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The IKN Weekly, out now

IKN 469 has just been sent to subscribers. Words and pictures.

Tahoe Resources (TAHO) ( ¡Adios, Phil Dalke!

The latest from Latin American mining's very own self-crashing vehicle, Tahoe Resources (TAHO) ( is that the general manager of its Peru operations Phil Dalke has "accepted a new position at HQ" in Reno and will become the Vice-President of Special Projects as from next month. If that's a promotion then Meghan Markle is an unlucky lady, as Dalke is the one now getting blamed by Ferrari Kev for the community, environmental SNAFUs at La Arena and Shahuindo in the last six months, plus of course the massively over-budget and behind schedule Shahuindo expansion program. IKN confidently predicts Dalke will be shown the way out the back door presently.

He's being replaced as Peru general manager by Steve Botts, a veteran of the Peru mining scene who's spent 20 years in the country at companies such as Rio Tinto, Antamina and up until last year, Marcobre (the Minsur/Copec JV now developing the Mina Justa copper project on the South coast of Peru). Since then he's been doing consulting you do. At least they've finally contracted someone who speaks the language and has interacted with locals on a regular basis in the past, perhaps he can give Ms Hofmeister a few lessons. In both. When she bothers to leave her office.

Congrats due to Gary Tanashian...

...for reaching the 500 issue mark with Notes From The Rabbit Hole, his weekly subscription newsletter which is now nearing its tenth birthday as a publication of utmost quality on the financial markets. A cool round number, take a bow, sir.

Colombia: 120,000 people threatened by a potential dam collapse

The Hidroituango dam project in the Cauca region of Colombia is a multi-billion dollar hydro-electric dam project that was supposed to go online in December last year, but has been plagued by problems for several years and has always been a bit of a white elephant in the country. But now things have taken a sinister turn, because the latest reports from the project show that the poor planning and design of the dam mean it's now under serious risk of collapse. High water levels over the last year have stopped emergency contingency works that would have alleviated the burden from being completed and the project is now making big headline news. For example, a technical report dated February this year states, "...geological and geotechnical conditions which have been found were more comlicated that estimated during the exploration and design stages", which is engineer speak for "We Are Very Big SNAFU".

At risk are up to 120,000 people who live down valley, including the town of Puerto Valdivia which, according to scientists and their calculators, would be hit by a 26 metre high wave of water if the collapse occurred. A good Spanish language report entitled "Hidroituango In The Hands Of Nature" (i.e. at the mercy of) with a nice graphic on the issue at the bottom of the page (for those who like lingua franca pictures more than Spanish words) is right here on this link.


Detour Gold ( The CEO "is retired"

As a pal of mine rightly said in a mail this morning, get ready for the bigass impairment.

The Friday OT: Faith No More; Cone of shame

Great band, great tune, great vid (remember strip search?). As easy as that for this week's choice.

Dedicated to Nick. Youtube here.

Mexico sees political candidates murdered in droves (from IKN468)

July 1st is the election day and we're likely to see more candidates for election assassinated between now and then. This from IKN468, last Sunday:

Mexico: Politics is also dangerous

According to reliable Mex media source Milenio (18), since September when the campaigning started for this year’s Presidential, National and municipal elections there have been 19 murders of candidates. This includes a candidate for a local mayor’s position on Friday in Guanajuato State who was shot dead while canvassing people in the town’s local park, also three others in the seven days before that (State of Mexico, Guerrero and Chihuahua).

Add this to the approximate 70 murders per day (yes, per day) rate in Mexico 2018, a rate that ratcheted up significantly when the now world-infamous “El Chapo” Guzmán was re-captured and sent to The USA. Be careful what you wish for, people.

Argonaut Gold ( and the continuing application of the IKN First Law of Mining NRs

Back on April 12th when the Argonaut Gold ( "they won't let us go ka-boom at La Colorada" soap opera began, this humble corner of cyberspace ran the post linked right here that started with a repetition of our First Law:
 "The IKN First Law of Mining News Releases: Considering that anything contained in a mining news release is presented in the best possible way for the company in question, any piece of information contained in a NR that comes across in any way negative means the real news and/or events behind it must be very, very bad indeed."
So let's see how things have been going since then (with bold type added to ease your soul):

April 12th:
Toronto, Ontario – (April 12, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) reports that its wholly-owned subsidiary that owns the La Colorada mine has had its permit for the use of explosives at the site temporarily suspended as a result of a pending legal action brought by four individuals against the Secretary of National Defense (“SEDENA”) and the Municipality of La Colorada.  Activities at site continue unaffected due to the availability of blasted and stockpiled material adequate to allow for operations to continue normally.  Stockpiles are sufficient that operations will continue normally through at least April 16, 2018, at which time there is a hearing scheduled where Argonaut hopes to resolve the issue.

April 17th:
Toronto, Ontario – (April 17, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) reports that the has court postponed the hearing pertaining to Argonaut’s explosive permit at its La Colorada mine (see press release dated April 12, 2018) to allow the Secretary of National Defense (“SEDENA”) to provide evidence requested by the court regarding the temporary suspension of the explosives permit at Argonaut’s La Colorada mine.  It is expected that a ruling will be issued within 15 business days of the original hearing date (April 16, 2018), as required by law.

April 27th:
Toronto, Ontario – (April 27, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) reports that the court has rescheduled the hearing pertaining to Argonaut’s explosive permit at its La Colorada mine to May 16, 2018.

And now May 17th:
Toronto, Ontario – (May 17, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) reports that the Judiciary court hearing with respect to the Company’s explosives permit for its La Colorada mine (see press releases dated April 12, 2018, April 17, 2018 and April 27, 2018) has been rescheduled to June 4, 2018.

This is fine.

The US Dollar index

Because the rest is noise.


Mining PRs and the Ottotrans™, Part 103


Our occasional series is back, as the attempt is again made to turn mining company news releases into something approaching the English language. The example today comes from Wealth Minerals (WML.v), that bag of special things out of the Henk van Alphen camp.

This is what they wrote:
May 16, 2018

Wealth Announces Engagement of Investor Relations Consultant and Comments on Promotional Activities

FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN) announces that it has entered into an agreement dated May 15, 2018 (the “FMT Marketing Agreement”), whereby it has engaged Future Money Trends, LLC (“FMT”) for a period of one year at the aggregate cost of $250,000 to provide financial publishing and digital marketing services to the Company.  Pursuant to the FMT Marketing Agreement, FMT will raise public awareness of the Company (including its social media presence) and will promote the Company’s business.
The Company also announces that has become aware that FMT engaged in certain promotional activities prior to the date of the FMT Marketing Agreement, namely a letter to readers from FMT entitled “Don’t Miss the Green Energy BOOM!” and a letter to the readers from entitled “Doubling Down on a Major Lithium Sale” that were published on or about May 13, 2018 (collectively, the “FMT Promotional Materials”).
The Company understands that the FMT Promotional Materials were published in advance of the Company entering into the FMT Marketing Agreement.  The Company understands that the FMT Promotional Materials were aimed at increasing investor awareness of the Company.  The Company did not have editorial control over the FMT Promotional Materials and believes that any statements contained therein relating the potential future value of the Company’s securities or the performance thereof may be misleading.  The Company cautions readers that forward-looking statements and information are not guarantees of future results or performance, and that actual results may differ materially from those contained in forward-looking statements as a result of risks and other various factors, particulars of which are set out below.  Going forward, the Company expects to be able to exercise editorial control over any promotional and/or investor communication materials prepared by FMT, including to the extent that such materials speak to the Company’s securities and the potential future value or performance thereof.
As a result of the FMT Marketing Agreement, the Company has now entered into agreements for the provision of investor, public relations and marketing services with Zacks Investment Research, Inc., Fundamental Research Corp., Native Ads, Inc., Galavant Holdings Ltd., Liviakis Financial Communications, Inc. and MJP Justus Inc.
After the inquiry by management and except as otherwise disclosed herein, the Company is not aware of any of its directors, officers, controlling shareholders (defined as shareholders owning 10% or more of the Company’s securities), or any third party service providers providing promotional services to the Company who have (i) sold or purchased the Company’s securities within the past 90 days or (ii) directly or indirectly, been involved in any way (including payment of a third-party) with the creation or distribution of promotional materials related to the Company and its securities, including the FMT Promotional Materials.  The Company is aware that (i) certain directors and officers of the Company purchased 662,500 shares in connection with the exercise of stock options in March and April 2018 (of which 109,000 were subsequently sold); (ii) the Chief Executive Officer of the Company purchased 20,000 shares in the past 90 days; and (iii) third party service providers (not related to FMT) sold 162,000 shares in the past 90 days.
In accordance with TSX Venture Exchange policies, the Company has routinely in the past issued, and expects to continue issuing, shares from treasury at a discount to market, but has not issued convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
About Wealth Minerals Ltd.
And this is what it means:

We are a scam. We didn't want to publish this news release that makes it clear to anyone with more than six months of experience in Canadian mining stocks that we're a scam, but we were jumped on by IIROC and these days class action suits are becoming popular in Canada so we need to cover our asses. So after that dumbass Ameduri jumped the gun on the promo BS, our lawyers told us to put all our corporate shenanigans into a single NR which nobody will bother reading so when the inevitable dump moment comes on our $250k pump we're untouchable. But be in no doubt, we are a blatant, laughable scam just like everything else that is touched by the hand of our glorious leader Henk. The track record of the Cardero Group companies makes that plain to anyone with a memory or a couple of neurons and anyone who reads this NR to the end easily qualifies and will not touch our dogshyte paper with a barge pole. As you have read this far those people now include you, so congratulations. We have of course planned our upcoming marketing campaign with Future Money Trends to cater to the brain dead, you no longer qualify.


Red Eagle (

People who are still long = People who cannot read a balance sheet.

That is all.

Turd + Turd = Large Turd

A more polite corner of cyberspace might go for "two wrongs don't make a right", but where's the fun in that? Anway, can you see the moment when Alio Gold (ALO) made the transformative decision to buy Rye Patch Gold (RPM.v)?

If you said March 19th, award yourself a gold star. Meanwhile, ALO is 50% down 2018 YTD and 15% down since the deal was announced. But to be fair, Rye Patch is only 40% 2018 YTD so ALO shareholders are probably getting value. Right?