Mining Minerals & Metals Share Discussion Threads

[robbi123] 27/3/2009 11:23

SS - thanks mate, thought I better ask the Irish boys over here, I got in at the top today, oh well! Looks an interesting one!

[bongo bwana] 27/3/2009 11:22

Robbi - I waited and waited and waited and in the process lost over €5,000.

A year after I got out (which was recently) they zip up to what my target to sell had been.

Philip O'Quigley is their CFO and has GREAT expectations for them andthat is not an exaggeration. POQ is also with GEX.

[share_shark] 27/3/2009 11:13

robbi. BB does but i know more. Someone buying in and great news to come.

[robbi123] 27/3/2009 11:11

BB - sorry for off topic, do you know much about PCI?

[share_shark] 27/3/2009 11:08

your choice.

[bongo bwana] 27/3/2009 11:07

Taken - Ive noticed that Barclays have increased their holding to 11%

[share_shark] 27/3/2009 10:59

Dont touch.In my honest opinion.

[bongo bwana] 27/3/2009 10:45

SS - U may email me in greater detail so as to avoid confusion or misinterpretation and I need to discuss another previous holding.

[share_shark] 27/3/2009 10:20

They will robbie.

[robbi123] 27/3/2009 10:17

Hopefully Minesite will produce a decent piece for us again soon after this weeks news.

[share_shark] 27/3/2009 10:14

And more----------spreading the word ;o)



Glencar Mining gets $40m funding

Explorer Glencar Mining has announced that it has signed a letter of intent with gold producer Gold Fields that will see the Irish firm receive up to $40 million ([euro]29.5 million) in funding.


Lets see if there has been any success elsewhere with our news reporter.

[share_shark] 27/3/2009 10:11

Seems the SOE have been spreading the word too.



In other gold news, Glencar Mining has signed a letter of intent with a subsidiary of Gold Fields to provide up to $40 million (£27.5 million) in funding for a project in Mali.

This will help secure a "substantial" level of investment in the Komana project, Glencar said

[bongo bwana] 27/3/2009 09:27

Big headline in small article in yesterdays "Irish Times" with words to the effect that "Glencar secures $40million funding". Easy to miss.

[haydock] 27/3/2009 09:21

Everybody seems to be hinting at newsflow from Uganda & Ghana.

Personally I am looking for drilling results next, from where, not sure, but a lot to come from the autumn, thats been on the back burner.

One thing is certain , they will have been & will be a able to go at Solana now, with more than one man & a drill rig.

There should be a few cheap & spare.
Cash is king.
GEX will have the cash, shh don't tell the market.

[bongo bwana] 26/3/2009 23:37

GEX has demonstrated its ability to execute some very fancy footwork to derisk its Komana and Sankarani interests.

Likewise with its Ugandan and Ghananian interests.

HMc referred to Solona with a certain tone at the 2006 AGM which clearly flagged to me that there was a strong possibility that something of special interest to GEX was likely to be found there.

GEX's strategy in relation to Sankarani and Komona may well have been defined by the exploration indicators revealed in Solona in the months prior to that AGM.

[1waving] 26/3/2009 22:06

Yesterday's announcement doesn't seem to have been mentioned on the Gold Fields website yet. Maybe they're saving it up for a rainy day.

What we have in Mali on completion of the deal is very substantial and de-risked for Glencar as Gold Fields are having to stick their hands in their pockets to accomodate for Komana.

We have 30-35% of the threee Sankarani licenses paid for.

We have a minimum of 35% of Komana paid for.

We have retained Solona but have $5m over 4 years from Gold Fields to pay for exploration and development there. Glencar may well end up with it's own mine there looking at the three targets already drilled, the potential is there.

In short we have a good percentage of the Sankarani shear zone on a free ride and Solona retained but $5m coming from GF to fund that. Plus £2.2 million from the equity placing of course.

Look for Uganda and Ghana to get JV'd out soon.

Glencar is now so well set up that I would expect them be able to advance Solona very rapidly and possibly look for further available licenses nearby.


If there had to be a JV this is the ideal that I looked for, we retain Solona and JV Komana and receive cash to boot.

[serpicouk] 26/3/2009 21:20

and some more from Proactive investor:



Wednesday, March 25, 2009
Glencar Mining finds a friend in Gold Fields Limited company news image

Dublin and London listed gold exploration junior, Glencar Mining (LSE:GEX) announced that it had signed a letter of intent with top tier gold producer, Gold Fields Limited (JSE & NYSE: GFI) to form a joint venture over Glencar's Komana licence in West Africa.

The joint venture will see Gold Fields spend up to $32 million on exploration and feasibility studies for a 65% interest in the Komana licence. Gold Fields can earn 30% after expending US$10 million, reaching 60% when the total expenditure reaches US$20 million, and a further 5% by expending a further US$12 million.

Gold Fields will also invest US$3.2 million directly into Glencar in return for a 15% equity stake. The placement will be completed in two tranches; an initial subscription for approximately 27.4 million shares at 4.5 pence per share followed by a second placement of 20.9 million shares at the same price.

"The successful conclusion of this deal will represent a major advance for Glencar, securing as it will, substantial exploration investment for the Komana project, the possibility of securing all future funding for a mine development at Komana without need for further funding by Glencar, while also providing Glencar with sufficient
finance to advance the exciting Solona project and other exploration interests in the region," the company said.

Glencar holds a 95% interest in the Komana Project, and has an option to acquire the remaining 5% stake from Petite Mine for US$1 million.

The joint venture will include an option for Gold Fields to explore Glencore's Solana License. The option fee for Solana is US$1.25 million per annum over 4 years.


Glencar's Chairman, Sean Finlay said;

"We have for some time now realised that the Komana project requires substantial additional exploration expenditure to demonstrate its full potential. We are confident that the Letter of Intent signed with Gold Fields will progress to the completion of a joint venture agreement on the Komana project. We believe that the agreement with Gold Fields will provide certainty to the shareholders of Glencar that the necessary exploration expenditure will be spent on the Komana project with limited additional equity dilution to the Glencar shareholders. Furthermore, Glencar will have sufficient funds to explore further its exciting Solona project and our other exploration interests in West Africa for the foreseeable future. The proposed joint venture builds on our well established relationship with Gold
Fields and represents a strong vote of confidence by Gold Fields in the Glencar management, the Komana project in particular and Mali as a country in which to develop mineral resources."

[serpicouk] 26/3/2009 21:12

Nothing of note but a bit of extra coverage:



25/03/2009

Mining giant Gold Fields has agreed to earn up to 65% of Glencar's Komana gold project in Mali by spending up to £23m.

In addition, Gold Fields is to pay £2.2m for a 15% stake in AIM-quoted Glencar at 4.55p a share and pay the Dublin-based company £880,000 a year in exploration fees for four years. This should take Komana to the stage of a bankable feasibility study and Glencar hints Gold Fields could also help fund future development of a mine at Komana and help with Solana, another project in the region.

Hugh McCullough, managing director of Glencar, says Komana, with a resource formally estimated last autumn at 1.25m oz of gold at 1.6g of gold per tonne of ore, bolts on to the company's existing Sankirini joint venture with Gold Fields. The annual £880,000 to exploration fee will come with no strings attached and Glencar can use it to explore Solona and other prospects.

Originally fully listed, Glencar's shares fell from 10p in 2000 to 1.25p in 2002 after its original Wassa project in Ghana proved a disappointment. Now 4.88p, they could now make progress if Gold Fields' funding looks like making a success out of Komana.

[mad celt] 26/3/2009 20:23

Pity the poor mugs who bought in at 5.5p yesterday.

[robbi123] 26/3/2009 20:08

In a way, it is good to see the punters exit so we can consolidate at this level. We certainly do need to improve the PR, DAVY have done their job as Broker by releasing a fairly decent research note, but we need press and new investors to get us to new levels.