Juniors aus Kanada

Ein paar ergänzungen zu bobelle, linar und edel:
Mal danke für die Erklärung zu Atna: Gut, die haben noch andere projekte.

ADB hab ich schon seit Anfang 04. Hatte da noch ein kleines freispiel und hab die position Ende 05 Anfang 06 zu 1,16 und zu 0,92 wieder hochgefahren. ADB hat auch eine Property in Mexicos Silbergürtel.

Zu Ascot (AOT.V)
ich glaub, die halten auch einen beträchtlichen Anteil an CDY (Cardeiro).

NXG: der Hommel schwärmt immer.

T.

....bin im Stockhouse-Board über Excellon gestolpert (habe hier nichts gefunden - es gibt sicher was, aber bei dieser ernormen Auswahl ;) ) : 5 : 1 Split approved by TSX already bei einem Aktienpreis von C$ 1.30 - zudem wird die Aktie ab 10.04 in München neu eingeführt. Konnte aber nirgends sonst etwas über den 5 : 1 Split finden, ist das üblich bei diesen für unsere Verhältnisse ohnehin niedrigen Preisen
Mich interessiert dieser Wert, scheint sehr solide zu sein wenn auch schon gelaufen, aber welche von diesen Silberlingen ist das nicht kann mir bitte jemand raten [Blockierte Grafik: http://www.stock-channel.net/s…mages/smilies/verbeug.gif]

http://www.excellonresources.com/

http://finance.yahoo.com/q?s=EXN.V

linar

uuups - sollte in die Silberabteilung - exgüsi

linar,
hab bei Silver companies ein bisserl was über excellon geschrieben.
Ich mag die sehr, hab sie Mitte März gekauft mit Schnitt 0,55€ in Frankfurt (kein problem!).
Die haben sie in D noch nicht entdeckt.
Homepage sit doch sehr aufschlussreich.

Über den split weiß ich nichts. Deutet darauf hin, dass sie die Aktienanzahl erhöhen wollen, was auch wieder einiges vermuten lässt.

Grüße
T.

HOMMEL hat noch 2 Updates über Northgate über das Wochenende gebaracht:

Auch Interessantes über Hedging von barrick:
Heute haben wir mal den vorsprung:

Northgate Minerals Update (Amex: NXG. Toronto: NGX)

Silver Stock Report
by Jason Hommel
April 8th, 2006

I love the free market; and especially the rapid exchange of information on the internet. Since my email last night, the message board for Northgate at Yahoo! Finance has lit up with discussion of my brief, sophomoric analysis, and pointed out a mistake I made. (One of the more encouraging messages is Msg: 38673 of 38689, where the writer concludes, "I've followed this industry for over 20 years, and there is not a single, better opportunity than NXG to increase in value 10 times.")

I quoted a recent news release showing earnings of $.18/share for 4th Q., 2005. What I failed to note what that some of those earnings were due to a tax issue, so the real earnings were $.11/share. Thus, I was wrong to extrapolate forward for a whole year, the earnings for that quarter. However, that's not the full story.

Northgate is hedged. Hedges are when a company pre-sells copper and gold at set prices, generally to finance mine construction. Since gold and copper have moved up, Northgate is currently receiving less than current prices for the sale of their hedged copper and gold, and this is hurting earnings per share! How much less, who knows?! When these hedges are paid off, hopefully soon, Northgate will start to receive the full value for their gold production.

To further add to the confusion about the P/E ratio, some of my readers looked at Yahoo! Finance, and noted that it says Northgate has a P/E ratio of 16.8, and so, they wonder how I get a P/E ratio of about 3.6, and why there is a difference.

There are many ways to calculate a P/E ratio. You can use the profits of a single quarter, or the prior year, or you can estimate the next year's profits. I assume Yahoo! Finance is using the prior year's earnings, which are understandably low, because Northgate just recently started producing. Last quarter, I think Yahoo! Finance was saying that Northgate's P/E ratio was about 65, which, of course, is not even close.

Now, there is no way that I now of, to determine the current status of a company's hedge book, since the law does not require them to disclose these things. There is a big political argument about this, some calling for "transparency", and others saying that companies need privacy about their trades. The companies who want privacy are generally the companies who have sold short gold, such as J.P. Morgan, and Goldman Sachs. So, there is no way to know how Northgate's hedges are hurting earnings, as of the moment, unless the company voluntarily discloses such information, as not required by law. Sometimes you can find clues in a company's annual report.

So, let's assume that soon, Northgate eliminates their hedges (as I assume, and hope, they will be able to do, and actually follow through with doing). Another way to calculate earnings is to guess their cash costs for mining gold. They previously said that cash costs for gold in the 4th quarter of 2005 were $59/oz., and that they expect to produce 320,000 oz. of gold in 2006! The reason their cash costs are so low for gold is that they are earning "credits" against the gold cost for producing copper. The cash cost includes the copper profits, and the copper costs, and the gold costs.

Cash costs do not include things such as the cost of administration, marketing, exploration, permitting, mine construction, debt financing, and hedge book losses. Besides not disclosing hedges, "cash costs" are another very misleading thing reported by the mining industry (almost worse than telling us how many ounces of metal they think they have in the ground).

But since Northgate is a producer, let's assume there will be little new mine construction (the big cost) and no other major costs. Then, let's assume that cash costs will drop towards zero, or below, since we have higher gold and copper prices now. We can then guess at profits, as follows: 320,000 oz. of gold. produced x $600/oz. gold = $192 million dollars!

Then, we can get a new, projected, estimated, forward-looking P/E ratio as follows: $550 million Market Cap / $190 million profit = 2.9 P/E ratio. That presents a better picture, with a better value, than what I presented when I wrongly used one quarter's results (which included a temporary gain of a tax write off, and included a temporary loss of hedging losses). Again, the size of the hedge book losses, are unknown and unknowable to analysts looking on the outside.

Yes, my math is juvenile, but so are the reporting standards and reporting requirements of the mining industry. Let the miners disclose everything like real adults should, and we can then have more adult-type analysis.

The other problem with most analysts in the mining industry is that they mostly underestimate the prices for copper and gold in their analysis, when they estimate future P/E ratios. They project forward, and assume such prices such as $450/oz. for gold, and $1.30/lb. for copper!

But gold is at $600, and heading towards $1000 in my opinion, and copper is at $2.60, and headed towards $3-$4 in my opinion. I'm more bullish than even the GATA story, (at gata.org, lemetropolecafe.com and goldrush21.com), which is that Central banks have fraudulently leased out most of their gold in a non-transparent way, to suppress the price for the past ten years (and are now failing to cap the price). The fraud bigger than gold leasing, is paper money! I'm bullish on copper, because the world has only a two day supply of physical copper inventory, and China is booming. Further, I understand that too many futures contracts that are not backed by real metal is price-suppressive, and fraudulent in nature, and will lead to a price explosion with either short covering, or defaults.

Another problem is that the law prevents mining companies from doing their own forward projections based on higher gold and copper prices, and requires them to use trailing, historical prices. This prevents companies from advertising themselves as effectively as they should be able to do.

Until the analysts, laws, and news media, deal with all of these frauds, (cash costs not including all costs, undisclosed hedges, fraudulent central bank gold leasing, paper money, fraudulent unbacked paper futures contracts) it will be difficult to find good investment advice like I'm able to present to you. Their lies, compounded upon more lies, give truth tellers the edge.

Speaking of reliable truth tellers, Adam Hamilton, yesterday, wrote a great article, saying that the average P/E ratio of the major gold producers is about 80. And 7 out of 15 of the stocks on the HUI are losing money!
http://www.321gold.com/editori…ilton/hamilton040706.html

So, in comparison to that, you can see what a great, low priced stock, Northgate really is, with a forward P/E ratio of just under 3.

A few more points: Northgate is now a copper/gold mine, earning more now from copper, than gold!

Northgate is cheap, I believe, primarily because the company acquired the project from another company who drilled out the resources and went bankrupt in the late 1990's. Northgate also may be cheap due to poor promotion, which is exactly what I like to hear, as an "activist shareholder" or investor/promoter.

Northgate has the highest market cap, and the most liquid trading volume, of any stock I have ever promoted (I typically invest in, and promote, companies with market caps under $100 million), so it will be interesting to see if it even moves up on this promotion. For full disclosure, this email is now going out to nearly 19,000 email addresses, and the emails typically opened by about 6500, over about a week's time. Since yesterday's email, 3800 people opened my email, and only about 586 clicked on the links (showing they are reading at least some of it.)

My biggest promotions in the past have resulted in about $1 million in daily trading volume. But Northgate, on the AMEX, has a typical trading volume of nearly 2 million shares, at about $2.50/share, or about $5 million, daily trading volume. So, this email promotion may have little effect, and may mean that you can get into this stock quite easily on Monday. On the other hand, many of my readers in the past may have been more restrained in buying my stock picks due to the small size of those other stocks, and the risky nature of explorers I typically promote. So, it's hard for me to tell what will happen to the stock price on Monday.

Note, there are two ticker symbols, one for each exchange for U.S. or Canadian investors.
(Amex: NXG. Toronto: NGX)

Disclaimer: I own shares of NXG, and NXG has not paid me to send out this email.

Und die Nummer 2:

Northgate's Hedges (Amex: NXG. Toronto: NGX)

Silver Stock Report
by Jason Hommel
April 8th, 2006

Northgate Minerals
Share Price: $2.57
Market Cap: $551 million.

Regarding my previous emails this weekend:
http://www.silverstockreport.c…l/Northgate_Minerals.html
http://www.silverstockreport.com/email/Northgate_update.html

Northgate's shareholders and investor relations staff have quickly updated me on the status of their hedge book. I knew their hedges were small, and that it will not pose much of a problem for Northgate to close it out, and so my quick and dirty P/E analysis, showing Northgate has a forward looking P/E ratio of about 3, ignored it.

My error in thinking such complete data on the hedge book was unknowable, stemed from the fact that the laws do not require such disclosure, and my experience is that the best analysts in the world still do not know the precise price of the gold hedges of Barrick gold--the largest hedger in the industry. Barrick may have about 18 million ounces of gold hedged at about $300 to $350, but nobody seems to know for sure, because Barrick will not say, and does not have to say. Barrick's hedges are potentially toxic, potentially leading to the bankruptcy of Barrick, and may represent a mark-to-market loss of about $250/oz. x 18 million, which is about $4.5 billion lost profit opportunity, or an approximate "cost" to close out the hedges at today's prices, that is, if it were even possible to buy back 18 million ounces of gold in the futures market without moving up the gold price! Barrick said they would close out their hedge book several years ago, and have been waiting for gold prices to "dip" ever since about $300/oz. for gold. Today, it may well be impossible for them to close their hedge book. Gold never dipped, and the hedges were never closed. Then, recently, Barrick acquired the other major notorious hedger, Placer Dome. They say that Barrick is "broke", and Placer Dome is "doomed". When they go belly up, the mining industry should be quick and ready to acquire the mines they will be auctioning off. But buyers of the mines ought to beware that such mines have likely been highgraded and stripped by a desperate and dying gold producer. If anyone on my email list owns Barrick because they want to own "a producer", they should strongly consider selling it for a stock like Northgate, a stock with much smaller hedges, and a much better P/E ratio.

Northgate Minerals (northgateminerals.com), unlike most miners, goes beyond what the law requires, by regularly providing shareholders details of their hedges, as follows:

From the February 23, 2006 press release.

At December 31, 2005, Kemess Mines Ltd. had forward sales commitments with major financial institutions to deliver 139,000 ounces of gold at an average accumulated price of $307 per ounce.

Northgate has stated many, many times that they will not be hedging any additional gold production.

>From the January 17, 2006 press release:

“In order to fix the price for copper it has already produced, Northgate entered into forward sales contracts prior to year end which locked in a price of $1.98 ($0.03 per pound higher than the average LME Cash price for the quarter) for all copper revenue that will be recognized in the fourth quarter of 2005. As a result, copper revenues that will be reported in the Corporation’s 2005 financial statements (scheduled for release on February 23, 2006) will not be dependant on future prices as is normally the case. Northgate’s copper production from January 1, 2006 forward remains un-hedged and fully levered to future changes in the price of copper.”

My comments again:

Unlike Barrick's hedges, Northgate's hedges are not that crucial to evaluating the overall picture of the company, but they do have a slight impact, as follows:

The gold hedge of 139,000 ounces is 43% of the projected production for 2006 of 320,000 ounces. At $600/oz. for gold, 139,000 ounces hedged at $307/oz. is a missed opportunity of $297/oz., times 139,000 ounces is a missed $41 million. So, earnings may be about $41 million less than they could be (320,000 oz. x $600/oz. = $192 million - $40 million = $152 million), and this will create a slightly higher P/E ratio until after the hedges are closed out. As follows: $550 / $152 = 3.6 P/E ratio (forward looking, estimateed annual for 2006), based on a cost of $0/oz. of gold production, and with gold averaging $600/oz.

Further, with copper unhedged, and with gold production costs near or about $0/oz. due to the copper credits, Northgate is not in any trouble due to the hedge book loss (or missed opportunity).

A bigger issue with Northgate is the mine life, which is about 3-4 years. They have an additional project to the North, which will cost $200 million to bring to production, and needs a permit, that can extend production to 10 years. Projected profits show that Northgate will not need to engage in any further dilution (selling stock) to raise this money to expand production. Further, they have another project that they will be drilling, and they are looking to acquire another producing mine. They have been successful, so far, and are in great financial shape to further increase shareholder value.

In sum, Northgate is the lowest cost gold producer out there (making slightly more off the copper presently).
Northgate is mildly hedged which will not pose a problem.
Northgate has the best forward looking P/E ratio of existing producers (about 3.6).
Northgate has good profit potential right now ($150 million/year, or more with rising gold and copper prices) and cash on hand ($40 million).
Northgate has a good mine life (4-10 years) with good projects ahead of it.
Northgate's stock is cheap, and under-promoted.
Finally, Northgate's stock is very liquid, and easily tradable.

I think the stock is a solid buy until about $3.50 to $4.00/share at which point the stock will have a P/E ratio of about 5, which is still very cheap for the industry, which averages about 10 for copper producers, or about 30-80 for gold producers. The stock could easily hit between $8-24/share over the next few years, if gold is flat at $600. But with gold likely to go much higher, the stock of Northgate is poised to rise much higher, proportionally, as well.

If you know of a larger copper/gold producer, with a lower P/E ratio, I'd love to hear about it. But I suspect none exist. So far, others have only mentioned to me explorers, or near-term, "soon-to-be" producers, with lower grades, and slightly higher market caps for their value.

The cheapest and largest exploration stocks that I know of that are near term producers, with reliable high-grade resources, is Metalline Mining (Zinc and Silver) (MMGG.OB), and with reliable high-grade reserves is Idaho general mines (molybdenum) (IGMI.OB).

Finally, for those who have recently criticized my reports: Thank you for all of the wonderful information and corrections. You have definitely helped the quality of the information my readers have received this weekend regarding Northgate. Despite the inaccuracies of my presentation of Northgate, the overall picture of Northgate that I presented in my first email, is mostly unchanged--it has a very low P/E ratio, probably the lowest for a company its size or bigger! From my perspective, it is most important for me to point investors in the right direction, to a good company that will help them make money. I try to see the forest, the big picture, not analyze the bark on the trees. My job is to promote, and educate, not to drown my readers in detail, for if I did that, then who would read me?

Yes, research well the companies you buy--especially from promotions like this one. But also, you need to keep in mind to look at a wide number of companies, to be able to compare across the industry. All companies seem to have a certain "unique" bonus that nobody else has. It's my job to avoid getting too charmed by company specific details, and instead, to compare across many companies, on measures that they have in common--as well as follow the broader market for gold, silver, and copper prices.

I have a hard job, and my many readers and critics definitely help me to provide a better service.

>From my perspective, Northgate would do better to focus on the larger implications of the nature of gold, the nature of paper money, and the nature of the gold market, and the nature of the silver market, and to focus more on marketing. For example, Northgate could denounce the futures markets in gold as manipulative and fraudulent, and expose their evil bankers who are making nearly 100% off of their "forced" gold hedges. Northgate could be trying to convince buyers of gold and copper futures contracts to spend their cash by buying their company stock, instead.

Then again, the beauty of the free market is that it encourages specialization and the division of labor. I do my job, and Northgate does its job, and hopefully we will both do it well. The nature of the free market is that stocks that are under-promoted, naturally come to the attention of promoters. The other beauty of this "job" that I have is that Northgate does not have to pay me for my services, and neither do my readers. (Although I do offer a paid "look at my portfolio", and although I pay to advertise my services, this email is free.) The free market is truly an amazing thing, and its charms have definitely captivated me!

It is my goal to understand the nature of the free market, and to use the competitive nature of the free market, to produce the best newsletter the free market has to offer.

Disclaimer: I own NXG, MMGG, and IGMI, and no company has paid me to send out this email.

Mine Plan für Metelline MMGG.OB: der Hommel hat die ja auch schon des öfteren erwähnt. Heute morgen zum letzten mal. (Siehe oben!)
Gut informiert ist er schon!
Werden auch hüpfen heute!

http://biz.yahoo.com/bw/060410/20060410005416.html?.v=1

@ach edel,
das ist doch sooo anstrengend.
Außerdem sind wir eh schon bekannt wie das falsche Geld.

Was sind schon 8%?
Ich hab gestern die plexmar erwähnt und ein bisserl vorgestellt in:
Mining in Südamerika: Und!
Heute 46%!
Da kann doch der Hommel brausen geh´n!

NUR: ich hab nicht Plexmar gekauft sondern Northgate zu 2,19€ heut nachmittag.
Das ist mein größter Fehler! Ich trau dem Tschonko zu wenig zu!
Bessert sich schon langsam!
Aber immerhin den Vorsprung genützt!
Dafür Palladon rausgehaut und NAK auf Verkauf gestellt.
Bei mir muss immer was raus, wenn was reinkommt.
Das ist vielleicht schwer.

Grüße
T.

Neuerdings gibt es auf goldseiten.de auch eine Präsentation über Goldrea. Da die market cap noch immer unter 20 Millionen Can $ ist, könnte da noch einiges drinliegen. Vielleicht bewegt ja die Präsentation ei paar Deutsche zum Einstieg. Mir soll´s recht sein, da Goldrea in meinem geschrumpften Portfolio noch nicht rausgekickt wurde.

Das Fazit der Präsentation:

Goldrea ist derzeit noch ein Explorationsunternehmen, das aber auf dem Sprung zum Produzenten steht. Gelingt der Kauf der Daye-Goldmine in China, wovon auszugehen ist, dann wird das Unternehmen ein Produzent mit 65.000 Unzen Gold pro Jahr und erheblichem Erweiterungspotential. Hinzu kommen die amerikansichen Explorationsprojekte, die sich Gold, Baisis- und PG-Metalle sowie Molybdän enthalten. Allein der mögliche Kauf der Daye Mine läßt die Aktie aussichtsreich erscheinen.

20 Mio Market Cap ist bei 65´000 Unzen pro Jahr wahrlich nicht viel.

Es gibt mal wieder Schnäppchenpreise in Frankfurt! Zur Zeit 1,72 € für 6.900 Stück. Kanada Schlusskurs 2,56 CAD (entspricht 1,84 €). Rabatt von 6,5%! Ich hab leider schon mehr als genug.

Grüße

Jetzt ist der Rabatt verständlich geworden:

Great Basin Gold Announces Financings for Growth Projects
Tuesday April 11, 8:58 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 11, 2006 -- Great Basin Gold Ltd. has entered into an agreement with an underwriter, pursuant to which the Underwriter has agreed to purchase for resale to the public, on a bought-deal basis, 6,700,000 common shares of GBG at a price of $2.25 per share, for gross proceeds of $15,075,000 (the "Offering").

weiter unter: http://biz.yahoo.com/iw/060411/0122527.html

Ist zwar schon was älter, faßt die Situation aber gut zusammen.

Grüße

Kodiak Krumples: The Dangers of Exploration-Stage Investing

By Ben Abelson
28 Mar 2006 at 02:11 PM EST

NEW YORK (ResourceInvestor.com) -- When it comes to buying exploration-stage mining companies, timing truly is everything.

Investors who paid up for Kodiak Exploration [TSXv:KXL] learned this lesson the hard way yesterday, when the stock dropped some 56% on less-than-stellar assay results. Don’t say we didn’t warn you. Just three weeks ago, Resource Investor said the company’s stock had gotten far ahead of its fundamentals.

The Next Voisey’s Bay?

For those who haven’t been following the story, Kodiak’s been in the news lately for its Caribou Lake project. Located in Canada’s remote Northwest Territories, the project has been touted by many as “the next Voisey’s Bay,” and has been responsible for driving the stock from C$0.20 at the start of the year to its early March high of C$3.54.

Although Caribou Lake might have potential, Kodiak’s stock has clearly fallen into the hands of pure speculators, with valuation thrown out the window. While the intersection of massive sulphides on its first drill hole sparked excitement, the assay results released yesterday brought investors back down to earth.

The assays indicated a zone of 1.41 metres grading 1.11% copper, 0.9% nickel and 0.12% cobalt. However, the entire 5.4-metre intersection graded only 0.5% copper, 0.36% nickel, and 0.05% cobalt, clearly below investor expectations.

hares of Kodiak Exploration slipped C$1.50 to close at C$1.19 on massive volume of 4 million shares (equal to about 14% of all outstanding shares). While the stock had bounced back to C$1.55 by mid-day Tuesday, the initial assay results show that investors have gotten ahead of themselves.

After this news, Kodiak’s drill results will need to encounter significantly higher grades to move the stock higher again. The company is continuing on with a 16-hole program to see if it can’t uncover the promise that’s been so highly touted by media pundits and company executives.

Could Caribou Lake be the next Voisey’s Bay? Nobody knows. While the project still holds promise, the stock’s landslide shows the danger of placing a bet on a drill-hole play that’s already been more than ‘discovered’ by the market. The smart money with their ears to the ground were probably in this stock under C$1, and out of it above C$3.

Simply put: if you don’t get in early on a momentum exploration stock, you’re better off just not playing that game. It’s just one more reason that this correspondent favours targeting undervalued producers or juniors with very well defined deposits rather than pie-in-the-sky exploration plays. It may result in leaving some money on the table, but it also makes it much easier to sleep at night.

Kodiak Shakedown Hits Grande Portage

The shakedown in Kodiak shares also hit Grande Portage Resources [TSXv:GPG], which is exploring its geologically similar Merry Widow deposit in British Columbia. In fact, just days ago Resource Investor covered Grande Portage as similar to an early-stage Kodiak investment.

But after Kodiak’s disappointing assay results, investors’ collective realization that massive sulphides can actually remain piles of unmineable rock brought Grande Portgage back down to earth. After attempting gains on the order of 30% early in Monday’s session, Grande Portage ended the day flat in the C$0.55 range. It’s worth noting that at current prices, Grande Portage is still up more than 250% from the start of the month, when the stock was trading for just C$0.15.

Conclusion

So, the question remains: does Grande Portage still have upside potential? Like Caribou Lake, it’s hard to ascertain whether Merry Widow will ever actually become a mine. With Grande Portage still trading at a miniscule market cap of just C$17 million, any positive results could easily double or triple the stock within days.

But make no mistake, an investment in Grande Portage is speculative in two ways: one, that the company will report substantially positive results from its property, and two, that the market will react to this news in the same manner that it did with Kodiak in early January.

With Kodiak’s shakedown fresh in this correspondent’s mind, it’s one bet that this correspondent would prefer not to take. If Merry Widow actually shows development potential, it’s almost guaranteed that Grande Portage will pull-back at some point in the future – affording an easy entry into the stock. In the meantime, when the opportunity presents itself, I’ll continue to buy the discounted shares of out-of-favour producers or those of explorers with well-defined deposits. Use whatever maxim you’d like, but it all boils down to the fact that the first rule of investing is quite simple: don’t lose money.

An investment in Grande Portage could triple – but so would have a well-timed investment into nearly any small-cap base or precious metals producer during the cyclical downturn last spring. It’s the downside potential in the two investments that is quite different.

http://www.resourceinvestor.com/pebble.asp?relid=18266

Goldrea zurzeit -14 %

Soviel zur Hoffnung, dass GOR.V diese Woche einen Sprung nach oben macht.....

Aber die Lage gefällt mir allgemein nicht. Sowohl, Gold als auch Silber werden wohl heute eine Kerze produzieren, die den Chart-Bullen kaum gefallen wird. Die Edelmetallaktien schwächeln auch stark.

Ob die grösere Korrektur nun kommt auf breiter Front?

@Edel

Schönes Gedicht hast Du da ausgewählt! Und das erinnert mich an uns

Goethe, Berg auf Berg ab

Berg auf und Berg ab und Tal aus und Tal ein,
Es reiten die Ritter. Ta! Ta!
Und bläuen sich Beulen und hacken sich klein.
Es fliegen die Splitter. Ta! Ta!
Ein Ritter, auf seiner Prinzessin Geheiß,
Beut Drachen und Teufeln den Krieg.
Dara ta!
Wir schonen das Blut und wir sparen den Schweiß,
Gewinne auf ander und andere Weis
Im Feld und der Liebe den Sieg.
Dara ta!

Grüße