IAMGOLD takes 17% stake in Oromin
The news that IAMGOLD has taken a 17% stake in Oromin is excellent! The exposure we will now get will be tremendous. I will admit Chet and the gang have pulled this one out of a hat and impressed me. The share price of IAMGOLD rose just after the news was released and considering the deal they got i believe it will continue to rise along with Oromin. I expect the price to move much higher this next week with the Santa Rosa drilling announcement to follow shortly. The investment of Iamgold in Oromin has already paid for itself in publicity, I was at the home of a senior director of another company involved in Argentina on friday evening and he had already read the email alert. We are now on the radar and when people find out we already have a 2.3 million ounce resource with a pre feas on the way im sure there will be no looking back for the share price. I have expected a senior company to take a minority stake for some time, it is usually the way these things happen. It is not set in stone that IAMGOLD will end up with Sabodala by a long shot. I have seen many times where a minority stakeholder was ultimately out bid for the property by another company. The stage is set for a possible bidding war! Look toward the Santa Rosa drilling to give us a boost followed by the pre feas and some more impressive intercepts from Sabodala to propel the shares to hopefully new highs before the summer is over.
Nice to see that the glass is getting half full again on this board. It was looking half empty for the last several weeks. Personally I continued to be bullish and bought a lot more near $0.60. As I stated before I wasn’t sure where the $0.50 predictions, for the PP, were coming from as it was not what I was hearing.
Now that the PP is closed and we have a big hitter, in Iamgold taking a chunk, we should be on our way to a very exciting few months. The $1.00 mark has a good shot at being violated to the upside this week. And when it does it likely won’t trade below there ever again.
Globe/CP say Iamgold takes 17% interest in Oromin
Iamgold Corp (C:IMG)
Shares Issued 366,814,601
Last Close 6/19/2009 $10.80
Monday June 22 2009 – In the News
Also Oromin Explorations Ltd (2) (C:OLE) In the News
The Globe and Mail reports in its Saturday, June 20, edition that Iamgold has bought a sizable minority interest in Oromin Explorations, a smaller company that is principally involved with a joint venture in West Africa near the newly producing Sabodala mine in Senegal. A Canadian Press dispatch to The Globe reports that Toronto-based Iamgold, which has many of its operating assets in Africa, said it has invested $11.26-million to buy about 16 million common shares of Oromin. That will give Iamgold about 17 per cent of Oromin’s issued and outstanding common stock, following a $20-million private placement that was announced in May and completed Friday. The buyers, including Iamgold, paid 70 cents per share. IMG jumped 48 cents to close on the Toronto Stock Exchange Friday at $10.80. It has a 52-week range of $2.93 to $15.24. Oromin stock climbed a nickel to 91 cents. It has a one-year range of 38.5 cents to $2.70. Oromin said it will use the money raised for its Sabodala gold project and its Santa Rosa Dome oil and gas project in Argentina. The Sabodala gold mine is owned 90 per cent by Mineral Deposits and 10 per cent by the Senegalese government. It reached full production in early April.
© 2009 Canjex Publishing Ltd.
Can anyone explain to me why the page on google is not being updated with these latest news stories?
http://www.google.com/finance?q=TSE%3AOLE
There’s nothing to be found about the IAMGOLD interest in Oromin???
A lot of traders follow sites like google, yahoo and such to follow and discuss events.
Google isn’t “updated” by the companies. Google, Yahoo, etc update themselves by running bots that scan websites for indexable items. It takes a little while to scan the entire internet for changes.
that can’t be the reason. Other junior mines usually are updated on google the same day their website posted a new event.
Some are even smaller and more unknown and still their page on google or yahoo is updated?
Don’t know what to tell you. Even the “fuzzy” logic used in categorizing items found by the webbots require some kind of match. If the key words associated with the display of news items on the stock pages isn’t ‘close enough’ for the link to the document to be made, the items don’t appear. Yahoo’s OLE page shows the trading halts, but not the NR from IAMGOLD. But if I search for Oromin and IAMGOLD, a link to the NR pops up, so obviously Yahoo knows about the NR, just not that it is linked to the OLE stock symbol.
Now we have U.S. dollars which are prone to devaluation. We should put our money in what we mine, gold and silver, and convert it to cash if and when required. If not gold and silver then at least a currency with better prospects. Maybe Canadian dollars or Swiss francs.
Now is the time for IAMGOLD to go for control of Oromin??What better time then now?As far a currencies to buy?I don’t play them but I would think the Brazilian Chinese or Russian currency will be tops in the future?Got the resources and money?dsh
Oromin Explorations Ltd. (OLE)
As of June 22nd, 2009
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Jun 22/09 Jun 19/09 Idziszek, Chester (Chet) Direct Ownership Common Shares 16 – Acquisition under a prospectus exemption 1,850,000 $0.700
Jun 22/09 Jun 18/09 Idziszek, Chester (Chet) Direct Ownership Common Shares 11 – Disposition carried out privately -1,850,000 $0.700
Mar 05/09 Feb 24/09 Turnbull, Douglas Stewart Direct Ownership Common Shares 51 – Exercise of options 20,000 $0.250
Mar 05/09 Feb 24/09 Turnbull, Douglas Stewart Direct Ownership 51 – Exercise of options -20,000 $0.250
Feb 27/09 Feb 03/09 Bartlett, Derek Direct Ownership Common Shares 51 – Exercise of options 20,000 $0.250
Feb 27/09 Feb 26/09 Bartlett, Derek Direct Ownership 51 – Exercise of options -20,000 $0.250
Feb 25/09 Feb 24/09 Mallo, David William Direct Ownership Common Shares 51 – Exercise of options 5,000 $0.250
Feb 25/09 Feb 24/09 Mallo, David William Direct Ownership 51 – Exercise of options -5,000 $0.250
Feb 25/09 Feb 23/09 Dragovan, Nell Marie Direct Ownership Common Shares 51 – Exercise of options 20,000 $0.250
Feb 25/09 Feb 23/09 Dragovan, Nell Marie Direct Ownership 51 – Exercise of options -20,000 $0.250
Charles Nenner, founder of the Charles Nenner Research Center and former market timing consultant for Goldman Sachs, says all currencies are bad, that we are headed for a 30 year inflation cycle and that gold stocks are cheap when compared to gold.
http://finance.yahoo.com/tech-ticker/article/267557/30-Years-of-Inflation-Coming-But-%22Deflation-Scare%22-Not-Over-Yet-Cycle-Maven-Says?tickers=GDX,XME,TIP,TBT,NEM,^DJI,^GSPC?sec=topStories&pos=9&asset=&ccode
I hope you see this Chet. Watch those dollars.
I wonder how much Chet paid Grandich to say this…
Whenever I spoke about Oromin Explorations (OLE-TSX-V) I noted they were a very rare “commodity” in the junior resource market. They spend their money on drilling for ore, not investors. While this frustrated some shareholders, the fact is by putting the money in the ground versus promotion, the company found plenty of gold and now has a very significant shareholder. Congratulations to the Oromin team for proving you can do it the right way in junior resources and be rewarded.
G1
he has already been “paid”, he received a large number of options a while back….
Depth By Price
Bid
Orders Volume Price
1 5,000 0.83
1 5,000 0.82
1 5,000 0.80
1 2,500 0.79
2 22,500 0.78
Ask
Price Volume Orders
0.85 500 1
0.86 7,500 1
0.88 5,000 1
0.89 5,000 1
0.96 2,500 1…This morning Oromin’s depth.Ltes get on with it.dsh
Yesterday the Federal Reserve completed the latest meeting of its Federal Open Market Committee. It re-affirmed its plan to purchase by the end of the year some $1.8 trillion – yes, $1.8 /trillion/ – of US government paper, comprising of agency debt, agency mortgage-backed securities and US Treasuries. That’s nearly $6,000 for every man, woman and child in the United States.
While $1.8 trillion is a gargantuan amount of money, the actual amount is of secondary importance to the essential, piercing question. Namely, where is this $1.8 trillion going to come from?
The answer is not pretty. These dollars will come from the same place that all other dollars are created these days, namely, out of thin air. Here’s how Mr. Bernanke explained this monetary sleight-of-hand before he was appointed as chairman of the Federal Reserve. “/The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost/.”
Like most central banker statements, this one is based on half-truths. How can there possibly be “essentially no cost” to creating all these dollars? We all know that there is no free lunch in the real world, so there must be some significant cost to creating so many dollars, right?
Hey dsh,
…I think we both know who’s going to pick up the tab for that one!!!!