Herencia Resources Share Discussion Threads

[stockready] 03/2/2016 15:39

everyone in general meeting should express their concern
this is outrages,
don't let them to pass this deal, this is not in any favour of you or the company.
without Picachos there is no chance of cash flow ever ...

this is just a convenient deal for GS to start all over again and go after the old BS digging and old assets which they returned NOTHING OF VALUE, and they never will

this is just a deal to secure another 2 years of salary for GS and the rest of the board while they would deliver nothing ZILCH

DON'T FALL FOR THIS BS

OBJECT at the general meeting to the way this company run
object of GS incompetent
object of bad deal
object to delays
object to wasting assets and damaging share price

speak out
!

[babycheeky] 03/2/2016 13:00

stocky knows how to pick a loser LOL

[steelwatch] 03/2/2016 12:57

In a nut shell from share price Angel:

Herencia Resources (LON:HER) 0.045 pence, Mkt Cap £1.9m – Asset disposals in Chile as working capital comes under pressure

• Herencia Resources has announced that it has signed a binding Term Sheet with a private Chilean mining company, Next Minerals, for Next to acquire up to 100% of its Picachos and Pastizal copper projects in Chile.

• Subject to the successful completion of due-diligence, Next will pay an initial US$2m by 30th April 2016 at the latest and spend a further $2m on exploration over the following 15 months in order to acquire an initial 70% interest in the two projects. A further US$625,000 in cash payable within the next 6 months will give Next Minerals an additional 7.5% interest and after a further 9 months, Next can elect to pay a further $2.5m to acquire 100% of the Picachos and Pastizal projects.

• In August last year, Herencia announced that it was in discussions with the owners of the nearby Tambillos copper mine, Errazuriz Group, with a view to merging their exploration interests at Picachos with the operating Tambillos mine. In today’s announcement, Herencia Resources reports that “The Tambillos due diligence work in relation to a possible Joint Venture with this Group has been completed but in light of more recent developments, will not now be progressed.”

• Although Herencia has achieved some exploration success in locating shallow, high grade copper mineralisation on its leases, and had been aiming to fast-track mine development, today’s announcement discloses that “Notwithstanding the cost cutting measures the Company has put in place, its working capital position is constrained and the directors believe that its current working capital position is sufficient to meet operating costs for approximately one month.” The company suggests that it has a number of fundraising options and intends to update the market very shortly.

Conclusion: Despite achieving some success with its exploration programmes in Chile it appears that Herencia Resources has been unable to finance any further work and is unfortunately driven to dispose of its key assets. The parlous state of the junior mining sector in recent years is well known and this is another, graphic, instance of a junior mining company with projects of merit unable to sustain continuing activity.

[stockready] 03/2/2016 12:50

listen to this part, it is so funny:

so that in the event that Next ultimately acquire 100% of Picachos, Herencia will initially focus its efforts on developing its other key assets


YES!

more digging, and more wasting time and that is what this crazy dummy plans for us when he complete the sale of Picachos!

developing HER other assets!


my question is this,

Has this dummy developed anything AT ALL while he has been in charge?

NO

this is a fair question, and simple answer is he will go after other assets with this in mind to keep his job and issuing BS asset upgrade with NO PLANS of real development

we need cash flow and the only chance was Picachos, forget about other assets, none of them will return anything under this dummy

in GENERAL MEETING everyone should OBJECT TO THIS PROPOSAL

EVERYONE

CORBIN, if you read this please speak out

don't let this dummy to ruin Picachos

this is big big mistake

[babycheeky] 03/2/2016 12:48

Picked another loser then stocky LOL
Oh dear what a clown you are. Steelwatch has made sure you don't go anywhere near the thread where the grown ups go.

[stockready] 03/2/2016 12:14

market is not stupid,
but GS is

do you guys seriously think if this dummy released such a deal breaking news (RNS)THE MARKET would have reacted like how it did this morning?
no

GS has nothing left to offer but to make bad deals and gets rich that way....

who give him a right to sell out asset at such a low price?

what happened to open pit BS?

HOW ABOUT other things he promised and never delivered!?

this is bad news guys
very bad news

[martyn9] 03/2/2016 12:12

It's a complete scam!! if GS and the rest of the BOD pull this deal off,the money will keep the lot of them in luxury for years.Sell the crown jewels and lets enjoy it while suckering in more mug investors along the way.Classic.

[stockready] 03/2/2016 11:53

this is a very bad news guys, very bad news from a desperate dummy who made yet another BS deal!

[haydock] 03/2/2016 10:42

There is surely an element of cash flow if they succeed in pulling off the deal.
In this climate it's the best we can hope for, & after all Picc was only ever an extra to the main mineral wealth of this company.
Survive & find more deals, projects are there at give-away money for the cashed up & brave.
Look at the deal HZM managed recently, bought hundreds of millions of development spending for next to nowt, doubling an already tasty project.

www.proactiveinvestors.co.uk/companies/stocktube/4235/horizonte-minerals-chief-talks-through-glencore-deal-4235.html


Her board have to be commended they are wriggling hard for our benefit. Cash in & get on with the struggle.

[steeplejack] 03/2/2016 09:40

As things stand ,and being realistic!i think this is as good as we could have hoped for.Of course,we don't know exactly who constitutes NEXT but beggars can't be choosers.That the management have loaned their own money to the company is laudable as is the formalisation of salary cuts(which have been in place for some senior management for sometime I understand).Further finance?Well,I suppose existing shareholders should be offered the opportunity to subscribe for stock at these levels.Some might not wish to subscribe!Maybe best if finance was arranged with a third party with a clawback arrangement for existing holders.We'll see.We are,of course,selling more of the family silver but as pointed out,the book value of Picachos makes the deal with Next look reasonable on the face of it.Having all but written off my interest here,I have to applaud the management's gutsy fight for survival.

[sleveen] 03/2/2016 09:19

So the last 5 yrs expenditure has been for what?

[haydock] 03/2/2016 08:58

Doing a deal, alive & kicking just.
More deals in the pipeline ?
Even a share price rise top of the l.board.

[martyn9] 31/1/2016 10:00

"it's not his fault" my grandson who is four years of age would splurge that out!!!! what a complete berk GS.

[martyn9] 27/1/2016 16:03

Agreed, and he should have at least taken a large paycut based on how dire the company finds itself.The only consolation is he won't get another job with his track record,or maybe tea boy but no doubt he could foook that up!!!

[nevik2] 27/1/2016 15:06

I got out when GS answered one of my questions with it's not my fault. I wish I had asked it sooner.
I know times are tough, that's when you find out who is capable or not, GS is far from capable.If he was a football manager he would of been booted out years ago.