Mining Minerals & Metals Share Discussion Threads

[jackohelp] 01/2/2006 08:13

well i got out at 8p and 7.750 and now watching from sidelines. sorry folks, think many have done the same. good luck all

[bongo bwana] 31/1/2006 12:28

Interesting selling incidents this a.m. No idea at present if they are informed but one must take account of CGT issues and sort them out at this time of year.

The proposed agreement with Goldfields was at draft stage in late July 2005. Its not unreasonable in the nature of such agreements for a 6 month maturation prior to its conclusion.

Its interesting that Goldfields is prepared to invest 12million in an exploration programme in Mali while it could have acquired the entire GEX Issued Share Capital for a marginally greater sum back in July 2005.

Dont take Ur eye off the ball here.

There is ample room for very positive newsflow relating to Mali and Ghana between now and AGM time.

[spaceparallax] 30/1/2006 18:32

Otherwise, a pretty glum day 300K traded and almost all sells - methinks that the euphoria has expired and the share price is returning to business as usual. Nice while it lasted and I am sure that things will come good at some point; however, without production driven fundamentals or a takeover, it is always difficult to sustain such spikes.

[bongo bwana] 30/1/2006 10:32

Hi Guys,

back to the day job, at last.

The proposed Goldfields agreement is old news. What will be news is when the agreement has been concluded and the details of a $12million investment in a aggressive, well planned and targeted exploration programme for GEX's license areas finalised. There will be a confirming RNS. This should have a positive impact on GEX's current share price.

Anyone who was in Glencar at the time that it was disposing of its interest in Wassa will remember the frustrating months absorbed by the legal eagles and banks involved in concluding and agreeing the minutae of the final wrap up.

Remember Goldfields is not investing this huge sum because its a charitable organisation which likes GEX and its Board. Goldfields is an international world class mining conglomerate and it did not get to and retain its "Premier Division" status by being "nice guys".

The details of the proposed deal will be interesting and important to GEX and its shareholders. It will also represent potentially excellent business for Goldfields who must be anxious to establish the nature of the geology in the license areas adjacent to Komana. The soooner they manage to do that the sooner they will know when to step in and buy Komana from GEX or buy GEX outright OR walk away and perhaps leave GEX with the findings of its $12million exploration programme.

Remember also that the economics of puting a mine in place to a conglomerate are vastly different to those of minnow exploration/mining company. Goldfields will have to be satisfied that there is a minimum of recoverable (say over a period of 10 years) ounces of say 1 or 2 million ounces of gold present before they advance the possibility of buying GEX etc etc.

The question arises then, say in 18 months time when the explorarion programme has advanced their knowledge of the geology of the area significantly, that if Goldfields do express an interest in acquiring GEX, what price will GEX shareholders accept for their shares.

IN these circumstances STAY COOL.

[spaceparallax] 27/1/2006 17:55

Reasonable volume today, but rather mixed sentiment - was looking quite good until the late 500K sell. Interstingly, there does seem to be real enthusiasm out there for good exploration potential, as witness BEM, which has done well on the back of little news - that said, it was after a lengthy spell in the doldrums (not dissimilar to GEX a few weeks back, but less so).

[spaceparallax] 27/1/2006 13:07

It's all down to timing. News soon will provide a wonderful tonic; leave it too long and investor confidence will wane.

Until it's in RNS here, it doesn't count.

[pecker1] 27/1/2006 11:50

See post 205 - it's all there. The Goldfields statement is just saying the same thing. The news will be the conclusion of the agreement which should be any day now.

[thecynical1] 27/1/2006 11:36

very interesting....the question is why are Glencar not actually announcing this as news as well ? or was this all common knowledge already ? any comments ?

[jackohelp] 27/1/2006 08:27

Field work commenced at the 85 per cent Telikan in Guinea and the option on the
68 per cent Mansounia projects was relinquished to the vendor Afminex. The
agreement with Glencar Mining plc (AIM: 'GCM') on their 85 per cent Sankarani
project in south-western Mali nears completion with field work scheduled to
begin shortly.

it's there ok.. just searched using MS word

[thecynical1] 27/1/2006 07:39

smith thanks. will a look this morning.

[smitb] 26/1/2006 21:24

Me too at first! IE wouldn't find it using the Find function, unless I highlighted some text first then tried the Find function.
Its under 'Exploration and corporate development' about a quarter of the way down.

[csterling] 26/1/2006 21:22

forget the 'nears completion'. Surely the thing to look at is 'the field work scheduled to begin shortly'. Timespan weeks, therfore surely it follows the agreement has to be completed within days?

[spaceparallax] 26/1/2006 19:59

Me too. It would have been nicer to see a better indication of timing rather than the relatively vague 'nears completion'.

[thecynical1] 26/1/2006 18:23

smith...hi...where did you find the bit about Glencar in the statement ? I scrolled down through the RNS...missed Glencar being mentioned...could you please point out roughly where it is ? that is one hell of a document to scroll through line by line !!!! ; )

[smitb] 26/1/2006 13:31

Credit to cyclingcat from TMF for finding this in todays Goldfields release:



The agreement with Glencar Mining plc (AIM: 'GCM') on their 85 per cent Sankarani project in south-western Mali nears completion with field work scheduled to begin shortly.

[spaceparallax] 23/1/2006 18:59

Great, I look forward to seeing them - didn't realise that news was due so soon.

[thecynical1] 23/1/2006 16:26

space...the expectation is that the details will be made public this week if I understand that article correctly...there is not going to be much time for the price to fall back ! ; )

[spaceparallax] 23/1/2006 11:13

Cest,

No doubt it will once it happens - until then, the share price is likely to fall back - it's the nature of such 'early phase' shares.

[cestnous] 21/1/2006 09:17

SLJ

Good find. Will be interesting to hear the terms of the Goldfields deal. Should push the share price again.

[thecynical1] 20/1/2006 18:02

SLJ...thanks for that. makes very interesting reading. my only question with these at the moment is...are they planning on raising funds ? with the recent move up in the shareprice...it is conceivable that they will go to the market ( or the select few which Irish companies generally have for funding purposes ) to raise some money ? anybody else think this may be on the cards ?

ref the Gold Fields project.....how much cash does anyone reckon they are going to have to stump up ? or is it just a farm-in...Gold Fields spend the money and by doing so acquire a serious percentage of the cake ?

[slj] 20/1/2006 17:35

20/01/06
Glencar hopeful on Mali drilling

By Brian O'Mahony, Chief Business Correspondent

GLENCAR Mining's share price has trebled in recent weeks following good drilling results in Mali.

The shift from 2.5p sterling (3.6 cent) to 8p (11.6c) has been precipitated by the discovery of high density gold deposits.

These could mean decent returns for shareholders within the next few years, provided findings in Mali deliver in the long term.

A significant number of holes have been driven in the past few months with exceptional results.

Glencar chief executive Hugh McCullough said yesterday: "I have never seen anything like this in 20 years of drilling for gold."

As well as that the group says previously reported high grade deposits have been confirmed and upgraded following completion of further assessment of the areas previously drilled.

Glencar is optimistic and hopes by the middle of next year to have a commercial gold mine on its hands.

Within the next week the Dublin-based group is due to sign off on a $12 million (€9.9m) investment programme with Gold Fields, one of the world's major gold producers.

The deal involves the Mali gold project, but involves separate drilling areas to the ones already proven by Glencar.