Connemara Share Discussion Threads

[edward hopper] 07/7/2017 09:38

Nice find, it means money is coming back into Irish zinc projects at last.

[ruthie] 07/7/2017 08:57

Group Eleven closes C$3.8 million financing and acquires 60% equity interest in Ballinalack Zinc Project in Ireland

Dublin, Ireland (July 6, 2017 ) – Group Eleven Resources Corp. (“G11” or the “Company”;) is pleased to announce that it has entered into and closed a transaction with Teck Ireland Ltd. (“TIL”, a wholly owned subsidiary of Teck Resources Limited “Teck”) to purchase TIL’s 60% equity interest in Ballinalack Resources Limited (“BLK JV”), the joint venture company which wholly owns eleven prospecting licenses covering the Ballinalack Zinc Project (the “Ballinalack Project”), located in Counties Westmeath and Longford, Ireland. The remaining 40% equity interest in the BLK JV is held by Shenzhen Zhongjin Lingnan Nonfemet Company Limited (“NonfemetR21;), a China-based company engaged in the mining and processing of lead, zinc and other non-ferrous metals.

Consideration for the above acquisition is payable to TIL, as summarized below:

• C$2,500,000 in cash, payable on closing (completed)

• C$1,000,000 in equity (3,333,333 shares at a deemed value of C$0.30 per share) payable on closing (completed), representing 8.2% interest in G11 (7.0% fully diluted)

• Net smelter return (NSR) royalty of 1.5% (on 60% of production)

• G11 can buy-back 1/3 of the above NSR royalty (0.5%) for C$2,000,000

• 20% “Flip” provision – if G11 sells any portion of its equity interest in the BLK JV within three (3) years, TIL will be entitled to 20% of G11’s profit on the sale (i.e. after deducting costs)

What does this mean for Stonepark?

[ruthie] 06/7/2017 16:47

F66 - for once I agree - get the idea, get the techies, get the funds and try. That's what Expl is, that's what R&D is. Those that work do well - you did not have AFD or Tara or Minquest. But few work. Success is persistence.

[fenners66] 06/7/2017 08:37

If I start a new company and call it Northern Nuclear Energy say - get some funding and float it . Get some physics students in and say we are going to either build a Fusion Power Station or a Conventional Nuclear power station. Then say 10 years later I still have not done it, that would be down to other "parties" does that make it an electricity generator?

[fenners66] 05/7/2017 19:44

There EPIC is CON - they are not a resource stock , they never sold anything.

[edward hopper] 05/7/2017 19:22

The way zinc has been moving over the last 12 months you can see why he said that.

[edward hopper] 05/7/2017 18:05

RNS 28th June 2017

"We believe that the coming months will see developments in the joint ventures."

[fenners66] 05/7/2017 11:59

Whilst it is certainly regrettable that Mr Hendrick has died; quite separately the fact that a Publicly Quoted Company blames its lack of progress on the poor health of an old man (was he 83?) is outrageous.

When you read the website of Hendrick Resources it is clear that for some years the gentleman has been offering his experience is terms of consultancy and mining finance I doubt he would have been doing the prospecting -but Con see fit to put their lack of progress down to him.

From the accounts:-

"The promoter has struggled to raise funds while also battling ill health"

"and the principal, Dale Hendrick, a renowned gold explorer, had health issues. The joint venture is in limbo"

Well guess what he has been an old man for quite a while.

A Plc.! They hide behind these facts as if there is no responsibility on a Plc. to be a custodian of shareholders interests.

Instead the same directors are off to the ends of the Earth to find other failed excuses for projects to spend money on!

[edward hopper] 05/7/2017 11:02

Hendrick Resources, a private Canadian gold prospector, joint ventured five gold licences in Wicklow/Wexford. They did some excellent work identifying high potential targets. Finance for small gold exploration companies in Canada has been virtually non-existent for the past five years. The promoter has struggled to raise funds while also battling ill health. Once again sufficient work has been done to keep our licences in good standing.

We believe that we hold five of the best licences. This view was supported by the decision of Hendrick Resources to acquire the licences surrounding our block and to joint venture our block. Extensive work by Hendrick revealed numerous drilling targets on Connemara ground. Then the recession hit, money dried up and the principal, Dale Hendrick, a renowned gold explorer, had health issues. The joint venture is in limbo. Because of the skills, experience and technology in Hendrick we are reluctant to walk away. We are in discussions with the principals in order to seek a resolution.


They must have known he was terminally ill and have a new JV in place of news of has sad departure?

[ruthie] 05/7/2017 09:55

Don't know. Must be some performance clause

[edward hopper] 05/7/2017 09:49

Thanks have you got any idea how the 75%-25% Teck contracts could be renegotiated because Teck could do nothing now indefinitely ,is there a get out clause?

[ruthie] 05/7/2017 09:36

Hendrick Resources is a private company so probably means an exit

[edward hopper] 05/7/2017 09:12

What will that mean for the JV?

ie Is dying a contract break?

Untastefully

Ed

[fiachra] 03/7/2017 22:55

Very Nice Tribute.

[ruthie] 03/7/2017 14:34

This is Dale Hendrick, the Joint Venture Partner in Gold in Wicklow

[paleje] 28/6/2017 17:22

Might do, Conroy did the same and it was a very good time to buy, the call for a general meeting with a view to culling most of the BoD and the share price jumped 30% and more to go imo as it's a work in progress.

Why shouldn't it happen here?

[itsmyshares] 28/6/2017 16:34

This will fall back now to the year lows.

[paleje] 28/6/2017 15:38

PJ is one of 3 proposed directors for Conroy Gold, the majority of whose board is on the verge of being ousted. It's another Irish outfit which has under-performed forever and which PJ steered MTR into ages ago when he was at the helm.

Now PJ building a personal stake here, anyone see a pattern? He's not a fool I've met him a few times.

[ruthie] 28/6/2017 12:24

So, Johnson is a total fool

I am a long term, long suffering holder

[itsmyshares] 28/6/2017 12:01

The right thing was to sell first thing. Unfortunately the market did not see common sense and decieded to trap in as many as possible before going back down. As they will any minute.

[fenners66] 28/6/2017 11:40

Have you bought some today Ruthie?

[fenners66] 28/6/2017 11:39

Net trades today Buy - Sells amount to about £18.000 which is absolute peanuts.

If someone wanted to make it look as if these awful results were well received they would not have to spend very much money doing it......

[itsmyshares] 28/6/2017 10:37

There is no reason why this should be rising.