Mining Minerals & Metals Share Discussion Threads

[valentine] 16/7/2008 08:02

Emphatic eh? "Emphatic confirmation of ore zone along strike"
And they are always so careful, nay conservative, in their wording.

Nice after waiting patiently for so long.
Congratulations Hugh and co,

[1waving] 16/7/2008 07:49

World class deposit on it's way.

.

[amt] 16/7/2008 07:45

lots of good drilling going on, sounds great, is it?

[robbi123] 16/7/2008 07:14

Glencar Mining plc

16 July 2008

Drilling Update

Glencar intersects 79 metres at 2.5 grams/tonne in latest drilling at
Komana East

Highlights:


* Latest assays include 79 metres at 2.5 grams/tonne in KERC428
and 29 metres at 3.4 grams/tonne in KERC430
* Emphatic confirmation of ore zone along strike
* Independent resource estimation update for Komana about to
commence
* Gonka target drilling 4.5 kms along strike to the south
intersects 15 metres at 2.5 grams/tonne
* Intensive drilling to recommence in October next

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 latest drilling campaign at
its Komana East target in southern Mali.

Komana East Assay Results

Assay results have now been received for the final thirteen holes of
the total of 62 holes completed at Komana East this drilling season.

Table showing some significant assays recently received from Komana
East:


Hole From To Width Au Grade
(m) (m) (m) (g/t)
KERC428 53 132* 79* 2.5
incl KERC428 53 90 37 3.0
and KERC428 99 132* 33* 2.4
KERC429 29 43 14 2.1
KERC430 53 82 29 3.4
KEDD431 132 146 14 3.1
KEDD432 122 125 3 3.7
KERC434 8 19 11 3.4
KERC434 52 108 56 0.8
KERC435 15 29 14 2.9
KERC435 38 41 3 3.0
KERC433 112 125 13 2.2


*Hole KERC428 ended in ore at 132 metres downhole depth

Boreholes KERC428, KERC429 and KERC430 were drilled through the
projected ore zone as infill holes to reduce the spacing between
drill fencelines in this area from 200 metres to 100 metres. These
three holes intersected impressive ore grade intervals of 79 metres
at 2.48 grams/tonne, 14 metres at 2.11 grams/tonne and 29 metres at
3.37 grams/tonne respectively. These holes emphatically confirm
extensive ore grade mineralisation through this portion of the
deposit.

It is worth noting that borehole KERC430 was sited 100 metres to the
north of the earlier borehole KEDD411 which was itself the best hole
drilled to date at Komana East, intersecting 36 metres at 4.7
grams/tonne between 25 metres and 61 metres depth and a second
intersection of 40 metres at 4.8 grams/tonne between 92 metres and
132 metres downhole depth.

Boreholes KEDD431, KEDD432, KERC433, KERC434 and KERC435 all
intersected ore grade mineralisation over various widths, again
showing continuity of mineralisation through the drilled area.

Boreholes KERC436, KERC437 and KERC438 were drilled to test the ore
zone at shallower depths but failed to intersect signifcant
mineralisation. It is possible that the mineralised zone in the
southern portion of the deposit area has steepened in attitude and
that these three boreholes were drilled too far to the east to
intersect the deposit.

Borehole KEDD424 was intended to intersect the mineralised zone at
deeper levels but did not intersect significant mineralisation.
Further modeling of the ore zone is required in this area.

KEDD426 was drilled to intersect the ore zone at deeper levels but,
for technical reasons, was terminated before reaching the projected
mineralised zone. It was replaced by borehole KEDD432 which was
drilled to the opposite azimuth and intersected 3 metres at 3.71
grams/tonne between 122 and 125 metres downhole depth.

The Komana East assay results reported above relate to assays
received for the final 13 holes completed prior to the suspension of
the current drilling campaign due to the onset of the rains.
Drilling continued for three weeks longer than anticipated this year,
in part because of the delayed or reduced rains but also because of
the improved access conditions on site due to the scaling up of
activity during the year. The drilling campaign at Komana East in
the 2007/08 drilling season has seen the completion of 8,459 metres
of reverse circulation and diamond drilling. In addition, some 2,970
metres of RAB drilling in 91 holes were completed on the Gonka
target, some 4.5 kilometres along strike to the south of the Komana
East deposit.

The complete assay and geological/structural data from this drilling
programme will now be given to SRK Consulting (UK) Limited who will
incorporate them in their independent resource estimate update for
the Komana deposits.

Gonka Assay Results

The recently completed aeromagnetic survey, together with geological
mapping and geochemical sampling has delineated several very
prospective targets lying along the Sankarani Shear Zone to the south
of, and along strike from, the Komana East deposit. The Gonka
Target is the first of these targets to be tested, initially with RAB
drilling. 91 holes were completed on the Gonka Target for a total of
2,970 metres of drilling. Three fencelines of holes were drilled at
an average spacing of 400 metres across the projected mineralized
structure over a strike length of 800 metres and significant
mineralisation was intersected on each of the three fencelines.

On the northern fenceline, one of the holes returned a very
encouraging intersection of 15 metres at 2.53 grams/tonne from 9
metres to 23 metres downhole depth and the hole terminated at 23
metres so that the mineralisation may well continue beyond the end of
the hole. The nearest hole in the fenceline intersected 6 metres at
2.29 grams/tonne, suggesting the potential for a mineralised corridor
of similar width to that seen in Komana East.

Somewhat weaker mineralization has been intersected in the middle
fenceline with 9 metres at 1.09 grams/tonne in one hole from 0
metres to 9 metres depth.

In the southernmost fence, significant gold mineralisation has been
intersected in hole KRAB623 with 2 metres at 13.50 grams/tonne from
12 metres to 14 metres depth at the bottom of the hole and in the
next hole KRAB624 with 3 metres at 0.88 grams/tonne from 3 metres to
6 metres depth.

These results suggest that this initial RAB drilling programme has
successfully determined the precise location of the Sankarani shear
structure at Gonka and follow up reverse circulation drilling will
fully test this part of the Sankarani shear early in the next field
season.

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

The latest results from Komana East give very good reason to be
optimistic about the outcome of the next Komana resource estimate
update. There is very good confirmation of ore grade mineralisation
along strike and the regularity of ore grade intersections over
exciting widths intersected to date point to a very well developed
mineralised system. The potential for continuity along strike both
to the north and the south is very strong and, based on the results
from the RAB drilling at Gonka, the further potential for up to 20
kilometres along strike to the south is very good indeed.

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 reverse circulation and diamond drill core assays have
been carried out at SGS Analabs laboratory at Morila Mine in Mali
while the RAB drilling samples have been analysed by ALS Chemex
Laboratories in Bamako 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]

- ---END OF MESSAGE---

[stenick] 15/7/2008 17:18

All looks positive to me, pity AIM don't think so????

[1waving] 15/7/2008 16:56

spaceparallax, paltry is the right word comparing the current jorc to what will be proved up.

Still waiting for a lot of drill results to make an estimate of what is at Komana.

Komana East and Komana West open at depth and along strike.

Kama and Soloba to the South along strike from KW.

Also have Gonka 4.5kms to the South of KE which is one of 5 targets in a 10km strike length to the south. That 4.5kms between KE and Gonka may also be pretty much continuous from what was said at the agm.

There are also distinct targets to the North of KE which are geophysically and structurally similar to Komana East.

Also due results from Soloba and Sankarani/Gold Fields JV.

.

[spaceparallax] 15/7/2008 16:35

1W,

Steady on old chap. It'll simply be nice to enjoy a significant improvement, for now, on the current paltry official Komana figure. Also, bear in mind that all of this resource definition has somehow to be paid for; which currently looks likely to come from resource sharing. However, long term looking good on all fronts.

DFS,

Might sample a little of the music that you recommend.

[1waving] 15/7/2008 14:10

Dr F, one thing to add to 3346.

The hardest question to answer is will it be 5m oz or 10m oz or 15m oz etc. That is where the base figure of value will come from. I would be more than comfortable with 5m oz. Probably a question of how much more than that.

[dr fillip strange] 15/7/2008 14:07

thanks 1waving, just need a bit of grounding after reading articles like that. GEX is the largest holding in my portfolio, and I'm always looking for excuses to add more.

I've even started to listen to the Malian music of Ali Farka Touré, traditional African music mixed with blues. Possibly the most albumns of any one artist in my itunes collection.

[spaceparallax] 15/7/2008 14:05

I would agree that it could be a high multi-bagger.

If anyone had asked 2yrs ago, what the price of oil would be now - a guess of $150pb would have been laughable.

We live in interesting times.

[1waving] 15/7/2008 13:26

20x is not OTT at all. The sector is so suppressed and Glencar with it, you need to work out the value/future value of Glencar's assets without reference to the current share price

Glencar has serious quality, particularly at Komana, I think it is almost inevitable that a bid will be made, whether just for Komana or the company.

There will be very major deals to be done.

Gold price on the way up and gold majors with depleting reserves.

Very few major deposits are being found globally such as Komana.

Komana will be world class !!

[dr fillip strange] 15/7/2008 13:11

"In 1974 and the late 70s this stock category delivered the highest advances, soaring 20, 50 and even over 100 times in price."

anyone think it's possible to get 20x from GEX current share price.
Is it not a bit OTT?

[robbi123] 15/7/2008 12:42

Interesting article, Im sure we will be a target at some stage:

[1waving] 13/7/2008 19:54

Another 'gold is money' article from Erste Bank. Good reading.



.

[1waving] 12/7/2008 11:26

Dear Jim,

Once again you've made a good call. Is this the move past 1000 or do you expect another reaction? Is it all in the USD and oil?

Respectfully yours,
CIGA Lew

Dear Lew,

$1000 is not the number, but instead $990 is going to be the Battle at the Bridge and we are the knight. It will delay us a tad, but not stop us. Look forward to $1200 as the most powerful magnet plus $25 to $50 being the Normandy Beach for the gold price. It is all in the dollar. Oil is a major side show.

Jim
_________________________

We are in what is seasonally a calm period for gold, seems the gold price may be increasing faster than many thought and all the more impressive for rising strongly in a normally quiet time of year.
A few takeovers/bids in the mid-tier and junior miners could see the whole sector lift strongly.

Serp, Glencar was knocked down from 13p to 6.5p and has made a recovery which has been reasonably sustained because of the quality that is showing through. Glencar really does have very major deposits on the way.
I think juniors as a whole are very cheap and we are at a point which may be viewed in the near future as a key buying point.

.

[serpicouk] 12/7/2008 11:02

Personally I'm very disappointed that GEX hasn't had the ~40% drop most other AIM juniors have seen over the last few weeks...what a buying opportunity that would represent.

AIM is suffering from too many short-termers and short-ers at the moment. Value plays no part in valuation at present. Will the long term investors look back at 2008 as a golden period for acquiring stock in good companies at low prices?

[1waving] 11/7/2008 14:24

Been 3 weeks since the end of the drill season, should be reasonably close to getting further results, probably from Komana East.

.

[valentine] 11/7/2008 14:17

25k sell 13.36 8p

[1waving] 11/7/2008 14:01

valentine, lol, misread it then. No shares traded in GEX today.

[valentine] 11/7/2008 13:54

BLUE was the epic..not our shares. Blue are a broker.

[1waving] 11/7/2008 13:45

Gold breaking up through an important technical level at $950, now at $960.

What's a few million ounces X $1,000 - or $1200 - or $1,500

[deka1] 11/7/2008 12:55

For MMs read market manipulators/market moneymakers/ market muggers/

[1waving] 11/7/2008 12:26

odd !!!!! ????


No volume on LSE/AIM website

[valentine] 11/7/2008 12:17

2m @ 5p..bid 7.5p. Their own shares!!?

[1waving] 11/7/2008 12:11

Valentine
'I see one broker today selling their own shares for less than bid.'
Classic manipulation.

How many ??