toradol coupon code order casodex overnight zyloprim cheap mexico pharmacy pharmacy mexico albenza brand name disulfiramo online purchase demadex in usa cleocin gel generic reviews viagra soft generic cheap costs cost of fucidin imuran order by phone generic maxaman cost flonase phone orders cilest refills can i make mentat ds syrup what drug category is lanoxin non prescription zoloft tegretol mg no prescription combivent birth control online india isoniazid sent to spain glucotrol xl tablet sale isotretin without a prescription from australia methotrexate side effects bnf lotrel pills online in the usa canadian compazine maximum safe dosage of wellbutrin purchase cialis for daily use can i order differin buying astelin in manchester purchase tindamax on line in australia buy hydrea online no prescription us generic precose switzerland periactin dosage forms buy prednisone online fast shipping serevent overnight pharmacy where to purchase clincin reviews on maxaman can you get high off of coreg how to get aripiprazola in australia viagra soft 100 tinidazole 0 4g 100ml dose of fluconazole for thrush permethrinum delivery uk buy minipress low cheap price chlamydia home test for women eltroxin not generic caprysin online usa safe evista no precription spring valley vitamins acai reviews buy brand cialis pills in the australia caprysin tablets price cheapest dipyridamole paypal how long does unisom stay in system dc united supporters club chloromycetin online purchase best place to buy albuterol in uk drinking alcohol after taking zithromax flagyl 400mg tablets used buy zovirax long term side effects prednisone dogs use phenergan coupon online retino a cream canada no prescription buy nolvadex online from australia online pharmacy celexa cheapest place to buy viagra tamoxifen side effects breast cancer buy entocort boots pharmacy over the counter saw palmetto buy valtrex usa how to take amoxicillin for uti is it legal to buy drugs from canada online tretinoin 0,025 pharmacy prices list minipress in croatia depakote online uk ordering thyroxine uk all types clavamox pills pill rx health order estro products order fluconazol online no prescription with a visa buy minocycline online from usa pilex drug in fr pharmacy lasilix without a prescription from us buy medrol dosepak capsules can you only get serpina on prescription prescription erection packs 2 skelaxin no rx mifeprex buy online keftab overnight shipping cheap canadian online pharmacy for aricept online lamictal overnight delivery generic metformin us how to buy advair in canada voltaren tablets for back pain pharmacy from india famvir dosage too high caprysin on line in the india how safe are drugs from india manufactured esperal usa no prescription buy zertalin no prescription best site to buy albuterol can i buy sumycin paroxetine next day delivery disulfiram buy online order fasigyn from india without prescription where do i flagyl in mexico purchase detrol in mexico promethazine fda approved to buy without prescription ovral l online purchase buy flovent online from canada acnetane lowest price buy vasotec next day buy stromectol singapore online apotheke preisvergleich voltaren metoprolol side effect hair loss avandamet online uk synthroid tablets dosage apo clopidogrel on line in the india is pravastatin better than lipitor doksazosin lek from india lynoral delivery cytotec misoprostol tablets eltroxin online in uk best zetia prices can you buy cialis over counter philippines indinavir stones ultrasound florida imitrex torsemide drug in germany pharmacy albenza brand positioning yasmin online without rx can buy viagra singapore celexa price walgreens order flomax pill buy oristal online usa bactrim buy online mexico prescription solutions phone number generic ditropan overnite shipping cheap actonel 100 mg buy fluoxetine boots venda alli internet drug orlistat buy aristocort in ireland cytotec online overnight frusemide best online non prescription pharmacy tadacip from britain rizact pas cher keflex 500mg pregnancy oder mg tablets of cleocin gel ventolin expectorant medicine generic uk paypal triamterenum safe to buy generic zertalin from usa flunil mg canadian rx antibiotico ciprofloxacina bula ginseng barato where to buy dostinex online usa all types fasigyne pills clorfenamina dosis adultos order prandin rx apcalis sx with paypal payment ultima pure swiss hyaluronic acid serum reviews rhine auto sales inc non narcotic pain meds for fibromyalgia us online pharmacy no prescription nootropil where can i get tindamax order elimite in flovent discount program fluss 40 uses medication cialis jelly usa sale codeine cough syrup high dosage aloprim noprescrition needed canada online pharmacy medicine to gain weight for kids purchase nootropil on line in the uk crestor prices western drug prograf atrovent dosage in children generic prandin for sale on line what do fluoxetine pills look like suhagra discounted problems with generic femara where to buy zyrtec d cheap levoxyl birth control online australia safe to buy generic aristocort from usa best place to buy terramycin what is trial erection packs 1 used for where do i meloxicam enolat in australia can buy viagra europe buy benicar hct online buy levlen online from usa voltaren cost purchase clomid 100mg uk benicar hct 40 25 coupons buy hydrodiuril with a mastercard buy buspar 30 mg ordering ciprofloxacina india otomax mg mexico online retino a cream 0,025 with no prescription doxycycline tablets for purchase will i buy diflucan online uk pharmacies online that sell lantus buy tadalis sx mg online online seasonique purchase vytorin medicine cholesterol depakine chrono shoppers drug mart cheap genuine thyrohormone online movalis lowest price buy beconase aq tablets online minocin doctors online diarex discount prevacid online pharmacies with out prescription generic viagra does it work compare prices brand viagra can i order retino a cream online floxin delivery london serophene daily use reviews cialis online uk pharmacy zitromax buy canada coreg to buy in the canada without a prescription cheapest minipress tablets uk skelaxin australia price order permethrinum on line mexico what is capoten used for where do i tinidazolum in uk kamagra oral jelly mit paypal bezahlen can you split micardis tablets ciprofloxacina online pay paypal prescription drugs from mexico to america generic thyrohormone no prescription bupron lawsuit yaz online purchase generic artane overnite shipping what is mobic 15 mg tablets used for shatavari tablets on line to buy levitra plus no prescription needed pilex in canada cost of aprovel cleocin medication on line buy aristocort paypal order crestor from usa without prescription can order strattera online hyzaar missed dose cephalexin fda approved to buy without prescription what is the meaning of amaryllis most common side effects of depakote no prescription albuterol sominex order online no prescription fucidin online from india buy fertomid online no prescription us long term side effects of promethazine splitting prilosec pills lopid drug interactions ayurslim birth control online canada colchicine medication for gout dosage best price for real bisoprololi fumaras minocycline hcl 100mg reviews 24 canadian pharmacy cheap allegra d hour celapram drug in uk pharmacy generic viagra india cheap fasigyne discount safe place order altace comprar alli portugal canada flagyl tablets online can i order birth control pills online norvasc dose for cats vistaril canada drug store crestor generic rosuvastatin safe to buy generic paxil from uk augmentin dosage order probalan online order aygestin from usa without prescription can buy viagra online australia where to buy cheap generic nitrofurantoin acticin uk no prescription colchicine order on web naprosyn with paypal payment duphalac syrup price buy trental online with out prescription stediril medication on line donde comprar acai berry thin en barcelona purchasing himplasia online uk pharmacy has best price cipro cardura weight gain frumil online from uk non generic cialis soft famvir famciclovir tablets ondansetrona india dapoxetine tablets reviews purchase cefixime cheap buy benadryl pills in the india cheap genuine kelnor online alternatives to metformin medication canadian pharmacy escrow glyset online cheap actonel 40 mg dose can you sublingual in ireland online drug shop buy generic cialis generic c ratioph india where do i cefadroxil in mexico best place to buy trental in india buy finax in singapore viagra soft usa no prescription canadian pharmacy viramune what is the normal dosage for levitra prandin buy online mexico fucidin cream uk buy generic celapram online no prescription what is urispas made of is generic lexapro safe why has erection packs 3 been discontinued over the counter medicine that acts as female viagra purchase pyridium online antabuse online cheap purchase casodex online delivery topic buy premarin online sale of procardia albendazole results forum topamax next day singulair para que se usa how much is nizoral tablets buy prescriptions overseas actos purchase in canada no prescription how to purchase metocarbamol nizoral dose for cats levoxyl online from usa cialis prices us how much will ranitidine cost ampicillin for sale philippines what does metformin do for pcos generic wellbutrin sr overnite shipping buy elocon hong kong eulexin no prescription compare prices generic lexapro reviews 2012 discount canadian pharmacy pulmicort buy percocet with paypal micardis pill shortage cholestoplex medication side effects fastest obelit uk delivery what is prometrium 100mg used for aceon no script buy purim perth australia inderal la capsules 80mg american isotretin pulmicort reviews buy generic orlistatum online best site to buy prandin best place to buy ephedraxin without a prescription cataflam prijs diltiazem without a prescription buy augmentin us matrix red pill blue pill philosophy side effects of acnetane yagara generico italiano generic name for exelon erection packs 1 lawsuit prescription mobic information including generic tamoxifen glucofage perth australia purchasing elavil online uk zertalin shelf life uk pharmacies online that sell effexor xr is it safe to order pletal phone in order for diltiazem best place to buy c ratioph without a prescription viagra in dubai duty free doxycycl hyc 100mg dosage side effects buy orlistato online us no prescription generic phenergan usa pharmacy vardenafil tabletten 20 mg tamoxifen 100 silagra discounted how to buy leukeran in london amlodipine dosage cats us overnite pharmacy celexa and alcohol blackouts generic clonidine uk florida ditropan cialis from canada with a prescription best anteovin prices where to purchase nizoral shampoo without a prescription cheap cardizem sale uk my clonidine coupons dr reddys finax reviews phenergan usa no prescription canada buy florinef without prescription levitra professional generic mexico digoxin cheap india pharmacy is ephedraxin available over the counter ebay allis chalmers tractors la roche xenical calan en mexico is bactroban ointment prescription only requip india no prescription janumet pills online in the uk ventolin discount card crestor generic equivalent kann viagra deutschland kaufen oxybutyninum without a prescription from mexico vasotec drug in mexico pharmacy real viagra uk purchase flovent in uk celebrex no prescription pharmacy riperdal on line no script buy cheap acticin online doctor vendita cialis where can i buy lipothin in canada purchase generic clincin generic cialis sublingual uk paypal purchase remeron in us order cialis professional on line uk cheap endep 40 mg eritromicina pret 500 ordering claravis mexico purchase zyloprim cheap newest anti anxiety drugs astelin nasal spray drug interactions buy lasix with visa prednisone withdrawal headache canada drugs flomax with prescription can order olanzapine canada is generic buspar effective colchicine injection discontinued order lotensin pills how to purchase celapram discount pulmicort how to use flovent hfa inhaler tretinoin 0.025 reviews buy amoxil online no prescription uk is mail order voltaren safe como comprar ciprofloxacino order shuddha guggulu rx lamictal no prescription fedex ups requip purchase glucotrol delivery london cialis jelly tablets side effects coupons for claritin online ordering ditropan here in canada 6 buy aciphex 20mg tabs top drugstore products uk buy over the counter vardenafilum online cipro coupon code donde puedo comprar rogaine 5 thyroxin delivery london zebeta medication buy malegra dxt online from india what antibiotics for flu cheap rythmol sr trimox no prescription canada can i take 40 mg of bentyl best place to buy seasonique without a prescription do you need a prescription for lamisil tablets pharmacy support group scams zyrtec tablets allergy comprar cymbalta en argentina order rumalaya medication by mail cardura doxazosin side effects buy promethazine tablets uk how to take chloroquine for malaria arjuna anime online latino apcalis jelly reviews detrol buy online ireland buy frusemide online evista uk online generic wellbutrin sr no prescription how to by xeloda online suppliers of actos in us liposafe pills online in the india fasigyn tinidazole pfizer acnetane generic uk cheap genuine brand advair diskus online ordering allopurinol where to buy haldol online mexico where to buy cytotec in manila generic cipralex cost cymbalta us companies only order roaccutan from india without prescription diflucan generic 2013 drugs side effects of liquid zantac in infants dosage of albendazole for adults is coreg legal in uk cialis lilly icos how to order toprol xl combivent nebules serevent mg canada cleocin gel generic name better than probalan best place to order baclofen in us altace order canada where to buy calan online uk list of free birth control pills 2013 comprare viagra on line atarax antihistamine hives pharmacy has best price riperdal buy amoxil online from india cardizem noprescrition needed usa online pharmacy can unisom make you gain weight how to order requip online buy tadacip inhaler canada fucidin h for thrush buy alavert online canada no prescription metformin 500 mg tablets side effects original diakof online erexin v from australia discount metrogel mg acai berry living xs malaysia supplier discount yagara from canada how long does pulmicort take to work buy alesse cheap online pharmacy discount maxalt drug class where do i alavert in australia american cialis super active best pain meds for shingles usa buy procardia without prescription where to buy viagra plus mg pulmicort prices usa buy generic silagra with bonus how to use eldepryl cilest without prescription generic accutane from india liponexol online pay paypal long term care pharmacies in british columbia quickest ranitidine what does paxil make you feel like zovirax cold sore cream boots reglan fast india quiero comprar valtrex celadrin cheapest rate ordering avodart uk is aldactone a prescription drug clincin online india naprosyn thailand seroquel no prescription janumet from usa pharmacy price of viagra at costco how to by alli online comprar nootropil piracetam vermox online store kamagra singapore buy toprol xl cheap is there any levitra that nis safe and ships overnite clomid legal center brand amoxil discount best site get precose lamisil side effects cream what does the af stand for in betapace carafate canada pharmacy cheap pills buy finast generic safe to buy generic elocon from usa erection packs 3 us companies only paroxetine cost comparison vente de lopid au quebec is generic indinavir effective buy baclofen next day where to buy retin a 0,025 with amex my retino a cream 0,05 coupons baclofen dose hiccups getting nolva in australia diovan phone orders can you buy clomid over cafergot order online no prescription paroxetine hcl 20 mg oral tablet current price topamax buy actoplus met without a prescription from canadian pharmacy effexor xr generic effects common side cialis soft tablets price wellbutrin sr online in usa discount code for sinequan tadacip delivered to your home antabuse online from canada overseas pharmacy no prescription vardenafilum eltroxin mg usa hhs.ca loc:it buying tinidazole from canada no prescription habeeb alli canadian council of imams shuddha guggulu online domperidone birth control pills medrol dosepak online in usa is it illegal to order generic brahmi where can i get dulcolax average dose of lexapro for ocd generic levitra professional safe best online pharmacy generic inderal biaxin online bestellen buy nitrofurantoin online india cost of liv 52 without insurance ciplox in croatia redustat orlistat usan inn can i get high on buspar order tramadol no prescription cod buy sibutramine hydrochloride lamictal cost 200mg zovirax dose for herpes zoster lipothin medication order tenormin from uk without prescription frusemide without a prescription from australia erection packs 3 with no perscription zithromax refills meridia pills canada cialis 36 hour video remeron for dogs buy artane generic usa diurex water pills acne cost of allegra at walmart carbozyne for sale philippines best generic levitra super active review buy flovent online with no prescription pletal drugs online purchases over counter aloprim clomid online store chlorzoxazone with diclofenac sodium and paracetamol friv 10009 ampicilina for purchase without a prescription zetia mg tablet imitrex stat dose pen instructions prednisona tablets online buy viagra plus new zealand online mevacor mexico companies only buy claravis pills in the mexico procardia without script ayurslim over the couter buy cozaar without a subscription buy vpxl tablets usa colour of coumadin pills how much will amoxicilina cost is mail order carbozyne safe list of tesco stores selling bactrim where do i glucofage in usa acai supplier in uk xenical overnight delivery where to buy sinequan online uk brafix generic india azurette canada overnight delivery parietal lobe function propranolol tablets chat about side effects levlen dosage instructions testosterone cream side effects for men indian pharmacy levothyroid a good web page to buy seroquel with no script rhinocort on line no script where can i buy fasigyn tablets diclofenac generic name voltaren cleocin gel order online mylan baclofen 10 mg tablet how much does 8 ounces of promethazine cost cheap canadian estrofem no prescription generic pills for alfa flucon carafate drug in usa pharmacy how to take ciplox discount cephalexin 500mg best price casodex atorlip 5 buy usa mexitil canadian online overnight pharmacy side effects of omnicef in babies bystolic where can i buy it generic fml forte in usa cost of doxycycline tablets boots cheap adalat 30 mg prescription para q se usa el zantac can you buy kytril over the counter in germany klipal codeine next day delivery purchase albendazole buy lady era without a script canada buy eldepryl without prescription prednisolona from india how to purchase prednisona retin a 0,05 with no subscription buy atrovent 15mg online how to take viagra soft what does donepezil 10 mg look like buy diprolene mg online for viagra paypal buy online canadian viagra online pharmacies la vedova allegra libretto in italiano how much will lopressor cost fluconazol with no perscription what is the dosage of prednisone for bronchitis buy vantin no prescription nitroglycerin from kyburz office plavix coupons 2013 is blopress available on line in canada ampicillin common cold apo clopidogrel uses medication glucofage next day genuine tegretol 100mg buy quibron t perth australia order indocin online without rx buy septilin pills online apo clopidogrel noprescrition needed uk online pharmacy deltacortril ent 5mg prednisolone can order janumet canada doxycycline hyclate uses dose cheap hyzaar price buy silagra inhaler canada trileptal cheap us pharmacy order nimotop online with visa mail order generic alli can your buy professional in ireland cialis online olanzapine on the internet buy tamoxifen tablets canada thyroid medicine synthroid levothyroxine inderal fast usa fastest phenamax uk delivery actos de habla searle levaquin medication dosage liv discount code how to use rumalaya forte emsam pills buy viagra side effects rash how to purchase liv online betapace discontinued viagra vs cialis vs levitra cialis daily use coupon blue oblong pill av v15 buy kamagra chewable hong kong desyrel for dogs buy very cheap bentyl cymbalta fibromyalgia reviews glucophage on line purchase purchase nolvadex on line in mexico buy plavix online india comprar clonidine en argentina micronase buy online ireland cheap viagra express shipping are buspar generic for xanax lipitor card for discount prescription female viagra kaufen buying prilosec online cialis soft online pharmacy uk nizoral to buy in the canada without a prescription order zyrtec overnight best place to buy pilex in canada best site get paxil how to get cialis prescribed cialis side effects rash florinef india suppliers half price tretinoin 0,05 ranitidine noprescrition needed canada online pharmacy cytotec in cebu augmentin 1g indication buy vardenafilum online without prescription albuterol noprescrition needed usa online pharmacy lasix with american express coreg in italia discount zydis from canada amoxicillin 500mg capsules generic tofranil switzerland triamterene no prescription compare prices cipla pharmaceuticals site buy mentat ds syrup paypal safe accutane no prescription can i make arava where to buy oratane mg order lopressor online with visa order albenda without prescription buying benzac for dogs buy luvox in australia cordarone prescription coupon hyzaar for dogs drugs similar to zovirax online pharmacy buy tetracycline fda canadian florida probalan order parlodel from uk without prescription ventolin brands india purchase viagra online pharmacy cheap bentyl pills dicyclomine best place to buy rogaine 2 in canada propecia cost comparison pharmacy where can i buy cytotec in the philippines estrace shop net flexeril 10mg tab buy oxybutyninum online cheap buy lamisil generic flagyl precio venezuela discount urispas mg acquisto forzest sicuro online online diclofenac gel overnight delivery is generic zyloprim available in usa lipitor 4.00 participating pharmacies eldepryl online in canada order cleocin from mexico without prescription best price for micardis why has isoniazid been discontinued depakote online from india antabuse tablets for purchase where can you buy sildenafil online pharmacy sale of albuterol hfa best price for real prevacid danazol without prescription glucotrol xl canadian medications without prescription comprar viagra pfizer 50 mg frumil pills online in the canada lotrisone uk no prescription difference between brand lexapro and generic we buy any caravan procardia australia glucophage billig kaufen purinethol to buy from europe drugs similar to antivert where to buy prednisolone 5mg drugs best tamoxifen prices buy cabergoline australia diovan medicine children buy seroquel online no prescription canada prednisona online forum how to buy alfa flucon in london purchase propranolol canada can i order suhagra no prescription in the usa flovent generic 2013 drugs is diflucan over the counter or prescription clomid for men doctor bupropionum buy online ireland buy maxaman online reviews phone in order for artane we are festival after party cost of erection packs 3 sustiva online forum is generic risperdal effective where to buy trimox with mastercard where to buy retin a online mexico best site get cefixime zanaflex usa cvs prices buy norvasc 100 tegretol noprescrition needed usa online pharmacy can you take tamsulozin daily motrin over the counter canada depakine chrono from canada with no prescription purchase cheapest erythromycin prices doksazosin lek mg canadian rx enalapril tablets fluconazole 50mg price amaryl without a perscription can you get high off of metoclopramide 10mg vasotec in usa order zyban online no presctiption generic novo digoxin us side effects of lamisil 250mg tablets buy toprol xl online at canada pharmacy looking for viagra best place buy retin a ge pct amoxiline sublingual dosage 100 mg avalide buy atorlip 5 mg donde puedo comprar renagel canadian pharmacy viagra online support lowest lipitor dose dosage of zovirax for genital herpes generic allegra d substitute prilosec cheap price navarro discount pharmacy coupons alesse uses medication cacds canadian drugstore conference cleocin gel pas cher buy liposafe online without a prescription all natural over counter viagra side effects of cephalexin in pregnant women is generic moduretic available in usa alavert usa cvs prices metoclopramide dose in rabbits safe buy biaxin online where can i buy dyazide tablets american zanaflex almetec pills safe to buy generic cialis professional from uk kelnor mg buy where does the calcium carbonate in limestone come from erythromycin buy india pulmicort online pharmacy uk what doses does lisinopril hctz come in effects of accutane after treatment which uk site to buy isoniazid buy zyloprim hong kong comprar generic order alesse birth control online buying pravachol generic himcolin buy canada forum buy deltasone online mg buy tenormin tablets us buy brafix online from usa non prescription key pred pharmacy us online pharmacy no prescription cardizem norvasc buy usa zofran generic form use liv 52 coupon online claravis medication on line cheap antabuse india brafix cost in canada retin to buy in the canada without a prescription donde comprar tadalafil snovitra super power legal in england buy noroxin online from mexico indocin for gout side effects maxalt generic 2013 order bactroban online with mastercard pyridium dose and frequency keppra over the counter australia ivenox shopping cialis delivery london generic tizanidina buy canada como usar las pastillas misoprostol para abortar nexium on line in the uk purchase lisinopril in usa vermox tabletsnz viagra buy in canada cabgolin canada paypal lexapro maximum daily dose order cilest online without rx what happens when you take viagra buy avodart without prescription buy cheap augmentin using pay pal order mentax on line mexico moduretic online without rx generic c ratioph canada buy aprovel online pharmacy levothyroxin order where can i get clopidogrelum pills wellbutrin western australia allergy medicine zyrtec dosage ordering fasigyne percocet drugstore com pricing side effects of bupropion hcl xl 150 mg can zofran cause weight gain do xenical tablets work how can you get clomid prescribed claravis online purchase generic vardenafil hcl 20mg tab can i make tamoxifen pletal 100 mg prospecto chewable dramamine free shipping celexa cost cvs no prescription cialis uk ebay uk allisport silagra prices cvs buy cardizem fast shipping order fertomid tablets diakof no prescription canada where to buy actonel ointment fastest phenergan uk delivery retin a gel 0,1 buy online ireland is generic silagra effective sarafem where to buy in canada discount tadapox from canada methotrexate alcohol use best site to buy doxazosin best generic indocin review amitriptyline buy canada what is promethazine 25mg tablets used for brafix without a prescription from uk best online pharmacy generic benemid generic for allopurinol zyloprim serophene shop net best place to buy benicar without a prescription lansoprazol fast usa generic clonidine in transdermal mylan triamterenum without a perscription low cost yasmin hydrochlorothiazide discount medications comprar quetiapinum original en madrid what is ic clonidine hcl used for how to take fluss 40 mg where to buy viagra soft online canada clonidine refill pack hong kong buy online canadian asacol para que serve o remedio cloridrato de ciprofloxacino 500 mg buy atarax overseas relafen no prescription needed generic pills for tadacip buy cialis sublingual online in usa buy motrin in usa information on robaxin medication is there a drug comparative to antivert amoxil drug in fr pharmacy is it illegal to order generic orlistar obat allopurinol 100 generic suhagra buy canada cialis viagra levitra reviews lady era dose order viagra soft from usa without prescription nolvadex western australia crestor prescription assistance program order singulair online no prescription with a mastercard imiquimod cream 5 cost purchase viagra sublingual on line in the uk venlor online coupon code lowest priced promethazine how to take zenegra 100 us pharmacy online tramadol order allopurinol online uk alphagan in canada periactin stores buy cheap acheter pas cher brahmi flonase ingredients what is allopurinol made of buy sildenafil citrate without prescription how to use riperdal fluticanose for sale uk the online drugstore glycomet buy levothyroxine discount stediril with prescription over the counter medicine frusemide how long does it take proventil to work lipitor usage statistics over the counter medicine antabuse entocort coupon code lasix tablets they ditropan generic usa cheap brafix india uk buy clonidine without prescription cabgolin without prescriptions extendaquin in the uk buy eldepryl online with no prescription cyproheptadine tablets bp tizanidinum online australia order lasix no rx canadian pharmacy estrace generico italiano typical prednisone dosage for poison ivy nizoral ketoconazole 20 mg best place to buy skelaxin in australia cialis super active 100 prinivil canada no prescription lasix injection administration vytorin generic cheap costs amitriptyline medication online cytoxan ordering no prescription generic viagra customer review can i order priligy online cheap mentat sale uk can you drink alcohol azithromycin chlamydia comprar oracea en argentina where is zyrtec on sale this week very cheap viramune can you get anafranil over the counter does generic zithromax work wellbutrin xl 300 coupons lantus online in usa buy viagra super active have no prescription my compazine coupons clomid success stories 2012 generic uk paypal antabuse my alli diet myalliplan cheap amoxycillin pills where can i purchase clopidogrelum valaciclovir tablets comprar rimonabant 2012 lotensin online pharmacies with out prescription gabapentine to buy in england alli weight loss supplement facts famvir delivery paroxetine lawsuit settlements baclofen generico italiano female viagra fast india how to purchase metronidazol azithromycin spc emc purchase cheapest suprax prices buy priligy online canada no prescription brand name lady era online name brand aristocort online how to use keppra buy riperdal hong kong how to order oxybutyninum skelaxin prices at costco isoniazid 100mg buy what is predalone tablets cost of snovitra super power without insurance buy fluoxetine without a prescription vermox mebendazole 500 mg lotensin mg price buy genuine silagra uk cheap rogaine 50 pills hair buy hydrochlorothiazide pills blood pressure cholesterol risperdal by mail order best place to buy cytoxan generic ivenox for sale on line can u buy viagra at walmart thyroid medication side effects weight gain vermox to buy in the usa without a prescription duphalac without prescription pills is it illegal to order generic diclofenac olanzapine brand name india patient reviews on zyprexa luvox vs luvox cr levothyroid mg canadian rx the morning after pill bleeding xenical price comparison uk zoloft 100mg reviews get propecia ireland buyers of zofran canada viagra sublingual in italia can you buy fluconazole over the counter what is clomid for steroids buying nexium online without prescription order indinavir online uk comprar celapram en argentina hoodia generic australia online pharmacy reviews australia lansoprazol canada overnight delivery genuine viagra best price how to use pilex pulmicort side effects in adults diltiazem barato comprar levitra generic cabgolin in retin a for sale ordering micronase usa cheapest acai max cleanse generic tretinoin 0,05 buy canada fertomid 50 mg tablet zyprexa by mail 40 mg paxil high dose order generic v gel buy purinethol perth australia generic name allegra d buy cheap deltasone using pay pal rogaine 2 in canada express scripts prior authorization form for victoza nexium cost ireland cheap sominex pills buy sinemet online india extendaquin pharmacy order aciclovir tablets spain mail order generic fluconazol shuddha guggulu cheapest rate femara online overnight retin a 0,05 over the counter buy hyzaar online in usa mxtabs wiki mestinon weight gain purchase femcare cardura buy online uk buy arimidex boots terramycin on line in the canada can you get viagra over the counter in usa purchase mentax in mexico is generic venlafaxina available in usa diflucan rx for yeast infection discount sarafem from canada noroxin medication order average price of viagra viagra in india online amoxil dose adults where eagles dare soundtrack kamagra gold overnight pharmacy pharmacy has best price apcalis sx where to buy seroquel online without a prescription buy allopurinol for daily use buy ondansetrona online usa buying protonix from canada no prescription dostinex drug class where do i confido in india betnovate dosage ordering mometasona oracea for sale uk costo glucophage 500 mg mail order desyrel online thyroxin where can i buy zertalin generic wikipedia drugs buy estrace with visa can i buy lexapro in mexico online fast delivery buy valtrex side effect of sildenafil citrate tablets cost comparison reglan mg is it safe to order aristocort ordering viagra online india drugstore comprar viagra soft original buy zyrtec 40 online beconase aq overnight delivery overseas pharmacy no prescription levothyroxin ponstel online pharmacies with out prescription generic diflucan buy canada over the counter himplasia order hytrin online no prescription with a mastercard renova online with out prescription are canadian pharmacies legal in usa free or low cost chloramphenicol what all does topamax treat zyprexa 100mg cheep online forum generic beconase aq pharmacy acai berry genesis today reviews himcolin shortage what does fml forte do prednisone reviews comments sucralfate generic carafate missed lamictal dose acivir pills comprare how much does walgreens pay per hour in wisconsin quibron t trusted online drug stores in canada what kind of pill is levlen health canada urispas uses of betnovate c ointment vpxl with no subscription buy levitra super active tablets canada best viagra tablet in india disulfiramo to purchase without a prescription elavil from canadian pharmacy rosuvastatin drug in germany pharmacy can you buy coreg canadian carvedilol buy janumet online with no prescription cefixime without prescrip buy canadian sildalis cipralex lawsuit canada prednisolone dosage for ulcerative colitis amitriptyline nerve pain relief astrazeneca nexium coupons avapro on line in the mexico astrix 100 capsules aspirin buy anacin with e check mebendazole side effects in adults abilify sales 2008 side effects of cialis use once daily azurette over the counter order erection packs 1 online without buy painkillers online methotrexate prices overnight pharmacy estrace acivir pills usa apo salvent inhaler overdose can motrin 800 mg get you high is it illegal to order generic geriforte syrup tretinoin buy online ireland benicar on line purchase keftab uk buy where to buy oratane with amex best place to buy leukeran in usa buy combivent pills in the us can youtube buy cheap zestril best place to buy trileptal online lamisil cream costco prandin prices peut on acheter de la ventoline sans ordonnance vasotec in croatia ciplox online in canada generic zofran safe ashwagandha overnight pharmacy flonase cause nose bleeds actosol fertilizer prometrium discount medications fluconazole thrush men cilas particle size discount prozac mg current price risperdal exelon side effects elderly what does tamoxifen citrate look like where to buy nexium drugs online buy rumalaya with paypal toradol pills high chloroquine online order voltaren emulgel pregnancy micronase order in the us purchase generic cabaser can you only get nitroglycerin on prescription cost of salbutamol order retin a gel 0,1 from uk without prescription geriforte uk buy buy metformin in united states how long does it take for abilify to work for depression how to take erythromycin india pharmacies online that sell albenza can buy coversyl online eurax order discount bupropionum from canada buy antabuse nz metoclopramide overnight shipping can i make bupropion accuran generic wikipedia drugs triamterenum mg mexico retin a drug in fr pharmacy over the counter medicine ciplox can you buy cardizem over the counter in germany toprol xl 2007 sales what is fexofenadine hydrochloride 180 mg generic dutas india salbutamol without subscription como se usa la inyeccion anticonceptiva depo provera is carbozyne a prescription drug keftab from uk order prandin tablets can i use betnovate on my face buy retin a online with out prescription percocet vicodin cost of xenical in south africa femara mist canada cheap hotels in goa near calangute beach buy retin a 0,025 online without a prescription baclofene winthrop vidal penegra in croatia alli comprare levothroid for purchase accutane generic brand name purchasing protonix online uk viagra before surgery buy trimox in australia buying chloramphenicol in manchester generic alphagan p 15 order strattera no prescription pharmacy that sells suhagra free levitra samples by mail orlistar to buy in the usa without a prescription best place to order pletal in us albuterol online from usa atomoxetin women buy generic from finpecia buy furosemide online in the united states without a prescription best confido prices order renagel from uk without prescription metocarbamol brand positioning hyaluronic acid tablets uses indinavir overnight shipping cheap adalat for dogs buy thyroxin buy online ireland buy zebeta online from canada tizanidina canadian online levofloxacin hydrochloride uses leukeran mg order overseas pharmacy no prescription claritin nikon 1 argos kamagra paypal checkout non prescription amlodipinbesilat nimotop online pay paypal cozaar composition ebey medicine carafate buy metformin in singapore hydrodiuril generic canada where atorlip 10 will you order diflucan online over the counter flonase cytotec abortion in malaysia where to get gasex pct ordering tegretol mexico where to buy allium flower bulbs florinef shoppers drug mart framemaker server 9.0 order cheap canadian pharmacy no prescription neurontin boots diet pills alli elocon uk no prescription aldactone dose for ascites l thyroxine prices at costco tretionin with out a perscription cost comparison canadian plendil 5mg tricor alternative medicine naprosyn online store arimidex without a prescription buspirone buspar uk how to buy acai optimum biaxin on line no script oristal mg uk where do i propranolol in india a good web page to buy trental with no script buy avana online with mastercard discount code for compazine sominex generico online what does tetracycline do to microbes insulin pen devices generic venlor quibron t with no perscription etodolac refills order v gel cheap prednisone dogs without rx zetia coupon code warafin uk buy health illness and medicine in canada 5th edition order exelon in online pharmacy oxytrol premarin without prescription medication buy generic gabapentine online no prescription etodolac 400 mg tab tamoxifen pills online in the india parlodel meds no prescripion cheap amoxil per pill drugs brand amoxil mg order discount rogaine 2 can buy ciplox online canada and hydrodiuril best site to buy prednisolona aricept prices cvs buy cialis online malaysia elocom ken?cs hydrea online ordering joomla site hacked viagra ad buying entocort safe to buy generic esperal from canada novo digoxin usa sale buy online in uk kamagra oral jelly cipralex maximum dosage mail order levitra online pharmacy buy omnicef online us no prescription all types pyridium pills where to buy estradiol valerate online canada how to purchase clincin is generic emsam available in usa can you buy cialis online yahoo vipps approved canadian pharmacies is it illegal to order generic purim buy arimidex online no prescription buying bupron sr in manchester gyne lotrimin generic wikipedia drugs cost of mail prometrium elavil without a prescription from mexico where to buy metoclopramide mg toprol without insurance purchase zitromax in uk tadalafil donde comprar how much is prednisone tablets vardenafilum fast usa arimidex no prescription tadalis delivery london levlen low dose birth control order apcalis sx online uk benemid overnight pharmacy us online pharmacy no prescription innopran xl thyrohormone medication on line accuran legal in england triamterenum prices cvs what is the correct dosage of viagra super active do i need a prescription for arimidex retin a online from india generic predalone for sale on line substitute for cialis where to zyprexa why has malegra fxt been discontinued buy canadian adalat online buy accutane cheap online prescription tizanidinum canada prescription plendil shop net bactrim pills buy online buy over the counter elavil online bystolic fast mexico levitra super active online without prescription fastest lopressor uk delivery lipitor cholesterol tablets side effects generic doxycycline walmart canada levitra buy online astelin fast uk pill rx health order augmentin products lariam from canada buy saw palmetto boots pharmacy diclofenac gel generic equivalent cardizem medication classification brand name viagra india online pharmacy degree florida is generic rumalaya effective is xenical banned in singapore aviane 28 with paypal payment ginseng canadian medications without prescription what is zestril eurax without insurance where to buy dyazide drugs online generic dramamine uk best propecia results priligy mg no prescription buy citalopram online at canada pharmacy yagara online order crestor statin medication combivent udv inhalation cost of aleve how to buy cheap propecia arimidex mexico companies only differin price compare actos price hytrin tablets from buy where to buy amlodipine benazepril flagyl to buy in the canada without a prescription best place to buy innopran xl in australia order eurax online no prescription with a mastercard buy calan online from uk physical anxiety symptoms proscar euro drug buy procardia xr without prescription plavix uk boots tinidazole lyme dose uk buy sinequan without prescription azithromycin dosage chest infection side effects of ic bupropion hcl xl brafix mg canada allopurinol medication until later celebrex uk boots lasix from uk digoxin mg buy canada pharmacies online that sell lotrel order prozac no rx canadian pharmacy misoprost pricing estradiol valerate cheap us pharmacy quanto costa cialis da 20 mg micronase wanted online review v gel where to get in what class of medicine does aspirin belong cheap viagra 500mg uk where to buy cheap diflucan without what does alavert forzest physical symptoms of anxiety and depression seroquel fast india what is hoodia used for online medications canada no prescription viagra sublingual lawsuit lawsuit against zyrtec raquel allegra sale purchase amlodipinbesilat on line in canada buy tizanidina tablets australia trileptal price can paroxetine 20 mg get you high kelnor lowest price online diprosone legal in england buy zyloprim from india albendazole generic wikipedia drugs order paxil 20 mg plavix tablets images canada order levaquin buy sustiva with e check crestor reviews 2012 buy requip online from australia viagra online no rx advair diskus over the counter prescription salmeterol low cost overnight dutas motrin suppositories buy aygestin now buying lopid for dogs does alcohol affect bactrim ds norvasc no rx herbal erection pills gnc can you take differin daily buy dutasterid new zealand online suprax reviews buy benicar cheap prescription online generic indian generics online revatio prednisone effects on liver aleve generic dosage ranitidine medicine buy amitriptyline line amitriptyline 20 mg side effects alli pills coupon discount code for colchicine baclofen doctors online what types of fucidin are there levitra ordering buyers of etodolac canada cialis daily reviews prezzo del viagra in italia overnight cheap pariet online purchase viagra soft in india lopid 600 there generic drug asacol safe flovent buy canada viagra super active tablets online pharmacies in vanuatu how long to take indocin finax 20mg tab buy ventolin hfa inhaler online buy periactin pills online cheap 1 accutane mg cod buy beconase aq quick what are the side effects of citalopram tablets buying yaz using paypal oder mg tablets of indocin order robaxin online no presctiption list of tesco stores selling aleve generic bupron sr paypal retin a 0,025 online no prescription drugstore canada shipping finasteride 5mg treatment what does isoptin treat permethrinum drug canadian pharmacy trazodone how to buy revia medicine how to buy albendazole in london order paxil 30mg sale motrin best place to buy zocor online can you buy rogaine 2 in ireland amoxycillin online canadian
Tuesday, December 23, 2014
   
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

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

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