Mining Minerals & Metals Share Discussion Threads

[haydock] 14/11/2008 10:49

The story so far.

[stenick] 13/11/2008 15:33

Interesting article about gold and money.

[share_shark] 13/11/2008 09:25

I REALLY had to smile at this article!. I wonder what the Gold Fields investors would do if they were invested in AIM stocks?.

You can see why the COO of Gold Fields resigned and the mine deaths that have taken place. I was not smiling when I read about the death of the miners though.

Many thanks to all the contributors here.
I appreciate all the great post.



Hope the link works ?.

[share_shark] 13/11/2008 09:00

Edit.sorry wrong thread. Now I know why I dont not have a PHD in Computer Skills.!.

[robbi123] 12/11/2008 22:08

1waving - only marked down as DAVY went conditional on all stocks today due to problems updating prices. Should be back 3.25 -3.75 tomorrow....ridiculously cheap imo

[1waving] 12/11/2008 21:37

Marked down on no shares traded today.

Just over a month since RC/diamond drilling started and probably just on a month from the start of RAB drilling.
Very probably put first batches of samples to analabs so may be lucky and get first results of the season by end of Nov. I believe Hugh expected much improved service for turn round time of assay results.

[1waving] 10/11/2008 15:46

More of a coincidence !!
I just happened to have looked at Goldplat this morning and noted their Ghana operations.

[share_shark] 10/11/2008 15:32

Many thanks, yet again 1Waving.

I think Goldplat's processing centre in Ghana makes such good financial sense and I am glad you added that.

I really do admire your skillful, research expertise and so very grateful that you are kind enough to share your findings, with us.

[1waving] 10/11/2008 11:43

SS -- this may be what you saw on Goldplat under projects - gold mining:--

'The focus will be on proven gold resources - between 300,000 oz and two million oz, avoiding greenfield exploration. Goldplat will take a balanced risk approach by using cash flows from its existing processing operations to fund development of mining projects.

Africa will remain the Company's focus, which is where Goldplat has considerable expertise and where the greatest resource potential lies. Currently it has under review a number of opportunities in Mozambique , Ghana , Kenya , and South Africa . '

Edit: Goldplat also has a processing centre in Ghana.

[bongo bwana] 10/11/2008 11:33

SS - please use the folder system in your PC to record these invaluable titbits. Your research is, once again, beginning to reveal valuable data.

[share_shark] 10/11/2008 10:57

Many thanks 1 Waving for your prompt response; I was led to believe that the COO of GF resigned because of the mine problems they had had but that was heresay, you will understand.

Ghana and Goldplat ?. Excellent point you make and I concur with you. Something too, caught my eye when reading on Goldplat but again for the life of me I cannot trace the article.

As my Math teacher used to say to me "you really must try harder" and I will in future when I see something that just might ring some bells. ;o)

[bongo bwana] 10/11/2008 09:41

Excellent work by U2.

Many thanks.

[1waving] 10/11/2008 09:33

Share shark - the COO of GF resigned recently ( Sept 30th ) for personal reasons.
His role has been split between Vishnu Pillay who specialises in South African operations and Glenn Baldwin who specialises in Australian and West African operations and assumes the role of Executive Vice President for international operations .
Sounds like Glenn Baldwin is your man.

Relevant press release


Also just been looking at who may be looking to partner GEX in the Ghana project, would put Goldplat high on the list.

[share_shark] 10/11/2008 08:41

Good morning all.
Question for IWaving and Serpico.

Recently I read, somewhere that Goldfields now have a new man at the helm; nothing unusual in that but what caught my eye, was the mention that he had vast experience in Mali and other areas , in which GEX has interests.

I have tried to find the link/information again but for the life of me,this elludes me. Must be senile dementia or lack of concentration. Am i correct or do I need to be corrected?.

Nothing earth shattering in this but it is interesting. Perhaps the "new man" is only in charge of parts of Goldfields ?.



Many thanks.

[bongo bwana] 04/11/2008 16:51

1w I like your style and the way to talk the walk too.

That cuz I share your views which would be those of all GEX holders of long standing.

[1waving] 04/11/2008 13:18

There is always the potential for a JV at Komana early next year or a buy-in type arrangement, a sale of the Ghana or Uganda projects, a simple equity placement etc etc. There are many options for cash. Not suggesting GEX are going to sell anything, but just pointing out a range of options, so not getting hung up about cash.

There is also the fact that Gold Fields are paying for the Sankarani projects, if Ghana and Uganda are farmed out that will be another two projects that GEX are getting a free ride on having made the initial expenditures.

Can see Komana in a JV possibly by mid-year 09 and I'm sure Gold Fields will be at the front of the queue for that with quite a few more companies more than interested. Could even farm out Solona as well, that looks to have damned good potential as well !!

Glencar have their options open and quality management to take us the right way and look after shareholder's interests in a solid way !!!!!!

.

[spaceparallax] 04/11/2008 11:50

The recipe for survival seems to be half-steam ahead to eke out precious cash reserves.

[haydock] 04/11/2008 08:44

Well done S, a very useful communication, for us all.

The one point that stands out is the care & attention, & the downright trouble taken by the management to answer your questions with honesty & detail, a great deal of common sense about.
This alone is very reassuring in difficult times, & more than we could have expected.

Note that srb, has found itself without a direction to go, at the moment with a problem mine.
They have apparently other viens identified & so may be looking for a developer to open a wider project.
The bombed out price went through the roof for a day with heavy herd activity : up /down & out. A pattern to remember & a sign of how volatile GEX may be someday.

[stenick] 04/11/2008 08:18

Thankyou SerpicoUK for sharing that info,looks like we have a good astute guy at the helm.I am sure we will ride this storm and come out stronger.

[serpicouk] 03/11/2008 23:28

1W - I probably need to sleep on it but my intial thoughts:

I'm happy to let Goldfields get on with Sankarani. They know what their doing and whether they achieve this seasons ambitious initial target to year end isn't really that significant at present. I'm satisfied that drilling is being intensified on this concession and clearly Goldfields have plenty of cash to complete this project.

Glad the metallurgical tests were all good - would have liked to have gleaned a potential recovery if they have such data. But the fact that no issues were presented is positive.

But I guess the main issue is available money. Hugh seemed hopeful that financing would be available when required. Whether he has put out 'feelers' or not I'm not sure.
Clearly raising several million dollars at 3.25p would be a dilution of note - however, in my own opinion, uncertainty over funding will soon wipe off 10-15%.
But should there be uncertainty? Its hard to gauge the extent of this issue. If the share price recovered somewhat by the end of the year I suspect impact would be minimal. If it doesn't recover over the next 6 months then I suspect operation will have to be slowed to conserve cash until financing can be sourced (at whatever level is offered).

In the current climate I want to ask myself whether GEX will go to the wall and I'll lose my money here. My feeling at the moment is that isn't the situation - however, I will be happier when the impact becomes clearer and ultimately financing issues are resolved. Fingers crossed from some speedy good results over the next 8 weeks.

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1W - I'm afraid no further details regarding the number or type of rigs was forthcoming. Which is probably quite telling in itself (?). I think all plans made at the end of the last drill season to intensify drilling this season are under revision as cash burn will have to be managed prudently (which I have no doubt it will be). I would suggest there is only the one RC and one RAB rig on Komana at present. However, the work plan is fluid so more may be added (or removed?) as the financial situation draws to a conclusion.

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Whilst we all want our jam a little earlier those invested for the long term (horrible term) should obviously put a higher priority on the well being of the company. In comparison, getting a few more meters punched this season is a low priority.

[1waving] 03/11/2008 22:26

Serp,

Seems quite clear that financing is available when required so no real problem there and the sentiment of limiting dilution is appreciated.

Adapting plans to current market conditions also seems sound.

Good management from what I can see in that reply.

Gold Fields should still have an aggressive programme as mentioned before as they are looking to add to depleting reserves and much reduced production. Cash not a problem for them.

Metallurgy tests sound OK and it looks like drill results will come through much quicker this year.

What are your overall thoughts on the reply ??

NB. No mention of how many or what type of drills GEX have booked -- their releases say at least 1 x RC/diamond and 1 x RAB --- possibly another RC drill ??

.

[serpicouk] 03/11/2008 22:21

Contacted GEX regarding my concerns. Paraphrasing throughout for convenience. GEX comments in [ ]:

I understand your hopes are to exceed the 50,000m achieved last season. Do you have meter targets for RAB and RC drilling? How many rigs of each type will be active this season? On the Sankarani concession Goldfields recent update implied they would target 38,000m in the 3 months to year end. Is this your understanding?

[No targets set due to fluid/dynamic nature of the project. Adjusting to results as they come in]
[A lot of drilling is planned on Sankarani. Perhaps unlikely to accomplish that target by year end]

I assume funding will be required before the end of the drill season and in the current climate finding such finance will prove harder to secure than in previous years. Running out of money is clearly undesirable – might exploration/resource defining activities be scaled back to conserve cash until such financing has been secured?

[financing expected to be available when required]
[however - desire to preserve value for existing share holders - excessive dilution very undesired given exceptionally low share price]

[all activities must now be set in the context of current financial market]
[potentially the ramp up of drilling intensity may be delayed somewhat until market stability returns]
[as much drilling as possible will be undertaken - but target of exceeding 50,000m was set prior to current market conditions]

In a recent minesite article it was suggested that you plan to divert next monies to start a feasibility study. Is this really Glencar's intention?

[no current plans to start a feasibility study]

How have the metallurgical tests proceeded?

[no issues with complexity were identified in the tests]

Will the turn around time for assay results be as protracted as last season?

[expect a significant improvement in this area]

Given the progress since June 07, would it be reasonable to expect your nomad to produce an updated research note on the company?

[will be considered]

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I think my concerns were well grounded - but whilst its a little disappointing that it appears operations will have to be adjusted to some degree this is where good management comes into its own. Hopefully Hugh et al at GEX will guide the company through the next year unscathed. Both progressing its multiple projects whilst safe guarding its finances and acting in the best interests of its shareholders.

This issue will have a significant impact on a large proportion of juniors.

[spaceparallax] 03/11/2008 14:04

SS,

Thanks.

[share_shark] 03/11/2008 06:16

Mention of Glencar in Proactive Investor.