|Here is the new thread for tomorrow : http://uk.advfn.com/cmn/fbb/thread.php3?id=34907477|
|Dave and his gang should try to get on that TV prog, it's on YouTube, where chancers start the day with nowt and then count up what they have been able to buy, trade, beg or steal at the end if the day.|
|More dilution, man this was worthless last year, so what's it worth today. I guess you can call it the opportunists' costs.|
If its just the £300k working capital required to develop these Ozzie gold targets then I say bring it on. £300k is a small price to pay to target 20-30k Oz pa of gold in the next 6 months. Who knows maybe in the mean time they'll get that elusive mining licence for Nayega and its $bn of Mn.
|I guess he is trying to get the share price up to raise more funds, hence talking about so much news flow to come in 2016.|
|Dave's not hanging around that's for sure.
|Ferrex Managing Director Mr. Dave Reeves said, "With limited work and capital required to commence gold production in Australia, we have hit the ground running in line with our target of delivering first production in Q2 2016. A small-scale drill programme is set to start ahead of the New Year to formally confirm the grades identified as part of the historic resource of over 350,000 ounces of gold. This will provide plenty of newsflow in Q1 2016, and we look forward to updating the market with this in the near term."|
|Ferrex plc / Index: AIM / Epic: FRX / Sector: Mining
4 December 2015
Ferrex plc ('Ferrex' or 'the Company')
Work Commences at Australian Gold Production Project
Ferrex plc, the AIM quoted resource development company, is delighted to announce that following the acquisition of a five year tribute agreement, to mine certain defined gold deposits located on the leases owned by Norton Gold Fields Ltd a subsidiary of Zijin Mining Group Co., Ltd ('Norton') to mine in the heart of the Western Australian goldfields, initial fieldwork has commenced. This is in line with its goal to commence initial gold production of 20,000 to 30,000 ounces per annum in Q2 2016.
A detailed land survey is currently being undertaken to assess the existing drill holes and previous mining operations, which have historical resources of 5,741,155t at 2 g/t of gold for 363,599 ounces. The survey will be used to finalise an initial, high priority, in-pit grade control drill programme before the end of December 2015.
As part of Ferrex's mining development plan it will initially target shallow laterite and oxide deposits to generate near-term revenues. The deposits comprise previously mined pits with remnant economic material below the pit floor, previously unmined near-surface deposits and other high-grade underground opportunities.
Ferrex Managing Director Mr. Dave Reeves said, "With limited work and capital required to commence gold production in Australia, we have hit the ground running in line with our target of delivering first production in Q2 2016. A small-scale drill programme is set to start ahead of the New Year to formally confirm the grades identified as part of the historic resource of over 350,000 ounces of gold. This will provide plenty of newsflow in Q1 2016, and we look forward to updating the market with this in the near term."|
|Woowwwwwwww Liz that horse bolted a long time ago!
Hope67 do you really have to ask that just after Liz's post?|
|Can someone explain why the shares in the new company are being split into 1 ordinary share and 4 deferred ones and that the deffered ones do not carry any voting rights|
|If the licence comes soon today's price will make it look like a gift horse.|
|I think it's a false alarm. The comment is ambiguous but I think it intends to say that Ferrex expect to be granted the licence, not that they have actually got it. Anyway, if it had been granted there would have been an RNS.|
|Does that imply the permit has been signed?|
|Basically it's telling you via Afreepress (Lomé November 25, 2015) -The Australian mining company "Ferrex" is in the agreement of a mining permit from the Togolese government to proceed with the exploitation of manganese on the site|
|Anyone got a translation?|
|I don't understand the logic behind the name change either, how much will it cost to rebrand everything?
...what are we, a Greek mining company??|
the count of monte_cristo
|Spells caution to me bj|
|Certainly is a strange name. I don't see how it better reflects what the company is going to do in the future.
There's a company called Keras Capital based in Western Australia but with an office in Johannesburg, which specialises in identifying, funding and developing mineral resource projects on the African continent, but I can't find anything to link it to Ferrex other than those geographical connections. Their website states, "Keras meaning; literally "horned nose," from rhin-, rhis "nose" and keras "horn" ... is made up of the Greek word rhin-, rhis, meaning "nose" and the word keras, meaning "horn" of Rhino".
Clear as mud!|
|Never a good sign when there is a name change for no apparent good reason.|
|Posted on lse
Buy the unloved Ferrex on its Aussie gold deal, says Robert Tyerman
Unloved West African manganese play Ferrex (LSE:FRX) is to pay up to £930,000 in shares to buy into gold production in Western Australia. The company intends to follow that with another ‘higher value’ deal before the end of the year. The UK-based company, whose shares have fallen from a 2011 AIM float price of 3p to 0.45p now, is to buy Chaffers Mining, a private gold mining concern which has a five-year agreement to mine the yellow metal at Paddington in the West Australian goldfields for Norton Goldfields, part of Zijin Mining, China’s largest gold producer.
Chaired by ubiquitous sector veteran Brian Moritz, Ferrex, now sporting a stockmarket value of £44 million, is making this move after making a strategic review, described by chief executive officer Dave Reeves, as ‘a long hard navel gaze’. Reeves, an Australian mining engineer and former luminary of Zimbabwe Platinum, says the company has decided ‘iron ore is not coming out of its depressed pricing bracket for a long time’ and intends to sell its existing iron ore assets, at Mebaga in Gabon and Malelabe in South Africa, while a company name change could be on the cards.
However, Ferrex still plans use cash derived from mining a hoped-for 20,000 to 30,000 oz. of gold a year at Paddington from the second half of 2016 to fund development of its flagship Nayega project in Togo, boasting an initial reserve of 8.48 million tonnes with 14% manganese. The company, which lost £1.9 million in the year to September 2014 and another £659,000 in the six months to March, is paying an initial £465,000 in shares for 100% of Chaffers, to be followed by another £465,000 in shares once production reaches an annual rate of 10,000 oz.
Reeves says the acquisition could ultimately give Chaffers’ vendors up to 11% of Ferrex, with two key directors, Peter Hepburn-Brown and Peter George, joining the Ferrex board According to Reeves, mining the Paddington gold leases could cost an average A$900 (£450) an ounce over five years, against a current gold price of A$1,510 an ounce, or US$1,078.67c, yielding handsome profits per tonne, helped by a weak Australian dollar, even after paying a 22% royalty to Norton and without the need for heavy capital spending, as the venture spends the first 2.5 years open-pit mining before going underground for more attractive grades.
But Nayega remains the prize and the Paddington money will go towards developing it for production. With a measured resource of two million tonnes at 17.1% manganese and claimed potential to produce 250,000 tonnes a year, while the overall resource estimate is 11 million tonnes at 13.1%, Reeves insists nitial capital costs will be ‘nowhere near’ the $15 million envisaged in the definitive feasibility study on the project.|
|I know what Ken Livingstone would say about him.|
|Warning to all FRX posters - Don't believe a word daniel Miller says, this person is a sicko troll of the highest order.He only knew that Cyprus Steve was invested here because somebody posted that info on another board. The very day this info was posted (5th Nov) the sick degenerate used Steve's passing as an excuse to make out he had tipped ALO to him weeks ago and suddenly he was posting on here and the ALO board making out he invested out of respect for Cyprus Steve. Danielmiller is a self confessed liar and fantasist.He is now using another persons death (and alleged friendship) to ramp ALO stock on other boards - the lowest of the low.Why should anybody believe me? - just take a look at some of Danielmiller's historic posts and I think you will see what this person is truly like.|