Lund News! and called the office
i spoke with the office today about lund and the oromin trip to the denver gold show. The show was well attended with industry professionals and senior mining companies.. It was invite only so im glad oromin was there.
they said they had several meetings one of which was very productive! so all in all a very sucessful trip.
Toll Cross is taking Oromin on a European promotional tour starting this weekend they will be in london and geneva, im not sure where else, but it sounds like there is a head of steam building behind the stock as the depth market shows.. there are more bids and big ones at that than i have ever seen on this stock.
there are also big bids on lund.. i think about 400000 shares are bid now with the price moving up.
i bought 88000 a few weeks ago and 49000 today .. added to the pile i had already .. hoping the Don Don is big big!
lund NR as follows
Lund Gold granted option to acquire Don-Don
2009-09-17 17:15 ET – News Release
Mr. Chet Idziszek reports
LUND ACQUIRES THE DON-DON PROPERTY IN NORTHERN B.C.
Lund Gold Ltd. has, subject to regulatory approval, been granted the sole and exclusive option to acquire a 100-per-cent interest in 16 claims covering 6,105 hectares located in the Omineca mining division, province of British Columbia, known as the Don-Don property.
The Don-Don property is contiguous with claims belonging to Lysander Gold’s “Pinchi project” which have been recently optioned by Amarc Resources. The Don-Don property covers a portion of the Pinchi fault contact with the Duckling Creek syenitic phase of the Hogen batholith where alkalic porphyry copper-gold mineralization has been found to be associated with the Duckling Creek intrusive phases of the Hogen batholith locally. A large IP target occurs on the adjacent Lysander ground and is open to the west onto the Don-Don property which also hosts two large prominent electromagnetic (EM) airborne anomalies.
The Northern Quesnel trough area is very active with numerous companies exploring for porphyry-style copper-gold mineralization, including work in the north around Kemess and locally at the Lorraine property and to the south at Serengeti Resources’ Kwanika property and at Mount. Milligan. Lund plans to begin geophysical work shortly with a view to generating drill targets as soon as possible.
In order to exercise its option, Lund must pay the vendors a total of $203,000 over four years, issue a total of 650,000 shares of Lund over five years and incur exploration expenditures totalling $575,000 over four years. The vendors will retain a royalty equal to 3 per cent of net smelter returns, with Lund having the right to purchase, at any time, one-third of the royalty (being equal to 1 per cent of net smelter returns) by paying the vendors the sum of $2-million.
NEW YORK (CNNMoney.com) — Five states posted jobless rates above 12% in August, according to federal data released Friday.
California, Nevada and Rhode Island each hit record-high rates, the Labor Department said.
Michigan led the nation in unemployment, with a rate of 15.2%, while Nevada was next at 13.2% and Rhode Island was third at 12.8%. California and Oregon were tied for the fourth spot, each with unemployment at 12.2%.
In August, 27 states and the District of Columbia recorded month-over-month unemployment rate increases, while 16 states posted a decrease in unemployment and seven saw rates hold steady.
Over the year, jobless rates increased in all 50 states and the District of Columbia. The total number of nonfarm jobs fell in 42 states and the District of Columbia, while 8 states saw an increase.
The state-by-state unemployment report for August came after the government reported earlier this month that American employers cut 216,000 jobs in August, sending the nationwide unemployment rate to 9.7% from 9.4% in July. *****Recession over?Was told by a Senior Analyst Time to buy dollars.????*****I think I will stick with gold..real estate and other assets.dsh
THE International Monetary Fund will sell 403.3 tonnes of its gold reserves, worth an estimated $A15 billion, to provide loans to poor countries and shore up its finances.
While the fund’s executive board said it decided on Friday to sell its stocks in a way that would not disrupt commodity markets, gold prices are expected to be hit hard.
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Gold has been seen as a safe haven during the global economic crisis and recently breached $US1000 an ounce for the first time.
Australia is the world’s fourth-largest gold miner behind China, the US and South Africa, producing 232 tonnes last year worth $8.6 billion.
When Australia sold most of its gold reserves in 1997 _ which was only 167 tonnes _ it drove the price down to a then 20-year low of just over $US250 an ounce.
The IMF sale represents an eighth of the Washington-based fund’s 3217-tonne gold reserves.
The IMF said the decision was a core element of a new income model to make it less dependent on its lending revenue to cover expenses and allow it to offer favourable conditions on loans to the poorest countries.
It said in a statement that sales would be “in a volume strictly limited to 403.3 metric tonnes, with these sales to be conducted under modalities that safeguard against disruption of the gold market”.
“The new income model is designed to provide the fund with more diverse income sources that are better aligned with the variety of functions performed by the fund, with a central component being the funding of an endowment with the profits from these limited gold sales,” the IMF said.
The sales “will also increase the fund’s resources for lending to low-income countries”, a strategy that won board backing in July.
“I am delighted that the executive board has given its overwhelming backing to a strictly limited sale of fund gold to put the financing of the IMF on a sound long-term footing, and enable us to step up much-needed concessional lending to the poorest countries,” IMF managing director Dominique Strauss-Kahn said.
“These sales will be conducted in a responsible and transparent manner that avoids disruption of the gold market.”
Board approval required an 85 per cent majority of the total IMF voting power.
The US, by far the largest stakeholder, gave its green light after Congress passed legislation authorising the sale and President Barack Obama signed it into law on June 24.
The fund is required by its founding document to conduct all gold sales at market prices.
The IMF did not state the value of the gold to be sold, but based on the current bullish near-record market price for the metal it is estimated the sale would fetch $US13 billion ($A15 billion).
Under the approved plan, the IMF would offer to sell gold directly to central banks “or other official sector holders if there were to be interest from such holders”.
A prime candidate could be China, which is sitting on the world’s largest foreign exchange reserves, topping $US2 trillion, and has been seeking to diversify away from the dollar.
Perth-based Stock Analysis author Peter Strachan agreed.
“When it was announced, (the gold price) went down about $US5,” he said.
“I think it will be under pressure and the Chinese will probably be buying it on the back foot.
“We might see it go down $US20-$30, but I think ultimately the Chinese will be looking at this as a great opportunity to get a big chunk of it.”******The Chinese will possibly be glad to take it all and get rid of some of thr toilet paper its holding?Once this is done we might see gold rally higher?dsh********
closes in 6 hrs. 23 mins.
Sep 21, 2009 10:52 NY Time
Bid/Ask 1000.60 – 1001.60……….Even with the IMF willing to sell off 403 tons of gold..it won’t lye down..Time if not to late to be out of paper dollars?Might tell us that its going higher.To bad someone won’t support OLE?dsh
In gold, the situation is similar, in that Mr. Steer says, “The bullion banks’ net short position now stands at 211,342 contracts… 21.1 million ounces. This is well over 25% of world gold production. This is also grotesque beyond description”.
So I was very interested when Ed Steer’s /Gold and Silver Daily/ reports says that the commodity futures market report shows that bullion banks’ “silver net short position now stands at 213.6 million ounces…about a third of world silver mining production…all held by ‘four or less’ bullion banks.”
He characterizes this as “grotesque beyond description”, which I guess it is, since it is hard to even imagine such a thing, which implies that these “four or less” banks are so stupid that they would be short silver when the fundamentals are so compelling that my throat is bloody and raw from screaming, “The fundamentals of silver are compelling!”
Does anyone know if Bendon holds a stake in Oromin and if so how much? I read somewhere that Bendon’s role is to take a lead in arranging any financing required for OJVG production financing whereas Oromin’s role is in exploration and management.
All I can seem to find about Bendon is that it is a “well funded” privately held Saudi controlled company based in Zurich and incorporated in the British Virgin Islands. Badr who holds 13% is also Saudi Arabia based. What roles these two entities are playing publically seems to be restricted to their obligation to contribute their shares of costs. Is that it…..just investors? Since together they hold more than OLE in this project, I’m wondering what their current and future roles will be here. If there is an attempted takeout of OLE will they be willing to sell to an interested buyer or are they candidates for a competing bid if a takeover bid emerges for OLE?
If there is an attempted takeout of OLE will they be willing to sell to an interested buyer or are they candidates for a competing bid if a takeover bid emerges for OLE?…..Now this is only me thinking out loud?They have had so many opportunities to take over Oromin it makes my head spin?When it went down to .40 cents..and even now?dsh
VANCOUVER, BRITISH COLUMBIA, Sep 22, 2009 (Marketwire via COMTEX News Network) —
Madison Minerals (TSX VENTURE:MMR)(OTCBB:MMRSF) is a growth-oriented company focused on acquiring, exploring and developing precious metals projects in geological districts with the potential to host world-class deposits. Precious metals (stand-alone gold deposits, gold-silver deposits and gold-copper deposits) are of primary interest because of the positive fundamentals and price outlook for these important metals.
Led by an experienced management team with an impressive record for creating shareholder value, Madison’s strategy for growth is to identify, acquire, explore and develop quality projects in proven world-class mineral districts, either independently or through joint ventures with industry partners. Madison’s key management is credited with important roles in the discovery and development of two of Canada’s richest precious metals deposits, which later became the Eskay Creek gold-silver mine in northwestern British Columbia, and the world-famous Hemlo gold camp in Ontario.
Madison is presently actively exploring the advanced Lewis Property, situated in the prolific Battle Mountain-Cortez gold district of Nevada. Nevada is the world’s third largest gold-producing area, accounting for 85% of US production mainly from the Carlin mineral trend (180 million ounces) and the subparallel Battle Mountain-Cortez trend (70 million ounces).
Madison operates and owns a 60% interest in the Lewis Property, with the remainder held by joint venture partner Great American Minerals, a wholly owned subsidiary of Golden Predator Royalty & Development Company.
The 5,500 acre Lewis property is contiguous with Newmont’s 8.5 million ounce Phoenix Gold-Copper mine that resumed production in late 2006. Historically, most exploration on the Lewis Property was focused on the Virgin zone, a major structural-stratigraphic corridor which extends from the adjacent Phoenix mine site north for at least 4.5 km across the Lewis property. Only the southern kilometre has been drill tested by Madison.
Since acquiring the Lewis Property in 2002, Madison has completed extensive geological mapping and sampling along with 20 kilometres of induced polarization (IP) geophysics. It has also drilled 36,100 metres in 29 core holes and 145 reverse circulation drill holes, primarily to evaluate the Virgin zone.
A few of the more significant results are as follows:
High Grade Structural Mineralization
Gold
Equivalent
From – To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-5 53.3-85.3 32.0 17.6 31.4 18.0
199.6-233.1(ii) 33.5 1.46 4.1 1.46
RCMAD-81 85.4-99.1 13.7 9.43 34.2 9.87
149.4-160.1 10.7 9.21 13.9 9.39
182.9-228.7(ii) 45.7 2.16 4.9 2.16
(i) Gold equivalent values – $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au
(ii) Ended in mineralization
Sub-horizontal Disseminated Mineralization
Gold
Equivalent
From – To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-06 51.8-76.2 24.4 1.35 13.0 1.52
RCMAD-105 76.2-85.3 9.1 1.85 54.1 2.55
RCMAD-154 33.5-36.5 3.0 —- 96.4 1.25
103.6-114.3 10.6 1.01 40.2 1.53
(i) Gold equivalent values – $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au
Results from Madison’s exploration compare favourably with previously reported styles and grades of mineralization, including steeply oriented structurally controlled high-grade mineralization and sub-horizontal lower grade disseminated mineralization hosted by favourable Antler stratigraphy. Precious metal mineralization encountered during the 2008 drilling contained significantly higher silver values and may indicate a mineral zonation with higher silver values to the north and west. Virgin zone mineralization has been defined along a 750 metre north-south strike, 350 metre east-west extent, to a depth of 240 metres and remains open to expansion to the north and west.
Seven drill holes have tested a 550 metre north-south strike extent of the subparallel Buena Vista mineral zone, located 500 metres southeast of the Virgin area within Newmont’s ultimate proposed pit-push back area. A few of the more significant results are as follows:
Gold
Equivalent
From – To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-64 12.2-19.8 7.6 5.44 286.0 9.15
42.7-47.3 4.3 1.70 39.0 2.21
RCMAD-67 10.7-18.3 7.6 1.45 66.6 2.31
30.5-33.5 3.0 3.44 15.4 2.64
RCMAD-70 158.5-169.2 10.7 2.82 8.7 2.93
(i) Gold equivalent values – $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au
During the remainder of 2009 Madison plans to focus on aggressively advancing the Lewis Project by completing a 43-101 compliant resource estimate on the Virgin gold zone and completing additional drilling the adjacent subparallel Buena Vista zone.
Several of the other many interesting Lewis property exploration targets, which require further evaluation, include the northerly extension of the Virgin – Hider-White & Shiloh structural zone and the easterly subparallel Plumas-Trinity structural zone, both of which have had local historic high-grade production.
We look forward to continuing our successful exploration of the Lewis Property and building shareholder value with this excellent gold asset.
Yours truly,
MADISON MINERALS INC.
Chet Idziszek, President & Chief Executive Officer
SOURCE: Madison Minerals Inc.
Madison Minerals Inc. David Scott Investor Relations (604) 331-8772 or Toll Free 1-877-529-8475 (604) 331-8773 (FAX) dscott@mine-tech.com http://www.madisonminerals.com
Copyright (C) 2009 Marketwire. All rights reserved.
Fig…
My understanding is that OJVG is owned by 3 separate entities: Oromin 43.5%, Bendon 43.5%, and Badr 13%.
Oromin & Bendon currently split the exploration costs 50:50. Badr has no obligation for financing if, or until, production of gold occurs.
Any buyout of OJVG would require buying out ALL three entities…assuming the buyer wants 100% of OJVG…It is common for majors to b/o one position over the other, to obtain, at least, some stake in the property.
A good question is Bendon actively selling their stake? And is it competing against OLE in any way?… Who knows.
h1
Dsh…
don’t forget, their is a “poison pill” provision in OLE… Any hostile takeover attempt severly dilutes the shares in favor of current stockholders… thus diluting the position of the takover buyer.
Any “takever” is going to have to be authorized by mngmnt…making it a sell instead of a takeover.
h1
hoosier1…Thanks you seem to be right on top of it?I have my fingers into many other pies..sometimes it pays off and sometime it doesn’t.I just throw comments out there to stir things up a little.But it would be nice if Chet could really attract someone who would be serious about Oromin?dsh
I forgot about the poison pill …..Thanks! Looks like we’re here for awhile then……until they get a damned good price for it. Oh well at least they are onto some very decent high grades to the east. They said in the cc that Kerekounda was drilled down to 350 metres….They should keep on drilling deeper on that deposit imo.
I guess I’ll ask the obvious question (well I hope its the obvious question)… Now what?
What are we waiting on and is the timeline for both OLE and LGD? I’m having trouble finding the next steps and a timeline for releases on both.
Thanks,
kwhurs01
Okay – Stupid Question
What is the LUND GOLD Ticker for the US, Each time I look it up – I find 4 or 5 companies it could be.
Thanks
LGDOF – for the US
Doublem2
kwh… we wait. My guess is that we will see very little information from now to the end of the year unless there is a surprise b/o offer. I see Edgars has posted today an annual financial…very little info… basically -$16million
I also expect the sp will trend downward to the $0.70 (US) mark and bounce around there…IAG created a floor at $0.70 with their buyin (IMO)…If we drop below that…???? 🙁 This is going to hurt for a while.
Dsh… Lund trades on the Canadian Venture as LGD.V Here in the states I believ it is on the pink sheets LGDOF.PK (could be wrong…do not have any myself).
Have they given us any timeline for new releases? A new resource cal or anything?
And yes Lund trades as LGDOF.PK (pink sheets) here. Doesn’t trade very often.
kwhurs01
Muttley,
I am not a business man nor a wise investor (noted by my 3 year investment in OLE at average cost of $1.20), but could the opposite happen?
for example, IAM buys MDL, then buys the 83% of OLE for $3 per share, then together with the Saudis they run the mine 50/50?
just hoping and trying to stay positive.
I’m sure there are a bunch of scenarios, and I try to look at it as…”if I thnkk of it, they thought of it too”…so, if I were going into a joint venture, just as OLE is with Bendon, stating that all expenses were going to be 50:50, I would also have a clause stating that it is non-transferrable, and/or void should either side sell their position…or at least that it would be renegotiated with the “new” partner…to avoid being over-run.
I have speculated as to whether or not being tied to Bendon is creating some problem???? Doubt it. We’ll never know, though, based upon the current communication pattern.
h1
Topodtheridge…I totally agree with the potential of your proposal….it would most likely work very well indeed. There is even a job advertised on Jobs4mining that fits this description !!!!