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| Share Name | Share Symbol | Market | Stock Type |
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| Aerte Grp | AER | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 0.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 0.125 | 0.125 |
| Top Posts |
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Posted at 14/6/2003 00:05 by energyi sorry. just saw your message, IGhere's a comparable: Tan Range, maybe?: Expect for the Very High Mkt.Cap on TNX... C$1.57 x 73mn= C$115mn /1.34= US$ 86mn website: Business and Strategy The Company's acknowledged expertise in project generation, grass roots and advanced exploration techniques, and deal structuring, offers investors significant leverage to gold prices with minimal risk and limited shareholder dilution. Our ability to value-add projects and make them attractive to industry partners such as Barrick Gold continues to reinforce our business model and lays the groundwork for significant long-term share capital appreciation and/or investment returns to shareholders. Mitigating risk remains a priority and we achieve this by entering into partnerships with major companies who fund work on our properties while we retain a significant royalty interest in future gold production. Ours is a variation of the strategy employed by Franco Nevada Mining which merged with Newmont Mines and Australia's Normandy Mining in 2002 to form the world's largest gold producer. Our business model does not at present include any investment in producing mines which are typically very expensive and beyond our financing capabilities. Nonetheless, we remain an effective proxy for major gold companies seeking to replenish reserves depleted by mining. Our royalty interest in projects achieving commercial production provides us with a direct interest in a mine's cash flow, with exposure to new discoveries and production growth, yet without the capital obligations or environmental liabilities associated with direct ownership. At present, we have 11 projects under option in Tanzania to Barrick Gold including Itetemia where the company has already expended approximately $4 million. Itetemia is ADJACENT to: Barrick's 16 million ounce Bulyanhulu mine which is expected to produce approximately 362,000 ounces of gold this year at a cash cost of $191 per ounce. Also in the Victoria Lake greenstone belt, the AngloGold/Ashanti joint venture operates the Geita Mine which produced 138,819 ounces gold in the first quarter of 2002 at a cash operating cost of US$146 per ounce --- developing... - - - - - TNX.t: Shares Outstanding....: N.A.V.. / share :xPrice= MktCap At 05/31/2003.....: 72.9 Mn? :C$xxxxmn / xx.xP :C$1.57=C$114.5mn Options & Wts.: EndMay: $0.50-0.65: 11.5 Mn? :C$ 7.1mn / If exercised TOTAL : FullyDil. : 84.4 mn? :£ x.xxmn / xx.xP :C$1.57=C$132.5mn Asset Valuation, w/FullDil...: Cash, option &wt.exercise....: C$ 7.1 mn: Above Strike, see above Itetemia (JV with ABX).......:C$ xx.x mn: Other (JVs with ABX).........:C$ xx.x mn: Tulawaka (JV with No.Mining).:C$ xx.x mn: Other (JV with No.Mining)....:C$ xx.x mn: Says it all? BB posting: Folks, IMHO, those who sold today have no idea what TNX is all about. The co is not producing gold, so why would a drop in the POG make a someone automatically sell their shares? I do understand that people want to preserve their capital but if you sold for any other reason, I hope you do get a chance to buy back |
Posted at 05/6/2003 08:37 by sharestriker African Eagle Resources plc Newstrack Announcements 30/05/2003AFRICAN EAGLE RESOURCES PLC PROGRESS REPORT AND ACCOUNTS OF THE AFRICAN EAGLE GROUP TO 31ST DECEMBER 2002 The last year was an exciting one for the Company. We made good progress on our exploration projects, acquired an extremely promising asset portfolio in Zambia through the share for share take over of an Australian junior exploration company, welcomed Gold Fields on board as a major shareholder and partner in the Miyabi project, changed the Company's name to reflect better its focus, and planned our move onto the AIM market. We would have liked to have completed this move in 2002, but because of the market situation during the latter part of the year, we decided to defer it until 2003. We added substantially to our Tanzanian licence portfolio during the year, more than doubling our land holdings around Miyabi. The quality of Miyabi, and our Tanzanian operations in general, was recognised by Gold Fields, one of the world's top five gold producers. In partnership with Gold Fields, our exploration at Miyabi adopted a wider perspective to improve our understanding of the geological structures and processes which produced the gold deposits. This understanding will help us to plan an effective drilling campaign in the coming months. Our acquisitions in Zambia are already bearing fruit, with Chris Davies' preliminary exploration early this year giving rise to some stunning early results which indicate that we have an iron-oxide-copper-go the parlance), at Eagle Eye. The chemistry of the samples and their geological setting show many similarities to the huge Olympic Dam deposit in Australia. TANZANIA In our Miyabi project area, Exploration Manager John McDonald negotiated 90% interests for AER over three additional licences which more than double the land area held, to 576 sq km. The Company has subsequently negotiated a second placing agreement with Gold Fields, under which Gold Fields will invest a further GBP320,000 in the equity of the Company and the new licences will become subject to a similar Agreement to that made originally. Gold Fields' exclusive right to enter into a joint venture with the Company on Miyabi will be extended until 31 December 2003. On exercise of that right, Gold Fields will be able to earn 51% of the Miyabi project by spending another GBP2,000,000 on exploration, an increase of GBP500,000 over the original GBP1,500,000 commitment. Gold Fields' other rights under the original Agreement remain unchanged, including the right to earn an additional 19% by completing a bankable feasibility study on the property. AER is delighted with the continuing confidence shown by Gold Fields in its projects, operations and management, and looks forward to continuing progress on the Miyabi gold project. Work completed by Project Geologist Ben Clavery and Consultant Geologist Mark Davey at Miyabi so far, has included deep regolith sampling by RAB and aircore drilling, airborne geophysics, multi-element geochemistry and regolith mapping. An extensive drilling campaign to investigate targets identified to date is programmed to start in June or July 2003. Work has also progressed on our other Tanzanian holdings. We have acquired airborne geophysics over the Kakumbi and Msasa projects and added another licence to the Msasa holdings. At our Zanzui licence, where we are targeting platinum, a ground magnetic survey by Project Geologist Chanyari Mjanja and his team revealed strong concentric layering in the ultramafic complex, and we are negotiating with the operators of the northern half of the complex to explore the area jointly. ZAMBIA Our acquisition of AERL in August brought us five excellent projects in Zambia. Of these, two have already yielded results which have given rise to considerable internal optimism for the success of the exploration we are planning in Zambia. Early in 2003, prospecting by Chris Davies and Boniface Lefayi in the north of the Sasare licence led to recognition of the Eagle Eye IOCG deposit. The initial lab results, analysed in Zambia, showed copper values up to 35%. Three samples were brought back to the UK for specialised multi-element analysis and gave truly impressive results, with up to 44% copper, 5.7 grams per tonne (g/t) gold, 22g/t palladium, 13g/t platinum, 81g/t silver and 82g/t uranium. These are early results from a few samples and we have a lot of work to do before we can state that we have discovered an economic resource, but your directors are very excited by the indications so far. IOCG deposits can have very high grades and big tonnages, as at Olympic Dam and Ernest Henry in Australia, Candelaria in Chile and Salobo in Brazil. Meanwhile, at Lunga, where Avmin is exploring under an option to joint venture, drilling has also begun to yield some promising results, including intersections of 90m grading 0.3% copper and 0.7% zinc, 4m grading 1.4% copper and 12m of 3.6% zinc. Avmin has completed five diamond drill holes and numerous air core holes. MOZAMBIQUE In Mozambique, the 1% nickel stream sediment anomaly found last year led Dinis Napido's exploration team to discover extensive nickel-bearing gossans on the Mount Muazua ultramafic complex. Initial channel chip sampling across these gave results with grades up to 2% nickel. A full prospecting licence has now been awarded over the area. The Mozambique exploration team also demonstrated the southwest extension of the Majele sulphide unit, beneath the strong aeromagnetic anomaly which indicates that it may extend for more than 40km. A gold panning survey further narrowed down the location of the gold in the Majele streams, but the source continues to elude us. This year sees the introduction of Mozambique's new mining law. As one of the few juniors active in Mozambique, AER was able to contribute to the consultations that preceded the framing of this law, which provides better incentives for exploration and better licence terms. CORPORATE & FINANCIAL It was our intention during 2002 to move AER's share listing onto London's AIM, in order to take advantage of AIM's generally larger investor base, greater liquidity and better access to institutional investors. We completed a good deal of the preparatory work for this move but towards the end of the year, for a number of reasons, principally the decline in the state of the markets in general and for junior exploration companies in particular, we decided to defer our move to AIM until mid-2003. During the year 5,868,903 shares were placed and 183,760 shares were issued on exercise of warrants, raising in total GBP 736,434 for the Group's exploration activities. The placings included 3,703,703 shares with Gold Fields and 1,000,000 additional shares with J P Morgan Fleming Natural Resources Fund (formerly Save and Prosper Commodity Share Fund), bringing the Fund's total holding to almost 7%. During the year, Tiger Resources Fund acquired 1,241,714 shares, just over 4% of the issued capital. We also issued 2,500,000 shares to the original shareholders in AERL, the Australian junior we acquired, in full consideration for the Zambian properties and operating companies. After a significant 2002, and with 2003 well underway as I write this, I am already looking forward to the positive developments which I believe I will be able to report to you this time next year. John Park, Chairman. |
Posted at 30/5/2003 23:04 by interglobe News Story Date : May 28, 2003 African Eagle's Two Announcements re Gold Fields in Tanzania And The Discovery In Zambia make It An Excellent Candidate For AIM. It is sad for listed companies in the UK, and even sadder for those hoping to list in the UK, but the lunacy that has affected regulators in North America seems to have spread across the Atlantic. A prime example of the disease is on the NYSE which appears to have gone into panic mode following the scandals a few months back at Enron and Worldcom and more recently with leading investment houses. The result has been that the World Gold Council has virtually been put on total silence for a period of six months while it applied to list its new Equity Gold Fund, and now that it has actually managed to file its registration document it has been told that it can say nothing for another 30 days. Something similar seems to be happening, albeit at a more modest level, with African Eagle, the company which listed on Ofex as Twigg Minerals and changed its name last year when acquiring assets in Zambia. The company is now engaged in raising some money and promoting itself to the AIM market. Just the sort of time, one might think, when a little bit of publicity would be no bad thing, especially as a similar exercise fizzled out before Christmas when its then brokers, Hoodless Brennan, had a few problems and time ran out in a dead market. This time round it is using VSA Associates in cahoots with stockbrokers Durlacher, new entrants to the mining scene. Minews offered John Park and his team at African Eagle a platform at the coming 11th Minestie Mining Forum to bring London investors up-to-date with the company's progress. After all it is listed on Ofex until the moment it is moved up to AIM and its shares have advanced following two recent announcements. VSA and Durlacher, who are responsible for marketing the shares seemed in favour of the idea, but the lawyers took five days to decide that it was not on. No reason was given and that is what is so stupid. It is perfectly possible for a speaker to stick to a slide show presentation based on information in the public domain that has been vetted by its advisers. Still, it is simpler and safer to say No then Yes and grey men in grey suits always take the safe option whatever the impact on the company paying for their advice. Just as background, African Eagle is exploring for gold and base metals in Tanzania, Zambia and Mozambique. It has a partnership with Gold Fields to evaluate its gold discovery at the Miyabi project on the Lake Victoria Goldfields of Tanzania and it has also made discoveries at Kakumbi and Msasa in the same country and has defined a nickel /platinum target in Zambia. Its Zambian projects include historic gold and copper mines at Sasare and Mkushi as well as extensive polymetallic deposits at Nyimba, Kampumba and at Lunga. Avmin is carrying out an exploration on the latter. In Mozambique gold and base metal deposits are being evaluated at Majele and a nickel discovery at Muaza. None of this information is new as it is all published on African Eagle's pages on Ofex. Recently the company made two significant announcements. The first confirmed that Gold Fields, one of the biggest gold producers in the world, had topped up its holding in African Eagle to the tune of £320,000 in shares and warrants. Most of this will be spent by African Eagle on exploration at Miyabi where an extensive drilling campaign to investigate targets identified by the work to date will start in June-July of this year. Gold Fields has until the end of December to decide whether it will take up its right to a full JV with African Eagle, and , if it does, will be able to earn a 51 per cent interest in Miyabi by spending a further £2 million on exploration. Miyabi, in this instance, covers a total of 576 sq kms to include some neighbouring licences acquired by African Eagle. The other bit of news is that specialist analysis carried out on three rock samples collected from the Eagle Eye and Mweze prospects at the Sasari prospecting licence in Zambia confirms evidence from the previous 29 chip, channel and grab samples that the mineralisation is of the Iron Oxide Copper Gold type and age which characterises a number of major polymetallic deposits around the world including Olympic Dam. These rock samples were taken from prospects which are 2.5 kms apart along strike and confirm that the mineralised system is extensive. All the directors will say at the moment is that they are encouraged that the samples show potential for ore grade polymetallic mineralisation containing platinum group elements, copper, gold, and perhaps silver and uranium. African Eagle has an experienced team and the timing of these two announcements should ensure that the placing is successful whatever hurdles are introduced by lawyers. |
Posted at 10/2/2003 21:34 by bankside investments Date : February 11, 2003 African Eagle Makes Encouraging Progress At Miyabi JV With Gold Fields In Tanzania. It takes people time to get used to a change of name so African Eagle still does not slip off the tongue as easily as Twigg Minerals. Change of name or not, this company had an up-and-down year in 2002. A year ago outlines of two crucial deals were agreed at the annual Indaba mining conference in Cape Town and these were the joint venture with Gold Fields on the Miyabi project in Tanzania and the acquisition of African Eagle with its five projects in Zambia including a jv with Avmin. As a result Twigg, now African Eagle, wanted to promote itself to AIM and raise some more money. Unfortunately the tail end of 2002 was not a great time for corporate activity in London's mining sector following the demise of Navan Mining and the collapse of the Minmet share price and African Eagle's broker, Hoodless Brennan, had problems of its own. The company therefore put its plans on hold and is now waiting to see if London has recovered its nerve and is prepared to back exploration stocks. Certainly there is money for these in Canada and to a lesser extent in Australia, but London is seeking advanced projects, preferably within a year or so of actual production. As investors get used to the new price regime in gold more funds will start to take an interest and this will encourage private investors. At the moment, however, brokers are remaining wary of taking on new clients. This is not a great problem for African Eagle as it is already listed on Ofex and is preparing to raise a modest amount of money with some help from Loeb Aron. What it really needs to do is get its share price moving in token of the real potential of its exploration portfolio in Tanzania, Zambia and Mozambique. The latest news from Tanzania where African Eagle is exploring the Miyabi project in collaboration with Gold Fields is very encouraging. Gold Fields has an initial right to earn up to 51 per cent of the project by completing agreed work programmes and expenditures to a total value of £ 1.5 million. Subsequently Gold Fields can earn up to a total of 70 per cent of the project by completing a bankable feasibility study to a maximum value of an additional US$ 10 million. Although it is a feather in any junior's cap to have such a partner, there is always the problem that a major works to its own agenda. Big companies want big deposits. Gold Fields is an excellent partner and very meticulous, but it is hunting elephants and is not interested in releasing news on early resource estimates as a junior has to do to keep the attention of its shareholders. In its last Annual Report Gold Fields divulged the parameters it sets itself for any exploration project in which it becomes involved. These targets are known as the 'Stategy of 2s' as the projects have to have a minumum of 2 million ounces of reserves, production rates greater than 200,000 ounces/year, a payback of capital investment within 2 years, a double digit rate of return and a commodity price 2 x the cash cost of production. This is a demanding agenda, but if achieved at Miyabi the project would be a company maker for African Eagle provided it could maintain its interest when contributing the required development capital. It is still early days at Miyabi, but the Lake Victoria gold field on which it is situated is a prolific gold district. At the moment African Eagle is just starting a second programme of shallow drilling.. The drill targets have resulted from its multi-element soil geochemical survey over the gold mineralised areas. These surveys, and the use of relatively low cost shallow RAB and aircore drilling together with continuing geological mapping, will provide a much better overall understanding of the numerous gold-bearing structures within the Miyabi licences and enable the identification and prioritisation of drill targets for a subsequent resource definition drilling programme which will involve deeper RAB and diamond drilling later this year. The current drilling programme is designed to sample the weathered greenstone below the thick iron duricrust which covers a large part of the gold field and tends to conceal gold mineralisation from geological and geochemical surveys. What has already been established from earlier drilling is that the bedrock gold mineralisation extends through a major part of the previously identified 7 kms geochemical anomaly and a large number of good gold values up to 6.94 g/t have been obtained. Clearly the partners have been encouraged by this progress and African Eagle will soon announce that it has acquired a significant number of new licences around what it described as this "area of interest." It would surely only have done this with the approval of Gold Fields. |
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