Beiträge von newtechxl

Kebble's performance to win shareholders over a highlight at AGM

Randgold gives Aflease new life
September 27, 2004

By Nicky Smith

Johannesburg - Thursday's general meeting of the listed gold and uranium company, Aflease, was a vigorous affair, where 95 percent of shareholders voted in favour of the Randgold & Exploration rescue package, which gives Aflease about R175 million and the Brett Kebble-run company 33 percent of Aflease.

Before the meeting, 41 percent of shareholders had already backed the deal, so no surprises were expected.

The fireworks were caused by Theo Botha, a shareholder in Aflease, who holds 100 shares in the company.

Botha, a self-styled shareholder activist who has had run-ins with executives from Sage, Nedbank, Bidvest as well as Aflease, took flak at the meeting for his hostility to the deal.

The highlight, perhaps, was the performance given by Kebble. He made a point of not belittling the size of Botha's holding, applauded his participation and then went in for the kill.

He said while Botha's participation was commendable, it was only fair that he disclose where his real interests lay and what his agenda truly was.

Kebble said he had been told by Peter Skeat, the former chief executive of Aflease who left under a cloud, that Botha was "his hit man".

"If you are here batting for Pete Skeat, rather let him come here and bat for himself," Kebble said.

He said to Botha if he was acting on his own behalf he should go home and buy more shares.

A three-page letter to shareholders was posted on Aflease's website last week by Neal Froneman, the chief executive of Aflease, detailing allegations that Botha was trying to damage the company at a time when Aflease was trying to raise money.

Froneman said: "Aflease's opinion is that Mr Botha's conduct amounts to a malicious effort to undermine the business of Aflease and that he has no intention to improve the corporate governance standards of Aflease.

"Aflease, therefore, questions his intentions as the perceived economic benefits that Mr Botha anticipates realising from his small shareholding bear no resemblance to his extensive and malicious efforts.

"He is acting to the detriment of small and larger shareholders alike while probably being paid a fee for doing so."

The meeting had to be brought to order a couple of times with various shareholders calling Botha "a stirrer" and more than one person offering to buy Botha's shares from him.

Botha refused to say publicly whether or not he was being paid by Skeat to represent Skeat's interests.

After the meeting, he said: "I am helping Pete, but at arm's length." He said Skeat was not paying him nor had he given him direction. He complained: "It's like the OK Corral in here with everyone taking pot shots at me."

All but a couple of the shareholders present at the meeting applauded Kebble's performance.

The share closed 2c weaker at R1.78 on Thursday. The gold mining sector was 0.97 percent lower.

@ Schwabenpfeil

Zitat

70% of the rights to The Property was once almost bought by Homestake (which was acquired by Barrick) for $35 million in 1996, and Homestake was going to fund all exploration and development. The buy out ended when metals prices collapsed, and Bre-X hit, and when the majors cut back on exploration budgets to stay alive. This means the market cap of KRE.V may be worth 100% / 70% x $35 million, or $50 million, plus exploration and development costs, to a major mining company, and likely worth much more today, due to inflation of the dollar, and the rise in the price of silver!

@ Schwabenpfeil

freut mich zu hoeren,dass noch mehr Leute Interesse an Explorern haben. Glaube, dass einige Explorer recht guenstig sind. Die grossen Konzerne haben in den letzten Jahren ihre Explorationstaetigkeit eingeschraenkt, so dass sie auf die Kleinen bald angewiesen sind.

Ja, bin in Kenrich investiert.

Kurs wird in Toronto gemacht!!!

Finde die Aktie nach Peer Share Vergleich viel guenstiger als die anderen Explorer. Niedriges Mcap. Explorationsgebiet hoch interessant.

Nur eines der Gebiete von Kenrich wurde vor 8 Jhren mit etwa 50 Mio bewertet.

In den naechsten Wochen mehr.

Weitere Werte auf meiner Watchliste: Cream Minerals, Expatriate,Canadian Zinc, Silvercrest, Plexmar

http://www.kenrich-eskay.com/i…sentation_files/frame.htm

Aktuelle Ausgabe

http://www.goldismoney.com/ssr/SS51.html

Kurze Zusammenfassung über Cream:

http://www.creamminerals.com/cream/misc/CMA-Facts.pdf

Expatriate will be closing a $750,000 Cdn private placement by Sept.
15, so they can get started on the next financing where they will be
raising up to $8 million.

In the first PP for $750,000 Cdn, the units are priced at $.25 Cdn. A
unit consists of one share and one full warrant at $.35.

In the second PP for $8 mil Cdn, the units will be priced as determined
by the stock price later on.

Yukon Silver-Zinc Project:
--Reserves and resources contain 74.7 million ounces of silver and 1.74
billion pounds of zinc, as well as other base and precious metals.
Recent consolidation of property gives Expatriate 100% interest and a clear
development path forward.

Expatriate will be spinning off their other zinc/silver properties,
into "Pacifica Resources", as they spun off their gold properties into
StrataGold.

Sept 1, 2004 Financial Information:
Issues Shares ~ 97.5 million
Fully Diluted Shares ~ 121.5 million
Working Capital ~ $3.7 million
Options & Warrants Exercise ~ $6.3 million

Expatriate compares rather favorably on my list of silver stocks, and
so I'm quite pleased to be able to share the notice of this private
placement opportunity with you. I don't plan to participate in this PP at
this time, as my own portfolio needs require the freedom and liquidity
of free trading shares at the moment--so that I can raise the funds for
excercising warrants in other deals I've done. (I've done just a bit
too many PP's in the recent past.) I have been watching Expatriate's
stock price very closely, and I may be a buyer in the $.22-$.24 range. A
stock price just a bit lower than that, free trading, may be comparable
to this PP, since with the PP you get the warrants.

Please see my recent silver stock report here:
http://www.silverstockreport.c…s/silverstockreport49.htm
http://www.goldismoney.com/ssr/SS49.html

Note, in the profile in my report, the silver ounces listed (100+
million) are across 6 properties. The resources for Wolverine alone are
only 74 million ounces of silver.

With Wolverine alone, and with the $8 million PP at current share
prices, the company's valuation and resources may compare as follows:

Fully diluted shares: 121.5 million.
+ the $750,000 PP: + 6 million shares fully diluted.
= 127.5 million fully diluted
+ $8 mil PP (assuming at .25, and assuming 1/2 warrant the details of
which are not yet fixed)
+ 48 million shares
Total: 175.5 million shares
@ .25 Cdn x .77 Cdn/US = .1925
$33.78 million. / 74 million oz. silver = $.456/oz.

But there is the large zinc bonus, and the other 25 million ounces in
the other properties will be spun off to existing shareholders.

Perhaps most importantly, Expatriate is looking to produce 7 million
ounces of silver per year. (The Wolverine deposit is being advanced to
bankable feasibility study and a possible production decision in early
2006.)

The $8 million is for further exploration and to bring the company to a
final production decision. Actual mine construction and development is
expected to run around $100 million.

By then, if the market cap of Expatriate is $150 million:
$150 mil MC / 74 mil oz. = $2.02/oz.

For comparison:

CDE (Produced 14.2 mil oz. silver in latest fiscal year (early 2004)
$783 mil MC / 279 mil oz = $2.81/oz.
PAAS (produced 7 mil oz. silver in 2001:)
$1025 mil MC / 743 mil oz. = $1.38/oz.
HL (est. 2004 production 9 mil oz. silver and 215,000 oz. gold )
$706 mil MC / 48.9 mil oz. = $14.44/oz.

Here is the press release about the Expatriate's next PP:

Expatriate Announces $8.0 Million Financing For Wolverine Silver-Zinc
Project in the Yukon
September 7, 2004 - Expatriate Resources Ltd. (EXR.TSX Venture) is
pleased to announce that it has entered into an agreement for an $8 million
financing to qualified purchasers by way of a best efforts brokered
private placement through a syndicate of Agents consisting of Paradigm
Capital Inc., First Associates Investments Inc., Dundee Securities
Corporation and McFarlane Gordon Inc. In addition, the Agents will have an
over allotment option for an additional $4 million.
The financing shall consist of units and flow-through common shares.
Each unit consists of one common share and one half of a common share
purchase warrant exercisable for a period of 24 months from closing. The
securities will be sold by private placement in the provinces of
Ontario, Nova Scotia, Quebec, Manitoba, Alberta and British Columbia and in
such jurisdictions outside of Canada, including the United States, as
the Company and the Agents mutually agree. The pricing of the offering
will be determined in the context of the market with closing scheduled
for October 21. The Agents will receive a 7% selling commission and
Agents warrants for 10% of all flow-through common shares and units sold.
Proceeds of the brokered financing will be added to the current
approximate $3.5 million in working capital and be used primarily to fund the
planned underground test-mining program of the Wolverine zinc-silver
deposit and other feasibility work that is planned for this winter. The
Wolverine deposit is being advanced to bankable feasibility study and a
possible production decision in early 2006. The development of the
silver-rich Wolverine deposit and potential for additional discoveries in
the Finlayson District, Yukon provides investors with an attractive
zinc-silver investment opportunity.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such
registration is available. All dollars in this release are in Canadian
funds.
This press release may contain forward-looking statements based on
assumptions and judgements of management regarding future events or results
that may prove to be inaccurate as a result of exploration and other
risk factors beyond its control and actual results may differ materially
from the expected results.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.

If you would like to participate in this PP, and if you let Expatriate
know you heard about this opportunity from me, Jason Hommel, then I may
earn a 5% finder's fee.

For more information and to participate in this PP, contact:

Brian Soregaroli ext. 235
and/or Wendy Pemberton, Investor Communications
Telephone: (604) 682-5474
Toll-free: 1-877-682-5474
Facsimile (604) 682-5404
info@expatriateresources.com
http://www.expatriateresources.com

CZN.TO CZICF.PK (CANADIAN ZINC) (I own shares)
http://www.canadianzinc.com/
czn@canadianzinc.com 1-866-688-2001
78.5 mil shares fully diluted (August, 2004)
@ $.68/share Cdn x .77 US/Cdn = $.52 US
$41 mil MC
$14.6 million cash, Cdn, no debt.
not mining ($20 mil needed to finish & start the mine) ($100 mil worth of mining infrastructure in place!)
~70 mil oz. (IN ZONE 3 only!! of 12 zones! This company seems to be greatly under-reporting their silver reserves. Their 18 year mine plan consists of zone 3 only, but there are 12 mineralized zones on the property.) Really, perhaps well over 100 mil oz. silver.
$41 mil MC / 70 mil oz. = $.59/oz.
You get "approx" 10.4 ounces in the ground for 1 oz. silver's worth of stock.

Additional comments: Canadian Zinc Commences Exploration Program At Prairie Creek, NT

CZN likely has much more silver in the ground, and has good profit potential.

To get the mine up and running, they might be able to pay back debt financing within 2 years, but I would hope they would avoid debt, and raise the capital in additional financings.

I note several very, very positive things about this company.

1. This was the mining operation set up by the Hunt brothers, the major silver investors in the silver spike to $50/oz. in 1980 who were bankrupted by their own debts and margin calls as a result of the COMEX rule changes and silver short sale manipulation. The Hunts spent $50 million building infrastructure to build the mine. They were 90% complete when bankruptcy hit. The value of those buildings is now perhaps over $100 million, and the mine only needs about $20 million (CAN) ($15 mil US) to get the mine up and running. That's much cheaper than other cost estimates of other operations.
2. The 70 million oz. of silver estimate is for zone 3 only. But there are 12 zones on the property. The zone 3 estimate is for a 10 year mine plan that involves mining zone 3 at current metals prices.
3. High Grade ores:
12% zinc/ton; = 240 lbs. zinc/ton x 50 cents/lb. = $120/ton for the zinc.
10.1% lead/ton = 202 lbs. lead/ton x 40 cents/lb. = $80/ton for the lead.
6 oz. silver/ton x $6.95/oz. = $42/ton for the silver.
0.4% copper/ton = 8 lbs. copper/ton x 1.30 cents/lb. = $10/ton for the copper.
Total: $249/ton! Prices accurate as of Mid Feb., 2004
4. My method of valuation: I'm really counting only the silver, not the base metals in my "oz in the ground" valuation. So consider a significant "zinc bonus", and "lead bonus".
5. Zinc and base metals prices headed up? About 45 cents/lb. for zinc! Check http://www.metalprices.com/ for updates.

(I own shares of CZN.TO)

* CMA.V CRMXF.OB (Cream Minerals Ltd) (I own shares.)
http://www.creamminerals.com/cream/main.htm
http://www.langmining.com/cream-mx/
34.8 mil shares fully diluted (March 31, 2004)
@ $.285/share Cdn x .77 US/Cdn = $.22 US
$8 mil MC
from: http://www.langmining.com/crea…panyProjects_Summary.html
Project B: Potential Target: 400m x 500m x 150m x 2.5 t/m3 = 75,000,000 tonnes
Say at: Au 0.480 g/t Ag 149.33 g/t
Silver only, that's (1 gram = .03215 troy oz.) 4.8 oz./t x 75 million tonnes = 360 million oz. "exploration potential" in a low-grade deposit.
$8 mil MC / 360 mil oz. = $.02/oz. (exploration potential) --not yet even a "resource"!

Additional comments: Another silver property is the Kaslo.
"The Kaslo Silver Property encompasses the Keen Creek Silver Belt and is comprised of nine former high grade silver mines"...

(I own shares of CMA.V)

Sieht interessant aus, muß jedoch noch mehr analysieren.

http://www.creamminerals.com/cream/main.htm

Wer von Euch kennt das Teil. Scheinen eine Menge Silber im Boden zu haben.

KENRICH-ESKAY MINING CORPORATION
750 West Pender Street, Suite 410
Vancouver, British Columbia V6C 2T7
604-682-0557 Fax: 604-684-7116
Website: http://www.kenrich-eskay.com Email: info@kenrich-eskay.com
September 7, 2004 Symbol: KRE: TSX – V
NEWS RELEASE
DISCOVERY OF A NEW MASSIVE SULFIDE SHOWING ADDS TO DRILL TARGETS
ON COREY PROPERTY, ESKAY CAMP
Vancouver, BC – KENRICH-ESKAY MINING CORPORATION (the “Company”) is pleased to
announce excellent results from the first shipment of samples from its 100% owned Corey
property, in north-western British Columbia. The Corey property is a large land package
consisting of over 25,000 acres that is located on strike, just 8 km south of the world-class,
exceptionally rich, Eskay Creek gold mine of Barrick Gold Corp. The Cumberland, South Unuk
and C10 zones are now strongly confirmed as drill targets for Eskay-type gold-rich massive
sulphide deposits. First priority targets are now identified by these results and drilling will
commence mid-September.
PROGRESS REPORT ON 2004 FIELD PROGRAM
The high-priority field work commenced mid-July. Results are now in hand for the first shipment
of the rock, lithogeochemical and stream sediment samples from parts of the Cumberland,
South Unuk and C10 zones. With approximately one-half of the sampling results obtained, the
Company announces the following highlights:
New VMS Discovery: A new showing (the “Smitty”) of volcanogenic massive sulfides (VMS)
within Eskay-type mudstones, was discovered near the contact with Eskay-type tholeitic
basalts. The sulphides comprise massive pyrite, chalcopyrite, sphalerite and tetrahedrite
with anomalous silver and base metal (Ag-As-Sb-Cu-Zn-Pb) geochemical values. Assays
are pending. The sulphides occur at the same level in the Eskay sequence as the
Cumberland, and lie about 1.75 km southeast of the Cumberland Zone. The massive
sulphide portion of the discovery is one-half metre thick in outcrop and the stratigraphic
position and metal signature are exceptionally promising. Adjacent mineralization is
expected due to the results of stream sediment sampling, see below.
Multi-element Anomalies: Sediment sampling on the mountain slopes of the Cumberland -
South Unuk zone has yielded exceptionally strong multi-element geochemical anomalies
(Ag-Au-Cu-Zn-Pb-As-Sb), initially in two localities. Additional results are pending from later
shipments of samples. The anomalies are each defined by a dispersion train of responses
running downslope from a source within or near Eskay-type mudstones.
• One prominent anomaly is located downslope of the Smitty VMS discovery outcrop, but
extends onto the slope above the new showing, indicating an additional source of
precious and base metals lying to the east of the Smitty discovery.
• The second prominent anomaly, in Konkin creek on the South Unuk grid, occurs
downslope from a full sequence of Eskay basalt, a thick mudstone sequence and veined
and altered footwall volcanics, analogous to the Eskay sequence. Anomalies extend
upslope into the mudstone sequence above the altered footwall sequence.
• Other strong anomalies occur in adjacent creeks; however, interpretation is awaiting infill
sampling.
Gold Anomalies: The southern extension of the South Unuk zone is characterized by
numerous gold geochemical anomalies in stream sediments that lack the Eskay-type multielement
character, but drain a succession of Eskay-type volcanics and sediments.
Prospecting is underway to follow-up these strong geochemical values, which range up to
100 times background values.
C10 Zone Mapping: Lithogeochemical results from the 2004 program and field mapping
have confirmed the C10 zone quartz-sulphide-gold veining to be stringer-type
mineralization, related to altered volcanics of tholeitic and transitional affinity abutting Eskaytype
tholeitic basalts. The upper limits of the altered and veined zone have been mapped
and significant tetrahedrite-bearing veining with high gold-silver content has been located at
the contact. These results will be used to target drilling for VMS horizons along the contact
with the basalts.
The Company’s ongoing 2004 work is designed to trace, and to test at close intervals, the
volcanic and sedimentary horizons of the favourable Eskay-rift sequence. The initial results from
the 2004 work have conclusively demonstrated the effectiveness of the chosen high-energy
stream sediment geochemical technique in detecting Eskay-type mineralization. Additional
analytical results are expected next week.
These hard won results demonstrate that mineralized mudstones, massive sulfides and altered
and veined footwall rocks analogous to the Eskay deposit occur in a band extending at least 5
km south, along strike of the gold-silver bearing Cumberland massive sulfide horizon.
DIAMOND DRILLING TO START MID-SEPTEMBER
Drill-site selection will commence this week with the receipt of the balance of analytical results
from the high-priority field work. Sufficient data are now collected to target the exceptional
Smitty VMS showing, Konkin Creek and the C10 zones, all containing full signatures of a firstpriority
drilling target for Eskay-type high grade Au-Ag massive sulfides deposits. The diamond
drill rig is already mobilized to the Corey property, awaiting final drill hole layouts for start-up.
Drilling will commence by mid-September, with a 3,000m program in the first phase.
The geological information herein has been reviewed and approved by Paul J. McGuigan, P.
Geo. who is the Company’s Qualified Person.
On behalf of The Board of Directors of Kenrich-Eskay Mining Corporation.
“Wally E. Boguski”
Wally E Boguski,
President and Director
This document contains certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under the corporations control which may cause actual results, performance
or achievements of the corporation’s to be materially different from the results, performance or
expectation implied by these forward looking statements.
This release has been prepared by management – TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this news release.

Hommels Kommentar:

I called David Hottman regarding these developments. David Hottman of NPG.V feels this agreement with Placer Dome is "tremendous" or hugely exciting, and greatly increases the odds that "they will find something", and it frees up NPG.V's capital to explore other properties. Placer Dome also purchased 1.3 million shares of stock from the company directly, which puts cash into the company, which helps out. Furthermore, NPG.V has 12-15 other projects, and as David Hottman says, "you can't explore them all". All around, David is very excited by this development.

In general, I will agree this is a positive development. I understand that these kinds of options agreements are what many juniors hope for--a deal with a major, and that selling a percentage of a property for work commitments down the road, denominated in dollars, is "business as usual". However, hedging was also "business as usual," and that is ending... I understand that NPG.V probably feels this will help them move forward to production, and therefore get profits from gold mining, and thereby upside exposure to rising gold prices.

But there is a possible downside. The Placer Dome agreement trades gold properties for dollars, over 5 years, which is like hedging. It is unlike hedging in that NPG.V is making no commitments to deliver refined gold; instead, NPG is giving a percentage ownership of the gold properties in return for promises that come from Placer Dome--to deliver exploration as denominated in dollars. But the form of those promises to NPG.V are dollars--over 5 years when who knows how much inflation may take place. Plainly, I hate dollars as compared to gold, which is why I'm invested in this sector in the first place.

If the dollar goes belly up in the next five years, then, NPG.Vwill be giving away a portion of ownership to their properties for next to nothing near the end of the deal (at which time, their remaining portion, developed at Placer's expense, would likely be extremely profitable.) Would a die-hard gold investor make that deal? A gold investor wants to acquire gold properties, not sell them. Therefore, this deal seems somewhat backwards to me. Does it "work best" if gold prices remain flat? Besides, higher share prices can also be had simply by holding on, or waiting for investor demand to develop, at which time an equity offering for financing might make more sense.

Note, Placer Dome is a hedger, that may go belly up if the gold price moves up too much, just like the Sons of Gwalia just did. For all we know, maybe Placer Dome got into this deal to save their own skin! Placer Dome may be feeling pressure to deliver gold that they don't have or can't produce fast enough! So, perhaps this is why NPG.V may have gotten what they feel is such a good deal! And thus, perhaps this really is a TREMENDOUS deal for NPG.V! As much as I like NPG.V, and the management, and the properties, and the silver exploration project, I have concerns. It may well be a super deal for NPG.V today; tough to negotiate, a tremendous success, a "way to build growth", a way to tap into Placer Dome's mining expertise in the area, and so on, but let me be honest. I bought NPG.V to find a safe place for my dollars, and to protect my capital from dollar destruction. Now, undoubtedly, NPG.V stock will continue to do that. And I think the gold bull market will really accelerate in the next five years, but these dollar-deal agreements don't seem to take that into account. Is this such a good deal for NPG.V at $600/oz., or $1000/oz. or $2000/oz. for gold, and those prices are just for starters. What happens at $5000/oz., or $10,000 oz.? At that point, NPG.V will probably be rolling in the dough at those prices, and these will probably be considered "little" deals in retrospect. Nevertheless, the priniciple, I think is important.

(NPG.V retains the base metal and silver as exposure to rising prices.)

Now, if on the other hand, NPG.V sold their gold properties for exploration work worth, say, instead of the $5 million over five years, but for the silver bullion equivilent, of, say, exploraiton work as demoninated by 800,000 ounces worth of silver over five years, I'd be extremely happy, with zero complaints! It seems to me that this contract also could have been denominated in terms of gold or silver, instead of dollars, and this is what I'd like to see, and expect the exploration industry to do going forward. The exploration industry should be the recipients of gold and silver, and should always benefit if gold and silver prices rise, and they should structure deals to make sure that is the case. That's why we investors own their stocks, for the benefit of rising gold and silver prices.

All that being said, however, I bought NPG.V primarily for the one silver project, so, for me, this is more of a philosophical point than anything else. NPG.V did not "destroy shareholder value" with these deals, they probably increased it significantly.

I also have a problem, in general, with joint partnerships, as it's difficult to quantify possible ownership and benefits. I feel that if the majors wanted my gold property, then let them buy it, 100%, with gold. And if they can't afford that, then perhaps they should do a share offering with their overvalued shares and buy the gold needed for the purchase. And if shareholders can't afford the developent, then perhaps development should be put on hold until later.

Final point. The big reason to be invested in the juniors right now is that the majors have cut back on exploration since 1997, and they are running out of resources, and need to replace them just to stay even. They must buy into the junior soon, just to survive. Therefore, it is the juniors that are holding all the cards right now, and that's why we who have invested in the juniors will be making the big bucks. This deal is an example of that. That's how I see it.

I would like to receive comments from my readers on this development and their opinions on it. Send to: jasonhommel@yahoo.com You can also copy your comments to David Hottman of NPG.V at dhottman@nevadapacificgold.com To send an email to both of us at once, click here

von dieser Woche:

http://www.goldismoney.com/ssr/SS50.html

Der Link dazu: http://www.gold-eagle.com/editorials_04/hommel090904.html

Expatriate Resources: Silver-Zinc Penny Stock

Jason Hommel

I've been following Expatriate Resources since my weekly report #6 (about 44 weeks ago), when it was at $.26 Cdn/share. The stock was popular among my readers due to the large silver/zinc resources and low cost of the stock, and by week #8, the stock had jumped 15% for two days in a row, and jumped 66% the third day! I noticed the danger, and without selling, I warned my readers in report #8, as follows in the three paragraphs below:

I realized this week how few people are value investors, even readers of my report, which stuns me. This report is all about teaching people the fundamentals, and value investing. It seems people just don't believe that a good deal is really, truly a good deal, unless the price is moving up... and only then they will buy it.

Example: EXR.V this week moved up on Monday and Tuesday, about 15% each day. I was buying more of EXR.V on those days, painfully so, because of the rising price, then I stopped. And on Wednesday, the price of EXR.V jumped up 66%! I was stunned! Did all those people who bought on Wednesday just not realize the value of the stock until the price started trending up? Did I get in just in the "nick of time," or did my buying help cause a feeding frenzy? I don't know, but I suspect I was not "lucky," I suspect that my buying, based on the fundamentals of good value, helped to create further interest in the trend followers. I did not tell anyone I was buying, nor did I email any alerts on EXR.V. In fact, EXR.V has been in my silver reports numbers 6 and 7, so the opportunity was out in the open for everyone to see.

It is dangerous to be a trend follower. Readers! You need to learn to be leaders, and independent thinkers, who can trust the math and the logic of what you see. The next generation of wealthy people who will own the silver will need to be the entrepreneurs and business leaders. You cannot lead and follow at the same time.

On week #8 of my silver reports, EXR.V closed at $.42 Cdn., and Expatriate owned only 60% of the Wolverine project (today, it's 100%). I wrote, you'd "get "approx" 13.8 ounces in the ground for 1 oz. silver's worth of stock."

People listened to my warning, and the stock dropped back the following week, which was contrary to my own interests, of course. But a few months later it reached a high of about $.62 Cdn/share, at which time I sold to pursue other silver stocks, and private placements.

Last Friday, Expatriate closed at $.26/share, and I bought the stock back this week, after seeing the recently released news about the upcoming private placement. I had been looking to buy since I met with Harlan at the New York Gold show, and again at the Vancouver show. Most silver stocks had dropped back at about that time in April, as the silver price dropped from a high of $8.40/oz.

My updated company profile reads as follows:

EXR.V EXPTF.PK (EXPATRIATE RECS)
http://www.expatriateresources.com/
info@expatriateresources.com 1-877-682-5474 Dr. Harlan D. Meade, President and CEO
122.9 mil shares fully diluted (July 23, 2004) (listed on the front page of the web site!)
@ $.26/share Cdn x .77 US/Cdn = $.20
$25 mil MC
$1.2 mil CAN capital in the till no debt.
Mostly a base metals company: Zinc. Also has some silver & gold.
6 properties. Most of the value is concentrated in the 100% owned Wolverine Project.
Total mineralization across 6 properties: 97.2 mil oz. silver, 565,000 oz. gold, = 103 mil oz. "silver equiv."
About 3.8 billion pounds zinc, also some copper and lead.
$25 mil MC / 103 mil oz. silver = $.24/oz.
You get "approx" 27.4 ounces in the ground for 1 oz. silver's worth of stock.

Additional comments: Significant zinc bonus, about 3 times the silver value. Smelter credits are estimated at about 60% zinc, 25% silver, 10% gold and copper, and the rest, other minerals, but that assumes old low prices for silver, about $5-6?/oz. My method of valuation puts a value on the silver only, not the rest, so this is a significantly better value than my number shows.

Call Dr. Harlan D. Meade, President and CEO 1-877-682-5474, and ask him to send you an information packet on EXR.V. It contains a good report on why he is bullish on both silver and zinc.

Today, Expatriate is about as cheap as it has ever been since I first wrote about it in my report #6.

The gross value of the resources, at today's prices, is as follows:

3.8 billion pounds of zinc x .42/pound = $1.6 billion
103 million ounces of silver x $6.20/oz. = $640 million
565,000 ounces of gold x $400/oz. = $230 million
Total: $2.47 billion
(not counting selenium or copper)

Now, why did people rush to bid up the stock price of Expatriate Resources within the last year? I believe a significant reason was from watching the share price of Canadian Zinc (CZN.TO) and other silver/zinc plays. Canadian Zinc moved up over 1000% from $.11 Cdn to a high of $2.00 Cdn as silver and zinc prices both rose off market bottoms, starting about the summer of 2003. Another silver/zinc company was EuroZinc (EZM.TO), that also moved up around that time, from $.10 Cdn to $.79 Cdn.

There are some company updates to Expatriate that I would like to point out.

First, the company announced on Tuesday, Sept. 7th, that they intend to raise $8 million dollars for a final feasibility study. Obviously, it will increase the share structure and market cap, but we cannot determine exactly, because the price of this placement depends on the share price at the time the deal closes over the next month or so.

Second, the company recently acquired a 100% ownership interest in their Wolverine property, their primary silver/zinc project.

Third, selenium! See the last paragraph of the pdf file here: http://www.expatriateresources.com/LetterMarch182004.pdf

Selenium has moved up in price recently ten-fold -- from $3/pound to $30/pound! This is but one more example of commodities skyrocketing, and our dollar failing. (Not just falling, but failing!) Our economic system is not just meeting the needs of the people. There are many other commodities with similarly astounding gains; Cobalt, nickel, iron, oil. I would not know anything about Selenium were it not for looking at Expatriate.

I cannot emphasize how important this is, when so many commodities are exploding in price like this. Something is seriously wrong in this "paper dollar economy"! Certain commodities, the most desired ones, the ones with a potential monetary demand component, such as silver and gold will not only catch up to the price performance of these other ones, but will surely far outpace them--because of future monetary demand. Oil has increased in the last few years from $10/barrel to $50/barrel. But the public will never desire to store $5000 worth of paper money in oil! What will they do? Put 100 barrels of oil in the front yard? That's just way too impractical. But anyone can go and buy a 90% bag of silver that weighs 55 pounds, that costs under $5000, and put it in their closet at home.

So, back to selenium and Expatriate resources. Normally, when ores are taken to the smelter, they look at the work that will be required to separate the elements, and then charge their fees based on the work. Selenium used to be an "extra cost" because of the extra work to remove it from the ore. It was called a "contamination". Today, however, the increased price for selenium makes Expatriate's ore a bonus. At today's prices, they wouldn't separate out the selenium to throw it away, they would separate it out because it is valuable, and thus, Expatriate would be granted a credit! They currently estimate that Expatriate's ore could supply 15% of world selenium demand!

Now, I don't know what profits that may work out to be, but if the company is trying to raise $8 million dollars in this environment of low silver prices, they must be very confident that they can turn a profit at current metal prices. Furthermore, undoubtedly, the recent price of $.62/share may well help Expatriate to more easily raise the $8 million they are looking for.

Production is not expected until 2006 at the earliest. First, they need to raise the money for a final feasibility study, and then produce a final feasibility study, and then if it still looks good, they will need to raise perhaps another $100 million Cdn to bring the project to production. Rough estimates are to produce 7 million ounces of silver for a 10-year mine life, with production cost among the bottom 1/4 of silver/zinc producers. And, of course, those are all understood to be estimated and rough numbers until they produce a final feasibility study.

Expatriate has an excellent web site. They list the fully diluted shares right at the top left corner of the web site, and news releases are listed right below, right on the front page. It's easier to find information there, than at my own web sites! They have a few press releases on the zinc market that are well worth reading.

The management of Expatriate are experienced professionals. Harlan Meade, president, is a geologist (also with a degree in Business Administration) who has taken other properties to production. Excerpt from the company web site:

Previously, Dr. Meade was Vice-President Exploration and Environment of Westmin Resources Limited from 1992 to 1997, continuing as Vice-President Exploration through February 1998. He played a major role in the exploration and/or development of several deposits currently being mined by Westmin's successor company.

Today, Sept. 8th, Expatriate released positive drilling results. Headline: Expatriate Discovers New Massive Sulphide Showing in Finlayson District, Yukon. 13.4% zinc and 40g/t silver.
http://biz.yahoo.com/ccn/04090…93d929aa174a0d15ce_1.html

Final Disclaimers and Warnings: Please be careful about being an aggressive buyer of stocks on the internet after reading an article online. One of the reasons why I write about specific companies is to showcase examples of good values within the silver stock sector. But remember, there are many alternatives. I also own plenty of Metalline Mining (MMGG) which trades on the bulletin boards, US, (MMGG.OB at Yahoo!). Metalline is another silver/zinc company. A few other silver/zinc companies are, Grupo Mexico SA de CV (GMBXF.PK), Apex Silver (SIL), Farallon (FAN.TO), Huldra Silver (HDA.V), and Abcourt (ABI.V). Given my methodology, currently Expatriate compares very favorably on my silver stock report, along with several other companies, such as Mines Management, Avino, Abcourt, and Capstone. You can signup to receive my weekly report that covers the market caps of about 85 silver stocks, or read the archives of my prior reports, at silverstockreport.com or goldismoney.com.

Expatriate has not paid me to write this article, and I own stock in Expatriate Resources.

Jason Hommel
goldismoney.com

9 September 2004

Nevada Pacific ist noch hinzugekommen!

hier der Link:

http://www.goldismoney.com/ssr/SS49.html

http://www.zealllc.com/2004/au3stage.htm

Frage ist, ob der Widerstand hält. Würde mal darauf wetten. Mein Limit liegt bei ,85cent

Grüsse, newtechxl

Sections > Gold & Silver

Analyst says Kebbles will not get full control of Aflease
By: Gareth Tredway
Posted: '03-SEP-04 15:40' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- At Afrikander Lease’s interim results announcement on Friday, CE Neale Froneman told shareholders that the compny had received written assurances from Roger and Brett Kebble that an offer would be made to minorities if JCI and Randgold & Exploration were to gain a controlling stake.

Nic Goodwin a gold analyst at T-Sec, a South African trading house, says the announcement is just a “red-herring”. He believes that minorities are keen on the company’s future uranium prospects and will not except an offer anyway.

Randgold & Exploration and JCI, two JSE-listed mining companies, have loaned Aflease R175 million in share swap deal, which in the end, will give the companies an effective 41 percent stake in Aflease.

Goodwin told Mineweb that the share swap was the only way a struggling company like Aflease could get funding. “A rights issue would have been very difficult,” said Goodwin.

The funds have been used to keep the company going until Aflease starts producing gold again. The company closed its open-pit operation in December last year after costs exceeded a tumbling rand gold price. A deal to buy the Kalgold mine from Harmony later fell through, leaving Aflease without an operating asset.

Almost a fifth of the R44 million capex needed to start production at the small Bonanza South project has been spent, with production expected in the second quarter of next year. Bonanza is next door to Aflease’s property near the town of Klerksdorp.

Froneman says samples that have been taken are in line with the original mine plan which claims a reserve of 150,000 ounces of gold, mined at a cash cost of R64,000/kg.

Goodwin, who attended the results announcement, said he was not too keen on the company’s gold prospects. Nevertheless he believes: “The uranium thing is very good.” The spot price of uranium has almost doubled in the past 18 months, currently selling at 17-year highs.

“Aflease has a big advantage, holding one of the world’s major reserves,” said Goodwin. Aflease’s uranium resource, originally mined by Anglo American in the 1980’s is said to hold more than half of South Africa’s “near available uranium.”

According to Aflease, the project could cost as much as R1 billion depending on which method is used to extract the uranium. Goodwin said the company had a problem of funding such a transaction, but said Friday’s announcement that end-user financing could be used, was very encouraging. He said that if capital expenditure is financed by a power utility in exchange for a cheaper uranium contract price, then money would sooner be available for dividends.

For now the company will need to maintain its expenses until its postulated fruitful future pans out. For the quarter to end-June, the cash loss was down at R6.3 million, compared to R8.6 million in the quarter before. About R11 million was spent on capital expenditure in the quarter.