Mining Minerals & Metals Share Discussion Threads

[robbi123] 26/6/2008 14:12

Excellent results and a placing at a premium to boot...you dont see that very often:)

[robbi123] 26/6/2008 14:06

Glencar Mining plc

26 June 2008

Placing

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 completed a placing of new ordinary shares
of nominal value €0.031 ("New Ordinary Shares") with Macquarie Bank
Limited ("Macquarie"), the Australian bank specialising in resource
financing.

Approximately Stg£1 million (approximately €1.28 million) has been
raised through the issue of 11,250,000 new ordinary shares at a price
of 9 pence (c 11.35 cent) per share, a premium to the current market
price. Warrants have also been issued to Macquarie on the basis of
one warrant to purchase a new ordinary share for every two New
Ordinary Shares purchased under the placing, at an exercise price of
13.5 pence (c 17 cent) per ordinary share, valid for a period of two
years from the date of issue of the warrants. The total number of
Ordinary Shares in issue immediately following the placing will be
269,636,967.

Macquarie has notified Glencar that their holding following the
placing of new ordinary shares is 20,750,000 ordinary shares,
amounting to 7.7% of the enlarged issued share capital of Glencar,


The proceeds of the placing will be used to continue the drilling and
evaluation of the Company's exploration licences in Mali.

The New Ordinary Shares will rank pari-passu in all respects with the
existing ordinary shares.

Application will be made to the London Stock Exchange and to the
Irish Stock Exchange for the New Ordinary Shares to be admitted to
trading on the AIM Market of the London Stock Exchange ("AIM") and on
the Irish Enterprise Exchange of the Irish Stock Exchange ("IEX").
Dealing is expected to commence in these shares on 3 July 2008.

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---

[robbi123] 26/6/2008 14:05

Drilling Update (Glencar)




Drilling Update




Glencar Mining plc

26 June 2008

Drilling Update

Glencar intersects 36 metres at 4.7 grams/tonne plus 40 metres at 4.8
grams/tonne in best hole to date at Komana East


Glencar Mining plc , ("Glencar" or "the Company"), the AIM and IEX
listed company with gold exploration interests in Africa, is pleased
to announce assay results from the ongoing drilling campaign at
its Komana East target in southern Mali.

The Komana East assay results reported below relate to 13 additional
holes for which assay results have now been received. Assays from a
further 14 holes are awaited. During this drilling campaign at
Komana East, some 62 drillholes have now been completed for a total
of 8,459 metres of reverse circulation and diamond drilling. In
addition, a total of 2,970 metres of RAB drilling in 91 holes was
completed on the Gonka target, some 4.5 kilometres along strike to
the south of Komana East. While assays are awaited for all of the
holes drilled on the Gonka target, good visual indications of gold
mineralization were seen during the drilling programme there,
indicating that the mineralised structure extends as far south as
Gonka, at least. Drilling at Komana was suspended on June 21st for
the rainy season and will recommence in October next. Results of the
drilling carried out at the Komana West deposit and the Kama and
Soloba targets to the south of Komana West, will be announced when
all remaining assays have been received from the laboratory, expected
during July. The results of the RAB drilling carried out on the
Gonka target and on the Solona exploration concession to the east of
the Komana concession will also be announced when all assays have
been returned from the laboratory.

Komana East Assay Results

Table showing some significant assays recently received from Komana
East:


+-----------------------------------------+
| Hole | From | To | Width | Au Grade |
| | (m) | (m) | (m) | (g/t) |
|---------+------+-----+-------+----------|
| KERC406 | 5 | 9 | 4 | 2.9 |
|---------+------+-----+-------+----------|
| KEDD407 | 69 | 74 | 5 | 2.9 |
|---------+------+-----+-------+----------|
| KEDD407 | 81 | 84 | 3 | 4.0 |
|---------+------+-----+-------+----------|
| KEDD411 | 25 | 61 | 36 | 4.7 |
|---------+------+-----+-------+----------|
| KEDD411 | 92 | 132 | 40 | 4.8 |
|---------+------+-----+-------+----------|
| KEDD412 | 148 | 151 | 3 | 2.7 |
|---------+------+-----+-------+----------|
| KEDD419 | 137 | 141 | 4 | 4.0 |
|---------+------+-----+-------+----------|
| KEDD420 | 127 | 134 | 7 | 3.7 |
|---------+------+-----+-------+----------|
| KEDD420 | 138 | 141 | 3 | 4.1 |
|---------+------+-----+-------+----------|
| KEDD420 | 147 | 149 | 2 | 1.2 |
|---------+------+-----+-------+----------|
| KERC421 | 71 | 72 | 1 | 3.1 |
|---------+------+-----+-------+----------|
| KERC421 | 76 | 79 | 3 | 2.2 |
|---------+------+-----+-------+----------|
| KEDD422 | 102 | 107 | 5 | 5.3 |
|---------+------+-----+-------+----------|
| KEDD422 | 127 | 132 | 5 | 2.1 |
|---------+------+-----+-------+----------|
| KEDD422 | 136 | 137 | 1 | 2.6 |
|---------+------+-----+-------+----------|
| KEDD422 | 140 | 144 | 4 | 1.2 |
|---------+------+-----+-------+----------|
| KEDD422 | 158 | 166 | 8 | 2.0 |
|---------+------+-----+-------+----------|
| KERC423 | 76 | 83 | 7 | 1.5 |
|---------+------+-----+-------+----------|
| KEDD427 | 84 | 86 | 2 | 5.9 |
+-----------------------------------------+



Borehole KEDD411 was drilled across the projected ore zone and
encountered two extensive ore grade intersections. The first was 36
metres at 4.7 grams/tonne between 25 and 61 metres downhole depth and
the second was 40 metres at 4.8 grams/tonne between 92 and 132 metres
downhole depth, marking this hole as the best drilled to date at
Komana East. Logging of recent holes KERC430 and KEDD433, drilled
100 metres respectively to the north and south of the KEDD411
fenceline, and for which assays have not yet been received, confirms
that this is a particularly rich part of the deposit. However the
lack of significant thicknesses of mineralization in borehole
KEDD412, which was drilled to test the projected down-dip extension
of the thick KEDD411 ore zone, suggests the ore zone here is probably
not as vertically dipping as it appears to be on other fencelines.

Boreholes KEDD407, KEDD419, KEDD420 and KEDD422 were also drilled to
intersect the projected ore zone at deeper levels than the
intersections already drilled on these fencelines. KEDD407 had to be
abandoned at 125 metres depth due to broken ground conditions. A
supplementary hole, KEDD431 was collared nearby and drilled to
intersect the ore zone at approximately 130 metres vertical depth.
Although assays for this hole have not yet been received, extensive
visible gold was noted in the core between 140 and 145 metres
downhole depth, suggesting that the ore zone is well developed at
this location and depth. Although ore grade mineralization was
intersected in each of the other three holes, the width of
mineralization was less than had been seen at higher levels. Further
drilling is required in these areas to determine the character of the
ore zone at depth.

Boreholes KERC406, KERC421, KERC423 and KEDD427 were drilled in or
through the projected ore zone but intersected relatively minor
mineralization. This may be because the ore zone pinches somewhat at
these locations since an earlier borehole, KERC137, on the same
fenceline as KEDD427 also intersected relatively minor
mineralization, suggesting ore zone pinching in this area.

Boreholes KERC405, KERC410 and KERC425 were drilled predominantly
outside of the projected ore zone and, as expected, intersected only
relatively minor mineralization.

Details of the drillhole locations will be published shortly on the
Company's website at www.glencarmining.ie

We are very pleased to be able to report continuing success in
delineating the ore-grade mineralisation along the Sankarani Shear
Zone at Komana. We expect to receive the outstanding assays from the
completed drilling within the next three to four weeks and once the
data has been incorporated into the database, and the ongoing
geological interpretative work completed, the database will be given
to SRK Consulting (UK) Limited who will complete an updated resource
statement incorporating the Komana East and Komana West deposits. We
anticipate that the study will result in a significant increase in
the gold resource figure for the project.

Glencar controls a total of 23 kilometres of strike length along
the major Sankarani Shear Zone to the north and south of Komana East
within the Komana licence and the mineralisation there is open along
strike in both directions. The Sankarani Shear Zone extends into the
Sanioumale licence, which lies immediately to the north of the Komana
licence, and is one of the licences held by Glencar as part of the
joint venture with a subsidiary of Gold Fields Limited. The results
of the aeromagnetic survey flown by Glencar over the Komana Licence,
have shown the presence of a series of distinct exploration targets
along strike to the north and south of the Komana East deposit, each
of which has geophysical and structural similarity to the Komana East
ore zone.


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.

Note 1 - the Company has in place a comprehensive QA/QC programme
designed to ensure the integrity and quality of sampling and assay
results. All assays have been carried out at SGS Analabs laboratory
at Morila Mine in Mali.


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]

[1waving] 25/6/2008 19:00

Excellent article, simple and straightforward:--

There are three main mega drivers to all investment markets 1) The Commodity Pendulum, 2) Excessive Money and Credit Creation Globally, 3) Progress – Population – Technology.

Mining Analysts too conservative in metal price projections. 35 years in this business and I have never seen them get it right. This creates uncertainty in the market. Most are geologists or engineers and have little economic background to predict raw material prices. Since economists are also clueless – it makes for a volatile metals market. Key to the future will be the three "drivers" mentioned above. Metals are going much higher.

Major stock market investments should wait until Interest rates are twice as high as today and then look to buy well known consumer brand large cap
companies on world stock markets that will be much lower in price as inflation and interest rates head much higher and hit world stock markets hard. Precious metal stocks will be the strongest stock sector.

Gold should stay above $800 and if lower will only be temporary. Gold will trend higher for a decade. I see much higher prices.

Gold mining stocks are undervalued and weak holders are all out. As inflation numbers continue to be reported, these shares will be very strong. Inflation is from excess money creation not oil or commodities prices going up. Paper money is cause. Prices going up is the effect.

Full article


.

[bluelynx] 25/6/2008 16:44

I quite agree Deka, I'm relatively resigned to the recent falls and I'm hopeful of better times ahead of us. But I'm currently too nervous to buy any more.

[deka1] 25/6/2008 16:37

keep ya chin up blue, solid companies come good in the end just a bit hairy getting there sometimes

[bluelynx] 25/6/2008 13:55

LOL - It would appear so deka, but I've only got a very small amount of my total equities invested with GEX, CEY is 10 times larger than GEX.

[deka1] 25/6/2008 13:37

you get around blue, you in the same golds as me??

[bluelynx] 25/6/2008 12:42

Goodness me, no need to be depressed with GEX look at some other junior miner / explorers, JLP GFM CEY and may others have been hammered, GEX is holding up wonderfully well in comparison.

[bongo bwana] 25/6/2008 12:42

IW - Im reminded of the time period when Central Banks were disposing of stocks of bullion @ circa $250/ounce concurrent with persistent rumours of hedge funds being up to their tonsils in gold shorts.

Nothing ever came of it publicly.

This was also concurrent with the period of time when GEX had completed the development of the mine and was pouring its first gold at Wassa. The probs with the metallurgy there put the tin hat on the project and nearly on GEX!

[bongo bwana] 25/6/2008 11:32

GEX can drill all they like but if the labs arent producing the results on time then we are heading for a period of complete and utter frustration.

This could be reflected negatively in the share price and a considerable delay in the revised (Komana East inclusive) JORC report which may produce a double whammy on the share price - temporarily of course.

General market sentiment is a disaster at present.

[1waving] 25/6/2008 10:25

Yep, still plenty of illegal shorts around as well -- from Jim Sinclair:--


The Crime Of The Century
Author: Jim Sinclair

Dear Friends,

This is the Jim Puplava's webcast presentation titled ?The Crime of the Century.? Please click the link below to download the presentation in MP3 format.

(Approximately 17.7mb)

You know that I do not read other blog sites so if I go off the mark you will have only one person to blame - me. Here is an exception, thanks to the CIGAs that demanded I listen. It was good advice.

I suggest you make the time to do the same.

Chart painting is a major tool being used now against you. I am not suggesting TA be ignored. I am, as always, suggesting that if you know the plot, you will know when you have to weigh in on the fundamentals to balance your thinking.

Many juniors are worth more dead than alive. That means you could market the pieces for more than the cap value.

The shorts seem to now be driven more by ego and power trips than brains. Brains would give them the ability to know when enough is enough, if only from a functional profit standpoint.

If a junior is shorted in a situation where it would take 3 months to cover at 50% of the legal short on an average daily volume and that company could be sold in pieces for more than the quoted value, TA might be rendered less important in the equation with fundamentals becoming more significant.

The short depends on your FEAR of the UNKOWN. Call your company and be in the know. If you prefer, try Mike Martin at 1-800-426-3987. He worked for me for years as a metals equity analyst. I have great respect for the depth of his knowledge.

Unlike a manufacturing company you can only put a junior on hold, you cannot break one. The reason is that they have no debt. All you can accomplish is make them sit on an appreciating asset which might actually be to doing them a great favor.

The game has now exceeded the parameters of reason as the shorts seem to be power tripping, having lost their grip by ignoring common commercial sense. Don't lose your grip by letting them paint a TA condition at a level at which TA is only a modest part of the total equation. I am assuming you are all not on margin.

Respectfully yours,
Jim


Glencar is at a ridiculously low per oz value. The value will come through into the share price shortly.

[deka1] 25/6/2008 10:13

thanks iwave, gloomy days in the markets eh ??

[1waving] 25/6/2008 10:06

deka1, the drilling season should end in Mali due to the onset of the rainy season maybe today or within a couple of days. Should get an RNS when that happens and an update of drilling done at Komana East in the last 4-5 weeks. Hopefully we'll get assay results also. The drill season has lasted longer than normal allowing a lot more drilling at Komana East than might have been expected. This should work out very well for the initial JORC at KE.

Also the AGM on Friday so I am very confident of a RNS within a few days or a week maximum.

[deka1] 25/6/2008 09:51

1wave, you there mate, do you have a rough idea when the next rns is due , i forgot, i know you dont have a crystal ball, a guess will do , cheers

[bluelynx] 24/6/2008 17:22

More detail about Naked Short selling via an radio Interview with Jim Puplava and guest Patrick M Byrne from a past programme of The Financial Sense News Hour from March 2007, interesting indeed.

[1waving] 24/6/2008 11:47

Do I see 149k buys, 25k sells, yet the share price is marked down ??

[stenick] 22/6/2008 15:23

Try this site for the weather

[serpicouk] 22/6/2008 11:33

Current precipitation forecast for Bamako has:

Today 0mm
Monday 1mm
Tuesday 0mm
Wednesday 0mm
Thursday 6mm

Source:

[bongo bwana] 20/6/2008 13:44

As is my style I will enquire "off piste" 1Waving.

There is another very obvious embroidered question to be asked which would answer the cash and related questions.

Keevo - will you be present?