Mining Minerals & Metals Share Discussion Threads

[share_shark] 03/7/2009 18:46

Gex will always remind me of this Mark Twain saying.

Truth is easily destroyed

But a well told lie,

Is almost immortal !!!!

All in my honest opinion of course.

[share_shark] 03/7/2009 18:28

;-) Know thy history ?. They were all blessed with red hair too,legend would have.

Tara BB was also "Taa-ra Beautiful Brass" when I was given Glencar as a tip.

[dogdig] 03/7/2009 18:25

Tara was the seat of the kings of Ireland until the 6th century and remained so to some extent up to the 12th century...

[serpicouk] 03/7/2009 10:38

In my view it's simple. Things have progressed slowly up to now - you can make excuses for the Board. Although they have now manoeuvred GEX into a position where they have the money and the partner to succeed.

Next drill season there can be NO excuses. Things at Komana/Sankarani/Solona/New licences/Ghana/Uganda should all be progressed significantly.

I intend to hold to find out...although agree with SS that short term there are probably 'better' places for your money.

[haydock] 03/7/2009 08:15

Followed Mr Burne at Golden Prospect & he is still in an Aus share going nowhere for 25 years, I hold Samson.
He has semi-retired!!!! From Golden anyway & I should have sold when he did.
I have learnt the lession & will watch for the story to change in GEX, so far it has not, but you could not value the company three years ahead, it's not that type of a company which is why most of us will have an interest.

M. Burne is one to watch.

[share_shark] 03/7/2009 07:02

Tut, tut, has age clouded your memory ?.

Tara was the plantation estate of Scarlette Ohara.

Scarlette was your favourite colour.

and no 3...........?

[bongo bwana] 02/7/2009 23:18

Charisma does nothing for me but ethical behaviour is rare and I value it highly in business transactions and business - very highly in fact. The GEX board excell in this regard.

I think Solona is likely to be the true test of their entrepreunarial (Ive murdered that word) skill as a team.

Extrapolations for three years forward is a useless exercise. Now if I was one Mr. Fran Rooney I might try it but Im sober when it comes to GEX and thats the way I intend staying.

[serpicouk] 02/7/2009 19:41

I fear for the share price over the short term. Sentiment seems to be growing that we'll experience a nasty W rather than a 'nice' V recovery.

Combined with the seasonal lack of drill news I suspect buys will dry up and the share price will drift to the lows..with a horribly large spread so you can't take advantage of those MMs.

I might have a go at guessing the price in 3 years a little later (it's too hot to think straight at the moment)...

[share_shark] 02/7/2009 19:38

Stenick. These are contrarian views here. Very few of these.

Most you will note are very positive.
For you to judge Stenick.

[stenick] 02/7/2009 19:34

For f##ks sake can't anything go right for once!!!!!

[serpicouk] 02/7/2009 18:22

Believe his only real 'purchase' was to excise 500,000 options at €0.031 in Aug 08...when the share price was €0.080.

It is the same person by the way.

[share_shark] 02/7/2009 17:51

With ref to POQ. Has he bought any shares in Glencar, anyone know please?.

If the correct P.O.Quigley, he is now the FD of PVR, not CO or MD.as I said.

Today(if the same man) he purchased 500k shares in PVR.

[bongo bwana] 02/7/2009 16:37

SS - far too many variables to be factored into that for a mere mortal like me to give an honest view.

[share_shark] 02/7/2009 15:38

Mchug is also a Barrister at law.

He should have been able to cope with Macq and co. without any interuption to t

the modus operandi of Glencar mining.

look what they are paying themselves ?. The payment to POQ ,for his services,is shocking----"nice work if you can get it",one journalist reported. Am I correct in saying he is the same POQ ,who is MD or CO of PVR ?. How many hours does he actually "work" for Glencar ?.

It is also disgusting that the board should have left the shareholders without any news, fo so long,in my opinion.

McH. has been at the helm , most of his working life,perhaps since completing his training /degrees?. This is conjecture on my part but he is only 57 years now. Ah indeed. Nice work if you can get it.
With the share price at 4p.perhaps, we should insist on them being placed on the UK minimum wage then add bonuses for anything extra,in the way of ADDING SHAREHOLDER VALUE ?. This said tongue in cheek but I am sure you get the picture,ie. the proof of the pudding and all that.

All in my honest opinion.

[serpicouk] 02/7/2009 14:11

I'm not keen on the old 'they were unlucky with the price of gold' line.

The business environment was the same for all companies. Some, who were juniors during this time, are now mid-tier.

Might other Boards have kept and developed Teberebie and Wassa into the successes they became? Who knows, but if they had and if we add our current assets then Glencar might well be on the way to mid-tier status as well...as is, the same board that was in charge of a micro cap junior decades ago are still in charge of a micro cap junior today.

The cold undeniable truth is that this board has failed to deliver in terms of growing the business over multi-decade time scales.

May be it's just taken them 20+ years to find the right partner. The fact that GF are taking over operations from now on is a big de-risking factor as I still feel the Board lack the required skills to succeed in this area. They can concentrate on what they're clearly good at - exploring and identifying targets. Unfortunately this does create a one-dimensional board in my view, one that may be taken advantage of at a later date?

[stenick] 02/7/2009 13:41

Thanks haydock, it made interesting reading as all I knew was that Glencar had to sell its Wassa mine to stay afloat.Glencar certainly have some good history,and I agree the way they are going now is right.Hopefully, as there are so many variables.Viva la Glencar.

[haydock] 02/7/2009 13:13

The final part:

reached the project employed some 600 people.

Navan
In August 2002, Glencar completed the sale of its subsidiary company Rennicks & Bennett Limited ("R&B") to Tara Mines Limited ("Tara"), the owner of the major zinc mine at Navan, Co. Meath. The purchase price was €65,000 and Tara also repaid loans owed by R&B to Glencar totalling €535,000.

The major asset of Rennicks & Bennett Limited was Prospecting Licence 1496 adjacent to the Tara mining lease. Drilling carried out by Glencar on the property had shown the presence of significant zinc mineralisation adjacent to the Tara orebody but further extensive drilling and evaluation would have been required to determine its commerciality.

[haydock] 02/7/2009 13:11

Here we have the history of the comapny,which I did not know well.

Contrast it with the classic model outlined in 4949.

Not much wrong there then, so why have they only grown the company to the odd £14m.
Could it have anything to do with the fact that there was a 20year gold recession?
How could they have changed the situation this time around.Well perhaps they should have raised far more cash when it was available against the higher share price, perhaps, from those nice friendly bankers like MacQ?

Anyway this time we may be in luck & have a gold bull ?

Putting the two items together you can see what we are all wondering about, will they progress this time?

It's a company on the turn round about now. Worth the watch? As i said I'll be around to see, although I had a fit of the itches this morning with one of my other loss makers & bulleted half.

The Teberebie Mine
Glencar discovered the Teberebie gold deposit in Ghana in 1986 and operated the project through to the completion of the Feasibility Study. Glencar then sold its stake in the project to its partners, The Pioneer Group Inc. which brought the mine into production in 1990. The mine, which lies approximately 20km to the north of the Asheba Property is still in production. Pioneer sold the mine to Ashanti Goldfields in 2000 and to date the deposit has produced more than 1.4 million ounces from reserves of some 9 million ounces of gold.

The Wassa Mine



Glencar discovered and developed the Wassa orebody in the Western Region of Ghana, some 30km northeast of the Asheba Property. Satellite Goldfields Limited operated the mine between 1998 and 2001. Glencar owned 59.4% of Satellite Goldfields Limited. The mine construction was completed on schedule and on budget and the first gold was poured in January 1999.

The Wassa mine was a heap leach operation with an ore throughput of just over 3 million tonnes per annum. Design recoveries of gold from stacked ore were never fully attained and this, combined with the poor gold price which prevailed during the first years of production, resulted in Glencar's decision in early 2001 to sell the mine.

The sale of the Wassa mine to Golden Star Resources Ltd. was completed on September 13th 2002. Up to the sale of the property, the mine produced a total of 260,000 ounces of gold. In the two full calendar years 1999 and 2000 the average annual production was 93,000 ounces. By the time full production capacity was reached the project employed

[share_shark] 02/7/2009 09:43

Thanks for your kind words and knowledge serpicoUK.

With regards to JP Morgan, there are no facts or figures to support the talk in the city that they have indeed been selling. Talk by brokers,constantly, affects sentiment(both good and bad), on a stock and that is why I have never mentioned it here,before. They may well still hold all Glencar stock.

Mainly this is to cool down BB's. blood pressure. ;-).