Circle Property Share Discussion Threads

[pinhead3] 10/11/2006 16:27

No i was refering to rannerdale post 545.

[unionhall] 10/11/2006 15:58

P3 - if its my comment you mean, I don't think it is irrelevant - just happy to ignore it and wait for a pleasant surprise as I believe Kinsenda is more than capable of supporting much higher than current Market cap.
I see Hinoba-an value being a couple of years out but happy to be proven wrong by events.

[pinhead3] 10/11/2006 15:50

Per the last accounts Kinsenda was due to start production in June 07 this is now 'Q3' so yes there is further slippage. However this is not a surprise as you can't be certain when draining a mine down to 285m how long exactly this will take or what you will find when you do.

I don't agree re Hinoba-an & it being irrelevant, Hinoba-an will be the making of CRC Kinsenda is just the start.

[addas99] 10/11/2006 14:01

SteMis..slippage?
Hinoba resource update scheduled August (RNS 18/7) - still waiting
Hinoba BFS originally planned Q4 06 - now mid 07
Haib met. process review due to be completed May 06 - recvd Sept
Kinsenda as stated.

[stemis] 10/11/2006 13:04

Is there that much slippage? In the original announcement of the acquisition of MMK



they said [30 November 2005]

".........the Kinsenda mine where production is expected to commence in 12-18 months..........The CRC program is designed to start production at Kinsenda in 6-9 months after the dewatering of the mine."

So thats production by end of May 2007 (18 months) and dewatering complete by end of November 2006 (6 months before). Now they are saying dewatering by end of February 2006 and production by end September 2007. i.e. a delay of 3-4 months.

[unionhall] 10/11/2006 10:48

Thanks addas - couldn't see what specifically disturbed you but now do.

I discount Hinoba and Haib in the hope of being pleasantly surprised but look at Kinsenda as a good gamble. Tremendous reported grades/resource vs political risk and background of majority shareholder.

Right or wrong no need for apologies for holding/sharing views.

cheers.

[rannerdale] 10/11/2006 10:45

Folks, lets remember what we have here: the METS study announced Feb 22nd detailing project economics independently, that was using $1.25 copper so try $2 and the valuation for the project is over $300m, with 15% discount rate.
Also remember RMB bank is project financing this (see June 30th release), so financing largely in place.
The biggest risk faced (aside from DRC politics), was that dewatering resulted in mine collapse. That hasn't happened and so the refurbishment and operations activities going on every day are making great progress here. Equipment is arriving on site, people are busy getting this going. Compare this to so many hopeful stories of 'well we may get financing and well there may be a mineable project here, and well we might be able to make money at this grade etc etc' that gets promoted to investors by so many other AIM stocks. CRC has a real mine at Kinsenda with excellent grades, and with infrastucture and huge support available from Forrest Group. Ask who else has that kind of support in DRC? The stock is back to levels when there was much greater risk in the project, and yet we know now a lot more about progress... and there is much less risk now... People have short memories. Dont forget that Kinsenda is now bigger than first thought with the southern extension.. Remind yourselves what this is about.
By the way, if Hinoba proves to be worth anything, well great, but right now that is irrelevant. So too is Haib. MMK was a transformational deal for this company and George Forrest group are holding their hands towards production. If you doubt how significant Forrest group connection is, take another look at Katanga Mining in Toronto (ticker KAT). This is a monster and another Forrest backed venture. CRC is smaller but much closer to restart..

[addas99] 10/11/2006 10:36

unionhall..disappointed with the dewatering rate of progress, 3m per week over the last 4 months although we are now told this was the difficult portion.
So one year to drain 285m after the half way stage was supposedly reached in July after 4 months.
I too am very sceptical at mining company deadlines and the slow leakage of news updates that purport to inform things are on track whilst poorly disguising slippage. Hinoba delay re copper update exacerbates my feelings BUT each to our own interpretations and gut feel. Hope I'm proved totally wrong and owe apologies.

[unionhall] 10/11/2006 10:10

addas99,

Do you think sentence is not accurate ?
What makes you think so ?

(I expect all mining companies to miss deadlines but I'm not sure what you've seen here to make you doubtful or that shows their projections are proving way over optimistic ?)

The rest of the Kinsenda Restart Project is proceeding according to plan, with start of processing operations expected in the third quarter of 2007 as
previously scheduled.

[aspers] 10/11/2006 09:39

I think we may be in for a long wait but patience will bring fine rewards.....have stuck my holding in the bottom draw.....hoping for greater things in the near future with MNA

[addas99] 10/11/2006 08:55

Their time projections are proving way over optimistic. I'm still in with a not inconsiderable holding but have strong doubts that Kinsenda will be up and running in 2007. Meanwhile we wait and wait for the 'vetted independently for accuracy' Hinoba copper update.

[judgement] 10/11/2006 08:01

KEY STAGE IN KINSENDA MINE DEWATERING SUCCESSFULLY COMPLETED

LONDON, United Kingdom - 10th November 2006.

Copper Resources Corporation (AIM: CRC.L) ("CRC") announces the successful
dewatering of the Kinsenda mine in Katanga Province of the Democratic Republic
of Congo to the depth of 209 metres. Reaching this level means that CRC has
completed the most difficult portion of the dewatering programme. As the
209-metre level is now accessible, the permanent pumping station planned for
this level is being installed. With the availability of this pump station and
easy access, the next stage of dewatering to 285 metres is substantially easier
and will be completed by February 2007. At 285 meters, the level at which
previous mining stopped, the dewatering programme will be terminated, the
second permanent pump station will be installed, and normal operational pumping
and mine development will commence.

The rest of the Kinsenda Restart Project is proceeding according to plan, with
start of processing operations expected in the third quarter of 2007 as
previously scheduled.

Chris Jordinson, CEO of CRC, stated, "With dewatering successfully reaching the
209 metre level, the main dewatering risk on the Kinsenda mine has been
removed, which is an important milestone for this project."

[makkaroni] 07/11/2006 20:39

very hot, like Mwana

[goatherd] 01/11/2006 19:40

"One of the greatest shackles is the WTO refusal to cut agricultural subsidies and unreasonable tarriffs in US and EU. There are many transgressors."

These subsidies are being phased out really rather rapidly - in the EU to my certain knowledge, but also, I believe, in the US too.

[unionhall] 01/11/2006 18:33

sheeneqa,

True democracy appears to be the only way forward there. sierra Leone and liberia are progressing slowly but surely and mozambique is a shining light of what can be done to recover after colonial rule and the semingly unavoidable civil war.

I don't know much of the DRC apart from the many horrific stories but I cannot see investing in public companies with at least some necessary governance as a negative thing for the country.

If the elections are successful in getting an agreed president elected then the more external official organs operating in the country the better I would have thought.

One of the greatest shackles is the WTO refusal to cut agricultural subsidies and unreasonable tarriffs in US and EU. There are many transgressors.

[sheeneqa] 01/11/2006 17:52

Worth a read for those investing or having an interest in the dark continent.....

Africa is the only continent to have grown poorer over the last three decades. Why? The Shackled Continent, Robert Guest's fascinating first book, seeks to diagnose the sickness that continues to hobble Africa's development. Using reportage, first hand experience and economic insight, Robert Guest takes us to the roots of the problems. Two fifths of African nations are at war, AIDS has lowered life expectancy to as young as forty years old and investment is almost impossible as houses that could be used as collateral do not formally belong to their owners. Most shocking of all is the evidence that the billions of dollars of aid, given to Africa has had little perceptible effect on the poor The Shackled Continent offers, sometimes controversially, explanations for this state of affairs. In this magnificent and engaging book, Robert Guest provides an invigorating history and an inspired commentary on the enigma of modern Africa.

[pinhead3] 01/11/2006 14:21

How about a comment in the new President's victory speech about encouraging foreign investment in the vast resources of the DRC to improve the prosperity of his country?

[unionhall] 01/11/2006 14:06

nice to be discussing which piece of excellent news comes first.

[pinhead3] 01/11/2006 14:01

'Completion of Infill Drilling Programme at Hinoba-an
Embargoed: 7am - 18th July 2006

COPPER RESOURCES CORPORATION

COMPLETION OF INFILL DRILLING PROGRAMME POINTS TO COPPER GRADE INCREASE AND
SETS STAGE FOR BANKABLE FEASIBILITY STUDY AT HINOBA-AN PROJECT IN THE
PHILIPPPINES

Copper Resources Corporation (AIM: CRC.L) ("CRC"), has completed an infill
drilling programme of 51 holes for 10,906 metres at its Hinoba-an property in
the Philippines. The results of the drill programme confirm the continuity and
limits of the resource while indicating an increase of up to 10 per cent of the
0.46% copper grade.'

Based on this we should get an upgrade in estimated resources.

CRC have already stated that Kinsenda is on course to start production next June, confirmation of the completion of the dewatering should further confirm this or provide an alternative date.

[addas99] 01/11/2006 13:59

Kinsenda de-watering at half way stage early July after 18 weeks which, all things being equal, should see the full 325metres achieved mid Nov and an update report. The share price rise we're seeing yesterday and today must surely be in anticipation of an excellent update forthcoming from Hinoba, unless Forrest has pulled off something spectacular for CRC. Failing that it could be a market reaction to election outcome looking positive for commerce but I would have thought this a little premature. Whichever and however the price was in an oversold state and was due correction.

[unionhall] 01/11/2006 13:50

pinhead - hope you are correct about Hinoba-an as I am discounting it and Haib for a couple of years.

The point I make about dewatering is not related to NPV but I hope it will make a significant change to sentiment as it should be a accompanied by a definitive statement on near-production with excellent cash-flow.

This will give a consequent impact on share price.

Either way we both win.

good luck....

[pinhead3] 01/11/2006 13:24

Nabeel
The Hinoba-an resource update it due & is expected to increase the estimated resources.
Kinsenda dewatering is also due to be completed soon but shouldn't add anything to the NPV of the project.

[nabeel4975] 01/11/2006 09:55

Rumours of a successful drilling update.

[drewz] 01/11/2006 09:42

It really doesn't take much buying to move this stock rapidly north.

Only a handfull of smallish buys this morning and it is storming away.

I thought there was a price rise brewing last Friday when I tried to open a spreadbet with IG and they were taking closing positions only.