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December 18, 2008 Dear Friend, We have tentatively scheduled a Friday, January 23rd site tour of Mercator Minerals with a rendezvous the prior evening in Las Vegas. We have planned for approximately ten participates. We are researching accommodations, with the best group offer from the Mirage for $119 per night plus a $50 refund for meals, etc. Let me know if you have a better offer, please, and the Venetian at $199 is the most expensive choice. Mercator Minerals had not yet shipped concentrate products, despite its December 2nd press release declaring it operational. Please let me know if you want to join me in January. LME aluminum inventories rose 102,000 tonnes yesterday, placing the total of the three exchanges over 2.62 mmt, and they may break the May 1994 2.7 mmt all-time record any day. We are very disappointed at these rapid rises. The US dollar's decline to 1.446 euro clearly terminates the past half year's "strong dollar" trend, and offers great upside turnaround opportunities to forest products, steel, nonferrous metals, machinery or other basic industries. It even makes autos or energy potentially less bad. The immediate benefits have been seen in gold bullion and gold shares, but the stock market should continue to reflect such benefits more broadly. We believe the collapse of financial institutions benefits "hard assets." Thus far, we have received 6 of 13 $1,500.00 payments invoiced to the speakers at our November 12, 2008 conference to recover webcast, audiovisual, hotel, food and related expenses we paid. We foot some expenses to get better rates rather than having a vendor bill individually to the companies. We deposited checks from CDE December 15, Solitario and Quaterra Dec 5, Teck Dec 3, and Duluth Metals and Entrée Gold Nov 26. We await Agnico-Eagle, UTS Energy, Thompson Creek, Mercator Minerals, Galway Resources, Creston Moly, and Taseko Mines. All four moly-related companies are slower payers. Mercator Minerals and Hecla Mining were the two slowest payers taking up to 90 days after our March 27th conference, and their timing had "information content." Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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