best site for cialis sublingual geriforte syrup discount voucher generic januvia drug when the truth hurts i pop pain pills lyrics bystolic tablets for sale what is viagra made out from where to buy cheap generic prandin detrol pills sweat trental usa cvs prices buy metoclopramide bulk fda max dose abilify diovan hct 320- 25 mg without a script pharmacy buy abana 100 mg keftab generic medication for prednisone kaiser mail order pharmacy oregon generic levitra sale online pill comprar alli original teva amoxicillin 500mg alcohol what types of aceon are there how to get ceftin in australia reactive arthritis duration cheapest drug hydrochlorothiazide trazodone bonus pills abilify 5mg no rx dosage of cialis 20 mg buy ditropan online with out prescription finasteride 5mg buy online what does alliteration show in a poem orlistat 60 mg from india buy levaquin visa lexapro generic date available best time to take nolvadex pct safe buy actonel online ampicillin with out perscription generic seroquel vs brand can you buy diflucan mg prescription cialis jelly perth australia alesse birth control available in canada online hydrochlorot ivax no prescription cheap celebrex prescription lexapro tablets depression amantadine 100 mg capsules does levaquin affect birth control pills buy tenormin have no prescription mexico diclofenac online pharmacy prilosec capsules vs. tablets accutane low dose 5 mg cialis oral jelly review all types leukeran pills licensed pharmacy prilosec dulcolax online usa erythromycin without prescription pills buy cheap erythromycin online resources for blopress robina yasmin paintings sale cialis super active over the counter india revia for men in usa side effects of seroquel xr vs seroquel generic claritin dogs what does calcium carbonate decompose into antivert canadian pharmacy costco online shopping south korea biaxin price buy minomycin australia proventil medicinenet how to use provera and clomid buying inhalers online uk isoptin legal in england para que se usa el trazodone provera generic 2013 drugs geriforte from usa pariet tablets 20mg nitrofurantoin antibiotic class tretinoin 0,05 delivery uk medicine from canada online astelin without script cod overnight fedex zestoretic bonus pills why is there a shortage of bupropion amitriptyline shortage 2012 buy generic keppra online toprol xl prices usa is mail order pletal safe comprar prometrium online glyset for sale uk can you split levitra tablets buy lopid astrailia minocycline buy 50mg carafate suspension 100mg buy seroquel without rx kroger pharmacy newport ky hours costco pharmacy online prices donde comprar viagra en chile mail order generic trandate septic arthritis kamagra canada overnight delivery valtrex drug classification pomegranate juice recipe chicken lipitor dose size where can i get nolvadex and clomid lamisil daily use reviews caverta mg price redustat orlistat medication voltaren pharmacy online levlen by mail order mobic medicine effects aleve medicine arthritis can you get trental over the counter ordering super active 100mg viagra online omifin clomifeno citrato how to get imuran in australia glucophage pharmacy can buy cialis spain xenical drugstore buy canada no prescription for trazodone buy amaryl discount dramamine prescription coupon buy perictrin with out prepcripcion no prescription pariet what is zofran prescribed for prozac side effects hair loss can you get keftab over the counter coversyl plus 5mg side effects allegra tablets price of aleve in canada when will generic allegra be available over the counter overnight pharmacy pariet bactrim 200 mg+40 mg dawkowanie metoclopramide drug schedule tetracycline tablets buy isoptin rx where to get v-gel pct buy depakote us valproate sodium generic drug name for crestor purchase antabuse 500mg order erection packs 1 from where can i buy benicar in canada ceftin for sale australia kamagra pharmacy coupons levitra professional generic equivalent femara how to buy what does crestor look like van you buy atacand canadian prednisone 5mg tab viagra drug in canada pharmacy overnight delivery online prescription amaryl mexican pharmacy no prescription biaxin what does metformin hcl 500 mg tablet look like does viagra work on girls generic eldepryl overnight pharmacy cialis buy usa normal dose of diflucan for yeast infection free or low cost cialis sublingual order provera 120 mg mycelex-g with paypal payment no prescription mentat ds syrup sale long time side effects singulair anastrozole 1mg tab artane discount voucher pamelor online coupon code innopran xl prescription generic keflex usa pharmacy discount risperdal cheap buy deltasone delivery to us compare prices bactrim ultra low dose yasmin mexican pharmacy no prescription bupron sr pharmacies buy amoxil online what does omnicef 300 mg treat cialis dosage 20mg cabgolin from canadian pharmacy gabapentin 100mg neurontin how to take norvasc mg buy online micardis generic purchase lantus cheap ceftin drugs online purchases clomiphene fertility associates best place buy coumadin pct generic viagra uk suppliers why is there a shortage of cytoxan finax prices at costco nizoral spain benadryl no rx new cialis commercial 2010 best ed drug comparison cheap accutane us pharmacy isotretinoin generic cialis trial pack cheap noroxin online australia what are the long term side effects of lithium inferior parietal lobe function viagra online canada pharmacy reviews where is costa allegra has anyone ordered accutane online what is altacet gel buy chloroquine greece trental tablets side effects zetia online ordering buying desyrel buy female viagra usa cefixime antibiotic usage buy erythromycin online reviews is aciphex available over the counter order alavert overnight zithromax dose for chlamydia will aygestin make you gain weight buy himcolin online from usa yasmin australia cost urispas without script cardura 10 mg cost alternative medication to nitrofurantoin order betnovate online in usa risperdal no prescription reviews is orlistat available in canada augmentin duo forte india online apotheke nl bachelor of pharmacy online course slimming tablets uk t5 can take amitriptyline alcohol purchase hydrochloot apo-amiloride 5 mg cheap plavix tablets ranbaxy lipitor generic price can i take viagra and cialis on same day where could i buy synthroid without prescription canadian vpxl buy combivent with no script protonix pas cher italie dutas tablets crestor complications prometrium uk next day delivery brahmi overnight pharmacy where diarex canadian drug pharmacy viagra research grade triamterene citalopram 2 weeks now cefixime without a script levitra from bayer order celebrex 100 mg use zoloft coupon online chances of twins with clomid and metformin eurax rxlist cephalexin monohydrate 250 mg for dogs generic hytrin overnite shipping avodart mail order india glucophage sr 1000 mg side effects generic ciplox overnite shipping cholestoplex online coupon code post cycle therapy asacol retin a micro gel for acne reviews aygestin legal in england order coreg us buy phenergan over counter lotrisone rxlist what is acticin for buspar in croatia extendaquin for sale reviews on remeron xenical sales allopurinol side effects weight gain buy finpecia mg cheap amoxil pills is coreg a prescription drug what are the side effects of zyloprim sale generic coreg guaranteed buy generic lipitor para que sirve glucofage xr 750 mg canada drug generic cialis buy lisinopril mg online for what does betnovate n do actonel from usa pharmacy discount canadian pharmacy cialis professional zentel apteka krako'w vpxl low dose birth control diclofenac sodium side effects uk how long does it take for orlistat to work order cialis super active without prescription prescriptions by mail tricare betapace express canada levitra professional weight gain order diclofenac gel 120 mg aspirin overdose amount genuine atacand 100mg buy oral cefixime order differin online canada order micardis plus tetracycline antibiotics mode of action can your buy professional in ireland levitra online adalat comprar bactroban cream dose finax overnight pharmacy where to buy letrozole ditropan online canadian lotensin where to get rumalaya gel dosage instructions cheap alli buy online unique hoodia best price celexa uk boots what does the drug norvasc do buy aleve overseas canadian drugs online safety prednisolone mg price cortef without a prescription generic ditropan us mail-order cialis soft liv online meds mentat over counter danazol over the counter ampicillin mg order buy cymbalta online at canada pharmacy benemid pills american diovan zetia pas cher flonase nasal spray india buy xalatan buy generic sominex online side effects of phenergan medication rumalaya forte cost without insurance arjuna delivery what is best viagra levitra or cialis generic procardia paypal yagara pharmacy prices list job cipla pharmaceutical company i want to pay some serpina ou acheter le xenical side effects of duphalac safe buy moduretic online micardis without prescription miami why is there a shortage of coumadin zovirax uk brand name can you take minocin daily epivir-hbv medication side effects rx online pharmacy complaints where can i order aricept india exelon price buy acticin approved generic lipitor date prometrium where to buy in canada cipro 1a pharma 100 mg lowest price differin how to buy nizoral shampoo where to buy aspirin cardio list of tesco stores selling medrol buy colchicine online from mexico purchase actos medication online canadian pharmacy cephalexin in the uk now champix dosage times viagra professional birth control online uk where abilify generic premarin foals for sale order caverta online with visa the online drugstore risperdal can you buy cialis jelly in ireland tadalafil online drug what is cialis super active donde comprar actoplus met buy aygestin boots pharmacy what over the counter pill works like viagra what is ditropan 5 mg used for zantac pills sweat what are the side effects of minocycline beat way to order desyrel cheap oral online kamagra jelly 100mg is cytotec an over the counter drug order zoloft on line mexico revia online in us risperdal for daily use canada can you buy brand levitra online renagel no prescription reviews best way to get off pain pills inderal la 60 mg generic cialis in den usa kaufen metoclopramide no prescription needed zoloft non perscription countries nolvadex generic online discount code for wellbutrin most effective depression and anxiety medication medrol dose pack generic name drinking alcohol while taking prednisone naproxen dosage period pain tetracycline pregnancy category buy atorvastatin canada flovent sold over counter no prescription ralista sale why is there a shortage of tamoxifen cheap fosamax pills toronto drug store delivery brand suhagra for sale cialis super active discount voucher generic for actoplus met 15 880 what are the symptoms of anxiety floxin online usa no prescription cost of zyban in nz purchase generic levitra professional bupropion without rx cytoxan pill shop discount code vermox to buy in australia buy terramycin with no rx where can i buy kamagra in london discount ordering ed drugs online buy hoodia pills uk erythromycin ethylsuccinate 125mg best pain meds for fibromyalgia half price olanzapine purchase alli on line in uk what is lamictal for anxiety what is the best viagra cialis or levitra buy abilify 3 pharmacy indian pharmacy voveran sr allegra prescription medicine toradol medicinenet phexin tablets side effects hoodia echeck flomax online in uk lipitor rx assistance voveran costco inderal weight gain depression venda alli internet justice can you buy cialis in mexico famvir where to purchase buy cheap nexium pills suprax medication uses canadian drug regulatory agency buy dapoxetine in canada silagra online ordering diovan tablets high blood pressure himcocid drugstore.com buy amoxil bencard discount prednisone over counter alternative is yaz better than levlen can you get high from snorting abilify buying viagra in italy abilify for sale uk abilify fast usa levitra in polen kaufen fucidin h to buy can we trust ciplox online gasex online uk buy cardura inhaler canada ventolin inhaler pharmacy purchase generic for estrace cream .01 alesse missed 3 pills viagra for sale online cheap side effects of lisinopril 10 mg tablets canadian alesse prescription pills lanoxin discount voucher ocella generic for yasmin where can i get some antabuse does generic wellbutrin cause weight gain can you buy ginette-35 in ireland negative side effects of propecia westhroid buy online sertralina de 50 mg efectos secundarios levaquin no rx purchase remeron without prescription research grade rumalaya forte to buy alli in uk innopran pills buy how to use vasotec risperdal medication what are the side effects of bupropion sr comprar trileptal portugal emsam mg price shallaki generic reviews online generic flovent meloxicam tablets 15 mg non persciption astelin can you take revia daily cefixime for men in usa is it illegal to order generic adalat glycomet prix en pharmacie en france botanical herbal slimming tablets lincocin limited india acai and lemon detox liquid review buy serophene online overnight cymbalta weight loss brand levitra sale cialis discount zocor discount card buy estrace from canada motorcycle insurance comparison how much will lamictal cost tegretol canadian pharmacy ventolin salbutamol dosage children craigslist usa search engine pariet discount zollinger ellison syndrome best generic acivir pills sites can order voveran online furosemide without prescriptions effexor xr 75mg generic unisom sleep aid wiki estrace prices what is promethazine hcl 25mg the online drugstore leukeran valtrex order in the us ditropan over counter uk overseas pharmacy no prescription myambutol discount generic propecia prescription anti anxiety medication is allegra over the counter drug antihistamine can betnovate n used face amaryl noprescrition needed canada online pharmacy is there a generic drug for zoloft generic cialis super active canada how much does accutane cost in canada without insurance canadian licensing exam medicine order saw palmetto cheap how many mg of seroquel does it take to overdose diovan hct generic date lopressor supplier in uk cost of himalaya speman discount canadian pharmacy rumalaya silagra discount medications hytrin online in us is it safe to take keflex during pregnancy imuran order canada maxalt legal us xenical india price where can i buy accutane isotretinoin buy unisom no prescription fast delivery where can i buy betnovate ointment xenical for purchase nolvadex for sale cheap emsam dosage recommended what is actos drug suprax coupon code bupron sr lawsuit canada purchase actos ventolin drugs online purchases walgreens pharmacy online store generic plavix news can you buy unique hoodia at walmart is synthroid available over the counter canada buy benicar without prescription medicine ventolin inhaler where can i buy viagra in dublin zoloft weight gain why canadian pharmacy erection packs 6 levitra safe buy viagra online buy erythromycin antibiotic prescription ilosone buy arimidex 20 taking viagra and cialis together propranolol for sale online ditropan dosage hyperhidrosis can buy voveran online buy zyvox inhaler canada selegiline dosage adhd cardizem now co uk side effects of lamictal xr unisom 25 mg kullananlar augmentin duo forte what is it used for compare prices brand amoxil order finasteride 5mg side effects of long term use of bupropion prescription cephalexin 500 mg accutane hair loss women lamisil complications fast brand cialis delivery is there a generic for vytorin 10/40 india prevacid price where can i buy terramycin in canada best place to buy vardenafil where is benicar made is canadian pharmacy real safest medication for anxiety during pregnancy buy hydrochlorothiazide paypal accepted claritin in croatia wellbutrin sr 100mg twice a day what is the difference between viagra and nizagara where to get brand advair diskus pct domperidone for lactating mares ketoconazole cream side effects what is maxaman used for all types aristocort pills fast suprax deleviery buying ciplox using paypal billig prevacid online kaufen differin cost without insurance doxycycline price south africa generic drug for altace hydrochlorothiazide no prescription online maximum dose decadron im sildenafil side effects+pulmonary hypertension over the counter medicine that acts as midamor actos 45mg tablet what is tadapox pills used for buy cheap retino a cream 0,05 buy monistate online zyrtec usada calan tablets eutroxsig thyroxine tablets side effects quickest maxalt buy phenergan online india tesco-online-pharmacy does gabapentin 600 get you high shuddha guggulu price india gasex dosage for dogs western drug trimox buy generic albendazole with bonus flomax order by phone brahmi bonus pills dosis del aciclovir en adultos pariet online in us purchase retino a cream 0,05 cheap pilex tab mupirocin ointment usp 2 diaper rash ditropan price india fluoxetine sale uk buy diflucan online cheap prescription avalide shortage 2011 styplon canadian pharmacy what is the proper dosage of aleve roxithromycin 100 review is strattera available in australia buy pletal tablets online buy tadacip without rx hoodia pills canada where to buy terramycin for chickens precio de lamisil en mexico cefixime tablets dosage aldactone 20 mg viagra in singapore forum buy malegra dxt pills ventolin sale drugs can you drink alcohol on isotretinoin benicar pills sweat can you get high off zoloft 50mg buy seroquel capsules what is requip made of decadron dosage for children coumadin express canada order albendazole from australia without prescription acaitrim maximum acai reviews accutane usa cvs prices albendazole side effects liver generic hyaluronic acid safe phenergan now cheap original viagra buy xenical online reviews is viagra available over the counter in dubai entocort and alcohol use pharmacy business for sale in usa can allegra d cause weight gain donde comprar nizoral shampoo mexico buy cheap inderal online evista film tablet 60 mg 28 tb buy keppra 100mg online dosis pediatrica de aciclovir premarin cream india sandoz fexofenadine tablets fucidin h ointment discontinued purchase isoniazid online procardia generic for lowest price lozol usa drugstore review cialis super active express canada can kids take benadryl pills generic amitriptyline paypal how many dramamine does it take to hallucinate sominex for dogs buy retail price coumadin is haldol available over the counter keftab generic reviews there generic purinethol can i order strattera online tetracycline uses skin cheap mentax uk purchase generic requip generic cialis in germany drug store buy hyzaar with visa pharmacy no prescription online buy ampicillin pills in the uk best online pharmacy generic minomycin shelf life of cipro tablets pramipexole uk buy best price celexa asacol hd 800 mg price aciclovir tablets 200mg used buy synthroid online india no prescription where can i buy trimethoprim pharmacy generic what does mean in italian allegra baby names how to buy periactin online protonix tablets 150 mg safe place order ralista best blood pressure medication for runners which uk site to buy anacin zestril purchase in canada no prescription donepezil normal dosage digoxin for sale usa purchasing zyvox online uk cheap alphagan buy online viagra generico raloxifene hydrochloride cost where to buy cheap generic dipyridamole pariet package insert requip withdrawal symptoms omifin same clomid non prescription risperdal pharmacy xenical drug class trandate looking for what does ceftin do online pharmacy uk alavert vpxl pharmacy order cozaar pills best site to buy evecare buy isoptin no prescription fast delivery ordering shipping buy altace cialis 60 mg beat way to order grifulvin v midamor reviews and dosage paxil generic cost kamagra oral jelly overnight shipping cheap prescription solutions formulary drug list getting acticin in australia american lipothin online candian rx order depression medication online levothroid 40 mg pharmacy how much will inderal cost zanaflex maximum dosage american adalat cipro and alcohol side effects where is chewable motrin propranolol tablets for purchase viagra pfizer for sale cheap brand viagra online lithium uk buy terbinafine tablets online retino a 0.05 wrinkles calcium carbonate rxlist order trileptal online no prescription with a amex cialis 2.5 mg cost diovan hct 320mg 25mg tablets topamax side effects tingling hands and feet cephalexin pills side effects para que serve o medicamento sertralina 50mg chloroquine prescription coupon 1 05 tretinoin where can i buy unisom purchasing brand amoxil online uk mentat ds syrup brand positioning evista drug canadian pharmacy increase thyroxine in pregnancy can you take ceftin for uti cheapest aceon to buy nitrofurantoin tablets online cheap adalat uk buy amitriptyline 20 buy tretinoin 0.025 minomycin prices at costco best site to buy reminyl viagra plus pill shortage flomax without a prescription from australia natural arthritis treatment comprar purinethol original arava desert agriculture uroxatral on line no script clavamox 500 amoxicillin clavulanic acid can you buy prograf over the counter cheap amoxil per pill generic viagara pill genuine nolvadex 100mg mirapex side effects mayo clinic how much will voveran sr cost cost of shuddha guggulu cheap us overnight aceon online discount hydrea nexium prescription herbal research grade doxycycline seroquel prices cvs generic chloramphenicol uk paypal is there a difference between synthroid and levothyroxine buy augmentin cheap amoxicillin clavulanate to buy tadapox in uk buy zithromax online from india dipyridamole mg tablet solicitud de cvs pharmacy puerto rico mobic pharmacies which uk site to buy flagyl er where can i get retin-a 0,05 pills trimox pills sweat buy genuine benzac uk azithromycin dosage for chlamydia and gonorrhea where purchase famvir bupropion hcl xl 150 mg tablets clonidine sold over counter augmentin tablets dosage for children health canada mestinon isoniazid 100mg cheep calan mg canadian rx where to buy strattera online usa digoxin lowest price 5 mg bystolic weight gain can you buy himcolin in ireland differin in italia indian advair diskus crestor tablets alcohol online pharmacy retin-a ge baclofen drugs similar altace buy without flovent barato how safe are online ed drugs can buy tulasi online zyrtec pills sweat buy benicar online no prescription united states how much viagra should i take if i don;t need it cost of generic effexor xr discount aciclovir in the uk now buy propranolol paypal accepted over the counter antibiotic ointment finpecia best price zebeta brands india research grade silagra use zentel medicine oxytrol spain ordering super active levitra online viagra in canada gasex 2012 bali can you buy augmentin thalidomide acivir pills next day delivery trileptal by mail how to buy nexium cheap over counter abana cafergot online ordering kamagra jelly mit paypal bezahlen cheap tadalis sx 40 mg snovitra super power from usa zestril uk brand name legal buy sarafem online canada citalopram com and cannabis lexapro no prescription needed canadian online pharmacy healthy mango chutney discount clomiphene pharmacy western drug zebeta ampicillin 500mg vial doxycycline hyclate rx buy reminyl visa best pharmacy to order cialis soft lowest price starlix what is the cpt code for depo provera reviews on sominex comprar rogaine 2 original en madrid retin-a generic brand where can i buy liverpool fc tickets innopran medication overnight delivery best way to get high off codeine pills levitra professional direct pharmacy indian generics online rumalaya generic drugs no prescription needed provera not generic alli availability usa lisinopril 2.5mg tablets can you buy nitroglycerin ointment over counter cost of clomid out of pocket buy motrin hong kong celexa delivery what are cephalexin pills for alli weight loss coupon 2012 canada drugs vipps phone in order for ginette-35 chloramphenicol for men sale in uk fluoxetine dosage instructions iv furosemide shortage what is effexor xr mg used to treat colchicine discontinued fda shelf life of prednisolone tablets methotrexate without rx vpxl price india hoodia max dose where is chuck norris mexico pharmacy order online can i buy viagra in germany tricor medication order clarithromycin uses genuine kamagra buy prometrium order canada buyers of bactrim canada can you split amitriptyline pills plavix weight gain can you buy primatene mist in canada long term safety of propecia washington low income housing alliance on facebook movement buy diclofenac gel india unisom echeck without a script buy allegra 30mg 120mg 180mg buy doxycycline with paypal ethionamide canada head office buy domperidone paypal buy norvasc online overnight atorlip-5 online cheap discount pharmacy paris maxaman canada prescription mexican pharmacies that ship cordarone medication dose start trimox uk next day delivery how quickly does viagra work hour compare prices ephedraxin finasteride 5 mg tablet tev is there a generic for proventil hfa eurax without prescription miami can you buy albendazole over counter online costo levitra da 10 mg kamagra from mexico what is anacin used for periactin shelf life dapoxetine spain over counter kamagra oral jelly user reviews india florinef price prograf generic for online pharmacy no prescription phentermine effexor xr generic cheap costs lithium shop net can you buy paypal haridra online cymbalta 60 mg discount card furosemide generic uk what is ashwagandha leaves bayer aspirin usa buy crestor lowest price price increase singulair where do i lasix in mexico buy seroquel paypal accepted saw palmetto tablets uses max mendez salazar cost of provera in canada buy forzest bulk adalat discounts codes buy antivert in ireland side effects of albendazole 400 mg over the counter antibiotic cream australia canadian pet meds online buy diamox uk pharmacy buy minocin mr estrace legal us buy retin-a 0,025 in india online acne medication aldactone piroxicam generic feldene bactrim ordering information without rx albendazole india companies only diamox dose altitude sickness prevention cigna mail order pharmacy address cleocin shortage 2012 can i buy yeast infection pills over the counter genuine azulfidine best price micronase tablets 150 mg is zentel available in the uk provera cheapest rate buy online reviews accutane no prescription what is levitra professional mg used to treat lipitor worldwide sales 2008 super kamagra uk next day delivery promethazine dosage for 6 year old universal drugstore canada complaints non persciption buspar clomid ovulation test positive can buy chloramphenicol over counter dove acquistare viagra senza ricetta in italia tamoxifen side effects liver stromectol tablets purchase on line noroxin side effects skin inderal order on web buy cialis viagra canada costco pharmacy amoxil price beconase aq from india lisinopril hctz 20 12.5 mg tablets side effects zovirax brand positioning donde comprar viagra en miami does alegra d effect man arosal side effects long-term usage of doxycycline cozaar overnight delivery buy generic cytotec without prescription canada what is the difference between ditropan and ditropan xl valtrex order by phone pariet refills can voltaren get you high i pill wellbutrin sr website cialis 5mg in canada misoprostol abortion directions order non generic dilantin viagra in hong kong watsons how much will glucophage cost canada pharmacies online that sell doxycycline micronase drug oversea free viagra samples uk buy hyaluronic acid online overnight valtrex online sales buy singulair 40 what is crestor taken for buy aciclovir in uk best online pharmacy generic hydrochlorothiazide lisinopril generic side effects discount code for actos cheap suhagra clonidine reviews natural viagra men india ginseng sale ontario crestor from canada ultra low dose ciplox what are the awp and ndc of ranbaxy pharmaceuticals doxycycline monohydrate 100 mg what is pamelor side effects canadian pharmacy generic lexapro buy online triamterene generic can you crush plavix tablets buy atorlip-20 in singapore buy viagra uk online paypal brand viagra coupon code buy amoxicillin without prescription decadron online in us what is the side effect of atacand plus urispas canada overnight delivery reputable online vet pharmacy lipitor 10 mg 90 film tablet promethazine pill canadian buy trileptal capsules crestor discount no prescription what is flagyl for buy extendaquin mg bupropion suppliers overseas cheap buspar free delivery trazodone prescription assistance viagra for sale in the uk reviews on glycomet where to buy albuterol sulfate lotrisone now is evista available in generic form costo augmentin con ricetta acheter acivir pills pas cher prednisone steroid burst sertraline reviews drugs.com how to purchase lotrisone online mail-order etodolac what is doxycycline hyclate tablets used for paxil canadian pharmacy where do i buy flying mounts alliance buy over the counter aricept online erythromycin buy india where beconase aq pharmacy has best price lioresal retin-a 0,025 without script cleocin on ebay elavil withdrawal symptoms itching buy propranolol online no prescription canada phone in order for dilantin buying xenical over the counter nombre generico de lozol buy phenamax mg inderal 80 mg uses purchase lithium stocks remedio crestor mais barato clomid 100mg days 5;9 success stories cialis information side effects cheap kamagra uk thanksgiving can you buy depo provera over the counter clozaril cost canadian valid vardenafil tablets ethionamide online pharmacy shipped to canada online dostinex overnight delivery clonidine street prices pharmacy near melville ny buy cheap lipothin using pay pal diamox order by phone order viagra in uk levitra plus now co uk zetia how to buy olanzapine from india 1 sundrugstore premarin without pres buy exelon in india online buy cytotec in manila warfarin overdose elderly list of prescription pills that get you high stromectol ships from india tamoxifen mg order what is hydrea used for silagra now buy aciclovir mg online for glucotrol xl perth australia kamagra cialis uk orlistat generic reviews prescription lamisil generic buy online propranolol generic thyroxine binding globulin normal range triamterene reviews buy alli cheapest approved como comprar norvasc north indian pharmacy reviews fucidin h cream on face pill rx health order advair diskus products non persciption lisinopril canadian pharmacy professional pill levitra online generic diabecon cost what drug category is amitriptyline diclofenac delivery relaxant benadryl over counter ireland online pharmacy uk nolvadex brand viagra phone orders where to buy permethrin spray midamor over counter how to take keflex for acne sotalex 80 mg mite prescription drugs insurance plans canada brahmi oil overnight brand levitra pas cher aldactone prix en pharmacie en france clomid ovulation no period internet drugstore mobic dose for dogs viagra soft pill shortage can i buy metronidazole cream over the counter best place buy adalat pct what does tegretol look like topamax canada sale viagra super active store toradol medicine dose fertomid no prescription compare prices what is the cost of testosterone therapy cvs pharmacy technician application online what is alli simpson middle name zyban prescription only allopurinol drugstore com 100mg latest news on actos lawsuit asacol discount voucher mircette 5mg tablets strattera bonus pills rimadyl side effects bleeding actoplus met medication online elevated liver enzymes birth control pills online generic revia buy cordarone 100mg online aristocort overnight canadian viagra online master card taking valtrex before delivery illegal prescription drug sales viagra for men online what does orange juice say to allegra vipps canada my cialis sublingual coupons where can i get some dipyridamole asthma medication copd advair diskus participating pharmacies for lipitor $4 copay card cheap online pharmacy no prescription needed order calan lowest price what is a brand name of sildenafil citrate buy tegretol with visa lipothin prices minocin capsules acne retin-a ge online forum fast vermox delivery full alli weight loss samples with free shipping gout attack treatment allopurinol where do i silagra in usa half price evista cialis profecional famarcias promathazine where to buy lowest price evista is it illegal to order viagra from canada serevent results forum comprar lotrisone online remeron doctors online buy calcium carbonate melbourne samples approved viagra is there a generic drug for aricept remeron dose for appetite stimulation is it safe to order eldepryl ajanta pharma philippines inc purchase tricor in usa elocon ordering no prescription viagra acheter en ligne viagra coupons printable cvs non prescription himcocid pharmacy tofranil online sales cystone buy online ireland buy coreg cr canada pharmacies accutane australia united himcocid without a prescription buy sustiva online fast alavert deleviery generic avodart available where to buy estrogen pills the chepest bystolic pharmaceutical society cpd buying finasteride thailand what drug category is claritin albuterol sulfate syrup uses ephedraxin usa sale antibiotic ciprofloxacin pregnancy cost of generic flomax brand viagra side effects uk get tretinoin 0,05 las vegas pharmacies in buy alphagan canadian clomiphene citrate 50 mg dosage propecia overnight delivery viagra prescription benzac 5 gel onde comprar how to buy accutane cheap best confido prices glyset pill shortage how much will brand cialis cost celebrex tablets arthritis order combivent online no prescription dostinex comments patient cheapest himcolin order cytotec tablets purchase propranolol in australia buying retin-a 0,05 in manchester motilium medicines.ie trental 40 mg generic lotensin usa ciprofloxacina 500 mg prospecto alphagan usa hydromorphone conversion to oxycodone is there an over the counter medicine similar to celebrex buy brand viagra next day does plavix have a generic brand lowest priced imitrex cialis genuine what is artane for billig tegretol online kaufen orlistat cheap india pharmacy best place buy cialis online forum thyroxine dosage in pregnancy canadian prescription drugs with paypal bactrim non perscription countries how to take zovirax pills zyvox precio mexico meclizine canadian medications without prescription trazodone for sleep without a pre buy tulasi mala online craigslist new york sublet apartment order diclofenac gel pill online hoodia purchase atarax 10 mg tablet order repeat prescriptions online buy generic kamagra gold with bonus depakote canadian medications without prescription beat way to order brand cialis clomid side effects clomid success rate olanzapine teva 15 mg billig hydrochlorothiazide online kaufen where to buy synthroid online in canada herbal ed pills australia overdosing on trazodone symptoms atorvastatin dosage and administration strattera online from india buy without doctor accutane online amaryl medication where to buy omnicef cheap canada pharmacy vasodilan cheap uk pet antibiotics online non prescription florinef dogs buy revia overseas cholestoplex to buy in england where to buy probalan better than singulair cialis for daily use cheap purchasing fincar online uk amantadine canada head office serophene 100 review glucophage pharmaceutical company purchasing venlor online uk predisone online without prescription buy kamagra gold mg online should aspirin be discontinued before coronary artery bypass surgery comprar benicar anlo no prescription buy levothroid full clomiphene side effects baby vardenafil hcl 20mg tab cost use premarin coupon online flagyl over counter prix officiel cialis france glucosamine and warfarin drug interactions how long does it take for flomax to kick in walmart generic prilosec otc aciphex discount voucher viagra super active where to purchase pletal without prescription miami how much does levaquin cost canada pharmacy primatene mist abilify 5 mg tabletten order aricept canada terramycin dosage administration como comprar coumadin quanto costa il cialis originale in farmacia desyrel comprar what is rosuvastatin ca ventolin tablets 2mg what is clomid used for in pct procardia prescription coupon inexpensive 150 mg viagra why has clonidine been discontinued buy over the counter avalide online tetracycline 500 mg cost motrin infantil 20 mg generic nexium for sale on line lioresal with paypal payment low level pvp vendor alliance world of warcraft online casodex india tamoxifen no prescription compare prices ventolin inhaler dosage child the canadian rx drugs review buy online bupron sr generic chloramphenicol dose iv cardura medicine children flomax to buy from europe what is orlistat 60mg is prevacid over the counter zithromax prices walmart paroxetine in italia online pain medication no prescription tinidazole giardiasis dosage long term side effects of abana reglan without food milk origin acai 1000 mg softgels where can i buy testosterone gel tadapox by mail abilify mg price grifulvin v online drugs amaryl tablets diabetes hydrocortisone on face rash how to take bupron sr mg cardura prices cvs zanaflex store buy periactin online at canada pharmacy buy celadrin online zenegra generic cheap costs what is voveran sr pills used for cheap metoclopramide pills prescription generic where can i buy lantus insulin cheap vermox only prescription needed where to buy septilin drugs online tadalafil cheapest online price india where to hyaluronic acid buy brand levitra 20 paroxetine coupon code is it illegal to order generic seroquel order levitra leading cheap flagyl syrup dosage children kamagra cheap canada pharmacy ciplactin research grade artane combivent medication online florinef mail order order generic claritin ordering achiphex from canada can you get high off maxalt ranking of us pharmacy schools canadian pharmacy celebrex what is lasix tablets for metformin from canada levitra super active dosage cipro tablets 150 mg american lasix is wellbutrin licensed in the uk bupropion prescription cost lukol lawsuit online pet meds reviews how to get keppra on line how to use flonase for ear congestion purchase flagyl 500mg para que sirve la sertralina 50 mg snorting lidocaine powder bactroban over the counter uk buy triamterene online with mastercard prazosin medicine children proscar us pharmacy methotrexate injections and alcohol order viagra on line usa isoniazid costco prazosin results forum where to get acivir pills pct buy requip mexican pharmacies nexium 40mg sale very cheap torsemide how to use eulexin brand cialis uk sale lamisil pharmacy online lopressor iv max dose cephalexin in the uk can clomid bring menopause buy tricor paypal accepted can you buy allegra d over the counter online how long does it take for avapro to take effect urispas for men in usa 2mg canada buy abilify online ibuprofen lysine boots best site get acticin flomax pill shortage procardia xl sales abilify over the counter uk where to buy sambazon frozen acai ranitidine 150 mg tablet used for what are the side effects of mobic medicine motrin with no perscription how much does danazol cost side effects of doxycycline keftab rx where to buy protonix ointment buy voveran sr usa want to buy super generic viagra with e-check periactin in italia atarax side effects adults cialis lilly 20mg what type of blood pressure medicine is diovan how long does it take for lisinopril hydrochlorothiazide to work acheter pas cher viagra plus glucophage 850 mg information calan western australia what does triamterene-hctz 37.5-25 look like order lisinopril pill ordering low dose albenza donde comprar pastillas xenical viagra in canada cheap india procardia price lamisil tablets 250 mg long should take clomid post cycle sumycin drug classification diclofenac gel 20 mg non persciption keftab buy cymbalta cheap online lipothin drugs online purchases bactrim antibiotic dosage cephalexin online overnight glucotrol xl shortage 2012 pletal uk brand name generic doxycycline uk kytril online ordering ambien 10mg not working ultimate acai in the uk etodolac cost in canada voveran sr online pharmacy uk how to by brahmi online increasing function of x propranolol cost comparison generic kamagra gold us cost of antivert risperdal rx can you get zantac for babies over the counter side effects of bupropion hcl 100mg premarin from the uk furosemide 40 mg coupons what is ginseng made of toradol buy canada bupron sr where can i buy it purchase pariet lowest price generic gel viagra online 100mg what does diclofenac sodium tablets look like buy actoplus met online india no prescription buy premarin online india citrato de sildenafila generico e' bom lisinopril canada overnight delivery buy online no rx order abilify clozaril.com free coupon for hydrochlorothiazide order vasotec 120 mg generic uk paypal noroxin buy duetact online pharmacy brand name acivir pills online accutane forum indian online pharmacy online pharmacy no prescription prozac apo salvent overdose furosemide medication side effects cheap metformin 500mg tablets what does an allegra pill look like voveran low dose birth control order plavix 75mg online purchase female viagra pills is viagra free with a prescription diovan hct max dose retin-a 0,05 results forum waheed alli lord hunch buy tramadol for dogs uk arimidex comprar buy cipro bulk propecia generico espan~a 2012 voltaren 50mg tablets which uk site to buy zyprexa acheter alesse pas cher zovirax canada pharmacy safe use betnovate pregnancy artane suppositories buy cardizem online in usa tamoxifen birth control online india mometasone furoate ointment usp elocon ointment how to take elavil glucophage australia price generic januvia us purchase cheap online generic vermox which uk site to buy baclofen where to get acai berries in ireland where can i buy metronidazole or tinidazole overnight cialis delivery prednisone for dogs no prescription mobic free shipping order stromectol online in usa erexor australia price buy viagra uk forum what is promethazine codeine syrup for como comprar tadacip how to buy cialis professional in london mail order chloramphenicol natural alternative to doxycycline cheap diclofenac gel body building clomid calculator tool purchasing apcalis sx online levitra plus prices at costco tegretol online pay paypal generic sildenafil citrate 50mg can you only get sominex on prescription what does allegra allergy buying finpecia using paypal cephalexin pills online in the india toprol xl 10 mg prevacid where to get buy online tulasi generic norvasc from europe para que se usa suprax buy propecia cheapest cozaar mail order generic cialis free shipping what types of suprax are there where do i buy eldepryl vipro lifescience ahmedabad can order anacin canada uk drugs reform get dramamine las vegas priligy dapoxetine australia ?? blopress tablets 8 mg purple pharmacy mexico price list acheter pas cher lanoxin difference between viagra levitra cialis what is lithium drugs used for use flovent coupon online clomid mg price lotrisone prices ponstel generic reviews diamox for purchase no rx dapoxetine online lisinopril price in india cialis phone unisom without a prescription prograf echeck cheap singulair 5mg decadron on line purchase should healthy man take viagra buying fincar nizoral 100 mg worldwide pharmacy antivert normal warfarin dosage alesse generic version of what organic pomegranate seed extract wellbutrin xl 150 mg prices generic from avalide can you buy levitra online can you get pregnant while taking methotrexate ciprofloxacin over the counter drug buy elimite online at canada pharmacy what is the drug revia used for carbozyne legal in england viagra generics online prednisone dosage 4 pills cephalexin purchase floxin otic ear drops cost singulair 4mg tablets side effects quantas gotas de atrovent devo usar better than antabuse is generic brand amoxil effective compare claritin prices can you take 20mg cialis daily buy diakof boots why has nizoral been discontinued discover card bath lipitor generic name buy promethazine hong kong forum buy flonase online fedex buy levitra plus in australia styplon for dogs buy colospa without a prescription what are the side effects of prilosec otc buy tretinoin tablets us florida innopran xl buy retino-a cream 0,025 with paypal brahmi amla oil reviews alphagan pharmacy order how much does allegra cost at target how to by brand cialis online brand amoxil online uk acivir pills discount medications buy venlor for daily use aricept and drinking alcohol target pharmacy zocor compazine generic cost can i get prilosec how to take zofran ashwagandha lawsuit buy benadryl australia buy zovirax online no prescription united states order tretinoin generic clozaril drug kroger pharmacy 4 dollar list arimidex tablets us online buy zoloft online cheap triamterene hctz generic drug biaxin phone orders cyklokapron tablets pay by check online where can you buy birth control pills online cytotec tablets 40mg order aleve canada pharmacy rx online zocor vs generic simvastatin online canadian drugshop.com generic baclofen in i pill tricor website where can i get prandin proscar online bestellen rezeptfrei maximum dosage of benadryl for a dog robaxin drug in fr pharmacy natural viagra plus topup micardis hct coupons what is the maximum dose of haldol decanoate adalat for purchase what is nitrofurantoin pills used for where zyvox what does teva-hydrochlorothiazide do lexapro weight loss after stopping tadalafil review forum drug acivir pills lawsuit settlements best site get prednisolone permethrin spray for horses what is the function of the right parietal lobe order coversyl 4mg effexor xr ships from india low dose pravachol pharmacy 4u code lov cost cabgolin best place buy deltasone resources for antivert unisom online cheap alli diet pill coupon printable can you order arjuna hyperbole and a half allie brosh depression where to buy yasminiq best place buy digoxin zithromax 100 mg 5 ml us pharmacy online femara purchase mexitil cheap metronidazole flagyl antibiotic infections india kamagra gold price albuterol sulfate oral uses furosemide next day shipping western drug bupropion
Saturday, November 29, 2014
   
Text Size

Search our Site or Google

Selection Criteria For Precious Metals Mining Companies: A tutorial

The Education Vault - Mining Investment Information

User Rating: / 26
PoorBest 

Written by Brian Boutilier 16 Oct 2010

With silver and gold price ascending, there is a literal jungle of both established, and new precious metals mining companies to choose from.  How can a beginning investor organize all this information?  How can we sift through the myriad of gold and silver companies in the hope of finding a good prospect?  What defines and distinguishes the fundamentally sound companies?

In Part I of this series, Jeff Nielson introduced novice investors to this sector to some of the basic metrics we use to do a preliminary evaluation of these companies. I followed this by introducing criteria for a “screening processwith these companies.  In Part II, Jeff delved more deeply into the data/facts on these companies, focusing on “producers” and “near-term producers”.  In Part III, Jeff described how to evaluate earlier stage exploration and advancement type companies.

I will follow Jeff’s article, by doing a hands-on “tutorial”, where we apply selection methodology to a real-life company.  For clarity, I will begin by outlining the selection process. Then, I will illustrate that process by conducting an analysis of Trade Winds Ventures, a gold-exploration company.  In doing so, I hope to provide investors with a bit more structure, and some practice at selecting companies with latent shareholder value.

Selection Criterion Outline

I. Abstract

Selection: Having already screened through various companies, we now need to look in greater detail, beyond the abstract. Gain a sense of the development of the company. Where are these companies in the lifecycle of a mine in relation to its various phases?

Discussion: Is the property at the stage of New Discovery>Resource Definition>Preliminary Economic Assessment/Pre-Feasibility> Feasibility Study> Permitting/Construction> (or finally) a Production Phase project? The stock price may vary according to these stages, but buyer-beware, it’s not a linear relationship.   It’s not enough to find a good company; we must do so at a good time.

II. Stock Symbols

Selection: Is the company listed on the larger exchanges? Is there robust trading for the stock?

Discussion: Is the company listed on the Toronto Main Exchange vs. Toronto Venture, and or the NYSE/AMEX vs. OTC or “pink-sheets”? The main exchanges are more stringent in their listing criteria, so the company should be stronger, and forced to be more honest and straightforward in their communications. Is there robust trading? With  “pink-sheets” and “OTC” listed stocks, they often don’t trade for days at a time. This means that with some of the smaller exchanges it can be difficult to get in/out of a position.

III. Share Structure

Selection: What is the level of dilution, relative to the overall share count?  What is the fully diluted number of shares on the market?  Is there value here for investors at the current price?  What percentage is owned by the corporation, and is there any insider trading?

Discussion:  Unless there is a good “Investors” section on the website, we need to dig into the financial results, and actually find the share structure.  Are there Senior Notes, Warrants or Options? What are they priced at and when are they due? What is the true, fully-diluted capitalization? Below 100M, 100-300M or 300+. How does that relate to the share price, and is there a sense of this company being undervalued?

IV. Projects

Selection: Are the projects in prospective areas? At what stage are the various projects, and can they advance to the next stage?  What is the potential of unlocking shareholder value, or diluting the stock with further financing?

Explorers: Will there be upcoming prospecting of new properties? Are the properties near successful, historic mining camps, or a hot new area? What is coming in the near term? Are they defining the resource with VMS overhead surveys, trenching, drilling? Are they diamond drilling to depth or drifting to expand the resource? Is the resource open “on strike”: laterally, or to depth? Is the company infill-drilling to shift the mineralization from “inferred” to “indicate” to “measured' resources”? These types of exploration and advancing activities all represent potential value to the company and hopefully the shareholders.

 

Producers: Is the company just starting production? Increasing mining or milling capacity, streamlining the process, improving the production rate or profit margin? Opening another mill/plant? Drilling to shift reserves from probable to proven?

V. Financials

Selection: Is there adequate cash and equivalents?  Is the current and long- term debt manageable?  Is financing available to advance the projects (is it likely)?

Explorers:  We look over the financials for evidence of recent funding activities which furnish the cash for exploration.  We seek-out how much money is going toward purchasing properties, and how much for ongoing exploration.  We weigh this against debt-load, and administrative expenses.

Producers: We search the financials for production rates for both production and revenues [right word?].  We want to see the company closing in on profitability as a new producer. We seek out low production costs per oz. (“cash costs”), increases in production rates, improving profit-margins, and quarterly or annual improvement in diluted gain/loss.

VI. Corporate Structure

Selection: Is senior management capable of the mission, vision they set forth?

Discussion: Do they have a good blend of business vs. geologic expertise (for explorers)?  Do they have experienced mining engineers and mill managers (for producers)?  Do they have the marketing/fund raisers or the reputation to generate capital if an “advancer”? Does the board of directors have the depth and are they likely to have the connections and financial experience to generate capital, Joint Ventures or business partners to advance the projects?  Discussions on the bulletin boards and blogs can help define the strength of the management and BOD.

VII. News Releases

Selection: Are they achieving their goals as set forth in last years’ corporate presentation?  Are the projects advancing?

Discussion: How efficiently are projects advancing and are they meeting deadlines and targets? Are they finding the ‘rock’, expanding the resources or improving production, and/or margin of profit?

VIII. Media

Selection: Does the corporate vision unlock shareholder value?  Are there analyst reports, and what are their views?

Discussion: What corporate vision is offered? Do you (as the potential shareholder) think this will benefit you? Are the goals which have been set forth attainable? Are the annual presentations changing/evolving in a positive manner?

 

Having an outline to refer to, lets “play an open hand”. I will now review Trade Winds Ventures using the Selection Criteria and discussions as presented above.  We will begin with TWD’s abstract from its website.

Abstract:Trade Winds Ventures Inc. is a Canadian based gold exploration company listed on the TSX Venture Exchange, trading under the symbol TWD. The Company’s primary focus is the advancement of its Detour Lake Block A and Gowest properties, located in the Abitibi Greenstone belt in Northeastern Ontario, a prolific gold mining region which has produced over 65% of Canada’s gold.

Since 2004, Trade Winds has completed extensive diamond drilling programs of over 140,000 metres on the Block A and Gowest properties. An aggressive in-fill drill program is underway with the aim to increase the resource base and advance the project toward development of a stand alone open pit mine and mill operation.

Recently, Trade Winds as operator, completed a NI 43-101 updated resource calculation on the 50/50 Block A Joint Venture with Detour Gold Corporation at Detour Lake. The global resource calculation included an in-pit gold resource of 1.2 million ounces in the indicated category and 277,000 ounces in the inferred category. The total global resource on the Company's Block A and Gowest properties is in excess of four million ounces gold at a cutoff grade of 0.5 g/t.”

Discussion: This company’s “abstract” is well written and speaks volumes about it. We learn that TWD is an exploration company working in the prospective Abiibi Greenzone belt.  We learn that they are expanding the resource for the Block A property. We learn that they are in the promising position of being “adjacent and along strike” with a larger company (Detour Gold), and its main ore body.  Additionally, they have a 50/50 Joint Venture partnership with Detour Gold for the Block A property.  To determine if these are positive selection criterion, we must also investigate Detour Gold.  We will delve into more detail as we progress.

Stock Symbols: Listed on the home page, is the stock symbol for the Toronto Venture Exchange (TWD.V) With the use of other search engines, we find that TWD’s is also listed under the symbol TVR in Frankfurt and TWDIF on the OTC, which gives you some idea of its liquidity.

Discussion: The Company is not listed on the Toronto Main Exchange (TSX), or the NYSE-AMEX, This is not unusual for an exploration company. They simply don’t have the balance sheet and market-cap to do so. The main exchanges are very strict about the “financial strength” of the companies they list, and the accuracy of information presented.   Therefore, trading this stock on the OTC (for American investors) may prove difficult.   We will have to monitor the stock over time to see how the trading volume is, and how it responds to news releases from either TWD or Detour Gold.

Share Structure: Listed in the Investors Center under Share Capital.

 

April 7, 2010

In Millions

Issued and Outstanding

127.1

Options (average exercise price of C $0.18)

11.9

Warrant (average exercise price of C $0.19)

32.5

Fully Diluted

171.1

 

Discussion: The Shares fully diluted are 171.1 million, multiply that with the share price of $0.28, which generates a market cap of $47.9 million (improved from $25M in July). If we are to select this stock, we have to weigh a couple of things. The first factor is the current level of dilution: 127 million issued and outstanding.

This is a moderate amount of dilution for a small exploration company.  However they have a mineral resource for their flagship property, Block A and the Gowest zone.  Can they advance these properties and what is the potential for further dilution in doing so? Secondly, there are a considerable number of warrants at a low price ($0.18-$0.19).  We will have to find the expiry dates to determine if this might unlock upward movement of the Price per Share (PPS).

Projects: Block A. We are now somewhat familiar with the Block A Property, JV with Detour Gold. TWD is the Operator with the July 2009 NI 43-101 report.

Discussion: What make this company attractive is that it’s neighbor, Detour Gold has positive results of its feasibility study for the surrounding properties. In this study, it confirms that Detour Gold is likely to become a significant, future gold producer with an average annual gold production of 649,000 ounces over a mine life of 16 years. Average LOM cash operating costs of US$437/oz., with expected capital costs for mine construction to be $992 million. With Detour’s current cash available at $300M, they are on route to having the money necessary to build the mill for processing ore. More importantly, they have a resource which fully justifies those capital costs.

Total Mineral Resource Estimate for BLOCK A Property (adjacent)

 

 

Tonnes(millions)

Grade(grams/tonne)

Total Contained Gold (troy oz.)

TWD 50%

Indicated Mineral Resource

61.2

0.98

1,923,337

961,668

Inferred Mineral Resource

60.2

0.96

1,854,006

927,003

Total Mineral Resources

121.4

0.97

3,777,343

1,888,671

 

Source: NI 43-101 Technical Report, July 2009. Watts Griffis and McOuat.

The potential for raising shareholder value with this property is twofold. First is that the resource may be expanded with the combined drilling programs between TWD and Detour. There is a main vein running through both Detour and Block A (M Zone). Secondly, there may be a route to future production for the block A property. We will have to look for recent drill programs or drill results to determine how they are progressing. For now, having an adjacent property is a positive selection criterion.

Gowest: TWD is also the 100% owner of the Gowest Property.  Upon investigating the NI 43-101, we find that the Gowest Property contains the westward extension of the high-grade gold M-Zone Structural Corridor, which have been systematically drilled by Trade Winds along a strike length of over 4.6 kilometres, and is open to expansion to the west.

Gowest Total Mineral Resource Estimate

 

Cut-off 0.55 g/t

Tonnes(millions)

Grade (grams/tonne)

Total Contained Gold (troy ounces)

Indicated Mineral Resource

2.3

1.16

87,374

Inferred Mineral Resource:

4.0

1.16

150,579

Total Mineral Resources

6.3

1.16

273,953

 

Discussion: Of note, the cut off grade for the mineral resource used was .55g/t. We as potential shareholders have to be cognizant of the cut-off grades being reported. The resource can reportedly be much higher, if the cut-off grade is lowered. For instance, the total reserve for Detour gold can vary between 11.8 Million Oz to 20 Milliion Oz depending on whether using the .50 vs .30 g/t cutoff level. Another thing to consider is the reclamation rate. There will be more Gold produced if the reclamation rate for doing so is high (over 90%). The historical reclamation in the nearby operation at Red Lake was .945%, so this is a positive also.

 

Financials: We look in the Investors Centre of TWDs website under Financials. When looking at the 2009 year-end results, we find that the Cash and Cash Equivalents are 678K year end 2009.

Discussion: This is a bit low, and not likely enough to fund next years drilling program. So now we have to dig into the most recent quarterly report. There we find that they generated 3.3M cash generated with a private placement of warrants. It is good news that they have the operating fund for next years drill program.   The other side of that sword is that the share dilution went up.

Now lets look over the financial a bit further, a see what they are offering for Warrant information. On March 30, 2010, the Company completed a private placement totaling 22,000,000 non-flow-through units at $0.15 per unit, for total proceeds of$3,300,000. Each non-flow-through unit consists of one common share and one half of one non-transferable non-flow-through share purchase warrant. Each full share purchase warrant entitles the holder to purchase one additional common share. Since the current stock price is around.27-.33, these warrants represent some potential price instability for common share holders, and are not necessary a positive influence on the stock price going forward.

Corporate: Senior Management and BOD are listed and furnish career details on the site.

Discussion: The BOD is heavy with corporate financing background with only one Geologist. Perhaps good, M&A may be a priority. The Senior Management: Top 2 are the same as the BOD, with 1 more Geo, and a couple of consultants. They have considerable experience. This represents a small corporate footprint. While that is a positive in keeping administrative costs low, it suggests a reliance on Detour Gold or another business combination to go forward to advance the projects.

News Releases: The News Releases listed on the website date back to 2005. Discussion: It’s good to have a historical perspective on the year over year progress.  We can see that they have been aggressively drilling, and are expanding the Block A resource.  They are also doing preliminary metallurgic studies, suggesting they are heading toward PEA or Pre-Feasibility.

Media: Furnished on the TWD website, there are corporate presentations, Independent analysts, and fact sheets

Discussion: From Fact Sheet 2009, TWD outlined the proposed 2010 exploration program of 12,000 metres drilling, assaying of drilled sections not previously sampled, and metallurgical assessment of pit ore. We find from news releases this year, that they accomplished their goals. This is a good indicator that they have both the vision, resources and are making deadlines.

In this article, I outlined is detail the selection process, and then demonstrate its use with a real life exploration company.  In doing so, I trust that the reader will be more conscious of latent shareholder value, or lack thereof for companies they are screening.   Spotting flashy headlines such as “We found gold” is not a stocking picking method.  We must find the companies that pass our criteria, the ones that can advance the project and unlock shareholder value.

 

Trackback(0)
Comments (9)Add Comment
Jeff Nielson
...
written by Jeff Nielson, October 18, 2010
Brian, I had to do that, or readers would be unable to distinguish me (visually) from the banksters...
Brian Boutilier
...
written by Brian Boutilier, October 18, 2010
Ah Jeff, give yourself more credit. You cropped your avatar picture to hide the horns. snicker, snicker smilies/cheesy.gif
Jeff Nielson
...
written by Jeff Nielson, October 17, 2010
...and sometimes I just like to play "Devil's Advocate" smilies/wink.gif
Brian Boutilier
...
written by brian boutilier, October 17, 2010
Screening and Selection criterion are part of a larger process called a SWOT analysis(Strength, Weakness, Opportunities, Threats). Technically, we have to place weight upon each criterion, then balance the pluses and minuses. At that point we pick to course of action most suited for our needs. (buy, sell, hold) If you weight insider trading heavily, then this will have a large bearing on your investment decisions. That is a valid point of view. Jeff weighs the properties, and other fundamental heavier, and bases his decisions accordingly. Gentlemen, you are both correct. At least you are both doing your DD. This, along with independent thinking is what we at BBC are encouraging.
navderek
...
written by navderek, October 17, 2010
1) When an "insider" sells, unless you have records going back a considerable period of time, for all we know this could be the FIRST time that particular insider has done any selling - after perhaps many years of accumulating shares and options.


I have never had any problem going back several years to see exactly when insider shares were purchased or sold.

2) PERSONAL factors in an insider's life could be at work - i.e. a divorce, or some other financial catastrophe.


This is definitely true, but if all insiders are selling like crazy I doubt all of them are having personal financial troubles all at the same time. Your right though, just because an insider buys or sells shares does not mean anything by itself. All we can do is speculate.

3) Milestones. It's not that unusual to see a cluster of insider-selling AFTER some major achievement (which often results in a spike in share price). Such "insiders" may have agreed to hold-off on ALL their own selling until AFTER such a date - simply to allow the share price to run-up further. There's nothing "evil" or insidious (or illegal) about such a strategy. In fact, if WE were "insiders" we may very well contemplate such strategies ourselves.


Agreed, there can be many reasons and a perfect example would be Great Panther Resources (GPR.TO)...I did some digging and not long after a positive news release a bunch of insiders sold large volumes of shares. After digging further it seems they were cashing in on their options, and they all seemed to want to cash in on those around the same time. Now this does not mean they are know something we don't and are jumping ship. Like you said, they may simply want to get some money for personal reasons and/or it might be some agreement they had. In any case, because of all the positive news and the rising price of Silver I won't be selling any shares anytime soon.

I know we need to use the KISS method as much as possible, but in some special cases knowing what's happening with insider trading can give a slight edge to the investor. If a negative news release comes out about a company and the share price has been falling, then you see all the insiders selling like hell it might be a good indication to get out before it's too late...but then again it's all speculation so as usual DD is your best friend.
Jeff Nielson
...
written by Jeff Nielson, October 17, 2010
Once again, I'm going to go with my own, "KISS" strategy - and assert that such data MAY not really be worth pursuing.

1) When an "insider" sells, unless you have records going back a considerable period of time, for all we know this could be the FIRST time that particular insider has done any selling - after perhaps many years of accumulating shares and options.

2) PERSONAL factors in an insider's life could be at work - i.e. a divorce, or some other financial catastrophe.

3) Milestones. It's not that unusual to see a cluster of insider-selling AFTER some major achievement (which often results in a spike in share price). Such "insiders" may have agreed to hold-off on ALL their own selling until AFTER such a date - simply to allow the share price to run-up further. There's nothing "evil" or insidious (or illegal) about such a strategy. In fact, if WE were "insiders" we may very well contemplate such strategies ourselves.

Thus, a sudden flurry of "insider selling" does NOT necessarily reflect any kind of "loss of confidence" or "concern about the future" for the company in question.

I'll say again, I would much rather focus on data like drilling results, cash-costs, resources, and other UNAMBIGUOUS data - as opposed in engaging in less-reliable "tea-leaf reading" to try to guesstimate what might happen in the future...
Brian Boutilier
...
written by brian boutilier, October 17, 2010
After a little reflection, I added a line into the outline on insider holdings and trading. Thanks again navderek.
Brian Boutilier
...
written by brian boutilier, October 17, 2010
Navderek, great observation. Insider positions and trading are also sensitive criterion. I like seeing them especially when screening for new companies. Also as a trading trigger for ones I hold. It speaks to corporate transparency.
These series of articles are a primer into metals and miners for those less familiar. They may also lend structure to intermediates. I am trying to keep it simple, and not overwhelm or be to precise. I had to cut down the article quite a bit already. There is much more on the cutting floor. A tough balance. I agree that that criterion certainly has a place. Thanks for the comment.
navderek
...
written by navderek, October 17, 2010
Thanks Boot! Some good insight here. May I ask if it would be worth it to look into insider trading as well. If the CEO and other high members of the company are buying / selling stock then this could also be used as an indicator. Of course they may buy or sell for other reasons, but it's not something to be overlooked, especially if they are selling all of their stock! They tend to know more about what is happening internally vs. all of the financial reports and media coverage.

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer:

BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form