Latitude Resources Share Discussion Threads

[loinerscum] 13/12/2007 21:41

Western Goldfields Announces 2008 Production on Target


- Heap leaching of new ore has commenced at Mesquite
- Gold production is on target for January 2008
- Capital costs are in line with forecast

TORONTO, Dec. 13 /CNW/ - Western Goldfields Inc. (TSX:WGI, AMEX:WGW)
today announced that heap leaching of new ore has commenced at its Mesquite
Mine in California. To date, 900,000 tons of new ore containing approximately
12,500 ounces of gold have been placed on the leach pad and gold production is
on target for January 2008.
"We are extremely pleased with the performance of our operations and
construction teams who have brought the project in three months ahead of the
feasibility schedule and on budget," said Mr. Randall Oliphant, Chairman,
Western Goldfields. "Our current capital forecast is within one percent of our
original estimate."
"Our prestrip mining and construction of the leach pad and facilities is
on schedule to bring the mine into full production in January 2008," said Mr.
Raymond Threlkeld, President and Chief Executive Officer. "The last haul truck
of our 14-truck fleet arrived this week. We have 177 employees and are
currently mining approximately 180,000 tons per day. In 2008, we expect to
place approximately 220,000 ounces onto the leach pad."
During 2008, the Mesquite Mine will ramp up production as the operation
continues with prestripping, exposing the ore zones and mining of the oxide
reserves. Based on the mining schedule and the leaching curve, Mesquite is
expected to produce approximately 15,000 ounces of gold in the first quarter.
Second quarter production will increase to between 40,000-50,000 ounces of
gold, and full year's production for 2008 is expected to be between
155,000-165,000 ounces of gold.
The average cost of sales for the year is expected to be between
$355-$365(1) per ounce of gold. Quarterly operating costs are predominantly
fixed and, due to the ramping up of gold production in the first quarter, cost
of sales per ounce in the first quarter will be significantly higher than the
2008 estimate. In later quarters, the costs will be below the forecast average
cost per ounce. The increase in cost of sales from previous estimates is due
to current higher fuel costs as well as increased royalty costs based on the
current higher gold price. Fuel costs comprise approximately 25% of the cost
of sales.
Capital costs are estimated at $109.2 million compared to an original
estimate of $108.6 million. With approximately 99 percent of the capital
committed and 92 percent spent, the Company is confident that the final
project capital will remain consistent with its current forecasts. Capital
spending for 2007 is estimated to be $100.0 million, and the remainder of the
$109.2 million will be spent in the first quarter of 2008 when the leach pad,
processing facility and truck shop are completed.
During 2008, approximately $1.0 million will be spent on additional
definition and exploratory drilling of the Brownie Hill deposit, where
approximately 200,000 ounces of gold were added into reserves in 2007. The
drilling will be focused on the follow up of significant mineralization found
outside the current reserve area at Brownie Hill.
The data contained in this news release has been prepared under the
supervision of Wes Hanson, P. Geo., Vice-President of Mine Development,
Western Goldfields, and the Qualified Person under NI 43-101 for the project.

Western Goldfields Inc.
-----------------------

Western Goldfields is a gold producer focused on completing the expansion
of its Mesquite Mine, located in Imperial County, California, and returning
the mine to full production. With a 2.8 million ounce gold reserve, the
Company is the only multi-million ounce US gold reserve not controlled by a
major gold company. Western Goldfields common shares trade on the Toronto
Stock Exchange under the symbol WGI, and on the American Stock Exchange under
the symbol WGW. For further details, please visit www.westerngoldfields.com.

Forward-Looking Information
---------------------------

Certain statements contained in this news release and subsequent oral
statements made by and on behalf of the Company may contain forward-looking
information within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and similar Canadian legislation. Such
forward-looking statements are identified by words such as "intends",
"anticipates", "believes", "expects", and "hopes" and include, without
limitation, statements regarding the Company's plan of business operations,
timing and costs to recommence commercial production, potential increase in
estimates of mineral resources or reserves, economic viability of the Mesquite
Mine, and capital and operating expenditures. There can be no assurance that
such statements will prove to be accurate; actual results and future events
could differ materially from such statements. Factors that could cause actual
results to differ materially include, among others, the uncertainties involved
in interpreting drilling results and those set forth in the Company's Annual
Report on Form 10-KSB for the year ended December 31, 2006 filed with the U.S.
Securities and Exchange Commission, under the caption, "Risk Factors". Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking statements. Except as otherwise
required by applicable securities statutes or regulation, the Company
disclaims any intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events or
otherwise.

-------------------
(1) Expected cost of sales per ounce is defined as planned cost of sales
as per the business plan divided by the number of gold ounces to be
sold.

%CIK: 0001394186

For further information: please visit www.westerngoldfields.com, or contact
Raymond Threlkeld, President and Chief Executive Officer, [phone],
[e-mail]; Julie Taylor Pantziris, Director,
Regulatory Affairs and Investor Relations, [phone],
[e-mail]

[fez] 12/12/2007 19:35

Surely Investec must do something - otherwise this is money down the drain for them...

...what they'll do is another matter...

[cerrito] 12/12/2007 16:52

Following today's confirmation of monday's trades and Investec have gone up from their Nov 6 holding of 72 075K to 75 928k they now can only buy 4m approx before they get to 30% ceiling.
Not sure if this is good news ie they are now going to be forced to act probably to our advantage or bad news because a buyer is about to come to the end of the road.
As there was another 3m trade on monday we may be due another RNS if the other buyer is now 3% plus and it will be interesting to see if there is a seller's RNS or if a loty of sub 3% people got out.

[cerrito] 10/12/2007 15:10

would not surprise me if Investec hoovering them up as the big seller loses patience with western at US$3.67 Tamaya a bit off its lows at .265 ditto Tanami at .135 and with plenty of cash seems a good deal
perhaps the seller has got irritated by the lack of communication from the company who have not told us officially about their excellently timed sales of Tamaya and who decline to tell us what is in their portfolio.

[rochdale] 10/12/2007 11:20

got to be buys and a willing seller at that price and with no price movement

investec hoovering up some more no doubt

[allini245] 10/12/2007 11:01

Well well well, lots of sells but no price movement, what is going on.
Good luck to all.

[loinerscum] 30/11/2007 20:15

I doubt you'll hear anything much over next couple of weeks until the results are announced. Feel free to try giving them a call yourself, the number is on their website, maybe you might get a different perspective?

Cheers
Andy P

[rochdale] 28/11/2007 09:07

please can someone call the company on behalf of advfn posters and ask them the following questions:

1. What is happening behind the scenes?
2. When will we see a significant return on our investment?

Please post any reply on this board

many thanks

[rochdale] 12/11/2007 08:22

interesting Cerrito - perhaps they are waiting in the wings for a tumble in mining stocks and then plan to buy into a few

[cerrito] 11/11/2007 19:38

With Tamaya down to 24c, managment should be congratulated for selling at 29+.
Interesting article in yesterday's Telegraph speculating on consolidation among cash starved AIM small miners so perhaps LTR positioning themselves to take a proactive role in this.

[rochdale] 08/11/2007 09:38

i hope so cerrito

[cerrito] 07/11/2007 21:57

because they can get 7p of assets for 4p-like we can but different from us they can make things happen

[rochdale] 07/11/2007 10:48

what is the endgame with this stock - why are investec stake building?

[cerrito] 06/11/2007 23:12

Western Goldfields due to go on AMEX on thursday which should give a boost to the sp, up nicely today with the price of gold.

[rochdale] 06/11/2007 11:09

INvestec now own 26% - something must be cooking - very slowly at that!

[loinerscum] 05/11/2007 22:31

Western Goldfields Approved for American Stock Exchange Listing


TORONTO, Nov. 5 /CNW/ - Western Goldfields Inc. (TSX:WGI, OTC
BB:WGDFF.OB) today announced that its common shares have been approved for
listing on the American Stock Exchange (AMEX).
The Company's shares are expected to begin trading on the AMEX on
Thursday, November 8, 2007, under the symbol "WGW". Until then, the Company's
shares will continue to trade under the symbol WGDFF.OB on the OTC Bulletin
Board.
Randall Oliphant, Chairman, Western Goldfields, said, "We are very
pleased to have received approval for listing on the American Stock Exchange.
Listing on the AMEX represents an important milestone in the Company's
corporate development as we seek to grow our business and continue to create
value for our shareholders."
"We expect the listing to bring increased access to our shares within the
US investment community, and will also offer us greater visibility and
improved liquidity for our stock."
This approval is contingent upon the Company being in compliance with all
applicable listing standards on the date it begins trading on the AMEX.

Western Goldfields Inc.
-----------------------
Western Goldfields is a gold producer focused on completing the expansion
of its Mesquite Mine, located in Imperial County, California, and returning
the mine to full production by January 2008. With a 2.8 million ounce gold
reserve, the Company is the only multi-million ounce US gold reserve not
controlled by a major gold company. The Company is fully permitted and fully
funded, and estimates average production of 160,000-170,000 ounces of gold
annually during the first eight years of mine life. In June 2007, Western
Goldfields announced that its production schedule has been moved ahead by one
full quarter, which will bring the company into full production by January
2008. Western Goldfields Inc. is listed on the Toronto Stock Exchange and
trades under the symbol WGI, and is presently quoted on the OTCBB under the
symbol WGDFF.OB. For further details regarding Western Goldfields, please
visit www.westerngoldfields.com.

Forward-Looking Information
---------------------------
Certain statements contained in this news release and subsequent oral
statements made by and on behalf of the Company may contain forward-looking
information within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and similar Canadian legislation. Such
forward-looking statements are identified by words such as "intends",
"anticipates", "believes", "expects", and "hopes" and include, without
limitation, statements regarding the Company's plan of business operations,
timing and costs to recommence commercial production, economic viability of
the Mesquite Mine, financing options, including entering into a debt financing
arrangement, and the consequences thereof, potential contractual arrangements,
receipt of working capital, anticipated revenues, exercise of outstanding
warrants, and capital and operating expenditures. There can be no assurance
that such statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that could cause
actual results to differ materially include, among others, those set forth in
the Company's Annual Report on Form 10-KSB for the year ended December 31,
2006 filed with the U.S. Securities and Exchange Commission, under the
caption, "Risk Factors". Most of these factors are outside the control of the
Company. Investors are cautioned not to put undue reliance on forward-looking
statements. Except as otherwise required by applicable securities statutes or
regulation, the Company disclaims any intent or obligation to update publicly
these forward-looking statements, whether as a result of new information,
future events or otherwise.


For further information: please visit www.westerngoldfields.com, or contact:
Brian Penny, Chief Financial Officer, [phone],
[e-mail]; Julie Taylor Pantziris, Director, Regulatory
Affairs and Investor Relations, [phone],
[e-mail]

[loinerscum] 31/10/2007 20:36

I reckon the value within LTR is £18-19 million of which approaching £10m is in cash - which is about the same figure as the current market cap, so essentially all remaining investments plus whatever they are planning next are in the pot for free.

During October LTR sold 54,029,449 Tamaya shares for a total consideration of AUS $15,861,760, an average of 29.36 Cents per share which comes to around £7.1m Sterling. That leaves them with 30,970,551 shares (worth around £4m) and 15m options, being 2.96% so they are no longer a notifiable shareholder.

The full announcement is at



26 October 2007
Tamaya Resources Limited
ACN 071 349 249
Level 12, 75 Elizabeth St
Sydney NSW 2000
Australia
GPO Box 5424
Sydney NSW 2001
Telephone [phone]
Facsimile [phone]
LAT place 85m TMR share holding with institutional investors
Tamaya Resources Ltd (ASX: TMR and the "Group") has been advised by Latitude Resources plc ("Latitude") that Latitude has sold its shareholding in TMR through
placements with a number of institutional investors. Latitude became a shareholder in TMR following the recently concluded transaction involving the acquisition by TMR of a 100% interest in Latitude's Chilean subsidiary earlier this year.
Tamaya's acquisition of Latin American Copper Chile S.A. included a portfolio of tenements with a focus on the Coastal Ranges iron oxide copper gold ("IOCG") belt in Chile which significantly increased the Group's mineral holdings in the country. Tamaya recently announced that as a result of the acquisition the Group had more than doubled its copper resources through the addition of Latitude's portfolio of advanced exploration tenements in Chile.

For its part in the transaction, Latitude Resources plc received some 85 million TMR shares and 15 million TMR options. The shares were issued 6 September 2007 and the options were issued in three tranches of 5 million options each, at 30c, 40c, and 50c respectively.

During October 2007, Latitude placed its TMR shares with a range of institutional investors by an agreement with Tamaya, and as part of the repositioning of Latitude for the next phase of its development. Latitude Resources continues to hold the options. Attached is the notice of LAT ceasing to be a substantial shareholder.

Tamaya Resources Executive Chairman Mr Hugh Callaghan said that the Group welcomed the new institutional investors onto the share register. "Through our recent roadshows in Europe and the USA, we had the opportunity to present the
Group's new four mine strategy for 2010 to institutions and professional investors in Europe and North America. Considerable support was expressed for the emerging mid-tier copper-gold story, and they are interested to hear about our plans for the dual listing on the TSX in 2008. As a result, I expect to see a higher representation of this type of investor on our share register going forward," Mr
Callaghan said.

Hugh Callaghan
Executive Chairman
Tamaya Resources Limited
Mob: [phone]
Email: [e-mail]
Media
Fortbridge ��" Bill Kemmery, 0400 122 449

[rochdale] 26/10/2007 10:43

what is the current NAV - anyone able to do a quick calculation?

[cerrito] 19/10/2007 08:57

Tamaya closes at 33.5 a nice 10% increase increasing LTR nav by 6% odd

[thecynical1] 14/10/2007 14:18

pity the market wouldn`t wake up this fact.... : )

[rickus] 28/9/2007 07:48

Tamaya Resources; the building of a mid-tier miner
28/09/2007 By: egoli

Tamaya Resources Limited (TMR) recently finalised its purchase of Latitude Copper, effectively doubling the resource base in Chile . The resources are modest in size, but the potential of the tenements, in particular Filipina Grande, are substantial.

The company plans to develop a second copper mine in Chile based around these tenements, where we believe eventual resources up to 100 million tonnes (mt) are a distinct possibility.

With the development of the 100kozpa Lichvaz gold mine well underway in Armenia , the company's strategy of organic growth and acquisition is proving highly successful and setting itself up to make the transition from small-scale producer to mid-tier diversified miner in coming years.

Current reported resources at Filipina Grande (JORC) are 12mt@1.28%Cu and 0.34g/t gold, along with 1.9mt@0.83%Cu in the oxide portion.

TMR recently announced it's maiden JORC compliant resource for Lichvaz of 3mt@7g/tAu, 31g/tAg and 0.5% Cu for 0.67moz Au. Again, the tonnage is small, but we believe the company has only drilled out a small portion of the ultimate resource potential of the area, and with an initial grade of >9g/t gold equivalent, there is plenty of scope for further upgrades to the inventory.

The theme for Tamaya is growing resources, expanding production. There are some near-term hurdles to overcome including resolution of the minority interest in earlier acquisition Iberian Resource Limited (IBR) and listing in Toronto , but we consider than TMR represents an excellent medium to longer term growth proposition, with a suggested investment timeframe of 2-3 years to enable the underlying value of projects to be unlocked.

For a company of modest market capitalisation, the future cashflows generated from both the Chile copper projects and European gold operations will put the company in a good position to continue to grow the business at a moderate pace.

Latitude Copper, Chile (TMR, 100%)

TMR recently acquired a 100% interest in Latin America Copper Chile S.A ('LAC') previously a subsidiary of AIM listed Latitude Resources ('LTR').

The project is located approximately 250km north of the Company's existing operations at Cinabrio, and in close proximity to hydro-power and regional infrastructure.

Consideration was $24.6 million based on a fixed issue of 85 million shares and 15 million options at varying exercise prices up to $0.50ps. LAC controls a majority interest in approximately 5 exploration properties in the prospective Andean IOCGU belt north of Santiago .

LTR listed on the AIM in 2005, with an implied value for the Chilean assets of just under ₤7 million. Despite spending some ₤3 million on exploration in Chile, the market failed to recognise the true value, and prior to TMR's offer, was significantly discounting the asset value (according to LTR).

TMR's offer was opportunistic and well-timed considering the release of the SRK report valuing part of the project at an NPV of just under US$90 million m. The report considered several scenarios around a potential 60mt resource at 1.28%Cu and 0.34g/tAu, with potential for significant increases to NPV from sales of iron concentrates as a by-product. This was based on a long term copper price of US$1.40/lb and US$500/oz for gold; US$235 million capex and recoveries of 75% for gold and 86% for Cu.

Existing resources established at Filpina Grande are quite modest, at 12mt@1.28%Cu and 0.34g/tAu and 1.9mt@0.83%Cu of oxides.

Based on a brief review of documentation, we consider there is excellent potential to establish a resource base at Filipina Grande of between 50 and 100mt, based on the limited drilling undertaken to date, and extensive distribution of mineralisation.

Other exploration assets acquired through Latitude show promising results, including Santa Dominga with 76m@1.61%Cu and 0.33g/tAu. An initial resource statement is pending for this project. T

The company is planning to conduct a substantial drilling campaign in Chile , focused on Filpina Grande, with 140,000m planned over the next two years.

Over the next twelve months, depending on drilling results, there is potential for more confidence to be gained in the project.

The present plan is to prove up sufficient resources to justify the 3mtpa operation at Filipina Grande, whilst evaluating the numerous other geophysical targets and identified prospects within the tenements.



Punitaqui/Cinabrio Mine, Chile (TMR, 100%)

The expansion of the Punitaqui/Cinabrio mine in Chile to 3000tpd (1mtpa) is well advanced, with the relocation of three second hand ball mills from Spain achieved last quarter. The new three-stage crusher, installed at a cost of $US2 million, is capable of crushing up to 4000t of ore a day.

In the June quarter the company produced around 1400t of Cu and 40koz of silver, with production rates continuing to increase. Based on achievement of 3000tpd by early next year, we estimate total production of 11.6kt of Cu, generating revenues above US$70 million, and potential EBITDA in excess of US$40 million. This is based on an average copper price of US$3.20/lb for 2008.

The feasibility study for the oxide project is underway, with results anticipated soon, and construction underway in 2008. Capital cost will be low, with initial production of 200ktpa increasing to 400ktpa over two years.

Lichvaz Gold Project, Armenia (TMR, 86%)

TMR recently announced a maiden JORC resource for the Lichvaz mine of 3mt@7.0g/tAu, 31.5g/tAg and 0.5%Cu for just under 0.7moz gold. This superseded the earlier (non-JORC) estimate of around 9mt@3.75g/t, 24.5g/tAg and 0.3%Cu.

The company is in the process of finalising a US$60 million debt raising to fund construction, with first gold pour at the new facilities due early in 2009 at an initial rate of 100kozpa. Approximately 500kozpa of silver will be produced, taking the total to 110kozpa on a gold equivalent basis. Total capital cost, including contingencies and working capital is estimated at US$60 million.

The company believes that ultimately, depending on resources established and particularly a large, lower grade bulk stockwork resource, an operation producing up to 200kozpa may be feasible at the site.

The company purchased the 800ktpa Rishton Mill in Queensland , and will be relocating the refurbished components to Armenia in 2008. The site currently has a gravity circuit installed and is producing a small amount of gold (6kozpa).

The mine has experienced a significant amount of development over its life, with substantial declines and adits already in place. Since ownership of the asset by Iberian (IBR), the infrastructure has been upgraded (left). There is good access at the site, with sealed roads, power and plenty of water.

Due to the favourable operating environment in Armenia , operating costs are forecast by the Company to be below US$300/oz.

A 20,000m RC drilling program is due to commence at the mine in coming months, and we anticipate significant upgrades to the resource base over the next 18 months leading up to full scale production at the site.

Monetmor/Portalegre Gold, Portugal (TMR, 86%)

TMR, through it's majority owned subsidiary Iberian Resources hold almost 1,400km2 of tenements in Portugal , including almost 1moz of gold at the Montemor and Portalegre deposits. Additional projects held by the company include Caviera base metals and Regua tungsten.

The company is moving towards feasibility with the Montemor project, following scoping studies indicating a production rate of 60kozpa at a cost below US$350/oz. The current resource base consists of shallow shear-hosted deposits, with potential for extensions to known resources along strike and at depth. The initial JORC inferred resource at Montemor has previously been established at 6mt@2.2g/tAu for 0.61moz. Over 50,000m of drilling has previously been undertaken at the deposit.

During the feasibility phase, the plan is continued drilling and completion of baseline environmental studies leading to completion of an Environmental Impact Statement (EIS).

An initial resource of 7.4mt@1.37g/t Au (327koz) has been delineated at Portalegre, approximately 100km to the north-east of Montemor. The company considers the shallow oxide ore to represent an excellent opportunity to establish a heap leach operation, also at a production rate of around 60kozpa.

We anticipate development of both Portuguese projects is a few years away, with the exact timeline yet to be determined.

Initially, the Company plans to establish a resource inventory of 2moz, which will aid in deciding the most appropriate development strategy for the projects.

Provided activities are progressed promptly, first gold production could be achieved by mid to late 2010, based on a simple cyanide heap-leach style processing plant to produce around 60kozpa. A second operation at a similar rate may start twelve months later.

Board and Management

The board of directors have significant experience in developing gold and base metals projects. Executive Chairman Hugh Callaghan is a former Rio Tinto Limited (RIO) executive, partly responsible for developing Riversdale Mining into a $600 million company, and share price appreciation well over 1000%. Previous experience also includes working at the Escondida mine in Chile .

MD, Mike Fischer is a seasoned mine manager, joining TMR from CBH Resources Limited (CBH), where he was EGM operations.

TMR have executives on the ground in Chile and Armenia , actively overseeing the exploration and expansion plans, including Steve Playford, mine manager at Cinabrio.

Conclusion

In summary, we have been impressed by the progress made by management to date in the short time since the acquisition of Iberian resources. The team appears to have a genuine commitment to growing the business at a manageable pace, and the next eighteen months will be a critical period of transformation of the company from small-scale producer, to diversified miner.

A total of five mining projects have potential to be in production within three years, which represents an ambitious target, however one that the company believes is achievable.

We believe the growing production base, excellent potential for further substantial increases to the global resource inventory and potential production/earnings profile going forward should continue to see the company attract a high level of interest and support in 2008.

RISK STATEMENT

The analyst has determined that the risk profile for this company is significantly higher than for the market as a whole, and so may not suit all investors. Clients should make an assessment as to whether this stock and its potential price volatility is compatible with their financial objectives. Clients should discuss this stock with their advisor before making any investment decision.

DISCLAIMER:
This report is published by SHAW Stockbroking Limited ("SHAW") in good faith based on the facts known to it at the time of preparation and does not purport to contain all relevant information in respect of the Financial Products to which it relates. Any projections are estimates only and may not be realised in the future. SHAW has prepared this report for multiple distribution and without consideration to the investment objectives, financial situation or particular needs ("Objectives") of any individual investor. Accordingly, any advice given is not a recommendation that a particular course of action is suitable for any particular person and is not suitable to be acted on as investment advice. Readers must assess whether or not the advice is appropriate to their Objectives before making an investment decision on the basis of this report. Readers can either assess the advice themselves or if they require a recommendation personal to them, they should seek the help of their SHAW client adviser. This research has been prepared for the use of clients of SHAW and its wholly owned subsidiaries and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this research in any way. Nothing in this research will be construed as a notification to buy or sell any Financial Products, or to engage in or refrain from engaging in any transaction in a Financial Product. This research is based on information obtained from sources believed to be reliable but SHAW does not make any representation or warranty that it is accurate, complete or up to date. SHAW accepts no obligation to correct or update the information or opinions in it. Any persons relying on the above information does so at their own risk. Except to the extent that liability under any law cannot be excluded, SHAW disclaims liability for all loss or damage arising as a result of an opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence. SHAW will charge commission in relation to client transactions in Financial Products and SHAW client advisers will receive a share of that commission. SHAW, its associates and their respective officers and employees may earn fees and commission from underwriting Financial Products and may act as principal in respect of or otherwise have interests in the Financial Products. Analyst Independence: The Research Analyst who prepared this document hereby certifies that the views expressed in this document accurately reflect the analyst's personal views about the subject company(s) and their Financial Products.

[greenpastures] 24/9/2007 10:16

Agree Cerrito- not enough margin between share price and nav at the moment allowing for the fact that the Tamaya holding is probably illiquid at present, unless a strategic investor comes along.

Western Goldfields looks to be a good investment. A shame LTR has sold so much of its holding. It no doubt needed the safety of a cash cushion at the time.

Upside in LTR looks as though it is dependent on Tamaya doing well unless it can off load its stake and find a better investment somewhere else. Cheap resource investments are probably hard to find though.

[cerrito] 23/9/2007 19:43

No wonder the site is quiet; only 335K shares traded all week.
I am going on the basis that they have £2.6m cash-a reduction from the £2.9m at 10 August as they would have had to pay legal costs associated with the Tamaya deal.
On the basis they still have 2.5m Western shares as at 10 August that would give us £4m-ie 2.5m at US$3.24 at .495US/£ FX rate.
The 85m Tamaya at .3A$x..429A$/£ FX rate gives us £10.9m plus £0.5m for Tanami. That is £18m according to my calculations, which people are invited to check.
With 270m shares this gives us 6.6p a shares NAV..
We of course on the upside have the Tamaya options but on the downside a UK Tax liability as gains on the sales of their US gold shares are not offsetable as I understand from Chile losses-but cannot quantify this.
Despite all the above, not minded to increase my holdings.

[rickus] 23/9/2007 11:43

Quiet on here.

Has anyone recently worked out the value of their assets?

Tamaya has taken most of the attention recently, which is not surprising.
Tanami has picked up a bit recently.

Western Goldfields is over $3 again and is raising funds at $3.05 - see below.
I sold the remainder of my holding a few months back. LTR had also sold some of their holding but when I spoke to Martyn K he thought it had some way to go. An opinion shared by a few people who have started posting on the stockhouse bulletin board.


Western Goldfields Plans C$30M Bought-Deal Offer >WGI.T
September 20, 2007 4:50pm ET
DOW JONES NEWSWIRES

Toronto's Western Goldfields Inc. (WGI.T) has entered into an agreement with a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and RBC Capital Markets to sell 9,840,000 shares at C$3.05 each, for proceeds of C$30,012,000.

Western Goldfields said the financing is scheduled to close on or about Oct. 12 and proceeds will be used for general corporate purposes.

Western Goldfields is a mining company.

According to the TSX Web site, the company has about 118 million shares outstanding.

-Tara Zachariah; 416-306-2100; [e-mail]

(END) Dow Jones Newswires

09-20-07 1649ET