Yamana Gold declares quarterly dividend
08:30 EST Thursday, March 04, 2010
TORONTO, March 4 /PRNewswire-FirstCall/ - YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:YAU) today announced its first quarter 2010 dividend of US$0.01 per share. Shareholders of record at the close of business on Wednesday, March 31, 2010 will be entitled to receive payment of this dividend on Wednesday, April 14, 2010. The dividend is an "eligible dividend" for Canadian tax purposes.
About Yamana
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. The Company plans to continue to build on this base through existing operating mine expansions and throughput increases, the advancement of its exploration properties and by targeting other gold consolidation opportunities in the Americas.
SOURCE Yamana Gold Inc.
For further information: Letitia Wong, Director, Investor Relations, (416) 815-0220, Email: investor@yamana.com, www.yamana.com
©2010 CTVglobemedia Publishing Inc. All rights reserved.
Wednesday, March 31, 2010
PROFIT CONFIDENTIAL NEWSLETTER
PROFIT CONFIDENTIAL
March 31, 2010
In Today's Issue: Singing a Tune for Stocks... Realistically, Large-
caps Are Tops... Not in China Yet? It Might Be Time to Look...
China and its Currency Under Pressure
** Singing a Tune for Stocks
-- by Michael Lombardi, CFP, MBA
Remember the famous lyric in Janis Joplin's song, "Oh lord, won't
you buy me a Mercedes Benz. My friends all drive Porsches. I must
make amends?"
There are probably quite a few investors this morning saying, "Oh
lord, won't you give me 93 points on the Dow Jones. I need to make
back all the money I lost in the stock market, I must make amends."
Well, I'm not a song writer, nor a philosopher. But I would be
surprised if the Dow Jones went all the way to 10,907 (yesterday's
close) and didn't continue for 93 more measly points to hit the
11,000 mark.
This week, I read the recent stock market newsletters/comments of
Bob Appel, Anthony Jasansky and Richard Russell. All three of
these well-known market analysts are either very bearish or
expecting a market correction. When I see this kind of bearish
consensus, especially with seasoned market analysts, I just see stocks
climb the wall of worry even higher.
Yes, stocks will eventually fall, as U.S. Treasuries become harder to
sell, as inflation sets in and as interest rates rise, but that could be
months away. And when the inevitable does happen to stocks, gold
will offer investors a once-in-a-lifetime profit opportunity. Hence,
there is money to be made now (as I have been saying since March
of last year), as the bear market rally continues, and there will be
money to be made when the bear market rally expires.
I turned bullish on stocks in March 2009, because stocks became
oversold too quickly. Fear set in and that's when you buy stocks. By
the time all the bears become bulls in the current stock market rally,
I'll likely have turned bearish again. The economic threats I
mentioned above (hard to sell U.S. Treasuries, rapid inflation and
higher interest rates) are all real threats to the stock market.
In fact, the rising rates on 10-year U.S. Treasuries are already
flashing a yellow light warning of higher interest rates ahead.
Michael's Personal Notes:
I tried to understand the new healthcare bill the U.S. government has
put forth, but I can't. The document is over 2,000 pages long. Call
me a dummy, call me a slow reader or a slow learner, but I don't
fully understand it. I will try to read it again this weekend.
From what I can put together, the government is becoming more
directly involved in the healthcare system in the U.S., which may not
be a bad thing (I'm a big fan of the Canadian healthcare system), but
my experience is that the more government involvement there is, the
more inefficient the process becomes. I'm also very concerned about
the cost of the new healthcare plan. Did we just add more billions to
our annual deficit?
The pharmaceutical stocks did not rally or contract on the passing of
the healthcare bill, hence, if you believe like me that the stock
market is a leading indicator, the pharmaceutical companies do not
see the healthcare reform making much of a difference to their
business.
Where the Market Stands:
It's been a great year so far. As I write my column this morning,
recognizing that it is the last day of the first quarter of 2010, there is
not much that investors can complain about.
The Dow Jones Industrial Average is up 4.6% for the year, the S&P
500 is up 5.2% so far in 2010, and the NASDAQ was the big winner
in the first quarter, up 6.2%. Only gold bullion has been
disappointing, trading today at about the same price today that the
yellow metal traded at the beginning of 2010.
What He Said:
"Home-building in the U.S. will enter a quasi depression state in
2008 and the construction industry will make 2008 a record year for
pink slips. I predict a major homebuilder will go bankrupt in 2008."
Michael Lombardi in PROFIT CONFIDENTIAL, January 10, 2008.
WCI Communities, the largest U.S. luxury homebuilder, filed for
Chapter 11 protection on August 4, 2008.
** Realistically, Large-caps Are Tops
-- Ahead of the Street Column, by Mitchell Clark, B. Comm.
There's still a lot of financial reporting going on with smaller, U.S.-
listed Chinese stocks. A number of these companies are beating
consensus estimates for the fourth quarter and year-end 2009, but
visibility for 2010 isn't as robust as investors would like.
And so traders are jumping ship on any stock that does not handily
beat existing consensus estimates and on visibility. While a lot of
new Chinese listings are still taking place now, from my perspective,
there remain only a handful of companies that have the kind of
growth prospects worth paying for.
So, the trading action for equity speculators remains as tough as
ever. While owning the market right now seems like a decent
strategy, great speculative opportunities are scarce at the moment.
After about two decades of experience following the equity market
on a daily basis, I'm certain that investor enthusiasm for buying and
selling stocks occurs in waves. Right now, I think we're coming to
the end of another wave of enthusiasm and the broader market will
move incrementally higher. Dow 11,000 is a good thing, as would be
a consolidation around this level. We are quickly coming into
another earnings season and corporate visibility will be the most
important factor for investors. Still, the market looks tired to me and
I think it's reasonable to expect another pullback in the near future.
Realistically, the most attractive equity opportunities in this market
are large-caps. As we know, big companies are running lean
operations and they have some pricing power now that they can
translate right to the bottom line this year. But, nobody knows where
the economy is going to go when the artificial stimulus spending
ends. The economy could weaken again and so could the stock
market.
I would be long on large-caps at this time, but super picky about any
speculative positions. And if the speculative positions don't perform,
cash is much more attractive. I still believe that the best sectors for
risk-capital investors to focus on are U.S.-listed Chinese stocks and
junior miners. The pickings at this time, however, are quite slim.
** Not in China Yet? It Might Be Time to Look
-- The Leong Side of the Market, by George Leong, B. Comm.
China remains the top growth market in the world. That is why the
top technology and industrial companies are expanding aggressively
in China. Many technology companies are beginning to move more
of their research and development to China. Why? Just take a look at
the highly educated work force and the abundance of smart and
inexpensive labor.
The country's GDP is estimated to grow in the 9.0% to 10.0% range
this year. So, if you are not in China, it may be time for you to begin
to look. Yes, the stock market is faring better in the U.S. compared
to China this year, but you need to think long-term and have some
investment capital in China.
The benchmark Shanghai Composite Index (SCI) is holding above
the psychological level of 3,000 and just broke 3,100 on Tuesday.
This is important, as it could signal further gains. The index remains
down about seven percent this year, but we feel that, if it all pans
out, there will be excellent growth going forward, especially if the
country can control inflation. The current strategy to rein in some
easy lending by the banks makes sense, as long as it does not
continue.
A sector that I continue to like in China is the country's burgeoning
auto sector. The auto industry continues to look strong in China,
evidenced by the sales there and the influx of U.S., European, and
Japanese automakers. China is the world's top auto market, yet we
are seeing some slower growth there, as some of the government's
incentives to buy small cars are ending. However, despite this, the
auto market in China continues to fire on all cylinders, growing at
46.3% year-over-year in February, with about 1.2 million units sold.
The number is down from January, but the week-long Chinese New
Year likely impacted sales. Estimates peg the sales of autos to slow
to 10% to 15% this year, but we feel that this is somewhat
conservative.
Some small Chinese auto plays listed on U.S. exchanges include
Brilliance China Automotive Holdings (Pink Sheets/BCAHY.PK),
China Automotive Systems, Inc. (NASDAQ/CAAS), Wonder Auto
Technology, Inc. (NASDAQ/WATG), and SORL Auto Parts, Inc.
(NASDAQ/SORL).
Looking ahead, I continue to favor China for growth investors who
have a long-term view. I continue to like the longer-term situation in
China and believe you should have some capital invested in China
whether it is with large-cap, blue-chip Chinese companies or with
small, emerging, higher-risk stocks.
March 31, 2010
In Today's Issue: Singing a Tune for Stocks... Realistically, Large-
caps Are Tops... Not in China Yet? It Might Be Time to Look...
China and its Currency Under Pressure
** Singing a Tune for Stocks
-- by Michael Lombardi, CFP, MBA
Remember the famous lyric in Janis Joplin's song, "Oh lord, won't
you buy me a Mercedes Benz. My friends all drive Porsches. I must
make amends?"
There are probably quite a few investors this morning saying, "Oh
lord, won't you give me 93 points on the Dow Jones. I need to make
back all the money I lost in the stock market, I must make amends."
Well, I'm not a song writer, nor a philosopher. But I would be
surprised if the Dow Jones went all the way to 10,907 (yesterday's
close) and didn't continue for 93 more measly points to hit the
11,000 mark.
This week, I read the recent stock market newsletters/comments of
Bob Appel, Anthony Jasansky and Richard Russell. All three of
these well-known market analysts are either very bearish or
expecting a market correction. When I see this kind of bearish
consensus, especially with seasoned market analysts, I just see stocks
climb the wall of worry even higher.
Yes, stocks will eventually fall, as U.S. Treasuries become harder to
sell, as inflation sets in and as interest rates rise, but that could be
months away. And when the inevitable does happen to stocks, gold
will offer investors a once-in-a-lifetime profit opportunity. Hence,
there is money to be made now (as I have been saying since March
of last year), as the bear market rally continues, and there will be
money to be made when the bear market rally expires.
I turned bullish on stocks in March 2009, because stocks became
oversold too quickly. Fear set in and that's when you buy stocks. By
the time all the bears become bulls in the current stock market rally,
I'll likely have turned bearish again. The economic threats I
mentioned above (hard to sell U.S. Treasuries, rapid inflation and
higher interest rates) are all real threats to the stock market.
In fact, the rising rates on 10-year U.S. Treasuries are already
flashing a yellow light warning of higher interest rates ahead.
Michael's Personal Notes:
I tried to understand the new healthcare bill the U.S. government has
put forth, but I can't. The document is over 2,000 pages long. Call
me a dummy, call me a slow reader or a slow learner, but I don't
fully understand it. I will try to read it again this weekend.
From what I can put together, the government is becoming more
directly involved in the healthcare system in the U.S., which may not
be a bad thing (I'm a big fan of the Canadian healthcare system), but
my experience is that the more government involvement there is, the
more inefficient the process becomes. I'm also very concerned about
the cost of the new healthcare plan. Did we just add more billions to
our annual deficit?
The pharmaceutical stocks did not rally or contract on the passing of
the healthcare bill, hence, if you believe like me that the stock
market is a leading indicator, the pharmaceutical companies do not
see the healthcare reform making much of a difference to their
business.
Where the Market Stands:
It's been a great year so far. As I write my column this morning,
recognizing that it is the last day of the first quarter of 2010, there is
not much that investors can complain about.
The Dow Jones Industrial Average is up 4.6% for the year, the S&P
500 is up 5.2% so far in 2010, and the NASDAQ was the big winner
in the first quarter, up 6.2%. Only gold bullion has been
disappointing, trading today at about the same price today that the
yellow metal traded at the beginning of 2010.
What He Said:
"Home-building in the U.S. will enter a quasi depression state in
2008 and the construction industry will make 2008 a record year for
pink slips. I predict a major homebuilder will go bankrupt in 2008."
Michael Lombardi in PROFIT CONFIDENTIAL, January 10, 2008.
WCI Communities, the largest U.S. luxury homebuilder, filed for
Chapter 11 protection on August 4, 2008.
** Realistically, Large-caps Are Tops
-- Ahead of the Street Column, by Mitchell Clark, B. Comm.
There's still a lot of financial reporting going on with smaller, U.S.-
listed Chinese stocks. A number of these companies are beating
consensus estimates for the fourth quarter and year-end 2009, but
visibility for 2010 isn't as robust as investors would like.
And so traders are jumping ship on any stock that does not handily
beat existing consensus estimates and on visibility. While a lot of
new Chinese listings are still taking place now, from my perspective,
there remain only a handful of companies that have the kind of
growth prospects worth paying for.
So, the trading action for equity speculators remains as tough as
ever. While owning the market right now seems like a decent
strategy, great speculative opportunities are scarce at the moment.
After about two decades of experience following the equity market
on a daily basis, I'm certain that investor enthusiasm for buying and
selling stocks occurs in waves. Right now, I think we're coming to
the end of another wave of enthusiasm and the broader market will
move incrementally higher. Dow 11,000 is a good thing, as would be
a consolidation around this level. We are quickly coming into
another earnings season and corporate visibility will be the most
important factor for investors. Still, the market looks tired to me and
I think it's reasonable to expect another pullback in the near future.
Realistically, the most attractive equity opportunities in this market
are large-caps. As we know, big companies are running lean
operations and they have some pricing power now that they can
translate right to the bottom line this year. But, nobody knows where
the economy is going to go when the artificial stimulus spending
ends. The economy could weaken again and so could the stock
market.
I would be long on large-caps at this time, but super picky about any
speculative positions. And if the speculative positions don't perform,
cash is much more attractive. I still believe that the best sectors for
risk-capital investors to focus on are U.S.-listed Chinese stocks and
junior miners. The pickings at this time, however, are quite slim.
** Not in China Yet? It Might Be Time to Look
-- The Leong Side of the Market, by George Leong, B. Comm.
China remains the top growth market in the world. That is why the
top technology and industrial companies are expanding aggressively
in China. Many technology companies are beginning to move more
of their research and development to China. Why? Just take a look at
the highly educated work force and the abundance of smart and
inexpensive labor.
The country's GDP is estimated to grow in the 9.0% to 10.0% range
this year. So, if you are not in China, it may be time for you to begin
to look. Yes, the stock market is faring better in the U.S. compared
to China this year, but you need to think long-term and have some
investment capital in China.
The benchmark Shanghai Composite Index (SCI) is holding above
the psychological level of 3,000 and just broke 3,100 on Tuesday.
This is important, as it could signal further gains. The index remains
down about seven percent this year, but we feel that, if it all pans
out, there will be excellent growth going forward, especially if the
country can control inflation. The current strategy to rein in some
easy lending by the banks makes sense, as long as it does not
continue.
A sector that I continue to like in China is the country's burgeoning
auto sector. The auto industry continues to look strong in China,
evidenced by the sales there and the influx of U.S., European, and
Japanese automakers. China is the world's top auto market, yet we
are seeing some slower growth there, as some of the government's
incentives to buy small cars are ending. However, despite this, the
auto market in China continues to fire on all cylinders, growing at
46.3% year-over-year in February, with about 1.2 million units sold.
The number is down from January, but the week-long Chinese New
Year likely impacted sales. Estimates peg the sales of autos to slow
to 10% to 15% this year, but we feel that this is somewhat
conservative.
Some small Chinese auto plays listed on U.S. exchanges include
Brilliance China Automotive Holdings (Pink Sheets/BCAHY.PK),
China Automotive Systems, Inc. (NASDAQ/CAAS), Wonder Auto
Technology, Inc. (NASDAQ/WATG), and SORL Auto Parts, Inc.
(NASDAQ/SORL).
Looking ahead, I continue to favor China for growth investors who
have a long-term view. I continue to like the longer-term situation in
China and believe you should have some capital invested in China
whether it is with large-cap, blue-chip Chinese companies or with
small, emerging, higher-risk stocks.
FAN Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year.
Farallon provides operations update
cnw
G-9 Operating at over 1,900 tpd in March
New Daily Throughput Record of over 2,400 tpd Achieved
VANCOUVER, March 31 /CNW/ - Dick Whittington, President and CEO of Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) is pleased to announce that the G-9 operations have continued to increase throughput rates during the first quarter of 2010 and are now operating consistently at over 1,900 tonnes per day ("tpd"). Metallurgical recovery has continued to improve over the same period with zinc recovery of 84% and copper recovery of 68% in the month of March to-date(1).
<< ------------------------------------------------------------------------- Zinc Copper Conc Conc Period Throughput % of Design Zinc Copper Grade Grade (tpd) (1,500 tpd) Recovery Recovery % Zn % Cu ------------------------------------------------------------------------- Q1 2009 1,190 79% 79% 45% 52% 18% ------------------------------------------------------------------------- Q2 2009 1,260 84% 77% 55% 52% 14% ------------------------------------------------------------------------- Q3 2009 1,275 85% 79% 46% 49% 17% ------------------------------------------------------------------------- Q4 2009 1,552 103% 80% 56% 49% 15% ------------------------------------------------------------------------- Q1 2010(1) 1,672 111% 82% 60% 49% 14% ------------------------------------------------------------------------- Including Mar/10 1,910 127% 84% 68% 49% 13% ------------------------------------------------------------------------- ----------------------------------- (1) First quarter 2010 includes daily operations data for the month of March up to and including March 29, 2010. Results are subject to adjustment upon completion of the final metallurgical balance which will be announced in conjunction with the financial results for the first quarter. >>
Additionally on March 25th, the mill throughput achieved was 2,527 wet metric tonnes (2,402 dry metric tonnes), 68% over the design capacity of 1,500 tonnes per day and a new single-day record for the Company. Based on these results, the Company is re-evaluating the scope of the mill expansion project previously announced on November 16, 2010. The $5.3 million that has been committed to the project may be re-deployed to achieve greater capacity than the 2,000 tpd originally contemplated.
Farallon's President and CEO, Dick Whittington, stated "It is extremely gratifying to see the G-9 operations running well above nameplate capacity only one year after announcing commercial production. It is also encouraging that metallurgical recovery is continuing to improve, despite the high throughput rates. Achieving operational excellence is a key component of our ongoing growth strategy and it appears we are well on the way to doing so".
Farallon's G-9 zinc, copper, silver, gold and lead mine at the Campo Morado Property in Mexico reached commercial production in April 2009. The Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year. For further details on Farallon Mining Ltd., please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at (604) 638-2160 or within North America at 1-877-688-2050.
<<>>
No regulatory authority has approved or disapproved the information contained in this news release
cnw
G-9 Operating at over 1,900 tpd in March
New Daily Throughput Record of over 2,400 tpd Achieved
VANCOUVER, March 31 /CNW/ - Dick Whittington, President and CEO of Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) is pleased to announce that the G-9 operations have continued to increase throughput rates during the first quarter of 2010 and are now operating consistently at over 1,900 tonnes per day ("tpd"). Metallurgical recovery has continued to improve over the same period with zinc recovery of 84% and copper recovery of 68% in the month of March to-date(1).
<< ------------------------------------------------------------------------- Zinc Copper Conc Conc Period Throughput % of Design Zinc Copper Grade Grade (tpd) (1,500 tpd) Recovery Recovery % Zn % Cu ------------------------------------------------------------------------- Q1 2009 1,190 79% 79% 45% 52% 18% ------------------------------------------------------------------------- Q2 2009 1,260 84% 77% 55% 52% 14% ------------------------------------------------------------------------- Q3 2009 1,275 85% 79% 46% 49% 17% ------------------------------------------------------------------------- Q4 2009 1,552 103% 80% 56% 49% 15% ------------------------------------------------------------------------- Q1 2010(1) 1,672 111% 82% 60% 49% 14% ------------------------------------------------------------------------- Including Mar/10 1,910 127% 84% 68% 49% 13% ------------------------------------------------------------------------- ----------------------------------- (1) First quarter 2010 includes daily operations data for the month of March up to and including March 29, 2010. Results are subject to adjustment upon completion of the final metallurgical balance which will be announced in conjunction with the financial results for the first quarter. >>
Additionally on March 25th, the mill throughput achieved was 2,527 wet metric tonnes (2,402 dry metric tonnes), 68% over the design capacity of 1,500 tonnes per day and a new single-day record for the Company. Based on these results, the Company is re-evaluating the scope of the mill expansion project previously announced on November 16, 2010. The $5.3 million that has been committed to the project may be re-deployed to achieve greater capacity than the 2,000 tpd originally contemplated.
Farallon's President and CEO, Dick Whittington, stated "It is extremely gratifying to see the G-9 operations running well above nameplate capacity only one year after announcing commercial production. It is also encouraging that metallurgical recovery is continuing to improve, despite the high throughput rates. Achieving operational excellence is a key component of our ongoing growth strategy and it appears we are well on the way to doing so".
Farallon's G-9 zinc, copper, silver, gold and lead mine at the Campo Morado Property in Mexico reached commercial production in April 2009. The Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year. For further details on Farallon Mining Ltd., please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at (604) 638-2160 or within North America at 1-877-688-2050.
<<>>
No regulatory authority has approved or disapproved the information contained in this news release
New Gold Announces Update Related to Sale of Amapari Mine
New Gold Announces Update Related to Sale of Amapari Mine
cnw
(All figures are in US dollars unless otherwise stated)
VANCOUVER, March 31 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces that Beadell Resources Ltd. ("Beadell") has received bids from investors to subscribe for at least A$57 million of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and other related assets. Due to increased volatility in the gold market since the initial transaction announcement in January 2010, certain terms of the transaction have been revised and New Gold expects to receive $37 million in cash and $16 million in Beadell shares as consideration for the sale of MPBA, versus $46 million in cash and $17 million in Beadell shares as previously disclosed. Under the revised terms, New Gold will hold approximately 19.9% of Beadell. New Gold's objective of receiving meaningful cash proceeds for the non-core Amapari asset is expected to be realized, subject to closing, and under the revised terms New Gold should have a greater share of Beadell equity and related participation in the future success of Amapari. Beadell is an Australian listed gold-focused company with exploration and development assets in Western Australia and Brazil.
"We are pleased that Beadell has completed the book build and, upon closing, the cash proceeds will only help to further enhance our financial flexibility," stated Randall Oliphant, Executive Chairman. "We have been successful in monetizing a non-core asset for meaningful cash proceeds and also remain keen to participate as shareholders of Beadell and look forward to the group's future success at Amapari as well as their other assets."
Beadell shareholders formally approved the equity offering and related transaction at a Shareholder Meeting held on March 12, 2010 and the transaction is expected to close by mid-April.
cnw
(All figures are in US dollars unless otherwise stated)
VANCOUVER, March 31 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces that Beadell Resources Ltd. ("Beadell") has received bids from investors to subscribe for at least A$57 million of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and other related assets. Due to increased volatility in the gold market since the initial transaction announcement in January 2010, certain terms of the transaction have been revised and New Gold expects to receive $37 million in cash and $16 million in Beadell shares as consideration for the sale of MPBA, versus $46 million in cash and $17 million in Beadell shares as previously disclosed. Under the revised terms, New Gold will hold approximately 19.9% of Beadell. New Gold's objective of receiving meaningful cash proceeds for the non-core Amapari asset is expected to be realized, subject to closing, and under the revised terms New Gold should have a greater share of Beadell equity and related participation in the future success of Amapari. Beadell is an Australian listed gold-focused company with exploration and development assets in Western Australia and Brazil.
"We are pleased that Beadell has completed the book build and, upon closing, the cash proceeds will only help to further enhance our financial flexibility," stated Randall Oliphant, Executive Chairman. "We have been successful in monetizing a non-core asset for meaningful cash proceeds and also remain keen to participate as shareholders of Beadell and look forward to the group's future success at Amapari as well as their other assets."
Beadell shareholders formally approved the equity offering and related transaction at a Shareholder Meeting held on March 12, 2010 and the transaction is expected to close by mid-April.
About New Gold
New Gold is an intermediate gold mining company with the Mesquite Mine in the United States, Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia. The company is expected to produce between 330,000 and 360,000 ounces of gold in 2010, growing to over 400,000 ounces in 2012. In addition, New Gold has a strong portfolio of development and exploration assets in North and South America. For further information on the company, please visit www.newgold.com.
New Gold is an intermediate gold mining company with the Mesquite Mine in the United States, Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia. The company is expected to produce between 330,000 and 360,000 ounces of gold in 2010, growing to over 400,000 ounces in 2012. In addition, New Gold has a strong portfolio of development and exploration assets in North and South America. For further information on the company, please visit www.newgold.com.
Tuesday, March 30, 2010
Apple hits new high on iPad hopes $233.86
NEW YORK—Shoppers can buy Apple Inc's iPad computer this weekend at Apple and Best Buy stores, Apple said Monday, one day after noting that some online buyers must wait a bit longer for the highly anticipated device.
Shares of Apple jumped to an all-time high of $233.86 in early trading Monday amid signs of strong demand for the tablet computer, whose retail sales start early on April 3.
Analysts have said that Apple has had some difficulty ramping up iPad production due to issues in its supply chain, but that several hundred thousand have already been ordered.
Apple said versions of the device with Wi-Fi wireless Internet capabilities will be available in all 221 U.S. Apple retail stores and most Best Buy stores, for prices ranging from $499 to $699. Models using 3G wireless systems will hit stores in late April.
Apple on Sunday said that shipments of iPads for its most recent online orders will not begin until April 12. Customers who placed their orders early will still get their devices by about April 3, an Apple spokesman said.
The slight delay in shipping suggest that the company may have sold out its initial inventory.
The 9.7-inch touchscreen iPad, the most anticipated product launch from Apple since the iPhone in 2007, is designed to surf the Web, play video and games, and read digital books.
Business Snipits
Yellow Media to buy Canpages in $225M deal
19 minutes ago
Yellow Media Inc. has an agreement to buy the Canpages business in a $225-million deal that will combine two of Canada’s biggest publishers of advertising directories and local web search engines.
Big banks hike residential mortgage rates
Tue Mar 30 2010
Three big Canadian banks increased interest rates on residential mortgages Monday, moves that are likely to become more common as worries over international debt push up prices in the bond market.
Daw: Get ready for further insurance rate hikes
Tue Mar 30 2010 (0)
Canadians paid more to insure homes and autos last year – particularly in Ontario – yet it was barely enough to lift insurers' profits.
Toronto ranks fourth in global prosperity study
Tue Mar 30 2010
People all over the world think Toronto is a great place to plant roots, but not such a great place to plant money, a new study finds.
Developers the key to affordable housing
Tue Mar 30 2010
Affordable home ownership is not just for the middle and upper classes.
China targets Rio Tinto in 'selective prosecution'
Tue Mar 30 2010
A stiff sentence handed down in Shanghai to four men charged with bribery was likely the result of a perceived slight against an accepted business...
Ex-IBM VP pleads guilty to fraud charge
Tue Mar 30 2010
A former IBM senior executive pleaded guilty Monday to federal charges arising from what prosecutors call the largest insider trading case in hedge...
Big soul, big success and one big goal
Tue Mar 30 2010
The founder of Big Soul Productions Inc. is on a fairly tight deadline. She has her eye on being named to Canada's Top 40 Under 40 achievers and she...
Ponzi suspect died with only $90 in bank, big debts
Tue Mar 30 2010
A Canadian businessman who boasted a luxurious lifestyle and allegedly bilked investors out of $40 million, had just $90 in a personal bank account, multiple properties up for sale and was thousands in debt at the time of his death, according to a...
Bailout good business for U.S. Treasury
Tue Mar 30 2010
The U.S. Department of the Treasury said Monday it will begin selling the stake it owns in Citigroup Inc., which could result in a profit to the...
Ponzi Scheme:Harry Snoek Jr. says he is hustling for business opportunities in the Middle East
Harry Snoek Jr. says he is hustling for business opportunities in the Middle East so that he can pay back the millions entrusted to him by a tight-knit community of Dutch Canadians.
Snoek – the financier who absconded with the life savings of 86-year-old carpenter John Kolkman, retired farmer Gerald Korten and at least 80 others – has surfaced in the Netherlands after media outlets there picked up his trail of empty promises first detailed in the Toronto Star on Saturday.
He told a Dutch radio station Monday he is the victim of a smear campaign and to the country's largest newspaper, Telegraaf, he said:
"The money is not gone. We are working on a proposal to at least pay out half of what is owed. I can prove that all the money has been invested in the businesses and that not a penny went to me."
Snoek has refused repeated interview requests from the Star.
By the latest tally of those who have come forward to the Star and who are trying in Ontario courts to recoup losses, the number of affected investors may be as high as 200, their losses as high as $34 million.
The Star investigation found the elderly Dutch Canadians trusted Snoek with their hard-earned cash.
They thought he was using it to develop commercial land in Milton.
A review of Snoek's records and assets, prepared by a major accounting firm and obtained by the Star, showed more than $20 million left Canada since 2004, including $6 million for a yacht and $10.8 million to Snoek.
The Star interviewed many sources who have invested or worked with the man and who spoke of his penchant for fine watches, cars and paintings.
A former employee said he had seen Snoek's silver Bentley in the garage of his house in the Netherlands. The Star investigation quickly spread through several Dutch news outlets before Snoek started talking.
Snoek told Radio Netherlands Worldwide – a station popular with Dutch expatriates – that he does not have a yacht or Bentley coupe for private use.
This may mean Snoek has sold or lost ownership of both luxury vehicles, or that he still owns the yacht, named Ladies First, and rents it out to other boaters.
In his interview with the Telegraaf, Snoek said he is the victim of the global financial crisis, and also invested money – seven million euros – in a shipyard that went bankrupt when the market for super yachts collapsed.
He told the radio news outlet that he sees no need to come to Canada right now and that he expects his investors will get at least half their money back.
"Bloody lie," said investor Bill Van Ryn, 74, of Georgetown, who lost $750,000. "He's promised everything under the sun. It's all hogwash."
Troubling payment delays and equivocations from Snoek started in 2007. He exploited ties to church and motherland to ease anxieties and keep investors' money. He stopped interest and principal payments altogether in late 2008.
Investors say he has been unreachable since the middle of 2009.
"He said, 'You can always get me on my cellphone.' Ah, baloney," Van Ryn said.
"He said, 'My wife is always home.' She doesn't answer the phone either. He's stalling and hopes things will go away. If he is so sincere, why doesn't he address the people himself? Last time I talked to him was in June 2009."
Snoek went to the Middle East, "the one place there is still money," he told the Dutch newspaper. "This past year, I have worked really hard to make deals that would allow me to pay back money."
Monday, March 29, 2010
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