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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Henderson Opportunities Trust Plc | LSE:HOT | London | Ordinary Share | GB00BSHRGN41 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 205.00 | 202.00 | 208.00 | - | 14,925 | 08:00:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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Trust,ex Ed,religious,charty | -32.19M | -33.55M | -0.8495 | -2.41 | 80.96M |
Date | Subject | Author | Discuss |
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30/4/2006 15:51 | SUBJECT: Uranium projects in Sweden - what a chance!!! Posted By: holmeshawk28 Post Time: 4/30/2006 08:03 « Previous Message Next Message » Mawson runs a lot of very good Uranium projects in Sweden - but at the moment they aren´t allowed to exploit them. But there seems to be a political swing ahead - the high oil and gas prices do make that possible. Sweden needs to be independent in the future. The dependence on rising prices of different energy sources is a real problem - at last in many European countries. The Uranium price creates just 5% of the costs of nuclear power plants. So if there is a souring Uranium price, the costs of running nuclear power plants will react moderately. Think about other energy resources - a strongly rising price will have a greater effect on producing energy. So, apart from the excellent Gold projects (the drilling results will come out in less than two weeks due to the schedule) there are superior Uranium projects. If there ist an chance to exploit them, the stock will mutiply (just my opinion). Regarding a question the shareholder potential of the Uranium projects, Michael Hudson (CEO) wrote me the following: Dear Mr XXX, Thank you for your interest in Mawson. More details regarding the Company's approach to uranium exploration and mining in Sweden can be found at and under the index on the Mawson website Investors>>Uranium Industry Information. European uranium consumption is set for a dramatic increase and the EU strongly supports domestic production (for all resources). Sweden is the only country in the EU with significant uranium resources (with a value in the order of Norway's North Sea oil), placing the country in an enviable position with regard to future supply. Across the border in Finland, the world's largest nuclear reactor, and Europe's fist for 15 years is under construction at Olkiluoto 3. Sweden is well embedded in the nuclear cycle, with 50% coming from 10 nuclear power plants. All but four rivers in the country have been dammed, there isn't much in the way of sun or wind or even tidal movements, so they really have no option but to continue their investment in the nuclear industry. Sweden is a world leader in nuclear efficiency research and in disposal of nuclear waste which all occurs in-country. The closure of one nuclear reactor last year after a 1980 referendum to phase out nuclear power by 2007 (now extended to 2010!) lead to an immediate 5% increase in greenhouse gas emissions for the Country due to coal power substituted from Poland. Sweden is a signatory to the Kyoto protocol. Since then the government has committed 32 billion Kronor over the next 5 years to investment in the existing nuclear infrastructure (modernization and upgrading). The increased production capacity will exceed that of two mid-size reactors! However, you are correct that the current government in Sweden does not favour uranium mining. There is, however, an election in September 2006 and uranium policy is well and truly on the agenda. Mawson has received significant main stream Swedish media coverage over the last 4 months as a result of the current interest in energy self-sufficiency in Sweden. One of the main opposition parties (the Center Party) has expressed a positive view of about nuclear power, whilst opinion polls show 70-80% acceptance that nuclear power is the way forward. Progress is being made with changes such as the removal of the "thought ban" on nuclear research over the last 5 months after a 26 year hiatus. This debate and change has been "fuelled" by the country's poor resource security; by the gas supply (or failure to supply) issues from Russia; and by the backlash after the recent public exposure that Sweden purchases a large percentage of its uranium from Kazakhstan, where mining is less regulated. Sweden has a strong social conscience, and they do not generally shift such problems off-shore. I personally feel most encouraged by the support that Mawson has been shown by industry associations and the Swedish Mining Inspectorate who are in strong support of Mawson's uranium exploration strategy. There is little doubt that all uranium projects come with political risk - for example, Laramide Resources, with a market cap. of CDN$250 million vs. Mawson market cap CDN$30 million which operates the Westmoreland project in the state of Queensland in Australia where the local state government has made a strong stance against uranium mining. Mawson Resources is one of many companies exploring for uranium in Sweden. I direct you to the recent interest in Continental Precious Minerals (CZQ) on the Tax exchange (www.continentalprec With the significant projects Mawson hold, the NI43-101 process we are currently going through to confirm the historic data and the "winds of change" that are upon Europe in general and Sweden in particular, I believe that the Company provides a compelling energy story. The Company will continue to add value its uranium and gold portfolio and watches the global debate with interest. Mines take a lot longer time to discover, delineate, permit and open than political opinion takes to swing. Please do not hesitate to contact me again if you have any additional questions. Regards Michael Hudson President & CEO www.mawsonresources. What do you think? Good luck all longs! | holdontightuk | |
26/4/2006 11:17 | RNS Number:9817B Avocet Mining PLC 26 April 2006 Avocet Mining PLC 26 April 2006 YEAR END AND FOURTH QUARTER GOLD PRODUCTION Avocet Mining PLC ("Avocet" or "the Company") announces that total gold production for the financial year ended 31 March 2006 amounted to 208,526 ounces (2005: 172,938 ounces), and included fourth quarter production of 49,932 ounces (Q4 2005: 50,264 ounces). Gold production from Penjom in Malaysia amounted to 28,257 ounces for the fourth quarter (Q4 2005: 32,260 ounces) bringing Penjom's total production for the financial year to 117,679 ounces (2005: 119,850 ounces). Production from JV Zeravshan LLC (ZGC) in Tajikistan for the fourth quarter was 7,972 ounces (Q4 2005: 9,827 ounces), bringing total production for the financial year to 36,328 ounces (2005: 44,241 ounces). As was reported on 20 March 2006, current operations at Jilau are concentrated on waste removal at the Jilau Pit where the Company expects to reach consistent high grade ore by the summer of 2006. This should allow the operation to return to break even cash flow with a substantial pick up in gold production. Stripping costs continue to be expensed. Production from North Lanut in Indonesia amounted to 13,703 ounces for the fourth quarter (Q4 2005: 8,177 ounces) bringing total production for the financial year to 54,520 ounces (2005: 8,852 ounces). Total unaudited cash costs for the group are estimated to be US$300/oz for the financial year (2005: US$278/oz), with an average gold price received of US$437/ oz (2005: US$414/oz) for sales of 207,995 ounces (2005: 171,092 ounces). It is noted that gold sales included 48,000 ounces sold into an historical gold hedge at an average price of US$302/oz. As of today's date 10,000 ounces at US313/oz remain to be sold into the hedge prior to the end of June 2006. Full details of each operation, including updated resources and reserves, will be announced at the time of the Company's preliminary year end audited results due on 12 July 2006. The Company notes that it expects the year end results will fall within analysts' current estimates. Avocet is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Malaysia (as 100% owner of the Penjom mine, the country's largest gold producer), Tajikistan (as 75% owner and operator of the ZGC, Tajikistan's principal gold mine), and Indonesia (as 80% owner of the North Lanut gold mine in North Sulawesi). The Company has a number of advanced mining and exploration projects in Asia and owns 26% of Dynasty Gold Corporation, a Canadian listed exploration company active in Western China. ____________________ For further information please contact: Avocet Mining PLC John Catchpole (Chief Executive) Jonathan Henry (Finance Director) 020 7907 9000 www.avocet.co.uk | holdontightuk | |
26/4/2006 08:52 | HOT Have to be careful what I say! PP closing today at 45 cents. Will be looking to raise more at a higher figure. I assume they have latest drill results ready for release, don't know whats in them but they are pretty chipper so i wouldn't expect them to dissappoint. Biggest problem for them is to get resource calc because of the nugget effect but believe me they have alot of gold. There is a hot spot of high grade gold near the surface and the plan is to get that out first and use the cash to fund the mine. I believe what they have found so far is the tip of the ice berg. Speak to Grant Hall in IR at the company to get a feel for whats going on and don't mention me please. I wouldn't have put so much into this co if I wasn't expecting mega returns, could be a 25 bagger from here. I was into AVM at 44p but bottled it at 85p, I'm so cross..... Put the money into WTE in australia which is seriously undervalued at present at 3.5 cents They have just finished the BFS which shows they will be making 35 million aussie dollars a year next year and the co is only valued at 40 million. I think the market is expecting them to raise the money for the mine through a share issue but I "think" that won't happen and bank finance will be available. Spoke to CEO recently and I think alot is going on and it could well hit 10 cents shortly. I have a holding in CGM and I think we must be due some results soon, price has risen and they started drilling some moths ago. I like it as it has an inferred resource already and it has the ex ceo of WTE in charge, I have met him and he is excited by the project. | bombers | |
25/4/2006 11:14 | RNS Number:9161B African Copper PLC 25 April 2006 25 April 2006 www.africancopper.co AIM: ACU BSE: African Copper TSX: ACU AFRICAN COPPER Plc Disclosure of Shareholding The Company was notified on 24 April that Fidelity International Limited has a notifiable interest in 2,560,000 ordinary shares in the Company, representing 4.91% of the Company's current issued share capital. The Company was also notified today that Mr E C Johnson III has a notifiable interest in 4,302,884 ordinary shares in the Company, representing 8.25% of the Company's current issued share capital by virtue of him being a principal shareholder in both FMR Corp. and Fidelity International Limited End For further information please contact: African Copper Plc Numis Securities Limited (NOMAD) Parkgreen Communications Susan Wallace John Harrison / James Black Justine Howarth / Ana Ribeiro +44 (0) 1372 465330 +44 (0)20 7776 1590 +44 (0)20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange END HOLILFEDSIISFIR | holdontightuk | |
24/4/2006 21:03 | "The platinum group metals (PGM) have long been known as the noble metals, not only for their chemical inertness, which is the key to their industrial applications, but also due to their rarity. There are only a few areas in the world where these minerals occur in economic quantities and new discoveries have been scarce. Pacific North West Capital Corp. (PFN:TSX, PAWEF:OTCBB) is an experienced explorer for these metals. It has found significant quantities of them at their River Valley project and has continued to explore in North America. What makes this especially interesting now is that over the course of the past year, platinum has headed towards new highs and palladium has recovered from its long slumber and is moving up as well. I feel PFN can provide the investor with exposure to this specialized and profitable sector. The company boasts an experienced management team and a strategy that can continue to deliver on the exploration front." Peter Grandich, The Grandich Letter About Pacific North West Capital Corp. Pacific North West Capital Corp. (PFN:TSX, PAWEF:OTCBB) is an experienced explorer for these metals. It has found significant quantities of them at their River Valley project and has continued to explore in North America. What makes this especially interesting now is that over the course of the past year, platinum has headed towards new highs and palladium has recovered from its long slumber and is moving up as well. I feel PFN can provide the investor with exposure to this specialized and profitable sector. The company boasts an experienced management team and a strategy that can continue to deliver on the exploration front. For further information, please visit www.pfncapital.com or call toll free 1.800.667.1870 Not to be construed as an offer to buy or sell securities of Pacific North West Capital Corp. | holdontightuk | |
22/4/2006 23:11 | tonystringy - 22 Apr'06 - 23:07 - 178 of 178 Not currently invested here.....just looking in but thought that this following recent article may be of interest to holders here- "We've entered another bull market in commodities... ...but there's something very different about this particular boom... A monumental square-off between Washington and Beijing could be about to push prices to levels never seen before! China is already hoarding raw resources... like a giant whirlpool, China is swallowing nearly half the world's cement... 30% of the world's oil... and more than double the world demand for copper. In fact, in April their State Reserves Bureau openly said it wants to add a whopping 10,000 tonnes to China's copper reserves in the near future. China's demand alone for this ordinary metal is increasing by 48% a year - Yet again, it's down to basic economics: global inventory levels of copper are at record lows, but demand - especially from China, is at record highs. China's industrialisation is sucking in all kinds of metals... but the rate they're consuming copper is almost unbelievable. Last year China's copper demand leapt 48%. Why? China is building more factories, more highways and more power plants than any other nation. And copper is the widely-used metal of choice for construction and power-generation industries. Adam Rowley, a commodities analyst at Macquarie, says: "There has been strong investment in the Chinese power sector to compensate for the severe power shortages seen over the past few years. And a big chunk of Chinese demand for copper is coming from this." Figures also showed that production of power-generation equipment in China doubled last year. With so many widespread uses, it's no surprise copper demand keeps growing in countries that are starting to industrialise and urbanise. And if you think Chinese demand for copper is strong now - just think of what's ahead... Per capita demand for copper rises as GDP per capita rises. Japan consumes around 12kg per capita, North America consumes around 10kg per capita and Europe around 9kg per capita. The large populations of China, India, Eastern Europe and South America are all consuming less than 2kg per capita - this is a huge indicator of what lies around the corner for copper demand..." | holdontightuk | |
22/4/2006 20:57 | Smokey Hills test flotation recovery rates were achieved at a 88% level ie the high end of expectations. See link :- | holdontightuk | |
22/4/2006 10:44 | Another report on PFN.... | holdontightuk | |
19/4/2006 22:11 | Minews Story Date: April 20, 2006 Mercator Gold Expects To Start Production At Meekatharra Early Next Year. By Our Man In Oz Systematic, thoughtful and prudent are not words normally associated with goldmining at Meekatharra, an almost forgotten outpost in the middle of Western Australia. After all, this was the town that the wife of a former Australian Prime Minister once famously described as "the end of the earth". Residents, in what is geologically classified as the Murchison District, were not amused with Tammie Fraser's put down, though a few might privately have agreed over their beers at the Royal Mail Hotel. Rough and tough is a better description of Meekatharra, both the town and the way in which a long list of previous owners have tackled the gold found in the Murchison. Among the former owners is the once troubled, but now reviving, St Barbara Mines, which last year sold effective control of the entire Meekatharra mining district, including the three million tonne-a-year Bluebird processing facility, to AIM listed Mercator Gold for a lowly A$18 million. After that deal, Meekatharra and Mercator virtually disappeared off the investment world's radar screen for a very good reason. Mercator management had decided to pull up the drawbridge and spend time identifying precisely what it had in the way of a gold resource, and to plan a serious, long-term, mining operation that could ride high in the good times, and ride out the bad times. The immediate aim is to pinpoint 600,000 ounces of mineable resources before re-starting production at the old Bluebird processing plant. "We want to know that we have those 600,000oz before we re-start operations," Mercator's exploration director, Julian Vearncombe, told Minesite. "We might decide to go mining before we have those ounces in a formal report, so long as we can see them." On that basis, it is possible for Mercator to be in production before the end of 2006 because it has a plant requiring minimal improvement before being re-started though a more likely re-start date is the first half of next year with a gold production target in the range of 150,000oz to 170,000ozs a year. The challenge for Vearncombe and his surprisingly large team of 17 exploration geologists is to nail down precisely what can be mined from a series of pits worked by previous owners. The biggest of the old mines is Bluebird, but after that comes the Paddys Flat mine, and then a series of up to 60 prospects and old-workings, some with delightful names such as Bottle Dump, Aladdin North and Maid Marion. Surrounding these historic workings, which are estimated to have yielded 3.5 million ounces of gold, is an under-explored greenstone belt waiting for detailed scientific analysis. "We're starting with a seriously under-utilised data base that would cost us A$150 million to assemble if we started today," Vearncombe said. "What we're doing now is re-establishing the integrity of that imperfect data, targeting an immediate 600,000oz of mineable material, and then raising our global resource base from 1.9million ozs to around 5million. The total outlay this year on exploration and data analysis will be around A$4 million, plus another A$5.4 million on re-commissioning the mill." To an outsider watching the gold price soar it is hard to not believe that there isn't a temptation inside Mercator to get the mill turning as soon as possible. But that, according to Vearncombe, would be a mistake similar to that made by previous owners who quickly worked through the high grade zones of gold and found themselves processing big tonnages of low-grade ore for little reward. "Bluebird wasn't always low-grade," said Vearncombe. "It was modelled and mined on a set of parameters that always had the pressure on to shift tonnes, and mine the low grade. The geology of most of these deposits, Bluebird is one of them, is a high-grade core which, in our case, is averaging 4.5 grams a tonne, but around that is a vast sea of low-grade." "What we've done at Bluebird is model the high-grade and the low-grade, and announced them separately, which doesn't impress everybody because they say it's confusing. But, the whole point about what we're doing is that we want to be able to respond to falling or rising gold prices. And we want to know that we could just mine the high-grade and stockpile the low-grade. Previously, there was never the commitment to work out the geology, and exploration was simply being driven by the mining engineers who needed feed for the mill. We are determined to pause, and take a serious look at what we've got." One of the tricky geological questions is to know when to switch from open pit to underground mining, an issue which has troubled earlier miners because of the deep level of rock oxidation. Weathering along fractures extends down to 150 metres, making for difficult underground rock mechanics. One of the plans being considered by Mercator is to take the re-opened open pit mines down to between 200metres and 300metres to get through the weathering, and then look at underground mining. As well as gaining a better understanding of the geology, Mercator is determined to re-start mining at Meekatharra debt free, with hedging at the discretion of management, not the company's bankers. Beyond the re-start of mining at Bluebird there are the first tentative steps being made in the direction of a bigger business. "We're starting to look within out tenement package for a second project," Vearncombe said. "We've got 2000 square kilometres of highly prospective ground that should support a second mining operation. It might even be preferable to have one mill processing high-grade underground material, and the other mill processing the lower grade material." The key point emerging from Mercator's work at Meekatharra is that it is determined not to repeat the past by operating a single mill on a feed of low-grade ore. "We certainly do not want to be putting in half-gram dirt just to keep the mill turning," Vearncombe said. The key issue for followers of Mercator is not so much whether it's got the gold, but when will it start mining. "We've in advanced negotiations with mining and mill maintenance contractors, and we're waiting for all the detail to come together," he said. "If we wanted to we could press the button today and be in production in November, but that would fail our aim to be a long-term, sustainable operation. The answer to the question of when will we be in production is the first half of 2007." Managing director Patrick Harford may amplify this forecast further when he presents at our 31st Forum in London next Monday. | holdontightuk | |
19/4/2006 00:19 | from the ADVFN ML thread..... Mr. T - 18 Apr'06 - 23:53 - 162 of 162 Good evening, Has the research from these guys been posted before? Apologies if it has. They have a 12 month targest of $4 per share. Back in Decemeber their target was $2.50 per share: I bought yesterday and am looking for substantially more than $4 per share... Regards, T | holdontightuk | |
19/4/2006 00:17 | An interview of Harry Barr, President & CEO of Pacific North West Capital Corp. by Grant Farhall, Western Standard. Please visit to listen to the interview | holdontightuk | |
18/4/2006 11:35 | RNS Number:5708B African Copper PLC 18 April 2006 PRESS RELEASE 18 April 2006 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES www.africancopper.co AIM: ACU BSE: African Copper TSX: ACU AFRICAN COPPER Plc ("African Copper" or the "Company") Proposed Placing of New Ordinary Shares African Copper Plc, a multi-listed international exploration and development company, announces that it is proposing to undertake a global placing of ordinary shares ("Placing"), in order to fund the development of its mineral projects in Botswana. In Canada, the Company has filed a preliminary short form prospectus with regulators in all of the provinces of Canada in conjunction with a marketed offering in that country and the United States of Subscription Receipts through a syndicate of underwriters led by Dundee Securities Corporation and Raymond James Limited and including Paradigm Capital Inc. and BMO Nesbitt Burns Inc. (the "Canadian Underwriters"). Each Subscription Receipt represents an agreement of the holder to acquire and the Company to issue, without payment of any additional consideration or further action taken by the holder, one ordinary share of the Company for each Subscription Receipt held, contingent upon shareholder approval and admission of the ordinary shares to trading on AIM, a market of the London Stock Exchange. In the United Kingdom, Numis Securities Limited ("Numis") is acting as broker in a concurrent Placing of ordinary shares and proposes to act as joint underwriter alongside the Canadian Underwriters. Preliminary Short Form Prospectus As the Placing is being partly carried out with retail investors in Canada, the Company is required by Canadian regulations to file a preliminary short form prospectus with the securities regulatory authorities in Canada. This preliminary short form prospectus, which was filed on 13 April 2006, is subject to receipt of comments from such regulatory authorities. As announced on 3 April 2006, the Company has also filed a Technical Report prepared by the Company's technical experts, ACA Howe, on the Company's projects in Botswana. The preliminary short form prospectus and the Technical Report can be viewed on SEDAR at www.sedar.com. Shareholder Approval The Placing will be subject to the approval of shareholders. No underwriting agreement in relation to the Placing has yet been entered into by the Company; accordingly there is no guarantee that the Placing will proceed. Use of Proceeds Dukwe Project The proceeds of the Placing will be used in part to fund trial underground mining and underground exploration of the sulphide deposit at the Company's Dukwe Project. It is intended that these activities will be undertaken concurrently and reflect the desire of the Company to commence the mining of the higher grade supergene ore and to convert the sulphide mineral resources into mineral reserves as quickly as possible. The budget for the trial underground mining as reported by ACA Howe is approximately US$33 million. The proceeds will also be used to fund the construction of a flotation concentrator processing plant,budgeted by ACA Howe at approximately US$49 million. Matsitama Project A portion of the proceeds of the Placing will also be used over a period of two years to bring the Thakadu-Makala copper deposits to the pre-feasibility stage. The budget for this work as reported by ACA Howe is approximately US$9 million. Additional Placing proceeds will also be spent over a two to three year period to fund the systematic exploration of the Matsitama Project area outside the Thakadu-Makala area. The budget for this work as reported by ACA Howe is approximately US$8 million. Timetable The Company has today commenced marketing in Europe and North America in relation to the Placing. It is expected that the marketing will continue for approximately three weeks from today's date. At such time that the Company enters into underwriting agreements with the Canadian Underwriters and placing agreement with Numis, the Company will send a circular to its shareholders seeking their approval to authorise the Directors to allot the necessary shares in order for the global Placing to proceed. This press release may contain or refer to forward looking information, including resource estimates and development plans, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, changes in equity markets, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as at the date hereof and, except as may be required by applicable securities laws, we assume no responsibility to update them or revise them to reflect new events or circumstances. Further information African Copper Plc Numis Securities Limited Parkgreen Communications David Jones / Joseph Hamilton John Harrison / Nick Westlake / Nick Justine Howarth / Ana Ribeiro Stamp +44 (0)20 7321 3721 +44 (0)20 7776 1590 +44 (0)20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange | holdontightuk | |
18/4/2006 11:04 | Interview with Jim Rogers regards commods bull market... | holdontightuk | |
18/4/2006 09:57 | RNS Number:5636B Taghmen Energy PLC 18 April 2006 TAGHMEN ENERGY Plc www.taghmenenergy.co ACQUISITION OF PETROLEOS DEL NORTE Taghmen Energy Plc ("Taghmen" or the "Company") an independent oil and gas exploration, development and production company, focused on Latin America, is pleased to announce that it has concluded an agreement to acquire Petroleos del Norte S.A. ("PDN"). PDN is a Colombian company that: * operates three fields in the Middle Magdalena Valley in Colombia, which produce 977 barrels of oil per day ("bopd"), 523 bopd net, * has proven and probable reserves of 6.9 million barrels (net to its interests), * holds three additional exploration (technical evaluation) licences in Colombia, * owns and operates the Rio Zulia - Ayucucho Pipeline, which generated US$1.00 million in tariff income in 2005, * generated approximately US$ 3.08 million in operating cash flow in 2005, and * has a high quality local operating team in place. Funding: * Taghmen has agreed to acquire PDN for US$ 32 million, payable in two tranches. The first instalment of US$ 19 million will give Taghmen control of the company with the second tranche of US$ 13 million payable on extension of the Tisquirama licence. * The funding for this acquisition is expected to come from existing cash balances and a new debt and equity raising. * First closing is scheduled for the second quarter of 2006. Rationale and Strategy: * Complements Taghmen's existing acreage in the Middle Magdalena Valley in Colombia; PDN's fields are situated alongside Taghmen's interests in the Midas and La Paloma Blocks. * Provides significant upside potential from existing oil fields and complementary exploration prospects. * Increases the drilling and work over programme scheduled over the next twenty four months to 14 wells, between Guatemala and Colombia. * Gives Taghmen immediate infrastructure and a pipeline to exploit its licence interests in Midas and La Paloma. * Gives Taghmen a second core business in Latin America alongside its Guatemala operations. Nicholas Gay, Chief Executive Officer, commented: "This is a key acquisition for Taghmen giving us immediate production and infrastructure in Colombia which both complements our existing asset base there and gives us a launch pad to create a sizeable business. Following the acquisition, the Group will be well positioned in Latin America with core businesses in Colombia and Guatemala that have the potential to produce around 3,500 bopd by the end of 2007." 18th April 2006 For further information, please contact: Taghmen Energy www.taghmenenergy.co President & CEO Pelham Public Relations James Henderson james.henderson@pelh Charles Vivian charles.vivian@pelha Background to the Acquisition Taghmen has concluded an agreement to acquire Petroleos del Norte S.A. ("PDN"). PDN is a Colombian company that operates three fields in the Middle Magdalena Valley in Colombia which currently produce 977 barrels of oil per day ("bopd"), 523 bopd net. PDN has proven and probable reserves of 6.9 million barrels (net to its interests). The company also holds three additional exploration (technical evaluation) licences in Colombia. PDN owns and operates the Rio Zulia - Ayucucho Pipeline, which generated US$ 1.00 million in tariff income in 2005. Rationale This acquisition is the next step in Taghmen's stated aim of expanding its business beyond Guatemala to other countries in Latin America. PDN's assets are in the same area as the Colombian exploration licences in which Taghmen recently announced it had acquired interests. Taken together, Taghmen will obtain a significant operating base in Colombia with potential upside from producing fields and potential exploration discoveries. The common location of the licences will also allow the Company to achieve a number of economies of scale. Fields and Reserves The three fields operated by PDN are the Los Angeles and Santa Lucia fields in the Tisquirama A and B licences and the Dona Maria field in the Lebrija licence. PDN's working interests in these fields are 50%, 25% and 100% respectively. All these fields produce oil from Upper Cretaceous and Tertiary Sandstones at depths ranging from 5,900' to 8,500'. The Los Angeles field was discovered by Texaco in 1985 and came on-stream in 1987. Ten wells have been drilled on the structure, of which six are currently producing a total average of 526 bopd (383 bopd net). The main reservoir is the Basal Lisama Sandstone Formation which produces 12.9 to 13.4 degrees API oil from good quality sandstones (porosity 17 to 25%, permeability up to 1,500 mD). At least four additional drilling locations have been identified. There are secondary reservoirs in the Upper Lisama and Umir Formations, and Taghmen has recognised additional potential in the underlying Cretaceous fractured carbonates. An independent reservoir study has estimated remaining proven reserves of approximately 3.7 million barrels gross (1.8 million barrels net) and a further 1 million barrels (0.5 million net) of probable reserves. The Santa Lucia field came on-steam in 1993. Three wells have been drilled on the structure and are currently producing a daily average of 415 bopd (104 bopd net). The main reservoir is the Basal La Paz Formation at approximately 8,500' depth. Oil gravity is 18 degrees API. Proven reserves have been estimated at over 2.5 million barrels gross (0.65 million barrels net) and probable reserves are approximately 15 million barrels gross (approximately 3.75 million barrels net). There is, therefore, significant upside potential in the field. Additional structures have been mapped along strike but further work is required on these before they are ready to drill. The Dona Maria field is a small accumulation producing oil in two wells from a 20' thick sandstone in the Lisama Formation at a depth of approximately 6,300'. Current daily average production from these two wells is 36 bopd (36 bopd net). Proven reserves are estimated to be 266,000 barrels. These fields have suffered from a lack of investment in the past and PDN feels that through the drilling of six new wells the current net production of 520 bopd could increase to approximately 1,200 bopd by the end of 2007. This investment is dependent upon the extension of the licence period. The Tisquirama licence (with the Los Angeles and Santa Lucia fields) lies directly adjacent to the two exploration licences in which Taghmen has recently acquired interests. With the infrastructure and staff acquired with PDN, Taghmen expects to be able to explore and develop these licences very efficiently. The reserves noted above, and in Appendix 1, are those estimated for the remaining technical life of the fields and are based on PDN's current working interest. However, the Tisquirama licence currently expires in 2009/2011. Discussions have been initiated with EcoPetrol to extend the licence to 2025, the technical life of the fields. It is anticipated that agreement to the extension could be obtained by the end of 2006. Should the extension be obtained, it is likely that PDN's existing working interest in each of the fields will be reduced. Any ultimate change in the working interest of PDN will impact the net oil reserves of the company. As noted below, part of the purchase price to be paid for PDN is subject to the extension of the Tisquirama licence. Exploration Licences PDN have recently been awarded three technical evaluation licenses (TEA's) in the Middle Magdalena Valley. Blocks La India (53,000 hectares) and Rio Guayabito (56,000 hectares) are 150 to 200 kms to the south of the Santa Lucia field. The work program over eight months requires the reprocessing and interpretation of 100 kms of 2D seismic in each block for a total expenditure of US$ 63,000 per block. The third block, Tisquirama Occidental, covers a small area to the north of and adjacent to the Santa Lucia field. The structural trend of the Santa Lucia field is thought to extend into this block. The work programme, again lasting eight months, calls for the reprocessing and interpretation of 40 kms of 2D seismic and geological modelling at a cost of US$ 36,000. Pipeline The Rio Zulia - Ayacucho Pipeline ("RZA Pipeline") runs from the prolific Catatumbo Basin in east central Colombia to Ayucucho, one of the country's main hubs for both oil and natural gas pipelines; a distance of approximately 180 kms. The 10 inch line has a throughput capacity of 25,000 bopd but carried approximately 2,000 bopd in 2005 from the EcoPetrol owned and operated Rio Zulia and Tibu oil fields. Current throughput is approximately 3,680 bopd. EcoPetrol is currently seeking to reactivate both the Tibu and Rio Zulia fields, and is understood to be in discussions with a number of companies. The contract related to Tibu is expected to be awarded in mid 2006. For a number of reasons, the RZA Pipeline is likely to be the exit route of choice in respect of the reactivation of these fields. The Catatumbo Basin is currently being actively explored by a number of companies. Again, any oil discoveries are likely to use the RZA Pipeline. Based on an independent report commissioned by the Company, Taghmen believes that the pipeline will have high strategic value and will generate increased cash flow in the future. Personnel and Data PDN has existed for approximately 20 years. In this time it has built up a strong data base and technical team. It has offices in both Bogota and San Martin, from which the operations are run. The high quality of PDN's existing staff provides Taghmen with a significant platform on which to build its expanding Colombian operations. PDN Financial Information Based on the audited financial statements to 31st December 2005, PDN had total assets of 25.98 billion Colombian pesos (US$ 11.10 million) at the balance sheet date and generated 16.34 billion Colombian pesos (US$ 6.98 million) of revenue and a net profit of 2.02 billion Colombian pesos (US$ 0.86 million) in 2005. Price and Closing Arrangements Taghmen has agreed to pay US$ 32 million for PDN, payable in two instalments. The first of these is for US$ 19 million (as adjusted to reflect the net cash position of PDN) and will provide Taghmen with control of the company. The second instalment is for US$ 13 million and is payable when the Tisquirama licence (containing the Los Angeles and Santa Lucia fields) has been extended. The first closing is scheduled for the second quarter of 2006 and is subject to a number of conditions, including regulatory consents and no material adverse change having occurred. A portion of the shares of PDN are held in a trust in Colombia. To the extent that such shares are not released from the trust prior to the closing, the purchase price will be reduced by 22.24% (reflecting the number of shares held by the trust). Once the shares are released from the trust, the withheld amount of the purchase price will be payable. The second instalment may be reduced should the terms under which the Tisquirama licence is extended change beyond those specified in the sale and purchase agreement. It is currently estimated that the extension of the Tisquirama licence will be obtained before year end. Funding The funds to pay for the acquisition are expected to come from existing cash balances and a new debt and equity raising. Review of Release This release has been reviewed by the Company's Chief Operating Officer (Mr. J. Scott), Geologist (Mr. K. Dean who is a Fellow of the Geological Society, London) and its consultant Reservoir Engineer (Griffin Petroleum Consulting Ltd.). Messrs Scott's and Dean's biographies are on the Company's website, which can be found at www.taghmenenergy.co Chartered Engineers. Appendix 1 Reserve Table Reserves are Gross Net stated in Gross Proved, Net Proved, millions of stock Gross Proved & Probable & Net Proved & Probable & tank barrels Proved Probable Possible Proved Probable Possible Operator Los Angeles 3.678 4.665 6.640 1.839 2.332 3.320 PDN Santa Lucia 2.593 17.363 39.514 0.648 4.341 9.878 PDN Dona Maria 0.266 0.266 0.266 0.266 0.266 0.266 PDN Total Oil 6.537 22.294 46.420 2.753 6.939 13.464 The reserves are based on an independent report prepared by Geotec Ltda, ("Geotec") a Colombian geosciences consulting firm, and represent those technically producible from the fields. Geotec have advised that the reserves were calculated as defined by the Society of Petroleum Engineering, SPE. The net reserves are calculated by applying the current equity interests in each field to the gross reserves. They do not take into account any additional oil which will be recoverable to reimburse PDN for bearing EcoPetrol's share of the cost of Los Angeles wells 9 & 10 and any future drilling. In addition, net reserves do not take into account any reduction in the interests of PDN that may result from the extension of the Tisquirama licence with EcoPetrol. Appendix 2 A Licence Map of Middle Magdalena Valley, Colombia is available on the website version of the press release at: www.taghmenenergy.co | holdontightuk | |
16/4/2006 13:22 | Final Call for European Minerals Rocket? By Ben Abelson 18 Jan 2006 at 11:42 AM EST NEW YORK (ResourceInvestor.co Set to begin production in the fourth quarter of this year, Varvarinskoye will put European Minerals on the map - the project will churn out 145,000 ounces of gold and 18.4 million pounds of copper per year for the mine's first 10 years. And with a total mine life of 15 years, the project has more than enough potential and cash flow to fund the company's exploration activities throughout its Eastern European land holdings. All told, Varvarinskoye has the potential to become a company making copper-gold project - just like Alumbrera did for Wheaton River and Northern Orion [TSX:NNO; AMEX:NTO]. Investors looking to get in on the stock may have also been handed a stellar opportunity when some short-term problems were reportedly recently with one of its contractors, sending the company's stock price down to C$0.90, some 20% below its recent highs. Hedging at $574 European Minerals scored a coup in December when as a component of its mine financing package it hedged some 20% of its mineable reserves, or 443,000 ounces, at $574 per ounce - the highest hedging price seen in about 20 years. While most precious metals investors loathe hedging, it's typically a necessary part of obtaining mine financing. The fact also remains that the company was able to obtain a cycle-high price, while still being mostly leveraged to the upside in gold prices. Company Valuation At its recent stock price, the market's ascribed EPM a valuation of just C$176 million. But, even with conservative gold price estimates, this appears at least C$50 million too low, according to one brokerage company. Using a long-term gold price of $440/oz, and $1/lb copper, and incorporating its recent hedging decision, Canaccord modeled a net project value for Varvarinskoye of C$239 million. After accounting for exploration and debt expenses the brokerage calculates a NAV for the company of C$222 million at a 12% discount - or a stock price target C$1.30 assuming no multiple ascribed to the NAV. But, like any brokerage hedging its bets, there are several reasons why the stock could soon blow past Canaccord's conservative estimates. The Upside First, European Minerals' reserves were calculated with $375 per ounce gold and $1/lb copper. These numbers are set to be revised upwards sometime in the near future, accounting for more current metals prices. Second, as production approaches at Varvarinskoye, the market is likely to ascribe a higher valuation to European Minerals. One only need to look at what happened to companies like Desert Sun Mining [TSX:DSM; AMEX:DEZ] and Yamana Gold [TSX:AUY; AMEX:AUY] as they upped reserves and boosted production for a look at this stock's potential trajectory. Finally, European Minerals is also exploring the potential of hedging a portion of its copper production. Assuming copper prices of just $1/lb, life of mine cash costs are expected to come in the $180/oz range. If the company is able to hedge a portion of this production at current prices, gold investors can expect these cash costs to be significantly lower. Short-Term Dispute Provides Long-Term Opportunity On Jan. 16, EPM reported that MDM Ferroman, which is providing mine equipment and building a process plant, had yet to deliver a portion of the necessary plans for its part in the project. EPM has put the contractor on notice, and may be forced to terminate this portion of its agreement. If this should occur, the company shouldn't have any problems finding another contractor and equipment supplier but EPM could technically be at risk of default on its debt facility. While its mine financing could wind up being cancelled as a result, this is an extreme long shot. Even if this did occur, EPM should have no problem lining up new financing once a new contractor is found. The probable worst-case scenario: mine production is delayed by a few months. Still, the market reacted squeamishly to the news, sending the company's stock down by nearly 10% after the announcement. While much of the decline was recouped in the following day of trading, the company's stock is still trading about 20% below its early January high of C$1.14 - giving long-term precious metals investors a great entry point for the stock. The Risks While the contract issue should probably blow over, and production at Varvarinskoye seems all but inevitable, EPM does face some political risk that could keep its stock from trading a premium valuation. Kazakhstan, while not as unfriendly to mining as some of our neighbours to the south, isn't exactly known as a bastion of free markets. The country has made strides politically and economically since gaining independence from the Soviets (and isn't anywhere near as backward as nearby Uzbekistan), but is still run by strong-armed President Nursultan Nazarbayev, who conveniently won some 90% of the popular vote in a recent, questionable re-election. Additionally, outsider observers have questioned the country's political and human rights records. Still, EPM has held a stake in Varvarinskoye since the mid-90s - and is now probably quite comfortable operating in that environment. It's a fair bet, however, that the project will never be ascribed the same valuation as a similar mine located in North America. Conclusion European Minerals represents one of the more solid bets in the long-term precious metals bull run. With Varvarinskoye's successful development, the company appears undervalued even if gold traded back down to the mid-$400s. With continued strength in gold, investors can look for the stock to really take off. | holdontightuk | |
16/4/2006 13:13 | From the Sunday Telegraph (16th April 2006) : TAGHMEN Energy.Aim listed oil and gas company focused in Latin America is in talks to buy a Columbian explorer , Petroles del Norte. The acquisition - for an esimated £18.2 m will provide Taghmen with its first production. Petroleus operates three fields in Columbia that produce 1,000 boopd . The Columbian company has three further exploration licences and owns and operates a pipieline that generated $1m in tariff income last year. Deal will be funded by a mixture of debt and equity. Web Site : | holdontightuk | |
16/4/2006 12:29 | On April 13, 2006 Blackmont Capital Inc. reported the following: "YUKON ZINC CORPORATION (YZC-TSX-V $0.68) Analysis & Forecast: Our NAV estimate for Yukon Zinc increases to $0.80 per share (from $0.59/sh) using our revised metal price forecasts. Most of the change in our NAV results from the upward revision in our silver price forecast to US$10/oz (from US$8/oz). We are increasing our target price to $1.20 per share (FD) from $0.90 per share (FD). Valuation & Recommendation: We apply a P/NAV target multiple of 1.5 times NAV to determine our 12-month target price of $1.20. Our target multiple incorporates exposure and leverage provided by the company's large silver resource. We rate shares of Yukon Zinc a Speculative BUY. Data View Recommendation: SPECULATIVE BUY 12 Month Target Price: CAD $ 1.20 Total Return (Incl. Dividend): 76.5 % 52-Week High/Low: $ 0.78 - $ 0.18 Shares O/S: Basic / FD (mm): 235.9 / 291.2 Market Capitalization ($mm): 160.4 Enterprise Value ($mm): 152.4 Currency: CAD Year End: December Forecast NAV(N): $0.80 Valuation P/NAV: 0.85x | holdontightuk |
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