Gold is performing well today…as of 8:50 am Pacific, the yellow metal is ahead $7 an ounce at $1,364…Silver has jumped 60 cents to $30.51 while the U.S. Dollar Index is up slightly at 78.68…Gold’s immediate challenge is to get through a resistance band between $1,370 and $1,380…talk of slower than expected Chinese inflation helped drive Shanghai’s main share index to its highest level in 7 weeks today…it closed up 2.5% after its best daily performance in 2 months…January inflation data for China is due out tomorrow and traders are now expecting an increase of only 4.9% vs. an earlier consensus estimate of 5.3%…figures show that China officially overtook Japan as the world’s second largest economy in 2010…on a seasonally adjusted, nominal dollar basis, China’s economy came in at $5.88 trillion for 2010 vs. $5.47 trillion for Japan…the CDNX is up 19 points at 2377 as of 8:50 am Pacific…potash plays are strong this morning…Seafield Resources (SFF, TSX-V) came out with drill results from Miraflores and is the ninth most active trader so far… SFF is up a penny at 42.5 cents on volume of 2.5 million shares…the results from Miraflores were mixed but here’s the bottom line…as we stated in December, amid all the excitement surrounding that one hole at Miraflores, the potential of that deposit is somewhat limited but Miraflores is NOT what’s going to drive Seafield higher…Dos Quebradas, where drilling continues, and other adjoining porphyry targets such as Santa Sofia and La Loma are the key and we are very encouraged this morning to read that Seafield is soon adding a second rig which will start drilling at Santa Sofia…the dozen holes drilled at Miraflores should allow Seafield to upgrade and increase resources there to a little better than 1 million ounces…successful investing requires patience and those who are patient with Seafield have an opportunity to do incredibly well this year as Quinchia holds real potential for a series of deposits totaling several million ounces or more…strong bids continue in Gold Bullion Development (GBB, TSX-V) which is up a penny at 74 cents…as we pointed out in our Week In Review yesterday, the current trading in GBB resembles patterns we saw on a few occasions last summer and fall when the stock was below its 50-day moving average (SMA) for a period of time and then suddenly exploded to the upside…Visible Gold (VGD, TSX-V), a company we’ve been mentioning occasionally over the past couple of months, is looking very attractive from a technical standpoint right now as John pointed out with a chart this morning…fundamentally, VGD is loaded with cash ($9 million) and we expect it will become one of the most aggressive explorers along the Cadillac Trend…VGD is completely focused on the Cadillac Trend with three major properties at the moment and a JV with Cadillac Mining (CQX, TSX-V) on over 7,000 additional hectares…President and CEO Martin Dallaire has outlined aggressive exploration plans for this year and drilling has already started at one property, Silidor…Visible Gold is currently up 1.5 cents at 47 cents…Cadillac Mining is 3 pennies higher at 29 cents on light volume…GoldQuest Mining (GQC, TSX-V) is off two pennies at 42 cents…the 40 to 42 cent area is a zone of major technical support for GoldQuest…looking out over the next two weeks, initial drill results from La Escandalosa (GQC’s flagship property in the DR) are possible along with a 43-101 resource estimate for the Toral zinc-lead-silver deposit in Spain…this should be a major breakthrough year for GoldQuest, especially with Bill Fisher as Chairman and the newly-recruited Julio Espaillat as President and CEO…both were instrumental in GlobeStar’s success in the DR…GlobeStar was taken over for nearly $200 million late last year by Perilya Ltd. and it makes sense that Fisher and Espaillat will use the GlobeStar model in developing GoldQuest which has a current market cap of only $43 million…Sidon International (SD, TSX-V) is up half a penny at 13 cents…the stock is trading in a narrow band between its 200-day moving average (SMA) at 12 cents and its 100-day SMA at 14 cents…we saw the same situation in November just prior to a major breakout…
February 14, 2011
15 Comments
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GBB is ready for the big jump…. all time high will be in history as it will pass $1 soon…. From the strong buy support, you know this stock cannot come down further….
Comment by Theodore — February 14, 2011 @ 9:23 am
I hope people are learning again today that pure technical analysis dos not work for stocks under 1 dollars ( Penny stocks) . Everything is 100 % news. Today Seafield is another example. Now let’s all hope that GBB will come out with some good news soon because it’s starting to hurt pretty bad.
Comment by Andre — February 14, 2011 @ 11:57 am
Hi guys, not sure if you read the article about Ian Park and Seafield. Seems like some very serious and shady dealings going on here. What do you make of it? And does it have any bearing on VGN??
Comment by john — February 14, 2011 @ 12:04 pm
Here is the web link Ian Park on SFF. Another great story from Colombia.
stockwatch.com/News/Item.aspx?bid=Z-C%3aSFF-1808736&symbol=SFF®ion=C
Comment by Andre — February 14, 2011 @ 12:31 pm
What do any SFF share holders make of this Ian Park article? Obviously it i negative, but how much damage can this do to the share price? Will Tony, the SFF ceo come out and defend Ian Park? Or will he cut ties right away and save as much face as possible? Something just doesn’t add up, I mean the article came out, RIGHT after they released their news today. I hope this does not have any ill effect on VGN, as I am more heavily invested with VGN. this just stinks.
Comment by john — February 14, 2011 @ 12:57 pm
I posted my comments on this scandal in yesterday’s review Part 3 of 3. I’m out of SFF as soon as I see a price that doesn’t hurt too much – the sp is too low at close so I’m praying for a lift tomorrow. However, today’s revelation will probably just sink SFF so I’ll be ready to bail. This news must have a potentially deleterious affect for VGN and I simply would not invest in anything related to Tony Roodenburg. I don’t know the future for SFF and I have lost faith and trust in the Company – I would not be surprised to hear that they do not have a multi million ounce resource but I’m not going to waste anymore time following SFF or VGN.
Comment by Andrew — February 14, 2011 @ 1:13 pm
Fail to see how this will have any effect on VGN. Totally different companies sharing the same CEO. Will stay calm with SFF untill next results which should be very interesting. No point in panic in these situations. It is up to the regulatory authorities to see if Ian Park has broken any rules.
Comment by Patrick — February 14, 2011 @ 1:43 pm
Andrew, if I can offer some insight here. First, the article this morning in my view was extremely unfair in regard to Ian Park, who has been involved in the discovery of some major deposits in Colombia. According to my sources the article also contains inaccuracies. In addition, Park has very much been put out in the open by Seafield. The company has not been trying to hide him. Knowing how Tony Roodenburg operates, I’m sure it’s very likely he made the SEC aware of Park’s involvement with the company. So there is no scandal here (other than perhaps the timing of the article). The article is really old news – one could easily have done some Google searching to find that Park had some previous issues with the SEC. The article, unfortunately, puts Seafield and Quinchia in a bad light and this is grossly unfair because the Quinchia Project is first-rate – this is not cow pasture the company is sitting on. They’ve got a real opportunity to define something very significant at Quinchia. And we will continue to stand 100% behind that. One of the problems with this world is the desire of some people to try and knock others down. Of course we see it all the time in election campaigns, and in our individual lives. Character assassinations are common nowadays. I don’t believe it was any coincidence that this article came out very shortly after Seafield’s news release on more drill results from Miraflores this morning. There was quite possibly some deliberate planning here, and the wolf did a great job of scaring away all the chickens. Park was an easy target for a reporter. I was a reporter myself for many years. I know the business and I know how some reporters operate. This project will move forward and I believe in the end this article will actually help Seafield – I expect the company will become even more determined to demonstrate the value of Quinchia. Fear and greed move the markets. Today, for Seafield, it was fear. As an investor it’s always important to stay focused and not fall victim to fear (or greed).
Comment by Jon - BMR — February 14, 2011 @ 1:56 pm
Threegold Resources Inc. (TSX VENTURE: THG) is pleased to announce that it has entered into an option agreement with Osisko Mining Corp (OSK: TSX) where Osisko may earn a maximum 70% interest in the recently acquired Duverny gold project located in the Abitibi region of Quebec. Under the terms of the agreement, Osisko will incur $4 million dollars of exploration expenditures over 5 years and pay $300,000 in cash payments to earn a 51% interest. Under the same terms, Osisko can then earn an additional 19% (up to 70%) by incurring an additional $6 million dollars of exploration or taking the project to feasibility.
Threegold is very pleased to be working with Osisko Mining on this project as Osisko is an aggressive emerging gold producer in the region and has targeted this area as having high potential for low grade, bulk tonnage mineralization. This agreement will allow Threegold to focus on the Adanac project, located immediately adjacent to and on strike to Gold Bullion Development’s gold discovery located south of the Cadillac-Larder Lake fault.
Threegold did not enter into the option agreement with Agnico-Eagle Mines referred to in the February 2 20011 news release since the agreement had not been signed by the expiry date of the non-binding letter of intent. The payments to Big Bang Resources will remain in effect.
The Duverny property includes the past-producing Standard Gold Mine. The Standard gold mine operated intermittently between 1935 and 1953, producing an unknown quantity of gold. The mineralization is contained within a diorite sill trending southeast with a width ranging between 150 metres to 200 metres. The sill has been traced through its geophysical signature over a distance of three kilometres and will be a high priority exploration target. The current historical resource of the Standard Gold Mine is estimated at 132,750 tonnes grading 5.43 grams per tonne gold. Threegold has not verified the classification of this resource under National Instrument 43-101 and therefore the above-quoted figures are reported as an unclassified historical resource estimate. Resource estimates prepared under reporting codes other than National Instrument 43-101 should not be relied upon to conform to current standards and definitions. Furthermore, readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources has not been demonstrated. Historical unclassified resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of a historical mineral resource will ever be upgraded to a higher NI43-101 category.
Comment by Forb — February 14, 2011 @ 2:05 pm
Thanks Jon, QI do appreciate your insight but the sp was already falling before the Ian Park affair surfaced. A very short lived rally to 46 cents and then downhill. Once the single bid for 500,000 was filled at 42.5 it was in a tailspin. I can see the sp dropping through the 200 day ma tomorrow. For many still holding the stock will need to appreciate 100% to break even if it drops to the high 20s. From market reaction I don’t see that happening for a long time, certainly not on the next round of assays. If it goes to the low 20s which is quite likely many shareholders will need it to grow 150% to break even and I think next Christmas will have been and gone before that happens no matter how determined Seafield are to demonstrate the potential of Quinchia! 🙂 I think the root of the trouble stems from the early December news release – it really wasn’t “news” and the market reacted as if it was a new discovery and they’ve been waiting for a duplicate result from the same property. Now, the Ian Park affair has added insult to injury. The source of this is the management, the December news release was an under handed way to create a short term sp boost. The gain for Seafield was that they got their financing and then decided to double it while they could – another mistake that I think will, has and is giving them grief from shareholders. Of course, I have no idea what happens to Seafield now but I suspect that many investors will not return and many that are aware that VGN has the same CEO will steer clear.
Comment by Andrew — February 14, 2011 @ 5:06 pm
Andrew
I really think you are letting your emotions get the best of you, look at what happened today, the news release itself really was not that bad, what the problem was is that everyone’s expectations were too high because of all of the hype that took place and that hype did not come from Seafield, it came from guys like James West with the Midas letter, I really believe his email alert telling everyone to buy all you can with both hands below a dollar was what caused so many people to get their expectations out of whack, all looking for that 10 bagger in 30 -60 days and now they see it not happening and they panic and sell, and what a coincidence that this guy comes out with this news about Ian Park, you really think that the people that put up 15 million were not aware of Ian park? I doubt it. Actually it wouldn’t surprise me if the people that put up the 15 million were the ones behind the story, think about it, they know more about what Seafield has than anyone else and what a great way to average down and pick up cheap shares, of course I am purely speculationg here. You watch, this thing will bounce back after everyone has the night to think about it, like BMR has said here all along the real value is in the Dos Quebradas. This is from a post on another board makes you wonder?
Buying only (no sells) from Morgan Stanley, GMP, Casimir, Salman, Jordan and Cormark.
Wasn’t Sam Magid a co-founder of Salman, I could be wrong but I have seen many buys from Salman for months now but I don’t believe I have ever seen a sell.
House Positions for C:SFF from 20110214 to 20110214
House Bought $Val Ave Sold $Val Ave Net $Net
53 Morgan Stanley 647,000 258,624 0.40 0 647,000 -258,624
74 GMP 512,000 216,938 0.424 0 512,000 -216,938
78 Salman 465,000 157,561 0.339 0 465,000 -157,561
29 Casimir 420,000 148,034 0.352 0 420,000 -148,034
69 Jordan 300,000 105,000 0.35 0 300,000 -105,000
44 Jones Gable 332,000 141,219 0.425 60,000 23,449 0.391 272,000 -117,770
73 Cormark 268,000 96,332 0.359 0 268,000 -96,332
15 UBS 240,500 101,194 0.421 22,000 9,520 0.433 218,500 -91,674
27 Dundee 188,000 65,790 0.35 7,500 3,262 0.435 180,500 -62,528
46 Macquarie 166,400 61,995 0.373 6,250 2,337 0.374 160,150 -59,658
7 TD Sec 1,674,100 626,889 0.374 1,577,417 575,593 0.365 96,683 -51,296
2 RBC 531,390 214,068 0.403 438,890 168,603 0.384 92,500 -45,465
6 Union 133,000 51,084 0.384 55,000 20,475 0.372 78,000 -30,609
124 Questrade 147,000 53,348 0.363 95,900 33,670 0.351 51,100 -19,678
81 HSBC 87,000 33,335 0.383 51,000 20,355 0.399 36,000 -12,980
62 Haywood 39,401 13,482 0.342 4,290 1,647 0.384 35,111 -11,835
58 Qtrade 78,500 29,430 0.375 60,500 22,280 0.368 18,000 -7,150
80 National Bank 86,500 34,491 0.399 70,800 28,153 0.398 15,700 -6,338
97 M Partners 10,000 3,400 0.34 0 10,000 -3,400
57 Interactive 3,200 1,410 0.441 0 3,200 -1,410
9 BMO Nesbitt 466,600 181,706 0.389 463,894 181,509 0.391 2,706 -197
54 Global 2,000 770 0.385 0 2,000 -770
101 Newedge 6,000 2,360 0.393 4,500 2,045 0.454 1,500 -315
145 Woodstone 25,000 7,874 0.315 25,000 8,375 0.335 0 501
33 Canaccord 475,000 179,628 0.378 486,600 177,308 0.364 -11,600 -2,320
89 Raymond James 0 20,000 7,000 0.35 -20,000 7,000
43 Caldwell 0 30,000 10,900 0.363 -30,000 10,900
85 Scotia 394,100 151,505 0.384 562,100 222,467 0.396 -168,000 70,962
19 Desjardins 89,500 32,560 0.364 288,750 118,617 0.411 -199,250 86,057
59 PI 110,000 41,700 0.379 394,500 147,481 0.374 -284,500 105,781
83 Mackie 49,000 19,320 0.394 372,000 144,069 0.387 -323,000 124,749
99 Jitney 1,552,500 575,042 0.37 2,207,000 824,803 0.374 -654,500 249,761
79 CIBC 490,000 196,819 0.402 1,159,800 467,407 0.403 -669,800 270,588
1 Anonymous 855,000 316,771 0.37 2,380,000 898,354 0.377 -1,525,000 581,583
TOTAL 10,843,691 4,119,679 0.38 10,843,691 4,119,679 0.38 0 0
Comment by GREG H — February 14, 2011 @ 9:26 pm
Andrew, that’s a pretty pessimistic view. Short-term, there could be some pressure for technical reasons, but Quinchia is a valuable asset and just as valuable today as it was two months ago. All it will take is a few early good drill results from Dos Quebradas and Santa Sofia, and it’s off to the races again. At Miraflores, Seafield has a million ounce deposit and that’s a nice base to start from. The geology at Quinchia is extremely compelling and I challenge anyone to counter that. Seafield is bringing in a second drill rig, exploration is finally ramping up. James West went out of control in December with his article and the gentleman today did the same thing in reverse. Both articles completely overlooked what an investor should really be paying attention with regarding Seafield. I’m just shaking my head tonight but things like this create opportunities.
Comment by Jon - BMR — February 14, 2011 @ 10:20 pm
I just hope that Seafield is still around the 30 cent range tomorrow morning so I can pick up some cheap shares, did not have the chance today as I was away from all of this craziness that was going on until after the market closed, which was a good thing or I might have let my emotions get the best of me too.
Comment by GREG H — February 14, 2011 @ 10:43 pm
I am lining up at 31 cents…. 100k…. dump on me …. . GBB may see some weakness today (Feb 15), it will go down to 71 cents….
Comment by Theodore — February 15, 2011 @ 4:29 am
Thanks everyone for your input. I’ll be listening to today’s Open Conference Call.:)
Comment by Andrew — February 15, 2011 @ 6:29 am