Gold has traded in a range of $1,414 to $1,433 so far today…as of 8:30 am Pacific, the yellow metal is near its high of the day at $1,429 for a gain of $14 an ounce…Silver is $1.01 higher at $35.24….the greenback is slightly weaker with the U.S. Dollar Index at 76.47…the U.S. economy added 192,000 jobs last month, the largest gain since last April but in line with expectations, while the unemployment rate fell to a two-year low of 8.9%…the private sector accounted for all the job gains in February with state and local government slashing 30,000 jobs…service industries expanded last month at the fastest pace since 2005 while manufacturing grew at the fastest pace in almost seven years…despite signs of an improving U.S. economy, the Fed is expected to error on the side of caution and maintain its accommodative monetary policy for an extended period which is bullish for precious metals and commodities in general…the Fed will want to see payroll gains in excess of 200,000 for at least six to nine months and a significant decline in unemployment before withdrawing its massive monetary support (QE2)…the current U.S. economic expansion is just 20 months old (expansions since WW2 have tended to be at least 60 months) and there are still significant risks to the economy including troubling high levels of debt at every level of government…interest rate increases in the U.S. appear to be out of the question until at least sometime next year…overall, this is the type of environment that’s very supportive of a speculative market such as the CDNX which is up sharply this morning at 2440 for a gain of 29 points…that puts it through the previous two-and-a-half year high of 2438 February 22…we suggest readers take a look at the chart for Vantex Resources (VAX, TSX-V) which is down significantly from its 64-cent high in early January…Vantex has been supported by its 100-day moving average (SMA) consistently since last July and right now it’s just a couple of pennies above its 100-day at 35 cents…the company is working on an interesting Gold discovery at its Galloway Project west of Rouyn-Noranda…in late December it was disclosed that Robert McEwen had taken a significant position in Vantex…this is definitely a company worth keeping an eye on…Galloway is one of the projects we heard considerable talk about during our most recent trip to Rouyn…we may get some comments on Galloway later today when we interview Victor Erickson, President and CEO of Cadillac Mining (CQX, TSX-V)…we expect to have that interview posted by tomorrow and it should give readers a much better understanding of the direction Cadillac is going and the opportunity it presents…Cadillac is currently off a penny at 30 cents…Abcourt Mines (ABI, TSX-V) released more positive drill results from its Elder-Tagami Project near Rouyn-Noranda after the market close yesterday…the company is on track to significantly increase resources at Elder-Tagami with the goal of restarting production at the former mine by the end of next year…ABI is currently down a penny at 19.5 cents…Gold Bullion Development (GBB, TSX-V) is unchanged at 53 cents…we’ll be posting an article Monday on GBB, reviewing the latest results from the LONG Bars Zone…Trueclaim (TRM, TSX-V) continues to look interesting and is up a penny at 20 cents…Sidon International (SD, TSX-V) is holding steady at its rising 200-day SMA at 12.5 cents…GoldQuest Mining (GQC, TSX-V) has been down seven of the last nine trading sessions, closing yesterday at 39 cents…GQC has the potential of reversing suddenly to the upside as it has tremendous technical support in the upper 30’s…the company is very confident that drilling at Escandalosa will continue to show strong mineralization and expand the resource area…initial results from the new round of drilling at Escandalosa are expected soon…
March 4, 2011
13 Comments
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Who is Robert McEwen in regards to VAX.V? I see no mention of him on the website nor referenced as an insider buyer.
Comment by MJJP — March 4, 2011 @ 9:18 am
Hi Guys, doing a great job , as usual. Any progress with Sidon International (SD, TSX-V) interview and when some results or any type of PR release on progress?
Comment by nikolay — March 4, 2011 @ 10:00 am
NEWS OUT ON TRUECLAIM, YOUR COMMENTS PLEASE ON THE RESULTS
THX GREG
Comment by GREG H — March 4, 2011 @ 10:03 am
TORONTO, ONTARIO–(Marketwire – Dec. 30, 2010) – Robert McEwen has subscribed, by way of a private placement for 560 flow-through units (the “Flow-Through Units”) of Vantex Resources Inc. (“Vantex”) at a price of $1250 per Flow-Through Unit for an aggregate amount of $700,000. Each Flow-Through Unit consists of 4000 flow-through common shares and 1000 common shares (each a “Share”) at a price of $0.25 per share (the “Transaction”). The Shares purchased pursuant to the Transaction represent approximately 7.4% of the current number of outstanding Shares of Vantex. The Shares were issued from Vantex’ treasury.
marketwire.com/press-release/Robert-McEwen-Files-Early-Warning-Report-Connection-With-Private-Placement-Vantex-Resources-1374403.htm
Comment by Andrew — March 4, 2011 @ 10:10 am
MJJP
RE: ROBERT MCEWEN SEE BOTTOM OF THIS NR
Vantex Raises $1,640,000 in Common Share Units and Flow-Through Units
9:00 am ET 12/30/2010- Market Wire
LA PRAIRIE, QUEBEC — (MARKET WIRE) — 12/30/10 — Vantex Resources Ltd. (the “Company”) (TSX VENTURE: VAX) is pleased to announce the completion of a $1,640,000 brokered financing.
The Company sold 732 Flow-Through units (the “FT Units”) at a purchase price of $1,250 per FT Unit, for a total amount of $915,000. Each FT Units consists of 4,000 flow-through common shares and 1,000 common shares at a price of $0.25 per share.
Proceeds of the FT Units will be used for the continuation of exploration of the Galloway property in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year.
The Company also sold 725 Common Shares Units (the “CS Units”) at a purchase price of 1,000 $ per CS Unit, for a total amount of $725,000. Each CS Unit consists of 5,000 common shares at a price of $0.20 per share and 2,500 common share purchase warrants. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of twelve months from the date of issuance, at a purchase price of $0.25 per share. These funds will be allocated for general working capital purposes.
In connection with the private placement, Jones Gable & Company Ltd. will receive a cash commission of $161,000 as well as 292,800 Agent’s warrants. Each Agent’s warrant shall be exercisable into one common share at a price of $0.25 for a period of 16 months from the closing date.
Following this financing, Mr. Robert McEwen now owns more than 10 % of the issued shares of Vantex.
Comment by GREG H — March 4, 2011 @ 10:11 am
Nice numbers from Trueclaim and stock is responding….15.78 metres of 5.36 g/t Au is an impressive early result from this new phase of drilling…..technically, the stock is looking very strong and could take a run on speculation of more results…Trueclaim is doing a very thorough job on this property as our interview with John Carter the other day revealed…
Comment by Jon - BMR — March 4, 2011 @ 10:35 am
Hi Jon,
Really enjoy your analysis. Thanks.
Any thoughts on MTU? Would this be a good entry point?
Comment by Radu — March 4, 2011 @ 10:55 am
MTU has pulled back as expected….I see a few support areas…….the first one around the current price…..the stock opened at 71 cents Tuesday after news came out and that’s the low for the week……the other support levels would be in the mid-60’s (the previous high was 66 cents)……..the 10 and 20-day moving averages will also provide support………John could give a better technical analysis than I could…….fundamentally, the company still has a lot of work to do……there’s also the question of a possible financing….I have no idea what their intentions are there, though they do have a few million in the bank right now…….as always do your DD and I would recommend contacting the company directly to get a better feel for things…
Comment by Jon - BMR — March 4, 2011 @ 11:24 am
Jon
thanks for your comments on Trueclaim.
greg
Comment by GREG — March 4, 2011 @ 11:42 am
Jon
looks like you are calling it right on MTU too, low today 67 cents. you guys ever go to Vegas,lol.
Comment by GREG — March 4, 2011 @ 12:12 pm
BMR IS Vegas!!!
Comment by Black Bear — March 4, 2011 @ 1:20 pm
Jon
Will this news have any spillover effect for Currie Rose? And if so how? I’ve read over the joint venture agreement off the Trueclaim website and was looking for a little clarity on how something like this would benefit Currie Rose.
Thanks
Comment by Mclatch — March 4, 2011 @ 1:30 pm
Hi Jon, I was hoping Goldquest was going to release some assays before the PDAC……still a possibility on Monday I guess. The core that they are going to show at the PDAC is from previous drilling results…..am I correct?
Comment by Dan — March 5, 2011 @ 6:02 pm