Bogis Welt

Hallo Zeitgenosse,
tja welche nur? keine ahnung! KARL hat mal ne liste gemacht die ihm gut gefallen haben. und wenn Karl etwas von manchen meiner vielen hält, dann is das schonmal was! ;=))
such dir was schönes raus! oder was ganz anderes das ich noch nicht kenne!! kannst ja mal konkret was aus dieser oder einer anderen Wundertüte rauspicken die rosinen, dann sag ich dir was ich technisch davon halte und Karl könnte ja noch fundamental "absegnen", was natürlich nicht als "empfehlung" zu sehen wäre sondern eher als "Symbiose von Technik & Fundamentalismus" - wobei "Fundamentalismus" bewusst so "negativ" (für mich) klingt... [Blockierte Grafik: http://goldismoney.info/forums/images/smilies/2in1.gif] 
;=)))

:))))

zeitgenosse
kannste englisch? hier kommt jetzt vielleicht ne echte BONANZA:

FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 24
Etruscan Resources Inc.
(EET - $2.42, TSX)
Stock Symbol EET, TSX
Target Price C$3.70
Shares Outstanding:
Basic 56.2 MM
Fully Diluted 63.8 MM
Management 4.1 MM
Market Capitalization C$136.0 MM
Market Float C$126.1 MM
Long-term Debt C$3.2 MM
Average Daily Trading Volume 80,598
High-Low (52 Week) C$2.84 - $0.86
Source: Company reports, Sprott Securities estimates
Growing Production for Hot Gold & Diamond Markets
Etruscan is evolving to be an African Mining specialist,
currently producing high-value diamonds on a small scale
in South Africa, with several advanced-stage gold projects
in West Africa. In the past year Etruscan has started up its
Tirisano diamond mine in South Africa, its partner in Niger
financed and began construction of the Samira Hill gold
mine, it acquired the advanced-staged Youga gold project
from Ashanti and Kinross, and received exploration
permits for its Agbaou gold project, which hosts a known
resource of over one million ounces.
In 2004, we expect even greater things from Etruscan.
Tirisano should reach its designed throughput, and the
Company may begin construction of its next and larger
diamond mine at Blue Gum. Samira Hill (40% Etruscan)
should start producing gold late this year. We expect a
feasibility study to be completed at Youga, and likely a
positive production decision later in 2004, and Agbaou will
see exploration and in-fill drill for the first time in years, as
well as a scoping or pre-feasibility study.
Recent Visit to the Diamond Operation
We recently visited the diamond operation, which had a
number of problems in its first year of production. We
believe that great strides have been made to turn the
Tirisano operation around. It was really starved of capital
right from the beginning, but with new mine management,
and experienced South African contractor working on the
plant and recent capital investments, it looks like the mine
should live up to its expectations later this year. This is
important because Tirisano is really a test operation for
future, larger, diamond mines in the area, the next of which
will be Blue Gum. The Ventersdorp area is underlain
extensively with diamond-bearing gravel, and Etruscan
Diamonds (51% owned by Etruscan) has staked 5000 km2
of ground along known gravel runs—the potential to grow
diamond production in the area just requires exploration
and capital in our view.
All figures shown in US$
During the past twenty-four months, Sprott Securities Inc., either on its own or as a syndicate member,
participated in the underwriting of securities of Etruscan Resources Inc.
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 25
Gold Operations – Building
Production Quickly
Etruscan through exploration and acquisition has developed interests in four West
African gold projects at various stages of development—but all significant to the
Company in our view. Samira Hill (Etruscan 40%) in Niger is currently under
construction, Youga (Etruscan 90%) in Burkina Faso is an advanced stage ready for a
feasibility study while Agbaou (Etruscan 85%) in Cote D’Ivoire is at the resource
definition and scoping phase. Finally, the Company is involved in an exploration project
in Mali that is to be joint ventured with a larger junior miner.
All the gold projects are reasonably small individually, but will provide Etruscan with a
reliable and repeatable model to gradually build its gold production in West Africa. We
expect Etruscan’s attributable production to surpass 200,000 oz annually by 2007, after
subtracting production that belongs to government interests. At that point, its gold
production combined with its diamond operation should make Etruscan a sizable miner in
Africa, capable of attracting more attention from investors and industry peers.
In Figure 3 we have shown a map of West Africa with Etruscan’s three development
assets: Youga, Samira Hill and Agbaou. The exploration project Finkolo, located in
southern Mali 250 km SE of Bamako (capital city), is not shown.
Figure 3 Gold Mining And Development Assets In West Africa
Source: Metals Economics Group
Youga – Etruscan’s Soon-
To-Be Flagship
Even though Youga (Etruscan 90%), in Burkina Faso, is not the most developed project
in Etruscan’s arsenal (that would be Samira Hill) we are mentioning it first because we
expect this operation to be the most important to the Company in short term as it builds
into a full-scale gold producer and mine operator. Etrsucan acquired Youga from Ashanti
Goldfields and Kinross in late 2003 for only $6.5 million, a price that also included three
surrounding exploration permits. As sole operator it has already added value to the
project through its in-fill drilling program, better defining higher-grade zones that were
missed by previous geological interpretations. The Youga property is permitted for gold
production for 20 years (granted in 2003), and as a result we expect a very quick,
affirmative production decision by Etruscan.
From our knowledge, Youga is a classic greenstone-type lode gold deposit, with grades
averaging 2.9 g/t and mineralization coming to surface. The ore is hosted in a hard meta-
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 26
sedimentary rock unit that has not weathered, so there is essentially no sapprolite ore.
Youga contains a reserve of 664,000 oz within a resource of 1.26 million ounces. We are
forecasting costs to average $191/oz and start-up capital to be $31 million for this project,
resulting in production of 85,000 oz/year. Unlike Samira Hill and many other West
African gold mines, the deeper sulphide mineralization is not refractory, so there is
excellent potential to continue mining underground at Youga along the high-grade
structures. Note that the government of Burkina Faso holds a 10% carried interest.
Samira Hill – Close To
Production
The Samira Hill mine (Etruscan 40%) in Niger is expected to produce 80,000 to 100,000
oz annually for its three JV partners beginning later this year; September is the current
schedule for commissioning. JV partner Semafo (Canadian-based junior miner) financed
the initial capital expenditure to earn its 40% interest and Etruscan should receive 16% of
net profits until its pro-rata share of the capital is paid back, afterwards Etruscan should
receive its full 40% share in the profits from the mine (which we forecast to be mid-
2007). The government of Niger holds the remaining 20% interest in the project.
Samira Hill and Libiri will be mined as two open pits, the mill facility will take 6,000 tpd
of ore during the saprolite phase of mining, and 4,000 tpd of sap-rock further along in
mine life. Production is expected to average 100,000 oz annually over the 7-year reserve
life (615,000 oz out of a resource of 2 million ounces) at a cash cost of $184/oz, although
production will be higher and cash costs lower at the start of the operation (135,000 oz at
$177/oz in year one).
Agbaou - Established
Resource For Future
Growth
Etruscan was granted an exploration permit for the Agbaou gold project by the Ivorian
government in December 2003. The deposit was discovered by BHP and developed by an
Australian junior company before being sold to Etruscan in 2001 amidst low gold prices
and an unsettling geopolitical environment. The Ivorian government holds a 15% interest.
Agbaou is less developed than Youga, and will require at least one year’s worth of
detailed drilling and feasibility work before making a construction decision.
RSG Global (international mining consultant group based in Australia) reported
resources of 1.1 million ounces at an average grade of 1.5 g/t (based on a 0.5 g/t cut-off)
in 2000. However Etruscan’s intention is to focus on the high-grade core of the deposit,
that it estimates based on prior resource work will average 2.7 g/t. Based on our modeling
(600,000 oz production over 5.5 years) we see the potential for Agbaou to become
another Samira Hill or Youga-like mine for Etruscan. We are forecasting 113,000 oz of
annual production beginning in 2007; cash costs should be under $200/oz, like Youga,
although lower initially. Unlike Youga, Agbaou has a significant weathering profile, and
roughly 30 m of sapprolite thickness. As a result mining costs should be significantly
lower in the early years ($167/oz). We have estimated capital costs for this project at $33
million.
Note that Etruscan recently reported very encouraging results from its Finkolo prospect in
Mali, intersecting significant high-grade gold and also porphyry-related gold mineralization
that could represent a new discovery. Etruscan has a prior arrangement for Resolute Mining
(small mining firm based in Australia) to come in as joint venture partners.
Diamond Operations –
Growing Producer of High
Value Diamonds
Etruscan’s 51%-owned Tirisano diamond mine in South Africa is producing diamonds
averaging 1 ct with an average value over $400/ct. In fact, Etruscan’s sales in recent
months have averaged over $500/ct. Etruscan’s diamond operations – known as
Ventersdorp (after a nearby town), are run by Etruscan Diamonds, 51% owned by
Etruscan Resources, 25% by Mountain Lake Resources Inc (MOA-TSXv), and 24%
(carried interest) by individuals, being largely insiders of Etrsucan (CEO, Gerry
McConnel owns an 8% interest).
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 27
The Company has endured many headaches in its first year of “test” production, but
essentially the test has been successful. While fourth quarter production has not yet been
reported we expect that it produced roughly 11,000 ct in 2003, and we expect it to
produced 16,800 ct in 2004 ramping up to full production of 28,000 ct in 2005. We now
expect Etruscan to build larger plants and rapidly grow its diamond production while also
lowering its costs as it gains cost-scale advantages. The operation is marginal today,
given its small size and recent production problems, however Etruscan has recently hired
an experience local contractor to revamp the operation. This refitting is currently
underway, and we believe it will be successful. Ultimately, Etruscan must expand the
operations in order to take advantage of cost-scale advantages. The capital needed to
build a similar but larger diamond plant is relatively low (compared with gold
operations), and we have estimated $20 million would be needed to build a brand new
plant with double the capacity as Tirisano. With such as plant the two operations could
produce 78,000 ct/year.
The diamonds are found in alluvial gravel deposits, and the diamond-bearing gravel beds
are thought to be pervasive in the area, concentrated along north-south “gravel runs”. The
bedrock underlying the gravel runs is littered with large sinkholes that was subsequently
filled with the diamond-bearing gravels, so the ore gravel gets concentrated into easily
mined pits. The grade in Etruscan’s deposits tends to be a uniform 1.6 carats per hundred
tonnes (ct/ht). So far Etruscan has identified two open pit zones: Tirisano, where mining
is currently taking place, and a larger Blue Gum deposit. Tirisano is known to host a
resource of 12 million cubic metres (equal to 21 million tonnes), enough to mine at an
expanded rate of 1 million tpy (tonnes per year), producing 28,000 ct/year for 12 years.
Blue Gum has not yet been evaluated by an independent party but has been extensively
drilled. We estimate, based on our site visit, and discussions with the Company, that Blue
Gum hosts 19 million cubic metres, which we have modeled to be produced at a rate of
1800 tpy for 12 years (producing 50,400 ct/year).
Figure 4 Etruscan’s Land Holdings In the Ventersdorp Area
Source: Etrsucan Resources Inc.
Etruscan has purchased claims covering 5,000 square km in the Ventersdorp region
covering three identified gravel runs (shown in Figure 4), where it plans to explore and
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 28
find more diamond-bearing gravel pits. While more exploration work is needed, we can
see the Blue Gum plant being a repeatable development as more deposits are found. We
also expect that the diamond market will remain strong, particularly the high-value
diamond, driven by luxury demand growth in Asia, so Etrsucan is in an excellent position
to capitalize on this asset on a long-term basis.
NAV Estimated at
C$3.70/share With Room
For Growth
Our NAV analysis suggests that Etruscan should be worth C$3.70. At this point it is a
relatively obscure small capitalization mining stock, but with its growing profile and
production base we expect that the Company will be able to achieve a valuation of 1x
NAV over the next year. We make a number of assumptions in our NAV analysis on
discount rates, production rate, gold prices and diamond prices that are summarized on
Figures 4 and 5. We estimate that of the $84 million that is required to build its next two
gold mines and expand the diamond operations, $31 million would be financed with the
Company’s equity, and the remainder with debt. We have taken dilution into account in
our NAV analysis as a cost.
Initiating Coverage with
BUY (S) Recommendation
Etruscan and its partners will be exploring all five of the Company’s major assets over
the next year, and any exploration success would constitute upside above and beyond our
current target. The highest impact exploration program is probably at Ventersdorp, as we
see that it should be fairly easy to prove up another diamond gravel body once located,
and since the Company already has a track record producing diamonds, the market
should be able to quickly grasp the value of such a discovery.
We have started Etruscan with a speculative recommendation. Etruscan has built its asset
base fairly quickly over the last year and has not had a chance to catch up with respect to
resource reporting, and as a result we have made a number of assumptions of the size of
resources as well as capital and operating costs.
Risks To Target Commodity Price Risk: Our gold price estimates are made based on detailed research
and believed to be realistic based on current market knowledge. The timing and
magnitude of these estimates are a risk, and we expect that the price of gold will strongly
affect the share price of Etruscan over the longer term. The diamond market is a more
difficult market to research, because diamond pricing is done on a sale-by-sale basis and
each diamond is unique. Our price estimates are believed to be reasonable at the current
time and reflect our view of the diamond market as well as the quality of the stones
recovered from Etruscan’s operations
Technical/Operation Risk: At Etruscan’s operations, on-going risks include throughput
performance, natural risks (such as pit wall collapse), labour strikes, and other unseen
events that may affect or suspend mining operations. There is risk in the geological
estimates used to plan reserves and resources. While these estimates are made by
qualified people reporting to strict standards, an element of interpretation always exists,
and therefore actual ore content may differ substantially from resource or reserve
estimates. Costs estimates are also a source of risk, as they must be forecast before the
money is spent, equipment is purchased, etc.
Geopolitical Risk: Etruscan currently maintains operations in five different African
countries. Government policies such as permitting, tax laws, etc. that are managed by
governments of a jurisdiction (country, state, province, etc.) can greatly affect mining and
exploration activities, and in some cases prevent mining from occurring. Generally
developing countries are seen as being more risky, because of the potential for a quick
change in power to drastically change policies.
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 29
Financing Risk: Etruscan will need significant external financing in order to proceed
with its current development plans. Shareholders are at risk of dilution (through joint
ventures, equity financings etc.) or of being subordinated by lenders.
Note – Full Report In The
Works
Note that this is an abbreviated piece initiating coverage of Etruscan Resources and we
expect to publish a more detailed report shortly.
Also note that Etruscan currently accounts for its start-up diamond operation as a capital
cost, and hence reports no significant revenue or earnings at this point. As Etruscan
evolves into a larger producer of gold and diamonds we expect that its earnings
statements will become more comprehensive. We have not included a forecasted income
statement in this piece as we have not used earnings or cash flow (etc.) in our valuation
of the Company, however we do expect to include such estimates in future reports.
FEBRUARY 23, 2004 DAVID STEIN 416·943·6407
SPROTT SECURITIES INC. 30
Figure 5 Etruscan Corporate Production: Eight-Year Plan
2004 2005 2006 2007 2008 2009 2010 2011
DIAMONDS
Ventersdorp (51%)
Attributable Production (ct) 8,568 27,132 39,984 39,984 39,984 39,984 39,984 39,984
Price ($/ct) 450 461 473 485 497 509 522 535
Cash Cost ($/ct) 321 257 245 245 245 245 245 245
GOLD
Gold Price ($/oz) 360 450 450 400 400 400 400 400
Samira Hill (40%)
Attributable Production (oz) 13,500 54,000 42,000 40,000 38,000 36,000 32,000 32,000
Cash Cost ($/oz) 177 177 190 195 200 210 215 198
Youga (90%)
Attrib. Production (oz) 86,904 76,370 76,370 76,370 76,370 76,370
Cash Cost ($/oz) 166 189 189 189 189 189
Agbaou (85%)
Attrib. Production (oz) 96,080 96,080 96,080 96,080 96,080
Cash Cost ($/oz) 167 167 198 198 198
Gold Totals
Attrib. Production (oz) 13,500 54,000 128,904 212,450 210,450 208,450 204,450 204,450
Cash Cost ($/oz) 177 177 174 180 181 197 197 195
CAPITAL COSTS ($000s) 51,000 35,000 3,000 3,000 3,000 3,000 3,000
Source: Sprott Securities estimates
Figure 6 Etruscan NAV Summary
Asset Disc. Rate NPV (C$000s) Per Share
Etrsucan Diamonds (51%) 5.0% 76,753 $1.20
Samira Hill (40%) 5.0% 41,969 $0.66
Youga (90%) 7.5% 78,893 $1.24
Agbaou (85%) 10.0% 49,971 $0.78
Finkolo N/A 0 $0.00
Net Fully Diluted Cash 0% 17,009 $0.27
Dilution Cost 0% -28,813 -$0.45
TOTAL 235,782 $3.70

Source: Sprott Securities estimates
I, David Stein, hereby certify that the views expressed in this research report accurately reflect my personal views
about the subject company and its securities. I also certify that I have not been, and will not be receiving direct or
indirect compensation in exchange for expressing the specific recommendation in this report.
FEBRUARY 23, 2004 INSIGHT
SPROTT SECURITIES INC. 46
Recommendation
Terminology
Sprott’s recommendation terminology is as follows:
Top Pick our best investment ideas, the greatest potential value appreciation
Buy expected to outperform its peer group
Market Perform expected to perform with its peer group
Reduce expected to underperform its peer group
Our ratings may be followed by "(S)" which denotes that the investment is speculative
and has a higher degree of risk associated with it.
Additionally, our target prices are based on a 12-month investment horizon.
Disclosure For a complete disclosure of potential conflicts of interest please refer to our website at
sprott.ca or call 1-800-461-2275 and ask to speak to the research coordinator.
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analysiere fundamental das mal lieber zeitgenosse! und!? alles schon gemacht! nur lesen, übersetzen und ENTSCHEIDEN ob dir das gefällt oder nicht. und bedenken: alles is relativ (hold dir nen benchmark).dathier nen beispiiel

@ Zeitgenosse

dann gib mir bescheid sobald du einen "vetrauenswürdigen Experten" ausfindig machen konntest.

Meine Wenigkeit findet David Stein von Sprott Securities einer der 3 besten Goldanalysten, die aktiv sind.

Aber musste auch lange suchen um an etwas "vetrauenswürdiges" heranzukommen. Gut ding braucht weile! deswegen nicht verzagen auf deinen wegen und gib ma bescheid wennde wat gefunden hast...
beste grüsse!

goldbugbogi und bogner

lol

oh @ zeitgenosse
immernoch nicht genatwortet...
nunja..."teuer" ist so eine sache an den Börsen. wenn man davon ausgeht dass die Kapitalmärkte effizient Informationen verarbeiten und somit einen zu hohen Rand und andere SA-Probleme einpreisen, dann sind die SA-Minen derzeit keineswegs zu teuer sondern eher fair-gepreist und wenn man nun denkt dass der Rand wieder runter geht oder besser gesagt der Rand-Goldpreis endlich steigt, dann dürften die Minen derzeit eher als "billig" angesehen werden - aber nur im Vergleich mit dem Aufwertungspotenzial das DANN realisiert wird...

sodele, die Internetseite von GOSSAN ist startklar:
http://www.GOSSAN.ca

1.$1: Admiral Bay Resources
http://www.admiralbay.com/
http://www.oil-barrel.com/pressreleases/AdmiralBay260204.pdf
http://www.gasandoil.com/goc/discover/dix42471.htm
http://www.321gold.com/editori…iarty/moriarty030703.html
http://www.321gold.com/editori…iarty/moriarty102003.html
http://www2.ccnmatthews.com/sc…/2004/05/26/0526106n.html
http://www2.cdn-news.com/scrip…/2003/08/27/0827095n.html
http://www.minesite.com/archiv…2003/admiralbay281103.htm

31.4 mil shares to possibly be fully dilluted. as of Oct 17, 2003 JHommel
@ share price $1.31 CAN x .77 US/Cdn = $1.01 US
$32 mil MC
They have $6 million cash.
--owns an option to earn 70% interest in "Miera San Jorge's Monte del Favor property in Mexico"
"An historical resource estimate based on underground sampling at Monte Del Favor is reported at 17 million tonnes grading 0.85 g/t gold and 224 g/t silver for a contained 123 million ounces of silver and 460,000 ounces of gold." "While this resource estimate is not fully 43-101 compliant, the Company considers that it provides a conceptual indication of the potential of the property."
460,000 x 10 = 4.6 mil "silver equiv".
127.6 mil oz. x 70% interest = 89.3 mil oz.
$32 mil MC / 89.3 mil oz. = $.35/oz.
You get "approx" 17.8 ounces in the ground for 1 oz. silver's worth of stock.

Additional comments: Prior grades hit 2-5 kilos silver/ ton. (2000-5000g/ton. 70-176 oz. ton) Very high grades. The project was never properly drilled with modern methods.

Admiral Bay acquired this option to own a 70% interest in this silver property in June, 2003, and the acquisition did not impact their stock price at that time at all. Previously, they were a gas company, and they still have this other gas project, which may be more than half the intrinsic value of the company according to Curt Huber, who understands the silver story as expressed by Ted Butler and David Morgan.

My valuation method, obviously, does not give any value for their gas project, which therefore needs to be factored in as a significant "bonus". The company will probably split up the two projects into two companies, so existing shareholders will have shares of each.

They are actively digging, drilling, and releasing results in press releases.