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Russ Winter

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  • Exeter Resource: A Takeover Candidate With A More Feasible Mine Plan [View article]
    At today's enterprise value, XRA is barely trading north of the water discoveries it found on it's site. Kinross has now sold the Fruta del Norte gold project in Ecuador to Canadian Lundin family for $ 240 million. That should free up a few bucks to scarf XRA and VIT.
    Oct 22, 2014. 12:38 AM | Likes Like |Link to Comment
  • Update: Luna Gold Is Exploring 'Strategic Alternatives' - Shares Plummet [View article]
    Sandstorm Gold's CEO Nolan Watson said this on the company's 2Q quarterly earnings call, in regards to Sandstorm's large ownership in Luna Gold:

    "We have had questions on what our exit strategy for share position is. We believe that one day and probably sooner rather than later, the Aurizona projects will be a part of a larger company due to the mergers and growth or through the sale of Luna to larger company, at which point that would be a natural exit for us." (Source: Q2 Transcript).
    Oct 12, 2014. 02:19 AM | 1 Like Like |Link to Comment
  • Update: Sabina Gold & Silver Shows Progress At Its Back River Project [View article]
    The SBB economics will improve materially in the 1H 2015 feasibility. These are my notes on company from Denver gold forum;

    Totally agree about Victoria, barely trades above cash.
    Oct 11, 2014. 06:32 AM | Likes Like |Link to Comment
  • Update: Luna Gold Is Exploring 'Strategic Alternatives' - Shares Plummet [View article]
    LGC is largely through a $63 million Phase I expansion to bring production to 135,000 oz and lower cash costs. Procurement and engineering is complete, and they were about half way through construction when the delay was put on. Finishing this would be $25 million and is not some grand capex project. LGC is barely leveraged and the issue was not overly technical.

    Somebody could finish this and not even break a sweat. As project completion goes this is very low hanging fruit. There is absolutely no way LGC should be trading at a $65 million enterprise value. Almost all "selling" Friday came from "anonymous" 2 million shares of indiscriminate dumping out of 142 million outstanding. On Canadian exchanges "anonymous" to me = gaming.

    My notes on Luna from Denver gold forum:
    Oct 11, 2014. 06:26 AM | 1 Like Like |Link to Comment
  • Update: Iamgold's Q2 Earnings [View article]
    Good review, however I do not consider Suriname and Burkina Faso to be high risk jurisdictions. IAG has some excellent initiatives there that I covered in this write up.
    Aug 14, 2014. 03:18 AM | Likes Like |Link to Comment
  • Russian Gold Reserves Increase By A Massive Amount In April: Could Russia Cause Chaos In The Gold Market? [View article]
    A Multi-Polar World Has Arrived:
    May 23, 2014. 10:50 AM | Likes Like |Link to Comment
  • Allied Nevada Gold - After Osisko, Allied Nevada Is A Prime Takeover Target [View article]
    The project is scalable, they could go to 60,000 tpd for $900 million. The extra $422 million gets them to 120,000 tpd.

    These capex numbers are several years old. In listening this week to the European Gold Forum companies are mentioning costs coming down. To quote Torex, who is building El Limon in Mexico, "cost wise, it is a good time to build a mine."

    I think ANV has been the victim of a mindless, vicious short attack. 31% of the float has been shorted. A takeover would teach these wild men a real Beavis and Butthead "learning life's lessons".
    May 10, 2014. 12:12 AM | 5 Likes Like |Link to Comment
  • Recent Developments At Allied Nevada Make A Buyout More Likely [View article]
    West Kirkland will need to finance and raise money, but the management involved is hardly a fly by night:

    Directors and Management Track Record
    • Founders/Leader of several successful companies
    Platinum Group Metals, MAG Silver, West Timmins Mining, Imperial Metals

    • Financiers
    Created over $1.2 Billion in shareholder value
    In 2013, Platinum Group Metals closed 2 of the 3 largest mining financings
    on TSX: $180 million Jan 4; $175 million Dec 31

    • Builders
    Currently building WBJV Platinum Mine (S. Africa)
    Building Red Chris Mine (BC)
    Permitted and built Shafter Mine (Texas)
    Snap Lake (NWT)

    • Operators
    Sterling Mine (Nevada)
    Huckleberry (BC)
    Mount Polly (BC)
    Jan 30, 2014. 03:10 AM | 2 Likes Like |Link to Comment
  • Open Letter To Gold Investors: Will The Real Manipulator Please Stand Up? [View article]
    You might if you thought the manipulators were speculative slingers who we going to have their heads handed to them.
    Jan 13, 2014. 12:37 PM | 3 Likes Like |Link to Comment
  • Gold's Flash Crash: Fat Finger Or Panicked Shorts? [View article]
    Agree 100%, these short selling slingers are running out of rope.

    See: Will the Real Manipulator Please Stand Up.
    Jan 8, 2014. 07:37 AM | Likes Like |Link to Comment
  • Trouble With U.S. Foreign Reserve Creditors [View article]
    The June 30, 2013 maturity data is not out yet. They are rather slow with this.
    Jan 7, 2014. 12:30 AM | Likes Like |Link to Comment
  • In Bed With Wall Street: A Book Review [View article]
    Thumbs up for getting the word out on this important book.

    The solution unfortunately won't come until there is a systemic breakdown followed no doubt by "soccer stadium" justice.
    Jan 4, 2014. 10:39 AM | 1 Like Like |Link to Comment
  • Demand For Silver Going Up In China [View instapost]
    Perhaps the cost of fabricating and shipping 100 oz silver bars of silver isn't quite as lucrative as gold bars?
    Jan 4, 2014. 09:19 AM | 1 Like Like |Link to Comment
  • Chesapeake Gold's Metates Project Needs A Much Higher Gold Price [View article]
    The capex won't be that high, as the FS is looking at a staged 60,000 tonnes start with the other 60,000 tonnes financed out of cash flow. There is also likely to be a dedicated NG pipeline to drive down costs. PFS was conducted as peak of mining development cycle when there were surcharges for everything. Costs are coming down.

    Metates will be a very long life mine, the stated 25 years barely scratches the surface. Randy Reifel in the past has sold his projects ( El Sauzal and Marlin ), and doesn't develop them. He considers himself an explorer not a mine operator.

    The enterprise value (market cap-cash) is only $90 million, which already more than discounts 1200 POG and 20 POS from now to kingdom come.
    Jan 4, 2014. 01:36 AM | 3 Likes Like |Link to Comment
  • Asanko Gold Is A High-Risk Deep Value Play With Many Short-Term Risks [View article]
    Pro forma Asanko will have $280 million cash against 172.0 million shares. That's $1.63 cash per share, valuing the combined mining assets at next to nothing.
    Jan 2, 2014. 09:15 AM | Likes Like |Link to Comment