Three steps to make money in the junior mining market

Step One: Watch as Greg McCoach pumps the latest drill result at Explor Resources (EXS.v) to his flock of mouthbreathers.

Step Two: Wait until all the mouthbreathers are safely on board.

Step Three: Short the pig. The end.

EXS.v came out with a drill intercept yesterday that at first glance passes muster, what with 11.15m of 5.38g/t gold to put in the headline. It's enough for the very silly McCoach to rouse his rabble with, that's for sure. But what he's probably not pointing out in his urgent updates to clients (his service costs $2,000 a year) is that it's a confirmation drill hole at the same property that was drilled and announced in September 2009. Check how EXS.v ramped on the original pump promo campaign from the publication of those drill numbers and see what it finally did when the truth of the very same "Timmins Porcupine West" property came to light in March this year.

The intercept also came nearly 700m underground, which may cause a minor technical issue or two at the moment of attempting to mine the stuff at a profit. But the fact that this Porcupine West asset has clearly failed to show enough to be considered a live prospect will never stop a bullshit scamster like McCoach. LOOK AT THE DRILL NUMBERS! ELEVEN METRES OF GOOOOOLD!!!

And yes, this is the very same Greg McCoach and the very same pump we featured in this post on IKN, dated June 16th.  DYODD.

Readers mailbag on Greg McCoach

Some interesting mailbag in after yesterday's post on how Greg McCoach was pumping both Explor Resources (EXS.v) and his own $2,000 per year newsletter. I've had permission from both mailers to reprint here, so first up is an extract from reader 'PP' mail yesterday with..

"...quite right about the repeat performance of McCoach and EXS Otto and he did the same kind of adverts last year. As well now he has several other adverts on the web for the same service not just the one (ottonote: "Massive Gold Formation" "A Little Known Gold Mining Company Has Discovered Something Big") you mentioned. Another is Massive New Gold Find that goes with Little-Known Company Makes BIG Gold Find that I saw yesterday. There are others I've seen but they always click you through to wealthdaily.com and the PDF report you talked about."

(Bold type added). I think it's worth pointing out that reader PP mentioned he tried McCoach's service last year, paying $500 for three months of letters but did not renew. Then this morning, reader 'JR' sent over this (extracted):

At the last PDAC show and the Calgary Cambridge House show, McCoach was unabashedly pumping Explor to the audience. It sounded like a 30 minute advertisment for the company.
I began to think: Is this an independent analyst/newsletter writer.
How about a little disclosure here Greg: Do you own any position on Explor? Are there any conflicts of interest?
This guy seems able to duck from such things as "Forward Looking Statements"
What are our regulators doing to ensure full disclosure/muzzle this guy?

Kinda makes you think, doesn't it? McCoach must have got good results from the previous 2009 campaign if he's investing in several different internet advertising campaigns this time around (and it must cost a pretty penny too, as each time somebody clicks on one of those adverts it costs him money). Also, if he's devoting 100% of his showtime at the big conferences like PDAC to pumping this junior goldie (sidebar: PDAC on March 6th coincided with the EXS.v disappointing results on March 4th noted in yesterday's post) you kinda get the feeling he has serious skin in this game. I dunno...maybe I'm just imagining things. DYODD, dude.

Greg McCoach pumps Explor Resources (EXS.v)

Apparently the mining newsletter tout named Greg McCoach has been putting out an internet advertising campaign that starts with the headline "Massive Gold Formation" and continues with "A Little Known Gold Mining Company Has Discovered Something Big". It then hopes you'll click through and download a PDF file, which then goes on for pages giving mouthwatering, greed-gland inspiring prose and vague teaser-type details without ever telling you the name of the touted company, and then prompts you to sign up for McCoach's $2,000 per annum subscription service.

Well there's no need to click on his ad and no need to pay up $2k for the sub, either. For what it's worth, the company he's pumping is Explor Resources (EXS.v), the same company he ramped last year with the same style of aggressive, hype-laden pump job on the company's Porcupine West property that turned out to be a market disappointment. This links through to the March 4th press release on the drillcore results that didn't match the waaaaaaaay overhyped expectations drummed up by McCoach and his merry band beforehand. You can tell just by looking at the price chart:


But fear ye not!!!! There are differences to the McCoach pump job on EXS.v this time:

1) Instead of calling EXS.v "the most exciting gold discovery of the past 14 years" as he did in 2009, this time McCoach gives EXS.v the billing of "the most exciting gold discovery of the past 50 years", which this author can only put down to inflation.

2) Last time the pump was about the company's Porcupine West property and the drill campaign there. Now that has turned out to be a bummer, the pump now concerns the two new drill campaigns at the company's 'Eastford Lake' and 'Montrose Gold' properties.

3) This time it's ......errrrr....different, Greg?

Just though I'd tell you. DYODD, dude. There ain't no shortcuts in this game.