Thanks for the link. It`s still not showing up on their homepage. I would have never found it without your link. I linked it directly to the Century article (for ease). You may need to chick on it if it`s not large.
http://century-mining.googlegroups.com/web/CMJ+Sept+Article+on+Century.pdf?gda=Q6mDdlkAAADTz2PT3QA3hiLQv4x9l8yOEPPN2EUTNpfzO8mKBV4Q5mZXIaVGPW2xEVtk7tL5ygUNRI9ZNupRuxzwtkKVawGP0tk1XayMEVQJVCRjDU7IK4QIqBBuatoZ3GVm6VpieyE
17 comments:
Hey Production I'll take any one of those for CEO. Fact of the matter is the longer this process takes the more selling pressure we'll see, expecially as more and more investors get fed up watching
the pps go nowhere while numerous
explorers have exploded upward the last few weeks i.e. byv.vn.
Were a producer now and unfortunately with no leader and
no clear idea of how things are really going at Lamaque since they decided to put an end to the monthly updates.
Wonder if we'll get something in the form of a new Sept presentation
on the companies web site.
Don't get me wrong as I'm still long here and hoping October is our month with BD bulk sample,
more lp equipment arriving,perhaps
the other permit that were waiting for and hopefully a new CEO with
some clout.
I agree totally Roxy14!
Also, they need to close off the equipment capital lease financing deal. I recall it saying that closing the deals (2 companies) was contingent on some things (they didn`t specify). Maybe the Bedard Dyke delay also pushed back the closing.
Yeah, it`s unfortunate that they eliminated the monthly updates. It reminds me of the dark ages of Century, when they use to leave the market in the dark for long periods at a time. Aside from the obviously issues, I think it represents lost opportunities to educate the market about all the great initiatives on the go at Lamaque and San Juan (especially for a company with such a difficult history, with its long time shareholders having lived through 5 years of continuous nightmares, and with a share price still stuck in the mud when the gold price is at an all time high).
By the way, I like the CMJ article. The writer is a very respected senior writer in the mining space. Also, most of what she discussed, such as mining approaches, etc., are things we have discussed on the blog. It`s good to hear confirmation from a expert mining writer who has actually visited the operation and has seen everything at work.
Totally agree with the need for constant updates. Especially in this phase when we are trying to build trust with a market that is skeptical we can grow to 100k+ oz / yr.
In a interview with Eric King, Rob McEwan of US Gold mentioned how he fully understands the need to keep investors informed. He updates his investors often 2-3 times a month with positive news on US Gold.
That is part of the reason they are able to command a 650 million dollar market cap with only resources in the ground and no production to speak of yet.
They give investors updates constantly on drilling, high grade zones, etc. Sometimes 2-3 times a month.
I think we should all write Peter Ball to suggest more updates. One email would probably not do anything, but several saying the same thing might be useful.
I had just sent an email to PB 15 min ago requesting the monthly updates to be maintained.
Prod05, is it possible to read pg13 or 14 of the CMJ article per your link?
Don't think its up to Peter
Hi Wingfong,
The Century article in the link already includes pages 12 to 15 (the entire length of the Century article).
The entire journal is 36 pages long. I will post the link (copy and paste format) to the entire journal so you can confirm just in case you missed part of the article or in case you want to read other articles. You can press on the blue arrows to scroll from page to page. Remember, once you reach the page you want, you may have to click on that page to make the print size bigger and readable.
http://digital.canadianminingjournal.com/xta-asp/pageview2.asp?pc=cmj&tpl=base_v2&mv=2010/09/01&edname=September%202010&w=1680&h=977&redir=yes&sp=
The link only gives you the first page of the article. I've posted the full article in the Information Links to the right. It is a very good read.
It's simply amazing that we are trading at 40 cents with gold at $1,257. Just when it looked like we were going to move higher today with a Fidelity purchase of 77,000 shares at market, Canaccord slammed the bid with 175,000 shares. How many times has something similar happened in the past couple of years! Jitney chipped in at the close with a 20k sale to drop us to 40 cents - the low for the day. I'm beginning to think that the strategy is induce retail shareholders to move onto to other short term opportunities as other companies react to a rising gold price - giving them an opportunity to buy (or cover) at lower prices.
Just look at ATC. Since August 31 they have moved from a share price of $2.66 to a close of $7.22 today on the basis of a single borehole announced on Sept. 1.
That`s odd that people were unable to see the entire Century article. I didn`t have any problems seeing all 4 pages when I clicked on the link myself.
Nevertheless, I just replaced the link (on the post) with Carib`s ``googlegroups.com`` link (from the right) for people that forget to read the comment area.
Thk the article as per Carib's link is dated Sept/2010, the latest?
``One miner is noted to have spent his entire 27-year career in one stope underground in the complex.``
I`ve read (or heard) this story before. I think this person worked 27 years in the Lamaque Main Plug. That is a bulk mineable plug (using a bulk mining method with even a semi-reasonable grade usually leads to low-cost mining), where Teck mined 3 million ounces. Teck only went down to about 3,500 ft. There is limited data in the database that strongly suggests that this plug is mineralized down to a much further depth. I wouldn`t be surprised if it goes down to 6,000 ft or even beyond. Agnico-Eagle is currently mining LeRonde down to 9,000 - 10,000 ft (and they think they might be able to go even deeper).
I have a feeling that this miner`s child or grandchild (if so choose) may eventually get the chance to work 27 more years in the Lamaque Main Plug.
Hi Prod05
Some time back I had gone tro my guesstimate of Lamaque having a potential of 10million oz in all catagories with U. As per this CMJ article, author wrote " looking ahead the Lamaque mine looks to have a lengthy life ahead of it. Century is in the enviable position of having perhaps 5million oz of gold in the ground and the technology to extract it safely and profitably". Can it be said that author implies a 5million oz gold in the 2p catagory?
``Chasing flats can create stopes as long as 2 km``
That is just incredible. I don`t know how many of the Lamaque no. 2 stopes are turning out to be 1 km to 2 km long versus less than 1 km, but I thought I heard/read that almost all of the stopes are turning out to be far far far longer than Placer Dome had profiled in the resource.
We have to remember that the gold price might have been in the US$300 - US$400 range when Placer Dome was profiling the ounces in the mid 90s. They didn`t have the advanced mining technology that we have today, especially the low-profile equipment that can travel into the narrow vein stopes for 2 km and mine these ounces mechanically and cost effectively.
Placer Dome might have not bothered to explore or facter these stope extensions into the mine plan.
It would be nice if Century could do an Inferred or conceptual report on all these Lamaque no. 2 stope extentions. For example, if they take X number of times X ounces (based on average lenghth) then then can come up with a ballpark estimate. If they are not allowed to call it Inferred then they can call it conceptual, until they are able to poke the satisfactory number of 43-101 drill holes. It might be able to help them to better educate the market.
Hi Wingfong,
I think we officially have around 5.6 million ounces at Lamaque, but that doesn`t include the Bedard Dyke drill program or the very fruitful Lamaque 2 extensions.
With any mine, there will be a few ounces that are hard to reach for mining purposes, and there is also potential dilution. I think this is where the writer is coming from by using 5 million. She is just being conservative, from the 5.6 million starting point. She is not factoring in any of the significant (excellent) exploration upsides in the future (discussed on the blog).
great article,very positive and informative and backed up with cool pics.Did a little hike toward Century's property,Ran into a couple of drill holes,man there were quartz viens at surface everywhere. Need longs and lats to verify.Going geese hunting this week,hopefully we have a Boss by the time i get back.
Prod05
Your comment noted, tks
Atlas Copco is well known for air compressors in my time zone. Believe this Swedish brand is one of the pioneers in screw air compressors after the piston air compressors. The Atlac Copco low profilt scooptram in the CMJ print looks like some formula 1 racer to me except it looks much more robust. Being from Atlas Copco, believe this make of equipment is tough n durable and will serve CMM for many years to come.
Conaccord slamed the bid with 175,000 shares. Jitney chipped in at the close with a 20k sale to drop sp to 0.40...
At this severely underpriced situation coupled with all the positives coming out from the Co, something these fellows should be aware of--their actions suggest to me that:-
1) their knowledge of the very weak institutional support gives them the gall to do it with impunity
2) they are confident in their means of trashing n control(also read manipulation)
3) they are plain arrogant OR
4) they are just gunning for those
possible stop loss orders
placed somewhere below 0.40 to
grap their large vol orders?
Seems to me there is not much sense to sell short now considering the support to minors from gold prices and the passing of the summer doldrum among other reasons.
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