Uruguay Mineral (SEE LSE:OMI) Share Discussion Threads

[soulsauce] 15/12/2009 08:45

Am I missing something here? Is that valued at only £16m yet producing 60k oz + per annum with $9.4m in the bank and no debt? What is the catch. TIA.

[sir beeksalot] 15/12/2009 08:11

The price they will have sold that gold at compared to the market cap of the company is staggering!!!


Still a holder and buyer at anything below this point.


MONTEVIDEO, Uruguay, Dec 15, 2009 (BUSINESS WIRE) -- Uruguay Mineral Exploration Inc ("UME or the "Company") (TSX VENTURE:UME) (LSE:UGY), the gold production and exploration company, announced today that it has produced 13,580 ounces of gold for the quarter ended November 30, 2009. Ore processed for the quarter was 362,416 tonnes at a gold grade of 1.25 g/t with recovery averaging 93.5%.
Production was approximately 10% below expectations due to non realisation of high grade ore at San Gregorio East and exceptionally high precipitation during November 2009 of more than 600 mm of rainfall, equivalent to one half of the average annual rainfall for the region. It is estimated that high rainfall levels caused a deferral of approximately 900 ounces of production. Unseasonably high rainfall has continued in December and impacted production in the early part of the month.

Updated production guidance will be provided in the Company's second quarter results announcement due mid January.

The Company's cash position at the end of the quarter was $US 9.4 million with net working capital (current assets less current liabilities) of $US 20.2 million.

[sir beeksalot] 15/12/2009 08:08

David Fowler, Chief Executive Officer commented: "In April 2009 UME presented the results of an independent NI 43-101 compliant resource study on the Arenal Deeps deposit completed by Golder and Associates. The Arenal Deeps definition drilling is successfully extending mineralization at the edges of the deposit and confirming continuity of higher grade shoots in areas that were previously poorly defined.

"We are happy with the progress the team has made and now expect to be finished drilling in December. This will keep UME on schedule to publish an updated NI 43-101 compliant resource estimate by March 2010 and complete the feasibility study by June 2010,"concluded Mr. Fowler.

[fordtin] 15/12/2009 07:59

btb2 -

it's much easier to read the RNS' on UGY's website

[eric76] 15/12/2009 07:58

Well when you put it like that.. lol

[sithuk] 15/12/2009 07:55

Production 10% down. December impacted. Vice President of Operations resigned.

No word on the proposed company changing vote delay?

Look good?

[btb2] 15/12/2009 07:52

Formatting of the RNS releases makes reading difficult....although they look good to me!

[dawsonpaul] 12/12/2009 22:16

How is the ford?

[skidaddle] 11/12/2009 12:42

I don't hold any FVX so I am quite happy for UGY to give us an update on gold production and latest drilling results if they feel it's appropriate to do so.

[robson1974] 11/12/2009 12:11

no statement from company so far, that i count as a good thing, they should keep their mouths shut until the FVX deal is complete

1000 oz here or there in a production update is meaningless in the grand scheme of things compared with increasing their resource to a potential 3m oz

[3mahal] 10/12/2009 09:39

Sir Beeksalot..Robson is not bitter of what is currently happenning with ugy.I think he's out of the stock and just waiting for more drops in the share price to get back in.When he does you will see his pumping ego comes back.:-)

[drago] 09/12/2009 13:22

skidaddle
if ugy were to drop the fvx deal, would the clever fvx shareholders be happy?

[skidaddle] 08/12/2009 21:19

Perhaps they think that the deal is not going to come off.

Uruguay have yet to confirm that there is another delay until the 29th. Perhaps they should if it is true and already in the public domain.

Repeated delays make me suspicious about the deal. But I think that UGY are in a win/win situation. The delay if there is one would be annoying though.

[adam] 08/12/2009 19:28

I'm surprised to see 150k through at 36.5 outside the touch and when gold not looking clever.

The other surprising thing is that FVX still trading at a significant discount to UME.

Why would someone buy 150k of UGY at 36.5p, when they can get cheap entry though FVX at 22c or 48c equivalent UME --> 27.5p Sterling! (that's nearly 30% cheaper).

[sir beeksalot] 08/12/2009 17:06

robson - you are no better than Giant Steps on the KDD thread.


Bitter.

[wimbled] 08/12/2009 15:53

SP has doubled since August

[robson1974] 08/12/2009 15:04

yes the same resilience which meant that during the move in gold from $900 to $1200 the share price remained unchanged

[skidaddle] 08/12/2009 14:52

The resilience of the share considering the falling gold price is a positive IMHO.

Lets hope the management don't disappoint.

[robson1974] 08/12/2009 14:48

i expect a final clearing of the decks and get all the bad news out

[protean] 08/12/2009 14:43

A couple of larger trades than usual going through there above the offer. Someone must be confident.

[stevea171] 08/12/2009 14:35

I expect some of the usual disappointment but I see no drilling update being issued for quite a while as positive!

Expecting a mixed bag that contains:
production - below par
cash balance - good due to the high gold price
Arenal drilling results - further confirmation that deposit is commercial and will be mined starting next year.

Overall good with a positive trend!

[robson1974] 08/12/2009 14:22

are you feeling ok?

you seem to be looking forward to UGY production update !

they will as usual disappoint, the stock will go down

they are lucky they are being bailed out by rising gold

the only way this will break out is with an end to the FVX deal which is still 3 weeks away

[stevea171] 08/12/2009 14:02

Production update RNS likely tomorrow.

[eric76] 08/12/2009 12:26

Don't suppose you'd enlighten us ihavenoclue. It would be good to know if you have the time.