Bolivar Gold

    Venezuela Gives the Green Light to Bolivar


    By Jon A. Nones
    04 Nov 2005 at 04:48 PM EST


    St. LOUIS (ResourceInvestor.com) -- Bolivar Gold [TSX:BGC] has reported that Venezuela's basic industries and mining ministry (Mibam) has published resolutions to issue mining permits for its Choco 10 and 4 concessions. According to Bolivar, Mibam is required to publish the resolution granting the "exploitation certificates" within 30 days following the payment of stamp duty. The resolution also clears project maps and the feasibility study.


    The "very well-defined process" took over a year and although there were no deviations, the process was subject to delays, Bolivar Gold CFO Robert Doyle told BNamericas.


    This was likely in part due to the restructuring of the mining ministry into the independent Mibam entity from the energy and mines ministry, he added.


    According to a company press release, Bolivar must now pay Corporacion Venezolana de Guayana (CVG) $2 million upon issuance of the Exploitation License for Choco 4 and 10 and then $1 million in four quarterly installments thereafter. CVG will retain a 5% non-participating interest in the project.


    Orion Securities issued a note saying this is positive news for both Bolivar and Crystallex, as well as any other miners in Venezuela.


    "This move shows that exploitation certificates will be granted in the country," according to the note.


    The recent news over Venezuela's policy of issuing permits to foreign miners has indeed caused a lot of concern as of late.


    In an excerpt from Canada's National Post, Chris Sorensen and Sean Silcoff wrote that among Venezuelan President Hugo Chavez' skills, mining promotion isn't one of them.


    "We were quite confident that the situation wasn't as bad as the media was making it out to be," said Doyle.


    Crystallex [AMEX:KRY, TSX:KRY] would most likely disagree. The company was trading at $2.72 prior to the announcement – it’s now at $1.55 on AMEX.


    Choco 10


    Choco 10 has proven and probable reserves of about 1.3 million ounces. Even though Bolivar had not received the Exploitation Licence, it continued work on Choco 10 under a temporary operating permit issued in July.


    The mine poured it first gold on February 19 but some issues hindered commercial startup, according to Doyle. These were rectified by May, when output gradually began to ramp up.


    The mine began commercial production on August 1 and hit capacity of 5,400 tonnes per day in September this year, according to Doyle. Capital costs came in around $50 million, he said.


    The operation is forecast to produce 60,000 ounces of gold at cash costs of $178 per ounce this year, said Doyle. This compares to an original forecast of 140,000 ounces at $145 per ounce this year at capital costs of $38.5 million.


    Conclusion


    Chairman and CEO Serafino Iacono adamantly told attendees at the Denver Gold Forum that Bolivar’s Venezuelan mining concessions will remain.


    “We have had conversations with the government and our mining concessions will remain concessions,” Iacono said.


    It seems Iacono was right. However, the news doesn’t seem to have had much affect on the company’s share price.


    Today, Bolivar’s shares closed at C$2.30, up just 8 cents or 3.6% on the Toronto Stock Exchange-Venture. Even though its stock shot up to C$2.43 yesterday when the news was released, it dropped back down to close at C$2.22. In mid-September, Bolivar was enjoying a price of just about C$2.85.
    http://www.resourceinvestor.com/pebble.asp?relid=14335

    Ulfur,
    war ja eigentlich ne gute meldung.
    Aber BGC und KRY werden heute wieder paniert.


    Der Hugo war ja demonstrieren in Argentinien gegen Bush.
    Und wenn Chavez nicht da ist, können die ausmachen, was sie wollen. Es zählt nicht. So interpretiere ich die Börse. :D


    Grüße
    T.

    Gold Fields Fears Not Venezuela in Bolivar Takeover
    By Jon A. Nones
    21 Nov 2005 at 03:08 PM EST


    St. LOUIS (ResourceInvestor.com) -- Today, Gold Fields [NYSE:GFI] announced the purchase of all outstanding shares in Bolivar Gold [TSX:BGC] for $330 million, thus obtaining the prolific Choco 10 mine in Venezuela. Gold Fields CEO Ian Cockerill told the media in a conference call "we are reasonably comfortable that we will get support from the government."


    "Contrary to certain reports, foreign direct investment into Venezuela is welcomed and certainly some significant companies have made that commitment to the country," Cockerill said. "Venezuela is clearly a country open for business."
    ...
    Weiter...

    Zitat

    .. 3 Dollar plus 6% ist ok


    [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000022.gif]



    Resourceinvestor:


    The reality is that Bolivar is worth at least $5 per share.. [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000563.gif][Blockierte Grafik: http://www.smiliemania.de/smilie132/00000563.gif][Blockierte Grafik: http://www.smiliemania.de/smilie132/00000563.gif]


    ( Allerdings sieht RI den Preis wegen des Hugo-Malus als gerechtfertigt an X( )
    Only One Reason Why Bolivar Would Want Gold Fields Paper
    http://www.resourceinvestor.com/pebble.asp?relid=14901


    Ein Fond hat in den letzten Tagen weitere Aktien aufgekauft und bei Bolivar angekündigt, daß er den Übernahmepreis als zu gering ansieht, da der Aktienpreis wegen der Chavez-Wirren gedrückt sei und von einem Premium keine Rede sein könne. Vielleicht muß GFI noch drauflegen :]

    >Am 12. findet die Kampfabstimmung um Gold Fields Angebot statt. Scion Capital hat bis unter 20% der Aktien aufgekauft, um dagegen zu stimmen. Mehr konnten sie nicht aufkaufen, da bei 20% Pflichtangebot hätte folgen müssen. GFI hat auf 15% erhöht.


    2/3 aller Anteile müssen zustimmen, damit der GFI Deal zustandekommt. Nicht abstimmende Aktien erhöhen die Chancen von Scion.


    Unklar, wieviel Stimmen GFI bzw Scion auf ihre Seite gezogen haben. GFI tut optimistisch, außer Scion wäre positive Reaktion im Markt.


    Mineweb meint, Scion beste Waffe wäre ihr großer Anteil und mögliche Allianzen mit anderen Hedgefonds. Seit dem Übernahmeangebot wurden 70 der 100 Millionen Aktin gehandelt.


    Haywood Analyste wird zitiert: " Sie sind in einer guten Position, den Deal zu blocken<


    Hoffentlich! X(


    Gold Fields Bolivar Bid
    By: Gareth Tredway
    Posted: '06-JAN-06 17:07' GMT © Mineweb 1997-2004
    http://www.mineweb.net/sections/gold_silver/773627.htm

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