Brinkley Mining Share Discussion Threads

[chrismez] 01/2/2010 14:03

Think that would take Eurogold over the 29% mark wouldn't it - nice thought though!

[mdchand] 01/2/2010 13:57

Would be interesting if it was Eurogold doing the buying........

[chrismez] 01/2/2010 13:29

Has all the hallmarks linney3 of BRM divesting itself of its Southern African interests and tie-ups, as a prelude to becoming much more Australian !!

[linney3] 01/2/2010 13:22

(aka Gluefactory) Find out in the next day or two and the seller as well.(Atomaer Holdings have 39million shares representing nearly 11% so its obviously them selling)Nice bit of action though particularly as Dragon didnt trade much volume today and dropped back a tad(actually to 8.3cent to sell)



Could Brinkley be using the million cash to buy back shares into Treasury?

[tamboerskloof] 01/2/2010 13:05

Which one of you lads bought 39,500,000 shares at 1pm

[tamboerskloof] 31/1/2010 19:39

Consolidation.

[wdurham] 31/1/2010 18:58

But they've only just given up their own?

[tamboerskloof] 31/1/2010 18:38

wdurham --- A London listing via BRM perhaps, all very intriguing to say the least.

[wdurham] 31/1/2010 18:27

Does anyone have any idea why Eurogold - themselves now an investing company - bought an-almost-30% slice of Brinkley - another investing company - last summer from existing Brinkley shareholders? And then didn't even mention it as a post-balance event in the accounts issued in September 2009?

It doesn't make much sense to me. Particularly as they then moved almost immediately to dump the existing Brinkley management (who perhaps weren't up to much?) and replace them with themselves. Gunzman moved from NED to Exec Chairman in a matter of weeks! As far as I can see only Clayton Dodd remains of the old brigade, and that's just courtesy of Atomaer's still relatively large holding.

What are Eurogold's plans for Brinkley? Anyone have the slightest idea, because I can't make any sense of it at all...and why the headlong dive of Brinkley into Dragon over the last couple of months? A nice company, yes, but nothing special - a little gold producer with relatively high costs (it's Sweden, after all!) and less than 100k t/oz production.

Eurogold reckon they don't want to be a passive investor, and have a particular focus on the gold mining sector. So why invest in Brinkley? And why then point Brinkley solely at Dragon, when there are so VERY many better investments in the gold sector out there? And come to that, if they fancy Dragon, why not invest directly in Dragon themselves, rather than using a third party vehicle?

I confess to being baffled.

[gluefactory] 31/1/2010 17:32

Lets hope it brings a bit of a rise to Dragons share price.Fridays close was 9cent to buy and 8.8cent to sell,so our investment is down a tad on the initial 9cent purchase and the second tranch was a bit above the initial purchase price

[akramms] 31/1/2010 15:50

Eurogold (EUG) Quartley Activities Results out also, check out ASX website:

[jotoha2] 31/1/2010 15:03

Thanks tamb , looks like around $8/9 million margin for the qtr.

[tamboerskloof] 31/1/2010 14:10

29th January 2010
HIGHLIGHTS
OPERATIONS
• Quarterly gold production for the Dragon Mining Group of 17,424 ounces (YTD: 66,149) at an average cash cost of US$637 (YTD: US$630) per ounce.
• Svartliden, Sweden gold production for the quarter of 9,907 ounces (YTD: 37,400) at an average cash cost of US$617 (YTD: US$584) per ounce. Better than expected grade control drilling results at the eastern extension has increased the likelihood of extending mining from the open pit.
• Vammala, Finland gold production for the quarter of 7,517 ounces (YTD: 28,749) at an average cash cost of US$662 (YTD:US$690) per ounce (including refining costs of US$163 per ounce). Ore was sourced from the Orivesi and Jokisivu Gold Mines.
EXPLORATION
• An updated resource estimate was completed for the open-pit portion of the Svartliden deposit resulting in 1,025,000t @ 3.2 g/t gold or 105,000 ounces which represents a 35% increase in tonnes and ounces. A revised reserve calculation is being completed.
• Diamond drilling continued in the immediate mine area at Svartliden yielding a highlight intercept of 5m @ 17.81 g/t gold that included 2m @ 41.73 g/t gold. Located 65 metres below the planned base of the open pit, this new high grade intercept is considered very encouraging, highlighting the potential for further high-grade mineralisation below planned limits to open-pit mining.
• At the Orivesi Gold Mine in Finland, six of a planned eight sub-parallel drill holes targeting structures from the 540m level to the 700m level were completed. Better drill intercepts received include 3.10m @ 5.12 g/t gold and 5.60m @ 5.71 g/t gold. These results assist in highlighting the potential for the Sarvisuo decline to be extended below the current planned base at the 540m level.
• Infill drilling at the Kujankallio deposit at the Jokisivu Gold Mine in Finland returned encouraging results and highlight the potential for an underground operation. Intercept highlights include 3.65m @ 5.70 g/t gold, 3.75m @ 29.73 g/t gold, 2.20m @ 5.79 g/t gold and 3.10m @ 9.08 g/t gold.
• Diamond drilling was also completed at the Jokisivu Gold Mine between the Kujankallio and Arpola deposits returning better drill intercepts of 2.70m @ 3.33 g/t gold and 2.00m @ 4.76 g/t gold. These results enhance the possibility that Kujankallio and Arpola may link. An update of the Kujankallio resource model is now underway, incorporating the results from recent drill activity.
CORPORATE
• As at 31 December 2009, Dragon Mining held $4.4m in cash and gold bullion, $6.1m in net gold concentrate receivables and $3.8m in cash deposits for the Swedish rehabilitation bonds. Due to the Christmas shut down of the refiner, Svartliden made only one gold shipment resulting in a large amount of "gold in circuit". There was approximately 1,500 ounces of additional gold which is not accounted for in bullion on hand at the end of December which equates to approximately A$1.8m which will be reflected in January 2010 cashflow.
• A wholly owned subsidiary of Dragon Mining purchased 189,519 Dragon Mining convertible notes during the quarter. Of the 23,645,289 Notes on issue, 12,045,135 Notes are now held by the subsidiary and the outstanding liability associated with the Notes is $12.2m.
• The average cash price received per ounce of gold sold (9,504 ounces) from Svartliden was US$1,100 and the average sales price received per ounce of gold sold (6,355 ounces) from Vammala was US$1,121.
For the Quarter Ended 31 December 2009

[linney3] 27/1/2010 23:23

Wait for the quarter results.My guess(hopefully) is that we have good reason to celebrate!

[corrientes] 27/1/2010 23:21

A merger of all three companies, maybe.

[chrismez] 27/1/2010 21:42

Well done Glue - spot on about BRM buying some more Dragon a few days ago.

What would be nice now would be to see a bid come in for Dragon - that way BRM, Eurogold and Gunzy all make a pretty profit.

May not have been the exciting announcement we were hoping for but I personally dont think that some kind of arrangement between BRM and Eurogold is out of the question. I get the feeling, given the curt nature of the RNS, that something is being worked on in the background.

[tamboerskloof] 27/1/2010 09:39

Just a token top at 1.15 I've been in so long now so another 10,000 is a nominal gesture I felt a little support wouldn't hurt as the new man at the helm could possibly turn this one around, pulled my average down a few points as well. Good luck to all, and myself of course.

[linney3] 27/1/2010 09:38

Well BRM whilst classed as an "Investment Company" has an all in policy on Dragon so my guess is that the price should reflect the Dragon price(with the bonus of a million in the bank).

Remember BRM also have assets outside of Dragon which are carried at nil value and perhaps they will play a part in the eventual outcome.

Either way its good to have the company out of suspension

[corrientes] 27/1/2010 09:23

Investment companies are usually valued at a substantial discount to the underlying assets. I hope this one proves to be the exception, but scope for capital appreciation must be very limited now unless Dragon profits are exceptionally high.

[linney3] 27/1/2010 09:16

aka Gluefactory. Well we now have an investment worth in excess of AU$10million in Dragon and £1million cash.Certaintly worth more than BRMs current capitalisation so at 1.25p they are worth more.The initial investment at 9cent equates to a paper profit of AU$300k.Dragons report should be out in the next day or two (last years were reported 27th January) so lets hope we get a substantial "feel good",particularly as Dragon are not locked into historic gold pricing agreements since mid last year.Basic calculation shows me that as of today the share is worth 2p - and I agree that it is better to have an investment than simply have our cash sitting in a bank account being whittled away at by unwarrented salaries.Similarly I cannot see the current board being over indulgent with pay.

[akramms] 27/1/2010 09:11

I can only imagine why they've invested further to take their stake up to 12.68%

Dragon mining are to produce their results very soon, possibly this week. No wonder Brinkley have returned and invested further. Not to mension they've been tipped as 1 of 5 stocks for 2010.


Also did anyone know that Mrs Pauline Collinson Company Secretary of Eurogold is also Company Secretary for Dragon Mining.

[tamboerskloof] 27/1/2010 08:54

Is it time to top up?

[jotoha2] 27/1/2010 08:23

They have made over £2million already on their investment , thats fine with me, far better then the last bunch who sat on their backsides and just pulled in a nice fat salary!

[corrientes] 27/1/2010 08:17

Yeah ! Like telling us how they managed to go straight from the frying pan into the fire.

[jotoha2] 27/1/2010 08:08

Am sure all will become clear soon enough .