Mexican Gold Corp, MEX:TSXV
Ed Bugos, TDV Senior Analyst
November 8, 2017
HIGHLIGHTS
● Exploring for skarn/epithermal gold targets
● Tatalina-Las Minas district, Veracruz State, Mexico
● Excellent share structure (insider ownership > 20%)
● Palisade came in and helped restructure in 2017
● Resource estimate just completed ~1 Moz
● High grade copper mineralization visible in core
● Hits on extension drilling, assays out soon
● Targeting 3 million (+) ounce gold resource
● Valuation cheap relative to comparisons
● Historic mining region, recently under explored
● Mag anomalies reveal 3 interesting targets
● Recent TDEM survey
● Working capital = $1.26 million (June 30)
● Presently drilling 3000m in 20 holes
Download Corporate Presentation
www.mexicangold.ca
Phone: 807-251-1816
Contact: Brian E Robertson (CEO)
RECOMMENDATION: BUY... up to 35-40 cents, 1-2 yr share price target is $1-2 per share
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SYNOPSIS
Investment opportunity in early stage recently restructured deal that has established a small ~1Moz gold
equivalent resource (gold-copper-silver) at a 2 gpt AuEq grade in one of Mexico’s oldest mining districts.
INVESTMENT FEATURES – EXPANDED AND BULLETED SUMMARIES
>> Established an initial resource estimate in August of 304,000 measured and indicated AuEq ounces @ 1.9
gpt, and 719,000 inferred AuEq ounces at 2.2 gpt, assuming $1250 gold, $16.75 silver, and $2.85 copper; but
this resource is not final, has potential to grow, and has already probably grown 10-20% since last report.
>> District scale (~1600 ha) exploration opportunity for skarn and epithermal deposits in one of Mexico’s
oldest geological districts, lots of artisanal foot prints, and at least one old mine, the historical high-grade San
Jose del Oro mine, which has not seen much exploration activity since seventies, production since ‘30s.
>> Geomag and IP surveys have revealed several large targets on the company’s concessions, two of which they
are drilling now, including one large 1000m x 750m magnetic high next to the San Jose del Oro mine.
>> Just completed 50 line kilometers of ground mag and 15 line km of moving loop time domain
electromagnetic (TDEM) programs at the El Dorado/Juan Bran, Cinco Senores and Las Minillas mineralized
zones, further delineating some good prospective drill targets along the western limit of the Juan Bran zone.
>> Two holes drilled 168 metres apart and 65m to the west of the main resource intersected mineralized
intervals totaling 77.8 metres of strong chalcopyrite, bornite and magnetite mineralization at the El Dorado/
Juan Bran zone. The stepout was part of the current 3000m expansion drilling program. Visuals published (see
below) have drawn estimates of up to 3% copper - assays due any day. The market is simmering about these
results. Additional drilling at the Cinco Senores target 650 meters away are awaiting assay as well.
>> Valuation comparisons are favorable under 40 cents for this stage.
>> New group took control in 2017, strong share structure, group has a track record (financial and business
smart) and will bring in the right people to negotiate a buyout when the time is right to sell this asset. Look for
additional new groups to take an interest now as they are in the growth stage and moving toward a PEA.
>> Warrant exercisings will inject sufficient cash to keep the drills turning, and the control group (Palisade) is
more than capable of raising additional funds as needed (drilling season is all year around down there).
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INVESTMENT SUMMARY:
Although the company is about to release assays that could be exciting based on the visual below, try to be
careful and not chase the stock up too much. I’ve put a 40 cent limit on it. It is probably cheap up to 50 cents,
but I don’t want that to happen because then it would come back down just as fast, at least until it is ready.
It could be that the assays are disappointing in which case we may get an opportunity to get in this deal even
cheaper than it is now. There are many targets on these concessions and one drill hole won’t kill it. But it could
cause excitement, so if you get the chance to buy before the news, buy some, and reserve some ammo.
If the results are good then, okay, just buy it up to 50 cents, assuming I won’t have time to update. But try not
to pay that much without knowing the assays. Anything over 1% copper and 1 g/t gold would be good.
Also, I wouldn’t sell your Cascadero shares just to buy these shares. I am not abandoning the company. We
have a portfolio that I like to keep at 20 names and I have been looking for a replacement for Merrex ever since
it was taken out by IAMGOLD. You would only be selling shares in a company at an earlier stage to buy one at a
more advanced stage. Cascadero is a steal, and given a bit more time I believe it will vindicate me.
Mexican Gold (MEX:TSXV) has a 100% interest in six concessions in the Veracruz State of Mexico where it has recently completed an NI 43-101 compliant estimate of a small 1 million ounce gold equivalent deposit near
surface at ~2 g/t (gold, silver and copper skarn system). Company management thinks it can grow this deposit
over the next two years, which works well for us as we move into a bull market cycle on gold prices.
Goldman Sachs portfolio manager Ali Zamani and Palisade Global’s Sean Zubick and Collin Kettell came in
earlier this year, consolidated and bought a lot of stock, financed the company, and completed the resource.
The company recently began extension drilling to expand its deposit and gave us the following visual.
The related news release from Oct 16, 2017
said, “Hole LM-17-ED-40 intersected a
21-metre interval of chalcopyrite, bornite
and magnetite mineralization at a depth of
83.0 metres, continuing to 104 metres. A
second interval of 56.2 metres starting at
123.6 metres and continuing to 179.8 metres
contains stronger mineralization. The
upper 21-metre mineralized interval is
outside the outline of the mineral resource
estimate, and the lower intersection
extended the mineralization an additional
23 metres below the resource lower
constraint. The true widths of the
mineralized intervals are approximately 94
per cent of the reported intersections.”
[Assays for this hole are due any moment but haven’t been released at time of writing, Wednesday morning.]
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This hole was a motivating factor for me as it demonstrated the potential for growth in their resource, even
though this core was from a short stepout. Nevertheless, management has also reported positive feedback from
drilling 600 meters away. Recent ground magnetics has revealed many targets to drill, and Mexican says they
don’t plan on stopping the drill for any real length of time. Assays for the current 3000m of drilling should start
coming out and will continue to come out over the next five weeks. I am personally looking forward to the
assays at the Cinco Senores target 600-650m from the main resource, and the large magnetic high next to the
old mine working at San Jose. The market has not yet re-rated this company for its growth potential. The
current 1 million ounces is not getting what it deserves but it will once they increase grade, size, and confidence
of the estimate. We are not sure how often they will update the resource estimate, but based on the drill plan
and warrant maturity dates in 2019 I’m guessing they will update by next christmas.
In the meanwhile, stepout drill holes will be an important focus, as will additions to management.
If the assays run well, I am looking for a 50 cent stock in the short term, followed by a financing, lots of arm
waving about the story, and a quick build out of ounces, as many as possible near surface first.
COMPANY DESCRIPTION:
Mexican Gold Corp (MEX:TSXV) is a
Canadian based, TSXV-listed, mineral
exploration company committed to building
long-term value through ongoing discoveries
and strategic acquisitions of prospective
precious metals deposits in Mexico.
The company started its existence as a 40 cent
IPO in 2008 run by a completely different
outfit, which was exploring for silver in
Mexico. The drilling produced skinny veins
and a resource estimate of less than 20 million
low grade silver ounces (1.49Mt of 84.9 g/t Ag indicated). The stock peaked at 70 cents on this action in 2010
before falling back to 2 cents in 2012, after terminating the option on the silver project.
Around this time, the company negotiated the Las Minas concessions in Veracruz state, which it secured this
summer along with the acquisition of new concessions (see press releases May 16 and June 8, 2017).
Mexican Gold is exploring the Las Minas project, which is located in the core of the Las Minas district in the
Veracruz State, Mexico. The district is host to one of the largest under explored skarn systems known in Mexico
and has a strong production history that dates back to the Aztec era. Mexican Gold consolidated its shares 10:1
in September 2016, and completed several financings at about the 20 cent level to bring in fresh blood, Palisade
Global, Paradox (IR group), and Ali Zamani, a former portfolio manager at Goldman Sachs.
The group injected over $4 million to advance the Las Minas project to a NI-43-101 resource estimate, which
the company announced on August 1, 2017 (304koz M&I at 1.9 gpt + 719koz inferred at 2.2 gpt (Au-Eq).
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Mining & Exploration Assets, Projects
Asset Location NWI JV Stage Metal P&P M&I Inferred
Las Minas Veracruz,
México
100%,
vested
none Delineation
and stepout
drilling
Au, Ag, Cu n/a 304,000
Au-Eq @
1.9 g/t
AuEq
719,000
AuEq @ 2.2
g/t AuEq
FLAGSHIP ASSET & MAIN STORY: Las Minas
The company is earning a 100% interest in six separate
mining claims (Pepe, Pepe Tres, San José, Pueblo Nuevo,
La Luz I, and San Valentin) together comprising the Las
Minas project with the main resource (El Dorado and Juan
Bran zone -green shaded part in graph on the right)
underlying the Pepe, Pepe Tres, and San Jose claims.
A final payment of about C$ 1 million to the underlying
owners by next December will give the company a 100%
vested ownership of those three claims (working capital is
C$1.25 million as of the end of June), less a 1.5% NSR.
Access to the project is established. Climate is temperate.
Regional infrastructure is good. There is a nearby village
with a population of around 3,000 inhabitants - a good
source of labor - while a town of 38,000 is also not far.
Electricity in the area is provided by a small hydroelectric
plant located on the edge of the village. There appears to be
an ample water supply from the Las Minas River.
The Las Minas concessions, covering approximately 1,616 hectares, hosts near-surface gold-silver and copper
skarn mineralization and high-grade gold-silver epithermal vein targets amid several small-scale,
past-producing mines and a number of untested targets, particularly at depth. The project is located in the core
of the Las Minas district in the state of Veracruz, Mexico. The district is host to one of the largest
underexplored gold-copper skarn systems known in Mexico and has a production history that dates back to the
Aztec era. The district is highly prospective for both bulk-tonnage gold-silver-copper skarn deposits and
high-grade gold-silver epithermal vein deposits. Management believes the district could easily host a large
Morelos type 12 million ounce gold deposit or a Los Filos type system, i.e., which Goldcorp sold to Leagold for
$350 million earlier this year. The Tatatila - Las Minas Region (historically referred to as Zomelahuacan) is one
of the oldest mining regions in the state dating back to the 1800’s. But outside of artisanal mining of the surface
area little mining or exploration has been conducted in the last 50 years. On August 1st, 2017: Mexican Gold
Corp. released an initial mineral resource estimate for the El Dorado/Juan Bran and Santa Cruz zones at its Las
Minas project. The maiden mineral resource estimate is for two of the eight known zones of mineralization at
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Las Minas and data generated from 19,636 metres of drilling (140 core holes) and 4,247 assays. The
two zones remain open for expansion on strike and downdip.
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NI 43-101 Resource Estimate
● Total M&I pit constrained = 4.75 million tonnes grading 0.9 g/t Au, 4.3 g/t Ag, and 0.6% Cu
● Total Inferred pit constrained = 9.12 million tonnes @ 1.0 g/t Au, 3.7 g/t Ag, and 0.6% Cu
● Total M&I underground = 223,000 tonnes grading 1.2 g/t Au, 5.1 g/t Ag, and 0.7% Cu
● Total Inferred underground = 1.18 million tonnes @ 1.6 g/t Au, 6.3 g/t Ag, and 0.9% Cu
This essentially amounts to a total of 304,000 measured and indicated gold equivalent ounces at an average
gold equivalent grade of 1.9 grams per tonne and 719,000 gold equivalent inferred ounces at an average 2.2 g/t
gold equivalent grade (90% of the resource is in the pit). Metallurgical testwork with a regrind sizing of 60
micrometres and a pH of nine recovered 95 per cent of the copper, 89 per cent of the gold and 84 per cent of
the silver into a bulk concentrate grading about 22 per cent copper, 13 g/t gold and 57 g/t silver.
The El Dorado/Juan Bran zones, which make
up most of the resource, outcrop on surface
and occur as flat-lying to subhorizontal zones
measuring approximately 650 metres
north-south by 250 metres east-west.
The zones vary in thickness from six to 28
metres. The Santa Cruz zone comprises a
series of high-grade stacked lenses of skarn
mineralization that strike northwest and dip
approximately 50 degrees to the west.
Overall dimensions of Santa Cruz
mineralization are approximately 220 metres
by 100 metres.
Santa Cruz is one of six priority drill targets at
Las Minas and forms part of the Eldorado corridor skarn zone that has been intersected by diamond drilling for
840 metres along strike and 645 metres down dip.
Recommendations by BOYD (the independent geo firm who estimated their resource),
Much of the current resource is classified as Inferred and an infill drill program to upgrade
the classification to Measured and Indicated is recommended. Extensional drilling to the
north where prior drilling in Las Boquillas area intersected mineralized skarn. More accurate
mapping of the topography is required. Down hole geophysics. Further metallurgical
testwork in a scaled situation. And a PEA.
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Exploration Potential & Upside
Skarns or tactites are calcium-bearing calc–silicate rocks. Skarns are
most often formed at the contact zone between intrusions of granitic
magma bodies and carbonate sedimentary rocks such as limestone
and dolostone. Mineralized skarn has been identified in multiple
outcrops in a district scale geological setting, the Tatatila Las Minas
region, where a Cretaceous limestone platform (green) is intruded by
granodiorite to diorite bodies (pink) over an area of > 100 sq. km.
Skarn systems are one of several types of gold deposits in general.
They are commonly found near epithermal systems and porphyritic
intrusions. Note in this table, which I pinched from a Barrick report
on gold deposit types back in 2007, that gold skarns represent about
25% of known gold deposits. They typically result from a chemical
reaction in the limestone contact with whatever intrusive occurred.
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The intrusion heats up the rocks producing a hydrothermal reaction where the minerals leach out of the rock
and settle on the limestone in the contact zone, or under if it is a cap. In MEX’s case, between the overlying
limestone and diorite batholiths. Sometimes there can be associated epithermal veins nearby, or even a
porphyry source. Induced polarization and ground magnetic surveys tend to be efficient locators of such
deposits. As currently modeled, mineralization is open (extends) to the north at Las Minas. Skarn is formed at
the roughly horizontal contact of the diorite intrusion with overlying marble and varies in thickness from
several meters to several tens of meters, with intercepts of 20 to 30 m being quite common. Occasional skarn
intervals >100 m have been intersected, though this would include some intervals of dike and marble.
In fact, quite commonly skarn (both exo-
and endoskarn) are interlayered with
thin (generally <5 m) intervals of
intrusive or marble. Within Mexico, the
closest significant analogues to the Las
Minas skarns are in the prolific Guerrero
Gold Belt in the state of Guerrero in
southwestern Mexico.
The skarn deposits in this area have a
long history with the involvement of
many different entities (e.g., Teck
Resources, Goldcorp, Newmont Mining,
Torex Gold Resources, Leagold Mining
Corp.). Total gold endowment in the
Guerrero deposits is considerable,
currently amounting to approximately 18
Moz Au. Needless to say, the Guerrero
province serves as a good example of how productive skarn deposits in Mexico can be.
Although the Las Minas district has a history of discovery, exploration, and exploitation dating back to
pre-Colonial times, exploration in a modern-day sense has only taken place in the last 20 or so years. This was
first initiated by Chesapeake with initial reconnaissance sampling in the area and the staking of a large
concession in 2005. Since 2010, MEX (initially Source Exploration Corp. prior to a name change in April 2017)
is responsible for the most extensive exploration activities that have been undertaken in the district.
The graph below is part of a recent geophysical survey revealing several mag highs (red/purple).
These are all potential drill targets. In September, Mexican announced that a phase 2 drilling program is
underway to expand the main resource at the El Dorado / Juan Bran zones (outlined in black below). It has
started drilling and will drill about 20 holes in this phase. Then stop, analyze, and restart. The program will
also include drilling the Cinco Senores and Minillas zones, and fieldwork at Santa Cruz and Pueblo Nuevo.
The main zone remains open for expansion on strike and downdip. The 2017 phase 2 drilling program will
include stepout drilling to extend the zone to the west of the current resource outline. The drilling will be
guided by recently completed ground magnetic and TDEM surveys at the El Dorado/Juan Bran zone.
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The Cinco Senores zone is the site of extensive historical mining activities. Recent diamond drilling at the site
intersected massive chalcopyrite in hole LM-17-CS-04 grading 10.8 g/t gold, 41.7 g/t silver and 2.8 per cent
copper or 15.98 g/t AuEq over 2.0 metres -- see press release dated May 15, 2017.
It is believed that the geology and style of mineralization at Cinco Senores are indicative of a potential parallel
El Dorado/Juan Bran-type zone. The drill program at the Cinco Senores zone will include stepout drilling to
expand the mineralization intersected in hole LM-17-CS-04, as well as test high-priority targets identified by
the ground magnetic and TDEM surveys. The Las Minillas zone is the site of the historical high-grade San Jose
del Oro mine as well as a large magnetic high anomaly measuring approximately 1,000 metres by 750 metres
outlined by a high-resolution ground magnetic survey completed in 2011.
The magnetic anomaly is located next to the underground workings of the San Jose del Oro mine.
Diamond drill hole LM-11-LM-24, which was drilled in 2011 near the San Jose del Oro mine workings and
located within the boundaries of the magnetic high anomaly, intersected 5.14 g/t gold, 8.6 g/t silver and 1.46
per cent copper over 2.0 metres. But management told me they drilled this before the geophysics were out.
As a result they will be drilling this target in the current program as well.
Past and ongoing exploration by MEX has not only been effective at delineating mineralization, but also in
identifying other areas of additional potential. Of particular note is that MEX’s drilling programs have been
successful in joining the El Dorado and Juan Bran skarn zones, which were previously considered separate
occurrences. It is possible that, with additional drilling, other known occurrences in the project area may also
turn out to be contiguous with El Dorado-Juan Bran (particularly the Cinco Senores occurrence).
In general, exploration potential in the district is considered good, given the number of known historic mineral
occurrences and the lack of modern-day exploration that has taken place elsewhere in the district.
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The diorite intrusive that is intimately associated with Au-Ag-Cu skarn mineralization is widespread in the
region and offers opportunity for discovery of additional, as-yet unknown, occurrences. Systematic exploration
employing mapping, sampling, and geophysics will be beneficial and is recommended.
Palisade Global’s Sean Zubick notes, “I’d say we will conservatively pick up an additional 250,000 oz Au in
this program and have yet to drill to any depth. We’re finding 1 oz of gold ($1270 value) for every $5.50 spent
on the property currently. We are finding gold cheaper and quicker than anyone else out there.”
VALUATION
There are a few ways we can look at a valuation for Mexican Gold and both suggest the stock is still on the
cheap. The first is by comparing it to other companies with similar assets in similar territory and exploration
stage. Here we can get very specific or broad. One company worthy of comparison may be Candelaria Mining
Corp (CAND:TSXV), whose flagship asset, i.e., the Caballo Blanco gold/silver epithermal vein, hosts a total of
31 million tonnes grading 0.52 g/t gold and 2.16 g/t silver indicated (521,000 ounces gold) and 8,630,000
tonnes grading 0.34 g/t gold and 2.14 g/t silver in the inferred category (about 95,000 ounces of gold). This
company has about a $50 million market cap, a working capital deficit, and is run by people I do not know.
That makes MEX look cheap, especially when you look at the grade and size of CAND’s deposit.
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As you can see from the chart above, created by Palisade, the company’s market capitalization per ounce of gold
in the ground (based on a global resource) around $10/oz is well below the C$39/oz sector average.
This is a broader comparison and there can be more varied reasons for this.
The market may consider a 1 million ounce resource, most of which is inferred, to be on the small side. It may
be economic, given that it is 90% open pittable and resides in an established mining region in Mexico, but, on
the other hand, it won’t attract the interest of the major producers below 3 million ounces either.
The company thinks it can get the resource up to the 3-5 million ounce mark in a couple years, and plans to do
just that. The current drilling has likely already expanded the resource 10-20 percent. And as you saw, there are
many potential targets on MEX’s claim blocks, including at depth, which have seen little work.
Another reason for the discount in value could be that the grades are a bit low.
I usually won’t look at a target that has less than 2 grams per tonne gold potential in it except under special
circumstances where other economic factors may be more important. In this sense, Mexican just barely makes
it. I say barely because that is a gold equivalent grade and there are three metals to be extracted.
Fortunately, the metallurgical work shows that it is pretty easy to recover them.
Let me point out that a lot of mines operate at 1 g/t Au, so in this case the copper and silver are bonus metals,
and the near surface orientation of the deposit make it cheap to extract. My 2 gpt minimum is just a matter of
investment principle. But generally, if this deposit grows as expected, it will likely be a good grade.
Final reason for the discount is where we are in the cycle and the fact that nobody really knows the story yet.
Palisade and Zamami are new shareholders, bringing fresh blood and their own capital, and I think they will
make some noise. They are long mostly at 20-25 cents per share CAD’s. Look for this valuation to grow. How
much? If they are successful in their plans, let’s say, and I’m guessing here, they should be able to get to a 3
million ounce resource in about two years. And let’s say they achieve only an average $39 per ounce market
cap. Let’s assume also that they issue another 10-15 million shares to get there, raising their fully diluted s/o
number to about 75 million shares. At C$39 per ounce their 3 million ounces would suggest a share value of
about C$1.55 per share. You can figure your own numbers at 5 million ounces and/or using higher numbers for
the multiple. Let’s say we are in a bull market and $50 to $100 per ounce becomes fair value again. But, those
numbers assume success in drilling out a substantially larger resource. For now we have 1 million gold ounces,
or only 304,000 high quality ounces. But I have confidence in the geology, management, and the plan. If it doesn’t work out, the stock only has a market cap of about $11 million at the moment, not much downside for a
penny stock. Maybe it falls to 10 cents in the event of loss. So your risk is 20 cents, and your reward potentially
is a $1-2 stock. So far the economics of finding an ounce of gold suggest they can get to 3 million ounces on $2
million worth of drilling, based on the $5 cost per ounce relayed by Palisade’s Zubick.
That means if they exercise all their warrants at 25 cents they may not even need another financing!
Another way to value this company is from a method I pinched from my old mentor, John Kaiser, who still
operates a fabulous resource for investors serious about exploration stocks, and who taught me what I know.
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In the graph to the left, the blue star
denotes Mexican Gold. This is an old
graph based on its previous life as Source
Exploration (see company description).
But it doesn’t matter for our purposes. The
implied value at C$14 million is close
enough to today’s market cap, and it is at
the same stage of development - i.e.,
delineation and infill drilling - working
towards a preliminary economic
assessment (PEA). Forget the comparisons
as they are for other silver companies.
What I want you to note is the three
colored channels, each of them
corresponds to a probability adjustment
for their final NAV’s. The model assumes
three discrete outcomes for NAV: $200
million, $500 million, and $2 billion.
It’s just to make it easy to categorize
whether we are dealing with a junior type
asset or a world class size asset.
You want to base this on what you think
they will end up as, not as what they are now, unless you are buying the shares without any expectation for
growth. This latter view can still make money if the company takes it through feasibility work, improves grade
and confidence, and demonstrates a very low capex requirement.
In this case - i.e., if we assume this will end up being a small 1-2 million ounce mom and pop junior asset - the
valuation should follow the channel in red. Note that the current market cap of $10 million can still grow 10 or
20 times if ultimately they can prove that the 1 million ounces of gold are easy and economic to extract.
What this graph tells us is that since the stock falls basically within the channel, although at its upper end, it is
priced well relative to its probability of success. And if we are right and they can grow this resource to 3 or 5
million ounces then the “bet” is cheap. Based on that target they should currently be trading in the yellow or
blue channel, which means anywhere up to a $200 million market cap already. They would get this kind of
valuation today if the market believed they could easily find 5 million plus ounces. So the burden of proof is on
them. But I’m willing to bet on them. We have seen nice visuals on the step out program and hear good things
about the drilling of targets 650 meters away from the resource. I love the prospectivity of the region, the
political risks are balanced down there, and the geophysical work they have done has convinced me of it.
Buy this stock up to 40 cents but don’t chase it until at least we see some assays to confirm our view.
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Legal Disclaimer: This information is for information purposes only and is not intended to be an offer or solicitation for the sale of any financial product or service or a
recommendation or determination by TDV that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any
investment strategy based on the objectives of the investor, financial situation, investment horizon, and their particular needs. This information is not intended to provide
financial, tax, legal, accounting or other professional advice since such advice always requires consideration of individual circumstances. The products discussed herein are not
insured by any governmental agency, are subject to risks, including a possible loss of the principal amount invested. Generally, the investments in this blog may be more
volatile on a daily basis and have higher headline risk than other sectors as they tend to be more sensitive to political and regulatory events. Because of significant volatility,
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financial resources. This blog does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United
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information contained in this document was taken directly from the company’s presentation or from reliable sources; however we cannot ensure the accuracy of the
information contained in this report. The author may be compensated for any introductions of accredited investors as it relates to this offering. Investing does come with some
risk, however we will not be liable for any financial losses which might occur as a result of your participation in this financing. Please contact the company directly to verify any
of the facts and figure
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