Mining Minerals & Metals Share Discussion Threads

[thecynical1] 17/2/2006 09:19

nice price for the placing..... : ) looks like they must have a good story to tell if those getting involved were prepared to pay nearly the market price for the shares.......

[pparkin405] 17/2/2006 09:19

good price 7p very little discount does that mean we had control of the negotiations does it mean hey you guys put in 7p now and we'll give you 10p in a few months, looks good to me

[bennie buffett] 17/2/2006 09:08

Needed to be done at some stage and puts a new base on the share price.

[slj] 17/2/2006 08:59

Placing

RNS Number:5688Y
Glencar Mining PLC
17 February 2006

GLENCAR MINING PLC

Glencar Announces the Placing of 18 million New Ordinary Shares

17 February 2006

The Board of Glencar Mining plc ("Glencar" or "the Company") is pleased to
announce the conditional placing of 18,002,000 new Ordinary Shares of nominal
value Euro0.031 ("New Ordinary Shares") in the capital of the Company at Stg#0.07
per share, equating to approximately 8.69% of the existing issued share capital
of the Company and raising in aggregate Stg#1.26 million (US$2.19 million)
before expenses ("the Placing"). The New Ordinary Shares will, when issued and
fully paid, rank pari-passu in all respects with the existing issued ordinary
shares. The Placing is only conditional on the New Ordinary Shares being
admitted to trading on AIM.....(more)

[harryxxx] 15/2/2006 11:51

Thanks for the update tonudiki

It bodes well for an very active February/March period that should produce a number of highly prospective outcomes.

[tonudiki] 14/2/2006 19:34

Harryxx

Re future drilling work at Komana west & Solona

Extracts from Glencar's website dated today:-

Resulting from field programmes, a reverse circulation drilling programme was commenced at the Komana West target in November 2005. 1,942 metres of drilling were completed. Bonanza gold grades of 55.19 g/t were intersected over 20 metres in one of the holes and other holes intersected supporting ore grade mineralisation over a strike length of 800 metres. Recent field mapping suggests the potential strike length of the mineralised structure is at least 1.7 kilometres. Further mapping and sampling in the area of this projected extension will commence shortly and a follow up drilling programme is scheduled for March next.

Work is underway on delineating other targets within the Komana licence and also for the initial coverage of the Solona licence. An extensive database of previous work is available for the Solona licence and the geochemistry results in particular, are especially encouraging.

Drilling will soon recommence at Komana West to evaluate the potential for strike extensions to the mineralised zone already established.

Exploration will be commenced during February 2006 on the new licence at Solona, which lies adjacent to and east of the Komana licence.

[bongo bwana] 14/2/2006 13:16

Sankarini/Komana drilling programme:

[happyblackbunny] 14/2/2006 10:56

thanks Bennie.

[bongo bwana] 14/2/2006 10:41

GREAT post bennie - many thanks.

[bennie buffett] 14/2/2006 10:24

Glencar (GEX ID)
Gold Fields deal offers plenty of positives
Previous close: 10.3c Target: 15.2c (05/08/05) Analyst: [e-mail]
Glencar announced on February 13th that it had completed a partnership deal with Gold Fields which will allow the latter
earn an interest in three of Glencar's licences in Mali.
While the deal is in some ways old news to the market, it is still an important milestone for Glencar.
Firstly, it removes some of the uncertainty regarding the finality of the agreement.
Secondly, the agreement with Gold Fields demonstrates the value that Glencar has already captured in the three relevant
licences. It originally acquired an 85% interest in the licences when it agreed to a total expenditure of $1.2m on the
properties over a period of four years. Gold Fields, on the other hand, could now spend up to $12m over a six-year period to
acquire a 65% interest in the licences.
Thirdly, the transaction enables Glencar to concentrate its funds on developing other high-impact prospective properties in its
African portfolio. The most obvious target for capital is Glencar's Komana licence in Mali. Glencar has an 85% interest in this
licence from which a recent drilling programme returned significant grades of gold.
Finally, the Gold Fields partnership deal underscores the prospectivity and credibility of Glencar's assets in Mali: Gold Fields
was the world's fourth-largest producer of gold in 2004.
With field work on the Gold Fields-aligned licences beginning over the next few days and a new drilling campaign due to
commence on Komana, Glencar is certainly one to watch over the coming months.

[harryxxx] 14/2/2006 09:35

It was reported on January 13th 2006

"These results are extremely positive for the potential of the Komana West target and will be followed up with an intensified drill campaign involving both reverse circulation and diamond core drilling, further details of which will be announced as soon as possible".

Any idea guys when this will be?

[bongo bwana] 13/2/2006 20:30

Guys - were all on the 1 wavelength.

And keep Ur eyes on the word "Solano". It may be just as good an area for bonanza grades as Komana is.

[trotting12] 13/2/2006 18:25

bought in today,been on my monitor for a while,one for the bottow draw.

[tonudiki] 13/2/2006 18:14

Bennie B

Agreed

[bennie buffett] 13/2/2006 17:09

I concur - must have been priced in as been public knowledge for sometime. GEX best gold exploration story IMO on AIM at the moment.

[spaceparallax] 13/2/2006 15:30

I'm rather surprised at the relatively muted reaction to the RNS.

[keevo] 13/2/2006 13:33

nice RNS. certainly looks to double this year!

[bongo bwana] 13/2/2006 10:18

RNS Number:3000Y Glencar Mining PLC 13 February 2006



GLENCAR MINING PLC


Glencar Signs Agreement with Gold Fields on Sankarani Project, Mali


Glencar Mining plc ("Glencar" or "the Company") is pleased to announce the execution of a legally binding, conditional agreement (the "Agreement") with Orogen Holdings BVI Limited, ("Gold Fields") a wholly owned subsidiary of Gold Fields Limited relating to the Sankarani project in Mali, West Africa. Pursuant to the Agreement, Gold Fields must spend up to US$12 million in exploration expenditures in order for it to earn a 65% interest in three of the five exploration licences in Glencar's Sankarani Project.

Glencar's Sankarani Project consists of five exploration concessions at Bokoro, Sanioumale, Farasaba, Solona and Komana in southwestern Mali, totalling 1,250 square kilometres in area. Under the terms of the Agreement, Gold Fields may earn an interest in the Bokoro, Sanioumale and Farasaba concessions, (the "Property") by making exploration expenditures as follows:

* Gold Fields will be entitled to earn a 25% right to the Property by

incurring exploration expenditures of US$2.5 million by 31 December 2007,

the Phase 1 Earn-in Period.

* Gold Fields will be entitled to a 51% right to the Property by incurring

exploration expenditures of US$4 million in aggregate by 31 December 2008,

the Phase 2 Earn-in Period.

* Gold Fields will then be entitled, but not required, to increase its stake

in the Property by acquiring a further 14% interest, increasing its overall

stake to 65%, by funding additional exploration if required and a

Feasibility Study, prior to 30 June 2011, subject to a maximum additional

expenditure of US$8 million (US$12 million in total) for such additional

interest, the Phase 3 Earn-in Period.

The Agreement also provides that, following completion of a positive feasibility study, Glencar may require that Gold Fields provides Glencar's share of the senior finance required to build a mine, in which case Glencar will transfer a further 5% interest in the Property to Gold Fields. Gold Fields will have the right to recover any such finance provided on behalf of Glencar, from the proceeds of production at an interest rate of LIBOR plus 2%.

The Agreement is subject to certain conditions precedent, such as Mali Government approval of the transfer of the three concessions to a new Malian corporate entity to be owned jointly by Glencar and Gold Fields, following the completion of the Phase 1 Earn-in Period. The Agreement is also subject to the conclusion of a Shareholders Agreement between the relevant subsidiaries of Gold Fields and Glencar. However, pending the satisfaction of the conditions precedent, anticipated to be before 30 June 2006, Gold Fields has agreed to immediately commence exploration funding under the terms of the Agreement and it is expected that field work will commence within the next 10 days. Should certain of the conditions precedent not be met by the due date and those conditions are not waived, then the Agreement falls away except that the funds expended by Gold Fields up to a maximum of US$1 million shall be repayable from the proceeds of production from any mine found on the Property, but shall not be repayable at all in the event that no commercial deposit is found on the Property by Glencar or its subsidiary.

The effect of this Agreement (if it becomes unconditional) is that should a commercial deposit be found within the Property, Glencar may retain a 15% interest in a producing mine, without having to raise further funding to contribute to the capital cost of that mine or mines. In addition, should Glencar exercise the option which it has with Africa Resources s.a.r.l. and La Societe Malienne de la Petite Mine d'Or s.a.r.l., the two Malian companies which hold the concessions, Glencar may acquire the 5% interest in the Property held by those companies for a total of US$1 million (on the basis that only one mine will be found within the Property as a whole), thereby bringing its carried interest in a mine to 20%.

This Agreement does not affect the ownership of the Solona concession or the Komana concession, upon the latter of which Glencar has recently completed a drilling programme which encountered bonanza gold grades. Glencar will continue to work independently on these concessions which will now be referred to collectively as the Yanfolila Project. The Bokoro, Sanioumale and Farasaba concessions will now be referred to collectively as the Sankarani Project. The Agreement anticipates that Gold Fields may be given first refusal on the Komana concession, should Glencar in the future wish to bring in a major to assist in the further development of the Komana project.

Glencar is very pleased to have concluded this agreement with Gold Fields, one of the world's largest gold producers. The terms are favourable to Glencar, securing a substantial exploration expenditure on very prospective ground. The Gold Fields technical team is very strong and focussed, and will be a big asset to the aggressive exploration programme which is now about to commence on the Sankarani Project.

For further information, please contact:

Glencar Mining plc Hugh McCullough, Chief Executive
Tel: [phone]
e-mail: [e-mail]


Heneghan PR Rachel Watchorn
Tel: [phone]
e-mail: [e-mail]
13 February 2006
This information is provided by RNS
The company news service from the London Stock Exchange



END

[bongo bwana] 09/2/2006 07:59

Hi TC1,

Laughin here...........at nothing in particular.

U can be assured that the "delay" in announcing the conclusion of the Goldfields Agreement "The Agreement" is part of the mix that is currently underway - though U can be assured the mix process is quiet advanced at this stage.

I do not believe that the perceived "delay" is positive news flow management.

Hugh Mc has had a lot to do and achieve. The overall business will relate to GEX's immediate and medium term future - say into 2008. Not much time left for driling in Mali as the rainy season will get underway in July and last until late October.

The potential for very positive newsflow on a number of fronts - e.g. Targeted Drilling programmes for Mali and Ghana, corporate events, fund raising concurrent with $12million Goldfields investment (strong possibility of placing with VERY interested institutions only but just maybe a limited and final[at these prices] offering to existing shareholders.)

Of course there are other ways of raising finance and Im sure Hugh Mc will have been exploring other opportunities, elsewhere.

[cestnous] 08/2/2006 17:15

The grades are the important thing. That is why I am in this share. SBM and Vane did the same thing; drifted on no news. I made a packet on both eventually and am 50% up on Serabi after a longish period of inaction. I beleive this will be the same , (obviously or I wouldn't be in it).

[bongo bwana] 07/2/2006 13:58

SP,

Im inclined to beleive that the share price advance was also linked to the astonishing grades discovered in the 1st round of drilling at Komana. There is quiet a bit of excitement in the industry at what appears primae fascia to be a new gold mine. That alone was sufficient to underpin the price at current levels.

Please read earlier postings on Goldfields agreement.