IAM.TO Weekly

You have to wonder how IAM.TO share prices responded to the news that Cote Lake presumably has 9 million ounces.

Either Steve Litwin is the embodiment of 'a hole in the ground with a liar up at the top,' or they presume an imaginary cut-off grade below any measurable quantity with much more gold in the ground than can actually be produced. This was the problem with Osisko, btw. Poor grade controls are THE problem in the gold mining sector aside from calling copper mines gold mines.

If I remember correctly, the Gogama, one of the few undeveloped gold belts left in Canada before IAM bought it out for too much money, was a modest-grade producer in the 1940's before operations ceased because miners went off to war. Domtar owned the property since the late 1940's as a forestry plot. The narrow vein deposits cannot possibly accomodate the kind of dissminated deposit proposed by IAM.

There are two undeveloped and essentially unmined gold belts in Canada. Committee Bay, and La Ronge. La Ronge is by far the more developed but GBN.V is a mere shell company, where they string people along at length and mine at one end and develop at the other. Committee Bay went broke during the financial crisis in 2008 and wiped out investors, including Gold Fields who owned 15% of the company. They re-IPO'd and cannot now raise any money.

An interview with Steve Litwin follows John Ing's comments. I like his glasses and his generally fast-lane looks.

http://scharts.co/10xT40v

-F6