Mining Minerals & Metals Share Discussion Threads

[stuart14] 23/10/2007 09:54

Exactly. If there is going to be a period now of consistent news flow then i expect more to buy in. If they can increase those JORC figures regularly then we are all laughing.

[valentine] 23/10/2007 09:53

Not if they are back in in two weeks surely?

[davenic] 23/10/2007 09:51

May have to fall a bit more before we see any buying pressure...its not one of the most popular shares around so volumes tend to be quite low.....now estimate out the way maybe in for a quiet few weeks

[eintracht] 23/10/2007 09:51

I do hope you're right. Maybe TW was a little quick in his initial assessment.

[deka1] 23/10/2007 09:50

agreed the key words are preliminary resourse, many pi,s who invest only on tips, will have been expecting much more at this stage perhaps,new drilling reports every 8/10 weeks , from now if consistantly good, the share price will rise with them IMO, DYOR

[valentine] 23/10/2007 09:47

"Glencar said an intensive infill and exploration drilling campaign at Komana West is scheduled to recommence within the next two weeks".

I am not selling yet. Great that they got this lot by the Nomad. More to come I sense.

I know one who sold first thing. Silly to sell so quickly but it did start the rot. He is not a 'sophisticated' trader. He merely takes a profit and thinks about it later. He is not right this time imo.
I'm waiting to see what Golmines reaction may be now.

------------------------------------

07:56 Glencar announces indicated and inferred resource of 520,000 oz at Komana West AFX UK Focus
LONDON (Thomson Financial) - Glencar Mining PLC said a preliminary independent resource study estimates an indicated and inferred resource of 520,000 ounces at its Komana West project in southern Mali.

The Dublin-based exploration company said the report states that the 520,000 ounces represents only a portion of the resource likely to be demonstrated at Komana West following further exploration.

Also, the report states that further infill drilling has the potential to increase the resource by up to some 200,000 additional ounces, Glencar said.

The company added it expects drilling along the strike and at depths greater than those drilled to date will add significantly to the current, preliminary resource.

Glencar said an intensive infill and exploration drilling campaign at Komana West is scheduled to recommence within the next two weeks. [e-mail] ypv/jrr


COPYRIGHT

[haydock] 23/10/2007 09:41

This note from the interim report sums up the situation, & to my way of thinking explains where we are with this resource.
They have as we have been told a type of stepping stone resource, not continous, but with clearly an unknown depth.

"At Komana West, the drilling will be
designed to increase the resource base through additional drilling
at depth and along strike, and also to increase confidence levels
within the resource through infill drilling on closer centres. The
deposit has been intersected in the deepest drillholes yet drilled,
so that we have strong expectations of increasing the resource at
depth with the deeper drillholes planned for the next phase of
drilling."

The nest seasons drilling could be much more productive as it will now be far more directed.They now know where to drill & how to drill in the eastern deposit.
They have commenced the resource growth path, others will be watching carefully this winters developments.

We were advised conservative results, & it looks to be the case.However there is a clear attempt to explain why this is the case, & we can see that they will be able to go more quickly along the path from this year.

[robbi123] 23/10/2007 09:40

TW clearly doesnt understand what exactly HMc is doing. What was he expecting?? surely he knew the resource estimate was not going to be in its millions....yet! Hugh explained that in his webcast. I think TW is expecting instant success. The resource estimate is based on drills to date. Clearly this has the potential to be a 2-3 mil oz resource at a time when gold prices are motoring ahead. Lets see what this busy drilling season brings!

[willyworm] 23/10/2007 09:36

I think the difference is Hugh and the team prefer to go slowly, slowly, catchy monkey. I have no doubts that this will prove to be at least a 2-3Moz resource, but just not provable at this stage. I think anyone expecting a 2Moz JORC resource at this stage doesn't understand mining. Am more than happy to hold but expect short-termers to jump...

[tsmith2] 23/10/2007 09:34

EIN

I dont think TW was expected 2-3mn oz straight away!!

this is purely a preliminary resource and from only a fraction of the acreage, the drilling was based on a very limited understanding of teh geography which has subsequently been refined.

With 2 drills out there, at least twice as much drilling will be done and also on some potential very exciting targets.

very encouraged - light profit taking. I suspect TW will reiterate his BUY stance once he has had a chat with the co.

[davenic] 23/10/2007 09:32

If thats the case not very good then...may see a few more sellers as news gets out TW has alot of followers

[eintracht] 23/10/2007 09:27

Well, I've just ploughed back through previoous updates from TW and on the May 2007 update he mentions a potential resource of between 2-3 million ounces. No wonder he is disappointed. Let's wait and see what more detailed update he gives later today hopefully. In the meantime it seems a few have read his one line update on the Morning Call and started to sell.

[share_shark] 23/10/2007 09:22

Wake up and work the figures out for yourself !.
The MM's have got you( at the moment) by the short and curlies.
Forgotten the adage " buy on rumour , sell on fact" ?.
THAT is the market today!. If there are not sellers, the MM's will do the rest!.


Take a look at the share price in ten days or so and you may have a nice surprise.
INMHO DYOR.

[davenic] 23/10/2007 09:18

Didnt seem that bad

[yorgi] 23/10/2007 09:17

Ah i see...........so not what was expected then

[scotty1] 23/10/2007 09:11

T.W says Disappointing and downgrade to a hold until he can speak to the company

[davenic] 23/10/2007 09:11

So what you all make of this then ?

[davenic] 23/10/2007 08:55

Hopefully all wake up in a min

[davenic] 23/10/2007 08:23

I would expect we will get a TW update this week

[davenic] 23/10/2007 07:59

Excellent :-)

[tsmith2] 23/10/2007 07:29

I like it alot

a fraction of what is there - effectively a 1million ounces already and this is only a portion of what the eventual figure will be!

Aggressive drilling this year 2 drills

[bongo bwana] 23/10/2007 07:24

No unpleasant surprises in the RNS :-).

STEADY and into a fair wind.

[chuckycheese] 23/10/2007 07:23

excellent news - share price will fly!

[robbi123] 23/10/2007 07:07

Resource Estimate
Glencar Mining plc Preliminary JORC compliant gold resource estimate for Glencar's
Komana West deposit completed by SRK 23 October 2007Highlights
* Preliminary indicated and inferred resource of 520,000 ounces at
Komana West. * SRK report states that they believe that this resource represents
only a portion of the resource likely to be demonstrated at
Komana West following further exploration. * SRK report states that further, largely, infill drilling, has the
potential to increase the resource quoted above by up to 200,000
ounces. * Intensive infill and exploration drilling campaign at Komana West
about to commence
* Drilling also to commence at Komana East deposit where non JORC
compliant resource of 280,000 ounces has been estimated by
previous licencee
Glencar Mining plc ("Glencar" or "the Company"), the AIM and IEX
listed company with gold exploration interests in Africa, is pleased
to announce that a preliminary independent resource study, carried
out by SRK Consulting (UK) Ltd ("SRK"), has reported an Indicated and
Inferred, JORC compliant, Mineral Resource of 520,000 ounces of gold
at Komana West in Mali.
This preliminary resource estimate was commissioned by Glencar in
order to provide an initial estimate of the scope of the gold
resource drilled to date. This will now provide a platform against
which the results of the intensive drilling campaign, which is about
to commence at Komana West, can be assessedA report, written by SRK to accompany the resource estimate, states
that the 520,000 ounces represents only a portion of the resource
likely to be demonstrated at Komana West following further
exploration. The density of the drilling carried out to date does
not provide sufficient certainty regarding ore continuity to enable
additional ounces to be brought into resource category at this time
and the report states that further infill drilling has the potential
to increase the resource reported above by up to some 200,000
additional ounces. In addition, the Company hopes that drilling
along strike and at depths greater than those drilled to date will
add significantly to the current, preliminary resource.
The details of the Preliminary Independent Resource Estimate are
given in the table below and the full SRK Report will be posted
shortly on the Company's website, www.glencarmining.ieDrilling is scheduled to recommence on the Komana concession within
the next two weeks, and all field crew have already been mobilized to
the camp at Komana. The programme, which will utilize two drill
rigs, will build on the established resource base at both the Komana
West and Komana East deposits. At Komana West, as well as the infill
drilling referred to above, the programme will include drilling
along strike to extend the resource base in the southern part of the
already drilled area and first-pass drilling over several targets
along-strike on the Komana shear identified by field mapping during
the past field season. Drilling will also begin shortly on the
Komana East target some seven kilometres to the east where the
previous licencee established a non-JORC compliant resource of
280,000 ounces (2.46 million tonnes of ore grading 3.49 grams/tonne)
with a series of RAB, auger and diamond cored drillholes and
trenching.
TablePreliminary Indicated and Inferred gold resource at Komana West
Tonnage Grade Gold
(kt) (g/t) (oz)Indicated 1,820 2.1 121,000
Inferred 9,800 1.3 399,000
Indicated & Inferred 11,620 1.4 520,000
Hugh McCullough, EurGeol., PGeo, Managing Director of Glencar, is a
member of the Institute of Geologists of Ireland. He is a qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies, March 2006, of the London Stock Exchange. He has reviewed
and approved the technical information contained in this
announcement.
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Tel: [phone]
e-mail: [e-mail]
Brian Corr, Associate Director
Tel: [phone]Heneghan PR
Rachel Watchorn
Tel: [phone]
e-mail: [e-mail] Communications
Nick Rome/Fran Read
Tel: [phone]
e-mail: [e-mail]
Glossary of Key Terms"diamond drilling" a rock drilling method using a rotary diamond bit
which is attached to long hollow rods. The drill cuts a cylindrical
core of solid rock, recovered for geological and metallurgical
examination, and assay purposes. Also referred to as diamond coring
or DC;"Indicated Mineral Resource" an Indicated Mineral Resource is that
part of a Mineral Resource for which tonnage, densities, shape,
physical characteristics, grade and mineral content can be estimated
with a reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes. The locations are too widely or inappropriately
spaced to confirm geological and/or grade continuity but are spaced
closely enough for continuity to be assumed;"Inferred Mineral Resource" a mineral resource inferred from
geoscientific evidence, drill holes, underground openings or other
sampling procedures where the lack of data is such that continuity
cannot be predicted with confidence and where geoscientific data may
not be known with a reasonable level of reliability;"JORC" the code for reporting of the Australasian Joint Ore Reserves
Committee, which is sponsored by the Australian mining industry and
its professional organisations. The code is widely accepted as a
standard for professional reporting purposes for reporting of mineral
resources and ore reserves;"RAB drilling" Rotary Air Blast drilling is a drilling method similar
to reverse circulation drilling but where the rock cuttings are
forced to the surface outside the drill tube. This method is usually
used for a first pass drilling programme to more accurately define
targets for reverse circulation and diamond drilling.
- ---END OF MESSAGE---

[chuckycheese] 19/10/2007 16:12

stuart - well done mate!