Mining Minerals & Metals Share Discussion Threads

[share_shark] 19/5/2009 12:56

zzzzzzzzzzzz

[bongo bwana] 17/5/2009 20:53

Welcome back Serp.

Will you be attending the AGM again this year?

[1waving] 16/5/2009 19:03

Serp === Good to hear from you again. Looking very likely that Ghana and Uganda licenses will be JVd. That's the scenario I'm looking at. That would leave GEX with only Solona, hence looking towards a neighbouring license or two in Mali in particular.

[spaceparallax] 12/5/2009 10:50

A little life this morning.

[bongo bwana] 11/5/2009 08:47

Many thanks 1W

[1waving] 11/5/2009 07:58

Yes, HMc had been broadly aware but am not sure he was aware of the extract from their recent report that detailed the extent of their difficulties, this paragraph in particular:--
"• The Company currently does not have the available cash to meet its total expenditure commitment of approximately $12.8 million by 2010 in order to maintain its licenses for the Mali properties."

Looking forward to the the annual report with a full drilling update.

[bongo bwana] 11/5/2009 07:00

1W - did you give the Medoro flag signal to HMc?

[1waving] 10/5/2009 11:09

Those two greenstone belts are so similar, could have been part of the same formation millions of years ago. They are 'Mayfair' type properties of the gold mining industry at present

All the 5 license areas in Mali have legs. I think that we have only seen a small fraction of it's potential.

From HMc email.
'We are currently putting together our annual report and all up to date information including a full drilling update will be included. We are expecting the report to be issued at the end of this month and the AGM to be held towards the end of June.'

[haydock] 10/5/2009 10:59

Well since it's relevant:

Randgold said it's Gounk: prospect in Mali was shaping up as a significant nes discovery.With the grades some of the highest recorded in the comapanies history.
CEO said he had long believed the Loulo region had legs, highlights it's continued prospectivity.
Possible mine.

Bullish for Mali & the general region then.

[bongo bwana] 09/5/2009 23:46

Guys/Gals,

Solona was ear marked to me at the 2006 AGM as being of particular exciting interest to GEX. Im pretty sure I mentioned it in my 2006 report.

[1waving] 08/5/2009 20:35

Forgot to mention, the Sindo target area in the South East of the Sanioumale license is currently undergoing a further drill programme.

That is after previous drilling at the Sindo target outlined gold-in-bedrock anomalism coinciding with a northeast-southwest shear-zone.


Northeast-southwest shear zone has a familiar ring.

[1waving] 08/5/2009 20:30

Gounkoto is in the Loulo license area in Western Mali just to the South of the existing mine. You can see it marked on the Yanfolila project page on GEX website, top right of page.

In the West Mali Birimian greenstone area rather than the Southern Mali one where Glencar's areas are, but the geology is said to be very similar.

[stenick] 08/5/2009 19:05

Near what???

[haydock] 08/5/2009 13:23

Note thet the Telegraph piece on Randgold, highlighted the wonders of Mali.
Always was going to be a big at Gounkoto.
Record grades.
No map, so anywhere near?

[1waving] 08/5/2009 10:38

Haydock -- I'm sure that if HMC could get that particular license area, he would. Between Komana, Solona and Sanioumale licenses right on the Sankarani shear zone. Go to the Medoro website and read through their info, releases on that license. It is very interesting. HMC does have the choice, but that license right next to the 'exciting' Solona would be spot on.

By the way, did anyone notice the prefix 'exciting' has been transferred from Komana to Solona now. Good for Hugh. It's now official, Solona is the 'exciting' license area !!!!!!

[haydock] 08/5/2009 08:35

I can just about here the Jungle drums beating on that one.

It will be common knowledge.

[1waving] 07/5/2009 22:39

From the previous post --- Sindo is in between the Solona and Sanioumale licences with Kangare not too far at all to the North East of Sanioumale and Bambadale North roughly between Sanioumale and Bokoro.

[1waving] 07/5/2009 22:10

I think Medoro have put the Sindo license, directly North of Solona, on 'care and maintenance' to concentrate elsewhere.

From their report of 30th April:--

Write-down of the Mali property, plant and equipment
The Mali property, plant and equipment consist of the accumulated costs incurred for the portfolio of licenses that is made up of a total of 11 areas in Mali. Ten of the licences are located in the gold-bearing Bougouni region in southern Mali, on the West African craton. The licences are Sindo, Kekoro South, Kangare, Balandougou, Samava, Naiouleni West, Bambadala North, Doubasso, Nimissila and Manakorolo. The other licence area, Bantanko, is located in the west of Mali, in the Keneiba window portion of the West African craton.

The Company's focus in 2009 will be on the Lo Increible Properties in Venezuela, for which it is seeking the exploitation permits to begin production. Due to limited resources, the Company has ceased its exploration activities indefinitely on the Mali properties and is currently evaluating its options, including new financing or seeking a strategic partnership in order to continue exploration activities. Continued exploration in Mali is dependent upon the Company successfully completing new financing for this non-producing property, which in the current environment has become very difficult.

• The Company determined that there would not be adequate resources to continue
the Mali exploration activities and the development of the Lo Increible Properties. The Company had decided to use available funds to fund the objective of bringing the Lo Increible Properties to the production stage. Therefore, the Company has decided to delay exploration activities in Mali indefinitely. The Company has also decided that the sale of all or part of the Mali properties to a strategic partner will be evaluated and pursued.

• Current financial conditions globally have been subject to increased volatility and numerous financial institutions have either filed for bankruptcy or have been rescued by governments. The increased levels of volatility and market turmoil have affected the availability of funds. The Company's principal source of liquidity has been equity financing and currently there is a lack of funds available from investors for green field or early stage exploration.

• The Company currently does not have the available cash to meet its total
expenditure commitment of approximately $12.8 million by 2010 in order to
maintain its licenses for the Mali properties.
______________________

I'm sure Hugh would be aware -- or would he ????

Edit: Yes he will.

[bongo bwana] 07/5/2009 21:06

I wonder would Medoro be on HMc's radar?

[1waving] 07/5/2009 20:32

Hope that Hugh is trying for further licenses around the existing area in Mali.
Anything close to Solona would be a bonus.

[1waving] 07/5/2009 08:55

Additional mentions in the Gold Fields Quarterly report:--

"Notable milestones on three projects this quarter include the assumption of operatorship at the Talas joint venture with Orsu Metals in Kyrgyzstan, the conclusion of a Letter of Intent with Glencar Mining to joint venture its Komana project in Mali and the exercise of a back-in right to earn 51 per cent of the Chucapaca joint venture with partner Buenaventura in Southern Peru."

" Advanced Exploration
In addition to the existing Sankarani joint venture in Mali, Gold Fields and
Glencar Mining plc (AIM: "GEX") signed a Letter of Intent in late March 2009
where Gold Fields can earn up to 65 per cent in Glencar's Komana project which
has a published resource of 1.25Moz. Gold Fields will also make an equity
investment in Glencar and will hold about 15 per cent of the company's equity.
Drilling will commence as soon as possible."