About Thom Calandra

Thom Calandra is the editor of The Calandra Report, an investment newsletter. He previously co-founded and was founding editor of CBS Marketwatch, one of the world's largest financial Web sites. He also co-founded Ticker Trax for Stockhouse. Thom has a wife and two children, and is based in Tiburon, California. TCR, the newsletter, is a paid report: https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=UNBMNH3LW8ZLE for Paypal information.

Bitterroot Road Ban in Michigan: Final Take – CEO Responds

rsz_road_closed-637x636THE CALANDRA REPORT: Subscribe
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Maybe this is just CEO fatigue. Maybe we will know what happened here when we pull our hearts from our breasts and eat them.*

This “road-ban” about our PENNY-ANTE platinum-group-metals prospector in Michigan, USA, came across screens yesterday evening.

Bitterroot Resources CEO Mike Carr tells us Thursday morning that he and his company were jammed among: 1. a drill program that was not going as quickly as anticipated; 2. an early March closing on the financing that powers that Michigan drilling; and 3. the traditional cold-weather road closures of early spring in the great white northern USA (and Canada).

Mr. Carr of Vancouver is a geologist and has run this company, essentially his own, since the 1990s.

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The Root’s Timeline To Success: 3 Weeks

Bitterroot Resources Ltd. (BTT, TSX-V) has closed a non-brokered private placement of 5,200,000 units priced at C$0.05 in a non-brokered private placement for gross proceeds of C$260,000.

Each unit consists of one common share and one common share purchase warrant which is exercisable at C$0.10 until March 4, 2015.

The common shares, plus any common shares acquired through the exercise of warrants or broker warrants, are subject to a hold period expiring July 4, 2014.

Proceeds are being used to fund 1,500 met ers of drilling in approximately six holes on the “Target H” nickel/copper/PGM target in Michigan and for working capital. Management expects the drilling program will take approximately three weeks to complete.


Michael Carr, Bitterroot’s CEO, founder, qualifying person and what-not, has been at this thing for maybe the better part of two decades. I have been following the Vancouver minerals hound for at least 10 years.

I vouch for Mike’s integrity and work ethic. He tells the truth all the time to all the people. Alas, he is not what I would call a headline seeker. He declines to jump up and shout EUREKA when he sees good a$$ay$.

Mike plods along.

I made money on BTT shares back when just the dream of a drill-rig propelled market valuations.

Maybe those days are returning. Or maybe Mike and his backers have other ideas.

As (you all) know, I have been purchasing Bitterroot shares again. But I asked Mike, when he announced this smidgen of a financing a month or so ago, whether this was a “desperation” act — a couple hundred grand to keep the Vancouver, Canada, company running on a bit more than empty.

He said, “Desperation ? No. Bitterroot’s major shareholders want me to drill our best Ni-Cu-PGM targets in Michigan asap, and they are prepared to put up the funds to help me do it. ”

Poor sods, rich sods.

There we have it. Mike hits Michigan targets that put him in a PTM belt, with the assays to delineate continued mineralization, decent thickness and well-wishes from the governor of the state of Michigan, and the shares, maybe in 5 weeks’ time when the results are in, rise to 20 cents a share Canadian from 5 cents. I have seen BTT go to a dollar from a tenth that amount on less.

This brings The Root to a $20 million market size. Yow.

Miss? Well, at this point, with the da ta spool Mr. Carr owns, and the time that Mr. Carr, a lifelong geologist, 56, has invested in The Root, I cannot imagine that happening. Yet failure happens as easily as success. Whimper.

I own a bunch of shares at 4 cents and 5 cents Canadian. It also trades at BITTF in USA. Having fun? I’m not.

See: www.bitterrootresources.com/i/pdf/2014-03-06_NR.pdf

On Site Prophecy Coal, Ulaan Ovoo, Mongolia

John Lee, Thom Calandra, Ulan uvoo

Prophecy Coal CEO John Lee and Thom Calandra in Mongolia, 2014

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KHUTUL, Mongolia — This is where Mongolia’s newest cement plant is operating.

Or will operate when it warms in a month or so and the plant can test fully its new configurations for burning coal to power its output.

USD $61.3 million went to Khutul Cement and Chalk LLC for an expansion: new coal warehouse, technology, conveyers (image). We stopped by on our six-hour return drive to the capital city of Ulan Bator from the Russia border.

The Khutul operation, backed in part by Mongolia Development Bank, is committed to purchasing 15,000 metric tons of thermal coal monthly. The coal must be in the range of 5,000 KCAL per kilogram — low sulphur and ash, high energy output.

Prophecy Coal is the supplier. Prophecy’s siding camp is some 150 km to the north of this small town, or soum. That is where Prophecy stores and classifies the coal from its Ulaan Ovoo thermal coal mine, another 150 km north and about 8 km from the Russia border, where we dropped in.

TCR audience, I have many questions I must get answered regarding Prophecy Coal, which has a checkered history since spending more than $55 million to upgrade and operate the former Red Hill deposit at Ulaan Ovoo.

For example, can Prophecy Coal (PCY in Canada) reach a goal of 1.1 million tons of high-grade thermal coal in 2014 — part of that amount sold into neighboring Russia and the rest into points north of Ulan Bator and south of Ulaan Ovoo?

John Lee‘s Prophecy Coal has some regulatory issues attached to its CV — dealt by the B.C. Securities Commission, and regarding what looks like concerns about technical filings for the extent of the coal deposit (200 million tons of measured and indicated.

Shareholders and former shareholders complain that Mr. Lee has manufactured bold promises not just for Prophecy Coal, but for the former Prophecy Platinum, which is not Wellgreen Platinum.

Thus far the Rice University-educated Mr. Lee, born in ROC China (Taiwan) and 39 years old, has seen little success in accomplishing goals. That could be a great opportunity for those willing to purchase a 9-cent stock and hope the next quarterly statement shows a dramatic leap in cash flow and actual profit from the producing coal mine.

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How Freegold Ventures Intends To Harvest Its Alaska Gold


Jochen Staiger’s German-Swiss interviews Kristina Walcott

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SAN FRANCISCO — I promised more from J. Kristina Walcott, the 44-year-old mine developer who has been running Alaska operator Freegold Ventures since September 2009.

Freegold (FVL in Canada and FGOVF in USA) this week got a 4-cent nudge, mostly from a Germany mailer to individual investors in that country. Half the rise evaporated today | Wednesday. This happens with many direct-mail come-ons in any language.

That is OK. “I actually got calls from folks who said, ‘I didn’t even know your company existed,’ ” she said from Vancouver, Canada.

Ms. Walcott has a reputation for getting all hands on the deck. She was general manager of Orex Laboratories, which processes prospector’s diamond samples. She also navigated real estate for Pacific North West Capital and CanAlaska Ventures Limited, both of those mineral explorers with links to relentless promoter and property syndicator Harry Barr.

Mr. Barr incorporated Freegold in 2007. His legacy thus far seems to be starting exploration companies, promoting them heartily, watching the shares rise briefly, then resigning from the companies. Sounds like a business model for a third of the junior metals runners out there. Mr. Barr exited Freegold a few years after he acquired land up north.

“I know there is a propensity to say that the fact Harry is no longer involved is a good thing but the property was acquired by him. So credit where credit is due,” she says.

Ms. Walcott’s intentions, I trust, are intense and strike me as sound. For example: she knows that Freegold’s Golden Summit benefits from being near a producing Kinross heap-leaching gold mine just south of her. Yet when asked, she declines to ponder publicly about battered Kinross Gold (KGC) and its acquisition plans.

“They have their own stuff to deal with. Kinross will try to starve us out first,” she says.

Fort Knox runs low-grade ore, about 0.2 grams per metric ton, through a carbon-in-pulp mill for Kinross. “I believe $51 million of revenue come out of that mill,” says Ms. Walcott. They’re 5 miles away and a half-hour by freeway from Fairbanks.” Golden Summit is 20 miles northeast of Fairbanks.

She adds, “Sure the cap-ex is done there, but Fort Knox is still producing — maybe 400,000 open-pit ounces per year.” Kristina thinks she can heap-leach low grade at Golden Summit — perhaps using the Kinross mill.

Ms. Walcott is out there raising about $1 million to $1.5 million via a pre-PDAC private placement equity offering. Her pitch is that Golden Summit already has 700,000 ounces of easily harvested oxidized ore to mill. She says she will use about $500,000 to hire an engineering consultant for a preliminary economic report, known in the acronym-loving biz as a PEA with PODs.

“I come from a line of geophysicists, my husband, my father, my brother,” Kristina says.

She took the reins at Freegold after the company, like so many of its brethren, ran up its bills and ran down its prospects. Freegold had $11 million in debt, and by 2009 most everyone but Ms. Walcott had resigned.

Freegold has run through many millions of dollars since 2007. She takes the position that four resource upgrades “gave people a measure of our accomplishment.” Freegold has something on the order of 8.5 million ounces of gold in all Canada-compliant categories.

Average grade is about 0.65 grams per metric ton. Possible life of mine? Who knows? Maybe eight years, maybe 12. The PEA will show a number on that front.

Ms. Walcott is willing to stick her calculator out on a possible capital-expenditure figure for building the mine. “I think you have to be below a $200 million cap-ex to be an investable junior,” she says. Now that’s a quote I can print.

Her burn, with zero hesitation, she says, “1 point 5 million a year, and a lot of that is travel.”

She gets $175,000 a year in salary; so does her chief of exploration, Alvin Jackson. Together, the two own about 1 percent of the shares (82 million all-in).

Ms. Walcott hopes to add ounces to the oxide portion in coming months via assays. “You can’t press-release unless you drill,” she says. My take is that is what moves the share price, not the PEA.

Please see Jochen Staiger’s German-Swiss interview with Kristina.

“Our PEA will be true to cost,” she says.

About a fifth of Freegold’s known shareholders hail from Europe. Ms. Walcott must continue to sway those stakeholders. She also must reach out to fresh investors who are comfortable with a 5-year timeline for clearing Alaska’s mountains of minerals permitting.

I shall be purchasing shares at 21 cents Canadian if I can find any. They’re at 24 cents right now. If I succeed, I’ll be getting them a heck of a lot cheaper than two large Canada buyers did in a June 2007 financing: see terms.

That Mandela Platinum Coin Surfaces


1/10oz Mandela 90th Birthday Platinum Medallion

TCR first flagged the idea of a Nelson Mandela platinum coin in early November 2013.

Now, the coin idea is in the news. See: Mandela Platinum Coin

A platinum coin memorializing Nelson Mandela could mesmerize Mandela fans and use 1 million ounces of the metal a year, platinum executives in South Africa estimate. Some mints in the world already have sovereign platinum coins. Just not with Mr. Mandela on them.

I first heard the idea when a wholesaler coined it at Brien Lundin’s New Orleans Investment Conference. This is still the best “idea” conference in my notebooks, going back many years, by the way. Better than any resources scrum organized by Casey, by PDAC, well really — by anyone. Plus, New Orleans is on a roll with some fresh energy companies and a growing crop of solar and network-lined companies: Forcefield Energy (FNRG on NASDAQ in USA), for one, NatCore Technology (NXT in Canada) for another. (Both of those are fulfilling the goals and oaths they made at the November show.)

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Landed @ Cambodia

bob in ratanakiri

Photo: Bob Neill in Ban Lung, site of ANK base camp.

$91 yearly

SIEM REAP, Cambodia — Just touched base here with Bob Neill, newest Angkor Gold board member.

Bob is the 33-year-old executive from Medellin who handles much of Grupo de Bullet‘s property syndication efforts in Colombia. He is just back from touring a handful of ANK’s properties in Ratanakiri Province.

“When I look at the properties, what I see that is not in ANK’s valuation is that the work already done would take 10 years in Colombia. Here, it has taken far less time. It might not be pretty, but it is compliant and it moves fast here.

Bob visited gold projects at Wild Boar, Otray, China Wall and the Mesco Gold venture with Angkor at Phum Psyarung. He says, “The potential of Otray is considerable. Come on, this is big, and there are no 10,000 people in villages all over the site like there are at Marmato (in Colombia).”

TCR audience: Angkor Gold is one of the TCR 8. When investors once again begin to up-value country plays, this is the one that reminds me of Mongolia in 2002 or 2003. I bought more ANK on behalf of my personal family last week. I shall be touring the mineral properties during the next week, and I also will be contributing time with clinics, with schools and with Angkor Gold’s training center at Ban Lung.

We’ll have more from Cambodia, intermittently, when I reach Ratanakiri Province on Friday or so.

I am off with a medical team to see some Angkor Gold and its ANK Foundation community work — and also today Tuesday to view sex travesties involving Cambodia children at the Cambodia border with Thailand at Poipet. This is in cooperation with XPMissions.com.

This is my third visit to Cambodia to see Angkor Gold properties. ANK is a central holding in my portfolio. The shares in Canada have the potential to rise smartly based on looming partnerships with India, China and other concerns. The company is also involved in possible oil transactions in Cambodia.

ANK is the largest minerals property syndicator in Cambodia that is active and operating on all fronts.

Mike Weeks, CEO, is a former oil negotiator — northern Africa. He and his wife, Delayne Weeks, are also active on social fronts in Alberta, Canada; and in Cambodia via ANK Foundation.

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These are opinions and not advice. Always do your own due diligence. You are responsible for your own trades.

Man On Fire: Alliqua, Neuralstem: The Calandra Report

On Fire: ALQA, CUR, SVV, BCRX, Gold & More




We send this update from Active Trading Partner’s David Banister, whose analysis thus far is superb.

We have been tracking the 48-year-old New England writer’s work on ALQA for about four weeks. Also, CUR. Plus: metals equities, including Almaden Minerals (AAU in USA) and McEwen Mining (MUX in USA).

Alliqua (ALQA in USA), a pain-salve developer, is seeing yet another rise in what looks like a red-hot biotech climate. One only wonders, as we do here in northern California, when the hotty-landscape will get some rain.

Neuralstem (CUR in USA) is booming, too. Regrets? Sure, nearly everything — I take that back — everything David has indicated via both technical and fundamental analysis to me, for our TCR audience, is 40 percent to 60 percent higher in three weeks.

Mr. Banister is what you call a strategist with a sense of humor, and, when things go wrong, a certain practicality that probably endears him to subscribers.

“Everyone is a genius in a bull market,” he refrains.

He writes for Seeking Alpha at times, a duty that benefits the companies and stocks/commodities he covers – in hot markets, anyway.

Neuralstem is David Banister’s current biotech favorite. “I wrote it up at 2.27 back in late October…now 3.08…I have it getting to 7.50. ALS phase 2 along with brain trauma depression and spinal cord studies using neuralstem cells.,” he says.

David says he uses sentiment, crowd behavioral patterns, Fibonacci retracements, cycles, ”and other ephemeral catalysts.”

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Affair WIth Tech: TCR Visits CEO.ca

CEO.ca audience, we exhibit several items direct from The Calandra Report. Thom Calandra will be visiting CEO.ca regularly. His TCR audience is active and pays as much as $101 yearly for the twice-weekly TCR reports,

Each of the following items should serve an audience looking for a short fuse on a trade. Our CEO.ca audience is getting this first, along with an alert to TCR subscribers. [Note: Ceo.ca and TCR believe our combined reach will benefit investors.]

BioCryst Pharmaceuticals (BCRX on Nasdaq in USA) looks to benefit from influenza outbreaks in North America. The drug developer from the Carolinas also is getting recognition for new drug apps that include gout, angio-edema, leukemia and recently, Marburg virus, which can cause hemorrhagic fever.

Stock chart technicians say the shares at $8.40 are at their highest point since early 2009, when a virulent H1N1 virus posed and partly delivered on the threat of worldwide sickness and death. Chartists look for an approximate $9.80 price within days or hours of hovering in the $8.50 range. The stock gaps up quickly. I own about 17,000 shares.

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Solvista Gets Capital Breathing Room: The Calandra Report

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Also: Sysorex Global, Inovio Pharma

Solvista Gold corners Iamgold into a porphyry partnership at Caramanta in Colombia.

Takeways: Breathing room for Solista’s Miller O’ Prey and Jeffrey Miller. Bob Allen’s Grupo de Bullet owns a hunk of Solvista (SVV in Canada).

Solvista is one of our TCR 8 It also is one of three Colombia-centered companies among our eight preferred investments.

I just talked with the principals.

IAMGOLD (IMG) is an active investor in Colombia and across the Americas. The geologist and executive who helped put this together, Nicolas Lopez, also worked on other partnerships for entrepreneurial Iamgold in Colombia. I have met him several times down there.

This Solvista Gold transaction, an earn-in for Iamgold, is detailed here. Caramanta, as you know from reports here stretching back to summer 2012, is a gold-copper porphyry whose off-the-scale grades sent Solvista shares above $1.

1. Jeffrey Brooks is chief exploration geologist for Solvista and calls the shots at Caramanta and the second Solvista property, high-grade-veined Guadalupe. Mr. Brooks is almost a legend in Colombia mining circles. Jeff’s work helped delineate gold and silver deposits at El Marmato in 2007-2009; gold and copper at La Mina for Bellhaven Copper & Gold; and now at Solvista’s properties.

2. Mr. O’Prey tells me from Medellin, where he lives with family, along with Mr. Brooks, that Iamgold’s cash and operating support for Caramanta will “free up” Solvista, in a sense.

He says, “We still have more than $4.5 million in the bank, so as well as Guadalupe, we are going to start to review other projects for potential acquisition.”

3. Other projects? Iamgold might be showing its stripes by sidestepping further investment in Bellhaven’s La Mina, in which it already has a stake of more than 10 percent. I don’t know for sure. Both La Mina and Caramanta are in Colombia’s Mid Cauca Gold Belt.

I do know that Bellhaven (BHV) is selling for one of the lowest ounces-in-the ground prices in all of Latin America. All in, which means fully diluted shares that represent Colombia and Panama properties, BHV is selling for about $6 million.

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Liquid Dynamite For Tiny Companies: LD In LA

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Topics: Coastal Contacts, Inovio, American Sands, Stockr, Mason Graphite, Tembo, GSV & Sunny LA

LOS ANGELES — Just back from getting my batteries charged at LD Micro in Bel Air.

About 240 companies — four or five gold | a dozen energy | and the rest Biomedical, Internet, retail, wholesale, financial, media — and nearly all below $400 million market size.

Let me say that the four-track conference is “all companies all the time.” [Editor: You just said it.] Sure, LD splays out the food at the Luxe Sunset in Bel Air, employs wanna-be actresses (and actors?) as hosts, guides and serves excellent coffees and teas.

Micro cap bufet

Micro cap buffet

At least one of LD’s parties, my lips are supposed to be sealed, was epic. I left in the middle, which is where epics (literary tradition) are designed to begin.

The LD tracks are the thing. The 30-minute one-on-ones, too. Very early morning through 5:30 p.m. for three days. Each company gets 25 minutes. I am drenched with data and promises.

The oneskies take place everywhere on the hotel property, all numbered on patios, in the bar, on the terrace. The Luxe in Bel Air sits just below Getty Museum and is a smart little walk up Sunset to Brentwood, or to Beverly Hills. I used to go there when the hotel was under different management 14 and 12 years ago, with my family. Great pool, huge rooms, lots of sun and neat outdoor breakfasts surrounded by Hollywood media execs all duded up with no socks, fancy loafers and high-heels.

This time, I ran into old acquaintances, including Vinny Jindal, a Los Angeles hip cat who is running a private investor-relations network powered by technology: it is called Stockr. Vinny and his wife just had a baby. He is one to watch. Vinny, that is, and let’s hope the baby. Stockr is, as stated, private. I just joined the free network, which connects companies, analysts, investors, media professionals and so on.

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Interview With An Asset Vampire

Calandra: Junior Miners Need Consolidating

Thom Calandra Journalist


By Hannah Tool | Index Universe

Thom Calandra was co-founder and chief columnist of MarketWatch before it was sold to Dow Jones in 2005. After taking a few years off, he returned with The Calandra Report, a mining-focused newsletter.

Calandra spoke to IndexUniverse contributing writer Hannah Tool about the downturn of junior miners and what he’d like to wake up to on a Monday morning.

IndexUniverse: When it comes to junior miners, geographically, where in the world are you investing?

Calandra: If you’re in an ETF like GDXJ [the Market Vectors Junior Gold Miners] (B-33) or GDX [the Market Vectors Gold Miners] (A-55), you’re all over the world; doesn’t matter which ETF, whether you’re investing in the majors or the minors. The indexes that underlie miner funds usually have at least 10 companies. For perspective, a new index running out of Germany that a friend of mine, Michael Koch, started about six months ago, has 80 companies, and the geography is everywhere.

But let’s just say you’re in the juniors. Speaking just in terms of GDXJ, you’re going to have Kinross; you’re going to have probably Yamana Gold, so you’re going to be in Latin America, Central America, North America, Asia. You’re going to be in every single jurisdiction, whether they’re safe or not.

IU: Then junior miners are very much a global investment?

Calandra: It’s totally fair to say that. With any ETF, unless it’s totally specialized, you’re getting the whole melting pot.

IU: Junior miners are considered to be a more speculative investment than an actual established mining fund. Why is that?

Calandra: Because some junior miners have zero production!

Now, let’s say the junior miner actually has production. Lately, practically no one in the world has been able to make good on their promises to lower the production cost of gold. Add to that the current uncertainty about the price of gold—it’s not $1,900 anymore, it’s back to $1,275.

With junior miners, it’s not just volatility—they’ve gotten crushed. Recently, they’ve probably hit their lowest point ever, or close to it.

IU: Are junior miners just silver and gold?

Calandra: No. When people say “junior miner,” they mean everything—platinum, palladium, copper, nickel, rare earth metals, even the energy companies you can say are juniors. And most of them aren’t miners; most of them are prospectors. Furthermore, most of them really aren’t even juniors. Most of them are like micros.

What was that old term? The “penny dreadfuls.” Nearly all of them are becoming penny dreadfuls because their stock prices are as low as pennies.

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On Biomedical Beat, For Once – Inovio Pharma With A Win | Also: Prophecy Platinum



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SAN DIEGO — Inovio Pharmaceuticals (INO in USA), a DNA vaccine developer I sidestepped for four years, is having success with a Middle Eastern virus.

INO shares are raging today.

Inovio’s J, Joseph Kim, via a persistent biz-dev executive, Bernie Hertel, has been on me, professionally, since 2009.

Inovio shares have been raging during most of that span.

This is an INO confessional. It shows why a consuming theme (natural resources) left me in a gully when it comes to making market money.

Further shame: I researched, supported and profited sixfold to eightfold from stakes in two California biomedical companies; before, that is, gold, platinum and the rest possessed me. Those biomeds were San Diego-area Illumina (ILMN in USA) and San Francisco-area Cor Therapeutics. (Not to mention, I have a nephew who is finishing his organic chemistry doctorate at Yale University; my best and longest friend is a highly regarded Boston gastroenterologist with a research, writing and clinical pedigree; more on request.)

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Calculating Sp(r)ott Price @ Barkerville Gold Mines — The Calandra Report


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Thursday November 14, 2013

Mines are made, not found.

That is Barkerville Gold Mines‘ tagline for investor brochures.

James Francis Gerard Callaghan spent upwards of $120 million making Barkerville mines and properties along central British Columbia’s Cariboo trend in Canada.

Do you know the restaurant Max’s in northern California? “This is a good place for a diet. This is a bad place for a diet.”

Barkerville Gold Mines (BGM in Canada and BGMZF in Canada) “is a good place for a new investor.”

NEWBIES GET: 127,000 hectares of land, 174 mineral claims, 311 placer claims, 101 creeks, 7 mines, a mill, 6,800 completed assays and another 23,000 in process, plus hundreds of exploration drill-holes across what looks like more than 75,000 meters.

One newbie is Eric Sprott, a 69-year-old Canadian who covets precious metals.

Barkerville is (was) a bad place for an old investor.”

LONGTIMERS GOT: the right to say the prospector they invested in spent $120 million and landed in hot water because of an overreaching gold estimate by an engineer named Peter George. The 43-101 Canada filing infuriated the TSX Venture Exchange and British Columbia Securities Commission, specifically a geologist-regulator named Robert Holland.

Someone told me this morning that if you had staked $2 Canadian to Barkerville (formerly International Wayside) stock as the British Columbia, Canada, prospector was purchasing Cariboo Gold Belt properties in the mid-1990s, you’d have less than 2 cents worth of stock now. (The SEDAR FILINGS travel back to JULY 1997.)

That 2-cent figure probably is a generous appraisal.

An offshore investor tells me, “Did you know COF (companies owned by Frank) received $8 million in fees from Barkerville combined in fiscal 2012 and 2013?”

Mr. Callaghan says that figure, in cash and stock, is overstated.

“In the annual report it is recorded I receive $20k per month for the past 3 years. For the first 10 years, the salary was $5k per month. The $8 million I don’t know what that is,” the 59-year-old Vancouverite says. “But LG (Lionsgate Energy) and GCC (Golden Cariboo Resources) sold their assets for cash and stock (and) it was NO-where near that number. They each still have their shares.”

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Fresh Troops To Buriticá: Future Of Colombia Gold Mining At Stake — The Calandra Report

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What follows is probably the most emotional, and highly charged, subsistence mining drama taking place in the gold world. The drama is running in Colombia.

We have been tracking Buriticá — because I know the company, I know the project, I think I understand the shades of green and gold and gray in the mountainous region that contains some of the world’s richest grades of gold.

What is happening this week in Antioquia, Colombia, might go down in history as a big step in the right direction for the fate of precious metals miners and late-stage mine developers in that democratic nation.

In these latest articles about the zones in and around Continental Gold‘s Buritica high-grade gold and silver project, we see the military are starting to “shoo” the scrum: thousands of ordinary folks flocking to the many kilometers of underground gold and silver drift on Continental Gold’s rich patch of Antioquia.

Translate the Spanish-language articles if you want. The song remains the same: high grade assays draw illegal miners who have stalked these hills for generations.

– These “informal” miners blow themselves to pieces using povo loco dynamite powder. (In other nations, such as Ghana, they drown in makeshift tailings ponds; or suffocate in collapsed ashanti-style vertical shafts.)

The illegal miners, making twice to six times the amount of money they earn growing coffee or sugar cane or driving a buseta, draw extortionists and other bad guys to these rich regions of minerals.

Local, provincial and national governments decline to butt heads with the artisanal miners, who represent a thousand years of gritty determination in Colombia (or Ghana, or Tanzania or …).

Prospectors and miners grow gray hair and suffer ulcers and shattered stock portfolios as their well-run projects are overrun with los informales.

Cabinet ministers, police chiefs and presidents grow gray hairs and suffer ulcers trying to balance the needs of the artisanal lobby with the desire for fresh mining capital and stronger local currencies.

Here are the articles.



Continental Gold is CNL in Canada and CGOOF in USA. It is one of the highest-grade gold mines being developed in the world. Its Buriticá has replaced Gran Colombia Gold’s Segovia and El Marmato as poster babe for Colombia’s resources future.

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