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Real-Time news about Tanzania Gold (London Stock Exchange): 0 recent articles
|lyndus: Much too early to sell.Something is driving share price up.Wait until we hear the good news.|
|bobby c: Tanzania Gold PLC
14 June 2007
Tanzania Gold Plc
('Tanzania Gold' or 'the Company')
The Company notes the recent rise in its share price and confirms that it is in
advanced discussions regarding an acquisition and associated fund raising by way
of an offer for subscription with certain institutional and other investors at a
price of 75 pence per ordinary share.
A further announcement will be made as soon as possible.
Clive Sinclair-Poulton, Chief Executive
Tanzania Gold Tel: +353 (0) 85 739 2674
Simon Raggett/Matthew Chandler
Strand Partners Limited Tel: +44 (0) 20 7409 3494
St Swithins PR Limited Tel: +44 (0) 20 7929 4391|
|lyndus: Could quite easily go mental.Very little buying needed to lift share price.
Must be some news on the way.|
|bobby c: So much for Clive Sinclair saying he didn't want any spikes in the share price, what the hell do you call this then??|
|genie0013: Great find Andy
Andy2000 - 27 Sep'06 - 20:26 - 4775 of 4794
On Citywire today......
New Tanzanian gold project set to go
Published: 11:06 Wednesday 27 September 2006 By: Max Hotopf, Online Reporter
There's no bore like a gold bore. Clive Sinclair-Poulton has devoted the last two years of his life getting Irish-registered Tanzania Gold off the ground, so he's entitled to be obsessive.
Today's extraordinary general meeting should see shell AIM company Voss Net injected with nearly £2.5 million from a share placing plus 46% of a possible gold mine at Mkurumu in Tanzania. Its name will change to Tanzanian gold.
Possible gold mine? Well, actually Tanzania Gold chief Sinclair-Poulton says the locals are already digging it out of the ground:
They sell it for a fraction of the real price in the market,' he said before adding: 'Actually I hate to see them taking the stuff. They wave to me and I wave to them, but it's my gold'.
The possibility of gold at Mkurumu was first spotted by AngloGold Ashanti when a geologist, flying over the 45-square kilometre site, spotted the diggers. AngloGold did little after buying the rights as it's not close to the traditional gold regions.
Then three years ago geologist Tony Hopkins, an old African hand and old pal of Sinclair, prospected the area and took the project to Sinclair-Poulton, an ex-stockbroker who built up AIM-quoted The Mutual Net.
Tanzania got a 46% stake providing it invested in a proper exploration programme in the next two years with AngloGold holding on to 46% and the local tribe (make that its chief!) holding the remaining 8%.
Sinclair-Poulton, who has a schoolboy qualification in Geology, loves Hopkins and was happy to invest. He's enthusiastic.
'Seven geologists have looked at it and all seven think this is worthwhile. It's on the line of the Mozambique belt. We reckon there are three million ounces there and, as it's open cast extraction, it will not be expensive'.
At 1.5-4 grammes of gold per tonne, costs should be between $250-280 an ounce. By March 2007 drilling should have firmed up the quantities, at which point, he claims, the price should rise to a minimum of 20% of the gold price or around $120 an ounce. That would value the company at around £21 million.
The Tanzanian board includes Gerry Nealon, brother of the more famous Ed (Aquarius Platinum), as chairman and Melissa Sturgess (Dwyka Diamonds).
Voss Net shares stand at 3.5p, having dropped from 5.5p over the last few weeks, valuing the company at £7.2 million. Sinclair-Poulton blames the fall on old investors in Voss Net who are desperate to sell after a four-month share suspension. He says he wants the Tanzanian share price to go up steadily, adding, seriously, 'I don't like spikes.'
'We're doing everything we can to minimize risk' he said. 'We have the right people on board, a good mix of geologists, production engineers and money men. Tanzania is nice and stable and we are Irish-registered, so if we sell it to Anglo Ashanti we won't have any tax to pay. If we don't find lots of gold, well, I will be very, very disappointed'.|
Tanzania Gold share price data is direct from the London Stock Exchange