Covenant signs definitive deal for Montana leases
2010-09-08 13:31 ET - News Release
Mr. Frank Port reports
COVENANT RESOURCES SIGNS DEFINITIVE AGREEMENT FOR ACQUISITION OF 41,500 ACRES IN THE ALBERTA BASIN, MONTANA
Covenant Resources Ltd. wishes to announce the signing of a Definitive Agreement with Damont Energy Inc. ("Damont") for the acquisition of oil and gas leases in Montana.
Pursuant to the Letter of Intent announced on August 11, 2010, the Definitive Agreement has been executed by the parties for Covenant to acquire Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The SweetGrass Arch (Alberta Basin) prospect has significant gas potential as well as Bakken oil potential.
The cost of the acquisition is $3,822,222 through the issuance of 19,111,110 shares of Covenant at a deemed price of $0.20 per share. A finder's fee of $228,000 is to be paid by Covenant via the issue of 1,140,000 shares of the Company to ABC Capital Holdings Ltd. for identifying this property. All the shares will be subject to a 3 year time release escrow, whereby 15% is to be released every 6 months. The effective date of the acquisition is August 01, 2010.
Wednesday, September 8, 2010
Sunday, August 22, 2010
Fours days of energy presentations
The 2010 Enercom conference is being held Monday - Thursday this week. You can listen to all of the webcasts for free at the like here.
I'm looking forward to hearing from Brigham Exploration on their N. Dakota Bakken play, Rosetta Resources for their Alberta Basin Bakken play which will impact Covenant Resources (CVA), Mountainview Resources (MVW), Blacksteel Energy (BEY) and Primary Petroleum (PIE), and Gastem and Talisman for the Utica Shale play.
I'm looking forward to hearing from Brigham Exploration on their N. Dakota Bakken play, Rosetta Resources for their Alberta Basin Bakken play which will impact Covenant Resources (CVA), Mountainview Resources (MVW), Blacksteel Energy (BEY) and Primary Petroleum (PIE), and Gastem and Talisman for the Utica Shale play.
Thursday, August 12, 2010
Update on Covenant - 41,000 net acres in the Alberta Basin Bakken
Good Evening,
Just wanted to provide a quick update on news released by Covenant Resources late this afternoon. I mentioned in my last update that we should be hearing about a property acquisition soon and today was the day. The press release is shown below. I'll have a more complete update out in the next week but wanted to note a few key points. If you have some time, please listen to the Rosetta Resources 2ndQ conference call at the following link;
http://ir.rosettaresources.com/eventdetail.cfm?eventid=84092
In it, you'll hear how they have been testing their verticals in their Alberta Basin Bakken play and have determined that they believe they can access more than one of the Three Forks, Bakken and possibly Banff formations all with one horizontal frac which greatly improves the potential economics of the play. They also indicated that acreage on the Canadian side of the play went for nearly $1,800/acre at the last crown sale. Covenant just added 41,000 net acres that they feel are prospective for the bakken. Shares are trading at $.20/share for a current market cap of $4 million.
http://www.covenantresources.com/pr/aug11.php
Covenant Resources announcing signing of LOI for Acquisition of Oil and Gas Properties
August 11, 2010 - Vancouver, British Columbia
Mr. Frank Port, President and CEO of Covenant Resources Ltd. (the "Company") (CNSX:CVA), wishes to announce the signing of a Letter of Intent ("LOI") with Damont Energy Inc. for the acquisition of oil and gas leases in Montana.
The LOI outlines the terms of the acquisition of all of Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The cost of the acquisition will be approximately $3.8 million, based on the issuance of approximately 19,000,000 shares of Covenant at a deemed price of $0.20 per share. Upon completion of due diligence and final negotiations, a definitive purchase agreement will later be entered into.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources. The Company continues to seek additional natural resource opportunities including properties that may lead to oil and gas exploration or any other opportunities that may fall under "natural resources" sector.
The Company Trades on the CNSX under the trading symbol "CVA".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's prospectus and engineering report available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Mr. Frank Port
President, Chief Executive Officer, and Director
Again, I'll have an update out providing additional details later in the week.
Sincerely,
Vince Marciano
Just wanted to provide a quick update on news released by Covenant Resources late this afternoon. I mentioned in my last update that we should be hearing about a property acquisition soon and today was the day. The press release is shown below. I'll have a more complete update out in the next week but wanted to note a few key points. If you have some time, please listen to the Rosetta Resources 2ndQ conference call at the following link;
http://ir.rosettaresources.com/eventdetail.cfm?eventid=84092
In it, you'll hear how they have been testing their verticals in their Alberta Basin Bakken play and have determined that they believe they can access more than one of the Three Forks, Bakken and possibly Banff formations all with one horizontal frac which greatly improves the potential economics of the play. They also indicated that acreage on the Canadian side of the play went for nearly $1,800/acre at the last crown sale. Covenant just added 41,000 net acres that they feel are prospective for the bakken. Shares are trading at $.20/share for a current market cap of $4 million.
http://www.covenantresources.com/pr/aug11.php
Covenant Resources announcing signing of LOI for Acquisition of Oil and Gas Properties
August 11, 2010 - Vancouver, British Columbia
Mr. Frank Port, President and CEO of Covenant Resources Ltd. (the "Company") (CNSX:CVA), wishes to announce the signing of a Letter of Intent ("LOI") with Damont Energy Inc. for the acquisition of oil and gas leases in Montana.
The LOI outlines the terms of the acquisition of all of Damont's right, title and interest in 41,500 net acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The cost of the acquisition will be approximately $3.8 million, based on the issuance of approximately 19,000,000 shares of Covenant at a deemed price of $0.20 per share. Upon completion of due diligence and final negotiations, a definitive purchase agreement will later be entered into.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources. The Company continues to seek additional natural resource opportunities including properties that may lead to oil and gas exploration or any other opportunities that may fall under "natural resources" sector.
The Company Trades on the CNSX under the trading symbol "CVA".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's prospectus and engineering report available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Mr. Frank Port
President, Chief Executive Officer, and Director
Again, I'll have an update out providing additional details later in the week.
Sincerely,
Vince Marciano
Saturday, July 24, 2010
Rush On for 'Rare Earths' as U.S. Firms Seek to Counter Chinese Monopoly
The REE market should start to gain traction this Fall as the Molycorp IPO news and the recent news of China restrictions on REE exports begins to translate into higher share prices for the Canadian juniors in the REE space. I own a basket of 4 companies including RA, QRE, CIN and MAT. All are near their 52 week lows and ready for 200-300% gains by the end of the year similar to last years move higher.
By PHIL TAYLOR of Greenwire
Published: July 23, 2010
MOUNTAIN PASS, Calif. -- About an hour's drive southwest of Las Vegas, on a private 2,200-acre desert patch flanked by Clark Mountain and the Mojave National Preserve, lies an idled mine many consider to be a linchpin in the U.S. push for energy independence and national security.
The Mountain Pass mine, once the world's leading producer of "rare earth" minerals used to manufacture cutting-edge weapons and clean energy technologies, shuttered operations here in 2002 after Chinese producers undercut its prices and a series of environmental spills stalled the renewal of state mining permits.
Today, the mine musters a limited production of rare earth oxides from ore mined years ago from a massive open pit hewn from the arid terrain.
But even that material must be shipped to Asian manufacturing plants equipped with the technology and know-how to process the oxides into metals and alloys to create new high-performance products, many of which are shipped back to the United States in the form of permanent magnets used in products such as wind turbines, hybrid electric vehicle motors, military radar equipment or precision-guided munitions.
Read more here.
By PHIL TAYLOR of Greenwire
Published: July 23, 2010
MOUNTAIN PASS, Calif. -- About an hour's drive southwest of Las Vegas, on a private 2,200-acre desert patch flanked by Clark Mountain and the Mojave National Preserve, lies an idled mine many consider to be a linchpin in the U.S. push for energy independence and national security.
The Mountain Pass mine, once the world's leading producer of "rare earth" minerals used to manufacture cutting-edge weapons and clean energy technologies, shuttered operations here in 2002 after Chinese producers undercut its prices and a series of environmental spills stalled the renewal of state mining permits.
Today, the mine musters a limited production of rare earth oxides from ore mined years ago from a massive open pit hewn from the arid terrain.
But even that material must be shipped to Asian manufacturing plants equipped with the technology and know-how to process the oxides into metals and alloys to create new high-performance products, many of which are shipped back to the United States in the form of permanent magnets used in products such as wind turbines, hybrid electric vehicle motors, military radar equipment or precision-guided munitions.
Read more here.
Wednesday, July 21, 2010
IEA reports China beats US as No.1 oil & energy user
Even with this headline, US financial news networks and traders continue to focus on US inventories as the sole determinant of pricing trends. When will they "get it" and report China useage data?
Page added on July 20, 2010
IEA reports China beats US as No.1 oil & energy user
The IEA reported yesterday that China has now overtaken the US in terms of energy use and is now officially the world’s biggest combined oil and energy user.
The IEA’s chief economist, said “In the year 2000, the US consumed twice as much energy as China, now China consumes more than the US.”
Saudi Arabia, OPEC’s largest oil exporter, for the first time last year sold more oil to China than the US, which for decades had been its most important customer.
The IEA noted yesterday that China had consumed energy equivalent to 2.252 billion tons of oil last year from resources including coals, oil, nuclear, natural gas and water, around five percent more than that of the US, which had been positioned as the largest energy consumer for most of the 20th century.
However the US is still the biggest oil consumer, going through an average of roughly 19 million barrels a day, compared to China’s 9.2 million.
IEA Report is Rejected by China
However, an official with the National Energy Administration (NEA) Zhou Xian today rejected the report by the IEA, stressing that IEA’s data on China’s energy use is unreliable as the nation consumed 2.252 billion tonnes of oil equivalent in 2009, which is only 0.4 percent more than US’s 2.17 billion tonnes.
An NEA official who declined to be named claimed that the IEA and China’s statistic authority collected data from different sources, which had led to the different results.
Page added on July 20, 2010
IEA reports China beats US as No.1 oil & energy user
The IEA reported yesterday that China has now overtaken the US in terms of energy use and is now officially the world’s biggest combined oil and energy user.
The IEA’s chief economist, said “In the year 2000, the US consumed twice as much energy as China, now China consumes more than the US.”
Saudi Arabia, OPEC’s largest oil exporter, for the first time last year sold more oil to China than the US, which for decades had been its most important customer.
The IEA noted yesterday that China had consumed energy equivalent to 2.252 billion tons of oil last year from resources including coals, oil, nuclear, natural gas and water, around five percent more than that of the US, which had been positioned as the largest energy consumer for most of the 20th century.
However the US is still the biggest oil consumer, going through an average of roughly 19 million barrels a day, compared to China’s 9.2 million.
IEA Report is Rejected by China
However, an official with the National Energy Administration (NEA) Zhou Xian today rejected the report by the IEA, stressing that IEA’s data on China’s energy use is unreliable as the nation consumed 2.252 billion tonnes of oil equivalent in 2009, which is only 0.4 percent more than US’s 2.17 billion tonnes.
An NEA official who declined to be named claimed that the IEA and China’s statistic authority collected data from different sources, which had led to the different results.
Saturday, July 17, 2010
Utica shale decline rate steeper than most
At least one institution provided a rather downbeat view of the Utica Shale this week. It will be up to Talisman and a few other majors to perfect their completion techniques so that the Four Horseman of the Utica Shale (QEC, JNX, GMR and ATI) can recover from their steep decline in share prices experienced this year.
Utica shale decline rate steeper than most
Published: Jul 14, 2010
Not promising. That is how the Quebec Utica shale decline rate was described in a July 12 report from Jefferies & Co. The St. Edouard #1A horizontal well operated by Talisman Energy Inc. (NYSE: TLM) is currently flowing about 1.4 MMcf/d after testing 134 days according to Calgary-based Questerre Energy Corp.
“The well averaged 5.3 MMcf/d in its first 30 days, but the decline is steeper than any major shale plays in development. For instance, a Marcellus well with 5.3 MMcf/d first month average rate would be flowing about 2.5 MMcf/d in its fifth month, while comparable Haynesville and Eagle Ford wells would be producing around 2.2-2.3 MMcf/d,” noted the report.
Talisman and Questerre are currently completing operations on the Gentilly No. 2 horizontal well in the St. Lawrence Lowlands, Québec.
Questerre also noted that drilling operations are underway on the next horizontal well, St. Gertrude No. 1, situated roughly 12 km southwest of the Gentilly No. 2 horizontal well. Total measured depth for this well is programmed at 3300m with a 1000m horizontal leg into the middle Utica interval. Subject to final results, Questerre expects the completion will likely include an 8-stage fracture stimulation with results later this year.
Utica shale decline rate steeper than most
Published: Jul 14, 2010
Not promising. That is how the Quebec Utica shale decline rate was described in a July 12 report from Jefferies & Co. The St. Edouard #1A horizontal well operated by Talisman Energy Inc. (NYSE: TLM) is currently flowing about 1.4 MMcf/d after testing 134 days according to Calgary-based Questerre Energy Corp.
“The well averaged 5.3 MMcf/d in its first 30 days, but the decline is steeper than any major shale plays in development. For instance, a Marcellus well with 5.3 MMcf/d first month average rate would be flowing about 2.5 MMcf/d in its fifth month, while comparable Haynesville and Eagle Ford wells would be producing around 2.2-2.3 MMcf/d,” noted the report.
Talisman and Questerre are currently completing operations on the Gentilly No. 2 horizontal well in the St. Lawrence Lowlands, Québec.
Questerre also noted that drilling operations are underway on the next horizontal well, St. Gertrude No. 1, situated roughly 12 km southwest of the Gentilly No. 2 horizontal well. Total measured depth for this well is programmed at 3300m with a 1000m horizontal leg into the middle Utica interval. Subject to final results, Questerre expects the completion will likely include an 8-stage fracture stimulation with results later this year.
Sunday, June 27, 2010
Weekend Reading - Southern Alberta Bakken Basin
http://macq.wir.jp/l.ut?t=1BBTF692C
Notice the first area profiled is the Southern Alberta Bakken Basin. As the author points out, the most prospective area is in Glacier County west of the Cut Bank field. Of course MVW's Red Creek field is in Glacier County and west of the Cut Bank field but nobody has figured that one out yet. MVW is the only Canadian junior in Glacier County......with a $2 million market cap and 3.5 million shares in the float. The ultimate leveraged oil stock of any on the TSX that I can see at the moment. ROSE gives their 2ndQ update in less than 45 days where we will here their progress. MVW not waiting for anyone and drilling a vertical to test the Bakken. Keep that volume low for now as I am still accumulating.
stateside
Notice the first area profiled is the Southern Alberta Bakken Basin. As the author points out, the most prospective area is in Glacier County west of the Cut Bank field. Of course MVW's Red Creek field is in Glacier County and west of the Cut Bank field but nobody has figured that one out yet. MVW is the only Canadian junior in Glacier County......with a $2 million market cap and 3.5 million shares in the float. The ultimate leveraged oil stock of any on the TSX that I can see at the moment. ROSE gives their 2ndQ update in less than 45 days where we will here their progress. MVW not waiting for anyone and drilling a vertical to test the Bakken. Keep that volume low for now as I am still accumulating.
stateside
Sunday, June 13, 2010
Four Horsemen of the Alberta Basin Bakken Oil Play
Hi Friends,
It's been a while since I've had the chance to publish research on the Canadian junior exploration sector and I apologize for that lapse. I'm also the Executive Director of Finance for a major publicly traded media/licensing company and I've been occupied over the last few months with the sale of a large part of the business which I can happily say has now closed. With that being said, I have uncovered a very tight share structure Bakken oil play in an area that is garnering considerable excitement from resource analysts and institutions in both Canada and the U.S. I've called the report "The Four Horsemen of the Southern Alberta Basin Bakken Oil Play" which follows up on two reports I did in 2008 on the Four Horsemen of the Utica Shale and the Four Horsemen of the Maritime Shale. I hope you enjoy reading it and remember....this is just a starting point for your own due diligence:
http://www.statesidereport.com/Mountainview_Energy_June_2010.pdf
I'd also like to call your attention to the activities of Colt Resources (GTP in Canada; COLTF in the US). I brought them to your attention in September last year at $.10 and they are now in the $.35 range. You can find the latest news at the top left of my website linked below. They will be doing a major US promotion starting next month and their high grade tungsten and gold properties look extremely attractive. They recently completed over $2 million in a private placement. Please note I have been retained by them to provide investor awareness services:
http://www.statesidereport.com/
I introduced you to Lovitt Resources in November at $.37 and their share price is in the $.50 range. I recently participated in their private placement and your should hear some news next week on their near-term drilling plans which are targeting high grade gold veins on their Lovitt and then their Matthews property. There are many good links on their website below:
http://www.lovittresources.com/properties/current_projects/matthews/
Finally, after one of my early year favorites Kinetex (KTX) ran from $.17/share when I introduced them to you to $.42 back in April, May and June has not been kind to them as they are now 45 days late in filing their year-end financials and the share price has fallen back to the $.16 range. They are scheduled to release their financials on Monday and I expect them to be strong. If I am right, the share price should start to recover. For those who don't have a position, wait until Tuesday to see what their results look like and if they are as good as I suspect, it would be worth your while to look into them further as long as changes are made at the company. My initial report can be accessed below. Just a note - I have been highly critical of management in a public forum as they have failed to issue their annual financials on time two years in row. This is unacceptable. Before making a new or additional investment in the company, I would wait for
management changes as the current management lacks some of the basic qualities one should expect in a publicly traded company.
http://www.statesidereport.com/Stateside_Report_Holiday_2009_Kinetex.pdf
Thanks as always for reading and have a safe and enjoyable Summer.
Vince "Stateside" Marciano
It's been a while since I've had the chance to publish research on the Canadian junior exploration sector and I apologize for that lapse. I'm also the Executive Director of Finance for a major publicly traded media/licensing company and I've been occupied over the last few months with the sale of a large part of the business which I can happily say has now closed. With that being said, I have uncovered a very tight share structure Bakken oil play in an area that is garnering considerable excitement from resource analysts and institutions in both Canada and the U.S. I've called the report "The Four Horsemen of the Southern Alberta Basin Bakken Oil Play" which follows up on two reports I did in 2008 on the Four Horsemen of the Utica Shale and the Four Horsemen of the Maritime Shale. I hope you enjoy reading it and remember....this is just a starting point for your own due diligence:
http://www.statesidereport.com/Mountainview_Energy_June_2010.pdf
I'd also like to call your attention to the activities of Colt Resources (GTP in Canada; COLTF in the US). I brought them to your attention in September last year at $.10 and they are now in the $.35 range. You can find the latest news at the top left of my website linked below. They will be doing a major US promotion starting next month and their high grade tungsten and gold properties look extremely attractive. They recently completed over $2 million in a private placement. Please note I have been retained by them to provide investor awareness services:
http://www.statesidereport.com/
I introduced you to Lovitt Resources in November at $.37 and their share price is in the $.50 range. I recently participated in their private placement and your should hear some news next week on their near-term drilling plans which are targeting high grade gold veins on their Lovitt and then their Matthews property. There are many good links on their website below:
http://www.lovittresources.com/properties/current_projects/matthews/
Finally, after one of my early year favorites Kinetex (KTX) ran from $.17/share when I introduced them to you to $.42 back in April, May and June has not been kind to them as they are now 45 days late in filing their year-end financials and the share price has fallen back to the $.16 range. They are scheduled to release their financials on Monday and I expect them to be strong. If I am right, the share price should start to recover. For those who don't have a position, wait until Tuesday to see what their results look like and if they are as good as I suspect, it would be worth your while to look into them further as long as changes are made at the company. My initial report can be accessed below. Just a note - I have been highly critical of management in a public forum as they have failed to issue their annual financials on time two years in row. This is unacceptable. Before making a new or additional investment in the company, I would wait for
management changes as the current management lacks some of the basic qualities one should expect in a publicly traded company.
http://www.statesidereport.com/Stateside_Report_Holiday_2009_Kinetex.pdf
Thanks as always for reading and have a safe and enjoyable Summer.
Vince "Stateside" Marciano
Saturday, June 5, 2010
Colt Resources Doing All the Right Things
Colt Resources has been making remarkable progress over the past year. From advancing it's two high grade gold and tungsten projects, to closing subscriptions for $2.1 million this year to taking the steps to make it easier for US investors to purchase it's stock (COLTF - new pink sheet symbol...soon to be on the OTC), Colt has been one of the "go to" junior exploratation stocks over the past 9 months. I brought Colt to your attention in September last year at $.10 per share and the price has climbed steadily to the mid-$.30 level. Quite an achievement considering the stress in the junior exploration market. Keep watching as their is more good news to come over the next few weeks.
Sunday, May 30, 2010
Four Horsemen of the XXXXXXX XXXXXX XXXXXXX
Yes...they're baaaaack. I've identified an oil area play that is just now about to get national attention as two major companies will be releasing vertical/horizontal news over the next few months. There are two Canadian juniors also in this play. One of them has been skyrocketing over the last week as investors realize the potential of their acrerage. Of course the other is an unknown public company (ala Canadian Quantum) that has acreage next door to the discovery well one of the majors drilled late last year. This major hasn't released the results but field operators point to over-pressured, highly saturated oils in 3 formations. This unknown company has only 10 million shares out and a miniscule $1 million market cap. All it needs to jump to $10 million is for it's story to get told. I plan to do that in the next few weeks when I release the 2010 version of the Four Horsemen of the XXXXXX XXXXXXXX XXXXXXXX.
Sunday, May 23, 2010
It's been a while .............................
It's been a while since my last post due to some pretty hectic work commitments lately. Looking at the markets and holding nothing but Canadian junior exploration stocks, being a way from the computer was probably a good thing. It's always hard to hold your shares during these down cycles but if you hold the right stocks, they will be the first to run once the market turns.
I am presently researching 2 companies that are under everyones radar. One is a TSX Venture stock that hasn't traded since 2003 and one is a CNSX stock that is tightly held. The TSX Venture stock will be changing their business model to focus on an emerging oil and gas play and the CNSX stock is a gold/silver play that "appears" to be moving into the energy space as well. I'm trying to confirm some additional details on both of these plays and should be getting out a report in the next few weeks. Both plays currently trade under $.20 and the key will be to get in early. If the energy market stabilizes, both of these plays could reward early investors. More on this as soon as I finish my research.
I am presently researching 2 companies that are under everyones radar. One is a TSX Venture stock that hasn't traded since 2003 and one is a CNSX stock that is tightly held. The TSX Venture stock will be changing their business model to focus on an emerging oil and gas play and the CNSX stock is a gold/silver play that "appears" to be moving into the energy space as well. I'm trying to confirm some additional details on both of these plays and should be getting out a report in the next few weeks. Both plays currently trade under $.20 and the key will be to get in early. If the energy market stabilizes, both of these plays could reward early investors. More on this as soon as I finish my research.
Sunday, April 11, 2010
The oil price is about China....not the US
I always chuckle when I hear the US oil analysts on Bloomberg and CNBC quote the weekly US oil data as the primary price driver. These dinosaurs have never ventured outside of the US and still think the US drives the price. It's all about China.
Read the article here.
SHANGHAI (AP) -- China's passenger car sales jumped 63 percent in March from a year earlier as manufacturers scrambled to meet strong demand driven by tax cuts and government subsidies, a state-affiliated industry group reported Friday.
Passenger car sales rose to 1.26 million vehicles in March, according to the China Association of Automobile Manufacturers.
The figures show sustained growth for automakers in a market that bounced back from a slowdown in late 2008-2009 as the government pumped hundreds of billions of dollars into economic stimulus.
Weak sales in the United States and a surge in car purchases by newly affluent Chinese buyers helped to make this the world's largest auto market last year, when total vehicle sales jumped 45 percent over 2008 to 13.6 million units.
The U.S. market is recovering but cannot match growth in China, where many are still buying their first cars. Demand for bigger cars is growing as families that bought small cars the first time trade up to better, larger vehicles.
Read the article here.
SHANGHAI (AP) -- China's passenger car sales jumped 63 percent in March from a year earlier as manufacturers scrambled to meet strong demand driven by tax cuts and government subsidies, a state-affiliated industry group reported Friday.
Passenger car sales rose to 1.26 million vehicles in March, according to the China Association of Automobile Manufacturers.
The figures show sustained growth for automakers in a market that bounced back from a slowdown in late 2008-2009 as the government pumped hundreds of billions of dollars into economic stimulus.
Weak sales in the United States and a surge in car purchases by newly affluent Chinese buyers helped to make this the world's largest auto market last year, when total vehicle sales jumped 45 percent over 2008 to 13.6 million units.
The U.S. market is recovering but cannot match growth in China, where many are still buying their first cars. Demand for bigger cars is growing as families that bought small cars the first time trade up to better, larger vehicles.
Sunday, March 28, 2010
Update on Lovitt Resources (LRC.V) this week
I brought Lovitt Resources (LRC) to your attention in the 4th quarter last year and it has taken a while for the company to position itself to capitalize on the great opportunity it has in this current gold market. With the closing of their private placement expected this week, I'll be putting out an update on their progress. I would expect that the share price will resume it's climb back over the $1 level as investors get re-acquainted with the near-term potential at hand.
Sunday, March 14, 2010
GATA invited to give testimony at CFTC hearing
GATA invited to give testimony at CFTC hearing
posted on Mar 14, 10 09:34PM
Le Metropole Members,
CFTC invites GATA to speak at March 25 hearing on metals trading
Submitted by cpowell on 09:59AM ET Sunday, March 14, 2010. Section: Daily Dispatches
1p ET Sunday, March 14, 2010
Dear Friend of GATA and Gold (and Silver):
GATA Chairman Bill Murphy was formally invited Friday by the U.S. Commodity Futures Trading Commission to speak at its meeting in Washington on Thursday, March 25, to examine futures and options trading in the precious and base metals markets.
The CFTC's announcement of the hearing can be found here:
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html
GATA's appeal to the CFTC on position limits in the precious metals futures markets can be found here:
http://www.gata.org/node/8405
The CFTC's invitation results from GATA's long prodding of the commission to investigate the anomalies of the precious metals markets, particularly the concentrated short positions held by JPMorgan Chase & Co. and HSBC, and from the prodding done by dozens of GATA supporters who have heeded GATA's requests to contact the commission. The CFTC's hearing likely will be the first time the gold and silver price suppression schemes have been raised at a formal and open U.S. government proceeding.
The CFTC says its hearing will be open to the public and broadcast via the Internet and a listen-only conference call.
GATA has put great effort and expense into reaching the CFTC on this issue and into suing the Federal Reserve in federal court for information the Fed acknowledges concealing about its gold swap agreements with foreign banks, agreements that likely are at the heart of the gold price suppression scheme.
Information about GATA's lawsuit can be found here:
http://www.gata.org/node/8192
We're making good progress, actually doing things to liberate the gold and silver markets, even as the gold mining industry's nominal representative, the World Gold Council, remains silent about anything that really matters to the precious metals despite its annual budget of around $60 million. So again we ask for your financial support. Sending a small delegation to the CFTC hearing will cost money, as will getting the attention of the news media there. Prosecuting the lawsuit against the Fed will cost money. And quite apart from that, much effort and expense go into keeping the precious metals price suppression issue alive every day.
Since they are so vulnerable to their governments (for mining and environmental permits) and their banks (mining being the most capital-intensive business), even mining companies that recognize the gold and silver price suppression scheme are reluctant to support an organization such as GATA that seeks to make trouble for governments and banks. That may explain the World Gold Council's uselessness. For the most part that leaves our cause up to individuals. So if you're inclined to help financially, please visit:
http://www.gata.org/node/16
We'll strive to see that you're glad you helped.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
posted on Mar 14, 10 09:34PM
Le Metropole Members,
CFTC invites GATA to speak at March 25 hearing on metals trading
Submitted by cpowell on 09:59AM ET Sunday, March 14, 2010. Section: Daily Dispatches
1p ET Sunday, March 14, 2010
Dear Friend of GATA and Gold (and Silver):
GATA Chairman Bill Murphy was formally invited Friday by the U.S. Commodity Futures Trading Commission to speak at its meeting in Washington on Thursday, March 25, to examine futures and options trading in the precious and base metals markets.
The CFTC's announcement of the hearing can be found here:
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html
GATA's appeal to the CFTC on position limits in the precious metals futures markets can be found here:
http://www.gata.org/node/8405
The CFTC's invitation results from GATA's long prodding of the commission to investigate the anomalies of the precious metals markets, particularly the concentrated short positions held by JPMorgan Chase & Co. and HSBC, and from the prodding done by dozens of GATA supporters who have heeded GATA's requests to contact the commission. The CFTC's hearing likely will be the first time the gold and silver price suppression schemes have been raised at a formal and open U.S. government proceeding.
The CFTC says its hearing will be open to the public and broadcast via the Internet and a listen-only conference call.
GATA has put great effort and expense into reaching the CFTC on this issue and into suing the Federal Reserve in federal court for information the Fed acknowledges concealing about its gold swap agreements with foreign banks, agreements that likely are at the heart of the gold price suppression scheme.
Information about GATA's lawsuit can be found here:
http://www.gata.org/node/8192
We're making good progress, actually doing things to liberate the gold and silver markets, even as the gold mining industry's nominal representative, the World Gold Council, remains silent about anything that really matters to the precious metals despite its annual budget of around $60 million. So again we ask for your financial support. Sending a small delegation to the CFTC hearing will cost money, as will getting the attention of the news media there. Prosecuting the lawsuit against the Fed will cost money. And quite apart from that, much effort and expense go into keeping the precious metals price suppression issue alive every day.
Since they are so vulnerable to their governments (for mining and environmental permits) and their banks (mining being the most capital-intensive business), even mining companies that recognize the gold and silver price suppression scheme are reluctant to support an organization such as GATA that seeks to make trouble for governments and banks. That may explain the World Gold Council's uselessness. For the most part that leaves our cause up to individuals. So if you're inclined to help financially, please visit:
http://www.gata.org/node/16
We'll strive to see that you're glad you helped.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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