Minerva Res Share Discussion Threads

[jimbobgr] 09/11/2007 11:54

ghh, it sound like you hold a lot of gold stocks, do you hold KLG? could you have a look and tell me what your first impressions are?

[tingtang] 09/11/2007 11:48

Congrats Paul, you moved the price by 50% in less than 1 hour of your tmf post.

tt.

[dogberry202000] 09/11/2007 11:16

Excellent post, Paul.

Your other ventures seem to have taken off, too.

Congrats.

Dogberry.

[ghhghh] 09/11/2007 10:51

Minerva Resources MVA (was Palladex). Market cap now £4.5m at 4p.

Another obscure small gold company trading near its lows regardless of gold price. Drilling updates due on two gold prospects. These two prospects only 7km apart so could use same Plant, hence economies of scale. Trenching at one returned 68.5 metres @ 9.6g/t gold and good drill results to date on the other.

I've copied my post dated 13th Sept 07 below but this was my conclusion:


Add that lot together, two exciting explo projects, 51% of Platinum Plant (albeit small), 3 JV's (incl one free carried?), fives rigs that can be sold for say circa £350K to £400K and the PLX explo Licences worth say £500K, perhaps more.

Plus the circa £2m cash and the shares look decent value. I also like Ambrian Capital having 40% and directors on Board. They should help promote profile if MVA make discovery worth shouting about and hopefully inject something else before cash pile disappears should Ethiopia prove disappointing.



I received a phone call yesterday from Merlin Marrs Johnson, the CEO, inviting me (and 11 others) to lunch with the Directors this Tues. Very short notice and although I'm used to being on the C list since he hadn't fixed the venue I wondered whether for once it might be a case of 'breaking news'.

I asked 'how's everything going?' and he said hoped to tell us more on Tues. Seemed upbeat as far as I could tell.

So I'm assuming something happened and will be announced before Tues.

Question is whether bad news and this is damage limitation exercise or whether good news, perhaps even spectacular drill results!

Spectacular not out of the question since Merlin has been excited about Guji after the 68.5 metres @ 9.6g/t gold tenching result. Remember they drilled straight underneath it:

17th July NR:

Three short (100m) diamond drill holes have been drilled under the Guji soil geochemistry anomaly. One hole was drilled under each trench, with a filler hole 200m between the two trenches. Assays have shown limited gold intersections, which suggests orientation of structure requires further interpretation in order to ascertain the origin of gold in these high grade trench results.

MVA have now mapped out where they believe the high grade gold came from and have been (obviously!) drilling there.

Hence the pending drill results for Guji potentially spectacular but that's clearly a long shot.

And further drill results for Tulu could also be material:

Last drill results:




The mineralisation is open in both directions along strike and also at depth. The intersection of 0.7m at 27.0g/t Au in the UNDP 10 drill hole, some 570 metres to the north of TKBH 6, indicates a potential major increase in the total strike length of the project.


IMO MVA an attractive risk:reward since say 50% downside seems worst case since shell status with well connected major shareholder (who won't squander all the cash). A spread of other assets incl drill rigs and the Kryso Licence which may be easier to sell with gold at $830. And then Tulu and Guji, either of which could be a company maker, and being only 7km apart reduces commercial threshold (ie each has to be only half a company maker!).

Will let you know how Tues goes.

Cheers



Paul



The entire post:


Was Palledex when I recommended it here at 6.5p several years ago. After poor explo results in Kyrgyzstan, Ambrian Capital injected its African assets and relisted as Minerva 10th July with cash over £1m (had £1.6m at 31st March according to last published accounts).

111m shares so cap £5m at 4.5p.


Assets comprise:

Extensive Ethiopian explo acreage but to keep it simple, two current projects:


Tuli Capi

Early days but drill results encouraging so far. MVA hoping for at least 500K ozs with 1 m ozs a possibility. Currently drilling with more drill rigs imminent so should be exciting next few months re newsflow.


Guji

One trench returned 68.5 metres @ 9.6g/t gold. MVA immediately drilled 3 100m m holes underneath this trench but missed the source. After re -interpreting the data, they now believe target angled away from trench so revised drill programme imminent.

My impression from MVA over last few months has been that pleased with progress at Tuli Capi but Guji was the potential pant wetter. Remember two prospects only 7km apart so can easily be serviced by same Plant.


51% of local Platinum Mine

IMO small potatoes. Might increase production to 400 ozs p a but can't see Company making potential


Lake Sonfon JV Gold Projects, Sierra Leone

MVA have 24.5% free carried? with joint venture partners Golden Star Resources and Mano River.


Lake Sonfon JV Diamond Projects, Sierra Leone

MVA have 50:50 JV with Mano Resources


York Platinum JV Exploration Project

MVA have 80% in joint venture with Jubilee Platinum. Jubilee has identified an extension of an existing platinum/palladium mineralised reef on the 105 sq km licence.


Kyrgyzstan Licences

Palladex's old Licences. Am told discussions to sell ongoing (albeit with another party) and price could be material.


Drill Rigs

Own 5 drill rigs operating in Kyrgyzstan. Seems logical to sell since good market. My understanding is Book Price around £400K.


Today's £950K windfall



In view of £5m market cap, a tax free £950K cash injection very attractive and greatly strengthens balance sheet.


According to yesterday's UK-Analyst Tip (ie before today's Announcement):

Minerva's cash reserves at the moment stand at approximately £1 million. This will allow the company to continue its exploration campaign at the Tulu Kapi, Guji and Yubdo projects until the third quarter of 2008. It is expected that by that time there will be positive steady cashflow from the Yubdo project to fund development of other Ethiopian projects. However, it is clear that to develop Tulu Kapi and Guji Minerva will need to raise additional capital. We believe that it now has the assets and the management to find support for such an equity issue.


UK-Analyst value MVA at 7.5p (again pre the £950K) which includes a modest £500K for the Kyrgyzstan Licences .


Add that lot together, two exciting explo projects, 51% of Platinum Plant (albeit small), 3 JV's (incl one free carried?), fives rigs that can be sold for say circa £350K to £400K and the PLX explo Licences worth say £500K, perhaps more.

Plus the circa £2m cash and the shares look decent value. I also like Ambrian Capital having 40% and directors on Board. They should help promote profile if MVA make discovery worth shouting about and hopefully inject something else before cash pile disappears should Ethiopia prove disappointing.

[mattybuoy] 17/10/2007 13:50

So once a month some instis are shifting big blocks around. What does it mean? I have no idea ...

Some news would be nice.

[hugepants] 17/10/2007 13:15

Some more chunky looking trades at 4.5p

[hugepants] 17/9/2007 11:59

some chunky trades today

[mattybuoy] 15/9/2007 17:17

Hello matey :)

Any cashflow is better than none ... I would hope that with the heavy backing of Ambrian they should be able to get funding too when required.

It's definitely worth looking at the presentation on the website:



One thing that is not obvious before looking at the maps is that all three main projects (Yubdo, Tuli Kapi & Guji) are in fact in the same area, within a rather large tenement block. What I find interesting is that in the presentation the company states that the objective with all three projects is to "prove up a major resource".

For background, there seem to be very few Western juniors operating in Ethiopia. The only one that sprung out from Google is PLUS-listed Sheba Exploration.




I am really not up on the current political situation in Ethiopia, but they may perhaps look favourably on us Brits since we helped them boot the Italians out in WW2:

[simon54] 14/9/2007 17:28

I bought some Minera today (subtle ramp there), so perhaps I should buy some Minerva to keep them company. I can see myself getting confused here! I lost some money on Palladex, so call me bitter, but I'm pleased to see Merlin moved into a role that might suit him better...?

The Tuli Kapi grades drilled so far don't look too exciting. The Guji trenching does, though they don't seem to have had any luck in finding it with the drill. Mind you, if they're producing a bit of platinum along with those rig contracts (I wonder what time period on the contracts referred to?) then the cashflow may not be too shabby... More reading for the weekend, I think :-)

[shorttrader] 13/9/2007 15:07

Incredible - the investment in Saddleback wasn't even on the Palladex Balance Sheet.

Does anyone know know much Palladex invested in Saddleback to get the 2,400,000 shares?

Its dissapointing the share price has gone down - 158,362 shares sold & only 20,036 bought.

Good time to buy!

[mattybuoy] 13/9/2007 14:14

Yes I think this looks interesting. Where there is one rabbit out of the hat there may be others :)

[ghhghh] 13/9/2007 13:45

Was Palledex when I foolishly recommended it here at 6.5p several years ago. After poor explo results in Kyrgyzstan, Ambrian Capital injected its African assets and relisted as Minerva 10th July with cash over £1m (had £1.6m at 31st March according to last published accounts).

111m shares so cap £5m at 4.5p.


Assets comprise:

Extensive Ethiopian explo acreage but to keep it simple, two current projects:


Tuli Capi

Early days but drill results encouraging so far. MVA hoping for at least 500K ozs with 1 m ozs a possibility. Currently drilling with more drill rigs imminent so should be exciting next few months re newsflow.


Guji

One trench returned 68.5 metres @ 9.6g/t gold. MVA immediately drilled 3 100m m holes underneath this trench but missed the source. After re -interpreting the data, they now believe target angled away from trench so revised drill programme imminent.

My impression from MVA over last few months has been that pleased with progress at Tuli Capi but Guji was the potential pant wetter. Remember two prospects only 7km apart so can easily be serviced by same Plant.


51% of local Platinum Mine

IMO small potatoes. Might increase production to 400 ozs p a but can't see Company making potential


Lake Sonfon JV Gold Projects, Sierra Leone

MVA have 24.5% free carried? with joint venture partners Golden Star Resources and Mano River.


Lake Sonfon JV Diamond Projects, Sierra Leone

MVA have 50:50 JV with Mano Resources


York Platinum JV Exploration Project

MVA have 80% in joint venture with Jubilee Platinum. Jubilee has identified an extension of an existing platinum/palladium mineralised reef on the 105 sq km licence.


Kyrgyzstan Licences

Palladex's old Licences. Am told discussions to sell ongoing (albeit with another party) and price could be material.


Drill Rigs

Own 5 drill rigs operating in Kyrgyzstan. Seems logical to sell since good market. My understanding is Book Price around £400K.


Today's £950K windfall



In view of £5m market cap, a tax free £950K cash injection very attractive and greatly strengthens balance sheet.


According to yesterday's UK-Analyst Tip (ie before today's Announcement):

Minerva's cash reserves at the moment stand at approximately £1 million. This will allow the company to continue its exploration campaign at the Tulu Kapi, Guji and Yubdo projects until the third quarter of 2008. It is expected that by that time there will be positive steady cashflow from the Yubdo project to fund development of other Ethiopian projects. However, it is clear that to develop Tulu Kapi and Guji Minerva will need to raise additional capital. We believe that it now has the assets and the management to find support for such an equity issue.


UK-Analyst value MVA at 7.5p (again pre the £950K) which includes a modest £500K for the Kyrgyzstan Licences .


Add that lot together, two exciting explo projects, 51% of Platinum Plant (albeit small), 3 JV's (incl one free carried?), fives rigs that can be sold for say circa £350K to £400K and the PLX explo Licences worth say £500K, perhaps more.

Plus the circa £2m cash and the shares look decent value. I also like Ambrian Capital having 40% and directors on Board. They should help promote profile if MVA make discovery worth shouting about and hopefully inject something else before cash pile disappears should Ethiopia prove disappointing.

[fez] 13/9/2007 13:13

Yes - I have confirmation from the company that they sold their entire holding of 2,400,000 shares in Saddleback Corporation in this single transaction.

[deswalker] 13/9/2007 11:18

Well spotted fez. Looks like we've sold the lot. Quite a result IMO.

[fez] 13/9/2007 11:09

They had £1.55m held in cash and cash equivalent as at 31 March 2007

So nearly 1M GBP is significant.


Very nice - the news says they've sold 2,400,000 at 40p - question is do they have any more?

[deswalker] 13/9/2007 10:54

Well that's nice news. They've just found nearly a million quid that I didn't know about !

[fez] 23/8/2007 14:52

Minerva Resources says more gold discovered at Tulu Kapi project in Ethiopia

Minerva Resources PLC said drilling results showed continued gold mineralisation at its Tulu Kapi project in Ethiopia.
"Mineralisation, with significant grade values, has been established over a strike length of some 480 metres of the 520 metre length of the target area,"said managing director Terry Ward.
It said the key results included 3 metres at 3.7 grammes a tonne (g/t) of gold, 3.9 metres at 2.9 g/t, 1.1 metres at 6.9 g/t, 4.9 metres at 2.9 g/t and 0.6 metres at 13.8 g/t.
It has started the second drilling phase on the project.

[dogberry202000] 09/8/2007 11:27

Jack Hammer's recent article looks well researched. No wonder it's hard to buy more than 1500 in an automated manner this morning. Biggish buys yesterday and some may be disclosed later today.


July 25, 2007

Minerva Resources Starts A New Life With Cash, Cash Flow And Exploration Potential

By Jack Hammer

There have always been certain advantages in bringing a company to the London market via a reverse takeover rather than via a straightforward listing. The most obvious is that it's cheaper. You save on listing costs, and in some cases the shell company brings serious money to the table itself. And some cash shells, like Palladex, bring a little extra too.
Until it met Malcolm Burne and the Ambrian stable, Palladex was quite simply a mining company that had run out of steam. It still had a few raggle- taggle assets in Kyrgyzstan, £1.4million in the bank and an AIM quote. Strictly speaking, then, not a cash shell. But moribund, and cash shell enough for the purposes of getting Golden Prospect's left -over properties in Ethiopia and Sierra Leone listed. Under the terms of a reverse takeover completed in early July, into Palladex has now come some tiny platinum production and some promising gold exploration in Ethiopia, as well as platinum, gold and diamond exploration in Sierra Leone. New management's come too, and a new name: Minerva Resources.

But it's not all about change. Minerva's new managing director Terry Ward, who's got thirty years in mining behind him, knows a good thing when he sees it. "Palladex had some cash and a good geologist running it", he says. These days geologists aren't so easy to come by, and the geologist in question, Merlin Marr-Johnson, while he may not exactly have made a success of Palladex, has certainly learned a thing or two riding various City and Kyrgyz merry-go-rounds. He now becomes executive director, development, and will focus primarily on the Ethiopian assets, as the Sierra Leone properties are all being run by joint venture partners.

And, at least for the time being, Palladex's residual Kyrgyz assets will remain in place too. The company has actually booked 200,000 JORC ounces of gold to date, but, says Mr Ward, "the market doesn't want small scale slow exploration at the moment. If someone comes along and takes them - fine". The five drill rigs that were working up those ounces look more likely to stay on, though, as, like geologists, drill rigs are getting harder and harder to find. A cash shell with tasty extras, then.

But those extras are really only of peripheral interest to the new company. The takeover hasn't long been out of the blocks, but already the company is hitting the market hard and fast with newsflow. Drilling has been ongoing on the Tulu Kapi Ethiopian hydrothermal gold property, and the results are beginning to paint a picture. So far it's looking good. The best intersection on the latest hole showed 14.1metres grading 2.7 grammes per tonne gold, although last year the company drilled 37.9 metres at 1.6 g/t, cut to 31.1 grammes per tonne.

Meanwhile, trenching on the Minerva's other gold property has also been encouraging, while development work at the Yubdo platinum property, 520 kms due west of Addis Ababa, continues to underpin the company's position in the country. Yubdo has been producing platinum on a small scale for more than 80 years, but lately has been running out of steam. A recent decline in recoveries has now been partially reversed by Minerva's installation of a pilot gravity treatment plant, a Knelson concentrator and a Gemini table. And further improvement ought to be forthcoming once the results of ongoing metallurgical analysis begin to come in

It's not big stuff, but it's not supposed to be - in 2006 the company estimated the resource base at Yubdo at just under 24,000 ounces. "Our idea with the platinum mine", says Mr Ward, "is keep it going, ticking over". That serves two purposes. It enables the Ethiopian government to say that Ethiopia is a platinum producer, which in turn buys Minerva a place at the table and enables it to go out and pick up further exploration ground to add to two gold properties already under investigation. "Things are coming across our table", says Mr Ward. "We're looking at other countries". It looks like the old Palladex shareholders are in for a much more interesting time of it now.

[dogberry202000] 17/7/2007 07:34

Those are wide widths and good grades! Looks like they've got gold.

[fez] 17/7/2007 07:10

Field update, Ethiopia

• Tulu Kapi diamond drilling confirms 'Zone 2' mineralisation,
14.1m@2.7 g/t gold
• Trench results from Guji, Ethiopia include 68.5m@9.6 g/t gold
• Phase 2 drill contract signed with Ethiopian Geological Survey

At the Tulu Kapi gold project in Western Ethiopia, the Company is targeting a
600m zone that is oriented northwest-southeast. The seven Phase 1 drill holes
have delineated two dominant hydrothermally altered zones that dip to the
southwest. The upper zone, Zone 1 is over 20m thick, and the lower zone, Zone 2,
is over 10m thick. Further drilling, planned as the Phase 2 drill programme, is
designed to test the grade, the depth and the strike continuity of these altered
zones.

The Company has received results from hole 6 (TKBH06) of the Phase 1 drill
programme at the Tulu Kapi. All the results of the Phase 1 programme have now
been received, bar two remaining holes; TKBH05 and TKBH07. The assays from these
two final holes are expected shortly.

Drill hole TKBH06 intersected mineralisation from a depth of 146.7m to 160.8m
depth to give an interval of 14.1m@2.7 g/t gold. This includes 7.9m@4.2 g/t gold
from 146.7m to 154.6m depth. The hole was drilled to test the down dip and
strike continuity of 'Zone 2' mineralisation at Tulu Kapi. TKBH05 also
intersected 'Zone 2' and TKBH07 intersected 'Zone 1'.


Full release here...

[dogberry202000] 13/7/2007 18:09

Got another chance - and took it, today.

[dogberry202000] 10/7/2007 11:17

Thanks, fez, for setting this up. Nice rise this morning for the new company. Wished I has some spare funds to buy earlier.

[deswalker] 10/7/2007 08:27

fez - thks for setting the thread up. any chance of sticking a link to their new website in the header when you get chance ...

www.minervaresources.com

still under construction atm.