Mining Minerals & Metals Share Discussion Threads

[spaceparallax] 09/5/2008 10:26

Looking better all the time - hopefully, they'll soon be able to advise of much enhanced firm resource.

[haydock] 09/5/2008 08:47

Thats the proof they have enough to do in Mali, so the j/v of yesterday makes excellant joined up common sense.

[valentine] 09/5/2008 08:00

Not MML yet but getting there. HMc always errs on the side of the conservative in his statements.
Hugh McCullough, Managing Director of Glencar says: "We are delighted
to have intersected further significant mineralization in Mali. Following last month's impressive results at our adjacent concession,
Komana East, our portfolio of projects provides a range of exciting
prospects."

[tsmith2] 09/5/2008 07:08

great news

[robbi123] 09/5/2008 07:08

Drilling Update - Solona
Glencar Mining plc

Solona Exploration Drilling Update

Glencar intersects 155 grams/tonne over 4 metres on its Solona
exploration licence in southern Mali

9 May 2008
Highlights:
- - Significant gold mineralization intersected on three targets on the
Company's Solona Licence
- - 4 metres at 155 grams/tonne intersected at Badogo Malikila target,
additional assays awaited
- - 16 metres at 2.54 grams/tonne and 4 metres at 9.28 grams/tonne in
separate holes at Niechilela target
- - 8 metres at 2.27 grams/tonne at Faliko target
Glencar Mining plc, ("Glencar" or "the Company"), the AIM and IEX
listed company with gold exploration interests in Africa, is pleased
to announce partial assay results from the latest drilling programme
on its Solona Licence in southern Mali. Further assays are still
awaited from all three targets.
The Solona Licence is approximately 250 square kilometers in area and
is held 95% by Glencar's Malian subsidiary company Glencar Mali
s.a.r.l. The licence is underlain by Birimian metasediments,
metavolcanics and intrusive, granitic rocks. Significant,
northeast-southwest trending shear structures are evident from the
aeromagnetic surveys.

Surface rock sampling and mapping suggest that the Faliko, Niechilela
and Badigo Malikila targets are prospective and the recently
completed RAB (Rotary Air Blast) drilling programme was a first pass
programme designed to investigate such potential. A total of 176
holes were drilled to an average depth of 53 metres for a total of
9,407 drilled metres. Significant gold mineralisation was
intersected at all three targets.
Hugh McCullough, Managing Director of Glencar says: "We are delighted
to have intersected further significant mineralization in Mali.Following last month's impressive results at our adjacent concession,
Komana East, our portfolio of projects provides a range of exciting
prospects."

At Faliko, gold mineralization was found on each of three fencelines
drilled and the mineralized zone extends over a strike length of
1,000 metres in an ENE-WSW trending direction. The best
mineralization intersected was 8 metres at 2.3 grams/tonne in hole
SARAB033 from 24-32 metres. Three fencelines were drilled at Faliko
at an average spacing of 500 metres. Assays from 11 holes are
awaited from this target.
At Niechilela, significant mineralization extends over a strike
length of 1,200 metres with one hole, SARB096, intersecting 4 metres
at 9.28 grams/tonne. Four fencelines were drilled at Niechilela with
an average spacing of 400 metres. Assays from three holes are
awaited from this target.
At Badigo Malikila, hole SARAB114 intersected 4 metres at 154.7
grams/tonne between 52 and 56 metres downhole depth. SARAB114 was
drilled on a fenceline some 400 metres north of the previously
drilled reverse circulation drillhole SARC009 which had intersected
two mineralized horizons, 8 metres at 2.6 grams/tonne between 6 and
14 metres depth and 2 metres at 25.2 grams/tonne between 30 and 32
metres depth. Four fencelines were drilled at Badogo Malikila with
an average spacing of 500 metres. Assays from 60 holes are awaited
from this target.
All of the targets drilled to date within the Solona concession lie
on structures identifiable in the recently completed aeromagnetics
survey data. The preliminary RAB holes reported here will be
followed up with reverse circulation ("RC") drilling during the next
drilling season.
The locations of the three targets will be shown on a map on the
Company's website at www.glencarmining.ie. A drillhole location plan
will be shown on the website when all remaining assays have been
received.
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.
Notes to Editors

Glencar is a Dublin-based exploration company with a focus on
exploration and development of gold deposits in Africa. Glencar has
found major gold deposits in Ghana, West Africa in both the 1980s and
in the 1990s. The Company has operations in Mali and Ghana in West
Africa and in Uganda in East Africa.
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Tel: [phone]
e-mail: [e-mail] Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: [phone]
e-mail: [e-mail] Davy Corporate Finance
Brian Corr, Associate Director
Tel: [phone] - ---END OF MESSAGE---

[1waving] 08/5/2008 18:49

From Jim Sinclair today:--

Dear CIGAs,

I know more than any other writer on the consolidator subject.

The Consolidator has made every effort to dress up as the quiescent producer.

Now the Consolidator has joined the Asians and Middle East in competition to consolidate the junior production and exploration industry.

This is fact. Believe me I know.

The stockholders of the junior exploration and production companies do not, nor do they believe this is the real reason behind the depression in prices.

The Consolidator is out there shopping hard.

Regards,
Jim

----------

Jim can be quite cryptic but with his statement 'That is fact, believe me I know ', I think he does.

I doubt it will be long before the consolidation becomes very apparent.
Possibly even with Glencar.

[haydock] 07/5/2008 20:23

Seems to point to the fact that GEX has more than enough on it's plate at the moment, so a good way to add value to the whole.

[serpicouk] 07/5/2008 18:51

There's no point holding ground if you don't have the time/money/inclination to do anything with it.

Very happy to let Grey Crown get on with it for the next 2 and a half years. If they find something good then GEX will still benefit.

Good portfolio management from the GEX team.

[spaceparallax] 07/5/2008 16:36

1W & Ton,

Thanks for your views - I was unfamilar with Grey etc until now.

[1waving] 07/5/2008 15:35

tonudiki, those sells soon stopped when the announcement was made!! Komana East results in a week or two I would think.
You don't work in the assay labs by any chance !!

[tonudiki] 07/5/2008 14:59

1waving

Uganda deal looks o.k. to me too.

I'm a bit surprised to see a few chunky sells and the share price down 0.3p.

Anyway, taken the opportunity of the drop and have just bought 2x10,000 to add to my collection........

p.s. Those guys from the Assay lab who are processing the cores from the northern fencelines at komana East, will be buying in soon!!! :-)

[1waving] 07/5/2008 14:01

That's a good farm in with Grey Crown.

It brings the license area into play whilst allowing Glencar to focus on Mali.

Grey Crown is producing gold at their Tira mine on an adjacent license which means that gold on Glencar's license can be processed at Tira. May be no processing plant required. That makes it more economic should small deposits be found which would not justify full production facilities in their own right.

Adds geographical diversity to Glencar.

No expense to Glencar for 30 months with Grey Crown to explore aggressively.

Can't get a feeling for worth until it is drilled but the deal looks really good.

[spaceparallax] 07/5/2008 13:41

Anyone got a feeling for the worth of such a deal?

[robbi123] 07/5/2008 11:53

Uganda Farm-in




Uganda Farm-in
Glencar Mining plc

Glencar announces a farm-in on its exploration interests in southeast
Uganda

7 May 2008

Glencar Mining plc , ("Glencar" or "the Company"), the AIM and IEX
listed company with gold exploration interests in Africa, is pleased
to announce that it has signed a Letter of Intent with Grey Crown
Resources Limited ("Grey Crown"), in respect of Glencar's Makina
project in southeast Uganda. The Letter of Intent relates to a
proposed Definitive Agreement ("Agreement") between the two companies
relating to the further exploration of Glencar's exploration
properties in southeastern Uganda.
The Letter of Intent provides for an all-share transaction under
which, in consideration of the issue of Can$100,000 worth of shares
in Grey Crown to Glencar, Grey Crown would secure an exclusive 30
month option to explore/develop Glencar's Makina gold project.
The Letter of Intent also provides that within the 30-month option
period, Grey Crown would have a further option to acquire a 60%
controlling interest in the Makina Property for an additional
Can$400,000 worth of Grey Crown shares, issued at the then current
price.
Glencar would then have the option to contribute its 40% share of
further exploration costs or to sell its 40% interest to Grey Crown
for Can$200,000 worth of Grey Crown shares plus a 2% NSR royalty on
any production from the property.
The Makina property consists of some 115 sq km located in the Busia
District of Southeast Uganda immediately to the west of Grey Crown's
Busitema gold mine( known locally as the TIRA Mine), which has been
in commercial production since 2002 and validates that commercial
levels of gold are situated in the area. The properties are within
the gold-prospective Greenstone Belt which hosts many sizeable gold
deposits mined by majors such as Barrick and AngloGold Ashanti
further to the south west in Tanzania. With this current Agreement,
Grey Crown now controls 1,237 sq km of prospective gold lands in this
Greeenstone Belt, and is planning an aggressive regional exploration
project.
Grey Crown is a Canadian company which is proposing to list on the
TSX Venture exchange in the next 12 months with a further funding
target of Can$10,000,000. Its major shareholder is IBI Corporation
["IBI" - TSX Venture], a company engaged in the exploration and
development of the vast and largely untapped high-value minerals
wealth of Uganda and East Africa. IBI Corporation has established
strong relationships with all the community and other stakeholders in
Uganda, and especially with the Government of Uganda's mining
infrastructure. The Government of Uganda recognized IBI Corporation
as Investor of the Year in 2002. Starting in 2000, IBI developed the
world-class Namekara vermiculite mine in the southeast of Uganda, and
last year sold it to Rio Tinto for US$5 million, and has focused this
cash on the sponsorship of Grey Crown as a specialty integrated gold
company and the exploration and development of the IBI 1,931 sq km of
prospective uranium lands in Uganda.
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Tel: [phone]
e-mail: [e-mail] Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: [phone]
e-mail: [e-mail] Davy Corporate Finance
Brian Corr, Associate Director
Tel: [phone]

[serpicouk] 06/5/2008 18:51

Dangerous business this gold mining - Gold Fields had 14 fatalities at South Deep last week.

[1waving] 04/5/2008 20:35

Should be able to find a little about what is happening on the Sankarani license areas this comimg Friday. Gold Fields release their Q1 2008 report at 8a.m. Fri 9th.

[serpicouk] 03/5/2008 19:29

May be worth keeping half an eye on TSX-V:MRS



They have the concession on the northern border of Komana...at an early phase but their drill results might give us a greater understanding of the local geology.

Interestingly enough they're also list on AIM (AIM:MRL) but are planning to delisted because AIM offers poor liquidity compared to TSX.

[dr fillip strange] 03/5/2008 16:17

Yea, it expires 27 May 18.25. only 15/16 trading days..

[serpicouk] 03/5/2008 15:14

Ok - back to GEX...

As I understand it, when the Komana license was renewed last year GEX had to relinquish 50% of the concession area. They then re-applied for that area which was approved by the Ministry of Mines but GEX were still awaiting for this to be issued.

I assume this proceeded but don't recall reading any confirmation of issue. Anyone know what happened?

[serpicouk] 03/5/2008 14:55

1waving - That reminds me of end-of-the-world prophets who actually set a date in the near future...never works out well for them. =)

[serpicouk] 03/5/2008 14:49

I only trade infrequently and only special situations, but a trailing stop of $8 seems a bit tight - might be in danger of being whipsawed even if you're right long term. But I assume that's considered in your strategy as you say you want to cut losses quickly. Always a balancing act.

Guess the current misplaced market rally doesn't really need to continue into the summer (which implies to me a long time) to make your trade fruitless - your June contract will expire in ~3 weeks (or 15 working days). Also, bear in mind that there is another bank holiday just before the expiration date.

Current sentiment is for shares over gold. I suspect there is a lot of fear behind that sentiment so if (or more likely when?) that crumbles we might see a sharp reversal. May need more data on recession threat and hence profit decline - at the moment shares don't really look over bought on reasonable yields and PE. That can change quickly mind.

Best of luck with your position DFS.

[1waving] 03/5/2008 14:32

Just as a reminder, from Jim Sinclair-:

On the 8th of May interest will increase in junior precious metals shares. This interest will first be in the most meritorious issues.
___________________

This coming Thursday it is then !

[1waving] 03/5/2008 14:19

Dr F, Looks like you're in at the right point, that rejection from $845 looks positive in the near term, good luck.