Fortuna Silver (FVI.to) San José site visit report

He may still have huevo stuck to his cara from the Greystar debacle, but credit where it's due; the site visit notes published by Nicholas CampbellSoup of Canaccord (along with his trusty sidekick Gabriel Gonzalez) today May 10th do a very good and comprehensive job of laying out the state of play at Fortuna Silver's (FVI.to) San José project, currently being built and ready to roll in 3q11 (not so long to go, folks). Nice work Soupy!

You too can read his site visit notes (starts p11) by clicking here and downloading your copy of the PDF. Thanks due to reader 'GB' for the forward.

Canaccord keeps dancing

The Can of Corn today applies the "keep dancing til the music stops" principle of markets and raises its targets for gold bullion, silver bullion and therefore shouts "gotta buy em" about the miners, too. You can download the 500Kb, 23 page first quarter review of precious metals and their picks right here and below you get the front page synopsis to give you an idea of the contents.

Happy reading.

  We are raising our peak gold/silver scenario to $1,600/$47.50 (from $1,500/$30) for equity target price setting. For earnings purposes, we are also raising our 2011 price deck to $1,525/$42.00 (from $1,450/$29.75). See Figure 1 for the revised profile.
*   We continue to believe that macroeconomic conditions continue to favour higher gold and silver prices, including record global liquidity, inflation prospects and low real interest rates, currency debasement on sovereign debt woes and political unrest in the Middle East & North Africa. The Standard and Poor's cut in the US credit outlook to negative and higher inflation readings have been the catalysts to move gold through our previous peak of $1,500/oz.
*   Our average implied return for the group is 36%, based on a target P/NAV multiple of 1.20x (revised down from 1.30x but higher than current 1.05x). Ratings revisions include: Agnico-Eagle, Hecla and Silver Wheaton upgraded to BUY from Hold, and Alamos Gold upgraded to SPECULATIVE BUY from Hold. 2011 Focus list picks include Goldcorp, Allied Nevada and Primero Mining.
*   We expect Q1/11 results to highlight year-over-year increases in earnings but some sequential declines due to production levels and cost pressures with only a modestly higher gold price. Our Q1/11 EPS estimates are notably above consensus for ABX, and sequentially higher for GAM, MFL, SLW and PAAS. Our estimates are below consensus for AEM, ANV, YRI and ELD, and we expect sequential declines for CG, ANV, GG and P.

Oh Goody! a new threat of legal action for IKN

Yesterday Friday, your humble scribe had an interesting mail exchange with Juan Ocampo, the guy from this blog post that is or was (i dunno which offhand) part of Canaccord and has been accused of defamation by John Icke of Cue Resources (CUE.v). Here follows the conversation and then afterwards we reprint the post in question underneath, just to make sure it's on hand and easily readable. First up though is the mail exchange and here it is, with the only redaction being the removal of the telephone number of Ocampo's lawyer:

From Juan Ocampo:

Dear Otto,

Could I please ask you to remove the following post.There is parts of it that are not true and a legal proceeding has begun regarding the dissemination of this stockwatch document. Feel free to contact my lawyer David Varty (604-XXX-XXXX) if you have any questions.

http://incakolanews.blogspot.com/2011/03/john-icke-of-cue-resources-cuev-juan.html

Regards,

Juan Ocampo

Reply by your author:

I think you mean "there are" parts of it.

So I'm assuming the plural. Would you mind telling me what parts are untrue? And why you think you can be the first ever person to edit my blog (and many have tried, believe me)?
o

Reply by Juan Ocampo:

I cannot get into details but I am asking you as a favor to please do so.  This lawsuit has nothing to do with Canaccord and as you already know it is not possible to short penny stocks for the average retail person. In the lawsuit states the message was written at 9PM who will be working at that time? Makes no sense to me.

 Reply by your author

If it's necessary to start legal action against me too, I suggest you get on and do it. Nobody has editorial control over my blog.
o

Reply by Juan Ocampo:

No need for that. I will contact google directly. Read:

http://www.blogger.com/content.g

Hate Speech: We want you to use Blogger to express your opinions, even very controversial ones. But, don't cross the line by publishing hate speech. By this, we mean content that promotes hate or violence towards groups based on race, ethnicity, religion, disability, gender, age, veteran status or sexual orientation/gender identity. For example, don't write a blog saying that members of Race X are criminals or advocating violence against followers of Religion Y.

Reply by your author:

Ok. Have fun. It's pretty clear that you haven't been down this road before. I have, and your pathetic empty threats have zero effect.

By the way, I'll be reprinting this conversation on the blog tomorrow.
o

 Reply by Juan Ocampo:

Do as you like.

And reprint we did. So just to remind y'all, here's the post that got Ocampo's knickers in a twist. Read on, kind lector:

 xxxxxxxxxxxxxxxxxxxxxxxxxxxx

John Icke of Cue Resources (CUE.v), Juan Ocampo of Canaccord and dumbasses of all shapes and flavours

It was surprising to note that while your author was out and about doing about'n'out type things, the world didn't stop and news from LatAm Junior Mining World continued (no respect these days...humph). Among the newsflow was this report from Mike Caswell at Stockwatch and here's how it starts:

John Icke, the chairman of Cue Resources Inc., has filed a defamation suit against a Canaccord Genuity Corp. employee over posts on the Stockhouse forums. Mr. Icke says that Juan Ocampo, who works as a stock market quotes administrator at Canaccord's downtown Vancouver office, was responsible for a message that accused him of extortion. Mr. Icke is seeking general damages for the post, which he claims was false and defamatory.
Mr. Icke filed a brief notice of civil claim against Mr. Ocampo on March 16, 2011, in the Supreme Court of British Columbia. According to the suit, Mr. Ocampo was responsible for an Aug. 27, 2010, post on Stockhouse written under the user name "scuba2223." It was titled "Paraguay going after John Icke." The body of it read: "Paraguayan Authorities are looking for John Icke regarding Cue Resources. The news said he is involved in stealing documents and extorsion [sic]!"
As Mr. Icke sees it, the post meant that law enforcement officials were looking for him in Paraguay, and the media had reported that he was involved in theft and extortion. The post damaged his reputation by "implying that he is involved in criminal wrong-doing and conduct unbecoming management of a public company, and [is] otherwise untrustworthy."
In addition to the defamation allegations, Mr. Icke claims that Mr. Ocampo was looking to profit from the message. "At or about the time he posted statements ... Mr. Ocampo traded in the stock of CUE, with the intent of profiting from a decrease in the price of the stock," the suit reads. Mr. Icke does not provide any further details. (Trading records show that Cue closed at six cents on the day of the post, slightly down from 6.5 cents the day before.) CONTINUES HERE

OK, so we can start pointing fingers at dumbasses and the first finger points to Juan Ocampo, who apparently has nothing better to do with his time than trawl the next to useless world of bullboards and post silly messages thereon. Second finger points to the Human Resources department at The Can of Corn who can't spot a waste of space when they see one and hire any old fool (mind you, we've noticed that previously so no surprise there).

But a third finger also points tentatively and nervously in the direction of John Icke  (after all, he might get busy with his legal beagles and slap a suit on IKN) and in a very quiet whisper of a voice nervously suggests he's guilty of FREAKIN DUMBASSERY AS WELL. Firstly, has this dude got nothing better to do than worry what they say about him on a freakin' bullboard? Y'know, like run a junior mining company and add shareholder value via exploration and suchlike?

Hmmmm...by the looks of things, he hasn't been too successful at that so far with or without bullboard critics of CUE's Paraguayan affairs. Then there's the practical side of it all, because if every company CEO or director took to heart every little thing written on bullboards about them and  filled up their time with legal actions to heal their wounded egos, I doubt a single drill rig would get to turn anywhere. So take a bit of friendly advice John; you now know who your slagger-offer is and he's obviously a jerk. You got your name, he's got his shame, Can of Corn has its egg on face. So just drop it, yeah? I mean, if you insist that Ocampo was trading round CUE.v in this period and trying to influence the share price.....

...you're just going to turn your mini-crusade into a laughing stock and your strategic judgement about what matters and what matters not is far more important to CUE.v than your personal bleeding heart. So don't graduate from potential dumbass to full-scale dumbass and pursue this any further dude, cos if you do you're slapping Permanent Avoid on any company you're ever involved in.

Grubby Canadian brokerage gossip of the day

This report over at Stockwatch is good, juicy dirt aimed straight at The Can of Corn:

Cue's Icke to identify Stockhouse poster "scuba2223"

2011-01-20 15:01 ET - Street Wire

by Mike Caswell
John Icke, the chairman of Cue Resources Ltd., may soon learn the identity of a Stockhouse poster who wrote that Mr. Icke committed extortion in Paraguay. According to filings in the Supreme Court of British Columbia, the person responsible used an IP address at Canaccord Genuity Corp., and Canaccord has agreed to provide that person's name.
Icke sues Stockhouse
Mr. Icke has been trying to identify the poster since Oct. 6, 2010, when he filed a notice of claim against Stockhouse Publishing Inc., asking for the IP address of a user called scuba2223. In the suit, he said that scuba2223 wrote the following post on Aug. 27, 2010: "Paraguayan Authorities are looking for John Icke regarding Cue Resources. The news said he is involved in stealing documents and extorsion [sic]!" The message had a header which read, "Paraguay going after John Icke."
Mr. Icke said CONTINUES HERE

In completely unrelated news, IKN recalls that ex-Zed, the mining analyst Eric Zaunscherb, left his job at Canaccord in December 2010 in an abrupt manner that was wholly unexpected by his colleagues. But this is almost certainly unrelated to today's story, as is the vague and possibly erroneous recollection that Zaunscherb is a scuba diving enthusiast.

Greystar Resources (GSL.to): A ray of hope for CampbellSoup and the Can of Corn

IKN once again performs an act of charitable kindness to the Canadian equities analysis community, this time offering a glimmer of hope™ to Nicholas CampbellSoup over at the Can of Corn, currently bogged down with what's looking more like a disaster buy call on Greystar Resources (GSL.to) back in November when it was trading two full dollars higher than now.

This is from IKN88 yesterday, Soupy. Enjoy.

Colombia’s new mining code may be declared inexecutable

A development out of Colombia that sounds like it may delay mining development on one level but, strangely, may help one specific and polemic project move forward to construction.

Last week Colombia’s national procurator (9) asked that the current mining law reform be declare inexecutable, because 1) due to the fact that Colombia is a signee of the International Work Organization’s Covenant 169 that guarantees indigenous populations the right to decide on the future of mining projects and that 2) the new mining code was not presented to said populations for their approval, it cannot be implemented. Apparently, at least. We shall see.

Over the medium-term this may become a setback for Colombia’s mining industry as it tries to reform old and often difficult to work rules and regulations. The potential for bureaucratic bottlenecks is clear, but on the other hand if the current mining code is declared null and void it may allow Greystar (GSL.to) to move forward with its Angostura project, unfettered by the new environmental code that protects about 50% of the land on which it wants to develop its mine.

The IKN Weekly is not calling GSL a buy at this point and the potential for unhindrance of rules that may help GSL is by no means a done deal, but it is a story we’ll be watching carefully in the near future for developments.

Latest Fortuna (FVI.to) coverage from the Can of Corn

Nicholas CampbellSoup over at the Can of Corn was on the recent Fortuna Silver (FVI.to) site visit to San José Mexico and yesterday (after the bell, I believe) published this updated report on the stock. What he saw must have impressed, because he's raised his target (quite right too) to $5.50. As well as giving good commentary on the development at the project there's also talk of the exploration potential there, but this humble corner of cyberspace found particular agreement with the Valuation section on page 7 and thinks CampbellSoup has nailed the call just right.

It's a good report, so go download your own from this link and read for yourself.

x

Fortuna Silver (FVI.to): The Can of Corn upgrades target

if you look very very closely you may be able to spot a trend

This morning, Nicholas CampbellSoup over at the Can of Corn raised his target on Fortuna Silver (FVI.to) to $5.00 (was $3.90) on the back of surging silver prices....and the fact that FVI is a kickin' silver mining company as well, of course. You too can read his report, kind and gentle IKN lector, by clicking here and downloading the PDF. Please be having nice day.

Hey, wanna know what the Can of Corn thinks of the Timmins (TMM.v) bid for Capital Gold (CGC.to)?

Sure. Can of Corn thinks this:

Timmins (TMM) to buy Capital Gold (CGC) - quick take...~$275mm deal

 

- Hostile,  non-binding proposal. All stock - exchange 2.27, 26% premium to 20 day vwap, implying a C$4.50/share value. TMM has 17% of CGC share holders locked up.

 

=>   VIEW: apparently Gammon Gold (GAM) had a look  at CGC in the last 10-20 months.  Additionally, CGC's B.O.D has not been receptive.

 

- AGI, GAM, BTO & NGD operate assets in the region - this suggests further optionality for a higher bid

 

-  TMM would have some of the lowest valued paper of the group, and would probably get trumped in a competitive situation

 

- This acquisition does makes sense for TMM as they have producing gold mines in Sonora State , Mexico - similar to CGC.

 

 =>  Once we have more info/details (ie. valuation metrics etc.), we will  forward

DYODD, dude.

Shock Headline! Can of Corn Zeds pump Minera Andes! Suited Analyst Talks Book of Failing Reco! Short-Term Upmove Expected!

Jeesh, these guys are so predictable you can set your clock by them. IKN may begin a new series entitled "The Zed Fade" if this keeps up. Here's the pumpo excerpted in this morning's CanOfCorn Morning Coffee:

Minera Andes* (MAI : TSX : $0.97), Net Change: 0.11, % Change: 12.79%, Volume: 1,553,939 

Minera Andes: Its San Jose operation (49% MAI, 51% Hochschild) in Argentina continues to ramp up to full production. H1/10 is believed to have been the weaker half of the year as operational improvements were implemented, leading to the second half of the year carrying the better overall production. For FY10, Canaccord Genuity is expecting 192,000 oz AuEq from San Jose (49% MAI). This translates to just under 100,000 oz AuEq net to Minera Andes that at current Au Ag prices could translate to over $50 million in operating cash flow. Based on Canaccord Genuity’s price to cash flow (2011) basis Minera is trading at about 4.0x versus many peers that range from 8x to 15x cash flow. The company also owns 100% of a large Cu porphyry system (Los Azules) and maintains an excellent portfolio of Au Ag exploration ground in Argentina. Note: This portfolio is in the vicinity of Andean"

IKN back. MAI is marking up $1.00 in the pre-mkt right now (time of writing 8am). I kinda knew I'd likely be leaving $$ on the table by selling my MAI.to on Friday, but it's ok. For one thing I've made my moolah on the trade and for another I much prefer buying when the shepherds like them there Zeds are all STFU and selling when they are flogging the dead horses. A good trading philosophy doesn't get you out at the exact high points of any single trade, but it does make you a winning trader in the long term. Which do you prefer?

Medoro Resources (MRS.v): Quick Frank, roll out the monkeys again!

You tell him, Thom

Well, it's not working is it Frankie? You tried back in April with the Can of Corn plus Thom Calandra trained monkey attack, but your ridiculously expensive, laughably overhyped and clearly undertruthed Medoro (MRS.v) just can't seem to keep enough Viagra in its system.

So c'mon Frankie, get on the phone! Tell them Zeds to do something! Offer yer man Thom a few more worthless warrants! You know it makes sense, man!

Bizarrely, Otto agrees with The Can of Corn again

I must be getting old.

One section of today's Morning Coffee, from said establishment, covered Greystar Resources (GSL.to) and I found myself nodding in agreement with Nocholas CampbellSoup's call on the stock. In fact, the guy has been nailing good calls on LatAm bargain miners for a while now, gotta be said. Here's the excerpt from today Morning Coffee (and if you'd like to receive this on a daily basis I have absolutely no idea where you could get it from but you could always send me a mail):

Greystar Resources* (GSL : TSX : $3.36), Net Change: 0.08, % Change: 2.44%, Volume: 307,396
Falling star? Greystar, a Colombia gold explorer, reported on Friday that it has not received a decision in regard to its appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its December 22, 2009 Environmental Impact Assessment (EIA) and to accept that the company has complied with all legal requirements to proceed with the development of an open-pit gold-silver mine at the company's Angostura project in Colombia. Greystar will continue to work with the Colombian Government and MAVDT to resolve issues of concern and ensure that the impact of the Angostura project on Paramo is minimized whilst ensuring the financial viability of the Angostura project. At the end of April, MAVDT requested that a new EIA be filed for the Angostura project, with adjustments made to limit the occupied area to an elevation below 3,200 metres. Roughly half of the Angostura deposit and the vast majority of planned infrastructure and project facilities are currently designed to be developed above the 3,200-metre elevation. The request by the MAVDT would require Greystar to completely redesign the Angostura project. According to Canaccord Genuity Mining Analyst Nicholas Campbell, given the topographical challenges of the Angostura land package, particularly at elevations below 3,200 metres, the potential to engineer an economically viable alternative development of the Angostura project that would adhere to the guidelines set out by the MAVDT would be incredibly challenging and likely unworkable. Greystar is completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in H2/10. In addition, the company has begun the process of securing US$650 million in project finance from international sources. The company continues to carry out exploration at the project with a total of four drill rigs focused on three targets; Angostura high grade, Mongora and La Plata.

It'll get even worse for GSL.to if Mockus gets the nod on June 20th, as he's said pretty darn clearly that mining at 3,000masl should be taboo. I now need to go lie down, get drunk or do something to shake these pro-Corn feelings out of my system. Cream of corn served, the end.

The tide is out

The guy Buffett once said that 'only when the tide goes out do you discover who's been swimming naked', which may not be a perfect fit on what follows here but it sure does come to mind. We're going to return to the subject of Dorato Resources (DRI.v) but bear with me one more time because although ostensibly about DRI.v it's much more about the shady underside of Canadian Capital Markets and the people with voices of influence therein.

The recent travails of Dorato (DRI.v) with the Peru government and the locals around its Cenepa-based exploration project have shown that the company has been spouting utter bullshit about its supposed good relations with said people. Now that its operations have been indefinitely suspended by the highest authorities in the land (i.e. Cabinet Ministerial level) and with flat zip zilch zero chance of Peru changing its mind on this (reasons previously explained) you might have expected analysts and brokerages to advise clients to either avoid DRI.v like a nuclear fallout zone or if they were bought in to sell before too much damage is done.

Strangely, the news out of Peru has been largely met by a roaring silence from expert analysts (loosely used term here). Nary a word from the people at the can of corn, for example, who spent the latter part of 2009 pumping up the stock, using phrases like "the next Aurelian" in its Morning Coffee publication on several occasions, making wild rah-rah noises when DRI got its permits for a very limited drilling campaign and then (hey wow coincidence!) heading up the syndicate that ran two placements for DRI.v at $1.05 and raising nearly $15m for the company just days before the ceiling came crashing in.

Why should it be that suddenly Dorato Resources is not mentioned by the Canadian brokerage community? Why oh why oh why?

Would the following have something to do with it? Back in late 2007/early 2008 (you can see where on that chart above...before it all kicks off), Dorato Resources ran its $0.60 seed capital financing. A total of 17m shares were placed by the company, and amongst the people that bought in, here are a few of the names (and their jobs in 2008 or perhaps a little earlier) and the amount of DRI stock they bought:

• Ali Pejman, MD Investment Banking, Canaccord Capital, 225,000 shares (125,000 shares directly, 100,000 via his wife Kirsten)

• Wendell Zerb, Senior Metals and Mining Analyst, Canaccord Capital, 40,000 shares

• Graham Currie, (via an investment in his wife's name, Cheryl), Senior VP Investment Banking, Canaccord Capital, 75,000 shares

• Neville Dastoor, Mining Analyst at Canaccord Capital until 2006, 10,000 shares

• Matthew Gaasenbeek, Head of Capital Markets N.Am, Canaccord Capital, 50,000 shares

• Graham Saunders, Head of Canadian Institutional Sales, Canaccord Capital, 35,000 shares

My stars, a lot of names attached to the can of corn, no? Whatever can it all mean????? But wait, there's more! The role call isn't confined to just that one house:

• Gary Bogdanovich, Investment Advisor, Haywood Securities, 285,000 shares

• Lorinda Hoyem, Investment Advisor, Blackmont Capital, 50,000 shares

• Dino Minicucci and Cal Everett, respectively Investment Advisor and Institutional Sales, PI Fincorp, 365,000 shares (via holding company 0811321 BC Ltd)

• Linda Yule, Senior Investment Advisor, GMP Private Client, 100,000 shares

Forgive me if I missed a couple of names along the way, the full list of people taken in by DRI was long at 160 people. I also have no information on whether these people have held through on their purchases until today or whether they've either partly or fully disposed. But the point is that all these investment advisors, brokerage bankers, insto sales people etc etc are or were long DRI, so how on earth are they supposed to give people unbiased and straight advice on this scam if they have vested interests? For example, the Pejman family's holding in DRI.v (assuming ceteris paribus) was worth $303,750 less than two months ago and now it's down to just $146,250 thanks to the recent outbreak of reality as concerns the company's deeply problematic social issues (that haven't just sprang suddenly from nowhere, as the IKN series of posts make crystal clear).

This DRI.v episode is just part of the underbelly of Canadian capital markets, one small glimpse into what goes on behind the scenes. A company like DRI soft-soaps a whole sector of people with influential voices and gets them on their vested interest side. Then they can't say anything out loud and in public when the whole shebang falls apart. Dorato Resources (DRI.v) is a company that's now dead in the water with no chance whatsoever of ever building a mine or selling its assets to a higher bidder. It's done, finished, kaput, be in no doubt. But the people listed above and all their friends and colleagues aren't going to tell you that....for more than one obvious reason.

A positive for Dynasty Metals (DMM.to)

Good news Dynasty (DMM.to) longs, as one of the best short-term catalysts has just clicked into place around the stock. Yes indeed, last week one of the Zeds at the can of corn dropped their target price on the stock. It's now guaranteed to blast past the 12 month number of $6.70...YAY. Thanks Zed! Have a look at the report for yourself by downloading it here.

Graham Harris: Another day, another Canadian ripoff

Graham Harris: Is it possible to shame the shameless?

Interesting to note the insider filings of ATW Gold (ATW.v) Chairman Graham Harris today:

10 - Acquisition or disposition in the public market	-21,000	0.52	-10920
10 - Acquisition or disposition in the public market	-79,000	0.51	-40290
10 - Acquisition or disposition in the public market	-100,000	0.27	-27000
10 - Acquisition or disposition in the public market	-50,000	0.21	-10500
10 - Acquisition or disposition in the public market	-19,000	0.22	-4180
10 - Acquisition or disposition in the public market	-31,000	0.22	-6820
10 - Acquisition or disposition in the public market	-55,500	0.22	-12210
10 - Acquisition or disposition in the public market	-4,000	0.22	-880
10 - Acquisition or disposition in the public market	-40,000	0.18	-7200
10 - Acquisition or disposition in the public market	-82,000	0.18	-14760
10 - Acquisition or disposition in the public market	-13,000	0.17	-2210
10 - Acquisition or disposition in the public market	-100,000	0.165	-16500
10 - Acquisition or disposition in the public market	-5,000	0.185	-925

The Harris guy has managed to dump nearly 600,000 shares on the market in the last five months and pocketed gross proceeds of $154,395, most of them a mile outside the normal disclosure period for insider transactions. But especially noteworthy are those first two sales (which aren't on the cad insider page, cos they only carry the last 10 transactions; to see the first two you need to go over to sedi dot ca) made on Sept 11th 2009, one week BEFORE his company released the news on its trainwreck mine in Australia that dumped the stock forever and ever amen.

Total impunity once again. The Chairman of the company, who knew the crap that was about to go down, dumps his stock before shareholders find out what's going on and can't be bothered to tell anyone for five months. For this the OSC will slap his wrist with the normal $1,000 fine (which he'll be able to pay in cash straight from his wallet when the time comes).

So let's check Harris's credentials: Oh looky! He's an ex-VP at the can of corn! What a surprise, the same house of education as like the other guy who jumped the ATW.v ship before anyone else got to hear the bad news, Luke Norman.

Meanwhile, let's check in on what arch-bullshit pumper Peter Grandich said about Graham Harris in February 2009:

"I’ve known Graham Harris, one of ATW’s Directors, for almost 20 years. He’s always been a straight shooter, particularly when he was in the financial arena, and finding a straight shooter in the financial arena is like finding a needle in a haystack. So I’ve always had confidence in his honesty."

Wow! Two assholes for the price of one!

Graham Harris is also the big honcho at Tribune Resources (TNR.f), a €0.52 stock over on the Frankfurt exchange. You have been warned, my Teutonic friends.

Fortuna (FVI.v) gets the can of corn pump

mmmmmmm....soup!

Nicholas CampbellSoup, the flunkey in charge of pumping Fortuna Silver (FVI.v) over at the can of corn, has done what he's supposed to do and has pumped Fortuna Silver.

His report is about the news as regards San José permitting and according to CampbellSoup it's positive (file that one under 'no shit sherlock'). I have absolutely no idea where you can click to find a copy of his report.

Colossus (CSI.to): Canaccord burns its clients' cash again

From IKN's department of shareholders-if-they-can't-take-a-joke-f***-em, Colossus Minerals is making great strides this morning because some analyst who works at the can of corn that really, REALLY should learn some Portuguese before opening his mouth reco'd the stock to his flock. Here's how Canaccord's Morning Coffee publication broke the shameless BS pum.......SORRY!!, the considered analytical opinion to its flock this morning.

"Given the considerable M&A activity in the mining sector and a growing consensus that the price of gold may still track upwards, it appears investors may have some interesting opportunities. Canaccord Adams Mining Analyst Nicholas Campbell believes that Colossus Minerals is a likely acquisition target and sees the potential for the project to be advanced to production by late-2011 to early-2012."

.
Truly I say unto you, great grades or not there's more chance of Hugo Chávez having gay sex with Andrés Oppenheimer than any major paying serious multimillions for this asset. Not only are there serious geological issues and a lot of geols scratching their heads and saying "with host rock like that, how the devil are we going to get it out the ground?" but the volatile political risk tinderbox that is Serra Pelada makes Honduras look calm and stable. Canaccord's analysts are just leading their sheep up the garden path...again.
.
Dumbass analysis on Latin American mining issues never ends, even from those who get paid to analyse LatAm mining. Production late 2011? Gimme a break! I laugh at the lemmings, sneer contemptuously at the uninformed analysts leading them astray and avoid this stock like the plague.

Message to the research monkey at Can'o'corn....

.....currently doing non-stop Google blog searches using the keywords "Patrick Anderson" and the name of a certain mining company operating in Argentina who is currently adding about 100 extra pageviews to this blog in a vain attempt at enlightenment.

Message begins:

The information you're looking for is in IKN6. Why not sign up*? Or if you like, mail me. Your boss does all the time.

Message ends. Have a nice day.


UPDATE: Oh....hits from can'o'corn suddenly stopped....fancy that!

*yeah I know, the Zeds would never live it down

Can'o'corn is getting pneumatic on Colossus (CSI.to)

Can'o'corn is moving that slick and polished operation into full flow with Colossus Minerals (CSI.to). For the second time in the last few days CSI.to has made it into the Canaccord Morning Coffee publication, promising newsflow on drilling, hinting at further high grade interceptions and all that jazz.

Well fine. Ain't dat grand? But until the company has the balls to do a bit of step-out drilling at Serra Pelada all we're going to hear about are drills that intercept a resource everyone knows is there anyway, thus all pipes and whistles will be strictly for retail (as a sharp reader wrote in last week, "Aaaah, retail! The crop that never fails"). Meanwhile, insiders are again selling at these current prices. Wow, what a surprise. Betcha they continually forget to mention that detail to you.

Colossus Minerals Inc. (CSI)

Apr 09/09	Mar 31/09	Kishida, Augusto	Direct Ownership	Common Shares	10 - Disposition in the public market	-100	$2.160
Apr 09/09	Mar 31/09	Kishida, Augusto	Direct Ownership	Common Shares	10 - Disposition in the public market	-9,900	$2.150
Apr 09/09	Mar 31/09	Kishida, Augusto	Direct Ownership	Common Shares	10 - Disposition in the public market	-15,000	$2.100
Apr 09/09	Mar 26/09	Kishida, Augusto	Direct Ownership	Common Shares	10 - Disposition in the public market	-5,000	$2.100

Here below is the can'o'corn pump job from this morning. Expect "The Zees" (or 'Zeds' as you canucky types would say) to pronounce any time soon and an upcoming "Interview With Ari" by Pescod's Late Edition........heh?

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Colossus Minerals* (CSI : TSX : $2.18), Net Change: 0.06, % Change: 2.83%, Volume: 425,907 Getting ready for a colossal move? Colossus Minerals announced Thursday that it has accelerated its development plans for the Serra Pelada gold-platinum-palladium project in Brazil. Colossus now has three diamond rigs on the property operating on its Phase II drill-out program. Phase II drilling, which is anticipated to continue through the end of 2009, is focused on 500 metres of strike length of the Central Mineralised Zone as well as testing new targets to both the east and west of this Zone. To date, five holes of diamond coring have been completed with three more holes presently in progress. Colossus management stated that all completed holes appear to have intersected mineralisation and have been logged and sampled for assaying. CEO and Chairman Ari Sussman said, ”Facilitated by the company’s recent financing, Colossus is positioned and is putting additional systems in place to advance the Serra Pelada project to Final Exploration Report stage before end 2009, ahead of schedule.” Going forward, Sussman expects to see another set of assay results in the next couple of weeks. Campbell notes that one potential explanation for the recent run-up and outperformance of Colossus’ share price relative to other small-cap precious metal equities is the recent increase in the price of platinum and palladium. Colossus is weighted mainly to gold (we estimate ~70%), but still has significant exposure to PGMs (~30%). Campbell states that we should see regular drilling news flow from May-forward and the drill results will likely be the main driver for the shares in 2009.

Whatever makes you think........

......that Wendell Zerb and Canaccord are all nice and snuggly with Exeter Resources (XRA) (XRC.v)?

Click to enlarge

Nothing to see here...move along now, please.......

Exeter (XRA): C'mon guys, keep buying......

.......because this is setting itself up as the short of the year.

Right now it's not a case of if but when I reverse on this thing, so first job is to watch and gauge and try to guesstimate just how far this thing will travel. When a suspect asset is so overhyped by the full Canadian pump machine the opportunity is just too good to miss. DYODD, but something around the U$4 point (as mentioned yesterday) is my idea of a killer short position.

Meanwhile, I'll leave you with a music video to ponder.