It’s really humiliating to ask for money from people.
When I was a venture capitalist I hated everyone who asked me for money. And I hated my partners who pretended like they had the ability to make important life or death decisions over people.
All we really wanted to do was make a lot of money for doing nothing and then get divorced and live lives of heathen destruction. Continue reading
Full Metal Zinc (ZN:TSXV) 1 Day Chart (Yahoo Finance)
McLeod-Williams zinc play, Full Metal Zinc (FZ:TSXV) announced that it intends to acquire the San Andres Silver Project in Durango, Mexico. The project is brownfields and comes with a 300tpd mill and tailings facility, supposedly costing $6 million. From 1890 to 1915, the property is said to have produced some 17 million ounces of silver. Full Metal will pay $260,000 cash, 10 million shares and a 2% NSR on the project (which the company can buy back half of for $5 million). With less than $300,000 in cash today, the company needs to raise money to complete the acquisition and is planning a $1 million financing (20 million units at $0.05).
The market seems not to care about the 30 million new shares being issued at a discount and is trading up 75% at the time of writing on 2.5 million shares. Perhaps some of the excitement is due to the fact it is located just 8km east of Chesapeake Gold’s enormous Metates deposit (18.5 million ounces of gold, 526 million ounces of silver, 4.2 billion pounds of zinc).
News Release: Full Metal Zinc Signs Binding Letter to Acquire the San Andres Project and Mill
When Glencore and Xstrata merged earlier this year in a $30 billion deal, the Chinese regulators demanded that Glencore sell its Las Bambas mine in Peru by September 30, 2014 in order for them to approve the massive merger. It appears that Chinalco Mining, the listed copper arm of the state-owned Aluminum Corp of China is interested in the project and will be part of the bidding process being headed by Goldman Sachs and Morgan Stanley.
BMO Capital Markets values the project at $6.5 billion and many others estimate its value closer to $5 billion. Glencore said the sale price will be the higher of either an evaluation by two independent investment banks or the total of all costs incurred by Xstrata and/or Glencore. If Glencore is unable to sell the project by September 30, 2014 then, under the terms of their agreement with the Chinese authorities, they will have to rapidly sell one of four other projects (Tampakan, Alumbrera, El Pachon, Frieda River). Las Bambas is expected to produce 400,000 metric tons of copper per year and cost approximately $5.2 billion to construct. China currently consumes approximately 30% of the global annual copper production.
Bloomberg article here: Chinalco Mining Said to Study Bidding for Glencore’s Bambas Mine
Ross McElroy – President, COO and Chief Geologist for Fission Uranium
Fission Uranium (FCU:TSXV) and Alpha Minerals (AMW:TSXV) announced further results from their $6.95 million, 44 hole, 11,000m drill and ground geophysics program at their Patterson Lake South (PLS) deposit in the Athabasca Basin of Saskatchewan. The companies announced drilling results including hole PLS13-080 which encountered 13.41m composite off-scale mineralization including 7.6m of continuous off-scale mineralization. This hole was drilled approximately 10m grid south of PLS13-060 and appears to have similar geological characteristics to that of the R390E zone.
“Hole PLS13-080 is by far the most significant hole at R780E to date, showing similar result to those at R390E. All three zones (R00E, R390E and R780E), which have been traced on-strike over a +855m ENE trending corridor, now have drill holes with wide and robust mineralization,” says Ross McElroy, President, COO and Chief Geologist for Fission.
News Release here: Fission Hits 13.41m Total Composite “Off-Scale” Radioactivity in 48.5m of Mineralization at R780E Zone
Capstone Mining (CS:TSX) announced today that it would acquire the right to earn up to 70% of the Project Providencia from Sociedad Quimica y Mineral de Chila S.A. (SQM). The property is somewhat strategic in that it sits approximately halfway between Capstone’s Santo Domingo Project and Anglo American’s Mantos Blancos copper mine.
Project Providencia located 50km East of Taltal
SQM is a domestic producer of specialty fertilizers and other chemicals and as a result, the project has had no modern exploration work for hard rock metal deposits. Capstone will narrow the original 350,000 hectares down to 50,000 hectares by performing airborne geophysics. The exploration efforts will be led by the highly successful team that discovered the Santo Domingo iron oxide-copper-gold deposit (IOCG). Capstone believes this property could host a large IOCG, copper porphyry or Mantos Blancos type deposit. Capstone paid $1 million on signing and can earn up to 70% in the project by making exploration expenditures over the next 7.5 years, but should Capstone not like what they see, they can withdraw from the agreement at any time.
News Release here: Capstone Acquires Option on 350,000 Hectares of Exploration Land in Chile
Patterson Lake South (PLS) – Fission/Alpha 50-50 JV
Fission Uranium (FCU:TSXV) and Alpha Minerals (AMW:TSXV) announced the results of an additional four drill holes from their Patterson Lake South Deposit (50/50 Joint Venture) in the Athabasca region of Saskatchewan. The two are in the process of completing a $6.95 million, 11,000m drill and ground geophysics program on the project. Drilling highlights included 18.5m of mineralization with 4.94m “off-scale” radioactivity including 4.63m of continuous “off-scale” radioactivity.
Ross McElroy Fission’s President, COO and Chief Geologist stated: “we are pleased with the further expansion of R00E zone, which still remains open. Hole 079 is a particular highlight as its results are the strongest yet on line 015E and the quantity of off-scale is very encouraging”.
News Release here: Fission/Alpha Latest Drill Results Including 18.5m Mineralization
The Langer Heinrich Mine in Namibia, discovered in 1973, has been the cornerstone of PDN’s production.
Paladin Energy (PDN:TSX), which was halted yesterday, resumed trading today after announcing it was cancelling the sale of a minority interest in the Langer Heinrich Mine in Namibia and is instead going to issue 15% of its outstanding share capital at a 30% discount to the market. Needless to say, the market isn’t happy, with shares down 18.5% in early trading. Management commented, “The current weakness in the spot uranium price ($34.50 (U.S.) per pound) should not overly influence the valuation of a flagship asset such as Langer Heinrich.”
Steels Corp., who are covering the company, have decided to exit their Paladin position today citing elevated risks. Founder James Steels commented, “The company remains very levered due to a significant amount of debt. I view this news as very negative as the cash raise is significantly less than the projected proceeds from LHM (which were intended to reduce debt levels) and uranium prices continue to remain depressed. As a higher cost producer, Paladin could run into liquidity issues if prices remain low. The company projects that current cash levels will allow the company to continue operating as a going concern until Sept 2014. If uranium prices drop further, that date will obviously change.”
Here’s the 12 month PDN chart:
TSX:PDN 12 months (Stockwatch)
Read: Paladin Energy Provides Operational and Strategic Update
Charle Gamba – President and CEO of Canacol Energy
Canacol Energy (CNE:TSX) provided production results from its wells in Colombia and Ecuador. CNE’s total corporate production in July averaged 10,120 boepd, of which 7,027 bopd was crude oil with another 3,093 boepd of gas. Month over month growth in total corporate production was 17.5% (8,616 boepd in May and June) and 22% (5,794 bopd) in crude oil specific production. Most of this increased production is a result of their LLA23 Block in the Libertador-Atacapi fields in Ecuador with their Colombian assets continuing to perform well. CEO Gamba commented, “We expect production to build through the remainder of the year and anticipate more good news on the exploration front from our remaining drills for calendar 2013.” Read: Canacol Provides Production Update
Canacol’s shares are up 7.8% on the day at press time, last at $4.29.
TSX:CNE 12 months chart
Wade had sex with Karen and now I had to fire him. She was our top designer. And he was also starting to make fun of one of my partners behind his back. He’d do that roll-the-eyes thing whenever my partner spoke.
I limped out of the meeting and said, “excuse me”, and took the elevator down 67 stories, went to Grand Central, limped home, and never went back to work at that job.
I never returned the constant phone calls and emails over the next month. “James, where did you go?”
For all I know my name is still on my office door and my name is still on their website. I’ve never checked.
I just didn’t feel like going back or talking to them ever again.
A few days earlier I had discussed with the managing partner how I would get paid if I brought in a huge deal. He smiled and said, “Trust me, James, I always take care of everyone.”
When someone says “trust me” or “I will make you rich” then I know general fuckness will result.
One time Barry Diller was visiting Sergey Brin and Larry Page. The topic of the meeting was to see how the greatest media mogul could work with the greatest Internet moguls.
It was like two galaxies colliding to create something beautiful when seen from light years away.
Larry Page was texting or doing something on his phone.
Barry Diller was disgusted: “Either choose me or the phone”.
Larry Page, without even lifting his head from his phone, said to the biggest media mogul in history, “I choose this”. Referring to his phone.
So Diller spent the rest of the meeting talking to Sergey Brin.
Rob told me JB was dead. JB was my best friend growing up. We sat next to each other on the bus. After school we’d play ping pong or pinball or monopoly or ride bikes.
Every single day we did this for eight years. Then we drifted apart.
Rob said, The last time I spoke to him he sounded like a ghost.
It was like there was nothing there, Rob said.
I sort of want to have sex with you. Or I want you to be my father. Or my best friend. I don’t know, I feel so nervous writing this letter. I hope you write back but you can’t because you’re God and God has to care for all of Her People and not just one tiny little person like me.
The other day I wanted to learn about “Vincent Van Gogh”. I saw a book in the bookstore but it looked boring and it was around 1000 pages. Who would read such a book?
I distinctly remembered we all threw our bodies on top of each other. We were making a mountain of bodies. We were all laughing and wrestling to see who would get to the top of the bodies. I was on top. I was three or four years old. We were in “Yellow Duck Nursery School”. Laughing. Having fun.
Then I took a shit. A big one.
And we were all in shorts. Something I like to describe on CNBC as the “trickle-down effect” began to occur.
Everyone started yelling. Everyone started insulting me and running away from me. A teacher hit me. The next memory I have was that I was on the “special kids” school bus in the middle of the day. My mom was waiting on the driveway. “What did you do!” she said and took me by the hand and brought me inside.
(safe for work!)
That may have been my first memory.
What we do with our bowels is very important to us. We basically viscerally remember the times we shit on others. The more people under us, the bigger the memory.
The government, the media, the advertising industry, society, culture, your bosses, your parents, continue this trickle down-effect.
BONUS SCAM: Trading stocks is a totally rigged scam. Anybody who doesn’t listen to me is just jerking off in a madhouse. I have so much proof the system is completely rigged that the only way to win is if you are on the side of the people doing the rigging. There are 300mm people in the country and probably about 200 people who are rigging the system. Good luck trying to fit yourself into the club of 200 while you lose all of your money.
Here’s other scams which involves groups of people doing massive poops on others (ok, I toned down the language):