I’ll be on BNN Thursday at 2PM EST with this old timer (thankfully he doesn’t read my blog-lol).

Not so rosy

Who’s next?

First of many to come

$2,600?

Perma bear wrong again

Fine China

Key messages by analyst:

Raymond James – Tom Meyer – NAV $10.17/share

- We believe value in the company’s Prosperity copper/gold project has yet to be unlocked due to the ongoing permitting process.

- We believe that the long-term outlook for the company is increasingly looking very positive.

Wellington West – Steve Parsons – NAV $4.50/share

- Injection equals 50% of our assumed equity requirement at Prosperity; deal demonstrates undilutive financing optionality….rest from gold stream sale?

- the deal crystallizes ~22 years of Gibraltar cash flow: increases confidence in the upside potential at Prosperity. Financing options abound.

- Funds telegraph development of a multi-mine platform

BMO – David Cotterell

- additional capital (from Sojitz) is expected to be used in advancing the copper-gold Prosperity deposit, which BMO currently attributes NO value to

CIBC – Ian Parkinson – NAV $6.02/share

- In our view, Sojitz is paying fair value for the Gibraltar stake.

- This transaction is a positive step for TKO and if the transaction closes as announced it is accretive to our NAV per share as it will replace most of our equity financing assumptions to build Prosperity.

- We view this as a definite sign that management is confident in its ability to get Prosperity through the environmental permitting process.

Canaccord – Orest Wowkodaw

- The proposed sale highlights the value of the company’s sum of parts and current discount to NPV valuation.

- In our view the company has crystallized 25% of the mine at something close to fair value.

- The cash proceeds will markedly strengthen the company’s balance sheet and help advance the company’s massive Prosperity copper-gold project.

- The proceeds also provide Taseko with a formidable war chest to pursue acquisitions.

Paradigm – David Davidson – NAV $4.73/share

- Proceeds from the transaction will allow Taseko to move ahead with its Phase 3 expansion at Gibraltar and/or move forward on the Prosperity gold/copper project in BC

- We expect a stronger balance sheet and successful environmental review should help attract some promising JV partners for Prosperity.

My own two cents – This is strictly my own biased opinion – I think the new jv partner can also become directly involved in Prosperity if and when the time is right. Longer term, TGB could be swallowed up whole.

Gold hits $1,200.

Okay Grandich, what have you done for me lately-lol?

I was sent the image below with the caption “Peter, this is your favorite gold perma-bear.” My response was he’s much too good looking to be my favorite and would be more realistic if he had a sock in his mouth and his head between his legs.

I’m truly honored to be the keynote speaker for Agoracom’s online conference. Here’s the schedule.

On the client side of things, I will also be reviewing our list and hope to have updates on all of them in the month of December.

Sit back, relax and enjoy the moment! Perma-gold bears? Have a nice day!

Tom Bishop from BI Research had an excellent commentary on the latest news from Taseko Mines:

“Taseko (TGB $3.40)- I and others (including the company) have beaten the drum that Taseko is undervalued by investors… to little avail. With today’s announcement that Taseko has signed a letter of intent with Japanese investment company, Sojitz, forming a joint venture in which Sojitz would become a 25% owner of Gibraltar for which interest it would pay $180 million, some of this value has emerged. This is for Gibraltar, not Prosperity, though the funds will likely be used to build Prosperity. So this pretty clearly valued the Gibraltar piece of the puzzle at $720 million, at least. On 182 million shares this works out to about $4 a share that investors should have been valuing Gibraltar for in the valuation of Taseko which had been trading at $3.10. Anyway now we’d have 75% of that or $3/share of value for Gibraltar in the price of a share of Taseko. With today’s 10% increase Taseko trades at $3.40.

But, Taseko now also will have the $180 million in cold cash, and already had $42 million so that $222 million of cash which is pretty easy to value. PLUS Sojitz will be paying its own way on cap ex including for the eventual Phase III Gib. expansion AND it’s 25% of the $40 million of reclamation money Taseko has socked away in a bond to assure it is there to reclaim the site at the end of the day, no matter what. So Taseko will get that $10 million back and so what are we up to? $232 million in cash! How would you value that. Ahhh … so that’s another $1.25 of value.

Plus, throw in $2 a share for Prosperity. It’s now the largest deposit of its kind in Canada with 7.7 million recoverable ounces of gold and 3.6 billion pounds of recoverable copper. Valuing that at just 3% of the going prices of those metals get us to about $2.

Plus, on top of that, there are also 2.3 million ounces of gold and 1.2 billion lbs. of copper in the measured and indicated resources category at Prosperity. Valuing this at between 1and 2% of today’s metal prices would give us another $50 million of about another $.50 a share.

Plus Harmony (the old Misty Mt. that we road up 400%, or something like that, years ago) has a resource of about 3 million ounces of gold which at just $30 an ounce, say, (vs. the $1,134 current gold price, so at less than 3% of that) that’s $90 million or another $.50 a share …and just throw in Aley as a party favor and what do we have when the smoke over my calculator clears….?

Well $3/sh for our 75% of Gibraltar, plus $1.25/sh of cash (a very firm $4.25 so far), plus $2.50 for Prosperity plus $.50 for Harmony = $7.25 … better than the $6.00- 6.75 a share I postulated in our three summer issues due to adding in Harmony (which the Company now plans to resume work on in 2010, so including it is more legit now) and some metal price increases. So here we sit at still half of that and thus there appears to be plenty of room on the upside for sure. And that’s why I have been keeping a Buy on the stock (and still do), but at least there’s some validation today.”

Joe Klecko, who was selected by the New York Jets in the sixth round of the 1977 NFL draft, lead the league’s rookies that season with eight sacks. He was the first member of what would become one of the most feared defensive front fours in the history of the NFL — the ‘New York Sack Exchange.’ He was the first NFL player to be named to the Pro Bowl at three different positions and he was the NFL Defensive Player of the Year. Klecko remains one of the most popular Jets of all time. On December 26, 2005, the New York Jets honored Klecko when they retired his jersey, number 73. He became only the third New York Jet to have his number retired, joining Hall of Fame QB Joe Namath and Hall of Fame WR Don Maynard.