John Ing ,CEO of Placements Maison of Canada stated that Kinross, under it's current CEO, has been a disaster. He feels that the CEO will be replaced before yearend due to his horrendous acquisition policy.
I have no position in KGC.
Today, UXG hit $5.00!! We could hit $6.50 sooner than I thought.
Great write up Bill! This is a great day for me personally. I own UXG in several accounts and my cost is well below the current price. I believe the next target price is $6.50 this year at a minimum. This should take away the embarassment of offering insiders the $6.50 price and then taking a 50% haircut.
There is a lot to do for UXG, i.e. MUX. I believe that ultimately, Rob will sell the Los Azules property for a hefty sum. Development costs to produce a copper mine will be overwhelming for such a small company. It reminds me of Exeter that has a similar enormous reserve in Chile where the CEO informed me that he thought it would take at least 3-4 billion to develop a mine and therefore they look to sell the property. Hochschild Mining (Harold Hochschild was my old boss at American Metal Climax) owns 51% of the San Jose Mine and probably wish they owned the whole thing. This is a great cash flow for UXG. The property near Cerro Negro could be a tremendous asset once full drilling takes place. Developing a mine or selling at a great profit to Barrick, etc. is a wonderful dilemna for Rob M.
I always thought that Rubicon could be a great acquisition and a steal for Rob at $5. I don't know how he would finance such an acquisition without causing a significant share dilution. So maybe that is out. The talk of taking over Lexam has been mentioned. I believe Rob owns 22% of that miner and it may be too soon to dilute more UXG for that takeover. That is something I would ask him privately.
I expect to see all UXG officials later this year. I wish I could be there in Toronto today but hope that you can relate the Q & A on this site. Good luck!!
I have heard Rob M speak on a number of occasions and have personally had one on one discussions with him. He talks in a very clear manner. He also responds to some dicey questions with a straight answer. I appreciate that. The staff at UXG is also very accomodating on answering questions.
Great question! No easy answer. Trader Dan Norcini thinks support goes as low as 1650 since breaking supports at1700, 1680, and 1660. I have seen other estimates at 1640, 1590-1600. So take your pick. Technicals are oversold. So what? They can still go lower. Predicting a bottom is foolhardy. Longs out there are getting smashed. If you are one, like me with UXG, I am just sitting tight. No panic! At some point in time it will come back. Unless you are a short pro, I suspect many people are either holding on to current positions are holding cash. This statement applies to the precious metals sector. The other sectors may have a different outlook such as utilities where dividends are looking interesting. Final point, I had previously mentioned that the low for UXG was $3.23 on October 4 this year. Of course, I remember buying this stock a few years ago in the $2 range. I sure hope this year's low holds or I get divorced!!
Bill- A very nice update on UXG from the latest WIR. You certainly write clearly and concisely on UXG and the merger with Minera Andes.
I own UXG in multiple accounts with an average cost $4.33 which is currently underwater but I expect to substantially recover and turn positive by next year. I have traded UXG frequently in the past few years and taken substantial profits. Since it dropped below $5/share, I decided to accumulate a position and hold. Obviously, I bought when it was a falling knife and should have known better if I had followed my technical readings. However, what is past is prologue.
I have spent an enormous amount of time in private conversations with McEwen and each of the executives of UXG. My research has been extensive and I have been able to compile a full checklist of questions to ask each of the executives.
I usually see them at conferences in New York City where I find it easier to talk to them for an extensive time period as opposed to PDAC where the place is flooded.
I hope that I can attend the stockholders meeting next month, January in Toronto. I'll see if it is possible.
The price has blown thru $3.72 support. But don't panic. In Oct 4, it dropped as low as $3.23. But it will bounce back.
Do don't sell, you can add to the position. It is a good stock but not looking particularly strong right now.
I think it would be a mistake to sell now and think you can grab it much lower. I doubt that will happen. I think that gold will grab a bid at this lower $1700 level and the rest of the sector will pick up. Good luck. All eyes are on the ECU and they have no choice but to keep the printing presses rolling. They must be licking their chops thinking they can pick up undervalued gold for overvalued Euros!
Great news on Argex. I bought on the cheap so all to gain and hardly anything to lose!
Next month, UXG merges with Minera Andes, changes name to McEwen Mining, symbol MUX, and becomes a producer rather than a junior explorer due to their joint venture on a producing mine in Argentina with Hochshild Mining. The following couple of months, they start mining gold in the El Gallo property. Further in the year they will initiate producing silver. By 2014 or earlier, gold production hopefully will be initiated in Nevada. I also expect to see the property in Argentina south of the present mine to be exploited for it's mineral content for development or sale. Also the copper property ownership will be resolved by the Argentina courts starting in March. The company expects a positive ruling. Right now the stock is range bound between $3.72-$4.22. I don't expect to see any significant movement until next year.
Today, they announced a positive PFS for Gold Bar Project in Nevada. The Preliminary Feasibility Study for its 100% owned project indicates a 1.4 year pay-back based on $1,700 per oz. gold with annual production of 51,000 ounces over a 8-year life at a cash cost of $665 per ounce. The mine will be open-pit. UXG's intention is to proceed directly to the permitting phase and move towards production as quickly as possible. This is certainly good news.
With El Gallo going into gold production in less than 6 months, UXG will be a producer next year. Of course, the merger with Minera Andes in a few months will add further production from Argentina.
It sure will be nice to see gold, then silver production to boost the share price which has taken a beating lately. Personally, I think the lows for this stock have now occurred. Fortunately, I picked up more shares at sub $4.00 prices, for some additional accounts that I have and looking forward to success at McEwen Mining which will supercede UXG.
I just bought my initial position. They released news today that they entered into a letter of agreement with Quinto Mining, a wholly-owned subsidiary of Cliffs Natural Resources Inc. to acquire the claims located on the Lac Brule property. Historical exploration work outlined three massive ilmenite lenses. An internal study reported a mineral resource totalling 3.8 million tons and having an average grade of 30.1% TiO2, Titanium Dioxide. The purchase of all rights, title and interest is C$1,150,000.
Argex will be a future 10 bagger at a minimum. Current price is $0.43/share. Go to their web site for more information:www.argex.ca.
Nervous Nellies are all over the place! Relax! UXG has dropped substantially. If you were a trader, you would have had stops in place or went with the daily flow and scalped it. It all depends upon your investment philosophy. You may be like my wife who buys and holds! Unfortunately, she has been getting clobbered recently.
The current price, sub $5.00, seems reasonable. However, it has a bottoming range of $3.70 -$4.90 which is quite wide for a sub $5 stock. In fact it reached a low of $3.23 last month. If you paid over $5, I feel your pain.
To remain upbeat, I remind you that they will be going into production in Q2 next year in Mexico. They will also be merging with Minera Andes by yearend. They are also developing a mine in Nevada which is about 1-2 years away from production. Just keep the faith and you'll be ok.
You mentioned you misfortune with ECU. I recently bought AUMN, Golden Minerals, which took over ECU. This stock could be a four bagger but you do your own due dilligence. The officers are former executives of Cyprus Amax. I was a former manager of Amax before Phelps Dodge took them out. This is a very good executive team. They happen to have their headquarters in Golden, Colorado which is where I went to school at the Colorado School of Mines. I suggest you go to their website to find out about AUMN.
My current positions are UXG, AUMN and Rubicon. All are showing a profit but I am keeping a tight leash! Unlike my wife, I am not a buy and hold. Good luck.
I read the release and I am puzzled and worried as to the effect to UXG. Because of the need to protect profits, I sold my position in UXG and re-entered SVM in the $9.30 range. Until clarification is forth coming from UXG, I will continue to add SVM on dips.
As previously noted, a drilling update was issued today on the El Gallo project. The news indicated expansion of the mineralization zone with significant silver upgrade.
I was not surprised but pleasantly pleased.
UXG noted that the production phase for gold will start sometime in the 2nd quarter rather than mid year. It seems that all focus is on mining but drilling remains very important as evidenced by the approximate 12 drills going continuously. It does appear that the mineralization is not only widespread but also at greater depth which will make for one gigantic open pit!
The price today is booming! Now at $4.43 up 23 cents, 5.48%. This should break $5 and possibly $6 by year end. Stay tuned. P.S. I am fully loaded with the stock!
I suggest you visit the UXG website for weekly updates of their photo gallery on El Gallo progress. Great photos. As you may be aware, UXG is only about 9 months from it's Phase 1 production starting with gold. This initial production phase should be able to fund the future development of the silver phase which is scheduled to be in production in 2014. This implies that mine development will be self funded starting with the 50,000 ounces of initial gold production. Good job Rob McEwen!
The developmental work in Nevada toward mine development has not been recently updated but El Gallo is more important at this time.
The Minera Andes deal is to be completed before yearend. This should be another cash cow that will fund developmental work in Argentina. Some very important property down there adjacent to other mining areas. Could it be a bonanza? Who knows! But with Rob McEwen's brains and money behind it, anything is possible!
Today UXG is up 5% at $4.18
UXG is building a base. Very strong support at the weekly 200 MA, $3.70. The daily chart indicates a basing range from $3.70-$4.22. Under $4.00 is an opportune time to add or initiate a position. This is my 5 star favorite at the current price. I have a full position under $3.80. Current price is $3.94.. Today's range has been $3.87-$4.03.
It would be great if you could get Rob McEwen to address the conference. I would defintely come!!
John Ing ,CEO of Placements Maison of Canada stated that Kinross, under it's current CEO, has been a disaster. He feels that the CEO will be replaced before yearend due to his horrendous acquisition policy.
I have no position in KGC.
Today, UXG hit $5.00!! We could hit $6.50 sooner than I thought.
There will be no video or audio of the meeting per Investor's Relations. I hope somebody can report on this site after the meeting on Q & A.
Great write up Bill! This is a great day for me personally. I own UXG in several accounts and my cost is well below the current price. I believe the next target price is $6.50 this year at a minimum. This should take away the embarassment of offering insiders the $6.50 price and then taking a 50% haircut.
There is a lot to do for UXG, i.e. MUX. I believe that ultimately, Rob will sell the Los Azules property for a hefty sum. Development costs to produce a copper mine will be overwhelming for such a small company. It reminds me of Exeter that has a similar enormous reserve in Chile where the CEO informed me that he thought it would take at least 3-4 billion to develop a mine and therefore they look to sell the property. Hochschild Mining (Harold Hochschild was my old boss at American Metal Climax) owns 51% of the San Jose Mine and probably wish they owned the whole thing. This is a great cash flow for UXG. The property near Cerro Negro could be a tremendous asset once full drilling takes place. Developing a mine or selling at a great profit to Barrick, etc. is a wonderful dilemna for Rob M.
I always thought that Rubicon could be a great acquisition and a steal for Rob at $5. I don't know how he would finance such an acquisition without causing a significant share dilution. So maybe that is out. The talk of taking over Lexam has been mentioned. I believe Rob owns 22% of that miner and it may be too soon to dilute more UXG for that takeover. That is something I would ask him privately.
I expect to see all UXG officials later this year. I wish I could be there in Toronto today but hope that you can relate the Q & A on this site. Good luck!!
This morning at 11;30 A.M., John Ing, President & CEO, Maison Placements Canada is going to discuss this topic on BNN.
I have heard Rob M speak on a number of occasions and have personally had one on one discussions with him. He talks in a very clear manner. He also responds to some dicey questions with a straight answer. I appreciate that. The staff at UXG is also very accomodating on answering questions.
Great question! No easy answer. Trader Dan Norcini thinks support goes as low as 1650 since breaking supports at1700, 1680, and 1660. I have seen other estimates at 1640, 1590-1600. So take your pick. Technicals are oversold. So what? They can still go lower. Predicting a bottom is foolhardy. Longs out there are getting smashed. If you are one, like me with UXG, I am just sitting tight. No panic! At some point in time it will come back. Unless you are a short pro, I suspect many people are either holding on to current positions are holding cash. This statement applies to the precious metals sector. The other sectors may have a different outlook such as utilities where dividends are looking interesting. Final point, I had previously mentioned that the low for UXG was $3.23 on October 4 this year. Of course, I remember buying this stock a few years ago in the $2 range. I sure hope this year's low holds or I get divorced!!
Bill- A very nice update on UXG from the latest WIR. You certainly write clearly and concisely on UXG and the merger with Minera Andes.
I own UXG in multiple accounts with an average cost $4.33 which is currently underwater but I expect to substantially recover and turn positive by next year. I have traded UXG frequently in the past few years and taken substantial profits. Since it dropped below $5/share, I decided to accumulate a position and hold. Obviously, I bought when it was a falling knife and should have known better if I had followed my technical readings. However, what is past is prologue.
I have spent an enormous amount of time in private conversations with McEwen and each of the executives of UXG. My research has been extensive and I have been able to compile a full checklist of questions to ask each of the executives.
I usually see them at conferences in New York City where I find it easier to talk to them for an extensive time period as opposed to PDAC where the place is flooded.
I hope that I can attend the stockholders meeting next month, January in Toronto. I'll see if it is possible.
The price has blown thru $3.72 support. But don't panic. In Oct 4, it dropped as low as $3.23. But it will bounce back.
Do don't sell, you can add to the position. It is a good stock but not looking particularly strong right now.
I think it would be a mistake to sell now and think you can grab it much lower. I doubt that will happen. I think that gold will grab a bid at this lower $1700 level and the rest of the sector will pick up. Good luck. All eyes are on the ECU and they have no choice but to keep the printing presses rolling. They must be licking their chops thinking they can pick up undervalued gold for overvalued Euros!
Great news on Argex. I bought on the cheap so all to gain and hardly anything to lose!
Next month, UXG merges with Minera Andes, changes name to McEwen Mining, symbol MUX, and becomes a producer rather than a junior explorer due to their joint venture on a producing mine in Argentina with Hochshild Mining. The following couple of months, they start mining gold in the El Gallo property. Further in the year they will initiate producing silver. By 2014 or earlier, gold production hopefully will be initiated in Nevada. I also expect to see the property in Argentina south of the present mine to be exploited for it's mineral content for development or sale. Also the copper property ownership will be resolved by the Argentina courts starting in March. The company expects a positive ruling. Right now the stock is range bound between $3.72-$4.22. I don't expect to see any significant movement until next year.
Today, they announced a positive PFS for Gold Bar Project in Nevada. The Preliminary Feasibility Study for its 100% owned project indicates a 1.4 year pay-back based on $1,700 per oz. gold with annual production of 51,000 ounces over a 8-year life at a cash cost of $665 per ounce. The mine will be open-pit. UXG's intention is to proceed directly to the permitting phase and move towards production as quickly as possible. This is certainly good news.
With El Gallo going into gold production in less than 6 months, UXG will be a producer next year. Of course, the merger with Minera Andes in a few months will add further production from Argentina.
It sure will be nice to see gold, then silver production to boost the share price which has taken a beating lately. Personally, I think the lows for this stock have now occurred. Fortunately, I picked up more shares at sub $4.00 prices, for some additional accounts that I have and looking forward to success at McEwen Mining which will supercede UXG.
I just bought my initial position. They released news today that they entered into a letter of agreement with Quinto Mining, a wholly-owned subsidiary of Cliffs Natural Resources Inc. to acquire the claims located on the Lac Brule property. Historical exploration work outlined three massive ilmenite lenses. An internal study reported a mineral resource totalling 3.8 million tons and having an average grade of 30.1% TiO2, Titanium Dioxide. The purchase of all rights, title and interest is C$1,150,000.
Argex will be a future 10 bagger at a minimum. Current price is $0.43/share. Go to their web site for more information:www.argex.ca.
Nervous Nellies are all over the place! Relax! UXG has dropped substantially. If you were a trader, you would have had stops in place or went with the daily flow and scalped it. It all depends upon your investment philosophy. You may be like my wife who buys and holds! Unfortunately, she has been getting clobbered recently.
The current price, sub $5.00, seems reasonable. However, it has a bottoming range of $3.70 -$4.90 which is quite wide for a sub $5 stock. In fact it reached a low of $3.23 last month. If you paid over $5, I feel your pain.
To remain upbeat, I remind you that they will be going into production in Q2 next year in Mexico. They will also be merging with Minera Andes by yearend. They are also developing a mine in Nevada which is about 1-2 years away from production. Just keep the faith and you'll be ok.
You mentioned you misfortune with ECU. I recently bought AUMN, Golden Minerals, which took over ECU. This stock could be a four bagger but you do your own due dilligence. The officers are former executives of Cyprus Amax. I was a former manager of Amax before Phelps Dodge took them out. This is a very good executive team. They happen to have their headquarters in Golden, Colorado which is where I went to school at the Colorado School of Mines. I suggest you go to their website to find out about AUMN.
My current positions are UXG, AUMN and Rubicon. All are showing a profit but I am keeping a tight leash! Unlike my wife, I am not a buy and hold. Good luck.
The proposed merger with Minera is the problem. Need clarification from McEwen immediately!
Miners in Argentina include Yamana down 4%, Extorre down 19%, PAAS down 2%. UXG down 1.8%
I read the release and I am puzzled and worried as to the effect to UXG. Because of the need to protect profits, I sold my position in UXG and re-entered SVM in the $9.30 range. Until clarification is forth coming from UXG, I will continue to add SVM on dips.
As previously noted, a drilling update was issued today on the El Gallo project. The news indicated expansion of the mineralization zone with significant silver upgrade.
I was not surprised but pleasantly pleased.
UXG noted that the production phase for gold will start sometime in the 2nd quarter rather than mid year. It seems that all focus is on mining but drilling remains very important as evidenced by the approximate 12 drills going continuously. It does appear that the mineralization is not only widespread but also at greater depth which will make for one gigantic open pit!
The price today is booming! Now at $4.43 up 23 cents, 5.48%. This should break $5 and possibly $6 by year end. Stay tuned. P.S. I am fully loaded with the stock!
I suggest you visit the UXG website for weekly updates of their photo gallery on El Gallo progress. Great photos. As you may be aware, UXG is only about 9 months from it's Phase 1 production starting with gold. This initial production phase should be able to fund the future development of the silver phase which is scheduled to be in production in 2014. This implies that mine development will be self funded starting with the 50,000 ounces of initial gold production. Good job Rob McEwen!
The developmental work in Nevada toward mine development has not been recently updated but El Gallo is more important at this time.
The Minera Andes deal is to be completed before yearend. This should be another cash cow that will fund developmental work in Argentina. Some very important property down there adjacent to other mining areas. Could it be a bonanza? Who knows! But with Rob McEwen's brains and money behind it, anything is possible!
Today UXG is up 5% at $4.18
UXG is building a base. Very strong support at the weekly 200 MA, $3.70. The daily chart indicates a basing range from $3.70-$4.22. Under $4.00 is an opportune time to add or initiate a position. This is my 5 star favorite at the current price. I have a full position under $3.80. Current price is $3.94.. Today's range has been $3.87-$4.03.
Rubicon website