Euro.Mins. Share Discussion Threads

[ukgeorge] 02/4/2008 20:27

i'd ask omni on the stockhouse board to be honest he seems most clued up. will ask. myself now

[sg31] 02/4/2008 20:20

Sorry to ask this but i have lost the plot a bit recently as i have been busy with other things,does anyone know the specs of the concentrate...how much copper and gold per ton of concentrate...how much can we expect to get per ton of concentrate.Your help could save me a lot of digging around.
Thanks in anticipation

[ukgeorge] 02/4/2008 19:45

new photos on website for march. the bags of copper are what i like best also as they are being loaded onto lorries does this mean they have been sold? also some gold. (the precious)

[strow] 02/4/2008 16:21

I agree chris-also think it is being shorted in canada-makes the ultimate bargain even better as it is an artificially depressed price-timing an entry/when to add is the difficult bit,for those lucky enough/clever enough to still have cash to do so

[chrismisson555] 02/4/2008 15:46

Why do we have such a big spread on AIM compared to TSX.

I believe this stock is definately being shorted.

Time to start drip feeding into an isa over the coming months.

[strow] 02/4/2008 09:14

Well the share price punishment is for the delay,but for new investors this is a great entry point-this is the start of a very exciting future for eum-has everything going for it

[ukgeorge] 02/4/2008 08:49

just bought 3200 shares at 55.64p.

[chrismisson555] 01/4/2008 22:16

Just to give insight to how low the share price is relatively to the stage they are at, I know it was a raging bull market then but still compelling:

ISA 2008-2009 bargain me thinks, at least they have cleared the air and to be honest not much too worry about and everything to look forward to.

Average under 60p and give 6-12 months and we all should be happy



The article below was printed by MoneyWeek on the 13.01.2006 @50p

European Minerals
European Minerals (EUM, 50p) is a mining stock that ticks all the boxes. Its project at Varvarinskoye in northern Kazakhstan has proven reserves of 1.94 million ounces of gold and 238 million pounds of copper. This is an open pit with none of the perils of underground mining. Construction of the site is well underway, at a fixed cost of £71m, and with the main Russia-China railway within 14 kms, logistics pose no problem. Construction has been financed by £28m of equity and a £42m loan, repayable over eight years. In the first ten years of its anticipated 15 year life, the mine is expected to produce 1.45 million ounces of gold at an average production cost (reduced by a credit for copper production) of $130/oz. To cover the loan repayment, 443,000 oz of this has already been sold forward at a price of $574/oz. Adding the remaining 1.07 million oz at today’s gold price of $530m, and total gold production in the first ten years nets £357m. Assuming full exercise of the 83 million warrants (exercisable at 58p per share), European Minerals would have issued 279 million shares, valuing it at £144m. Production is scheduled to start in the fourth quarter, and I expect the shares to advance as that date gets closer.

[sg31] 01/4/2008 21:47

I would feel happier if they had given more details of the number of ounces produced.

[ukgeorge] 01/4/2008 19:01

The gold elution, electro-winning and gold smelting systems are working well and gold is being poured on a regular basis.


The copper-gold flotation circuit is also operational and copper-gold concentrate is being produced. The Company expects to sell its first copper/gold concentrate during April 2008.

'The Company is currently completing an internal update of estimated mineral resources at Varvarinskoye, the results of which are expected to result in an increase to resource estimates and will be announced shortly. This makes the announcement of our expansion scoping study very timely as it gives us confidence that the Company will be able to benefit further from the strong prices for gold and copper'

Litigation Success


It doesn't help that gold is having a pull back but surely todays news answers a lot of questions and can calm some nerves. I intend to buy tomorrow morning. It is also quite low volume that has driven the price down. Goodbye to my oriel resources hello to more eum.

[chrismisson555] 01/4/2008 16:58

Bit crazy really, if the company have given some figures and results it probably would have held.

Copper sell in April and increased reserves would change the situation quite quickly.

Shame though looked good.

[strow] 01/4/2008 16:48

Yeh-you were right chris,never mind-thats what happens when people expect to get rich quick :-)

[chrismisson555] 01/4/2008 16:36

Heading for 50p

[chrismisson555] 01/4/2008 15:03

Come on olde EUM get at least to 60p to join HMB on a raise.

[strow] 01/4/2008 14:58

Price only reflects last sell/buy price though in canada-could see buying all day at 1.16 and if the last trade of the day was at 1.12,it would close at that,so not truely reflective of buy/sell volume,only last trade price

[chrismisson555] 01/4/2008 14:39

down to 1.12 guess the news wasnt great

[ukgeorge] 01/4/2008 13:33

Looking good on whole. Lets see what the canadians think about the news in an hour.

[chipperfrd] 01/4/2008 13:13

strow,

Well they have had a fire in their cyclones so perhaps not so different from HMB, although, thank goodness, it was apparently not as tragic!

The board have frequently mentioned the expansion potential in the past but I am more concerned about the shorter term because of their hedge and debt situation.

I do take a long term view but I am slightly ill at ease until they can hit their initial production targets.

In the meantime I have reduced my estimates for their gold and copper production in 2008 - but I obviously hope they will prove me too conservative.
Chip

[chrismisson555] 01/4/2008 13:04

Lets hope it sets a base at 1.20 with the positives from the news this should happen.

[strow] 01/4/2008 12:57

Chip-did you read the canadian board?some guy was told they had 200 bags of concentrate(no idea of size)-they have come this far in 3-4 months-im happy enough-at least they have not had similar problems to hmb,although issues for both of them will be sorted in due course-im happy
What about the expansion?this is the first time it has been officially mentioned and confirms what david deslauriers mentioned in that resource investor article-the cash flow will be great as it is and with expansion and possibly further good grades from the central pit drilling to come,this could get very exciting-lets see what the lumbars think
If we all look a little further out ,perhaps on a 5 year timescale,i think those that continue to hold should be VERY happy

[chipperfrd] 01/4/2008 12:44

I was pleased that they have had some success on the litigation front - after all, that debacle, did set them back at least 12 months.

But not so pleased that they felt unable to at least provide some information regarding the quantity of gold recovered to date. It sounds as though they are running well behind schedule. If it was otherwise I am sure they would have provided some quantitative info (like AGLD who are taking every opportunity to stress how much they have produced since first pour!). EUM have large hedge commitments so need to get their gold production sorted as a priority.

The news on the copper front is very disappointing and will obviously impact on overall costs and working capital. I know that these sort of problems occur with new process plants but it is worrying that they have placed so much emphasis on design issues. Surely, having had this interminable delay to the project, there has been plenty of time to sort out many of these issues before now?

[chrismisson555] 01/4/2008 09:59

Good managmenet, in control, shame about Ramp up times but considering the complexity of the process not bad at all, would have expected better share price this morning but will be interesting to see what Canada thinks.

All in all good stuff, happy to hold.

[strow] 01/4/2008 08:39

Well to my mind this is all very good news-all hitches under control copper circuit up and working EXPANSION PLANS!!!!(at last confirms deslauriers resource investor comments)-excellent

[ukgeorge] 31/3/2008 16:14

1 million traded on tsx already. im going to buy some more in the new tax year.
Also on the stockhouse board a poster has stated that the finacial statement has to be posted by the end of trading today. Im not expecting anything great from the statement. but hope to be proved wrong.
likely to show continued spending so higher loss but hopefully show some income from some gold sales.