Galantas Gold Share Discussion Threads

[topbidd] 27/6/2012 18:22

I got to agree with troggy, because still waiting i'm not expecting anything good now.

[troggy1969] 27/6/2012 15:06

Good news comes out fast, bad news comes out slow.....we are still waiting!!!!

[richandjanet] 27/6/2012 12:28

We waited for months for the last Howe report to come out there was one excuse after another When it finally came out most people had lost interest

[bamboo2] 26/6/2012 17:26

Nobby, re boe calcs, we already know from existing drilling results [2006 and before] that kearney has some super grades below the maximum permitted pit depth of 55 metres vertical. The current drilling is expected to give a clearer and more detailed picture of the potential.
Look at the 2008 Howe to get more info on the older drilling results.

[nobbygnome] 26/6/2012 14:29

Curious that the resource estimate has not come out yet when in the quaterly results they said that we could expect it in mid June. Perhaps they are negotiating about the exact estimate which Howe have come up with.....

More generally I don't believe that the final figure can be disappointing. Surely the company did some back of the envelope calculations and had a rough idea of the outcome of the resource estimate. To me why bother to pay money for the estimate if they didn't expect it to be good because there was no particular reason as far as I am aware why they had to do it now.

We will just have to be patient.........as usual!

Nobby

[bamboo2] 22/6/2012 08:36

A large trade [1m shares] in Canada yesterday by Jennings, fat-fingered at 7c then cancelled and corrected to 7.5c.

R&J, I'm happy to wait to see the Howe report and results of drilling before coming to conclusions about going underground. There will be plenty of time to make a decision. I think it is a good idea to obtain planning permission, EIA etc in the meantime.

[richandjanet] 21/6/2012 14:13

I think you underestimate the risks of underground minning cost overuns lower than anticipated grades I want the company to be sold on before we have all that worry When they started open cast minning the production target was 30k a year Look what happened to that Now the target is 50k a year

Probablly another pie in the sky figure

[bamboo2] 19/6/2012 16:06

R&j, Re exit strategy, do you mean for Galantas, long term PI's or yourself?

I have been here a long time and my first shares were about 14p. I have averaged down and am near to breakeven. I take my confidence going forward from Chris Browns' continued and increasing investment.

Re, going underground, if the price of gold was to double, would you really be happy to see us walk away from the excellent grades below 55 metres?

Compare the last years comparative performance of the Gal share price with the TSX market, it looks pretty good.

[topbidd] 19/6/2012 15:36

r&j

In your opinion, at the current rate of drilling, over what timescale do you think 1ML ozs is achievable?

[richandjanet] 19/6/2012 12:15

Looks like VGM is going dowh the same road as MCR ang NGL It just confirms the huge risks involved in trying to make an underground mine profitable We need to continue drilling here until we reach 1ML ozs and get the planning permissions in place and then sell the company on rather than spend £5ml trying to get an uderground mine profitable

At the end of the day many investors have been here for years and are still sitting on large losses What is needed is an exit strategy

[ttnyrp] 19/6/2012 11:04

VGM got hit fairly hard this morning. I'm guessing but possibly there are one or two margin calls around today?

[nat hart] 19/6/2012 10:54

So I wonder what's got people running to the door when the ACA Howe report is imminent. Doesn't make sense ..... or does it?

[moosh2] 16/6/2012 10:39

looks to me that MMs double bounced share price off 200 day WMA to test support. were MMs fishing for sells on the bounce prior to this latest move up?

[bamboo2] 15/6/2012 20:59

re, the CDNX. This chart shows how bad things have been over the last year.

[ttnyrp] 15/6/2012 16:02

Been away a few days, good news on the warrants and some more very positive drilling. Effectively equivalent to 9.6m @ 6.4g/t over the 160m depth if I read that correctly.

Couple of other things caught my eye. Mervyn King splashing more cash supposedly to businesses, possibly those looking at financing underground mining operations? Who knows, history tells us it stays in the banks so won't hold my breath on that one.

The other was what appears to be considerable political anger at the legal challenge to the golf resort on the County Antrim coast. I have no particular interest in this but the ire expressed by politicians is interesting as they appear to be 'getting it' when it comes to prioritising the economy and job creation.

[bamboo2] 15/6/2012 09:07

Nice looking chart, compared with TSX market generally.

[nobbygnome] 14/6/2012 08:44

>> RandJ

Many thanks for the thorough analysis. The prospects certainly look very good and the valuation does not reflect that IMHO.

Nobby

[richandjanet] 14/6/2012 06:48

Joshua will be mined as an open pit but long term it looks like it will be an extension of the Kearney underground mine My guess is that the open pit minning has been scratching the surface of the real potential that is available underground Its all about getting enough cash together to exploit it The land purchase adjacent to the Joshua vein says it all or me

[bamboo2] 13/6/2012 21:23

R&J, Thanks for a good post. Joshua is looking to be much more exciting than it originally appeared, perhaps it will even match Kearney. It could well be open-pittable.

[richandjanet] 13/6/2012 15:07

Lets first look back to the last resort statement



Maasured was 16000 ozs

Indicated was 88000 ozs

Inferred was 295800 ozs


Using the valuations used by Eddison in JAN 2010 when gold was $1100/OZ each oz was valued as follows

Measured $339/oz

Indicated $159/oz

Inferred $34/oz

So you could value the last resource statement as follows

Measured $5.4ml

Indicated $1.4ml

Inferred $10.0ml

Total $16.8ml

To get a target Mkt cap you minus the debt and add the cash and perhaps put a notional figure in for exploration upside

From the last Howe report my guess was that the exploration upside from the targets quoted was another 400k ozs

Since this report was published the Kearney vein has been mined extensivelly The new drilling has all been round the Kearney Joshua and Kerr veins

The old figures for these stood at

Kearney Measured 16000 ozs Indicated 760000 ozs Inferred 218000 ozs grade 9.27

Joshua Inferred 20400 ozs grade 5.96

Kerr Inferred 7800 ozs grade 4.05

The 2 areas of interest are what has the deep drilling in Kearney come up with and it is clear that Joshua is a lot more valuable that the previous Howe report indicated

I'm no expert but if I saw a current resource statement north of 400k I would be happy I'd be more interested in what it said about future drilling prospects and the viability of an underground mine

[nobbygnome] 13/6/2012 13:07

Nice little rise this morning; I wonder if the resource report is being announced this afternoon. There has been remarkably little interest ahead of this announcement and certainly no big bull position has occured in anticipation of it. Therefore, you would have to expect a big rise afterwards assuming it is good news.

Which brings me back to a question I asked a couple of weeks ago. What level of gold would we all be happy with?

GLA

Nobby

[bamboo2] 12/6/2012 08:44

thanks goldnoil. I won't try to work the exact figures, but it does look like Chris Brown has a few more warrants to exercise in the next month or so, if he chooses, that could bring in some useful cash.

[goldnoil] 11/6/2012 19:05

bamboo2 re warrants:

22 July 2010


GALANTAS GOLD CORPORATION
TSXV & AIM: Symbol GAL
GALANTAS CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FOR CDN$1,227,500

July
22, 1010: Galantas Gold Corporation (the "Company")(TSX Venture -GAL) (AIM -
GAL), which has a 100% interest in Ireland's only gold mine, has completed the
second tranche of the private placement announced on June 3, 2010. The Company
issued 24,550,000 units pursuant to the second tranche, subject to receipt of
approval of TSX Venture Exchange ("TSX-V"). The placing is the final part of a
larger offering of 45,550,000 units announced on June 3, 2010 ("Offering"). Each
unit is priced at CDN$0.05 and is comprised of one common share and one warrant.
Each warrant entitles the holder to purchase one common share within 24 months
from closing at a price of CDN$0.10. The gross amount raised by the second
tranche of the placing is CDN$1,227,500.

[moosh2] 11/6/2012 18:50

can't wait for that report thingy!!! BOOM! (i hope)

[bamboo2] 11/6/2012 15:30

So Chris Brown has not exercised all the warrants he holds, just enough to pay off the loan with interest. He now holds 25.8% of the co, but if he had exercised all his warrants he would hold 32.4%.

The additional warrants will presumably lapse? or was there a second batch that expire in july? I'm confused as usual!

ttynrp, george, anyone else, care to comment?

Looks like good news to me.