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| Share Name | Share Symbol | Market | Stock Type |
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| Latitude | LTR | London | Ordinary Share |
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| 0.00 | 0.00% | 3.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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Posted at 17/11/2008 17:23 by hosede Hi JOhnThanks for all your efforts on behalf of private investors in LTR. I hold 200,000 shares and like Cerrito, will accept the offer (which returns around 85% of my capital) but at the latest date. I have however E-mailed the various bodies with the letters you have suggested and received replies (which I assume are standardized). Lets hope something comes of it |
Posted at 24/7/2008 12:46 by cerrito one yearat the agm they talked about this coming up in September. As a retail investor I look to Investec who have 29%+ of the shares and Gartmore with 5% approx to make sure that the directors look after the interests of all other non director shareholders. |
Posted at 20/4/2008 20:48 by cerrito Was at the AGM.Only one other investor there the 3%+ holder Bruce Rowan. Learnt the following The options they had in Tamaya have been cancelled as a quid pro quo for Tamaya relieving LTR of any associated contingent liability with the sale of the Chilean Assets..ie LTR is now a clean company. Confirmed that the amount of tax they are in discussions with the UK authorities of just under £1.1m as disclosed in the interims as at 12.07 is included within the 1207 tax payable figure of £1.9m odd..ie this £1.9m odd figure may be reduced but no discussion of the tax implications of the last post 1207sale of Western. The company has a clean slate and looking at new opportunities; this could be outside the resources industry. Obviously many situations being looked at but the sense was that nothing was imminent. If nothing is done by September the regulations concerning cash shells on AIM would kick in. Recognized that liquidity in the shares has dried up; indeed the fact that since 607 Investec have gone up from 14%+ to just under 30% and Gartmore have come into the 3% club with none of the 3% holders having reduced their shares show that Investec basically hoovered those with less than 3%. Told of the complications of winding the company up/paying a special dividend but did recognize the possibility of doing a corporate transaction which would allow the small investors to exit. No discussion on the desires of Investec and did not get any feel of what has happened/is happening behind the scenes. They did however approve all the resolutions at the AGM. Not a very satisfactory situation; one cannot sell given the low price and lack of liquidity and one is almost in the situation of having to hope for the best. One continues to hope that Gartmore and more especially Investec remain focused on non management shareholders' interests being looked after. |
Posted at 19/1/2008 09:08 by stemis I posted a review of LTR on Motley Fool:--------------------- As a result of recent transactions Latitude Resources (LTR) has effectively become a pure mining investment house. Despite initially rising on the back of some strongly positive transactions it has fallen back with the general weakness in the markets. As a result I think it now offers a very attractive upside, with good downside protection (if such a thing exists in the current climate). Key statistics:-Share in issues 269.5m Share price 3.75p Market capitalisation £10.11mThere are 20m warrants/options in issue. All are out of the money [5.25m of them, exercisable, at 4.0p expire at the end of January leaving 14.75m exercisable at 5.0p]. On 13 August LTR announced it had sold its Chilean mining operations to Tamaya Resources for £9.4m in shares. In the same announcement it revealed that, as a result of the transaction, its remaining assets comprised:- £m Cash 2.9 Shares in Western Goldfields 3.2 Shares in Tamaya Resources 9.4 Shares in Tanami 0.5 Total 16.0Since then LTR has sold its shares in Tanami for book value and sold 54m of its 85m shares in Tamaya for £7.2m. The sale of shares in Tamaya Resources looks a pretty astute deal in light of subsequent weakness in the share price. As a result of these transactions (and revaluing its remaining assets to market value) and assuming they have not made any other investments, I calculate that the balance sheet of LTR looks like this:- £m Cash 10.6 Shares in Western Goldfields 4.4 [2.5m shares at Can$3.54] Shares in Tamaya Resources 3.0 [31m shares at Aus$0.215] Total 18.0This equates to around 6.7p a share (or 6.6p fully diluted). LTR also hold 5 million options in Tamaya Resources at Aus$0.3 and 5 million at Aus$0.4 to which I have attributed no value. So the balance sheet suggests that not only is LTR's net asset value 78% higher than its market capitalisation, but that its market capitalisation is more than covered by its cash balance. There is one potential fly in the ointment; tax. LTR does not mention tax in its announcements and implies that the figures are net of any tax. However lets suppose as a super prudent worse case scenario that tax is/will be payable at 30% on the whole of the shares in Western Goldfields, shares in Tamaya Resources, and proceeds from sales of shares in Tamaya Resources and Tanami. That would come to £4.5m. Even under those circumstances, which I don't believe, it would leave the net asset value at £13.5m or 5.00p per share; still a pretty good deal. I don't know much about Tamaya Resources [ which is TSX listed, although beans4tea posted briefly on them a while ago I suspect LTR will offload the rest of the shares when they are able. Western Goldfields, which is ASX listed, however looks an attractive investment. The company is an emerging gold producer expecting to commence production very shortly in USA. The company expects to achieve 160,000 oz production at $360/0z in 2008. I make that an ebitda of around £40m for a £254m valued company. In 2009 it seems to me that they could be doing as much as 200,000 oz at $290/oz; an ebida of around £60m. The company is fully funded and debt is low. The share price has been rising pretty steadily and I could see another 50% in the next 12 months (= an additional 0.6 0.9p per LTR share). Just my opinions obviously. Total gold reserve is 2.8m oz with a further 1.1m measured and indicated resource. There appears plenty more to go at however. In conclusion we have a share price trading at a big discount to underlying cash and quoted investments, with the current price probably underwritten by cash, and an exposure to an emerging gold producer. Management look astute deal makers and in the current climate there may be good opportunities for those with cash. However they may not get chance to use the cash. Investec have been quietly (?) building a large stake in the company, increasing from 15.95% to 29.19% since early August. Gartmore also hold 4.69% and, as far as I can tell, Bruce Rowan holds 3.86%. There are other sizeable holders. Although Investec seem to have had no trouble getting the shares (there have been no announcements from other major shareholders of any reduction in holdings) its not an easy company to trade in volume. I suspect there are quite a few stale bulls around; the company floated on AIM in July 2005 at 5p. Nevertheless I have gradually managed to get what I wanted without disturbing the price too much. There was an article on proactive investors some months ago As ever DYOR, no guarantees given! |
Posted at 13/12/2007 21:41 by loinerscum Western Goldfields Announces 2008 Production on Target - Heap leaching of new ore has commenced at Mesquite - Gold production is on target for January 2008 - Capital costs are in line with forecast TORONTO, Dec. 13 /CNW/ - Western Goldfields Inc. (TSX:WGI, AMEX:WGW) today announced that heap leaching of new ore has commenced at its Mesquite Mine in California. To date, 900,000 tons of new ore containing approximately 12,500 ounces of gold have been placed on the leach pad and gold production is on target for January 2008. "We are extremely pleased with the performance of our operations and construction teams who have brought the project in three months ahead of the feasibility schedule and on budget," said Mr. Randall Oliphant, Chairman, Western Goldfields. "Our current capital forecast is within one percent of our original estimate." "Our prestrip mining and construction of the leach pad and facilities is on schedule to bring the mine into full production in January 2008," said Mr. Raymond Threlkeld, President and Chief Executive Officer. "The last haul truck of our 14-truck fleet arrived this week. We have 177 employees and are currently mining approximately 180,000 tons per day. In 2008, we expect to place approximately 220,000 ounces onto the leach pad." During 2008, the Mesquite Mine will ramp up production as the operation continues with prestripping, exposing the ore zones and mining of the oxide reserves. Based on the mining schedule and the leaching curve, Mesquite is expected to produce approximately 15,000 ounces of gold in the first quarter. Second quarter production will increase to between 40,000-50,000 ounces of gold, and full year's production for 2008 is expected to be between 155,000-165,000 ounces of gold. The average cost of sales for the year is expected to be between $355-$365(1) per ounce of gold. Quarterly operating costs are predominantly fixed and, due to the ramping up of gold production in the first quarter, cost of sales per ounce in the first quarter will be significantly higher than the 2008 estimate. In later quarters, the costs will be below the forecast average cost per ounce. The increase in cost of sales from previous estimates is due to current higher fuel costs as well as increased royalty costs based on the current higher gold price. Fuel costs comprise approximately 25% of the cost of sales. Capital costs are estimated at $109.2 million compared to an original estimate of $108.6 million. With approximately 99 percent of the capital committed and 92 percent spent, the Company is confident that the final project capital will remain consistent with its current forecasts. Capital spending for 2007 is estimated to be $100.0 million, and the remainder of the $109.2 million will be spent in the first quarter of 2008 when the leach pad, processing facility and truck shop are completed. During 2008, approximately $1.0 million will be spent on additional definition and exploratory drilling of the Brownie Hill deposit, where approximately 200,000 ounces of gold were added into reserves in 2007. The drilling will be focused on the follow up of significant mineralization found outside the current reserve area at Brownie Hill. The data contained in this news release has been prepared under the supervision of Wes Hanson, P. Geo., Vice-President of Mine Development, Western Goldfields, and the Qualified Person under NI 43-101 for the project. Western Goldfields Inc. -------------------- Western Goldfields is a gold producer focused on completing the expansion of its Mesquite Mine, located in Imperial County, California, and returning the mine to full production. With a 2.8 million ounce gold reserve, the Company is the only multi-million ounce US gold reserve not controlled by a major gold company. Western Goldfields common shares trade on the Toronto Stock Exchange under the symbol WGI, and on the American Stock Exchange under the symbol WGW. For further details, please visit www.westerngoldfield Forward-Looking Information -------------------- Certain statements contained in this news release and subsequent oral statements made by and on behalf of the Company may contain forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Such forward-looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, timing and costs to recommence commercial production, potential increase in estimates of mineral resources or reserves, economic viability of the Mesquite Mine, and capital and operating expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, the uncertainties involved in interpreting drilling results and those set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006 filed with the U.S. Securities and Exchange Commission, under the caption, "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. ------------------- (1) Expected cost of sales per ounce is defined as planned cost of sales as per the business plan divided by the number of gold ounces to be sold. %CIK: 0001394186 For further information: please visit www.westerngoldfield Raymond Threlkeld, President and Chief Executive Officer, (416) 324-6005, rthrelkeld@westerngo Regulatory Affairs and Investor Relations, (416) 324-6015, jtaylor@westerngoldf |
Posted at 05/11/2007 22:31 by loinerscum Western Goldfields Approved for American Stock Exchange Listing TORONTO, Nov. 5 /CNW/ - Western Goldfields Inc. (TSX:WGI, OTC BB:WGDFF.OB) today announced that its common shares have been approved for listing on the American Stock Exchange (AMEX). The Company's shares are expected to begin trading on the AMEX on Thursday, November 8, 2007, under the symbol "WGW". Until then, the Company's shares will continue to trade under the symbol WGDFF.OB on the OTC Bulletin Board. Randall Oliphant, Chairman, Western Goldfields, said, "We are very pleased to have received approval for listing on the American Stock Exchange. Listing on the AMEX represents an important milestone in the Company's corporate development as we seek to grow our business and continue to create value for our shareholders." "We expect the listing to bring increased access to our shares within the US investment community, and will also offer us greater visibility and improved liquidity for our stock." This approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the AMEX. Western Goldfields Inc. -------------------- Western Goldfields is a gold producer focused on completing the expansion of its Mesquite Mine, located in Imperial County, California, and returning the mine to full production by January 2008. With a 2.8 million ounce gold reserve, the Company is the only multi-million ounce US gold reserve not controlled by a major gold company. The Company is fully permitted and fully funded, and estimates average production of 160,000-170,000 ounces of gold annually during the first eight years of mine life. In June 2007, Western Goldfields announced that its production schedule has been moved ahead by one full quarter, which will bring the company into full production by January 2008. Western Goldfields Inc. is listed on the Toronto Stock Exchange and trades under the symbol WGI, and is presently quoted on the OTCBB under the symbol WGDFF.OB. For further details regarding Western Goldfields, please visit www.westerngoldfield Forward-Looking Information -------------------- Certain statements contained in this news release and subsequent oral statements made by and on behalf of the Company may contain forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Such forward-looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, timing and costs to recommence commercial production, economic viability of the Mesquite Mine, financing options, including entering into a debt financing arrangement, and the consequences thereof, potential contractual arrangements, receipt of working capital, anticipated revenues, exercise of outstanding warrants, and capital and operating expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006 filed with the U.S. Securities and Exchange Commission, under the caption, "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. For further information: please visit www.westerngoldfield Brian Penny, Chief Financial Officer, (416) 324-6002, info@westerngoldfiel Affairs and Investor Relations, (416) 324-6015, jtaylor@westerngoldf |
Posted at 31/10/2007 20:36 by loinerscum I reckon the value within LTR is £18-19 million of which approaching £10m is in cash - which is about the same figure as the current market cap, so essentially all remaining investments plus whatever they are planning next are in the pot for free. During October LTR sold 54,029,449 Tamaya shares for a total consideration of AUS $15,861,760, an average of 29.36 Cents per share which comes to around £7.1m Sterling. That leaves them with 30,970,551 shares (worth around £4m) and 15m options, being 2.96% so they are no longer a notifiable shareholder. The full announcement is at 26 October 2007 Tamaya Resources Limited ACN 071 349 249 Level 12, 75 Elizabeth St Sydney NSW 2000 Australia GPO Box 5424 Sydney NSW 2001 Telephone +61 2 9223 2088 Facsimile +61 2 9223 3088 LAT place 85m TMR share holding with institutional investors Tamaya Resources Ltd (ASX: TMR and the "Group") has been advised by Latitude Resources plc ("Latitude") that Latitude has sold its shareholding in TMR through placements with a number of institutional investors. Latitude became a shareholder in TMR following the recently concluded transaction involving the acquisition by TMR of a 100% interest in Latitude's Chilean subsidiary earlier this year. Tamaya's acquisition of Latin American Copper Chile S.A. included a portfolio of tenements with a focus on the Coastal Ranges iron oxide copper gold ("IOCG") belt in Chile which significantly increased the Group's mineral holdings in the country. Tamaya recently announced that as a result of the acquisition the Group had more than doubled its copper resources through the addition of Latitude's portfolio of advanced exploration tenements in Chile. For its part in the transaction, Latitude Resources plc received some 85 million TMR shares and 15 million TMR options. The shares were issued 6 September 2007 and the options were issued in three tranches of 5 million options each, at 30c, 40c, and 50c respectively. During October 2007, Latitude placed its TMR shares with a range of institutional investors by an agreement with Tamaya, and as part of the repositioning of Latitude for the next phase of its development. Latitude Resources continues to hold the options. Attached is the notice of LAT ceasing to be a substantial shareholder. Tamaya Resources Executive Chairman Mr Hugh Callaghan said that the Group welcomed the new institutional investors onto the share register. "Through our recent roadshows in Europe and the USA, we had the opportunity to present the Group's new four mine strategy for 2010 to institutions and professional investors in Europe and North America. Considerable support was expressed for the emerging mid-tier copper-gold story, and they are interested to hear about our plans for the dual listing on the TSX in 2008. As a result, I expect to see a higher representation of this type of investor on our share register going forward," Mr Callaghan said. Hugh Callaghan Executive Chairman Tamaya Resources Limited Mob: +61 400 423 253 Email: hcallaghan@tamayares Media Fortbridge ��" Bill Kemmery, 0400 122 449 |
Posted at 28/9/2007 07:48 by rickus Tamaya Resources; the building of a mid-tier miner28/09/2007 By: egoli Tamaya Resources Limited (TMR) recently finalised its purchase of Latitude Copper, effectively doubling the resource base in Chile . The resources are modest in size, but the potential of the tenements, in particular Filipina Grande, are substantial. The company plans to develop a second copper mine in Chile based around these tenements, where we believe eventual resources up to 100 million tonnes (mt) are a distinct possibility. With the development of the 100kozpa Lichvaz gold mine well underway in Armenia , the company's strategy of organic growth and acquisition is proving highly successful and setting itself up to make the transition from small-scale producer to mid-tier diversified miner in coming years. Current reported resources at Filipina Grande (JORC) are 12mt@1.28%Cu and 0.34g/t gold, along with 1.9mt@0.83%Cu in the oxide portion. TMR recently announced it's maiden JORC compliant resource for Lichvaz of 3mt@7g/tAu, 31g/tAg and 0.5% Cu for 0.67moz Au. Again, the tonnage is small, but we believe the company has only drilled out a small portion of the ultimate resource potential of the area, and with an initial grade of >9g/t gold equivalent, there is plenty of scope for further upgrades to the inventory. The theme for Tamaya is growing resources, expanding production. There are some near-term hurdles to overcome including resolution of the minority interest in earlier acquisition Iberian Resource Limited (IBR) and listing in Toronto , but we consider than TMR represents an excellent medium to longer term growth proposition, with a suggested investment timeframe of 2-3 years to enable the underlying value of projects to be unlocked. For a company of modest market capitalisation, the future cashflows generated from both the Chile copper projects and European gold operations will put the company in a good position to continue to grow the business at a moderate pace. Latitude Copper, Chile (TMR, 100%) TMR recently acquired a 100% interest in Latin America Copper Chile S.A ('LAC') previously a subsidiary of AIM listed Latitude Resources ('LTR'). The project is located approximately 250km north of the Company's existing operations at Cinabrio, and in close proximity to hydro-power and regional infrastructure. Consideration was $24.6 million based on a fixed issue of 85 million shares and 15 million options at varying exercise prices up to $0.50ps. LAC controls a majority interest in approximately 5 exploration properties in the prospective Andean IOCGU belt north of Santiago . LTR listed on the AIM in 2005, with an implied value for the Chilean assets of just under ₤7 million. Despite spending some ₤3 million on exploration in Chile, the market failed to recognise the true value, and prior to TMR's offer, was significantly discounting the asset value (according to LTR). TMR's offer was opportunistic and well-timed considering the release of the SRK report valuing part of the project at an NPV of just under US$90 million m. The report considered several scenarios around a potential 60mt resource at 1.28%Cu and 0.34g/tAu, with potential for significant increases to NPV from sales of iron concentrates as a by-product. This was based on a long term copper price of US$1.40/lb and US$500/oz for gold; US$235 million capex and recoveries of 75% for gold and 86% for Cu. Existing resources established at Filpina Grande are quite modest, at 12mt@1.28%Cu and 0.34g/tAu and 1.9mt@0.83%Cu of oxides. Based on a brief review of documentation, we consider there is excellent potential to establish a resource base at Filipina Grande of between 50 and 100mt, based on the limited drilling undertaken to date, and extensive distribution of mineralisation. Other exploration assets acquired through Latitude show promising results, including Santa Dominga with 76m@1.61%Cu and 0.33g/tAu. An initial resource statement is pending for this project. T The company is planning to conduct a substantial drilling campaign in Chile , focused on Filpina Grande, with 140,000m planned over the next two years. Over the next twelve months, depending on drilling results, there is potential for more confidence to be gained in the project. The present plan is to prove up sufficient resources to justify the 3mtpa operation at Filipina Grande, whilst evaluating the numerous other geophysical targets and identified prospects within the tenements. Punitaqui/Cinabrio Mine, Chile (TMR, 100%) The expansion of the Punitaqui/Cinabrio mine in Chile to 3000tpd (1mtpa) is well advanced, with the relocation of three second hand ball mills from Spain achieved last quarter. The new three-stage crusher, installed at a cost of $US2 million, is capable of crushing up to 4000t of ore a day. In the June quarter the company produced around 1400t of Cu and 40koz of silver, with production rates continuing to increase. Based on achievement of 3000tpd by early next year, we estimate total production of 11.6kt of Cu, generating revenues above US$70 million, and potential EBITDA in excess of US$40 million. This is based on an average copper price of US$3.20/lb for 2008. The feasibility study for the oxide project is underway, with results anticipated soon, and construction underway in 2008. Capital cost will be low, with initial production of 200ktpa increasing to 400ktpa over two years. Lichvaz Gold Project, Armenia (TMR, 86%) TMR recently announced a maiden JORC resource for the Lichvaz mine of 3mt@7.0g/tAu, 31.5g/tAg and 0.5%Cu for just under 0.7moz gold. This superseded the earlier (non-JORC) estimate of around 9mt@3.75g/t, 24.5g/tAg and 0.3%Cu. The company is in the process of finalising a US$60 million debt raising to fund construction, with first gold pour at the new facilities due early in 2009 at an initial rate of 100kozpa. Approximately 500kozpa of silver will be produced, taking the total to 110kozpa on a gold equivalent basis. Total capital cost, including contingencies and working capital is estimated at US$60 million. The company believes that ultimately, depending on resources established and particularly a large, lower grade bulk stockwork resource, an operation producing up to 200kozpa may be feasible at the site. The company purchased the 800ktpa Rishton Mill in Queensland , and will be relocating the refurbished components to Armenia in 2008. The site currently has a gravity circuit installed and is producing a small amount of gold (6kozpa). The mine has experienced a significant amount of development over its life, with substantial declines and adits already in place. Since ownership of the asset by Iberian (IBR), the infrastructure has been upgraded (left). There is good access at the site, with sealed roads, power and plenty of water. Due to the favourable operating environment in Armenia , operating costs are forecast by the Company to be below US$300/oz. A 20,000m RC drilling program is due to commence at the mine in coming months, and we anticipate significant upgrades to the resource base over the next 18 months leading up to full scale production at the site. Monetmor/Portalegre Gold, Portugal (TMR, 86%) TMR, through it's majority owned subsidiary Iberian Resources hold almost 1,400km2 of tenements in Portugal , including almost 1moz of gold at the Montemor and Portalegre deposits. Additional projects held by the company include Caviera base metals and Regua tungsten. The company is moving towards feasibility with the Montemor project, following scoping studies indicating a production rate of 60kozpa at a cost below US$350/oz. The current resource base consists of shallow shear-hosted deposits, with potential for extensions to known resources along strike and at depth. The initial JORC inferred resource at Montemor has previously been established at 6mt@2.2g/tAu for 0.61moz. Over 50,000m of drilling has previously been undertaken at the deposit. During the feasibility phase, the plan is continued drilling and completion of baseline environmental studies leading to completion of an Environmental Impact Statement (EIS). An initial resource of 7.4mt@1.37g/t Au (327koz) has been delineated at Portalegre, approximately 100km to the north-east of Montemor. The company considers the shallow oxide ore to represent an excellent opportunity to establish a heap leach operation, also at a production rate of around 60kozpa. We anticipate development of both Portuguese projects is a few years away, with the exact timeline yet to be determined. Initially, the Company plans to establish a resource inventory of 2moz, which will aid in deciding the most appropriate development strategy for the projects. Provided activities are progressed promptly, first gold production could be achieved by mid to late 2010, based on a simple cyanide heap-leach style processing plant to produce around 60kozpa. A second operation at a similar rate may start twelve months later. Board and Management The board of directors have significant experience in developing gold and base metals projects. Executive Chairman Hugh Callaghan is a former Rio Tinto Limited (RIO) executive, partly responsible for developing Riversdale Mining into a $600 million company, and share price appreciation well over 1000%. Previous experience also includes working at the Escondida mine in Chile . MD, Mike Fischer is a seasoned mine manager, joining TMR from CBH Resources Limited (CBH), where he was EGM operations. TMR have executives on the ground in Chile and Armenia , actively overseeing the exploration and expansion plans, including Steve Playford, mine manager at Cinabrio. Conclusion In summary, we have been impressed by the progress made by management to date in the short time since the acquisition of Iberian resources. The team appears to have a genuine commitment to growing the business at a manageable pace, and the next eighteen months will be a critical period of transformation of the company from small-scale producer, to diversified miner. A total of five mining projects have potential to be in production within three years, which represents an ambitious target, however one that the company believes is achievable. We believe the growing production base, excellent potential for further substantial increases to the global resource inventory and potential production/earnings profile going forward should continue to see the company attract a high level of interest and support in 2008. RISK STATEMENT The analyst has determined that the risk profile for this company is significantly higher than for the market as a whole, and so may not suit all investors. Clients should make an assessment as to whether this stock and its potential price volatility is compatible with their financial objectives. Clients should discuss this stock with their advisor before making any investment decision. DISCLAIMER: This report is published by SHAW Stockbroking Limited ("SHAW") in good faith based on the facts known to it at the time of preparation and does not purport to contain all relevant information in respect of the Financial Products to which it relates. Any projections are estimates only and may not be realised in the future. SHAW has prepared this report for multiple distribution and without consideration to the investment objectives, financial situation or particular needs ("Objectives") of any individual investor. Accordingly, any advice given is not a recommendation that a particular course of action is suitable for any particular person and is not suitable to be acted on as investment advice. Readers must assess whether or not the advice is appropriate to their Objectives before making an investment decision on the basis of this report. Readers can either assess the advice themselves or if they require a recommendation personal to them, they should seek the help of their SHAW client adviser. This research has been prepared for the use of clients of SHAW and its wholly owned subsidiaries and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this research in any way. Nothing in this research will be construed as a notification to buy or sell any Financial Products, or to engage in or refrain from engaging in any transaction in a Financial Product. This research is based on information obtained from sources believed to be reliable but SHAW does not make any representation or warranty that it is accurate, complete or up to date. SHAW accepts no obligation to correct or update the information or opinions in it. Any persons relying on the above information does so at their own risk. Except to the extent that liability under any law cannot be excluded, SHAW disclaims liability for all loss or damage arising as a result of an opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence. SHAW will charge commission in relation to client transactions in Financial Products and SHAW client advisers will receive a share of that commission. SHAW, its associates and their respective officers and employees may earn fees and commission from underwriting Financial Products and may act as principal in respect of or otherwise have interests in the Financial Products. Analyst Independence: The Research Analyst who prepared this document hereby certifies that the views expressed in this document accurately reflect the analyst's personal views about the subject company(s) and their Financial Products. |
Posted at 26/3/2007 21:11 by loinerscum Good news from Western Goldfields, up around 9% todayAttention Business Editors: Western Goldfields Increases Reserve and Resource Estimates at Mesquite Gold Mine - Proven and Probable reserves increased to 2.77 million ounces of gold - Measured and Indicated resources (inclusive of reserves) increased to 3.87 million ounces of gold - Inferred resources increased to 19.0 million tons averaging 0.016 ounces of gold per ton TORONTO, March 26 /CNW/ - Western Goldfields, Inc. (TSX:WGI, OTC BB: WGDF.OB) today announced reserve and resource increases at its wholly owned Mesquite Mine located in Imperial County, California. As of March 22, 2007, the company has completed 100 holes totaling 78,270 feet of drilling. The updated reserve and resource models include data from 27 of the holes tested in the Brownie Hill area. Assay results from the remaining 73 holes are pending. "The drilling at Brownie Hill successfully upgraded Inferred resources to Proven and Probable reserves," said Raymond Threlkeld, President and Chief Executive Officer. "Results from two holes drilled in the Big Chief zone, and announced in February 2007, clearly demonstrate additional, unrecognized oxide and non-oxide mineralization exists within the proposed mining areas. The Company is continuing to drill within the Big Chief pit as well as conduct reconnaissance drilling to identify new targets that will further enhance the value of the Mesquite mine," added Mr. Threlkeld. Proven and Probable Reserves Increased -------------------- Proven and Probable reserves increased to 2.77 million ounces of gold from the 2.36 million ounces announced in August 2006. The increase of 410,000 ounces, 90 percent of which is oxide material, is equally attributable to the drilling program at the Brownie Hill zone that converted Inferred oxide resources to Proven and Probable reserves and to an increase in the reserve gold price assumption to US$500 per ounce from US$450 per ounce. The Company is applying the new reserve estimates to its life-of-mine model. Based on the current mining plan of 165,000 ounces per year, Western Goldfields has increased the reserve life of the Mesquite Mine by approximately two years. Pit optimization is underway to determine whether annual production can be increased with the current planned mine fleet. Measured, Indicated, and Inferred Resources Increased -------------------- Measured and Indicated resources (inclusive of mineral reserves) increased to 3.87 million ounces of gold from the previously announced 3.61 million ounces. Total Inferred resources, which are not included with Measured and Indicated resources, increased to 19.0 million tons averaging 0.016 ounces of gold per ton. Current pit designs include 12.0 million tons of the Inferred resource at an average grade of 0.013 ounces of gold per ton. The Company is confident exploration drilling can upgrade the Inferred resource within the current pit design, adding between 100,000 to 200,000 ounces to the mineral reserves. "Our new Reserve and Resource estimates," said Randall Oliphant, Chairman, "provide further confirmation of the truly exciting potential of the Mesquite Mine to create value for our shareholders and serve as a solid platform for the growth of our Company." "Everything is on schedule and in place to make the Mesquite Mine a great success," Mr. Oliphant continued. "The mine is fully permitted, we have successfully completed our equity financing, we expect to make an announcement on the project debt financing in the coming weeks, and delivery of the mining fleet has begun. Its California location made it attractive for the recruitment of an experienced mining team and we are using proven mining technology." The data contained in this news release has been prepared under the supervision of Wes Hanson, P. Geo., Vice-President of Mine Development, Western Goldfields, and the Qualified Person under NI 43-101 for the project. A table summarizing the updated mineral reserves and resources for the Mesquite Mine is included in the Appendix to this news release. Western Goldfields, Inc. -------------------- Under a new, highly experienced, and dynamic management team, Western Goldfields is a gold producer focused on completing the expansion of its wholly owned Mesquite Mine, located in Imperial County, California, and returning the mine to full production. Western Goldfields, Inc. is listed on the Toronto Stock Exchange and trades under the symbol WGI, and is quoted on the OTCBB under the symbol WGDF.OB. For further details regarding the mineral reserves and mineral resources at Mesquite, please visit www.westerngoldfield Forward-Looking Information -------------------- Certain statements contained in this news release and subsequent oral statements made by and on behalf of the Company may contain forward-looking information within the meaning of the United States Private Securities Litigation reform Act of 1995 and similar Canadian legislation. Such forward-looking statements are identified by words such as "intends", "anticipates", "believes", "expects", "can", and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, the potential to convert resources to reserves, financing options and the consequences thereof, potential contractual arrangements, receipt of working capital, anticipated revenues, and related expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006 filed with the U.S. Securities and Exchange Commission, under the caption, "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. APPENDIX MESQUITE MINE - MINERAL RESOURCES AND RESERVES March 26, 2007 -------------------- Mineral Resources Inclusive of Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Measured Oxide 111,196 0.016 1,748,000 Non-oxide 30,587 0.024 729,000 -------------------- Measured Subtotal 141,783 0.017 2,477,000 -------------------- Indicated Oxide 44,523 0.017 759,000 Non-oxide 27,335 0.023 633,000 -------------------- Indicated Subtotal 71,858 0.019 1,392,000 -------------------- Measured & Indicated Total 213,641 0.018 3,869,000 -------------------- -------------------- Inferred Oxide 13,000 0.013 Non-oxide 6,000 0.022 -------------------- Inferred Subtotal 19,000 0.016 -------------------- -------------------- Mineral Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Proven Oxide 97,961 0.016 1,545,000 Non-oxide 16,429 0.023 386,000 -------------------- Proven Subtotal 114,390 0.017 1,931,000 -------------------- Probable Oxide 38,000 0.017 660,000 Non-oxide 7,914 0.022 176,000 -------------------- Probable Subtotal 45,914 0.018 836,000 -------------------- Proven & Probable Total 160,304 0.017 2,767,000 -------------------- -------------------- Inferred Oxide 11,000 0.013 Non-oxide 1,000 0.020 -------------------- Inferred Subtotal 12,000 0.013 -------------------- -------------------- Mineral Resources Exclusive of Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Measured Oxide 13,235 0.015 203,000 Non-oxide 14,158 0.024 343,000 -------------------- Measured Subtotal 27,393 0.020 546,000 -------------------- Indicated Oxide 6,523 0.015 99,000 Non-oxide 19,421 0.024 457,000 -------------------- Indicated Subtotal 25,944 0.021 556,000 -------------------- Measured & Indicated Total 53,337 0.024 1,102,000 -------------------- Inferred Oxide 2,000 0.015 Non-oxide 5,000 0.022 -------------------- Inferred Subtotal 7,000 0.020 -------------------- 1. The Company's mineral reserves are estimated using appropriate cut-off grades at an assumed gold price of US$500 per ounce and projected process recoveries, operating costs and life of mine plans which include allowances for dilution and mining recovery. 2. The Company's mineral reserves are consistent with the definitions established by Industry Guide 7, administered by the U.S. Securities and Exchange Commission. 3. The Company's mineral resources are estimated using appropriate cut off grades at an assumed gold price of US$600 per ounce and projected process recoveries, operating costs and life of mine plans which include allowances for dilution and mining recovery. 4. The Company's mineral resources and mineral reserves are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) "Standards on Mineral Resources and Reserves, Definitions and Guidelines". 5. Cautionary note to U.S. investors concerning Measured, Indicated and Inferred mineral resources: These terms are required by the CIM's "Standards on Mineral Resources and Reserves, Definitions and Guidelines". U.S. Investors are cautioned not to assume that all or any part of the stated mineral resources will be converted into reserves. 6. The Company's mineral resource and reserve estimates were prepared under the supervision of Mr. W. Hanson, P.Geo., Vice-President of Mine Development, Western Goldfields, Inc. %SEDAR: 00021587E %CIK: 0001208038 For further information: www.westerngoldfield President and Chief Executive Officer, (416) 324-6005, bpenny@westerngoldfi Affairs and Investor Relations, (416) 324-6015, jtaylor@westerngoldf Relations, Wertheim + Company Inc., (416) 594-1600, wertheim@wertheim.ca |
Posted at 29/8/2006 09:14 by rickus It hasn't done any perking up so far Andy but I don't think that price of LTR has correlated with that of WGDF (I assume they are still keeping the US listing) on a daily basis. The WGI price can now be added to your ADVFN portfolio - it doesn't show the net price change for the first day but there was some intraday excitement with it going to $3.50.The announcement of the WGI TSX listing was accompanied by the statement below. It will be interesting to see whether the listing has the desired effect. From a post on Stockhouse: " I agree with all of you. With this management in a low risk country, Randall Oliphant will take this stock to 5 or 6. No, I am not a shameless promoter, but the numbers speak for themselves. All the best, and enjoy the improved liquidity." The news item about the listing: Western Goldfields Lists On The Toronto Stock Exchange 8/28/2006 - Listing on the TSX is consistent with company's choice of Toronto as an ideal location from which to build a dynamic mining company - Plans first gold pour from expansion of California mining property in April 2008 with annual production of 165,000 ounces TORONTO, Aug 28, 2006 /PRNewswire-FirstCal Gold producer Western Goldfields, Inc. (TSX: WGI, OTC BB: WGDF.OB) today announced that its shares of common stock have commenced trading on the Toronto Stock Exchange under the symbol WGI. "The listing of Western Goldfields' shares for trading on the Toronto Stock Exchange, one of the world's premier markets for resource stocks, is an exciting step in the development of our company," said Mr. Randall Oliphant, Chairman of Western Goldfields. "We expect that listing on the TSX will improve the liquidity in the trading of our shares. The decision to list on the TSX is consistent with our decision to move the company's principal executive office from Reno, Nevada to Toronto. Toronto has been shown time and again to be an ideal place from which to build a dynamic mining company," Mr. Oliphant added. "The recently completed Feasibility Study on the expansion of our operations at the Mesquite Mine confirmed our enthusiasm for the potential of this exceptional property," remarked Mr. Raymond W. Threlkeld, President and Chief Executive Officer, Western Goldfields. The Feasibility Study indicated proven and probable reserves of 2.36 million ounces of gold and measured and indicated resources of 1.25 million ounces(1). The company estimates average annual production of 165,000 ounces, beginning in April 2008, with an initial project life of 9 1/2 years. "This is a unique gold mining opportunity, in that it is a fully permitted, multi-million ounce reserve in a politically safe location. We believe that there is excellent potential to increase the resources beyond the current estimates," continued Mr. Threlkeld. These estimates are summarized in the Appendix to this press release. On a 100 percent equity financing basis, the Feasibility Study projects after-tax rates of return on the mine's expansion ranging from 16 percent with gold at US$500 per ounce to 30 percent at a gold price of US$600 per ounce, and 41 percent if gold is US$700 per ounce. "The Mesquite Mine, located in Imperial County, California, should form a very solid and profitable foundation on which we can create increasing value for the shareholders of Western Goldfields," said Mr. Oliphant. "We also intend to pursue additional consolidation opportunities that are emerging in our resource industry, particularly in North America." Western Goldfields acquired the Mesquite property in 2003 from Newmont Mining Corporation. Newmont Mining had ceased operations of the mine in 2001 as the low gold prices at that time did not support expansion plans. Western Goldfields has continued producing gold from ore placed on heaps by the previous owners, and expects gold production in 2006 to be about 14,000 ounces. Western Goldfields, Inc. Under a new, highly experienced, and dynamic management team, Western Goldfields is a gold producer focused on completing the expansion of its Mesquite Mine, located in Imperial County, California, and returning the mine to full production. The company will pursue other precious metals opportunities, mainly in North America. The company currently has 67,780,801 common shares issued and outstanding and 111,367,681 shares of common stock on a fully diluted basis. For further details, please visit the company's website at www.westerngoldfield (1) Resource estimates are exclusive of Mineral Reserves. Cautionary note to U.S. investors concerning Measured, Indicated, and Inferred mineral resources: These terms are required by the CIM's "Standards on Mineral Resources and Reserves, Definition and Guidelines". U.S. investors are cautioned not to assume that all or any part of the stated mineral resources will be converted into reserves. Reference is made to the Press Release of the company issued on August 9, 2006 for additional information regarding the Feasibility Study and mineral resource and reserve estimates regarding the Mesquite Mine. Forward-Looking Information Certain statements contained in this news release and subsequent oral statements made by and on behalf of the company may contain forward-looking information within the meaning of the United States Private Securities Litigation reform Act of 1995. Such forward-looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and include, without limitation, statements regarding the company's plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues, and related expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, those set forth in the company's Annual Report on Form 10-KSB for the year ended December 31, 2005 filed with the U.S. Securities and Exchange Commission, under the caption, "Risk Factors". Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. APPENDIX MESQUITE MINE Mineral Resources and Reserves August 1, 2006 -------------------- Mineral Resources Inclusive of Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Measured Oxide 73,355 0.016 1,188,000 Non-oxide 19,591 0.024 470,000 -------------------- Measured Subtotal 92,946 0.018 1,658,000 -------------------- Indicated Oxide 82,611 0.016 1,338,000 Non-oxide 26,338 0.022 566,000 -------------------- Indicated Subtotal 108,949 0.017 1,904,000 -------------------- M&I TOTAL 201,895 0.018 3,562,000 -------------------- -------------------- Mineral Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Proven Oxide 55,923 0.017 923,000 Non-oxide 12,749 0.024 306,000 -------------------- Proven Subtotal 68,672 0.018 1,229,000 -------------------- Probable Oxide 52,589 0.017 910,000 Non-oxide 9,647 0.023 222,000 -------------------- Probable Subtotal 62,236 0.018 1,132,000 -------------------- P&P TOTAL 130,908 0.018 2,361,000 -------------------- -------------------- Mineral Resources Exclusive of Reserves -------------------- Classification Category Tons Grade Contained (x 1,000) (Au oz/T) (Au ozs) -------------------- Measured Oxide 18,767 0.015 274,000 Non-oxide 7,484 0.023 174,000 -------------------- Measured Subtotal 26,251 0.017 448,000 -------------------- Indicated Oxide 31,019 0.015 453,000 Non-oxide 17,101 0.021 351,000 -------------------- Indicated Subtotal 48,120 0.017 804,000 -------------------- M&I TOTAL 74,371 0.017 1,252,000 -------------------- 1. The Company's mineral reserves are estimated using appropriate cut-off grades at an assumed gold price of US$ 450 per ounce and projected process recoveries, operating costs and life of mine plans which include allowances for dilution and mining recovery. 2. The Company's mineral reserves are consistent with the definitions established by Industry Guide 7, administered by the U.S. Securities and Exchange Commission. 3. The Company's mineral resources are estimated using appropriate cut-off grades at an assumed gold price of US$ 500 per ounce, projected process recoveries, operating costs and mine plans which include allowances for dilution and mining recovery. 4. The Company's mineral resources and mineral reserves are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) "Standards on Mineral Resources and Reserves, Definitions and Guidelines". 5. Cautionary note to U.S. investors concerning Measured, Indicated and Inferred mineral resources: These terms are required by the CIM's "Standards on Mineral Resources and Reserves, Definitions and Guidelines". Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. Investors are cautioned not to assume that all or any part of the stated mineral resources will be converted into reserves. 6. The Company's mineral resource and reserve estimates were prepared under the supervision of Mr. M. Hester, FAusIMM, Vice President, Independent Mining Consultants Inc., Tucson Arizona, who qualifies as an independent Qualified Person under Canadian Securities legislation. SOURCE Western Goldfields, Inc. Raymond W. Threlkeld, President and Chief Executive Officer, (416) 324-6005, rthrelkeld@westerngo 324-6002, bpenny@westerngoldfi Relations, Wertheim + Company Inc., (416) 594-1600, wertheim@wertheim.ca Copyright (C) 2006 PR Newswire. All rights reserved. |
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