Taipan Resources TPN.V rinse and repeat

Once again I got a fill on Taipan Resources at $0.34/share for 10000 shares. As per my strategy with Taipan I have offered out 9000 shares at $0.38, looking to add 1000 shares with no cost base.

Red Eagle RD.V reports decent drill results

Red Eagle has been quick on the news since closing a $20 million financing. Red Eagle has acquired 36,000 hectares and has just released some drill results.

Red Eagle Mining Corp. has released additional assay results from the latest drill program. Phase-three drilling is targeting the shallower oxide mineralization at the San Ramon gold system, Santa Rosa project, located in Colombia. Highlights from 42 holes (SR-077 to SR-118) include intercepts:

• SR-078 -- 39.6 metres at 0.41 gram per tonne gold from surface;
• SR-080 -- 38.5 metres at 0.51 gram per tonne gold from 6.2 metres downhole;
• SR-083 -- 2.6 metres at 18.01 grams per tonne gold from 69.0 metres downhole;
• SR-093 -- 5.7 metres at 3.78 grams per tonne gold from 2.6 metres downhole;
• SR-097 -- 6.9 metres at 3.09 grams per tonne gold from 13.7 metres downhole;
• SR-103 -- 2.6 metres at 6.07 grams per tonne gold from 12.6 metres downhole;
• SR-108 -- 3.4 metres at 8.75 grams per tonne gold from 15.5 metres downhole;
• SR-109 -- 19.6 metres at 2.32 grams per tonne gold from 9.7 metres downhole;
• SR-110 -- 28.4 metres at 1.96 grams per tonne gold from surface;
• SR-111 -- 22.1 metres at 2.17 grams per tonne gold from 13.2 metres downhole;
• SR-112 -- 23.7 metres at 2.09 grams per tonne gold from 10.0 metres downhole;
• SR-113 -- 18.3 metres at 1.31 grams per tonne gold from 19.0 metres downhole.

The best hole has been high lighted, of course the trader in me offered the stock out at $0.58/share for a quick $281.00, I am back on the bid at $0.53 for 10000 shares.

$0.45/share financing hammers Goldquest Mining GQC.V

Goldquest released more results today and it looks like the market was wanting better results. The full swing of the $0.45/share financing is being blown into the market. Potential downside could be in the high $0.50/share range.

Goldquest did manage to print a sale at $0.69 this morning, so $0.59 could be a possibility.

Goldquest Mining Corp. has released assay results from three additional holes from its continuing drill program at the Romero gold/copper discovery within the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic.
New drilling highlights include:
-- LTP-108 which contained 157.0 metres grading 1.07 g/t gold and 0.40% copper -- Including 37.2 metres grading 3.31 g/t gold and 1.00% copper -- LTP-107 which contained 101.0 metres grading 1.60 g/t gold and 0.74% copper -- Including 36.0 metres grading 3.52 g/t gold and 1.07% copper
Chief Executive Officer, Julio Espaillat commented, "The results confirm the effectiveness of using IP surveys to generate targets along our Las Tres Palmas Trend. These large step-outs to the east and south demonstrate that mineralization occurs beyond the limits of the initial discovery and extends in excess of 300 meters in the north-west to south-east direction".

It seems to me that Goldquest is expanding the size of their deposit, but the fast money is taking profits.

I am bidding for my last 5000 shares at $0.71 today, if I get a fill I will ride out my position to see how this story turns out.

Globe and Mail story on Steve Hudson and Element Financial EFN.TO

There is a great story on Steve Hudson and Element Financial this weekend. Steve Hudson ran Newcourt Financial years ago and this is the second time around.

Currently Element trades around $6.00/share and I have owned 2000 since I first found out about this deal.

It seems Steve realized the errors of his way with Newcourt and is looking to repeat.

I will be buying a few thousand shares more of Element in the coming weeks as a core growth position.

Mr. Hudson is building a new version of Newcourt, a company he turned into the world’s second-largest non-bank financial company in the 1990s before a not-so-storybook ending saw the company sold under a cloud to a bigger rival. His new venture, Toronto-based Element Financial Corp., is aiming to be one of the biggest independent competitors to the Canadian banks, providing financing for companies that need everything from dentist’s chairs to corporate jets and don’t want to pay up front.

http://www.theglobeandmail.com/report-on-business/careers/careers-leadership/steve-hudson-the-comeback-kid-returns-to-his-roots/article4698467/

Canada Stockwatch updates Tolima Gold TOM.V

Tolima Gold TOM.V has been pretty much been a disaster since day one and is starting to look healthier. Tolima had such good things going for it on paper, like decent experienced management, Iamgold as a major supporter, a previous mine in place and getting out the door with $20 million in the kitty. How did it all go wrong from day one?

This little blurb from Stockwatch can explain some of the bad luck that has befallen the shareholders of Tolima.

Tolima has been struggling this year to produce gold from its its past producing San Pablo mine in Colombia. Now, the company finally has some positive news: Iamgold has signed a letter of intent to option 70 per cent of the Ancal project (26 properties), also in Colombia. Iamgold would have to pay $1-million, spend $12-million on exploration and complete a feasibility study within three years. Tolima would receive $3-million of the exploration expense no matter what. Investors also await the company's first production numbers. It started mining its own San Pablo ore on July 1, after six months of processing for neighbor Gran Colombia Gold Corp. Unfortunately, Gran Colimbia sent over only the lowest of its low-grade ore, from which Tolima barely squeezed out 80 ounces of gold.

Maybe better days are ahead?

Lydian International LYD.TO is my new CGA Mining.

With CGA Mining being bought out by B2Gold, I have found that Lydian has a very similar trading pattern. Lydian is not in production but has a significant gold resource in Armenia. Rumor does have it that some major will come along and purchase this deal, but until then there is plenty of volatility to make money.

The graph shows 3 supports levels for Lydian $2.05, $2.15 and $2.20/share. I have picked up shares at $2.20 and sold them back out at $2.29. I have tried to bet a fill at $2.15 but the stock does not want to trade there.

Currently I have no position but I am on the bid at $2.21 to reload and will add at $2.15/share.

Bought 10000 shares of Red Eagle Mining RD.V this week

I have to thank Canaccord's Morning Coffee for the heads up on Red Eagle Mining. The headline read "Big votes of confidence. Red Eagle Mining has added some big boys with big wallets (and expertise) to its team." that was enough to spark my interest.

I picked up 10000 shares of Red Eagle Mining RD.V at $0.55/share this week for 2 reasons, one they just raised $20 million at $0.55/share when money is hard to come by. The second is the fact that Liberty Metal & Mining, Liberty Mutual Group Asset Management invested most of the money.

The share structure of Red Eagle seems attractive with approximately 51 million shares outstanding after the financing. The Company's flag ship property seems to be the Santa Rosa and post financing Red Eagle added more property to their holdings.

Red Eagle Mining Corp. has entered into a purchase agreement with Bullet Holding Corp., a private company at arm's length from Red Eagle Mining, pursuant to which Red Eagle Mining has agreed to acquire certain mineral exploration rights totalling 35,910 hectares adjacent to Red Eagle Mining's Santa Rosa gold project in Colombia. In consideration for the property, Red Eagle Mining has agreed to issue 905,000 common shares to Bullet and grant Bullet a 1.5-per-cent net smelter returns royalty over the properties acquired. Closing of the acquisition is subject to the prior approval of the TSX Venture Exchange.
"This acquisition is an important step in accomplishing our objective of consolidating the Santa Rosa gold mining district. Red Eagle Mining now holds approximately 390 square kilometres surrounding the San Ramon gold system in one of the most significant areas of historical gold production in Colombia," comments Ian Slater, chief executive officer. "We are also very pleased to partner with Grupo de Bullet, one of the most experienced and long-standing mining groups in Colombia."

This purchase was definitely done on speculation and at present I have not figured a strategy for it. There is not a lot of volatility so this might be a buy and hold stock.

What is trading lately? Taipan, Unigold, Great Quest

Trading on the Venture Exchange has been limited to 2 different plays. The oil and gas play in Kenya and the gold play in Dominican Republic.

Volatility in Taipan Resources TPN.V has allowed me to accumulate 12,000 shares with my risk capital off the table. My total cost for 12,000 share is $1035 or $0.086/share.

The strategy that I have employed with Taipan is to buy 10000 shares around $0.33/share and sell 9000 shares around $0.37/share, always trying to get the 3-5 cent spread. Sometimes the trades happen between $0.35-$0.38 and other times I luck out with the $0.33-$0.39 trade.

Yesterday I reloaded for 10000 at $0.36 and had my offer out there at $0.39/share for 9000 shares. I am also on the $0.34/share bid for 10000 but did not get filled today.

The other play right now is Unigold UGD.V and Great Quest GQC.V both these deals have generated a lot of interest and liquidity. Both deals got ahead of themselves in price and are now trading at a more attractive level.

I have accumulated a position in Unigold between $0.25-$0.29/share in the past two weeks and now hold 41,000 shares. Unigold seems to have found support here in the mid to upper twenties.

Resistance looks to be in the $0.40/share range and it will take some spectacular results to get it through that range. Once again I will sell enough shares to cover my cost and ride the rest.

I have just started buying Great Quest GQC.V between $0.84 and $0.91/share. The stock is off from it's highs for two reasons. First the price got way ahead of itself and was trading to perfection, when the last results where released the market was disappointed. Secondly the Private Placement that was done at $0.45/share is now free trading.

Great quest seems to have found support here in the low $0.80's for the time being as the shares get digested by the market. Further upside will probably meet resistance around $1.30/share. The Company states that there are three drills turning so we will have to see how good th results will be.

One other trade that has turned out so far is Atico ATY.V, this is another Colombian explorer that had drilled 41 meters of 6.49% copper, 17.57 grams gold and 13.26 grams silver back in July. The Company now has 3 drills turning. I managed to scoop 14,000 shares at $0.48/share and wish I had more. Once again the plan is to sell 2/3 of my position at $0.75/share and ride the balance. If the shares do trade back down to $0.50/share I will probably be on the bid.

Back from 2 weeks in Mexico

This humble scribe has been busy testing his 10 year plan theory on wintering for 6 months in Mexico. Some where in the vicinity of Playa Del Carmen will do just fine. Yes the ability to trade online works just fine and the hours are a little bit more reasonable as the market opens at 8:30 a.m. local time.

I did manage to pull off some trades when I was not at the beach getting 5 tones of brown darker, although I was not entirely focused on trying to make money.

This  is a view that I can not get tired of especially as it is currently 9 degrees and raining for the next 6 months.

 

Here is an example of what $167,000 can get you.