Goldcorp has one of the strongest balance sheets with $365 million of working capital, no debt and over 117,000 ounces of gold in inventory. Goldcorp has so far delineated almost 6 million ounces of reserves and the flagship Red Lake mine expansion in northwestern Ontario is expected to cost over $100 million. Goldcorp has the balance sheet to handle this expansion easily and is expected to spend about $30 million this year. Goldcorp reported earnings of $0.05 of per share with production in the second quarter totaling 138,000 ounces at a cash cost $116 per ounce. Earnings were below estimates due to the retention of 33 percent of Goldcorp's production. Goldcorp is comfortable stockpiling gold believing both gold is money and confidence in the gold price. At Red Lake, Goldcorp is spending more than $50 million but the shaft development is going slow. The shaft is currently at 1250 feet and is expected to reach total depth at 7150 feet by 2006. By then, Goldcorp should be producing over 700,000 ounces. Goldcorp has also taken some of its excess cash flow and made investments in strategic juniors giving it exposure to potentially large exploration plays. For example, Goldcorp has accumulated about 14 percent of White Knight Resources, which is the second largest player surrounding Placer Dome's Cortez Hill discovery (see report: Placer Dome Has A New Discovery With A White Knight In The Wings). We continue to recommend Goldcorp for the Red Lake mine, its astute management and rock solid balance sheet.
Goldcorp's Red Lake Mine is the richest gold mine in the world. The Company is in excellent financial condition: has NO DEBT, a Large Treasury, positive Cash Flow and Earnings and pays a Dividend twelve times a year! GOLDCORP is UNHEDGED and currently withholds one-third of annual gold production in anticipation of higher gold prices.
Ich bin wie Du der Meinung, dass dies der Goldwert schlechthin ist, zumal hier die Förderkosten im Gegensatz zu anderen Gold-Unternehmen relativ niedrig sind. Trotzdem will der Wert im Hinblick auf das gute Umfeld für Gold nicht so recht laufen.
: Joint Venture Agreement with Goldcorp 17/6
VG Gold Enters Into Option and Joint Venture Agreement with Goldcorp Timmins, Ontario
Toronto, Ontario CANADA, June 17, 2008 /FSC/ - VG Gold Corp. (VG - TSX, VN3 - FWB), ("VG Gold"), announces that it has entered into an agreement, effective June 13, 2008, to earn a 60 percent interest in select claims of the Paymaster Property situated on the east boundary of both VG Gold's Buffalo Ankerite Property and Fuller Property. Also included is one Aunor Mine Claim situated on the west side of the Buffalo Ankerite Property. Under the terms of the agreement VG Gold has the option to earn a 60 percent interest in 16 claims by incurring exploration expenditures of $6 million over 4 years, subject to a Back-in-Right. Fourteen claims are in Deloro Township with thirteen on the east side of the Buffalo Ankerite Property, and the Aunor claim on the west side. Two more Paymaster claims are optioned to the 4,075 level in the adjacent Paymaster Mine in Tisdale Township and are adjacent to the east side the Fuller Property. VG Gold also acquired a 100 percent interest in 4 claims in Tisdale Township on the west side of the Fuller Property in exchange for the surface rights to 5 claims on the northern part of the Fuller Property.
Under the terms of the Option and Joint Venture Agreement, VG Gold can exercise its option and enter into a 60/40 Joint Venture agreement with Goldcorp once it has completed the $6 million work program and made the payments of cash, shares and warrants specified below. Upon VG Gold exercising its option to form the joint venture, Goldcorp has a 6 month period where it can exercise the Back-in Right to increase its interest from 40 percent to 70 percent, and become the operator, by making a payment of $710,000 to VG Gold, incurring exploration and development expenditures of $8,250,000 on the property within two years of the Back-in Right notice and completion of a feasibility study within three years.
The terms of the agreement provide that VG Gold spend $800,000 in the first year of the agreement, $1.1 million in year two, $1.6 million in year three and $2.5 million in year four, for a total of $6 million over 4 years. The first year work program of $800,000 is a work commitment on the Goldcorp property. VG Gold is required to pay $40,000 on signing and $50,000 at the end of the first year. The company will also issue 340,000 shares on signing and 1 million warrants expiring on June 13, 2010 with an exercise price of $0.309 per share. VG Gold will also issue shares with a value of $100,000 on the first and second anniversaries, $150,000 on the third anniversary and $200,000 on the fourth anniversary of the agreement.
This agreement provides VG Gold the opportunity to expand the known gold mineralized zones that trend from VG Gold's property onto Goldcorp's properties. The South Mine gold zones trend east toward the Paymaster No 4 Shaft. To the west the South Mine zones trend toward the Aunor Mine property. The Buffalo Ankerite North Mine zones trend north-east towards the Paymaster No 2 and No 3 mine shafts. The Fuller Deposit zones trend east towards the Paymaster 36 and 37 zones that were mined from the Paymaster No 5 Shaft.
The Company currently has two drills operating delineating the steeply dipping gold mineralization in the South Mine area. VG Gold plans to move one drill across the property line and drill the extension of the Buffalo Ankerite South Mine pit zones where they trend east on to Goldcorp's Paymaster Mine property with an initial 2,000 metre program of 10 holes. The plan is then to move the drill north 500 metres to follow the Buffalo Ankerite North Mine zones where they trend north-east onto the Paymaster Property with a further 2,500 metre drill program. VG Gold also plans to move the second drill across the west property line to follow the South Mine mineralization to the west onto the Aunor Mine Property. The company also has future plans to drill the extension of the Fuller Deposit zones to the east where they are known to plunge on to the Paymaster Property.
The Buffalo Ankerite Property saw historical production of 1,018,000 gold ounces, the Paymaster Mine produced 1,190,200 ounces and the Aunor Mine produced 2,496,010 ounces (Ontario Ministry of Northern Development and Mines). VG Gold believes all three properties hold significant exploration potential for additional gold mineralization and plans exploration work to expand gold mineral inventory in the area of known gold zones.
Exploration work is being conducted under the supervision of Kenneth Guy, P. Geo., designated Qualified Person for VG Gold, who has reviewed the this press release.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
This News Release is not for dissemination in the United States or to any United States news services
For further information, contact:
Tom Meredith President VG Gold Corp. (416) 368-0099
: eine unbequeme Wahrheit für die US-Wirtschaft
ein sebr interessanter Artikel in der Washington Post:
Indebted Ever After
Scared by National Deficit? You Should Be, Filmmakers Say
By Frank Ahrens Washington Post Thursday, August 7, 2008
"A private-equity billionaire, a former federal government official, and a Baltimore newsletter editor have made a documentary film that they hope can do what an endless parade of policy papers has not: Persuade Americans that debt has created a looming economic crisis that would make the Great Depression look like a market correction.
The movie, ?I.O.U.S.A.,? debuting Aug. 21, is an 87-minute alarum on what it calls the tsunami of debt bearing down on the United States? future, caused by the rising national deficit, the trade imbalance, and the pending costs of baby boomers cashing in on entitlements.
Early reviewers have dubbed the film ?An Inconvenient Truth? for the economy, meaning it?s not exactly the feel-good movie of late summer 2008.
Except for budget wonks in love, it hardly counts as a date movie. The film?s thrilling action sequence has a guy going to a refrigerator for a Tab. There are no car chases and nothing blows up. ?"
-> eine bevorstehende Wirtschaftskrise die die Große Depression wie eine Marktkorrektur aussehen lässt.
haben wir jetzt einen blitzsauberen Doppelboden... Könnte sich noch zu einer Untertassenformation, W-Formation oder sogar SKS- Formation auswachsen. Der aktuelle Kursanstieg beim Gold ist noch gar nicht eingepreist.
verweigert ein ums andere Mal den Sprung über die große Barriere, die aktuell bei etwa 46,-USD verlaufen müsste. Trotz des neuen Alltime-Highs im Gold (in USD) dümpeln die Kurse von Goldcorp. wie auch anderer großer Minen, z.B. Barrick. Beide (und nicht nur sie) sind historisch einmalig billig. Goldcorp. mit einem KGV von 25, Barrick gar mit 14.
Was könnte die Ursache sein? Ziemlich klar ist, dass große Spekulanten den Goldkurs per Dezember auf 1.400,-Dollar treiben werden bzw. dieses versuchen - was mit ihren Dezem- berkontrakten zu tun hat. Dass der Kurs aber nun, da er seit 1.155,-Dollar ununterbrochen steigt, die Kraft haben wird, bis auf 1.400,-durchzumarschieren, halte ich für sehr unwahr- scheinlich.
Last but not least ist der September der beste "Goldmonat", wohingegen der Oktober eher für seine Korrekturen berühmt ist.
Ich gehe deshalb davon aus, dass die schwachen Kurse der großen Minen, wie Goldcorp. und anderen, Vorboten der Korrektur sind.
Der Kurs der Aktie macht sich daran, den alten Höchststand vom Juli 2008 anzugreifen: 52,80 USD. Per heutigem Umrechnungskurs von 1.3964 sind das 37,81 Euro bzw. rund 6% über dem heutigen Kurs. Steigt der Goldkurs dynamisch weiter, dürfte der Break kaum zu verhindern sein. Bei Kursen von nachhaltig über 53 USD rechne ich mit einer Rally von bis zu 15 USD.
Den Rallyeschub werde ich mit einem Hebelzertifikat absurfen. Auf die Schnelle habe ich mehrere Zertis der RBS ausgemacht. Vielleicht findet sich bei der Euwax (Stuttgart) noch mehr.