry, on Friday November 16, 2018, and were filed with the Office National pour l’Environnement Madagascar, (“ONE”), yesterday. All fees were properly invoiced, and the fees were directly wired to the ONE on Monday November 19, 2018.

As per DNI’s press release dated November 8, 2018, a percentage of the capex for the projects must be paid to the ONE.

DNI’s new team was instrumental in successfully completing these tasks.

Updated agreement in Korea

DNI has amended its binding supply letter agreement (“Binding Supply Agreement”), with Korea Graphite Co. Ltd (“Korea Graphite” or “KGL”), a 100% owned subsidiary of Peninsula Mines Ltd (“Peninsula”, PSM), that includes a commitment by DNI to supply up to 24,000 tonnes per year of flake graphite to Korea Graphite, subject to Korea Graphite finalising offtake agreements with Korean end users by July 1, 2019.

Peninsula’s Managing Director and director of Korea Graphite, Jon Dugdale, said, “This amended flake-graphite supply agreement with DNI will assist the Company to secure offtake agreements with Korean flake-graphite end users and will compliment the Company’s flake-graphite resource delineation and development plans in Korea.”

“Peninsula has established strong relationships with Korean end-users that are looking to secure flake-graphite supply for lithium-ion battery anode production as well as for cutting-edge new technologies such as expandable graphite, a non-flammable building cladding/insulation product.

“Madagascar has been producing high-purity, large-flake graphite for over 100 years and DNI’s large-flake graphite deposits are saprolite hosted and close to port.”

The Binding Supply Agreement includes the following terms:

  1. Under the terms of the Supply Agreement DNI will supply to Korea Graphite minimum flake graphite production (“Graphite Production”) as follows:
  2. 500 tonnes of Graphite Production a month from 1 July 2019 (the Due Date) for a minimum period of four months, minimum total 2,000 tonnes;
  3. 1,000 tonnes of Graphite Production per month (12,000 tonnes a year) from 1 January 2020 for a period of six months, total 6,000 tonnes;
  4. 2,000 tonnes of Graphite Production per month (24,000 tonnes a year) from 1 July 2020 for a minimum period of 24 months, total 48,000 tonnes.
  5. The obligations of the parties in relation to the Binding Supply Agreement are subject to Korea Graphite entering into, by the Due Date, one or more binding offtake agreements in Korea for the on-sale of Graphite Production to end-users on the best prices reasonably achievable by Korea Graphite and otherwise on usual commercial terms acceptable to Korea Graphite and DNI acting reasonably (“Offtake Agreements”), and,
  6. the Graphite Production supplied under the Supply Agreement must comply with the specifications as the End Users may specify in their Offtake Agreements.
  7. The purchase prices payable by KGL for the Graphite Production under the terms of the Supply Agreement will be the same as the DNI approved purchase prices payable by the End Users under the Offtake Agreements less 10% of such amounts (which amount is to be retained by KGL by way of a marketing fee). The marketing fee will be split 50:50 between DNI for flake graphite not sourced from DNI’s projects (excluding Peninsula’s Korean projects).

About Korea Graphite:

Korea Graphite is a 100% owned subsidiary of ASX listed Peninsula Mines Ltd (“Peninsula”). Peninsula is an Australian listed, exploration/development company focused on developing opportunities for mineral discovery and production in South Korea. Peninsula is well established in South Korea, having worked in the Country for over five years.

Korea Graphite have tenements and tenement applications in South Korea with fine to large and jumbo flake graphite identified. Peninsula intends to progress these and other projects to JORC compliant resource definition and, potentially, development of mining and flake graphite concentrate production for spherical graphite – lithium-ion (“Li-ion”) battery applications and/or expandable graphite and other markets in Korea.

Peninsula signed a Memorandum of Understanding (“MOU”) with Korean expandable graphite producer, Graphene Korea, in June 2017, which envisages long-term strategic cooperation with respect to offtake of graphite concentrate and development of graphite mining and processing projects both within and potentially outside Korea, e.g. Madagascar.

Peninsula is also engaged in advanced discussions with other flake-graphite end-users in Korea regarding feed for Li-ion battery anode manufacture and potentially large-flake graphite for refractories in the steel making industry.

About DNI Metals

Certain advisors and directors of DNI have significant operational experience at historical hard rock graphite mines in Canada (e.g. Ontario and Quebec) and Australia. Between them, they have built three (3) processing plants and designed two (2) others; all, which were shut down in the 1990,’s due to increased Chinese competition. Keith Minty, a director, previously worked at Cal Graphite near Kearny, Ontario.

It was our team’s understanding of the high production and capital expenditure costs associated with so-called “hard rock” graphite mining that inspired DNI to search for saprolite-hosted graphite deposits.

Certain parts Madagascar and Brazil, produce graphite from weathered material called saprolite.

According to, saprolite is described as:

Soft, thoroughly decomposed and porous rock, often rich in clay, formed by the in place chemical weathering of igneous, metamorphic, or sedimentary rocks. Saprolite is especially common in humid and tropical climates. It is usually reddish brown or grayish white and contains those structures (such as cross-stratification) that were present in the original rock from which it formed.”

DNI owns two permitted, saprolite-hosted graphite deposits in Madagascar; located 50kms from the country’s main seaport. The deposits are located less than two (2) kms from the paved national highway. DNI intends to develop the Vohitsara project, should the economic viability and technical feasibility be established. DNI has not yet established mineral resources or mineral reserves supported by a PEA or mining study (PFS or FS).



Issued: 120,698,403

For further information, contact:

DNI Metals Inc. – Dan Weir, CEO 416-595-1195

Also visit

Forward-looking Statements

This press release contains forward-looking statements, including statements that relate to, among other things, the following: (i) the geological characteristics of the projects; (ii) the potential to discover additional mineralization and to extend the area of mineralization; (iii) the potential to raise additional financing; and (iv) the potential to expand and upgrade the resource estimate of the projects. Forward-looking information is subject to the risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from that expressed in or implied by such statements. Such factors include, but are not limited to volatility and sensitivity to market metal prices, impact of change in foreign exchange rates, interest rates, imprecision in resource estimates, imprecision in opinions on geology, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities, and other development and operating risks, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective”, “hope” and “continue” (or the negative thereof) and words and expressions of similar import. Although DNI believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: DNI Metals Inc.

Base Metals Energy Precious Metals Project Generators

PROJECT GENERATOR | Millrock Announces New Drilling Program at La Navidad Gold Project, Results from El Picacho Gold Project Sonora State, Mexico and General Corporate Update

VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that another drilling program is underway at the La Navidad gold project in Sonora State, Mexico. The program will focus on the northwestern portion of the project. Four holes are planned at the El Tigre prospect, where gold has been detected by soil sampling in the vicinity of historic mine workings. Northwest trending high angle structures appear to control mineralization. Three holes are planned to test the El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) points to the possibility of an intrusion-related gold deposit. In total, seven holes totaling 1,500 meters are planned. The exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).

At El Picacho, a drilling program consisting of 2007.8 meters in eleven holes was recently completed. Only narrow gold-bearing intersections were detected. The table on the following page indicates core sample assay results exceeding 0.1 gram of gold per tonne.

Drill hole # Sample # From (m) To (m) Length (m) Au ppm
P18-001D 526007 8.00 9.00 1.00 0.140
P18-001D 526143 132.00 134.00 2.00 0.188
P18-002D 526394 165.00 166.00 1.00 0.216
P18-003D 526517 70.00 71.00 1.00 0.333
P18-003D 526463 21.00 22.00 1.00 0.377
P18-004D 526694 26.00 27.00 1.00 0.723
P18-004D 526695 27.00 28.00 1.00 0.241
P18-004D 526698 30.00 31.00 1.00 0.206
P18-004D 526699 31.00 32.00 1.00 0.194
P18-004D 526702 34.00 35.00 1.00 0.314
P18-004D 526791 115.00 116.00 1.00 0.123
P18-005D 526956 36.00 37.00 1.00 0.341
P18-006D 527041 1.00 2.00 1.00 0.160
P18-006D 527088 44.00 45.00 1.00 0.116
P18-006D 527100 55.00 56.00 1.00 0.118
P18-007D 527232 82.00 83.00 1.00 2.022
P18-007D 527236 86.00 87.00 1.00 0.152
P18-008D 527429 165.00 166.25 1.25 0.471
P18-008D 527430 166.25 166.75 0.50 5.679
P18-008D 527432 166.75 168.00 1.25 0.183

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the El Picacho and La Navidad drill programs drill core and rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.

PolarX Shares
Millrock recently sold 9,203,968 shares for A$497,014. While Millrock continues to be a strong believer in the Alaska Range Project, from an overall corporate standpoint it made sense to realize some profit, while still retaining significant upside exposure for shareholders. Millrock continues to hold 10,000,000 shares of PolarX and is entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.

Liberty Bell Project
A wholly – owned subsidiary of Kinross Gold Corporation has provided notice to Millrock that it will terminate its option on the Liberty Bell project. The termination will be effective December 8, 2018. Millrock intends to seek another partner to test by drilling the numerous targets that have been developed by Kinross and Millrock over the past two years. Millrock thanks Kinross for the investment it has made and its technical contributions to the project.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a Qualified Person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited. and Sojourn Exploration Inc.


“Gregory Beischer”

Gregory Beischer, President & CEO

Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)

Some statements in this news release contain forward-looking information. 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 the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.


JUNIOR MINING | Metallic Minerals Corp. Completes $900,000 Private Placement Financing

VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals” or the “Company”) announces that it has closed two concurrent, non-brokered private placements resulting in total gross proceeds to the Company of $900,834 through the issuance of 4,039,971 units.  Metallic Minerals will issue 3,415,221 non-flow-through units at a price of $0.22 per unit for total gross proceeds of $751,350, where each non-flow-through unit will consist of one common share of the Company and one-half share purchase warrant. The Company will also issue 622,854 flow-through units at a price of $0.24 per unit for gross total proceeds of $149,485, where each flow-through unit will consist of one flow-through common share of the Company and one-half non-flow-through share purchase warrant.  Each whole warrant (a “Warrant”) will entitle the holder to acquire one common share of the Company at an exercise price of $0.33 for a period of 36 months following the closing date of the private placement (the “Closing Date”).

If, at any time after the Closing Date, the closing price of Metallic Minerals common shares on the TSX Venture Exchange is greater than $0.44 per share for a period of 10 consecutive trading days, the Company may elect to accelerate the expiry date of part or all of the Warrants, at any date that is four months and one day after the Closing Date, by giving notice thereof to the holders of the Warrants. In such case, that portion of the Warrants would be subject to an expiry date that is 30 business days after the date on which such notice is given by the Company.

Proceeds of the Metallic Minerals financings will be used on the Company’s Keno Silver and McKay Hill projects in Canada’s Yukon Territory, and for general corporate purposes. All securities issued pursuant to the placements will be subject to a hold period of four months and one day from the date of closing. The financings are subject to regulatory approval.

“We are pleased to complete these financings for Metallic Minerals which were undertaken concurrently with independent private placements at the two other companies that make up the Metallic Group of Companies, including Group Ten Metals (PGE.V) and Granite Creek Copper (GCX-H.V). In aggregate, the Metallic Group companies anticipate raising in excess of $3 million in new funding despite what continues to be challenging market conditions,” stated Greg Johnson, CEO of Metallic Minerals and Chairman of the Metallic Group.

Mr. Johnson continued, “The Metallic Group founders and team members include a number of highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. Over the past two years the team has been building a platform of exploration companies focused on consolidating large brownfields assets adjacent to some of the industry’s highest-grade producers of silver, platinum group metals and copper. We believe this strategy creates the opportunity for discovery of large, high-quality deposits in these historic and politically stable mining districts through the application of new models and technology by our experienced exploration teams.”

“By acquiring these low political risk, high potential properties in the low part of the metal price cycle, we are creating value for shareholders that would not likely be available during other parts of the cycle. With the acquisition of these key, district-scale assets complete, our experienced teams are undertaking a systematic approach to exploration to facilitate new discoveries in these proven brownfields districts, where existing road, power and other infrastructure may allow for greatly reduced capital costs and faster timelines for development when compared to remote ‘greenfields’ deposits.”

“Based on the geologic target models for each of the Metallic Group companies’ properties, along with the current depressed stage of the metal price cycle, we believe that each of the three companies in the group has the potential for significant growth over the next several years, through the potential discovery and advancement of new resources in the Keno Hill Silver District, Stillwater PGM-Ni-Cu district and Carmacks copper district.  We look forward to reporting results of our 2018 work programs in the coming weeks and months.”

About the Keno Silver Project

Metallic Minerals holds a 166-square kilometer land position in the prolific Keno Hill Silver District; one of the world’s highest-grade silver districts, with 300 million ounces of past production and current resources. Based on the shallow depth of production, recent major discoveries and highly-prospective geology, the district has potential to become one of the world’s premier silver producing regions. Keno Hill has over 100 years of mining and exploration history, yet recent major discoveries demonstrate the excellent potential for delineation of new world-class deposits through systematic modern exploration along the known mineralized structural corridors. With 10 of these known mineralized trends traversing Metallic Minerals’ holdings, the company is focused on identifying and rapidly advancing the most prospective targets toward resource definition. Over past two years, Metallic Minerals has moved from acquisition through to its inaugural field programs with the advancement of three targets to a resource delineation stage, six targets to drill ready stage, and 20 early stage targets identified for assessment.

About Metallic Minerals

Metallic Minerals is a growth-stage exploration company focused on the acquisition and development of high-grade silver and gold in the Yukon. The Company’s objective is to create value through a systematic approach to exploration, reducing investment risk and maximizing the probability of long-term success. In addition to Metallic Minerals’ Keno Silver Project, located in the historic high-grade Keno Hill Silver District, the Company is advancing the McKay Hill Project, a high-grade historical silver-gold producer, northeast of Keno Hill. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. The Company is led by a team with a track record of discovery and exploration success, including large-scale development, permitting and project financing.

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 producers of silver, platinum group metals and copper. Member companies include Metallic Minerals (MMG.V) in the Yukon’s Keno Hill Silver District, Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, and Granite Creek Copper (GCX-H.V) in the Yukon’s Carmacks copper district. 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.

The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.


Website:                                                     Phone: 604-629-7800
Email:                                      Toll Free: 1-888-570-4420

Qualified Person

Scott Petsel, P.Geo, Vice President, Exploration and an employee of Metallic Minerals Corp., is a Qualified Person as defined by National Instrument 43-101. Mr. Petsel has reviewed the scientific and technical information in this news release and approves the disclosure contained herein.

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at

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.

Precious Metals

JUNIOR MINING | ALLEGIANT Completes Red Hills and Hughes Canyon Drill Programs, and Begins Drilling at North Brown, Nevada

VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU:TSX-V) (AUXXF:OTCQX) is pleased to report on the progress of its high-impact discovery drilling campaign.  A total of 6 projects located principally in the world-class gold mining jurisdiction of Nevada are slated for drilling over a 10-12 month period to approximately June 2019; drilling commenced at the Red Hills project in August 2018 (see press release of August 22, 2018) and at Hughes Canyon in October 2018 (see press release of October 2, 2018).

ALLEGIANT completed 2,342 meters of rotary drilling in 9 holes at the Red Hills Project, Nevada in late September 2018.  The drilling successfully intersected its targets – a buried quartz monzonite intrusive, and the Cambrian limestones along the margins of the intrusive. All assays have been received and all holes were negative. Only slight concentrations of base metals and silver were encountered. No further work is planned at Red Hills.

ALLEGIANT completed 2,139 meters of drilling in 12 rotary holes at the Hughes Canyon gold project, Nevada in October 2018.  Drilling was on the pediment along the west margin of the Stillwater Range where bedrock was intersected from 30 to 100 meters of depth.  Ten (10) of the 12 holes encountered hydrothermal alteration hosted by a structurally complex package of Mesozoic sedimentary rocks.  Assay are pending for Hughes Canyon.

ALLEGIANT began drilling at the North Brown project, located on the Battle Mountain Gold Trend in Nevada, in November, 2018.  Rocks exposed at North Brown are Paleozoic carbonate and clastic rocks, largely of Devonian age intruded by variably altered Tertiary dikes.  Surface samples at North Brown ranged from nil to 9 g/t Au. Geochemistry and alteration is characteristic of Carlin-type gold mineralization in Nevada.  North Brown is a new prospecting discovery and has not been previously drilled by any companies.  ALLEGIANT plans 1,900 to 2,000 meters of rotary drilling in the initial phase at North Brown.

Qualified Person

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Mr. Wallace has reviewed and approved the technical content of this press release.

ALLEGIANT owns 100% of 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada.  Six of the projects are slated for near-term drilling and all offer excellent discovery opportunity.  ALLEGIANT’s flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

Further information regarding ALLEGIANT can be found at


Robert F. Giustra
Chairman & CEO

For more information contact:

Investor Relations
(604) 634-0970 or

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

Forward Looking Statements

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding ALLEGIANT’s drilling and exploration plans for its properties, including anticipated timing thereof; and the Eastside project’s resource expansion.  Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in ALLEGIANT’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under ALLEGIANT’s profile at Actual results and future events could differ materially from those anticipated in such statements. ALLEGIANT undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Precious Metals

JUNIOR MINING | Columbus Gold Becomes a Signatory to the International Cyanide Management Code, and Provides Clarity on European Union Legislation for the Use of Cyanide in Gold Mining

VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) — Columbus Gold Corp. (CGT: TSX, CGTFF: OTCQX) (“Columbus”) announces that it is a signatory to the International Cyanide Management Code (the “Cyanide Code”), and also provides clarity on the use of cyanide for gold mining in the European Union. As a region of France, French Guiana is part of the European Union.

Columbus Becomes a Signatory to the Cyanide Code

The International Cyanide Management Institute (ICMI) announced on November 1, 2018, that it accepted the application of Columbus to become a signatory to the Cyanide Code. The joint-venture company, Compagnie Minière Montagne d’Or (44.99% Columbus/55.01% Nordgold), has recently also become a signatory. These are important steps towards acceptability of the development of the Montagne d’Or gold mine, located in French Guiana, France. The Cyanide Code is a voluntary industry program.

By becoming signatories, Columbus and Compagnie Minière Montagne d’Or have committed to follow the Cyanide Code’s Principles and implement its Standards of Practice, and to have a verification audit of operations listed for certification conducted by independent third-party auditors within one year from first delivery of cyanide at the listed operations, and every three years thereafter. Operations will be certified if found in compliance with the Cyanide Code, and will be de-certified if ICMI determines that they no longer comply with the Cyanide Code.

The Cyanide Code was developed under the aegis of the United Nations Environment Program by a multi-stakeholder steering committee. It is intended to complement an operation’s existing obligation to comply with the applicable laws and regulations of the political jurisdiction in which the operation is located.

The European Commission Confirms Sufficient Legislation in Place to Use Cyanide for Gold Mining *

As a result of multiple inquiries recently received by shareholders and stakeholders concerning an alleged ban on the use of cyanide for gold mining in the European Union (which includes French Guiana), Columbus wishes to clarify unequivocally that: THERE IS NO BAN ON THE USE OF CYANIDE FOR GOLD MINING BY THE EUROPEAN UNION. In fact, cyanide mineral processing technologies for gold and silver extraction are currently used in mines in a number of European Union member countries, including Finland, Sweden, Bulgaria, Ireland, Spain and Greece.

For further clarity, a resolution calling for a general ban on the use of cyanide mineral processing technologies in the European Union was proposed to the European Parliament in May 2010. The European Commissioner for the Environment, Mr. Potočnik, rejected the proposal and in June 2010 published the following statement on behalf of the European Commission:

“The resolution of the Parliament calling for a general ban on the use of cyanide mining technologies in the European Union has received the full attention of the European Commission.
After an in-depth analysis of the issue, the European Commission considers that a general ban of cyanide in mining activities is not justified from environmental and health point of views. Existing legislation notably on the management of extractive waste (Directive 2006/21/EC(1)) includes precise and strict requirements ensuring an appropriate safety level of the mining waste facilities. The limit values for cyanide storage as defined in the directive are the most stringent possible and imply in practice a destruction step of the used cyanide before it is stored.
Due to the lack of better (in the environmental sense) alternative technologies, a general ban on cyanide use would imply the closure of existing mines operating in safe conditions. This would be detrimental to employment without additional environmental and health added value.
The European Commission intends to continue to closely follow the possible technological developments in this sector in order to ensure that ‘best available techniques’ are applied in practice as required by the directive.
In addition, the European Commission considers that the priority should be set on ensuring full application of the directive by the Member States. As guardian of the Treaty, the European Commission intends to take all necessary measures within its remit to ensure that the directive is fully and correctly applied in practice.”

The European Parliament reintroduced a proposed resolution for a ban on cyanide in March 2017, to replace cyanide by an alternative process. The European Commission rejected the proposed resolution and responded in September 2017, in the following manner:

“With regard to paragraph 21 calling for a ban on the use of cyanide mining technologies in the European Union, the European Commission would like to point out that the use of cyanide is currently subject to strict conditions under the Extractive Waste Directive 2006/21/EC (Article 13(6)). The European Commission remains convinced that the proper implementation of the Extractive Waste Directive mitigates the risks of accidents and severely minimizes the impact any accident could have on the environment and on public health. The European Commission considers that a generalized ban at the European Union level of these technologies would put the European industry under a disproportionate burden. Based on information available to the European Commission, there is at present a lack of better alternative technologies available at a commercial scale. The European Commission will however keep monitoring the development of such alternatives.”

The European Commission’s conclusions are supported by technical reports released in April 2010 and July 2017.

Mineral Processing Plans at Montagne d’Or

Mineral processing plans at a future Montagne d’Or gold mine call for gravity concentration followed by cyanidation of the gravity tailings and cyanide leaching of the gravity concentrate. The plant design reflects a robust metallurgical flowsheet designed for optimum gold recoveries of 94% utilizing unit operations that are well proven in industry.

The cyanide destruction circuit for detoxification of the cyanide leach residues is accomplished with the industry-standard sulfur dioxide (SO2) / air process. It was demonstrated that cyanide in the leach residue could readily be detoxified to below 10 ppm (parts per million) to ensure that plant tailings comply with European environmental requirements. The plant tailings will be pumped to the Tailings Storage Facility (TSF) with decant return from the tailings embankment returned to the plant as make-up water. Tailings that are in a fully submerged condition will maintain circum-neutral pH with metal and cyanide concentrations below regulatory limits.

For the management of cyanide, the mine design addresses reagent unloading, storage, handling, containment and detoxification of cyanide containing process streams. The cyanide handling area has been located remotely away from offices and workshops, and packaging will be disposed of by incineration. This design approach aligns with the requirements of the International Cyanide Management Code as well as local regulatory requirements for dangerous goods.

* References:


Columbus is French Guiana’s leading gold exploration and development company. Columbus holds a major interest in the world-class Montagne d’Or gold deposit. A feasibility study for Montagne d’Or was filed in May 2017, and the permitting process is currently underway. Columbus is also earning into the Maripa gold exploration project where past drilling has returned excellent near surface results, including 36 meters of 4.3 g/t gold.


Robert F. Giustra

For more information contact:

Investor Relations
(604) 634-0970 or

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding: its plans, or modifications thereunder, to develop Montagne d’Or ; the construction and development plans for the Montagne d’Or gold mine, including anticipated timing thereof; the satisfaction of additional requirements to the construction of the Montagne d’Or gold mine, including but not limited to, the submission and processing of mine permit applications; the delivery of a concluding report from the French joint ministerial task-force for Montagne d’Or; the acceptability of the development of the Montagne d’or gold mine; the mineral processing plans of the Montagne d’Or gold mine, including any anticipated results;  the Cyanide Code certification of operations at Montagne d’Or; and the earning into of the Maripa gold exploration project. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in the Annual Information Form of Columbus Gold Corp., available on SEDAR under Columbus’ profile at Actual results and future events could differ materially from those anticipated in such statements. Columbus undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.


JIM ROGERS | Write It Down — Commodities Are Going To Do Better Than Stocks

Jim Rogers: Write It Down — Commodities Are Going To Do Better Than Stocks

Nov 20, 2018 12:49 pm
By Albert Lu

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Author and investor Jim Rogers believes the time is right to invest in commodities.

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“So much is going wrong all at once,” was the assessment by TrendMacro’s Chief Investment Officer Donald Luskin in a recent research note.
Mike Wilson of Morgan Stanley struck an equally pessimistic tone in his note to clients: “We are in a bear market.”
“While 2018 is clearly not a year of recession, the market is speaking loudly that bad news is coming.”
Some of it has already arrived.
U.S. stocks, led by technology companies, slipped again on Monday in a move that wiped out November index gains. FAANG stocks (Facebook, Amazon, Apple, Netflix and Google (Alphabet)) were hit hardest. In recent months, the quintet of technology companies has lost a combined total of roughly $927 billion relative to the individual 52-week highs — a market cap evaporation approximately equal to Apple’s current value.
Although the sharpest pain was felt in technology, most other sectors joined in the pullback with only real estate and utilities barely avoiding losses.
“[We] think the US/China trade war is at the existential center,” wrote Luskin. Yet despite cautious and at times conflicting language from the White House, Luskin remains optimistic that the prospects for a trade deal are improving. In his view, the recent developments indicate the policy process is “reaching its most productive state.”
Nevertheless, investors hoping for an end-of-year rally are quickly running out of time. To make matters worse, the outlook for 2019 is far from promising.
Jan Hatzius of Goldman Sachs expects economic growth to “slow significantly next year.” He’s not alone.
Of all the market risks, author and investor Jim Rogers is most concerned about Washington, DC: “That’s where the greatest risks are.”
“First of all, we have a central bank that has no clue what it’s been doing and, probably, what it will do in the future. We certainly have an executive, and legislative, branch that has no clue about what they’re doing,” he explained to Remy Blaire in a recent Sprott Media interview.
“When things go wrong, they’re going to make more mistakes. Be careful.”
Chris Gaffney of TIAA Bank World Markets is most concerned about risks to growth.
“The main risk is growth … a slowing global economy. As the Fed continues to raise interest rates, if we start to see a slowdown, that could certainly accelerate. China is of particular interest now.”
The challenge facing investors is the absence of clear alternatives. The stock pullback, which began quietly below the surface, has now engulfed the market’s biggest names. Roughly 40% of S&P 500 stocks have fallen into bear market territory, and now, with mega cap technology names participating in the pain, the major indexes have begun to suffer.
But where can investors seek refuge?
With interest rates still expected to rise, many investors lack confidence in the bond market. At the same time the absolute level of rates, though higher than before, discourages an outright move to cash.
Real estate, a popular alternative, has fared well in recent years. Yet as interest rates rise, particularly on the popular 30-year fixed mortgage, demand suffers — a trend reflected by the recent drop in homebuilder confidence.
Emerging markets provide yet another possibility, albeit a volatile one. The group, which has struggled this year, has outperformed U.S. stocks in recent weeks. The MSCI index of emerging market shares gained 0.5% on the session led by Chinese stocks.
Even Bitcoin, which began its historic run following last Thanksgiving, has offered no relief. The world’s largest and most well-known cryptocurrency shot above $19,000 before returning the entire gain plus an additional 30%. It now sits below $5,000, its lowest level in more than a year. The sharp reversal has been damaging to both crypto-speculators and the technology companies, particularly the semiconductor companies, that helped fuel the adoption.
For speculative opportunities, Rogers suggests looking abroad.
“Just like your parents taught you, buy low and sell high. China’s down 60% from its all-time high. Japan’s down 50% — I’m not buying Japan. I don’t own Japan. Russia is hated — I own Russian shares; I own Russian bonds; I own the currency.”
“There are places that are down, and down a lot. And if your mother was right, these are the places you should be looking.”
In particular, Rogers has been looking to Zimbabwe for opportunity.
“Zimbabwe’s a disaster. A man, in 1980, took over and became a dictator pretty quickly thereafter and proceeded to ruin the country for the next 37 years.”
Now, things are set to change.
“They threw him out last year and I know things are going to change. They may get worse, but I would suspect Zimbabwe is now an interesting place to look.”
Nevertheless, Rogers recommends caution.
“If you can’t find Zimbabwe on a map, if you don’t know where Ghana is, please do not invest in either of those countries. Only invest in what you, yourself, know a lot about. If you don’t know that Ghana has a lot of cocoa and a lot of gold, please don’t pay attention.”
It’s true. These opportunities aren’t for everyone.
Steve Todoruk, an investment executive at Sprott, would rather pass. Nonetheless, he agrees there are some interesting opportunities in West Africa, particularly in the Republic of Mali.
“For very special gold deposits in Mali, I’m prepared to take a certain amount of political risk, but the deposit has to be extra special.”
The general underperformance of commodities relative to stocks may signal a speculative opportunity.
“Sugar, believe it or not, is down something like 80% from its all-time high. [T]here’s not much in the world, in life, that’s down 80% over the past 40 years,” said Rogers.
Regarding oil and the possibility of OPEC action, Rogers added,
“I have learned not to pay too much attention to [OPEC] … if you’re going to figure out the price of oil.”
“Oil is making a complicated bottom. We’re going to look back one day and say, ‘2015, ‘16, ‘17, ‘18, ‘19 oil made its bottom and it went up again.’ … So be careful, don’t sell your oil.”
Gold, the historical alternative, has been surprisingly quiet given the stock market volatility. Gaffney believes dollar strength and rate hiking cycle are primarily responsible.
“Investors really haven’t moved back in to the precious metals as a safe haven. We did expect to see some of that buying occur as this volatility has hit the markets. But there are a number of factors that continue to weigh on the price of gold, mainly a stronger U.S. dollar and interest rate expectations … we do expect the Fed to continue raising rates.”
So, is it time to buy commodities? Rogers believes it is.
“It is the time to buy commodities again. I would say to you, write it down — commodities are going to do better than stocks.”
Roger that.
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PROJECT GENERATOR | Mirasol Announces Aggressive 2019 Exploration Program with Over C$7 Million Spending by Joint Venture Partners

VANCOUVER , Nov. 20, 2018 /CNW/ – Mirasol Resources Ltd. (TSXV: MRZ), (OTCPK: MRZLF) (the “Company” or “Mirasol“) is pleased to update the Company’s shareholders on exploration activities in progress and scheduled at the company’s projects in Chile and Argentina for the coming exploration season.

Mirasol’s President and CEO, Stephen Nano , stated, “The company looks forward to reporting to shareholders the exploration results from what is anticipated to be one of the most active exploration season in the Company’s history, and that will include drill programs on a number of its Au+Ag projects in Chile and Argentina.”

  • Joint Venture partners’ budgets total in-excess of C$7 million confirmed for this financial year (to June 30 th, 2019) for our Au+Ag projects in Chile and Argentina (Figure 1):
  • Nico: The Company has budgeted C$1.51 million to explore this high-grade Au+Ag project where exploration teams are currently advancing target definition, in parallel with permitting for Phase I drilling planned for the first quarter of 2019.

JV partners Newcrest Mining, OceanaGold Corporation and Hochschild Mining have notified Mirasol they have budgeted a combined total in excess of C$7 million for drill programs and extensive surface exploration at Mirasol’s Joint Venture projects in Chile and Argentine this financial year (to June 30 th, 2019).  In Chile, this spend will be directed to testing compelling high sulfidation epithermal drill targets at the Altazor Au project and Intermediate Au+Ag targets adjacent mine infrastructure at the Indra project.  In Argentina our JV partner OceanaGold Corporation has committed C$1.56 million ( US$1.2 million ) through to December 2018 for exploration for the Claudia project and a 3,000 m drill program currently underway at the Curva Au project.

Over the same period, Mirasol will invest approximately C$4.5 million advancing exploration of the Company’s prospective Mio-Pliocene and Paleocene Au+Ag+Cu pipeline projects in Chile and the Nico high-grade Au+Ag project in Argentina.  Mirasol is well advanced with a program of geophysics, geological mapping and detailed geochemical sampling at the Nico project’s Aurora and Vittoria prospects, in preparation for drill testing. In parallel, Mirasol is progressing drill permitting for the Nico project, where the company is targeting a January 2019 start-up for a phase I drill test of the Resolution, Aurora and Vittoria prospects.

Mirasol strong commitment to business development is timely. There is a surge in interest in the Company’s Au+Ag+Cu project portfolio in Chile and in Argentina from companies interested in new JVs.  Expressions of interest are broad based, coming from mid-tier to major producers, as well as private and publicly traded junior resource companies.  The Company’s business development team is focused on completing new joint ventures that will secure further partner funding to advance exploration of the project portfolio. Notably, expressions of interest for potential new joint ventures for the Argentine projects are being received from in-country precious metal producers as well as from companies interested in making new or first-time investments in the country.

Argentina is again experiencing high inflation and has implemented a new temporary export tax to increase government revenues.  Neither event has had a measurable impact on Mirasol’s day-to-day operations as a project generator and exploration company in Argentina . The Company is continually monitoring the investment and operational environment in Argentina and will adjust its activities if conditions adversely change.

Mirasol’s exposure to Argentina is balanced with its activities in Chile where the Company has three active joint ventures and a strong commitment to business development and early stage project exploration, designed to deliver new quality Au and Cu projects to the development pipeline.

Mirasol remains in a strong financial position with approximately C$24 million in treasury as of Q1, financial year 2019 and anticipates receiving in excess of C$1.5 million in option payments and joint venture management fees this financial year, including the recently announced C$650,000 (US$500,000) option payment received from Newcrest Mining when it exercised its Farm-in option at the large Altazor Au project in Chile .

Mirasol invites its shareholders to follow the progress of this season’s exploration via our website (

About Mirasol Resources Ltd

Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age gold – silver district of Santa Cruz Province Argentina .

Stephen Nano , President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano is a Chartered Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM) and is a Qualified Person under NI 43 -101.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

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.

SOURCE Mirasol Resources Ltd.

Precious Metals

BOB MORIARTY | Is Novo about to snatch defeat from the jaws of victory?

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Is Novo about to snatch defeat from the jaws of victory?

Bob Moriarty

Nov 19, 2018

“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena; whose face is marred by the dust and sweat and blood; who strives valiantly; who errs and comes short again and again, because there is no effort without error or shortcoming; who knows the great enthusiasms, the great devotions and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement, and who, at worst, if he fails, at least fails while daring greatly; so that his place shall never be with those cold and timid souls who know neither victory or defeat.” Teddy Roosevelt

Novo Resource shares hit a high of $8.83 in October of 2017, up from $.75 a share on April 1, 2017 and have since declined to a recent low of $1.89. Disappointed shareholders who managed to buy at high prices are now screaming in anger looking to burn someone at the stake. Anyone would do.
After all, when share prices go up, it is always because of the brilliance of the investor and when share prices go down, it must be because of incompetence of management.
I’m writing this piece for the attention of existing Novo shareholders so I will skip a lot of the background information I usually insert to fill in the blanks. I am assuming present stockowners are familiar with the Karratha gold rush and the general Pilbara gold story that Novo has been part of for nine years.
I want to cover all of the major problems that have come to light and to try to explain why they happened and how they have been addressed.
The first giant problem literally goes back to the two high-grade gold samples announced on August 8th, 2017 that lit the fuse for the explosion in the price of Novo that took the value for shares to a record level in less than two months.
As discussed in Novo’s news release dated July 12, 2017, this sample originates from the uppermost horizon of an 11-meter thick sequence of mineralized conglomerate beds.
Results from this testwork are encouraging at several levels.

  • The Steinert XSS T sorting machine proved highly efficient at sorting out coarse gold-bearing rock particles. Although the Sorted Concentrate represents only 2% of the overall sample weight, it contains about 82.6% of gold.  Because this machine proved practical and efficient, Novo sees it as a means of assisting determination of grade of this very unusual mineralization.  Given this machine can operate at about 48 tonnes per hour, Novo also considers it potentially viable for future processing applications.
  • Although the vast majority of gold resides in the coarse fraction, a significant fine-grained gold component is evident.  Although more work is needed to further quantify this fine-grained gold component and its distribution, it may prove meaningful when it comes time to demonstrate continuity and grade of this very unusual deposit.
  • Novo considers the calculated head grade of subsamples #1 and #2, 87.76 and 46.14 gpt Au respectively, very encouraging.  The weighted average grade of these two subsamples, 67.08 gpt Au, which equates to 2.16 oz per tonne.

By accident that press release made a whole series of assumptions many of which proved dead wrong over time. There was one sample taken from Purdy’s Reward that was split and sent to the lab for assay. One half of the split was 87.76 g/t gold, the other 46.14 g/t gold. Call them 3 ounce and 1.5-ounce gold for simplicity.
The release says the samples came from the uppermost horizon of an eleven-meter sequence of mineralized conglomerate and that there was a significant fine grain component of the gold.
When the local small-scale miners were using metal detectors to find gold, they would scrape off an area of conglomerate until they started getting results. Then they would pry out each nugget by use of hand tools.
Whoever took the samples probably did the same thing and used a metal detector to find a sweet spot to take the samples. While the press release says “mineralized conglomerate was collected from a 2×2 meter exposure of bedrock at the bottom of a half-meter deep trench.” That does not mean the sample was 2x2x.5. The samples were only about 270 kilos each so the original sample had to be more like .7 meters by .7 meters by 40 cm.
Because those samples were almost certainly by accident cherry picked they do demonstrate something vital. Many investors believed they were representative of the entire conglomerate sequence and obviously high grade. Even I believed the grade was representative and now we know it clearly was not. And while everyone wanted to believe the gold was at the top or throughout the conglomerate sequence, we now understand that it is at the very bottom of the gravel reef.
On October 3, 2017, I said, “Where is the richest gold? Right! It’s at the very bottom of the gravel right on and in the bedrock.”
While the release was wrong, dead wrong, about where the gold was, the sample did show that if you could locate the 40-50 cm pay zone near the bottom of the conglomerate, you would find the richest gold. Keep that in mind because while Quinton Hennigh managed to solve a puzzle that no one else had in 130 years of small-scale mining not all the issues have been sorted just yet.
Another assumption that was made that proved to be a giant problem had to do with the issue of the small gold component. While it does exist in the samples taken from Purdy’s and Comet Well, it all seems to be associated with the nuggets. What it means is that when you have small gold, you can drill and get representative samples. The gold in the Carlin Trend is microscopic but easy to measure. As I have maintained all along, you cannot measure the nuggety gold, you can only mine it. And since the small gold all seems related to the nuggets, you can’t test this system by drilling.
The Steinert sorting machine seemed to work at first. Novo took the two samples and ran them through the machine. The sorted concentrate took the volume of the material down by 98% and captured 82.6% of the gold. That was a giant success and created a basis for profitably mining the deposit. If the machine was used correctly.
Someone made the decision to crush subsequent samples to 2 mm size and fed the material through the machine. The rock size was far too small and the fine rocks literally blanked out the ability of the machine to X-Ray. So instead of reducing the material by 98% it didn’t reduce it by much at all. The first machine belonged to another company and the tests after that were run through another machine. Everyone assumed the machine wasn’t calibrated correctly and that’s why it didn’t work but in fact months later someone realized the machine isn’t designed to work with small material.
It wasn’t the machine settings that were wrong; it was the crush size of the rock. Naturally by then all of the samples taken had been crushed to 2 mm making the samples worthless. It was 100% human error, it was corrected and Novo now knows better. It also happens anytime you start thinking outside the box.
But Novo had to determine not only the grade of the gold but where it was located in the sequence so they brought in the water well drill. It was a disaster because they needed to know exactly where in the conglomerate layers the gold was and the machine chewed everything up. They tried it, it didn’t work and they went to bulk samples.
SGS proved to be another problem area. There was miscommunication on both sides with lots of blame to assign if that is what rings your bell. It has been sorted and SGS now has the ability to process the bulk samples the way Novo needs them done. I would say the relationship was at times flawed but it has been repaired.
I just got back from a weeklong trip to Karratha and Egina. While I am a shareholder and no more happy than any other shareholder at the decline in share price, what I saw and what I learned totally changed my outlook.
Exploration is not mining. It is expense, not profit. Mining is mining. With a now massive 12,400 square kilometers land position Novo is poised to have one of the world’s largest gold deposits. I won’t even come up with a number, anything you say would be absurd but they have a giant land position containing a lot of gold. They added over 1,000 square km around Egina and that was really interesting.
In 130 years since the discovery of gold in the Pilbara, it never occurred to anyone that the whole place is mineralized. While Quinton focused on picking up as much of the conglomerate formations as possible, believing that the basal cover had preserved what had been nothing more that a giant placer deposit now morphed into hard rock, much of the conglomerate has eroded away. So where did that gold go?

Eroded conglomerate sequence

Around Egina has a lot of it. And we panned tailings left over from the miner who has been working one of the two mining leases granted and permitted. We found a lot of small gold. Since it came from somewhere it infers that the surrounding conglomerate rocks could be drilled with conventional drilling. You wouldn’t be able to measure the nuggets but you could measure the small gold component.

Aerial of existing mining

Egina Mining

Bob panning Egina gold

Panned gold from Egina

Small gold component from Egina

And in a giant leap forward for the company, Novo tested a sorting machine from Tomralate last week. Initial tests show a reduction of mass of 99%. It appears to work with both the hard rock from Karratha and the alluvial material similar to around Egina. The machines have a high capacity potential of up to 1000 tons per hour.
Let me explain why that is so important, in fact, game changing for the entire mining business not just for Novo.
The best information we have so far is that there is a 40 cm reef of nuggety gold located near or on the contact with the lower unit and the grade of that reef is about 25 g/t.
40 cm would be similar in nature to a high-grade narrow vein system. Those aren’t popular with mining companies. Mining companies want bulk processing. But if you could take 4 meters of material now averaging 2.5 g/t gold you would have a simple solution to mining. But every ton of rock processed through a plant costs the same no matter what the grade. So plant engineers prefer 25 g/t gold to 2.5 g/t gold, all else being equal.
If Novo can reduce the bulk of the material by 99% they turn 4 meters of 2.5-g/t material into 250 g/t gold material with only 1% of the volume. That’s direct shipping ore and reduces the very real risk of gold flying away into the pockets of those who spot it.
To crack the code of the Karratha and Egina gold mystery requires two things. 1. You have to think far enough outside the box to come up with a viable concept and 2. You have to think outside the box far enough to come up with a way to mine and mill the gold at a profit while maintaining security.
In 130 years since the discovery of gold in the Pilbara conglomerates and also in alluvial material only one person has managed to do that. That would be Quinton Hennigh. He will go down in history as the John Mackay of the Comstock Lode and the Cecil Rhodes who managed to consolidate the Kimberly diamond pipe small claims into one and formed De Beers to control both the supply and the price of diamonds.
As someone has repeated again and again, this is not a conventional deposit and cannot be approached in a conventional manner. If it were conventional it would have been mined as one of the two biggest gold discoveries in history similar in both grade and tonnage to the Witwatersrand in South Africa. However it has taken 130 years for someone to put it together.
George Mehri of Kairos took Quinton and I to see their ground just south of Egina where he is heading the exploration program last week. We saw a 40×50 meter patch of ground that he went over with a metal detector and found over 10 ounces of gold right at surface. No one has any idea of what that means or where the gold came from or why it’s there. We are all just scratching our heads.

George’s nugget patch

What people need to think about is that there is a lot of gold in Karratha and Egina and within the Pilbara. Much of it we have no clue as to how it got there or even why it’s there. This project is a work in progress and many questions may never be answered. But there is a lot of gold there and Quinton is figuring out how to extract it at a profit.
The chorus of observers screeching for the blood of the combatants has gotten shrill. But while picking nits they are ignoring what is right in front of them. Let’s look at the minimum value of just Beaton’s Creek. Novo has defined about 700,000 economic ounces of oxide gold near surface. It wouldn’t take much of a leap to figure out there is an easy million ounces there. But let’s stay with the 700,000 ounces we can measure. At a market cap of $283 million USD today, that would be a value of $400 an ounce. Deals are done all the time for more than that.
In other words, Beaton’s Creek all by itself is a floor under the value of Novo shares.
But let’s look at potential upside. Pretend this is a conventional deposit with easy to drill and measure gold.
Novo has drilled 210 core holes at Purdy’s and Comet Well. They were short holes. All of the 210 holes intersected conglomerate. What would be the value of Novo shares if every one of those 210 holes assayed 2.5 g/t gold over four meters? It would be recognized as one of the great gold finds of history and the value would be in the billions because the market would recognize there are another ten thousand square km with exactly the same potential.
But it’s the same grade and quantity of gold no matter if you can easily measure it or not.
Mackay and Rhodes thought outside the box. You may safely assume a lot of people were green with jealousy and sought to undermine them at every turn. Not because of their failures which were legion but because of their successes.
Novo shareholders are being called on to vote in the AGM scheduled for the 5th of December. It’s the standard stuff with nothing exciting except the possible reelection of the six directors.
There are six directors at present, Quinton Hennigh, Chairman, Rob Humphryson, CEO, Michael Barrett, Akiko Levinson, Greg Gibson and Eric Sprott. The first four are friendly to Quinton Hennigh and Greg Gibson works for Eric Sprott.
At present Eric Sprott controls about 28% of the vote directly and through Kirkland Lake.
I want to make one thing perfectly clear. Eric Sprott is a businessman who makes money or loses money by investing his money in companies. He is totally a good guy and I have never heard anything bad about him. I have zero conflict with him on any basis, other than me trying to figure out just how gold was suppressed from $252 to $1923.
What I’m about to write is not based on inside information or anything I’ve heard or even anything I suspect. It is only what I fear.
Eric Sprott has to belong to the herd of shareholders who are pissed. On the chat boards it’s clear that Rob and Quinton are blithering idiots. Drawing and quartering are too good for them because they made the shares go down all by themselves.
Give me a break. We are in a bear phase of the gold market and everything is down.
If you like to use the Sprott PSLV as a contrary indicator for the market, recently it hit an all time low with a discount over 5%. I used the same indicator to say we were at a top in April of 2011 where I correctly called the top in silver to the day. Now it’s saying we are very near or just past a bottom.
I managed to pick up a little silver at $14.02 and I really wish someone would suppress it down just a little more so I can load up the boat.
This is an unconventional deposit. It has to be approached in an unconventional way. Quinton is trying to herd cats, juggle eggs and tap dance all at the same time. I’m not convinced that throwing rocks at him is really going to help things.
Eric Sprott has all the right in the world to vote his 28% of shares in Novo any way he wishes. But what I fear is that he might want to treat this as a conventional deposit and all he needs to do is tinker a little bit in his best interest and make things right.
This is not a conventional deposit. For all the screw-ups and miscommunication, Quinton and his brilliant crew have made amazing progress. Egina is a game changer beyond belief. I won’t even suggest what I think the grades are going to be but he has two of the smartest and most experienced alluvial experts in the world testing the resource today and designing a processing plant that could be actually mining in the Australian fall, our spring. We will be seeing grades before the end of the year and once I have numbers I can take to the bank, I will comment on what they mean.
Nobody knows this but Quinton and me but when we went to Perth and then into the field in June of 2009 before Novo was even born, Quinton had three kids in college and didn’t have a pot to piss in. He paid his airfare but I contributed to the expenses in both New Zealand and the Pilbara basin work. I know this project, the problems and the potential better than anyone outside the company.
By reasonable terms Quinton is rich today from his investments in both Novo and Irving Resources. Normally when Eric Sprott wants changes in a company everyone is quaking in their boots in fear of losing that paycheck.
Quinton doesn’t need the paycheck and at some point he will conclude he doesn’t need the aggravation. If he leaves, Rob Humphryson leaves. And if for any reason Rob Humphryson leaves, Quinton leaves. And if they both leave, Eric Sprott will learn the meaning of Jingle mail because when the last person leaves the office after shutting off the lights, they will mail him the keys to the door so he can run Novo any way he wants. People work for Novo because they love working with Quinton and know the challenge of developing another Witwatersrand deposit.
I’d just hate to see that happen. There are lots of people in the industry and on the chat boards that all believe they are smarter than Quinton Hennigh but I can assure you it just isn’t so.
What I fear is that Eric Sprott will crap in his own lunch bucket by voting his shares to WITHOLD the three Quinton friendly. Then there are two people voting the way Eric wants and one voting the way Quinton wants.
While Eric Sprott owns and controls 28% of the shares, he does not own and control 72% of the shares. If he takes total control of the board he is going to do what is in what he sees as his best interests. Quinton on the other hand is responsible for acting in what he sees as the best interests of 100% of the Novo shareholders. And as bright as Eric Sprott and his people are, Quinton unlocked a mystery that was 130 years old that no one else figured out.
For the next year or so he alone can run the ship. When I was in the service, we had a saying, “no matter how big or how small a ship is, there is only room for one captain.” Before taking action I suggest Eric ponder the ramifications of whatever he does.
So when I get my proxy form, I am going to vote for all of the current members of the Board except for Greg Gibson. I have nothing against Greg but I think that Eric Sprott needs to understand that there are a lot of shareholders who don’t think they are smarter than Rob Humphryson and Quinton Hennigh and they would like them to stick around as the fat lady warms up in the wings.
I don’t think for a minute my vote will change anything but if a lot of other shareholders vote as I do, it will send a clear message to Eric about what people think of the value of Quinton and his team.
For all the people who believe Quinton and team have fucked up, you haven’t seen anything yet. Bring in a bunch of conventional mining guys. Once they figure out where the light switch is in the office it will take them 18 months just to determine where the projects stand today. It will be the biggest Chinese fire drill you have ever seen with conventional thinking on an unconventional deposit. I’ll be quite content to dump my shares at a nice profit and sit on the sidelines throwing rocks at every error they make.
It might be a good idea for Eric to think about the difference between being involved and being committed. It’s a lot like the difference between ham and eggs. The chicken, she’s involved but the pig, he’s committed.
If Eric takes control of the board, he will set the 2nd Pilbara gold rush back five years. All the good will Quinton has built within the Australian mining community and with the native corporations will evaporate before the light has left the room after the switch is turned off.
I like Eric a lot and I’d hate to see him tinker with something actually working quite well. Anyone not making mistakes is not making enough decisions. It’s only a sin when you keep making the same mistake again and again. Quinton doesn’t do that.
Novo Resources
NVO-V $2.28 (Nov 16, 2018)
NSRPF $1.73 OTCQX 162.3 million shares
Novo Resources website
Bob Moriarty
President: 321gold

321gold Ltd

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