Investing in Gold Exploration Stories

Investing in Gold Exploration Stories

December 3, 2010

By:  Marco G.

http://goombarhsedge.blogspot.com/

Introduction

Do you remember the Aurelian Resources discovery of the Fruta del Norte epithermal Gold deposit in the Ecuadorian Andes in 2006?  The hidden under overburden, gold discovery in the South American jungle, of 13 million ounces of Gold was the most exciting Gold discovery story for the last decade.  The stock price of Aurelian Resources soared from $.60 cents to over $40 dollars over the course of half a year of spectacular drilling results.  Aurelian was eventually merged together with Kinross Gold Corporation (KGC) in 2008 for value of $1.2 Billion USD.  The author has a particular interest in this type of epithermal precious metal deposits.

Secret to Finding

What is the secret behind a company finding this type of spectacular Gold deposit?  Well, Dirk Masuch, a Nevada Gold Investor postulates that it is result of methodical exploration tactics.  He says the signs were all there on the company website, detailing their progress in unravelling the geological story.  The first step was selecting the prospect area and sampling the streams for indicators of gold bearing minerals.  Once something was found, then more detailed sampling followed to try and narrow down the source upstream.  The rock types and mineral traces are analyzed.  The presence of Gold indicator minerals of arsenic and mercury in the local rocks is very important.  Also the discovery and recognition of the local geological fault structures becomes critical as the controls for possible precious mineral deposits.  Then remote sensing technologies are applied to try and understand the underlying geology.  Finally after coordinating all the results and selection of targets, drilling is initiated.  All this information was available to prospective investors in the Aurelian company website.

Epithermal Gold Geology

There is a key word mentioned in the first paragraph of this article, "epithermal".  To this author's understanding, epithermal refers to shallow (less than 1km depth) deposits formed from low temperature, 50-300 degrees centigrade reaction of hydrothermal fluids and ground water under moderate pressure.   Dr. Peter Megaw, writing for Mag Silver (MVG) about their Juanicipio high grade Silver vein gives a great definition of epithermal:

“Epithermal” literally means “shallow heat”, and is applied to hydrothermal systems emplaced at shallow depths (<1 km) in the earth’s crust. “Low Sulfidation” refers to a style of epithermal system developed in a geothermal or hot springs environment versus “High Sulfidation” epithermal systems which develop in the volcanic hydrothermal

environment. There can be significant overlap between these two end-members.

So epithermal is good, meaning a shallow and easily accessible and mineable mineral deposit.

Now what are characteristics of epithermal precious metals deposits?  White and Hedenquist in 1995, wrote a scholarly article about this subject from which this following distinguishing factors chart is adapted:

Epithermal Form of Deposits
Low Sulfidation (Adularia- sericite)	High Sulfidation (Acid Sulfate)
Open-space veins dominant	Veins subordinate, locally dominant
Disseminated ore mostly minor	Disseminated ore dominant
Replacement ore minor	Replacement ore common
Stockwork ore common	Stockwork ore minor

The chart above gives the main characteristics as that the Low Sulfidation type forms mainly as veins whereas the High Sulfidation type forms mainly as a disseminated type of deposit.  This is because the High Sulfidation type is formed from acidic fluids that eat the host country rock and deposit the metals within, whereas in the Low Sulfidation type, the hydrothermal fluids upon encountering local ground water, then boils and the metals precipitate out in the faults.  The author's main interest is in the Low Sulfidation types, as the vein deposits signify higher concentrations and higher grades for the precious metals.

Following is a graphical depiction of the funnel shape of a classic epithermal vein model.

Source:  http://www.magsilver.com/i/pdf/Epithermal_Vein_Story-jan232006.pdf

Note the red colored core vein where the high grade precious metals will be deposited.  Following is the author's interpretation of the Low Sulfidation Epithermal Gold Model at work:

1.  The metals bearing hydrothermal fluids come from deeper in the crust and comes to the surface through faults and fissures in the host rock.  This is a low pressure, lower temperature system.

2.   The hydrothermal fluids encounter the local ground water at location 5 in the diagram and boils furiously, releasing some of the metals.  The resulting steam carries traces of arsenic and mercury to the surface.  The rapid boiling deposits the minerals on the fault hollows and eventually seals off the opening.

3.   The pressure and temperature builds up again, and eventually breaks through the blockage and the previous cycle of boiling and precipitating and depositing the minerals works through again.

4.  The above cycles in 2 & 3 happen repeatedly and the pressure may seek other directions for the flow dependent upon the faults and fissures in the geology.  The amounts and grades of the gold and silver deposited is dependent upon the numbers of cyclic events that happened.

5.  It is also important to note that multiples of these types of deposits may have formed at differing locations of the fault at the same time in Geologic history.  Therefore, if one deposit is found, more may be nearby, if the fault structure can be traced there.

6.   This process of metal depositing and heat and steam being released alters the surrounding rock structure.  The structure tends to look similar to an upright funnel.  The alteration zone of rocks is colored green in the above diagram.  One residue of the alteration by the fluids and heat action and found near the surface of this geologic funnel is the mineral kaolinite, which is a type of clay.

Understanding the above mineralization process helps the investor interpret the potential of particular mining prospects. 

Possible Suspects for Investing

A recent press release November 9, 2010, by Great Basin Gold (GBG, TSX:GBG) details a bonanza grade, epithermal type find at their Hollister Nevada Mine.  The author takes a closer look at the information released in this previous article.  The remarkable high grades found were up to 2600 ounces of Gold per ton.  The average grade of the muck, which is the broken production ore, is an unbelievable 22 ounces of Gold per ton.  Inexplicably, the market reaction to this press release information was rather muted.  The author suspects that the geology is rather difficult to understand and interpret.  Better informed investors may stand to profit.

Almaden Resources (AAU, TSX:AMM) on August 9, 2010 headlines their news release thusly "Almaden intersects 302.41 meters of 1.01 g/t Au and 48 g/t Ag (1.7 g/t AUEQ) and 1.67 meters of 60.66 g/t Au and 2112g/t Ag (93.2 g/t AUEQ) in the Ixtaca Zone, a NEW DISCOVERY in Mexico".   They reported drilling blind through overburden and hitting the top of an epithermal gold system.  The market reaction was swift, with the share price soaring from under a dollar to over $4 dollars today, a four times multiple.  To date Almaden has reported upon six holes and is continuing drilling.  The author believes that the market still does not fully understand the potential of Almaden's Ixtaca project.  The geologic terms are rather oblique.  Almaden is looking for the higher grades at depth and for the possible source of the mineralization.

A sibling company of Almaden, Tarsis Resources (TARSF, TSX:TCC) reported November 17, 2010 that  "Tarsis Prepares to Drill Gold Targets at Erika, Mexico".  Ericka is a low sulfidation epithermal project.  As worded in their press release:

The Erika project, located in Guerrero State, Mexico, features hydrothermal alteration, including

silicification, argillic alteration, and dolomitization interpreted to be representative of steam heated

alteration. Replacement silicification typical of a paleo water table environment representing the

top or old surface of the once active hydrothermal system is also present. The property also

includes several areas of intense clay-sulphate alteration, all of which are indicative of a low sulphidation

epithermal system.

Now, after perusing this article, you the investor may have an inkling of the potential of this project.

Disclosure: The author is long Great Basin Gold, Almaden Minerals and Tarsis Resources.

Important Disclaimer

The information and opinions contained within this document reflect the personal views of the author and should be viewed as food for thought and amusement only. The author may from time to time have a position in any of the securities mentioned. There are no guarantees of the accuracy, reliability or completeness of the information contained herein. Independent due diligence and discussions with one’s own investment and business advisor is strongly recommended. These writings are not to be construed as an offer or solicitation with respect to the purchase or sale of any security or as an endorsement of any product or service. We do not request or receive compensation in any form in order to feature companies in this publication. It is prohibited to copy or redistribute this document to any type of third party without the express permission of the author. This document may be quoted, in context, provided proper credit is given.

Goombarh Flash 5 - Dec 1, 2010

Goombarh Flash 5 - Dec 1, 2010

Hello readers,

For those that were late to the show, Victoria Gold is now moving up.  See the bowl shape recovery off the bottom of the 30% drop for no big reason, just a technicality in the precision of the estimate of resources.

With the movement in the price of Gold, I fully expect another 20~30% move recovery within the next few weeks.

VIT in Canada VITFF in the US

Marco G.

Flashes said to buy Almaden (AAU, AMM.to), & Atac Resources (ATC.to, ATADF)

Samples of my email gibberish   good info:

=================================================

Goombarh 10, Dec 1, 2010

Good Day,

The markets are looking buoyant today.

Gold is up and off to the races: Gold @ $1386 and Silver @ $28.40 as I type.

Did you watch the antics this morning on ATAC Resources.  Here is my take on what happened:

A group of traders executed a take down to hit the stop losses and get shares on the cheap, since they knew the big boys would be coming to bring the prices back up.  They executed this perfectly taking the price down $2+ and shook out a lot of investors hitting their stop losses.  Then they will distribute them through the next few days for some serious gains.  They do not care to hold stock as they are traders only.

I expect the serious buyers to start buying mid-morning just about now, and I can see the prices coming back up.

I haven't listened to the conference call, yet, but understand that these guys are serious geos and will not commit to anything until proven.  This means that claims of Carlin trend are pretty well proven and bodes well for the longer term.  As I remarked to a reader, this of all my stocks, I would consider as the best long term hold.  WHY?.....I trust the management to consider shareholders and the potential of the land they have is huge.  Not just 1 mine, but think maybe 10 mines as they prove up further potentials.

Almaden, just keeps climbing.  They have more holes 7, 8, 9 coming.  I expect the best ones 10, and 11 will come mid January and will blow everyone's socks off, if they find the dense rich grades.

Vitoria Gold is inching back up.

A new and very prospective company for your consideration, Caerus Resouces (CA.v CAEUF), they have optioned some old gold mines in Columbia.  This is not my usual find through searching but a tip, from a colleague.  There are some legal concerns about specific property ownerships, but the indications are  that the stock is moving.  Here is their website for your own DD:

http://www.caerus-resource.com/news

Therefore, I can not say, that this is a longer term hold at all, but maybe a trader to catch some of the move.

I believe the Seasonal Rush is now upon us, as the year end sales are drying up and funds now positioning for the new year.

Also, note that Silvermex SLX, has just completed their financing (in 2 days - quick), so the lid on prices is now off.

Regards,

Marco G.

====================================================
Goombarh Notes # 7, sent Nov 26th, 2010

Good Day,

Well, another one of them unsettled days in the markets this morning.

Jeb Handweger, one of the tech analysts that I look at is calling for Gold to drop if the dollar strength continues:

http://www.kitco.com/ind/Handwerger/nov242010.html

I think the Euro crisis is pretty well settled and that means the recent flight to USD will now abate.  I wish more tech traders look at the world macro pictures more often, but I suppose that is a trait that has to be developed.  Most tech traders only rely on charts, and the charts really do not more than indicate what has already happened. 

My thoughts are that macro trends and world events are more important than charts.  The events are fundamental drivers of the markets, whereas the charts only give short term technicals.  Understanding the macro picture helps you sleep at night.  Looking at the charts serve to reinforce the macro picture and helps tactics in trading.

So, my outlook forward shows no signs of change.  A glance at Shanghai charts shows it was up overnight.  Unfortunately, the mainstream media such as Bloomberg do not show the Shanghai, and concentrate on Japan, Hong Kong and Singapore, the older traditional indicators, and their headline says " Asia Stocks, Won Drops as North Korea Warns of War; Euro Drops on Debt Risk"  seems they might be backwards looking as opposed to forwards looking needed by investors. 

Don't you think that China, more than other countries would know about Korea's intentions?

http://noir.bloomberg.com/?b=0

The above is my editorial for this week.

Specifics about Stocks.

Great Basin has pulled back due to the OHSUA, putting them on safety violations watch.  Look at this as a buying opportunity for the most safe stock, that I can find on the market recently.

Almaden Minerals (AAU, AMM.to), 2nd press release indicates the target has grown larger.  But we already knew that; in understanding that their discovery is shaped like a funnel.  Of course the lower grades and wider areas are at the top of funnel.  Let the others look for deposit expansion.  We are looking for the high grades!  It will take some time and more holes to find the source, ie: the base of the funnel, which should be of very high grades. 

Note that I am more aggressive and raunchier in these informal notes; that is the name of the game; quick and dirty!

Disclosure:  I have sold some Darnley bay at a loss to take advantage of other opps.  I still hold a core position for spring.

Another Yukon play, that I have taken a position in is ATAC Resources (ATADF, ATC.v).  Their last release indicates that they may have found a huge trend similar to Carlin in Nevada.  They have 3 hits in 3 separate unrelated zones on their huge trend, that they have locked up with claims.  I have met and spoken to Graham Downes their CEO.  He strikes me as a very straight up kind of guy, with ambition and ethics.  I mentioned the possibility of private placement, and he indicates not at this time.  What this tells me is that he expects a lot higher than now @ $8.00.  Note that drill holes releases are due in next few days or weeks.  So, this is another potential monster stock.

Victoria Gold (VITFF, VIT.v)is still churning around a dollar.  I expect a move up with Gold.  I also expect a take out offer from either Kinross(KGC) (who hold 20%) or Newmont (NEM).

That's it for today.

Marco G.

======================================================================
Goombarh Flash #3, Sent November 29, 2010

Good Morning again,

Just did more puzzling over their drill language on Almaden's Web site:

http://www.almadenminerals.com/Projects/Ixtaca/Ixtaca-drill-program.html

Read their section on epithermal gold deposits.  This explains what this Ixtaca prospect is.

They just finished hole assays for #6.

Pending are assays for holes #7, 8, 9 which are guiding their search for base of funnel.

Holes #10, and #11 are presently underway.

The way I interpret this is that 7, 8 and 9 holes gave them more info about where base may be.  These holes may not be very good results.

Holes #10 and #11 are collared at the same location with slightly different dips and have a good chance of long hits and high grades of being very close to base of funnel; see their alignment on their drill plan. 

Therefore, I am buying more AAU, AMM.to

Marco G.

Why I bought Victoria Gold (VITFF) after the Drop - Newmont(NEM) and Kinross (KGC)

Why I bought Victoria Gold (VITFF) after the Drop - Newmont(NEM) and Kinross (KGC)

November 28, 2010

By: Marco G.

http://goombarhsedge.blogspot.com/

I was browsing the internet and I found a reason that explains why I intuitively bought Victoria Gold after they declared an error on November 23rd, 2010 in their April, 2010 43-101 assessment of their Cove gold project in Nevada. Adam Hamilton of Zeal, was writing zealously about the market's typical over reaction to bad news. See the chart following depicting the sudden drop in VITFF's share price after the news of the error: (Click to enlarge)

That is reason number one, the market typically over reacts, and the price should stabilize and regain some of the loss. I intuitively, knew, that something was wrong in such a large drop, and thanks to Hamilton, he provided an article that details the market psychology that typically over reacts to the down side on any bad news.

Reason number two, is that I had been researching recently, about Reserve Recognition Accounting (RRA) and the rationale of reasonable certainty, that is expressed in the security regulations about the reserves and resources of oil and gas development firms. This is very similar to the reserves and resources definitions used by the Canadian NI-43.101 standards, used by most mining companies. So that morning, Victoria Gold had declared an error, that may invalidate the Upper Zone of their mineral resources in their Cove project as given in their March 5, 2010 NI 43-101 technical report.

Upon reading further in the release, the error was to do with four historical drill holes done by their predecessor explorer Echo Bay Mines. The impact was that the calculations for the inferred resources would have to be re-done, and possibly the resources would not meet the guidelines for inclusion as a resource. Oh horrors, the inferred resources, which in itself is the most uncertain of the resource categories, may be invalidated and may not meet the guidelines for inclusion. As to this layman's interpretation of the importance of this revelation, I believe, it matters not one iota. The mineral resources did not disappear off the face of this planet. They may merely not meet the NI-43.101 guidelines for inclusion in the stated resources, which to me, is no big deal, since it was an uncertain category to start with. Victoria gold only needs to just poke further drill holes in there for more certainty, and they will come back into the definitions.This estimation error in the NI-43.101 technical report for Victoria's Cove project in Nevada does not merit slashing 20% off the market valuation of Victoria Gold, and so I bought some shares after the decline.

Reason number three was that I knew Kinross Gold Corp (KGC) holds 20% interest in Victoria Gold. In fact Kinross was so diligent, that they actively participated in the August 24, 2010 private placement, maintaining their 20% share of Victoria. Also, I knew that Newmont Mining (NEM) holds rights of backing into this Cove project should Victoria meet some progress criteria.Victoria having two large gold miners invested in and interested in their projects does provide a measure of support for my own evaluation of value in this company. The kicker came when I listened to Victoria Gold's hastily convened conference call that morning. They disclosed that the error was discovered by a third party performing due diligence upon their reserve and resources information for another party that is in the mining business. Well, did I just hear the "ka-ching" of the gains coming, in the buy-out offer to come?

Disclosure: The author is long Victoria Gold (VITFF, TSX:VIT).

Important Disclaimer

The information and opinions contained within this document reflect the personal views of the author and should be viewed as food for thought and amusement only. The author may from time to time have a position in any of the securities mentioned. There are no guarantees of the accuracy, reliability or completeness of the information contained herein. Independent due diligence and discussions with one’s own investment and business advisor is strongly recommended. These writings are not to be construed as an offer or solicitation with respect to the purchase or sale of any security or as an endorsement of any product or service. We do not request or receive compensation in any form in order to feature companies in this publication. It is prohibited to copy or redistribute this document to any type of third party without the express permission of the author. This document may be quoted, in context, provided proper credit is given.

Great Basin Gold's (GBG) Bonanza Grades - A Closer Look

Great Basin Gold's (GBG) Bonanza Grades - A Closer Look

November 9th, 2010

By:  Marco G. http://goombarhsedge.blogspot.com/

Great Basin announced the highest "Bonanza Grades" of Gold found, 2560 ounces per ton,  that the author has ever encountered this morning:

Great Basin Encounters Bonanza Grades in Blanket Style Mineralization at Hollister

VANCOUVER, Nov. 9 /CNW/ - Great Basin Gold Ltd. ("Great Basin" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that trial mining in the Blanket Zone above the Main Clementine vein (number sign)18 at its Hollister project in Nevada has encountered bonanza grades of gold and silver. The Company cautions investors and readers that we are making this announcement out of an abundance of concern over interpretation of this information and, as the information may be known locally in the region of the mine site, the Company felt obligated to make it public.

Channel sampling carried out in conjunction with trial mining in the Blanket Zone has encountered the bonanza grades over a strike distance of 170 feet (57 meters).Channel samples taken every 10 feet (3 meters) gave values ranging from a low of 1.5 oz/ton(52.0g/t) Au and 3.2 oz/ton(111.9 g/t) Ag to a high of 2,560.4 oz/ton (88,845.9 g/t) Au and 1,829.8 oz/ton (63,494.1 g/t) Ag over channel widths from 0.3 to 2 feet wide. The current stope is continuously mineralized along its 180-foot (60-meter) length. Diluted over 3.5 feet (the width of the stope development), the average sample values were 66.4 oz/ton (2,404 g/t) Au and 78.5oz/ton (2,723.9 g/t) Ag. Muck piles have also been sampled; grabs are taken over the pile to collect as representative a sample as possible (between 10-15 lb. are collected every 10 feet). The fully diluted value of the muck samples taken from the stope to date averages 22.3 oz/t (773.8 g/t) Au and 23.4 oz/ton (811.9 g/t) Ag.

The Blanket style mineralization at Hollister is typified by very fine grained disseminated gold hosted by tuffaceous horizons in the Tertiary (10-15 million years old) volcanics that lie unconformably on the basement Ordovician (~430 million year old) metasediments. These zones of mineralization are thought to be "mineralization plumes" directly related to the activity of fluid which has focused in structures that control the underlying epithermal quartz - adularia veins, and propagated into the Tertiary volcanic pile.

Blanket mineralization was previously exploited by opencast methods during 1990-1992 by the Touchstone - Galactic Joint Venture. According to historic records, 115,000 ounces of gold were produced by a heap leach operation that treated low grade ore (~0.003 oz/ton or 1 g/t Au). Great Basin modeled all 46 drill intersections above the Tertiary unconformity, and +1 g/t grade shells generally locate above known mineralized quartz - adularia veins. In general, this style has been located in the first ~30 feet (10 meters) above the unconformity, and may have dimensions in excess of 150 feet (50 meters) long and 60 feet (20 meters) wide. Grades from these 46 drill intersections average 0.45 oz/ton Au (15.4 g/t) and 1.7 oz/ton Ag (59 g/t).

Extrapolation of stope 3000N 1E to surface (approximately 200 feet or 67 meters vertically above), places this zone 300 feet (100 meters) west of the historical Clementine mercury mine. It supports the near surface working metal zonation and gold deposition model for the Hollister mine, and indicates additional exploration potential.

Ferdi Dippenaar, President and CEO, commented: "In the past, we have identified the Blanket Zone as a target area worth exploring, and trial mining at the top of vein (number sign)18 has turned out to be a great way to test the prospective nature of this style of mineralization. Although we have encountered a limited amount of this high grade material through trial stoping, drilling is underway to determine the full extent of mineralization. More information will be made available as and when it becomes available. Based on our experience in the Main Clementine vein (number sign)18, we are evaluating the possibility of returning to previously stoped out areas above the Gwenivere high grade veins."

Great Basin Gold's Hollister Mine in Nevada is already one of the highest grade Gold producing mines in the world, with 1.64 million ounces of Gold estimated at an average grade of measured and indicated resources at 1.3 ounces of Gold per ton.   This morning's news of such bonanza grades certainly bears some examination.

From previous background knowledge and from researching the terms within the news release, the author pieces together what this is may mean.  For help in understanding the basic geology, the author had his assistant "My Right Hand With Mouse" put together a rough diagram displayed following:

Figure 1:  Model of Great Basin Gold's bonanza gold grades found above their Clementine Vein.

With reference to the above diagram, Great Basin's Hollister mine is constructed to mine the underground Gold veins.  These veins are in the basement sedimentary rocks, which refers to the lower layer of rock geology, the "Ordovician" which are 439 million years old.  This basement is covered with a more recent geological layer of volcanic rocks named the "Tertiary", which are only 10 - 15 million years old.  The meeting point of these two rock layers is termed the "Unconformity", or joining between the two rock types. 

The Gold veins that Great Basin are mining are formed from magmatic fluids that originated deep in the Earth's crust and flowed through faults and fissures in the basement rocks coming up to the surface.  There are two main types of deposits formed from these magma fluids, high sulphidation and low sulphidation deposits. 

Great Basin's geologists believe that Hollister is an example of low sulphidation deposits.  As the fluids left the Unconformity and entered the Tertiary volcanics, the fluids encountered groundwater.  The magma fluids then interacted with the ground water causing violent boiling and depositing of the metals and minerals.  The act of depositing minerals seals off the fault and so the magma fluids seek another way to surface.  Again, more groundwater is encountered and more furious boiling occurs.  The boiling drops the minerals and seals the fissure again.  These cycles of furious action results in more and more of the minerals being deposited in the fissures within this area of volcanics above the Unconformity. 

Eventually the magmatic fluids reach near surface and dissipates and mixes thoroughly with the surface rocks.  This results in a broad disseminated layer of mineral deposits that is termed the "Blanket Zone" at Great Basin's Hollister mine.

In this style of low sulphidation depositing at Hollister, the minerals deposited by the repeated action of the magma encountering ground water has resulted in very high Bonanza grades of Gold and Silver that Great Basin has just announced.  These high grades appear to be concentrated above the existing Hollister Gold veins, between the existing mine tunnels and the surface Blanket Zone.  These high grades positioned where they are gives Great Basin a large amount of  bonanza mineralization in a location where it will be easy to mine. 

Another way of looking at this is the average grade of their "muck".  Muck is the broken rock ore, that will be refined in the mill circuit.  Their average muck grade is spectacular at:

The fully diluted value of the muck samples taken from the stope to date averages 22.3 oz/t (773.8 g/t) Au and 23.4 oz/ton (811.9 g/t) Ag.

Compare this grade of 22 ounces of Gold per ton with anything else, you read about gold miners anywhere.  Compare this with the grade at their Burnstone mine in South Africa, which has an average grade of 5 grams (.15 oz) Gold per ton, which is considered high grade.  This grade is at least two orders of magnitude or 100 times higher.

Great Basin are understating in saying, that this model, " indicates additional exploration potential".

Disclosure: The author holds shares of Great Basin Gold (GBG).
Important Disclaimer

The information and opinions contained within this document reflect the personal views of the author and should be viewed as food for thought and amusement only. The author may from time to time have a position in any of the securities mentioned. There are no guarantees of the accuracy, reliability or completeness of the information contained herein. Independent due diligence and discussions with one’s own investment and business advisor is strongly recommended. These writings are not to be construed as an offer or solicitation with respect to the purchase or sale of any security or as an endorsement of any product or service. We do not request or receive compensation in any form in order to feature companies in this publication. It is prohibited to copy or redistribute this document to any type of third party without the express permission of the author. This document may be quoted, in context, provided proper credit is given.