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Recapping recent resource sector news

Cory
December 21, 2016

Sine Gwen Preston, The Resource Maven follows the resource sector as closely as anyone I know I have been bringing her on the show to discuss some of the key news. This week we discuss the higher than usual number of financing taking place in late December, a new potential precious metals district in Mongolia and the updated drill program from Osisko Mining.

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Click here to visit Gwen’s site.

Discussion
33 Comments
    CFS
    Dec 21, 2016 21:59 AM

    Just when we think the Italian banking system has the biggest problem….

    Spain Banks Hit By EU Court Ruling On Unfair Mortgage Rates
    By CIARAN GILES and ARITZ PARRA – Associated Press – 5 minutes ago
    MADRID (AP) — Spanish banks are facing the prospect of having to pay back several billion dollars to clients following a European Court of Justice ruling Wednesday over mortgage agreements that insured that interest rates did not fall below a certain level.

    The decision overruled one by Spain’s Supreme Court in 2013, which annulled so-called ground clauses applied by Spanish banks but exempted the banks from repaying money made on the contracts up to that year.

    The clauses set a minimum interest rate, meaning customers could not benefit when official rates dropped beneath that level. They started around 2009 as the financial crisis struck.

    The European Court said a capping date for reimbursements was incompatible with EU law, meaning the banks will have to make repayments from 2009.

    Spain’s International Financial Analysts group estimated banks may have to pay 4.5 billion euros ($4.7 billion).

      Dec 21, 2016 21:09 AM

      CFS;

      That easily could be the straw that breaks the camel’s back. We know what is coming and maybe it’s right around the corner. Between the Spanish and Italy we have a problem.

        Dec 21, 2016 21:53 AM

        First time in a long time, Robert, that you have agreed with me!

          Dec 21, 2016 21:32 PM

          Al, Bob and you only disagree on political issues and usually not financial ones, remember it was the failure of an English bank ” The Hatry Group” that caused the financial meltdown of The Great Depression. DT

    CFS
    Dec 21, 2016 21:09 AM

    Avino drills 44.3 m of 2.08 g/t Au, 29 g/t Ag at Avino

    2016-12-21 09:26 ET – News Release

    AVINO SILVER & GOLD MINES ANNOUNCES RESULTS FROM ITS CURRENT EXPLORATION DRILL PROGRAM BETWEEN THE SAN LUIS WORKINGS AND ELENA TOLOSA WORKINGS AT THE AVINO MINE

    Avino Silver & Gold Mines Ltd. has released the following results from the first eight holes of its current drill program at the main Avino mine located on the Avino property, 80 kilometres northeast of Durango, Mexico.

      Dec 21, 2016 21:31 PM

      I was about to post the same thing 🙂

      “We are encouraged by these initial and positive drill results in the gap area between the San Luis workings and Elena Tolosa, and that the results support the continuation of the extensive Avino Vein system. This new gold rich area contains at least two sections with continuous significant gold assays.”
      – – David Wolfin – President & CEO Avino Silver & Gold Mines Ltd.

      Here is the link for anyone that wants to read the press release:

      http://www.avino.com/s/news.asp?ReportID=774072

      Thanks CFS.

    CFS
    Dec 21, 2016 21:15 AM

    To follow up Ms. Preston’s comments:

    Osisko Mining adds 250,000 m to Windfall drill program
    2016-12-19 09:17 ET – News Release
    OSISKO INCREASES DRILL PROGRAM AT WINDFALL BY 250,000 METRES

    Osisko Mining Inc. is increasing the scale of the continuing drill program at its 100-per-cent-owned Windfall Lake gold project located in the Urban township, Quebec.

    Since late October, 2015, Osisko has drilled approximately 115,000 metres as part of an originally announced 50,000-metre program (expanded twice to the current 150,000-metre drilling campaign) on the Windfall Lake gold deposit and surrounding exploration targets in Urban and Barry townships. Exploration success in the initial 150,000-metre program has included:

    An upgraded geological interpretation of the Windfall deposit which is leading to a significantly expanded and still growing footprint for the previously known area of mineralization;
    The discovery of several significant new zones of mineralization (including Wolf zone and the recently announced new shallow high-grade zone (known as the Lynx zone) discovered on the 600-metre extension fence);
    The recently announced 600-metre northeast extension of the main corridors of mineralization (Caribou, zone 27, Wolf and Underdog);
    Two new discoveries in the surrounding area (Fox and Black Dog).
    Additional drills have also recently commenced regional exploration on a bank of exploration targets developed from grassroots exploration over the past year.

    The new 250,000 metres of drilling will assist the corporation in further exploring and defining the known mineralization within the main deposit area and the recently discovered northeast extension area. The corporation’s objective is to maximize the level of information to be included in an anticipated initial 2017 resource update.

    Osisko continues to work toward permitting for extension of the ramp into the Windfall deposit, with a view to starting underground exploration development in the second half of 2017.

    The Windfall Camp expansion has also been recently completed, with new accommodations, core logging areas and other facilities for the approximately 100 people currently working at site.

    Osisko recently completed a $14-million financing directed to the continuing programs at Windfall. The corporation is well financed and currently has over $90-million in cash and over $40-million in marketable securities.

      Dec 21, 2016 21:53 AM

      Thanks CFS

        Dec 21, 2016 21:31 PM

        That was a great interview. Urban Barry is being toted as Quebec’s next gold camp.
        Osisko Mining is the big dog,and for good reason.Gwen mentioned Bonterra,also keep an eye on Beaufield,BFD.V,Mentanor,MTO.V,Toma Gold,LOT.V,Urbana,URB.TO. Once Osisko gets done drilling and advances the project ,these other company’s start looking real good.

      Dec 21, 2016 21:20 PM

      Big thanks to CFS for pointing out this interview yesterday hosted by Jay Taylor, with Dan Oliver, Michael Oliver, Gwen Preston, and Eric Coffin. Very interesting interview!
      ______________________________________________________________________________
      Is Trump Destined to Mirror the Hoover Depression?
      December 20, 2016 – Hosted by #JayTaylor

      Episode Description

      ” #DanOliver #MichaelOliver #GwenPreston and #EricCoffin return. Drawing from Roman history, Dan was one of the few financial analysts who predicted a Trump victory. But be careful what you wish for, Mr. Trump, because in many ways, you are inheriting a mess similar but exponentially greater than that inherited by President Hoover. Can Trump avoid the same outcome? Dan will opine.

      Michael will provide his usual momentum and structural insights into the markets while Gwen and Eric share the microphone (at 15 minutes and 50 seconds) to tell us about some of the exciting Gold and Silver mining companies that will be exhibiting at (MIF) Metals Investor Forum in Vancouver on January 20th and 21st. We will also ask Gwen and Eric for their views on the state of the gold markets and if there are any other metals markets they think look attractive as we enter 2017.”

      https://www.voiceamerica.com/episode/96358/is-trump-destined-to-mirror-the-hoover-depression

    Dec 21, 2016 21:24 AM

    “Why Invest In The Monetary Metals and Their Miners If They Won’t Defend Themselves?”, by Chris Powell of GATA

    By Turd Ferguson | Wednesday, December 21, 2016 at 9:06 am

    Echoing some points we’ve made here recently, today GATA Secretary/Treasurer Chris Powell slams the pathetic rock-breaker CEOs of mining companies for failing to understand the forces aligned against their companies. In doing so, these short-sighted geologists harm not only their companies and employees but their shareholders, too.

    Please be sure to read Chris’ post AND please be sure to support GATA as they are an indispensable ally in the fight against the corruption and fraud of The Bullion Banks and their co-conspirators in government and the media.

    http://www.tfmetalsreport.com/blog/8058/guest-post-why-invest-monetary-metals-and-their-miners-if-they-wont-defend-themselves-chri#comment-592603

    CFS
    Dec 21, 2016 21:25 AM

    Columbus beefs up takeover defenses:

    2016-12-21 10:43 ET – News Release

    Robert Giustra, Donald Gustafson, Gil Atzmon, Oleg Pelevin and Peter Gianulis were re-elected as directors of Columbus Gold Corp. at the 2016 annual and special meeting of shareholders held yesterday, Dec. 20.

    In addition, shareholders approved the adoption of a new stock option plan, compliant with Toronto Stock Exchange requirements, and the implementation of a shareholder rights plan. For particulars of the rights plan, see Columbus’s news release dated Dec. 2, 2016. The rights plan will remain in effect until the close of the annual meeting of shareholders in 2019. A copy of the rights plan is available on SEDAR.

    CFS
    Dec 21, 2016 21:40 AM

    A billion here and a billion there, and all of a sudden debt buries your successor…

    Energy Dept. Offers $2B Loan To Carbon-Storage Project
    By MATTHEW DALY – Associated Press – 28 minutes ago
    WASHINGTON (AP) — The Energy Department said Wednesday it is offering a conditional, $2 billion loan guarantee to capture and store carbon dioxide at a planned Louisiana methanol plant, a new element of the Obama’s administration’s strategy to slow global warming.

    The Lake Charles Methanol plant will use petroleum coke, a byproduct of oil refining, to make methanol, a chemical used in products such as paint, glue, plastics and formaldehyde.

    The captured carbon dioxide will be piped to oil fields in Texas, where it will be used to speed up oil production.

    The loan guarantee is the first to be offered under an advanced energy program to help promising technologies that are unable to secure private investors.

      Dec 21, 2016 21:22 AM

      CON GAME……..carbon credit…..and Obamy will most likely get a kick back on any deal.

        Dec 21, 2016 21:25 AM

        DOE…..was created for the benefit of big oil…….against ethanol under the Reagan administration, any creature created will have to have the blessing of big oil

    Dec 21, 2016 21:57 AM

    Thanks,CFS

      Dec 21, 2016 21:11 AM

      CFS:

      And why do you think they cannot secure private investors?

        CFS
        Dec 21, 2016 21:44 AM

        Precisely!

        And Obama has a charitable trust set up!

        Dec 21, 2016 21:52 AM

        Mr Moriarty:
        This is kinda off topic,but I would like to hear your opinion. I have finally come around to your assessment that all markets are manipulated.The question being why? Naomi Prins pretty much has said that the price of gold doesn’t matter,but the contracts are manipulated for the purpose of power. As in,He who has the gold has the power. Any thoughts on that or am I still missing the point ?

          Dec 21, 2016 21:19 PM

          John K:

          There are web sites who have made their fortune over the past 17 years claiming that (1) gold is manipulated and (2) the price of gold is suppressed. Well, all financial markets are manipulated and it’s really no big deal.

          If you don’t like HFT, don’t buy any stocks because they are all manipulated for pennies per share via HFT and the SEC could care less. If you want a totally free market, move to Zimbabwe, it’s the closest to a free market you will ever find on earth.

          If you go to the magnificent charting site created by Nick Laird, you can find a chart of all commodities since 1950. Gold is up the most followed closely by silver. If gold is manipulated and suppressed, it’s meaningless. All those claiming that manipulation is meaningful are by definition saying that supply and demand no longer work.

          And if you go to Amazon, for three bucks you can read one of the best investment books you will ever read. It’s called Nobody Knows Anything and at the end you will agree it’s money well spent.

          When the banks collapse and that could be soon, you will want something very real in your hands. It could be wheat, it could be oil, it could be copper but you will probably find gold works better than any of the alternatives.

          For Nick Larid’s site go here and at least try a trial subscription.

          http://www.goldchartsrus.com

            Dec 21, 2016 21:45 PM

            Thanks Mr. Moriarty:
            I’ve bought and read both your books. Having served in the Air Force, I thoroughly enjoyed “The Art of Peace” I even found time to finish “Extraordinary Popular Delusions and The Madness of Crowds.”per your recommendation.That being said, I’m still trying to get my arms around the correlation with gold and the Japanese Yen.

            Dec 21, 2016 21:52 PM

            John K:

            You should tell the others on the board what you think about both books. Few here have read them.

            Dec 21, 2016 21:11 PM

            Mr Moriarty:
            Any thoughts on the Yen/gold correlation ?

            b
            Dec 21, 2016 21:17 PM

            I read Bobs book, Knowbody Knows Anything, its great.
            “madness of crowds” makes good observations for sure, but geez….
            Bobs book is much better written. Far more enjoyable.

            Dec 21, 2016 21:23 PM

            Bob’s latest book is to the point or can be for some people. He writes like he speaks and for me that is the hallmark of good writing. DT

            b
            Dec 21, 2016 21:35 PM

            https://youtu.be/ScIoz_wTO0c

            A Bob M interview, I think its Dec 21? maybe not, only date I could see.
            First time Ive heard it anyway.
            Always good to hear from Bob. 18 mins.

            b
            Dec 21, 2016 21:50 PM

            Bob Mentions some pretty astute observations in the interview, one thing he says is when the Italian banking implodes that could be the end of the EU and/or Euro, I know people dont appreciate him, but Birds prediction was gold explodes when the Euro does.

            Forget the personality, that was smart, it equals a good idea to hold gold, pretty simple really.
            I know I know, everybody here saw it too, but Bird was the guy that wrote a great deal about it.

            Just out of interest, I watched a Jim Rogers interview from Nov 2016, he mentions he was buying U.S. dollars, figured a bubble could develop.
            As usual, he was ahead of the curve.

            Dec 21, 2016 21:54 PM

            John K:

            I don’t know why the Yen and Gold are in lockstep but clearly they are.

    Dec 21, 2016 21:43 AM

    Did You here about the new dress shoe for Donald Trump organization ?? Its going to be flipflops !!! best of health and wealth to you all S

      GH
      Dec 21, 2016 21:57 AM

      Maybe I’ll apply for a job!

    Dec 21, 2016 21:45 PM

    Wish DOC was on! Check out how tight those Bollies are on the daily GDX! Like a scared sphincter muscle! Which way she gonna break Doc!?

      Dec 21, 2016 21:32 PM

      Check out the ASM press release up above wild man….