Mining Minerals & Metals Share Discussion Threads

[bartender18] 17/2/2009 11:16

I brought 25k odd yesterday, also had a problem buying on line, ended up going though at 3.75p. The top two risers yesderday were gold companies.

[1waving] 17/2/2009 08:35

quite a few nibbling at the stock yesterday so a little bit of volume seems to have held it up.

[robbi123] 17/2/2009 08:35

Well guys, I bought a few more yesterday, wouldnt go through electronically, can only buy 10k online atm...interesting, maybe we will see a move soon?

[deka1] 17/2/2009 08:33

no usual mark down today

[1waving] 17/2/2009 08:32

arc en ciel --- you have to broaden your research and understand what is at Komana in particular. The presentation on the front page of the website paints a very good picture of the geology and deposits/targets. Read the reports from the interims and annual report and then the press releases. You will get the picture.

[bongo bwana] 17/2/2009 07:02

Arc en ciel Im afraid you need to broaden the base of your research and go back a bit and delve into the 2008 AGM report available elsewhere. But then you may not exactly give credence to that particular contribution???

There was a time when 250US$ required a 2m ounce reserve for miners to be interested. Not any more IMHO.

[arc en ciel] 17/2/2009 00:01

1waving: OK,OK, I'm relatively new to GEX and I missed the offending paragraph in the 30 June Interims Chairman's statement. I hold my hands up.

In my defence, I can only say that having looked at the accounts for the six months to 30 June, I didn't look back to 24 June when the fundraising was announced. In my opinion the access to the placing monies on 3 July should have been included as a Note of post-balance sheet events to the accounts.

With regard to the resource, the 23 October resource statement was only on the basis of historic drilling and I still feel the company's reluctance to keep shareholders (and others) informed on progress doesn't allow anyone to form opinions on the likelihood of serious increases in the certified figures. A number of companies consider a 2m oz resource as a minimum for acquisition.

[share_shark] 16/2/2009 22:37

arc en ciel ! Lols. take a look at what this avatar means. ;o)

(keeper of knowledge and does not spread gossip) not much going by the posts !
.

[share_shark] 16/2/2009 22:21

Well I spoke to Hugh when he was in Mali last year and he seemed very postive indeed.

A charming, gracious man.

[deka1] 16/2/2009 22:16

hi wave , your dead right mate, research is the key, doesn't look like he's done much does it

[1waving] 16/2/2009 20:55

arc en ciel -- You are wrong.

Check before you post such questions and negative speculation.

GEX raised $2,000,000 as announced on the 26th June at a placing price of 9p with Macquarie along with 13.5p half warrants.
Those shares commenced trading on the 3rd July.

From the interim report:--

FINANCIAL
Our Income Statement for the six months ended 30 June, 2008 shows a marginally increased loss compared to the same period last year. The Balance Sheet and Cashflow Statement do not reflect the proceeds of the US$2 million placing which was completed immediately after the end of the period under review.
--------------

That gave them just under $2,500,000 in last June/July

You were also looking for an identifiable NI43-101 or JORC -- How could you miss it ??

JORC of 1,250,000 oz announced 23rd October --

Surely that is easily identified by simply looking at the news on the website, as is checking how much cash they might have.

The information is there if you bother to look rather than indulging in negative speculation.

[arc en ciel] 16/2/2009 19:56

Haydock: But with the experienced Ken Judge leading the team and John Prochnau's legacy of promising projects still being exploited, Hidefield could always be expected to rebound sharply if something came good.

1waving: I was looking for some info to indicate progress towards an identifiable NI 431-01 or JORC resource statement which might attract a bigger fish to swim towards GEX's gold.

The dearth of information lately includes a lack of insight into the financial position. The last we heard, at 30 June 08 GEX only had US$496,000 in cash, plus debtors of $15,000 and current creditors of $386,000.

Has GEX been able to afford any drilling???? Could be it isn't doing any!!!!!!!

[1waving] 16/2/2009 17:07

arc en ciel - Depends what results you're expecting. Not looking for bonanza grades but rather consistent decent grades over length, width and depth as at Komana East.
Looking at the geology map of Komana East on page 16 of the presentation we may get a few hundred metres more length at least there, then the width and depth can be followed through with infill drilling. Do remember that Komana East is only one target.

Not every target drilled will be a winner but it's a fact there are definitely some winners here :--

Targets drilled 2006-2008

YANFOLILA PROJECT
Komana East
Gonka
Komana West
Soloba
Kama
Badogo Malikila
Niechilela
Faliko

SANKARANI PROJECT
Kabaya South
Sanioumale West
Sanankoro
Farasaba West
Farasaba Main
Farasaba South
Ngouela
Fingouana
Sindo
---------------

That list is by no means extensive, there are far more targets over all areas but particularly so at Komana.

[haydock] 16/2/2009 16:59

I chose to play the crocodile tick, tock on this one & look what happened.

I have the feeling that the small golds are on the rise, so tick, tock seemed appropriate for GEX.

I hold the living dead of the Gold Aim market HIF, I ignore this as i do not know of any news due, apart from a small deal last week, but carry on holding as usual, APF have plenty so I am o.k. for the duration.

Today along comes Capt. Hook, followed by the crocodile, Peter pan & the lost boys for all i know .

Only a mere 100% rise at the end of the day!!!

I will look more closely tomorrow at my holding in GEX.

Perhaps tick, tock,wasn't such a daft way of looking at the situation after all.
Spring is definately in the air!!!

[arc en ciel] 16/2/2009 16:45

1waving:

Thanks for posting JGM's return email.

So Hugh reckons that shareholders' interests are not best served by them being informed of results, in contrast to the majority of explorers who regularly inform on what is being discovered. And the effective regulatory requirement to inform shareholders on a timely basis on matters affecting the value of their company.

No information has been provided on Komana since 23 October, nearly 4 months ago. No information has been provided on Solona either.

Nor on the 65%-owned Sankarani project since 21 August, nearly six months ago. That August release stated that $4m had been spent by Gold Fields as at that date out of $12m allocated and that a statement regarding approval and budget for the 2008/9 drilling season would soon be issued.

All the time, according to these last releases, substantial drilling is proceeding on all these projects and the results are presumably being compiled (though assays may not be so promptly produced as desired).

Couldn't be that the results are less flattering than expected could it?????????

[1waving] 16/2/2009 15:21

From Jerry Guitar Man on iii :--

Email from Hugh ---- Jerry Guitar Man

I emailed Hugh McCullough back in January (25th) and said:

Hello, as an investor in Glencar I was wondering if anything was happening. The last RNS is now over 3 months old and there has not been any other news/rumour/talk about the company at all. Are you ablt to tell me about anything that is happening please?

and today received the following reply:

"Thank you for your email. I apologise for the tardy reply but I have been travelling in Africa since late January.

Business is continuing as usual but, in current market circumstances, I do not believe that shareholder interest is best served by release of press statements, other than those necessitated by Stock Exchange regulations relating to price sensitive information. Even the release of positive results right now, will serve only to drive the share price down as the resultant increased liquidity sucks in distressed sellers.

I do hope that this situation is now beginning to change and that we may soon be able to resort to a more regular schedule of news releases."

Seems its a case of damned if we do and damned if we don't at the moment. Guess al we can do is sit tight.

Jerry

[bartender18] 16/2/2009 14:24

Nice to see the buys going in today, maybe somthing in the wind!!

[bongo bwana] 16/2/2009 12:41

I have Deka to thank for convincing me to convert CEY from my radar to my portfolio, LOL. I only needed that vital small shove.

The other one I looked seriously at was MML.

I agree that GEX is overlooked and I would like it to remain so for another 6 months but suspect that I wont be that lucky.

[robbi123] 16/2/2009 12:21

Hi mate, I do like CEY, have had a few punts on them in the past. Theyve had a strong run recently, I seem more inclined to top up here as it seems the herd havent quite reached us yet, but thanks for the heads up. Have you been looking at any other Gold stocks?

I look forward to an update, hope all is well with you.

[bongo bwana] 16/2/2009 12:14

Hi Robbi - just back from meeting.

I cant add materially to 1W's valued contribution but if I get the chance I will phone H.Mc this week and advise here and by the usual mode.

If you have funds available have a look at Centamin - close to moving ore for treatment and only a short period from production.

The higher the POG goes the harder its going to be be for H.Mc to authoritatively withstand any drive ( by shareholders seeking to maximise returns from the current upward spiral in the POG) towards production at Komana.

[1waving] 16/2/2009 11:58

Robbi -- no haven't spoken to Hugh. The last contact I had was just before Christmas with the email saying Hugh was holding back on news until the market was more favourable.

[robbi123] 16/2/2009 11:56

Thanks 1waving, fine by me also. Did you end up speaking to him?

[1waving] 16/2/2009 11:52

robbi123,
may be waiting for a significant event such as gold going through $1,000+ or for info from Gold Fields or results from Komana that add up to be really positive. Been drilling for 4 months so drill results should be stacking up if they are coming through in reasonable time.

Think that news could be held until March or maybe April for a major impact news RNS with plenty in there from both Sankarani and Yanfolila. When Hugh is ready is fine by me.

[robbi123] 16/2/2009 11:34

Oracle - when are we anticipating an update on drill results? Looking at last year we had an update on Jan 30 and again in March. A little bit of buying interest this morning and a a tick up. As Haydock says Tick tock tick tock??

edit - I know HMc didnt want to release anything whilst the markets were dire, but now would be ideal whilst Gold stocks are having their day....