Stockhouse partners: You might have heard about the private report from earlier in the week on WKM. West Kirkland Mining. Attached: Mike Jones and team at the Hasbrouck site near Tonopah, Nevada.
WKM's next round of core drilling at both of WKM's Nevada sites is in the planning stage and will take place likely in 4 to 5 weeks. I am looking at purchasing the 5-year warrants; they trade publicly in Canada. Our Nevada tour with WKM's team of directors and operators shed light on how CEO Mr. Jones intends to lift the 12-cent shares to a warrant-clinching 30 cents in short order.
Looming TCR subscribers, e-mail or otherwise indicate at thomcalandra.com if you want to see our private reports on WKM ... if you are sincere about spending $129 yearly on the resource industry's lowest-priced, original-source reports. Price rise to $149 in 5 weeks.
Broken Colt: Here is more on the conflicts of interest at Colt Resources (TSX: V.GTP, Stock Forum) and why the stock is headed to 3 cents if Nikolas Perrault does not secure a white knight for at least one of its two Portugal projects. And get a quote on the value of the Portugal winery, vineyard and real estate it owns.
Questions galore from our TCR family about the Middle Eastern unit of that company and how Richard Quesnel, former Colt chairman and a aggressive Quebecois investor, essentially now has Colt's Mideast interests to himself and a small group of opt-in shareholders, including Mr. Perrault.
To wit: End of June 2014, RIchard Quesnel buys 4.4 million shares of CRME (Colt Resources Middle East Unit) from Colt Portugal at $0.225 and some weeks later Colt Portugal sells the whole stake at $ 0.05 (about a 1/5). In desperation? In gratitude?
The Middle East flair caught my contrary nature at the time.
CRME gets promised gold & copper and lithium projects in the Middle East, sources tell TCR. The unit seeks participation for a project around portions of the rich H4 project that was once in the hands of Pakistan's Tethyan Copper Co.
Yet the board of COLT winds up selling its remaining ENTIRE CRME stake AT A DISCOUNT in what is clearly another desperate dash for cash, about $800,000 to keep the company going as it juggles tungsten and gold projects in Portugal. This a week ago.
Colt's cash account showed $1.5 million CAD at the close of Q2/13, I believe. Then a placement of equity of more than $5 million with Wordlink in July, and another one -- $2.5 million in October '13 ... and Senior Notes of more than $2.5 million in November. Lots of misfires with some Hong Kong fund that promises to buy Colt shares in an equity placement far higher than the price the stock is trading.
At the close of Q4/13, the cash holdings were $2.2 million. Within the past 6 months, Colt leaves shareholders with a 0% percent stake of CRME and scant cash for bankable feasibility studies for its two Portugal projects. I await clarity on all of this from Mr. Perrault, and I am reasonably sure he will provide it at some point. If he fails that test, I think there will be plenty of Quebecois businesspeople, Canadian friends and European investors who will be waiting for him at the next airport he graces.
I am glad to modify or clarify any poor assumptions or leaps of logic here. In return, I ask for a 40-cent stock price for the 10-cent CAD Colt (COLTF in USA) -- for me and TCR Family.
I am told third=party suitors are looking at both gold and tungsten properties this week, and also that Colt might soon reverse some of the sale of the Middle Eastern unit, or somehow allow Colt shareholders to participate in any wins by that privately held entity.
Declan Costelloe, chief operating officer at Colt and the one employee who can run a mine if he had to, tells us, "I have long believed that the Portuguese assets can be the platform upon which to build a great company and I still believe this is possible despite the challenges. My loyalty remains firmly to the owners of the company and to our shareholders."
Mr. Perrault also tells us from Lisbon this week that he expects to have substantive events unfold in coming weeks. I will hold my breath on this, as I have no intention at this point of selling any of the shares accumulated during the past 3 years. As is my policy these days, amid disappointment, such as the lack of transparency and duplicative salaries we saw at Gran Colombia Gold and other dissolving enttites these past 3 years, I hold. I wait for: 1. a rising tide; 2. white knights; 3. fresh partners; 4. Virgin Mary miracles?
If 1 thru 4 do not transpire, likely we will see worthy regulatory probes and (a waste of energy) classless-action lawyers in suits. In the case of GTP, I will be whole at about 40 cents a share -- 4 times the current price.
I have respect for the work and energy Mr. Perrault, mid-40s and living with his family in Lisbon, has devoted to Colt Resources the past 5 years. Still, the corporate governance there in Lisbon is an abomination, and the spending of company money appears to show consistent lack of discipline.
Please see previous TCRs for more background.
Dismay with Bitterroot Resources (TSX: V.BTT, Stock Forum) and the recent alert about the flailing company's purchasing of a patch of Michigan property. A fellow newsletter writer was showing me coverage that Mike Carr's company was getting as far back as 1996 from a well-known and now retired analyst and writer. I hold the shares, knowing this Michigan gambit was highly iffy ... but the entire affair has been thoroughly dissatisfying. I mean, this chase for nickel, platinum, gold, whatever, has talen us onto Vancouver Island, across British Columbia and into Michigan.
Yet there is little data to see, and even less activity at the Michigan platinum group metals targets. We would have been better off putting money into: 1. Ron Shorr's privately held Minnesota company: Vermillion; 2. Platinum Group Metals.. 3. Anything not owned by a convicted Russian oligarch or drek-talking Chilean crook. At least, we would not have had to suffer the pain of watching Bitterroot and Mr. Carr fail miserably ... and see the public shares dusted - to the dismay of those TCR speculators who were looking for platinum group metals in the USA.
Finally: a hearty bounce for our Sysorex Global (OTO: SYRX, Stock Forum) as word spreads here in Silicon Valley and Northern California about the computer systems integrators' recent contract wins and successful technology purchases. That is SYRX in USA. If you can say AirPatrol and Shoom in the same breath, you will understand the SYRX attraction. ... OK, finally, finally: Angkor Gold (TSX: V.ANK, Stock Forum), one of our TCR 6, continues to hit fresh highs. I expect the buying to accelerate in short order. ...
Please see our breakfast invite for the Friday of next week and panel discussion for the Thursday scheduled for the CanVest show in Toronto next week. ANK in Canada. Angkor Gold's J P Dau, country aficionado in Cambodia, will be there, along with CEO Mike Weeks and others. See: www.cambridgehouse.com.
On request: private reports for NuLegacy Gold and looming takeover target Gold Standard Ventures (TSX: V.GSV, Stock Forum), two members of our TCR 6. ... Applause for Danny Deadlock, who tells it like it is about the shenanigans of board members who decide to jump ship just before court receivership and other doo-doo happens. This includes Seafield Resources (TSX: V.SFF, Stock Forum), which Cesar Lopez hammered into the dust of the company's Colombia porphyry properties. Let us pray that other distressed Colombia prospectors, including Solvista Gold and Sunward Resources, fare better than what Mr. Lopez left for the vultures.
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