Metals Exploration Share Discussion Threads

[lord badger] 30/3/2011 14:54

Just received the Operational Update. Very nice! Here are the highlights:

Highlights
Mining Reserve increased by 15% to 900,000 ozs, representing 85% of the gold scheduled to be mined.
Total in-pit scheduled Mining Reserve and Mineral Resource now contains 1.06M ozs, representing a 10.3 year mine life.
The mine pit has been re-optimised resulting in a substantial reduction in the operating strip ratio to 5.2:1 (from 5.9:1), a reduction of 0.7 tonnes of waste per tonne of ore.
Metallurgical grade reconciliation and composite sampling of the ore zones have indicated a potential gold grade uplift of between 7-10%. This has not been incorporated into the Mining Reserve nor Mineral Resource estimations.
Recent flotation testwork has been positive with design parameters met or exceeded including an improvement in recoveries. A simpler flotation circuit has been adopted.
Molybdenum testwork is ongoing.
"Declaration of Mining Project Feasibility" endorsed at the local, Municipal and Provincial levels of Government, and currently waiting sign-off from the Mines and Geosciences Bureau.
Leighton Contractors Asia expected to deliver fixed price Engineering, Procure and Construct ("EPC") quote in Q2 2011.
Two diamond drill rigs dedicated to step-out exploration drilling. The first hole completed 100 metres south of the planned pit returned a 17 metre interval grading 1.59 g/t Au and 1,319 ppm Mo from 114 metres down hole.

[tombarr] 22/3/2011 16:48

Interesting: FCF Minerals Corp (Metals Ex 85% owned Runruno Sub) have recently advertised for a Project Civil Engineer & an Accountant.



Project Civil Engineer
FCF Minerals Corporation - National Capital Region FCF Minerals Corporation Advertised: 04-03-11 | Closing Date: 03-05-11 Project Civil Engineer (National Capital Reg) Requirements: Bachelor of Civil...
From JobStreet.com - 18 days ago email - more...
View all FCF Minerals Corporation jobs - National Capital Region jobs


Accounting Assistant
FCF Minerals Corporation - National Capital Region FCF Minerals Corporation Accounting Assistant Responsibilities: Assist in updating computerized accounting system, including monitoring of expenses and...
From JobsDB Philippines - 15 days ago email - more...

February 17, 2011:

In a recent provincial board meeting FCF president Ian Holzberger and country manager Craig Watkins said that the Runruno Gold-Molybdenum Project is projected to uplift the economic condition not only of the Runruno community where the company operates but the entire province of Nueva Viscaya and the whole country as well.

[tombarr] 21/3/2011 17:25

Should be an Operational Update by the end of next week, at the latest.

[holism] 21/3/2011 16:03

deal not completed yet but it will be and the share price will go up, in a few years time it will have 5m ozs etc AIMHO

[garrymorrow] 20/3/2011 21:26

Thanks again Tombarr. I'm recinding.

[mikey34] 19/3/2011 21:10

Well I will definitely be rescinding....it looks like a no brainer....delighted to be able to have the chance to share in a possible bonanza that I thought had been absolutely nicked.
Thanks to Tombarr in particular for some excellent posts and of course to the complainants for giving us a second chance.Exciting times.

[tombarr] 17/3/2011 07:58

The Company has kindly confirmed to me today that an "Operational Update" will be made this quarter.

This advice does not clarify if it will include the prospective "Resource Update" referred to in the last "Operational Update" dated 22 December.

Candy may or may not have much to lose by way of rescission uptakes (shareholders exercising their right to buy back at 13p) prior to April 14th. But Candy will undoubtedly have some vested interest in a suppressed share price to discourage rescission. Therefore, and this is purely speculation, a bullish resource update prior to April 14th will not be in Candy's interest.

However, it is unknown what influence, if any, Candy might now have on the Operational Update. It might be an area he has to stay well away from, given the unspecified and withdrawn allegations. Plus the current price premium is such that it would be idiotic not to rescind, anyway.

It may be that unsophisticated or distressed rescission sellers, prospective and actual, are holding the price down by feeding the market with their windfall stock to some extent, for a limited period, providing the buying opportunity that will no doubt evaporate after April 14: (a) they can't rescind after this date and (b) any resource update (before or after this date) will likely set a new higher basis for the stock.

After that date the very limited effective free float will work in the long's interest, with a positive Resource Update (which has to come at some point, even if not before April 14) adding more petrol.

Interesting one.

[benson384] 14/3/2011 14:13

Paying 20p for 11k shares, as you say Tombarr market caught out.

[tombarr] 14/3/2011 13:21

The move might be fast rather than slow as there are no sellers.

[benson384] 14/3/2011 12:55

A slow move upwards as investors become aware of significance of the recent upheaval of bully boy tactics.....and the fact the company now access to CASH to develop further.
13p will look insignificant in 6 months.
DYOR
The sun is shining..............

[tombarr] 12/3/2011 09:27

In summary:

Work to date has defined a resource of 1.42 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 900,000oz gold reporting to the Measured and Indicated categories and 780,000oz gold within the Mining Proven & Probable Reserve category. For further information please see the Runruno Resource page.

EDIT: = most undervalued stock on the market, hence Candy trying to nick it.

[tombarr] 12/3/2011 09:00

Yes, you get the shares back but Stamp Duty is payable by the purchaser, losing out to the Govt. in a minor way (but you can obviously rest assured the tax will be properly applied to ensure that Preachers of Hate are not inconvenienced by employment)on the purchase from Candy:

Taxation liability

Accepting Shareholders who exercise their Right to Rescind should not be subject to capital gains tax or corporation tax on chargeable gains. However stamp duty will be payable by Accepting Shareholders who exercise their Right to Rescind, at the rate of 0.5 per cent., rounded up to the nearest GBP5 on the amount of the consideration returned to Solomon. Where the consideration returned is less than GBP1,000, no stamp duty will be payable.

[benson384] 11/3/2011 19:04

Tombarr,you are totally correct. If you accepted the offer at 13, and did not sell in market, you van get shares back plus stamp duty.
If you sold in market, you are history.................

[tombarr] 11/3/2011 16:58

No, I don't think so. Only if you offered them up to Candy. But please check.

[giantpeach2] 11/3/2011 15:50

if you sold at 12.75 after the offer of 13p into the market via my broker, do i still qualify to buy them back at 13p????

[tombarr] 11/3/2011 14:41

From 22 Dec 2010;

In-Fill Drilling Programme

To date 12,115 metres of the 13,400 metre post-feasibility study in-fill drilling programme previously advised has been completed. The results received so far are being reviewed by Mining Associates with a view to reporting a resource update in the first quarter of 2011.

So, Resource Update due very soon.

[tombarr] 11/3/2011 09:29

It's true Candy did supply the funds, adding eggs to the basket. The trouble was that Candy's eggs were cuckoos and the machinations with the loan that attempted to influence the (failed) bid were pretty disgraceful. However, that is behind MTL now. The really great thing is that it's probably the most dangerous short in the world too, if you could borrow the stock, which you likely can't. Solomon and RHL could smoke them in a spit.

[holism] 11/3/2011 07:53

This is all fantastic news, however going forward who will be the new CEO and how independant will he be. Clearly Candy probably had information that the market did not otherwise the share price would have been higher etc. On the Candy plus side he was the only investor when the company needed funds. At the time I was surprised that Beardsworth with his considerable banking background allowed the company to get into such an awfulmess.Now we cam move forward but we have lost a few years.

[tombarr] 10/3/2011 14:36

Rescind and hang on is probably the only way to go - you could be sitting on shares in a 1 or 2 million oz or maybe even greater resource. Even at $100 oz in the ground that's $100 to $200m, and $1.4 to $2.8 bn revenues at prevailing gold prices. The maths are pretty simple...

Candy wanted your stock at 13p, got it and now he has to sell it back to you. "Where's that bloody dog! I need someone to give it a kick.". And another billionaire group have just pitched up too, together making a very good majority.

So you are in the company of powerfully resourced shareholders well able to make it happen and with considerable skin in the game. MTL is one of the most overlooked stocks on the market; nobody seems to understand the deal and the share price should and could go ballistic on the next reserve report.

The free float post new mine development funding (Candy and the new group won't be trading it) is pretty minimal, which will amplify any movement by this shortage of stock; only 12.4% of the shares out will be truly free float.

Plus, it's even better than that in reality: it appears that a lot of the genuine free float holders in the minority have a VERY good idea what Runruno is worth (otherwise why the massive and successful fight against the 13p offer?) and definitely won't be binning stock down here.

MTL really is an interesting one, and right under the radar, subdued by recent history...

[mikey34] 10/3/2011 14:00

Got my offer of opportunity to rescind through today.Interesting.

[tombarr] 09/3/2011 14:25

A Reminder from 2008



And another from 2010 (Pre Candy Offer)



We are already at 3/4m oz's proven and probable ahead of a reserve report involving considerable driling that is hardly likely to reduce the reserve and very much more likely may put it up very consdiderably.

Even if it is ultimately proved up to be only 10% of the analagous Cripple Creek that's $3.3bn worth of gold alone at today's prices, by my maths...

[benson384] 09/3/2011 14:12

This looks like a very good result. Circa £50m more in Bank than pre-bid, minority holders able to keep equity interest, and benefit from the future development of mine after 6 years of waiting....
Quite amazing City actually looked beyond their fees to see a potential instead of selling us down the river...