cheap kamagra supplier reviews sildenafil can i buy skelaxin in canada order viagra online in uk acai plus extreme cheapest buy serevent mg online for where to buy tulasi seeds amitriptyline hydrochloride generic diclofenac sodium 75 mg overdose suhagra australia pharmacy zenegra legal in england where to buy alavert with visa etabus non perscription countries side effects of promethazine hydrochloride does taking mobic make you gain weight overnight pharmacy prevacid valaciclovir mexico no prescription dilantin for dogs buy zithromax usa generic cafergot usa pharmacy order prinivil lowest price compare prices orlistar buy tretinoin 0,025 pills in the india cannot afford singulair i pill actonel website ranitidine over counter uk how quickly can i get off prednisone zithromax where to get cheapest way to buy cialis side effects of azithromycin sandoz tretinoin us companies only suprax for men in usa half price claritin diflucan medication where to buy where to buy himcolin micardis from usa pharmacy mexico pharmacies online that sell viagra jelly proscar results photos buy proscar 10 estrace reviews fucidin online sales how much is liv 52 tablets compazine tablet sale purchase voltaren pills ortho tri cyclen daily use reviews where to buy innopran xl salvent without a prescription from australia viagra sublingual generic name trandate sublingual dosage azathioprine pregnancy category zyrtec tablets uses depakine chrono pas cher canadian pharmacy online mometasona fast sinemet delivery micardis buy mexico buy erexor next day is fosamax an over the counter drug buy tinidazolum tablets uk cheap nizoral 2 uk viagra plus shop net avalide online india is artane a prescription drug erectile dysfunction pills canada provera comprar order fasigyne online no prescription with a mastercard dove comprare propecia ondansetrona online pay paypal best place to buy kamagra pharmacy do you need rx suprax comprar viagra sublingual original comprar carvedilolo original 5% permethrin over the counter what is medrol made of provera 2.5mg 5mg and 10 mg tablets medroxyprogesterone acetate where to buy cheap generic serevent apo prednisone 50 mg for dogs arimidex over the counter prescription order levitra plus online no presctiption which uk site to buy remeron best site to buy baridium cheap liverpool shirts uk donde comprar sildenafil en mexico aldactone to buy where can i buy acai max cleanse in canada buy etodolac online amazon apo metronidazole 500mg side effects how to buy retin a 0,05 online saw palmetto online canada where to buy abortion pills in south africa generic synthroid 2009 lopid generic mexico pamelor dose prozac buy online ireland order microzide rx zithromax 5 dose pack what is viagra used for yahoo quetiapinum uk no prescription reglan discounted midamor birth control online mexico purchase cleocin on line in usa propecia prix en pharmacie en france order naprosyn online no prescription with a echeck canadian medications dictionary why is there a shortage of cipro topamax 100 mg tablet carafate uk purchase tricor lowest price best place to buy amlodipinbesilat in india cheap prazosin 100 mg lynoral where can i buy it online mestinon purchase vermox tablets buy decadron pill shop discount code cialis daily use safe cialis jelly uk no prescription order flomax online no prescription with a echeck amaryl drugs com blood over the counter medicine that acts as phenamax what does too much zoloft feel like metoprolol succinate dosage shallaki online with out prescription a good web page to buy prednisolone with no script sinequan generic uk metronidazol pills buy online buy promethazine online canada no prescription fastest microzide uk delivery side effects of nitrofurantoin mono mcr alli india sale what is benemid tablets side effects of clindamycin in dogs online strattera purchase acai drug in canada pharmacy mevacor coupon code brands of cefixime in india buy levitra greece cardizem supplier in uk ondansetrona trusted online drug stores in canada buy hong kong get arava brand name lansoprazol online trazodone cheap price buy periactin from india indian pharmacy graduate association what is ramipril used to treat buy zanaflex online pharmacy micardis medication strattera discount pharmacy attention cheap voltaren pills what is zyrtec d prescribed for yaz buy online australia where to buy riperdal with visa risperdal from europe us pharmacies online that sell mentax can order l tryptophan canada buy erection packs 1 online from usa methotrexate and misoprostol buy buy online mevacor generic dapoxetine overseas generic clopidogrelum switzerland minocycline weight gain where to buy orlistato with amex vasotec from canada without rx ophthacare daily use reviews motrin tablets recall get erexin v toronto trial erection packs 2 lawsuit canada alli side effects reviews purchase cardura on line in uk olanzapine 5mg side effects celebrex 200 mg daily dosage buy flagyl online no prescription 500mg irbesartan hydrochlorothiazide canada purim canada head office cialis sublingual uk no prescription novo terbinafine alcohol tamsulozin on line in the mexico haldol refills buy generic aspirin buy extendaquin inhaler canada russian pharmacy in usa viagra tablets for ladies biaxin cheap what is cordarone prescribed for .5 mg of clonazepam street value amaryl over the counter australia what is nimotop for buy estrace without prescription cheap no prescription birth control pills shoppers drug mart canada post locations online sale of grifulvin v levothyroxine ships from india roaccutane online order cialis super active birth control online india arava online viagra soft pharmacy mail order buy silagra in australia long time side effects ampicillin purchase proscar 1 mg anastrozolo without a prescription from mexico genuine decadron best price side effects of synthroid overdose side effects taking 100mg clomid levitra plus precio mexico buy cheap unisom pills kytril next day shipping deltasone results forum ampicillin billig kaufen buy actos greece azitromicina fast canada lawsuit against zyvox flunil for sale philippines canadian pharmacy online prescription drugs actoplus met for sale online where can i get some lopid kamagra uk buy online digoxin not generic ampicillin dilution 100 mg ml uk pharmacies online that sell beta val get zocor toronto how much nolvadex to take during cycle zoloft dose for ocd in children to buy oxytrol lowest price myambutol hyaluronic acid injections buy online order ponstel from canada without prescription movalis to buy in the uk without a prescription estrofem 2mg buy indian pharmacy med cart order pletal online in usa buy valtrex online from australia printable zantac coupons canada order maxalt online with visa forzest results forum zyban usa clonidine ordering no prescription buy viagra super active in australia low price purim uk septilin shoppers drug mart orlistat birth control online australia order innopran xl rx glucovance mg india discount code for acai anastrozolo not generic carvedilolo online with out prescription order zocor on line india keftab from india paxil discount code depo provera discontinued online no prescription uk for fucidin maxaman refills buy citalopram in usa oestrogel medication overnight delivery toradol online ordering janumet noprescrition needed canada online pharmacy generic from medrol robaxin uk boots purchase provera in usa buy tenormin online no prescription acquisto purim sicuro online generic for nolvadex nitroglycerin explosive properties cleocin gel online without rx tofranil discounts codes glucophage birth control online india cozaar drug in usa pharmacy order lincocin lowest price oratane cost in canada indian generics online benzac can we trust medrol online female cialis without a prescription from australia what is celexa for depression buy cordarone online what is the generic for zyban doxazosin junior aspirin medicine i pill ivenox website cheap seroflo mg where to get estradiol valerate pct order erection packs 3 online no presctiption endep discount voucher mezclar sertralina y alcohol cost of nootropil buy speman 200 how to use eurax lotion eulexin direct pharmacy cialis super active sale online drug protonix medication online order effexor xr 120 mg where can i buy nootropil tablets where to buy clomid albenza online from india buy celexa usa buying quibron t in manchester bupropion pharmacy mail order we are festival contact tofranil generico online zitromax online from canada zyloprim allopurinol side effects pyridium overnight pharmacy acheter alli angleterre generic brand for risperdal side effects after medrol dose pack uk buy keflex without prescription pharmacy that sells levitra aspirin delayed release tablets usp 50 mg can levaquin cause weight gain piroxicam side effects hair loss best place to buy cabgolin in uk slimming pills containing orlistat doxycycline hyclate uses treatments buy benzac 80 mg online amitriptyline overdose symptoms costco pharmacy zedd price low cost avalide prescription seasonique canada no prescription plavix on the internet nizoral dose blopress canada overnight delivery liquid accuran review mexico pharmacies online that sell key pred cleocin gel generic cheap costs very cheap stromectol lowest price purim can you buy antivert over the counter northwestern pharmacy canada himplasia dosage instructions viagra jelly price india motrin order in the us cialis medicine side effects buying glucofage using paypal actos discounts generic zentel uk motrin 800 mg price order zyprexa can order diakof online generic uk paypal elocom low price kamagra gold uk synthroid without prescriptions promethazine 40 mg pharmacy meclizine 100mg cheap hydrea drugs for sale order generic cabgolin ampicilina sublingual dosage cipla generic products list zithromax with american express best online source no prescription femara mexican pharmacies online cheap asacol sent to spain lipitor generics alternatives celadrin to buy xenical price in singapore how to use shatavari root betnovate n skin cream uses is cafergot a prescription drug buy skelaxin in ireland desyrel purchase oxybutyninum in mexico tindamax birth control online uk levothyroxin online from india low blood pressure medication during pregnancy extendaquin roche precio argentina oder mg tablets of oxybutyninum order isoptin rx buy retin a ge mexican pharmacies tenormin dosage prescribing information buy hong kong cheapest zaditor generic drug generic zyrtec cost allegra online pharmacy retino a cream 0,05 cheap india pharmacy best natural medicine for anxiety and depression what is doryx dr buy drugs from canada online can you use eurax chicken pox buy rumalaya forte tablets online desyrel where to buy in canada long term side effects of cytoxan and taxotere how much is albify buy zyvox online no prescription canada lipothin pharmacy order overnight meds no prescription estrace pills cost to buy antivert in uk side effects of serevent remeron coupons augmentin lowest price online cheapest antivert rx cheapest place to buy thyrohormone can i buy antibiotics online uk cheap cheap canadian venlafaxina no prescription comprar ginseng en argentina pariet delivery london inderal to buy in the uk without a prescription free protonix coupons order premarin online no prescription legal buy prednisona online canada buy grifulvin v without a subscription sildenafilo normon 50 we are festival essex line up otomax online from usa orlistar online without prescription zovirax generic wikipedia drugs innopran xl from mexico generic pills for anacin where can i buy haridra can you take amoxil daily imitrex buy usa can you get high off pamelor bupropion mechanism of action smoking cessation the generic brand of aciphex nolvadex side effects uk lozol online without prescription how long to take skelaxin buy zestoretic online amazon tetracycline mist canada purchase cafergot on line in canada buy medrol pacs doxazosin online usa anteovin to buy in the uk without a prescription risperdal canada beat way to order tricor oxybutyninum canada head office augmentin usa price how to buy gabapentine online buy ceftin online from australia where to buy aspirin in australia buy floxin canada where to buy toprol xl drugs online dipyridamole canada prescription bactroban discount voucher buy levitra plus online from usa janumet legal in england xenical online in us generic propecia 2012 pastillas para la ereccion masculina en venezuela canadian healthcare online drugstore reviews avapro uk no prescription why has claritin been discontinued buy allopurinol online mexico no prescription royal pharmaceutical society how to order glucophage online less common side effects clomid medrol online forum digoxin over counter medication generic tegretol safe alphagan online without prescriptions generic acai usa bad side effects of requip is zoloft better than cymbalta mirapex birth control online us over the counter erythromycin cream order real hoodia metformin tablets 500mg buy trimox tablets canadian medshop 247 item cleocin dose for bv purchase levoxyl in us feldene melt tablets minomycin without a script how long does it take zyrtec to start working where can i get flunil pyridium over counter cvs florida lariam seasonique drug in mexico pharmacy buy hydrodiuril online without a prescription ranitidine bismuth citrate rbc reviews of best online pharmacies without script buy astelin online drug market order cipro rogaine 5 uk sale lamictal pharmacy order order diflucan online 150mg sildenafil citrate to buy from europe how to order triamterene online frusemide buy online us antabuse uk companies only online albuterol india what are the side effects of simvastatin cheap canadian seasonique no prescription tamoxifen purchase in canada no prescription citalopram alcohol forum vytorin online from uk can anafranil get you high buy trial erection packs 1 online from mexico probalan to buy in the uk without a prescription rosuvastatin limited india where to buy penicillin online buy diamox online with out prescription nolvadex drug oversea micardis medicine online buy cialis professional pills online what does viagra cost at walgreens cialis shop generic arava safe levitra super active in usa erythromycin 1000 nebenwirkungen how to order motrin online amaryl medicine for diabetes ovulation on clomid 3 7 nolvadex price in canada buy frumil free how many mg of benadryl should i take to get high buy salbumol online in the united states without a prescription buy metformin without prescriptions can i order aygestin online cephalexin ok when pregnant gabapentine to buy in the usa without a prescription alli by mail order methylprednisolone injection uses valacyclovir hcl 1 gram tablet price order cafergot on line mexico comprar minomycin original en madrid cheap zocor pills cephalexin breastfeeding side effects baby how long does 100 mg viagra last carvedilolo to purchase without a prescription nitroglycerin generic name fertomid buy online ireland strattera without prescription miami metformin tablets 500mg diabetes fucidin drug in canada pharmacy ampicillin to buy all types erexor pills midamor in italia cefixime delivery cost of metformin for horses clonidine spain buy cymbalta online no prescription where to buy januvia with amex buy robaxin greece buy advair diskus online where to buy cheap lantus insulin azurette tablets buy 20 mg amitriptyline sleep buy rhinocort online no prescription us safe place order cefadroxil age do men take viagra effexor xr over counter uk buy viagra plus online allidiet pills rocaltrol online legally antabuse tablets from buy where to buy novo digoxin online mexico can you buy grifulvin v drugs dosage resources for finast buy cheapest kamagra tablets online buy generic proscar with bonus order accutane prescription brahmi seeds sale where to buy actos online mexico colospa ordering no prescription ic minocycline 100 mg capsule alfuzosin uroxatral 10 mg ciproxin suspension how to buy brand cialis in london generic raciper uk order zebeta online with visa grifulvin v online bestellen generic danazol us cheap cafergot 100 mg serophene reviews alli weight loss aid refill 170 ct buy ventolin without prescrition kamagra oral jelly manufacturers in india purchase zanaflex on line in india can americans buy medicine from canada femara online buy purchase qnexa how to order mirapex online where could i buy etodolac without prescription best canadian pharmacy online no prescription 10mg order albendazole overnight buy plavix online with no prescription can you buy lamisil online drugstore canadian purchase lamictal on line in mexico normal bupropion dose metformin no prescription worldwide shipping ou acheter propecia nitroglycerin spray cost how much flagyl for dogs walmart mail order pharmacy pariet maximum dosage online c ratioph with no prescription tadapox next day shipping flagyl dosage iv where to buy fluconazole diflucan generic reglan us safe cialis sublingual no precription zydis pills online in the australia online zyrtec with no prescription trazodone without prescrip uk version of paxil olanzapine birth control online us order lozol from canada without prescription clozaril without script aldactone generic cheap costs i pill cholestoplex website delivery buy generic name for unisom buy actoplus met online from uk doxycycline dosage for treatment of lyme disease compazine drugstore com pricing prednisolone dose claritin visa ortho tri cyclen usa pharmacy like viagra for women without a script rx buy depakote half price cardura purchase tretinoin 0,05 on line in usa buy tamoxifen in canada delivery order combivent online buy generic kamagra online with prescription can i buy minomycin in canada carafate liquid coupons buy keflex online no prescription united states abilify cheap online canadian drug company detrol generic uk paypal flagyl er small round orange pill 20 bayer lisinopril india pharmacy flovent dose counter rx neurontin gabapentin diclofenac genericon 100 mg beipackzettel brand cialis from canadian pharmacy propranolol on line in the usa what is baclofen 10 mg for abilify discount program can you order diakof cheap pharmacy order weight gain arjuna discount lithium otc 1500 mg depakote bipolar disorder diclofenac pharmacy mail order buy lotensin online buy caverta online at canada pharmacy buyers of flonase canada almetec no prescription needed canadian online pharmacy name of best abortion pills in india clomid india pharmacy viagra sublingual generico italiano order viagra sublingual on line uk order paxil curacne side effects uk canadian drug store mastercard vente de nymphomax au quebec generic doxycycline where to buy antabuse stromectol mg tablet lamictal to buy in the uk without a prescription bupron sr price coming off levlen ed side effects best online pharmacy generic kamagra gold buy cialis jelly tablets canada what is motrin pm used for deltasone spain where can i buy gasex what is accuran drugs buy revatio tablets mexico detrol online without rx can buy diclofenac over counter order erection packs 10 online without xl online pharmacy reviews riperdal online forum yagara without prescription canada exelon careers in illinois nitrofurantoin mcr 100 mg cap side effects the online drugstore elocon how many mg of trazodone to take diprosone perth australia free trial cialis aciclovir pharmacy online nexium 40 mg tablet yan etkileri carafate canadian online overnight pharmacy is promethazine legal in us cost comparison buy silagra sildenafil citrate liv medication order raloxifeno without a prescription from uk lopid for dogs buy genric viagra ordering doxycycline canada donde comprar levaquin en colombia lalbenza golf club tindamax with no subscription what are the names of anti anxiety drugs propranolol mg usa levitra professional order online why is there a shortage of ceftin adios slimming tablets ireland lisinopril tablets uk ashwagandha brands india sinequan where can i buy generic carvedilolo in usa why has doxycycline been discontinued how to order levaquin decadron generic substitute is nexium available in uk is generic skelaxin effective order finpecia without prescription can we trust ophthacare online to buy wellbutrin in uk ralista for sale online kamagra oral jelly how to use it best price for minocycline canada and hyzaar quem usa differin what does doxycycline treat acne where to buy erection packs 2 genuine paxil -generic levothyroxine 125 mcg side effects cheap obelit free delivery cost of shatavari buy carafate pills in the mexico order claravis from usa without prescription tindamax discount voucher epocrates online nitroglycerin zoloft tablets from buy drug profile of danazol how often to use combivent zofran online shipping buy ginseng online in the united states without a prescription dramamine tablets online buy fucidin have no prescription parlodel for sale philippines clindamycin cream boots alli weight loss pill in australia cytotec pills buy online what are nitroglycerin pills used for safe to buy generic betapace from canada mail order bupron online cordarone on line azitromicina australia companies only flagyl side effects tongue generic uk paypal phexin buy periactin online where to buy sumycin online usa what is voltaren 75 mg aristocort drug in usa pharmacy buy coreg no prescription albenza dosage ascaris iv vasotec dose obagi retin a reviews where purchase himcolin no prescription pamelor sale retin a 0,05 without a script buy actoplus pills in the australia diet pill alli reviews clomid drug schedule zantac online pharmacy uk order furosemide uk pharmacy how to buy cholestoplex mycelex g prescription only furosemide drugstore com trileptal cheap canada pharmacy usa buy midamor without prescription the chepest xenical safety of albendazole in pregnancy simvastatina with no subscription prevacid without a prescription from india generic uk paypal rogaine 2 fluoxetina tablets uses generic tadacip india order ginette 35 without prescription ceftin dose for pneumonia buy quibron t online india no prescription qsymia buy online uk coumadin medication online order avapro online no prescription with a amex vasotec drug in fr pharmacy cephalexin over the counter drugs cost of advair diskus at walmart lanoxin now co uk apo furosemida cheapest rate buy serophene without a prescription from canadian pharmacy casodex phone orders what are the side effects of moduretic buy lipothin new zealand online zenegra generic cheap costs cheapest place to buy maxaman azulfidine with paypal payment best place to buy mometasona in usa what is the generic name for lopressor canada online buy cipro buy generic zithromax online proscar noprescrition needed canada online pharmacy cheap vermox mg fertomid western australia the chepest tizanidina buy avalide online uk no prescription order lariam online uk retin a gel 0,1 pills buy minocin mg online what does diovan 160 look like how to take voltaren buy cabergoline for dogs proscar hair loss drug safe glucotrol no precription ivenox without prescrip viagra super active no prescription canada duetact generic 2013 drugs sumycin usa does celexa affect birth control pills purchase medazole on line in india trental online price generic suprax overnite shipping ortho tri cyclen buy online mexico prescription dose of prilosec generic sominex for sale on line betnovate no prescription needed canadian online pharmacy sale viagra soft antibiotics flagyl metronidazole chloroquine drug store online cost of zocor 80mg lexapro where to get generic pills for mestinon prilosec otc what is it used for is lozol available over the counter buy citalopram online canada no prescription synthroid pills wiki buy methotrexate singapore fexofenadine hydrochloride side effects long term buy mentax with no script ordering over internet generic viagra buy lipothin tablets us cafergot online store eldepryl where can i buy buy stieva a online no prescription us como comprar topamax kamagra gold not generic motilium on line purchase fluoxetina uk sale flagyl birth control online us ampicillin from europe what does amlodipin adalat 60 mg tablets requip noprescrition needed usa online pharmacy asthma nhs cost chloroquine refill pack cleocin gel mg india generic viagra vs regular viagra bystolic drugstore com where can i buy retino a cream 0,05 online without a prescription brand name of citalopram in india prescription paxil online generic for claritin costco how to order celexa online key pred uses medication imitrex barato cialis generique paypal order saw palmetto overnight generic trazodone usa arjuna buy online uk comprar thyroxin en argentina viagra professional on line purchase usa buy zovirax without prescription pravachol online without prescription buy unisom without rx predalone india companies only duetact no prescription canada order ciplox without prescription buy avalide online plendil not generic wild american ginseng capsules isotretin mexico no prescription vasotec next day comprar shuddha guggulu original buy gasex singapore how much is singulair at costco cost comparison buy stromectol online buy mentax online with no prescription trimix analyser cefixime over the counter usa where to get valtrex free prescription effects amoxil syrup original skelaxin online mail order generic fincar mexican pharmacy no prescription suprax what do estrace tablets look like calcium carbonate tablets price flagyl discount noroxin over the counter vardenafil aurochem serophene 50mg side effects malegra dxt buy online ireland costco pharmacy extendaquin price buy ralista when to take omeprazole dr viagra plus 100mg tablet donepezil side effects agitation celexa cheapest rate where can i get fml forte pills buy medrol dosepak online australia no prescription buy c ratioph online from usa exelon stock purchase benicar mg canadian rx ginseng reviews zovirax 800 mg chickenpox purchase duetact mg diamox birth control online uk flagyl overnight usa pharmacy que es levitra what is azithromycin 500mg used for oratane generic uk brand viagra prices cvs can i get roxithromycin over the counter where to buy lamisil with amex clincin to buy in the usa without a prescription order viagra sublingual from canada without prescription cialis with no perscription buy female cialis with order prednisolone online order bupropionum from india without prescription purchase terramycin in india liv in italia allopurinol side effects alcohol usa buy mometasona without prescription cheap mentat uk canada viagra paypal motilium suspension children pastillas disgrasil precio order doxycycline on line usa rhinocort price australia zofran for purchase buy accutane online ovral l limited india tadalafil without a script brand cialis cymbalta sales 2009 thyrox roche precio argentina order zenegra online canada worldwide pharmacy hyzaar venlor delivery uk buy brand amoxil pills in the canada buy trimox tablets canada cialis soft tab cheap diclofenac spain overseas pharmacy no prescription aricept canadian nizagra provera metformin clomid twins success stories where can i get cheap zithromax from online order voveran medication by mail cheap yasmin buy online health canada actoplus met trial erection packs 3 drug in uk pharmacy how to get a free asthma inhaler buy amoxiline singapore order accutane 1mg online online cialis professional purchase tofranil spain over counter order minomycin from usa without prescription taking clomid without having a period retin a 0,05 generic wikipedia drugs generic carbozyne safe where do i ortho tri cyclen in uk generic erection packs 3 in usa efeitos colaterais da sertralina manipulada erection packs 2 perth australia solebox x adidas originals torsion allegra for sale prednisone 5mg pack directions cardizem with prescription parlodel shopping watermelon has same effect viagra pyridium tablets on line to buy forzest generic lipitor birth control online australia us pharmacies online that sell fluoxetine buy arzomicin no prescription discount hydrochlorothiazide from canada non prescription albuterol cabaser online in uk generic requip usa buy generic tetracycline online with prescription where to buy prevacid with amex what is albuterol sulfate prescribed for order arjuna from mexico without prescription oxytrol without prescription how much does doxycycline cost mexican pharmacy no prescription xeloda buy heartworm medicine online canada buy cleocin t generic allopurinol no prescription pricelist nitrofurantoin italiano viagra sublingual pills shop how to get phenamax in australia lamictal 100 mg image purchase tamsulozin on line in mexico costco pharmacy chloromycetin price cheap klipal codeine uk generic caprysin usa pharmacy western drug bupropionum nootropil buy without did aclu support citizens united purchase nizoral in canada doxi 1 mexico no prescription altace hct reviews online bystolic with no prescription sertraline hcl 50 mg tablet side effects acai pas cher cheap geriforte sale uk can order retin a gel 0,1 online comprar estrace original en madrid amoxicilina fast canada where to buy combivent online mexico research grade cipralex what is the generic name of the antipsychotic medication haldol esperal sildenafila roche precio argentina buyers of ephedraxin canada procardia tablets purchase on line what does ranitidine 300 mg look like how to order astelin online discount viagra sublingual from usa pyridium india no prescription femara canada price how much does strattera cost in canada rogaine for women uk boots safe place buy clomid online ortho tri cyclen from china order viagra online canadian pharmacy fda can i make retino a cream 0,025 elavil from europe bystolic suppositories buy propranolol generic canada buy almetec online amazon buy amantadine xr without prescription buy zetia online without a prescription buy liv fast shipping bystolic generic wikipedia drugs buy alli cheapest approved mail order haridra buy nootropil online canada no prescription best sex pills buy baclofen hong kong ginette 35 from canada order synthroid on line mexico best place to buy disulfiramum in uk drug market order levitra soft alli cost at cvs cheap confido mg buy brafix singapore cialis daily price what does a trazodone pill look like proventil cost comparison albuterol mcg buy chloromycetin online with no prescription gabapentin high how much where can i buy finax alopecia buy tenormin online pharmacy what is celebrex 200mg capsules used for brand levitra without prescriptions buy alli diet pill reviews where can i puchase clonidine what insurance covers viagra buy oxytrol astrailia risperdal nhs discount metronidazole of canada safe to buy generic apo clopidogrel from usa forzest online pay paypal lansoprazol pills buy piracetam side effects long term online pharmacy uk retino a cream disulfiramum without rx order demadex from india without prescription is antabuse available over the counter cheap trial erection packs 3 free delivery toprol on line in the canada eldepryl over counter uk nexium online bestellen viagra daily dosage seroquel line no prescription buy sinequan online india buy avalide online reviews comprar viagra sin receta en farmacia tenormin on line in the india renova purchase accuran india companies only buy phenergan online from canada brand pariet buy natural viagra recipe best foundation for dry skin reviews brand advair diskus without prescription canada raloxifeno online with out prescription aloprim without a perscription buy plavix patch can order glucotrol canada buy lexapro online without gabapentine generic australia best price for real azulfidine nexium perth australia buy detrol cefadroxil medication on line patient reviews on norvasc zithromax uses dosage cabaser side effects uk malegra fxt overnight pharmacy bactroban brands india cheap ed medication comprar pulmicort en argentina olanzapine for sale plendil without prescription miami florida oristal tarif du cialis en pharmacie order brand amoxil on line india buy over the counter tegretol online amitriptyline no prrescription generic lopid cost canadian online pharmacy safety genuine rogaine 2 best price cheap avandamet how to get hyzaar on line order fluconazol on line canada hydrodiuril online uk mobic italiano long time side effects medrol youtube viagra good morning cialis super active mg price hyaluronic acid dose what does accutane do to your hair what is l thyroxine synthroid used for bactroban generic 2013 drugs what is bentyl medication 100 mg betnovate erection packs 2 canadian medications without prescription indian generics online amoxil where to buy viagra jelly with amex furosemide online canada what does methotrexate clopidogrelum online ordering order viagra sublingual overnight canada buy amoxicilina without prescription side effects of advair diskus 250 safe vistaril no prescription unicure remedies pvt ltd vadodara novo digoxin in croatia exelon in italia amantadine with paypal payment pill rx health caffeine ergotamine products where do i amitriptyline in uk can you get tretinoin aristocort online forum methotrexate patients reviews cipro cheap price pyridium medicine cleocin 40mg pastillas zocor simvastatin 20 mg can you buy zovirax over the counter canadian generic pamelor cost apo furosemida over the counter india requip for sale uk retino a cream for men in usa buy avalide mg online for metformin for weight loss order on line liquid clomiphene citrate dosage cheap fincar no prescription ayurslim uk buy online pharmacy uk eltroxin premarin cream coupons discounts buy rogaine 5 next day buy glucotrol xl pills in the australia crestor canada sale aciclovir on line in the canada ginette 35 india how to order zantac online inderal for men in usa buy torsemide have no prescription revatio legal in england india atarax price can you get high off astelin provera order mentat uk companies only singulair mexico zestril cost order clomid 25mg zyban stop smoking reviews ultra low dose zebeta levitra generico on line purchase zetia in canada buying altace online legal motrin 800 mg otc purchase flomax in australia ciprofloxacina price india western drug dramamine buy rogaine 2 online from australia metformin reviews and dosage buy venlafaxina greece amitriptyline to purchase without a prescription cephalexin generic india safe to buy generic levoxyl from usa pill rx health order robaxin products zyban rxlist imitrex over the counter in us buy ssri antidepressants online buy bactrim cheap pills pharmacy otomax no prescription needed canadian online pharmacy advair diskus 250 50 mg ayurslim 40 mg dose can i order flucazole online cheap actos mg benemid reviews wellbutrin sr ordering no prescription stieva a best online non prescription pharmacy cytotec online from canada 40 mg prozac 300 mg wellbutrin combivent online in uk paxil lawsuit 2011 over counter olistat alli medication interaction pill rx health order unisom products can you get zofran health canada amoxicilina compazine online without prescription how to purchase ceftin pariet 20mg tem generico buy pilex online no prescription canada amlodipin on line in the canada voltaren sr 100 ulotka can i order retin a 0,05 online generic uk paypal cialis super active buy urispas no prescription protonix online pharmacies with out prescription purchase grifulvin v in india glucophage buy mexico order zentel online no prescription with a echeck pill identifier xanax 2 over the counter medicine female viagra betnovate rd cream uses isoniazid generico italiano comprar advair diskus en argentina canadian etabus how quickly does work viagra takes purchase prednisolone on line in usa ayurslim pharmacy prices list ranitidine without insurance buy cymbalta online safely speman tablets review erection packs 3 no prescription buy finast online no prescription us clomid online with mastercard purchase nitrofurantoin in uk buy extendaquin online with no prescription order isotretin on line usa how does viagra feel zoloft australia over the counter drugs similar to klipal codeine sale differin canadian azurette hydrochlorothiazide cheap australia pharmacy safe to buy generic levlen from uk buy brand amoxil mexican pharmacies orlistat capsules 120 mg reshape generic norvasc canada top 10 online cialis sublingual sites depakine chrono non perscription countries cytoxan dose for vasculitis alli diet pills back in stock canadian online pharmacy for fincar how to buy aleve generic diclofenac uk skelaxin buy cheap generic drugs similar to c ratioph difference between cialis professional cialis super active purchase ortho cyclen in india stieva a tablets from buy keppra customer reviews free or low cost viagra sublingual viagra shoppers drug cleocin gel canadian medications without prescription how to get colospa in australia what is tretinoin tablets buy dyazide mg pariet pharmacies inderal tablets 10 mg can i buy desyrel in canada aldactone dosage for pcos minocycline canada drug store purchasing snovitra super power online most common side effects of aciphex zofran on line in the uk craigslist new york city motorcycles januvia birth control online india order cholestoplex lowest price over counter glucophage allopurinol uk online metronidazole fast canada buy dutasteride canada side effects of ginseng levitra compared to viagra salbutamol mg tablet misoprost tablets buy generic substitute buy actoplus met buy thyroxin pills in the mexico nitrofurantoin buy usa order kamagra oral jelly online no prescription with a visa fucidin without prescription medication imiquimod side effects skin cancer buy lopressor in india online lozol india glucophage cost canadian mexican pharmacy no prescription grifulvin v detrol la 4mg dosage suhagra 50 for women amoxiline without a prescription from uk tamoxifen birth control online canada what is azithromycin tablets 250 mg little blue pill with a d on it order raciper no rx canadian pharmacy dipyridamole free shipping purchase tadalis sx lowest price best price nizagara amitriptyline price comparison aspirin zero order kinetics zovirax with no perscription prinivil buy online mexico nizagara echeck where to buy nitroglycerin in canada safely alli pills do they work yahoo midamor online order prednisone mg uk where is the cheapest and safest place to live in the uk prometrium pills online in the australia augmentin antibiotic purchase how to use flucazole best place to buy levitra plus online best place buy betnovate pct trental woldwide shipping side effects of cymbalta 120 mg zovirax 5 ointment generic does genaric cialis work glucotrol non perscription countries floxin ships from india long term side effects of bupron levlen medication lisinopril now co uk viagra prices uk erexin v dose how to take triamterenum mg reviews on leukeran online trial erection packs 1 with no prescription purinethol generic wikipedia drugs buy pariet tablets canada order paxillosida carvedilolo cheap us pharmacy long no alcohol after flagyl cheap kamagra sales in uk lansoprazole fastab how to buy capoten in london lamisil pharmacy prices list where to buy dipyridamole with echeck order cialis sublingual online no prescription with a visa cheap cialis in the usa fast promethazine deleviery oestrogel mg buy nolvadex from uk buy wigraine tablets india order thyroxin online no prescription with a echeck microzide online purchase how to use mentat cytotec canada sale ramipril altace generic use of keflex during pregnancy diverticulitis cipro flagyl buy provera medroxyprogesterone 10mg generic without prescription lipothin dr oz deltasone usa how long does it take for luvox cr to work ashwagandha dosage for dogs buy sildenafila pills in the mexico does accutane make birth control pills less effective 100 mg avapro protonix generic india what is sinequan for my canadian pharmacy legitimate cheapest price for tricor where can i buy fucidin online without a prescription lithium canada prescription free weight loss samples without free shipping alli diet can you order seroflo inhaler raciper over counter altace buy mexico metoclopramide pregnancy australia cialis us companies only best anti anxiety medication for ocd safe place order diflucan nordette online from usa can order levitra plus online buy inderal online india no prescription cost of paxil generic purchase estrofem on line in usa safe to buy generic tegretol from canada best site to buy erexin v hyzaar over the counter uk billig styplon online kaufen usa buy malegra dxt without prescription ponstel for sale uk buy lukol hong kong generic viagra soft for sale on line order ethionamide tablets proscar medication information comed an exelon company what is cialis pills used for combivent noprescrition needed usa online pharmacy depo provera price in india comprar metformin portugal prilosec otc sales 2009 salzarex carisoprodol keflex generic equivalent where to buy effexor xr online uk digoxin generic name drugs similar to albendazole himcolin non perscription countries buy cleocin gel in india online kamagra billig kaufen deutschland duprost india no prescription orlistat buy is allegra 160 over the counter benzac canadian pharmacy generic topamax cost where to purchase dilantin nordette on line in the usa trazodone hydrochloride 150 mg tablets levlen lowest price online cipla pvt ltd pune generic name for sarafem where do i colchicina in india order elocom uk pharmacy seroquel lawsuit settlement 2010 where do i tricor in usa side effects of nitrofurantoin mono mcr 100 mg 20 mg lisinopril sale actos de habla tipos ampicillin dose pediatric can you get high off lipitor where can i buy delta cortef tablets acticin no prescription needed buy synthroid online in the united states without a prescription crestor sales 2008 acheter livres doccasion how to get citalopram drug tadacip 40 januvia canada head office proventil tablets uses where to buy promethazine online mexico buy ashwagandha powder australia buy thyrox without a subscription onde comprar acai berry em portugal actoplus met usa where do i liposafe in india order prednisona without prescription azithromycin 250 mg pack price viagra professional mexico pharmacy order erexor overnight buy aspirin fast shipping do i need a prescription for fasigyn can you buy diflucan over counter inderal next day will gabapentin get you high india lvaquin omnicef canadian online overnight pharmacy over the counter adalat pills tadalis uk brand name is staxyn better than levitra proscar where can i buy non generic viagra online tizanidinum non perscription countries cialis professional how to buy canada and minomycin mirapex australia pharmacy zithromax z pak for uti buy luvox online australia no prescription tinidazole tablets dose can i make suhagra buy elocon online thru paypals renagel max dose betnovate sent to spain buy confido from mexico online buy flovent hong kong medication online alesse cialis jelly generic name voltaren rxlist gel capoten cheap india pharmacy cheap aspirin tablets where can i buy blopress in canada best place to buy glucotrol xl in india procardia discount coupon prednisolone tablets to buy mg key pred over the counter india mexican pharmacy no prescription atarax cost of generic keppra vagifem fast usa buy mentat online from usa glucotrol from canada without rx himcocid without a prescription from mexico aricept side effects paranoia how to order rogaine 5 online buy pyridium pills in the mexico canada buy thyroxine without prescription purchasing atarax online bactroban crema generico coumadin ordering no prescription buy alli shortage prednisolone veterinary medicine can you buy key pred over the counter in germany delivery buy antivert purchase accutane online no prescription indian tetracycline order zetia on line usa yagara mexico companies only buy allegra in ireland how to get cefixime drug best place to buy doxi 1 in india buy thyroid medicine online ic glimepiride side effects ordering amantadine india ranitidine dose rabbits elavil without prescription pills best anastrozolo prices aygestin billig kaufen zithromax with no subscription where could i buy bactrim without prescription overseas pharmacy no prescription reglan revia not generic what over the counter is similar to prednisone ginette 35 with no perscription brand name geriforte online ambien drug classification medazole buy usa bisoprololi fumaras uk brand name pharmacy technician jobs puerto rico terramycin cheap price armstrong pharmaceuticals primatene mist ordering dapoxetine canada is viagra legal in india what is the cost of staxyn tinidazolum uk pharmacy cheapest price for generic viagra generic medrol usa tindamax on line in the uk thyroxin next day pill identifier white m367 geriforte usa no rx cafergot online meclizine online australia cheap cozaar 50mg online drug stores in canada amitriptyline tablets for migraine comprar bentyl do i need a prescription for serevent non generic colospa buy zedd tablets uk proscar mims thailand where do i revia in usa why is cialis so expensive zyban and champix side effects lopid usa pharmacy assert cloridrato de sertralina emagrece long time side effects tretinoin 0,05 alli weight loss drug interactions can you discount buy avalide here cafergot online pay paypal is it safe to order alfa flucon safe place order metoclopramide tadalis sx tablets for purchase cheap drugs to make is zyrtec d prescription drug proventil inhaler sale mcg buy levitra discount benadryl pills online in the australia what does the l in l tryptophan mean diflucan fluconazole for men where to buy clincin mg trandate tablets us online how to import exelon non prescription leukeran safe buy zebeta online how to apply retin a gel buy baridium online overnight delivery dostinex side effects weight gain toprol xl 25mg tablets abilify dosages in children ranitidine generic equivalent lipothin pct buy cheap aciclovir 1 herpes 200mg epivir hbv for sale philippines compare prices orlistato buy ponstel cheap nexium patent expiration in canada generic proventil hfa periactin pas cher buy delta cortef online no prescription uk bupron sr on line best place to buy abilify in india buy topamax mg online for can you buy aciclovir over the counter zovirax long term side effects of augmentin vytorin coupons savings buy elimite fast shipping order tretinoin 0,025 from india without prescription can you buy dipyridamole over the counter reminyl weight gain tadalafil overdose symptoms chlamydia pills side effects paypal buy now button with dynamic price discount canadian pharmacy online buy sepibest online amazon prinivil from uk sertraline hcl 25 mg tablettev stieva a online bestellen what is cozaar generic for generic entocort ec 3mg cheap elavil fedex cod buy rumalaya liniment new zealand online precose usa sale comprar serophene portugal how to get roaccutane in australia discount tegretol from usa aviane 28 billig kaufen levitra kaufen holland buy bystolic without a subscription content marketing order singulair 5 mg forum baclofene alcool fr index buy shallaki capsules online retin a 0,05 india is generic cleocin gel available in usa vigra flyplass avganger accutane class action lawsuit settlements aleve online ordering cheap canadian levaquin no prescription purchase artane on line in mexico lioresal for dogs what types of anacin are there order retin a 0,05 rx cheapest place to buy zydis colospa canada sale beat way to order glucophage nexium drug test can order atacand canada duloxetine weight gain what drug category is doxi 1 zentel delivered to your home zetia fast mexico buy retino a cream 0 025 without a prescription from canadian pharmacy online pharmacy uk lantus to buy diclofenac in uk can you buy accutane online discount where to buy salbumol online uk praziquantel injection price azurette fast mexico norvasc prices cvs provera 10mg uses can you buy clomid otc viagra to buy in the usa without a prescription antivert medication generic pill rx health lopressor products best place to buy actos online citalopram overnight pharmacy actos delivery topic buspar generic drug cheap buy zyprexa online parlodel refills buy salvent online overnight buy colospa online in usa flomax generic mexico how to take shuddha guggulu mg prilosec dosage otc atorvastatin generic price walmart purchase motilium 10mg amantadine discount buy medicine allegra online ordering moduretic usa sale what is isotretinoin accutane free or low cost elimite order cheap viagra online uk prescription what is duphalac made of aspirin tablet price in india minocin on line no script periactin medication dogs a good web page to buy cardura with no script disulphiram with no perscription renova canada companies only sinequan cheap canada pharmacy malegra dxt for sale uk strattera vs adderall where do i avalide in uk buy zertalin online no prescription us indinavir order by phone blue lotus pills side effects discount glucophage from usa buy motilium online no prescription us bisoprololi fumaras pas cher generic plavix wikipedia levitra plus online in canada eldepryl purchase in canada no prescription generic uk paypal lozol how to use atrovent nebulizer
Sunday, February 01, 2015
Text Size

Search our Site or Google

Selection Criteria For Precious Metals Mining Companies: A tutorial

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


Options (average exercise price of C $0.18)


Warrant (average exercise price of C $0.19)


Fully Diluted



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)





Total Contained Gold (troy oz.)

TWD 50%

Indicated Mineral Resource





Inferred Mineral Resource





Total Mineral Resources






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


Grade (grams/tonne)

Total Contained Gold (troy ounces)

Indicated Mineral Resource




Inferred Mineral Resource:




Total Mineral Resources





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.


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.
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.
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.


Disclaimer: 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