Kaiser Bottom Fish OnlineFree trialNew StuffHow It WorksContact UsTerms of UseHome
Specializing in Canadian Stocks
SearchAdvanced Search
Welcome Guest User   (more...)
Home / Works Archive / Bottom-Fish Action
Bottom-Fish Action
 Tue Nov 16, 2010
Bottom-Fish Action Report for Oct 17 to Nov 13, 2010
    Publisher: Kaiser Research Online
    Author: Copyright 2010 John A kaiser


Bottom-Fish Action Report for October 17, 2010 to November 13, 2010

The PIIGS are Back in Town

During the second half of October and into the first week of November the junior resource sector went exponential, achieving record trading volume on the TSXV as gold achieved a new nominal high and raw material prices in general prospered as the market contemplated two major forces: 1) ongoing strength in emerging economies such as China, and, 2) the prospect of another round of quantitative easing to the tune of $600 billion. However, last week gold received a slap in the face along with the United States at the G-20 summit where the consensus was that the United States had become the ultimate proponent of the "beggar thy neighbor" currency war. Although the long term chart below suggests that the trend is still bullish for the resource sector, the shorter term charts above show that the resource juniors have entered a consolidation phase. While the retreat in stock prices is no fun, it is healthy and gives us an opportunity to survey the landscape during the final six weeks of 2010.

The Republican gains during the mid-term elections fueled by the Tea Party message of smaller government and more power for the economic elite does not bode particularly well for the prospect of a recovery in the United States. As the T-Bill yield curve below demonstrates, any duration less than 3 years yields less than 1%, and rises to only 4% for durations of 20-30 years where savers are exposed to losses when interest rates do rise. The alternative would be a Japanese scenario where America gets stuck in a permanent recession while the rest of the world marches on. This spells particular trouble for the majority of Americans aged 50 or higher who will be able to eke only a tiny income from their savings, and is hardly an encouragement for a younger generation to bother with saving.

As for that tiny minority of wealthiest Americans whose tax cut the Republicans have made it a matter of principle to extend, it is not likely to invest the resulting surplus capital in either American real estate or businesses because there are far better opportunities in the resource sector, which operates mainly outside the United States, and in emerging economies. Obama missed his opportunity to unleash a solid round of fiscal stimulus in the form of legacy creating transformational infrastructure renewal, and now all that is left is quantitative easing, buying T-bills at top dollar from investors who flow the resulting capital abroad into emerging economies where the influx creates destabilizing distortions. The pullback we are now seeing in raw materials reflects in part China's effort to cool inflationary pressures which is a way for China to allow its currency to rise against the US dollar according to its own drumbeat rather than that of the American trade officials.

The failure of any meaningful decisions to emerge from the G-20 summit with regard to a global beggar thy neighbor currency war has indirectly resulted in a pullback in the price of gold, with collateral damage among the Canadian resource juniors. Europe, led by Great Britain and Germany, has adopted a strategy of austerity as a Tea Party style solution to its economic woes. It was perhaps inevitable that after Angela Merkel lectured Obama about QE2 that the market would rediscover that the PIIGS problem still exists. Now it is Ireland and Portugal rather than Greece which is making the headlines, and a flight back into the "relative" safety of the US dollar has reversed the downtrend in the US dollar index, with a corresponding retreat in the price of gold. Even the Canadian loonie has retreated from the parity it achieved with the US buck last week. It is remarkable how easy it is for the market's telescopic lens to zoom in on one issue after another, herding the passengers from one side of the boat to the other and creating a capsize fright each time. It smells very much of a manufactured volatility which we simply have to accept, because without volatility Wall Street's ability to siphon capital into its own pockets is very much diminished.

Above Bottom-Fish Range Within Bottom-Fish Range Below Bottom-Fish Range Recently Closed Out
Updated this Week New 2 Year High New 2 Year Low New Bottom-Fish High New Bottom-Fish Low

Bottom-Fish Recommendations made from October 17, 2010 to November 13, 2010
Company Date
Price Recommendation Action Net
Gain New Status
Geologix Explorations Inc 10/18/2010 $0.57 Good Absolute Spec Value Buy @ $0.57 Buy 1,754 @ $0.57 $0 1,754 0% Good Absolute Spec Value Buy max $0.75
Geologix Explorations Inc 10/18/2010 $0.57 New BF Spec Cycle Hold 100%
$0 5,263 200% BF Spec Cycle Hold 100%
Matamec Explorations Inc 10/26/2010 $0.40 Good Relative Spec Value Buy Buy 2,500 @ $0.40 $0 2,500 0% Good Relative Spec Value Buy $0.40
Malaga Inc 11/1/2010 $0.29 Good Relative Spec Value Buy Buy 3,448 @ $0.29 $0 3,448 0% Good Relative Spec Value Buy at $0.29
EMC Metals Corp 11/8/2010 $0.10 New BF TP Buy $0.10-$0.19 Buy 5,263 @ $0.19 $0 5,263 0% BF TP Buy $0.10-$0.19
Orbite VSPA Inc 11/11/2010 $0.69 Good Relative Spec Value Buy Buy 1,449 @ $0.69 $0 1,449 0% Good Relative Spec Value Buy @ $0.69

New Comments
Volume High Low Close Chg Status
Antares Minerals Inc (ANM-V)
16,079,400 $7.770 $6.110 $6.910 $2.420 Good Absolute Spec Value Buy
EMC Metals Corp (EMC-T) 25,903,100 $0.255 $0.080 $0.220 $0.115 New BF TP Buy $0.10-$0.19
Pediment Gold Corp. (PEZ-T) 12,401,500 $2.450 $1.680 $2.260 $0.490
Peregrine Diamonds Ltd (PGD-T)
5,342,800 $3.080 $2.210 $2.810 $0.500 Good Absolute Spec Value Buy
Tasman Metals Ltd (TSM-V)
7,034,000 $2.330 $1.350 $1.460 ($0.360) Good Relative Spec Value Buy
Ucore Rare Metals Inc 44,070,100 $0.650 $0.410 $0.425 ($0.145) New BF LP Buy $0.30-$0.49

Index Member Quick Notes

Geologix Explorations Inc (GIX-T: $0.67)

November 3, 2010: Bottom-fishers and spec value hunters wondering why Geologix Explorations Inc sold off on Monday November 2, 2010 can at least partly blame Brent Cook who during his appearance on BNN Market Call fielded a question about Geologix and its copper-gold Tepal project in Mexico. Brent was dismissive of Tepal because 1) it is a small deposit, 2) the grades are low, and 3) he believes that it is inappropriate to use current copper and gold prices in any target price setting valuations. His comments contrast with those of Rick Rule in an earlier BNN Market Call on October 18 in which Rick cautiously praises Geologix management as highly competent and concedes that the PEA offers a very promising outlook which will need to be firmed up by prefeasibility level work. Brent's dismissal of Geologix is consistent with his narrative in that 1) he has been bearish on copper since April 2009 when it passed $2 on its way to today's $3.80/lb price, 2) he seems to have been infected by Paul van Eeden's tendency to be simultaneously positive and negative about gold, 3) he, so he says, prefers high grade high margin projects, and, 4) he apparently lacks confidence in Sig Weidner's ability to expand the resource. Brent then went on to list his 3 top picks which he happens to own and also happen to be open KBFO bottom-fish recommendations. He likes Wolverine Minerals not because it is being the opposite of a prospect-generator in acquiring a portfolio of Yukon projects from prospect-generator Strategic Metals, but because he likes the Yukon as a new emerging gold district. He likes Almaden Minerals because it has been on a decade long treadmill as a prospect-generator-farmout junior and now finally has upside because it chose to drill the Tuligtic project with its own nickel after churning it through 2 prior unproductive farmouts, with the result that it has made a significant high grade gold-silver discovery at the Ixtaca Zone. He likes Lydian International, not because its Amulsar gold deposit in Armenia is high grade and high margin - its rock value at current metal prices is comparable to that of Tepal - but because it has the potential to grow larger through exploration despite Newmont selling its majority stake back to Lydian. Should anybody worry that Brent Cook does not like Geologix? Only if you think copper is heading a lot lower, gold is heading nowhere except perhaps down, are afraid of low grade systems, only like world class plays, distrust the PEA cost assumptions and question Dunham Craig's competence as a mine engineer in accepting them, and prefer Brent's assessment about Tepal's resource expansion potential over that of exploration VP Sig Weidner. That's the way Brent sees it, and he may be right, which is why there is so much stock price upside available for Geologix should he prove wrong.

Below Brent Cook offers a rebuttal to the above and a more detailed explanation as to why he does not like Geologix and its Tepal project. He is based at Exploration Insights.

"I (Brent Cook) am neutral on the copper price and mildly positive towards the gold price. I have indicated such in my letter. Large stockpiles of copper are a threat to the price if disgorged but we apparently face a few years of production shortfalls in both metals. Both gold and copper production will probably rise significantly over a five to seven year period and I would expect the usual oversupply to come as prices decline. When the gold ETF's fall out of favor, watch out. I base my economic analysis on profit margins, the high the better. "

"The prospect generator exploration business model is an intelligent use of a company's funds and talent. Despite what every bottom fish may claim, economic mineral deposits are very rare and the vast majority of exploration juniors never find an economic deposit. The prospect generator model offsets the high cost, high risk of testing and testing projects to partners thereby keeping the company's share structure intact. Of what value is a ten fold increase in market cap if it is accompanied by a ten fold increase in shares outstanding?"

"Most properties are going to be losers. After years of looking, when a prospect generator company finally comes across a property that actually gets better with each phase of exploration they are in a position to act on that property and shareholders receive maximum benefit. Recent examples include Kaminak, Mirasol, Atac, Almaden etc. We purchased Almaden in EI the day the drilling from Ixtaca was announced. Mirasol we have had since about $0.34 based on early results from Patagonia. Kaminak we purchased at $0.38 based on soil samples from the Coffee property. My Exploration Insights portfolio is comprised of a few prospect generators, a few exploration companies and a few with high quality, high margin deposits."

"I prefer high margin deposits because they make money in all environments and are the deposits real mining companies will buy. Low grade marginal deposits are a boon to the financial industry because of the substantial fees and commissions they generate. I feel that if a deposit is not good enough to attract a buyout then it isn't that good. Not a fool proof rule of thumb but it works. For investors, the period between the waning of exploration excitement and a positive feasibility is typically a poor time to hold a stock. The technical, political, environmental and social risks outweigh the potential gain."

"Tepal is low grade (~0.5g/t Au, 0.2& % Cu in oxide and ~0.45g/t Au, 0.23% Cu in sulfide) and small (total I&I 68Mt)--particularly for a porphyry gold-copper deposit. The PEA is just that, a "what if" preliminary study to catch fatal flaws. They rarely do any more than recommend more work to determine if the rosy scenario is in fact valid. These PEA numbers cannot legitimately be taken at face value and plugged into a spreadsheet and projected into the future as you have done. You have to know where the issues, problems and fixes are...this takes years of actually doing it. An analyst's job is to review and analyze these projections and assumptions and make a call based on experience. Using PEA, or other such guestimate to project $5 or $7 dollar share prices into the future is dangerous and unsophisticated."

"I have worked on feasibilities and bank audits for decades and recognize there is a big difference from an excel spreadsheet and mining program generated NPV based on early #'s and how a mine actually performs. My experience is that rarely does a mine perform as a PEA suggested. I can think of few if any mines, particularly small marginal ones, that have actually performed as projected from PEA or even more advanced studies. Mining is a tough business in which people break rocks into pieces and extract small amounts of metal in the wind and rain and, on someone else's land."

"Besides the low grade, small size and substantial capital a company the size of GIX will have to raise, there are some obvious risks that need to be addressed."

"Mining: The best grade is deep in the N Pit and about in the middle in the S Pit. With low grade deposits you would like to see high grade early. The first year of going after the sulfide is high strip. If the oxide costs are less than expected or not feasible we have a real problem going after the sulfide."

"Metallurgy: The oxide contains copper. Copper consumes cyanide and often makes cheap heap leach technology impractical. I don't see where this has been adequately addressed nor where a coarser crush size common to a heap leach has been tested."

"Although the concentrate grade is decent, the metallurgy is very limited, basically two composites of sulfide from each pit."

"With marginal deposits, increases in operating costs or capex have a huge negative effect on economics. Ditto metal prices. The PEA notes that a 20% increase in capex or opex substantially reduces the NPV5%."

"Small marginal low grade deposits are not in demand. My suspicion is that GIX will have to go thru the feasibility process and then attempt to raise and borrow the money at a continued low share price. GIX is pretty well out of the momentum phase of the discovery curve. During the "prove it" phase, more rather than less can go wrong as the details of a pre-feas and feasibility are worked out over the next year or two."

"My investment preference is to stay with high quality, high margin deposits that are significant enough to attract a buyout offer. GIX faces a long period of proving this marginal copper-gold deposit works."

"Comparing Lydian's Amulsar gold deposit in Armenia to Tepal is an apples to oranges comparison and misses the whole point of profit margins and costs. Amulsar is a high sulfidation epithermal deposit. It is oxidized throughout and currently contains 1.4 mil oz grading 0.9g/t (likely going to 2mil oz at >1g/t in Q-1). Gold recovery is simple and inexpensive---a simple crush, or possibly straight run of mine, followed by heap leach and direct recovery via CIL. It is on top of a hill, has power and road access and is being pushed forward by the government. Capex will be in the order of $50 to $100mil. Amulsar will be a very low opex and capex, simple mine with high profit margins similar to Camino Rojo which only graded 0.7g/t Au in the oxide."

"By contrast, Tepal is a porphyry copper-gold, predominately sulfide deposit, and will require several crush phases followed by floatation to recover a copper-gold concentrate which is then trucked or shipped to a refinery. Capex is in the order of $300 mil. Tepal is very leveraged to the gold and copper price and at very high risk to slight changes in PEA assumptions. Everything that could go wrong with a big mine can with a small mine and more so. Because it does not offer the economy of large scale shortcuts are always taken to production and there is not enough ore to cover for expensive problems."

JK Last Word: I respect Brent's judgment and experience very much, but through experience I have discovered that Brent is also highly risk adverse to the point where his caution will blind him to opportunity staring him in the face, so I have learned to take him with a wee grain of salt. In our small community of newsletter writers there are basically three types: 1) the ideological blowhards who by virtue of their dogmatic myopia end up touting really bad stories, 2) the corrupt cynics who wrap stories designed to generate after-market distribution in a mantle of libertarian righteousness or sneering superiority sometimes backstopped by nonsense such as recommendations to buy below the market price, in effect short sale recommendations whose eventual wrongness is laundered by turning the wishful purchase price into the cost base for calculating future gains, and, 3) writers who map out their speculation strategy and support their positive or negative assessment with their assumptions about both current and future reality, thus exposing themselves to future praise or ridicule depending on how the future pans out.

The first group is deplorable when their picks facilitate pump and dumps by promoters with neither the intention nor chance at creating new wealth, but helpful when they drum up investors who despite being stupid have managed to accumulate surplus capital in desperate need of being redistributed for the cause of a legitimate venture. The second group is just a worthless pack of parasites who can keep their heads propped up above the abyss of shame only because they make more money than the writers in group one or three. The third group represents a valuable contribution to the junior resource sector because even when its members are misguided or plain wrong, they articulate the rationale behind their analysis, which helps readers shape their own opinion about how the future will unfold.

Brent Cook belongs to this third group to which I believe I also belong, and while I do not always agree with his analysis, it is always a useful stress test for my own assumptions. To his credit, Brent does respond to new information, and will change his opinion about a project's potential, which is how I learned to take Brent's initial assessment with a grain of salt. However, this applies only to new discoveries to whose assessment Brent applies the conservative principle that "what you see now is all you will ever get", until there are new results which change the story. The North-South zone of Tepal is not likely to change, and since Sig Weidner is at best hoping to clone this zone at Tizate, which will not change Brent's macro assumptions about gold and copper price trends, nor his concerns about the economics of developing medium sized copper-gold projects, Brent has little room to modify his negative assessment of Geologix. But he has promised to follow Geologix closely, which means the winner of this disagreement will get to buy drinks for the other a year or so from now.

Bottom-Fish Action Report for October 17, 2010 to November 13, 2010
Pediment Gold Corp. (PEZ-T: $1.70)


Index Member Comment - October 18, 2010: Pediment Gold plan of arrangement with Argonaut Gold thins the "'ounce in the ground" ranks

Pediment Gold Corp, a member of the KBFO Intermediate Non-Producer Gold Index, announced on October 18, 2010 it had agreed to merge with Argonaut Gold according to a plan of arrangement that will see Pediment shareholders receive 0.625 of a common share of Argonaut for each one Pediment common share, roughly a $2.56 per share valuation based on Argonaut's closing price on October 17, and a $137 million dollar transaction on a fully diluted basis. Pediment's flagship is the feasibility-stage San Antonio gold project in Baja California where the company has established a measured and indicated resource of 47.3 million tonnes grading 1.01 g/t Au, for 1.53 million gold ounces, with a further 5.4 million inferred tonnes grading 0.64 g/t, for a further 110,000 ounces.

Project Resource Estimate - San Antonio
Aug 25, 2009NI 43-101Gary Giroux, Giroux ConsultantsCutoff: 0.4 g/t Au
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Measured+Indicated Resource47,300,000$43/tGold1.01 g/t100.0%1,535,961 oz100%
Inferred Mineral Resources5,400,000$27/tGold0.64 g/t100.0%110,594 oz100%
All Categories Spot52,700,000$42/tGold0.97 g/t
1,646,555 oz100%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$2,204,737,1385.4%Gold $1,339.00/oz
$1,553,310,5857.7%3 Year Average: Gold $943.37/oz

In August 2010 Pediment completed a preliminary economic assessment for San Antonio, using a base case of $900 gold, that forecast a pretax NPV, with an 8% discount, of $79 million, and an IRR of 33% for an 8 year, 11,000 tonne per day operation producing 82,000 gold ounces annually at a cash cost of $513 per ounce. Capex for the project was estimated at $71 million. The preliminary assessment included multiple processing options for both leaching run-of-mine oxide and transitional material and processing the sulfide material either as run of mine leach ore or as crushed ore prior to leaching. With the mineral resource at the time the economic assessment was published including 15.59 million oxide tonnes grading 0.89 g/t Au in the measured and indicated categories and 18.830 million sulfide tonnes grading 1.26 g/t Au in the measured and indicated categories, the presentation of multiple processing scenarios suggested Pediment management believed San Antonio continued to offer additional exploration potential that could further increase the resource that, depending upon whether additional mineralization should be oxide or sulfide, could lead to processing scenarios being revised. Since the publication of the preliminary assessment in August 2010 Pediment has contined to drill, with a 40,000 meter drill program underway that has provided numerous infill and step-out results (released in press released on August 25, and October 8) that suggest that Pediment is indeed on its way to increasing the resource at San Antonio, and potentially the grade as well, which would significantly improve the NPV from the base-case 8 year scenario used in the San Antonio preliminary economic assessment.

In terms of valuation, at the $2.23 per share closing price of Pediment on October 19, the company is being valued, on a fully-diluted basis, at $119.3 million (with the difference from the values cited above being explained by the 9% decline Argonaut Gold shares underwent as gold declined $34 dollars on the day of the announcement.) On a per ounce basis, with Pediment being valued around $61 per ounce of gold, this number is largely in line with recent takeover bids such as Underworld's valuation of $74 per ounce following Kinross Gold's March 2010 takeover offer, or the $69 per gold ounce valuation of Canplats at the time of its acquisition by Goldcorp in December 2009. (For a quick way of comparing valuations per ounce refer to our KBFO Gold Resource Table theme report.) It is also true that gold was considerably lower at the time of those earlier takeovers, and Pediment also had $12 million in cash as of June 30 that would slightly reduce the per ounce valuation in this case, but overall this valuation looks like a reasonable transaction for Argonaut shareholders while providing Pediment shareholders with exposure to Argonaut's operating El Castillo mine in Mexico which, by virtue of its relatively high cash costs, is particularly leveraged to a rising gold price. Likely the greatest significance of this plan of arrangement is, as was suggested in the title, yet another example of the ongoing trend of consolidation in the resource sector that is steadily reducing the ranks of juniors with significant ounces or pounds in the ground and increasing the likelihood of a true exploration bull market developing.--BD

Antares Minerals Inc (ANM-V: $6.58)

Spec Value Hunter Comment - October 18, 2010: Antares to be acquired by First Quantum in $6.35 deal

Antares Minerals Inc announced on October 18, 2010 that it had negotiated a plan of arrangement with First Quantum Minerals Ltd whereby First Quantum will issue 0.07619 shares or pay $6.35 for each Antares share. Although this deal values Antares at $460 million on a fully diluted basis, the cash option is only available to a maximum of $250 million. If shareholders electing the cash option exceeds $250 million, the cash will be paid on a pro-rata basis and the rest in First Quantum stock. As part of the plan of arrangement Antares will spin out the 50% owned Rio Grande copper project in Argentina plus $5 million cash on terms which will give Antares shareholders 90.1% of Regulus Resources Inc and 9.9% to First Quantum. The price ration has not been worked out, but the goal is for Regulus to have the same number of issued shares as Pachamama Resources Ltd (PMA-V: $0.82), other 50% owner of Rio Grande. Pachamama was spun off from Mansfield Minerals Ltd in late 2008 to allow the Leask brothers to carry on exploration in Argentina through Pachamama while they sought to either develop Mansfield's Lindero gold deposit or secure a buyout for Mansfield. Pachamama was recommended as a medium priority bottom-fish buy in the $0.20-$0.29 range on December 31, 2009 as part of the 2010 Bottom-Fish Edition. Pachamama has about 44.3 million shares issued and over $5 million working capital. If Regulus is to end up with an issued capitalization similar to that of Pachamama, and management sticks to its desire to keep the terms of the spinout simple, Antares can expect to get 1 Regulus share for each 2 Antares shares. Since Rio Grande is a large scale IOCG style system which needs a lot more work, it is conceivable that Pachamama and Regulus will eventually merge, hooking up the early stage exploration talents of John and Gordon Leask with the advanced exploration skill set John Black's team honed on Haquira during the past five years. Antares and Pachamama have drilled 33,015 metres in 78 drill holes at Rio Grande with "encouraging results", the euphemism for not yet having the guts of a system that allows a 43-101 resource estimate. During August 2010 the partners initiated a program of metallurgical testwork on the known copper-gold-silver mineralization, and further geochemical sampling, mapping and geophysical surveys designed to coax out a target that turns Rio Grande into a mine development play. Antares had optioned Rio Grande in 2004 as its flagship story, but within a year had latched onto the Haquira project on what at the time was a fairly expensive deal for an SX-EW copper oxide development story. What vendor Phelps Dodge had not realized, or perhaps not cared about after Xstrata won the bidding for the next door Las Bambas copper project, was that Haquira had significant sulphide copper potential which Antares discovered through exploration drilling. This completely changed the complexion of the Haquira story, turning Rio Grande into a sideshow ignored by the market, and focusing Antares on delineating the new sulphide zones and developing a preliminary economic assessment (PEA) for a dual track SX-EW oxide and flotation sulphide mining plan.

I recommended Antares as a medium priority bottom-fish buy in the $0.50-$0.75 range on December 24, 2008 as part of the 2009 Bottom-Fish Edition on the premise that Antares was sitting on a world class copper asset whose market value would rebound once the effects of the 2008 Crash had worn off and copper prices had recovered. As it turned out, copper prices have recovered very nicely, thanks in part to copper buying by the Chinese in 2009 because they understood the long term implications of their $585 billion post-crash infrastructure development program. Contrast this approach to that of the depression watchers in the United States who wrung their hands in dismay when copper passed through $2 in mid 2009 and urged their subscribers to unload any copper stocks they had failed to sell at the bottom. Antares published the Haquira PEA in July 2010 as a standalone mining plan, but the story became more compelling several weeks later when Xstrata made a formal decision to develop Las Bambas, which would allow the sharing of certain infrastructure costs required for this remote region of southern Peru. Ths Xstrata decision prompted me to issue a Good Absolute Spec Value Buy at $3.07 on August 13, 2010 with a $5-$7 target by the end of 2011 premised on a takeover bid or continuing strength in the copper market as Antares proceeded with a prefeasibility study (PFS). The First Quantum merger deal caused Antares to jump $2.09 to $6.58 on 7,390,400 share trading volume on October 18, 2010, achieving my price target for the Spec Value Buy recommendation quicker than expected. At this point the Spec Value Buy is converted to a Fair Absolute Spec Value Hold while we sit on the 114% gain and wait for a competing bid or perhaps a higher First Qunatum stock price. The merger is not expected to close until December 2010 because it requires two-thirds majority shareholder approval. This leaves time for a competing bid to develop, which could yet happen because copper remains in an uptrend and the overall source has an in situ value close to US $50 billion at today's metal prices. The breakup fee Antares would have to pay First Quantum is $13.5 million, which is low enough to suggest that management is open to a higher bid which First Quantum has the right to match. Because of the $6.35 cash component to the First Quantum there is a partial downside cushion should First Quantum's stock price falter before the deal closes. The open bottom-fish buy recommendation is now converted to a Spec Cycle Hold 100% with a 777% gain in place from the $0.75 bottom-fish buy limit.

Ucore Rare Metals Inc (UCU-V: $0.55)

Bottom-Fish Comment - October 20, 2010: Ucore wraps up pitiful $2.4 million program on Bokan

Ucore Rare Metals Inc reported assays for the first 8 holes of an 18 hole drill program completed on the 100% owned Bokan Mountain project in southeastern Alaska. The holes were for the Dotson dyke system which has been tracked along a strike of 2,425 m to a depth of 200 metres. Each hole intersected two intervals of mineralization ranging 1.09 to 3.69 metres which are not true widths because the dyke is near vertical and the holes were angle holes. Grades ranged from 0.4% to 1.72% TREO with the percentage of heavy rare earths ranging from 24.2% to 67.8%. Management believes that the Dotson drill results allow it to boost its conceptual tonnage target from a 2.7-5.1 million tonne range to 3.4-6.5 million tonnes and a grade range boost from 0.5%-0.92% TREO to 0.76%-1.42% TREO. Management says that the drill density is sufficient to allow an initial 43-101 resource estimate for the Dotson zone by the end of 2010. The potential average grade boost is encouraging, but the overall tonnage footprint for a narrow dyke system is discouraging. Furthermore, the high degree of variability in the HREO percentage confirms that the Dotson dyke is characterized by multiple styles of rare earth bearing minerals, a problem identified by US Bureau of Mines investigators during the eighties. This is not good news because it will be difficult to develop a low cost optimized recovery process for the Bokan ore. Large scale HREO enriched systems such as Avalon's Basal Zone or Quest's BZone have consistent mineralogy for which a recovery process can be optimized. Ucore's news release does not mention that the company has extracted a bulk sample for a bench scale metallurgical study, which, given how important recovery process is to the rare earth mine development cycle, one can assume to mean was not done (I am in transit and could not reach any management contacts - see below). Management seems content to rely on the old US Bureau of Mines metallurgical study which concluded that if you throw an awful lot of acid and heat at the Bokan ore, you will recover rare earths. The study did not quantify the cost of doing so. As I have argued several times before, the upside for Ucore bottom-fishers resides in either the US Government buying back Bokan and developing it as an in-house dynamic warehouse of heavy rare earths serving critical American military needs where the cost is irrelevant, which was how Kutessay II in Kyrgyzstan was operated by the Soviets until 1991, or in a rare earth bubble and American hysteria about their security of supply problem driving Ucore's stock price substantially higher. I was hoping Ucore would be more aggressive with its 2010 program so that when the US government gets around to making an offer to what looks like a hopelessly non-commercial deposit Ucore would have advanced the understanding about it to such an extent that the government would deem it worthwhile to take out the project immediately rather than wait for Nechalacho or Strange Lake to come on stream. Sadly, this is not the case, though perhaps it was just an omission that there was no mention about bulk samples. The company spent a whopping $2.4 million during 2010. In terms of exploration upside we will have to cross our fingers and hope that the 3 holes drilled at the Sunday Lake Zone gives us a surprise. Since the rare earth bubble is just starting to build I recommend that bottom-fishers continue to hold the stock as a speculation that the bubble will expand further, but do not view Bokan as a potentially timely solution to America's heavy rare earth security of supply problem unless the exploration pace is stepped up.

On October 22, the day after my complaint above about the lack of any comments about metallurgical studies, Ucore put out a news release about bulk sampling that was long on wind and short on details. According to Ucore, "representative bulk samples" were shipped to Hazen Research in early September for a "detailed analysis" whose results are expected at the end of 2010 to coincide with a 43-101 resource estimate for the Dotson/I&L zones on the Bokan project. The purpose of the research is "to develop beneficiation, liberation and separation proccesses for Bokan rare earth mineralization" which is exactly what Ucore should be working on full tilt right now so that when it has an inferred resource estimate, it also has sufficient information about a plausible recovery process so that it can prepare a preliminary economic assessment (PEA). Oddly, Ucore does not mention how large a sample it has submitted to Hazen, nor how it extracted this sample. Ucore also does not reveal how it generated a "respresentative" sample, which is relevant to anybody who caught the company's mention of "physical separation methodologies designed to eliminate the barren fractions as effectively and inexpensively as possible". The Bokan mineralization consists of quite a few minerals whose fine-grained nature makes it difficult to recognize them visually, requiring the specialized services of mineralogists such as Dr. Tony Mariano to identify and map out the spatial distribution of the minerals and gangue within the Dotson zone. This is no easy task, but it can be done; so why not give the market comfort that management is on top of this task by describing what has been done? Was a quarter split of the core used for the Hazen studies (not many kg will have been generated by the narrow intervals) or was material cut from the trenches across the Dotson zone so that Hazen is working with a sizable sample? Perhaps it is telling that for the news release posted to SEDAR nobody signed off as the author, nor is any QP listed as having reviewed the news release. No sane QP would in fact sign off on this news release because it goes on to mention that "in 1989 a US Bureau of Mines study estimated that the greater Bokan area contains 37.8 million tons grading 0.5% TREO. This historical non-NI 43-101 compliant estimate equates to 374 million pounds of contained TREO". This is a complete mis-use of "historic non 43-101 compliant" language because this term should only be used to refer to deposits whose resource estimate is based on pre NI 43-101 drilling which can be used as a rough gauge for mineral potential but not as a formal gauge. The Bokan rare earth zones have prior to Ucore's involvement with the project never been drilled. The US Bureau of Mines study was based on trench samples along the strike of the various narrow zones and a simple extrapolation of what was seen at surface to depths of 300-400 metres. The 1989 "historic" Bokan estimate is as meaningful as the recent USGS "resource estimate" of trillions of dollars worth of minerals in Afghanistan. The USGS does an excellent job keeping track of mineral supply statistics which are available free to the public, but its efforts to identify global resources are guesses at best. The work done on Bokan by the USGS was in the context of the Cold War and served the goal of identifying where the United States might start looking if rare earth supply became a critical issue. Today rare earth supply is a critical issue for the US military which does not need much physical supply but does need supply security. Ucore has a chance to use investor capital to establish the Bokan resource as a potential emergency supply source and it is disappointing that the company has not adopted a more aggressive exploration program and disclosure strategy which caters to a serious audience rather than sound-bite hunters. Meanwhile the market will have to digest a private placement of 18,181,818 units at $0.22 with a half warrant at $0.30 which just came free trading.

Tasman Metals Ltd (TSM-V: $2.08)

Spec Value Hunter Comment - October 21, 2010: Tasman resource estimate for Norra Karr expected mid November

Tasman Metals Ltd expects to publish an initial 43-101 resource estimate for the Norra Karr rare earth project in Sweden by mid November 2010. Depending on the cutoff grade used the resource is expected to be in the 20-40 million tonnes range with grades ranging 0.4-0.8% TREO. Because the estimate is based on 200 metre drill spacing it will be classified as an inferred resource. Tasman plans to initiate a 100 metre spaced infill drilling program in December when the ground is frozen to upgrade the resource to indicated late in Q2 of 2011. Tasman will also initiate a bench scale metallurgical study for eudialyte, the main rare earth bearing mineral at Norra Karr, supervised by a well-known metallurgist whose appointment will be announced shortly. This study, expected to take 3 months, will be a prelude to a bigger study starting in Q2 of 2011 utilizing sample material from the infill drilling program. Eudialyte is a problematic mineral because although it dissolves readily in acid, so does the silica which forms a gel from which it is difficult to extract the rare earth elements. Matamec Explorations Inc, which has a similar eudialyte based system at its Kipawa project in southern Quebec, announced on October 18 that acid leaching testwork by SGS Lakefield resulted in an 89.2% recovery (85.6% of the heavy rare earths) after the Kipawa eudialyte was treated by a "proprietary" process that allowed only 0.9% of the silica to go into solution. The market responded positively to this news and has dragged Matamec out of its rut. Matamec reported an initial indicated plus inferred 43-101 resource estimate in June 2010 comprising 7,245,000 tonnes of 0.65% TREO. Matamec followed up with a 20 hole expansion drilling program on the central part of the Kipawa deposit which will form the basis for an updated resource estimate in late Q4 of 2010. Now that Matamec appears to have cracked the recovery problem it is working on a preliminary economic assessment (PEA) for Kipawa. What makes both the Kipawa and Norra Karr projects interesting is that their key mineral, eudialyte, has a high percentage of the heavy rare earths. While Matamec must square off against other larger North American HREO enriched projects such as Nechalacho and Strange Lake, Tasman must square off against similar deposits on the Kola Peninsula of Russia.

What makes Tasman interesting as a speculative rare earth play, and which was the reason for my Good Relative Spec Value Buy recommendation made at $1.27 on March 11, 2010 with a $1.50 buy limit, is that Norra Karr is well located to serve European rare earth needs. According to CEO Mark Saxon the junior has caught the attention of the Japanese, though the Europeans are only now waking up to the security of supply problem. German Chancellor Angela Merkel recently blew the trumpet about helping the Japanese find new rare earth supplies in Europe and central Asia. The upcoming resource estimate for Norra Karr is thus very timely, especially if it delivers the size and grade suggested by the drilling program. My Spec Value Buy recommendation set a short term target of $2.50 which was disrupted by the retrenchment of the rare earth sector during Q2 of 2010. But since China slashed its export quotas in late June and started playing games with the Japanese after the fishing trawler incident the rare earth sector has roared back to such an extent that short selling syndicates are now all over market leaders such as Molycorp and Rare Element. Tasman is still below the radar, which I expect to change during the next month as it puts hard resource numbers on the table. The company has $6 million working capital and is planning another financing in the $5-$10 million range. (On October 29 Tasman announced a non-brokered private placement financing of up to five million units at a price of $1.50 per unit. Each unit will consist of one common share and one-half share purchase warrant. Each whole warrant will entitle holders to purchase one additional common share at a price of $1.85 per share for a period of two years from closing of the financing.) Spec Value Hunters should hold their positions in expectation of a strong market reaction once the 43-101 resource estimate is published in mid November and the Europeans start viewing Tasman's Norra Karr as a solution to their rare earth security of supply problem.

Peregrine Diamonds Ltd (PGD-T: $2.60)

Spec Value Hunter Comment - October 29, 2010: Peregrine's big CH31 pipe has big diamonds

Peregrine Diamonds Ltd announced micro diamond results on October 29, 2010 for the large CH31 kimberlite on the Chidliak project on south Baffin Island it has joint ventured with BHP Billiton. By the time I saw it mid morning the market had barely responded to news I regard as extraordinarily significant. So I put out the following quick informal email alert to KBFO members during market hours because I figured that by Monday after I had published a more detailed, formal comment everybody else will also have realized the announcement's significance: "This is quick email alert to KBFO members that this morning Peregrine (PGD-T: $2.43) published micro diamond results for CH31, the very large pipe found this summer. The market has not reacted because it does not understand that recovering a 1.15 carat gem quality stone from an 840 kg sample along with several other big one, while not indicating an overall high grade, has Victor style implications for CH31. Check out the second pdf below for a photo of the diamond which looks a hell of a lot better than the "off white tetrahexahedron" description in the news release. This news tells us that large pipes exist at Chidliak which have likely sampled the same diamond populations as the smaller higher grade bodies such as CH6, and the odds of critical mass for a large scale Ekati style diamond mining camp at Chidliak have improved substantially. I'll have a more detailed comment out tonight. If you have been waiting, don't wait any longer. Initial mini bulk sample results for CH7 are expected during the second half of November. BHP must decide by November 30." Can you tell from the not so great grammar that I was excited? One cannot blame the market for initially shrugging, because the kinked green micro diamond curve for CH31 in the chart below does not promise even a low macro grade and is usually treated as a warning flag that somehow diamonds which do not belong to the sample slipped into the mix.

A more charitable dismissal of the results would be that Peregrine recovered a lucky outlier that it is unlikely to repeat any time soon, but it is important to point out that 5 diamonds weighing 1.39 carats were caught by a 0.85 mm sieve and they came from three of the four similar sized samples (187 - 258 kg) which weighed 840 kg for an arithmetic grade of 165 cpht. Because the largest stone weighed 1.15 carats we cannot take the calculated grade seriously until we have a much larger sample, but if we strip it out and calculate the grade for the remaining 0.24 carats we end up with an arithmetic grade of 29 cpht which would be respectable for a pipe with an estimated 5 hectare surface area backed up by a 410 metre intersection of continuous kimberlite in a 45 degree angled hole with a true width estimated at 290 metres. Using the metric of 5 million tonnes per hectare of surface area to a vertical depth of 200 metres and a 2.5 specific gravity this 5 hectare kimberlite represents a 25 million tonne footprint that likely expands into the 30-40 million tonne range when taken to a depth of 300 metres.

The description "off white" is meant to communicate that the stone is not colorless but has a tint. The photo suggests that it is clear; the brownish stains are surficial and not related to the diamond itself. Peregrine described one of the other macros as "white/colorless", which is what we want to hear, while the other 3 were described as "grey" which means cloudy with inclusions. Peregrine did not specify the individual weights of the 3 diamonds in sample 31A nor indicate which diamond was white and colorless. Given that the 5 macros came from 3 spatially distinct samples, one would be wise not to dismiss the 1.15 ct diamond as a mere outlier. As a footnote from past history, on September 20, 1994 Aber released initial results for the extraordinarily high grade A154 South pipe (450 cpht) consisting of 750.8 kg which yielded 7 diamonds weighing more than 0.2 carats of which the largest was a 1.75 ct macle embedded in core. Aber's sample yielded 1,296 diamonds compared to the 233 recovered by Peregrine from C31, which contributed to the high grade of A154 South, though ultimately the average carat value proved disappointingly low because the Diavik cluster lacked the capacity to deliver a large number of big, high quality gem diamonds. A154 South ended up having a resource of about 11 million tonnes.

Although no formal petrography has yet been done, Jennifer Pell, who logged the core, has described the intersection as uniform with no recognizable distinct phases. Sample 31A (194 kg) which included 2 macros (stones caught by a 0.85 mm sieve) weighing 0.21 carats was made up of float from the south end of the pipe and sample 31B (258 kg) which contained 1 macro weighing 0.03 carats was made up of float from the north end. Sample 31C (187 kg) representing the top part of the core had no macro diamonds but sample 31D (201 kg) yielded the 1.15 carat diamond. CH31 is located less than 5 km from CH6 and CH7, and exhibits similar but less abundant mantle xenoliths of peridotite and eclogite, the original hosts of the diamonds. The kimberlite, classified as volcaniclastic meaning that it underwent explosive eruption at surface, also includes lots of Archean country rock and Paleozoic carbonate xenoliths (the carbonate cover no longer exists in this area). Peregrine management is very intrigued by the results because they are suggestive of a kimberlite whose diamond-bearing baggage only underwent partial disaggregation during ascent and eruption. The mantle xenoliths are like raisins with tiny seeds inside them that are equivalent to diamonds. Normally these raisins get ripped apart and their flesh along with the seeds get randomly distributed within the kimberlite magma which itself does not host diamonds. When this disaggregation occurs only partially the result is a nugget effect. While that does not affect the overall diamond grade of the kimberlite, it does require larger scale sampling for assessment as we saw in the case of Motapa's Mothae pipe in Lesotho which was very low grade and hosted rare but very valuable large diamonds. The grade implications of CH31 appear to be more in line with that of the Victor pipe whose two main lobes representing about 29 million tonnes grading 17-32 cpht. Victor was developed as a standalone mine because of the astonishing overall high quality of its diamonds.

While the 1.15 ct "off-white tetrahexahedron" from CH31 looks pretty good, the description of the other diamonds suggest that CH31's diamond population will be of a normal nature, which suuggests that a high average carat value will have to be due to the presence of a very coarse size distribution. Although further sampling may surprise us, CH31 is not likely to be a standalone mine. But if sampling demonstrates potential for large high quality gems, CH31 could provide the feed needed to support a large scale, long-lived mining operation at Chidliak which exploits the smaller higher grade pipes up front to achieve rapid payback and then chugs along with the lower grade feed. It is, however, too early to write off or include CH31 in the mining plan. The real importance that justifies buying the stock now below $3.00 ahead of mini bulk sample results from CH6 and CH7 is that the CH31 results demonstrate that Chidliak has the potential to host large kimberlite bodies which sampled the mantle while the diamond stability field was still intact. Furthermore, CH31 was a low priority geophysical target because it consisted of a subtle magnetic low anomaly associated with an electromagnetic anomaly. Most of the exploration work has been focused on targets with strong magnetic high or low anomalies which have tended to result in pipes less than 200 metres in diameter. CH31 was found because it happened to have a particularly strong EM anomaly and when the field crew visited the target they stumbled upon kimberlite float which led to a decision to drill the target. The 2011 exploration season now requires Peregrine and BHP to check out all these large low priority targets. BHP Billiton has vested for 51% via its back-in right and has until November 30, 2010 to decide whether to boost its stake to 58% by solely funding whatever it takes to deliver a bankable feasibility study, or form a 51:49 joint venture with Peregrine. On October 7, 2010 Dundee, Salman and Cormark agreed to broker a best efforts private placement of 4 million units at $2.50 with a half warrant exercisable at $3 for one year. The stock has traded below the offering price, but after today's CH31 results I doubt it will take long for this $10 million financing to close. According to Peregrine management there were some delays commissioning the new DMS plant at SRC, but processing is now underway and results for the 50 tonne CH7 mini bulk sample should be available during the second half of November, with results from the much awaited 15 tonne CH6 sample expected in December.

Given that 50 kimberlites have been found at Chidliak with micro diamond results for over 20 kimberlites still awaited, confirmation that CH28 in the northern part has decent macro grade potential, confirmation that the 2 kimberlites on the 100% owned Qilaq are also diamondiferous, mini bulk sample confirmation of the high grade potential CH6 and CH7 pipes just around the corner, teaser potential for a base/precious metals discovery on the 100% Qilaq ground, and now evidence that large diamondiferous pipes are also present at Chidliak, Peregrine Diamonds Ltd is a must have stock for anybody who has ever had an interest in the Canadian junior diamond sector, and should be owned by every speculator who has ever wondered what it is like to own a $2.50 stock that zooms to $10-$20 because it owns a substantial part of the most important diamond field discovery during the past decade, which, contrary to Rio Tinto's assertion, is not its Bunder diamond project in India.

EMC Metals Corp (EMC-T: $0.23)

Bottom-Fish Comment - November 10, 2010: EMC closes $745,000 private placement

EMC Metals Corp announced in the afternoon on November 8, 2010, the day I issued Tracker 2010-15 recommending a top priority bottom-fish buy in the $0.10-$0.19 range, that it had "received subscriptions" for a private placement of 7,450,000 units at $0.10 (1 share plus 1/2 warrant exercisable at $0.18 for 18 months) to raise $745,000. The timing was poor because on that morning the stock had opened at $0.15 and traded 10,540,000 to close at $0.19, leading to speculation that insiders or a network of usual suspects had handed themselves some cheap stock just as the market took a shine to the company. I was able to contact EMC's CEO George Putnam on Tuesday and was told that the company had decided on October 27, the day before I met the management team in San Francisco, to replenish a rather low treasury with a financing at the then market price to insiders and associates which was scheduled to close on November 8. No mention was made to me that this was underway while I was researching the story and, had I known, I would have waited for the announcement. It is unlikely the market would have responded to the private placement announcement on its own, and management was not expecting more than a market bump of a few pennies in response to any recommendation from KBFO. As it turns out George Putnam was in London on Monday pitching the EMC story to potential investors and got what he regarded as a surprisingly enthusiastic reception. The timing of my recommendation thus unleashed a perfect storm, with one brokerage firm buying more than 1 million shares net and very aggressive buying coming from "anonymous". The market paused on Tuesday as it mulled whether there would be any other dilutionary surprises, but resumed buying on Wednesday as it became apparent the stock would not drop back below $0.15. In some sense the situation is very similar to about this time last year when I recommended First Point Minerals Corp (FPX-V: $0.74) in Tracker 2009-09 on November 13, 2009 at $0.12. First Point also witnessed a perfect storm of sorts because the Coffins and Roulston simultaneously issued similar recommendations with the result that the stock traded heavily in the $0.15-$0.20 range and refused to come back. I eventually bought my First Point position in the $0.20-$0.30 range, which served as a lesson for Monday when I bought my EMC position at $0.17. A year later the resource sector is much stronger and educated about security of supply and process innovation style stories, which is why EMC could witness a much more rapid price ascent over the next year than First Point did during its initial year.

New Bottom-Fish Highs
Volume High Low Close Chg Status
Amanta Resources Ltd (AMH-V) 1,191,800 $0.220 $0.150 $0.200 $0.030 BF XP Buy below $0.10
Champion Minerals Inc (CHM-T) 19,785,700 $1.650 $0.870 $1.620 $0.740 BF MP Buy $0.30-$0.49
High Desert Gold Corp (HDG-V) 2,242,300 $0.270 $0.170 $0.270 $0.085 New BF LP Buy $0.10-$0.19
Quartz Mountain Resources Ltd (QZM.H-V) 7,000 $0.250 $0.210 $0.250 $0.070 New BF LP Buy $0.20-$0.29
Realm Energy Intl Corp (RLM-V) 17,033,100 $0.840 $0.480 $0.810 $0.310 BF MP Buy $0.30-$0.49
Rugby Mining Ltd (RUG-V) 387,900 $1.200 $0.850 $1.200 $0.350 New BF MP Buy $0.30-$0.49

Top 10 Bottom-Fish Volume Traders
Volume High Low Close Chg Status
B2Gold Corp (BTO-T) 71,598,300 $2.560 $1.950 $2.340 $0.310 BF TP Buy $0.30-$0.49
Ucore Rare Metals Inc 44,070,100 $0.650 $0.410 $0.425 ($0.145) New BF LP Buy $0.30-$0.49
Torex Gold Resources Inc (TXG-T) 34,886,600 $1.680 $1.230 $1.280 ($0.120) BF Spec Cycle Hold 100%
Creston Moly Corp (CMS-V) 31,403,000 $0.530 $0.220 $0.390 $0.165 BF TP Buy $0.10-$0.19
Volta Resources Inc (VTR-T) 31,122,900 $2.080 $1.610 $1.940 $0.280 BF MP Buy $0.10-$0.19
EMC Metals Corp (EMC-T) 25,903,100 $0.255 $0.080 $0.220 $0.115 New BF TP Buy $0.10-$0.19
Avalon Rare Metals Inc (AVL-T)
25,613,100 $4.990 $3.510 $3.630 ($0.080) Good Absolute Spec Value Buy
Geologix Explorations Inc (GIX-T)
23,821,400 $0.780 $0.550 $0.680 $0.110 Good Absolute Spec Value Buy
Champion Minerals Inc (CHM-T) 19,785,700 $1.650 $0.870 $1.620 $0.740 BF MP Buy $0.30-$0.49
Medallion Resources Ltd (MDL-V) 19,306,900 $0.810 $0.425 $0.460 ($0.120) New BF LP Buy $0.10-$0.19

Top 10 Bottom-Fish Value Traders
Value High Low Close Chg Status
B2Gold Corp (BTO-T) $160,449,109 $2.560 $1.950 $2.340 $0.310 BF TP Buy $0.30-$0.49
Rare Element Resources Ltd (RES-V)
$124,232,340 $14.430 $7.840 $11.250 $3.600 Good Relative Spec Value Buy
Avalon Rare Metals Inc (AVL-T)
$109,353,800 $4.990 $3.510 $3.630 ($0.080) Good Absolute Spec Value Buy
Antares Minerals Inc (ANM-V)
$107,661,641 $7.770 $6.110 $6.910 $2.420 Good Absolute Spec Value Buy
Nevsun Resources Ltd (NSU-T) $65,115,422 $6.590 $5.000 $5.930 $0.250 BF Spec Cycle Hold 100%
Quest Rare Minerals Ltd (QRM-V)
$62,528,606 $5.720 $4.180 $4.210 ($0.480) Good Relative Spec Value Buy
Volta Resources Inc (VTR-T) $58,201,906 $2.080 $1.610 $1.940 $0.280 BF MP Buy $0.10-$0.19
Sabina Gold & Silver Corp (SBB-T) $54,719,968 $5.240 $3.840 $4.950 $0.410 BF TP Buy $0.30-$0.49
Torex Gold Resources Inc (TXG-T) $51,212,171 $1.680 $1.230 $1.280 ($0.120) BF Spec Cycle Hold 100%
Orvana Minerals Corp (ORV-T) $29,348,222 $3.500 $2.210 $3.200 $0.640 BF TP Buy $0.50-$0.75

Top 10 Bottom-Fish Price Gainers
Volume High Low Close Chg Status
Rare Element Resources Ltd (RES-V)
11,080,900 $14.430 $7.840 $11.250 $3.600 Good Relative Spec Value Buy
Antares Minerals Inc (ANM-V)
16,079,400 $7.770 $6.110 $6.910 $2.420 Good Absolute Spec Value Buy
Uranerz Energy Corp (URZ-T) 3,575,800 $4.130 $1.550 $2.920 $1.170 BF MP Buy $0.50-$0.75
South American Silver Corp (SAC-T) 8,499,800 $1.920 $1.030 $1.870 $0.820 BF TP Buy $0.10-$0.19
Mountain Province Diamonds Inc (MPV-T)
2,010,500 $5.550 $4.170 $5.200 $0.770 Good Absolute Spec Value Buy
Champion Minerals Inc (CHM-T) 19,785,700 $1.650 $0.870 $1.620 $0.740 BF MP Buy $0.30-$0.49
Anfield Nickel Corp (ANF-V) 964,600 $4.750 $4.000 $4.650 $0.650 BF Spec Cycle Hold 100%
Orvana Minerals Corp (ORV-T) 10,446,900 $3.500 $2.210 $3.200 $0.640 BF TP Buy $0.50-$0.75
Strategic Metals Ltd (SMD-V) 9,339,900 $2.630 $1.700 $2.410 $0.610 BF MP Buy $0.10-$0.19
Peregrine Diamonds Ltd (PGD-T)
5,342,800 $3.080 $2.210 $2.810 $0.500 Good Absolute Spec Value Buy

Top 10 Bottom-Fish Price Percentage Gainers
Volume High Low Close Chg Status
EMC Metals Corp (EMC-T) 25,903,100 $0.255 $0.080 $0.220 110% New BF TP Buy $0.10-$0.19
Pacific Coast Nickel Corp (NKL-V) 2,422,700 $0.095 $0.040 $0.095 90% New BF XP Buy below $0.10
Champion Minerals Inc (CHM-T) 19,785,700 $1.650 $0.870 $1.620 84% BF MP Buy $0.30-$0.49
South American Silver Corp (SAC-T) 8,499,800 $1.920 $1.030 $1.870 78% BF TP Buy $0.10-$0.19
Creston Moly Corp (CMS-V) 31,403,000 $0.530 $0.220 $0.390 73% BF TP Buy $0.10-$0.19
Uranerz Energy Corp (URZ-T) 3,575,800 $4.130 $1.550 $2.920 67% BF MP Buy $0.50-$0.75
Virginia Energy Resources Inc (VAE-V) 11,436,800 $0.630 $0.300 $0.465 63% New BF LP Buy $0.30-$0.49
Realm Energy Intl Corp (RLM-V) 17,033,100 $0.840 $0.480 $0.810 62% BF MP Buy $0.30-$0.49
Xtierra Inc (XAG-V) 1,576,900 $0.260 $0.150 $0.240 60% New BF MP Buy $0.10-$0.19
Empire Mining Corp (EPC-V) 5,029,700 $0.440 $0.230 $0.390 59% New BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Price Losers
Volume High Low Close Chg Status
Polar Star Mining Corp (PSR-V) 4,774,900 $4.250 $1.670 $2.300 ($0.890) BF MP Buy $0.20-$0.29
Quest Rare Minerals Ltd (QRM-V)
12,633,400 $5.720 $4.180 $4.210 ($0.480) Good Relative Spec Value Buy
Mundoro Capital Inc (MUN-T) 1,696,900 $0.930 $0.540 $0.540 ($0.400) BF MP Buy $0.20-$0.29
INV Metals Inc (INV-T) 2,634,300 $1.300 $0.980 $1.000 ($0.260) BF MP Buy $0.10-$0.19
PC Gold Inc (PKL-T) 5,288,500 $0.990 $0.750 $0.770 ($0.200) BF Spec Cycle Hold 100%
Meritus Minerals Ltd (MER-V) 6,502,900 $0.500 $0.250 $0.280 ($0.195) New BF XP Buy below $0.10
Geovic Mining Corp (GMC-T) 3,940,800 $0.990 $0.780 $0.780 ($0.170) New BF LP Buy $0.50-$0.75
Ucore Rare Metals Inc 44,070,100 $0.650 $0.410 $0.425 ($0.145) New BF LP Buy $0.30-$0.49
Amarc Resources Ltd (AHR-V) 3,622,700 $0.770 $0.550 $0.570 ($0.130) BF MP Buy $0.10-$0.19
Vulcan Minerals Inc (VUL-V)
1,466,300 $0.390 $0.260 $0.270 ($0.120) Good Absolute Spec Value Buy

Top 10 Bottom-Fish Price Percentage Losers
Volume High Low Close Chg Status
Mundoro Capital Inc (MUN-T) 1,696,900 $0.930 $0.540 $0.540 -43% BF MP Buy $0.20-$0.29
Meritus Minerals Ltd (MER-V) 6,502,900 $0.500 $0.250 $0.280 -41% New BF XP Buy below $0.10
Lithic Resources Ltd (LTH-V) 4,134,200 $0.130 $0.080 $0.090 -31% New BF XP Buy below $0.10
Vulcan Minerals Inc (VUL-V)
1,466,300 $0.390 $0.260 $0.270 -31% Good Absolute Spec Value Buy
Polar Star Mining Corp (PSR-V) 4,774,900 $4.250 $1.670 $2.300 -28% BF MP Buy $0.20-$0.29
Ucore Rare Metals Inc 44,070,100 $0.650 $0.410 $0.425 -25% New BF LP Buy $0.30-$0.49
Medallion Resources Ltd (MDL-V) 19,306,900 $0.810 $0.425 $0.460 -21% New BF LP Buy $0.10-$0.19
INV Metals Inc (INV-T) 2,634,300 $1.300 $0.980 $1.000 -21% BF MP Buy $0.10-$0.19
PC Gold Inc (PKL-T) 5,288,500 $0.990 $0.750 $0.770 -21% BF Spec Cycle Hold 100%
Tawsho Mining Inc (TAW-V) 466,400 $0.300 $0.210 $0.230 -19% New BF LP Buy $0.10-$0.19

New Bottom-Fish Lows
Volume High Low Close Chg Status
No Records


You can return to the Top of this page

Copyright © 2017 Kaiser Research Online, All Rights Reserved