Mining Minerals & Metals Share Discussion Threads

[cyclingcat] 18/5/2006 17:26

sivsy - If a share is on AIM and is listed on a foreigh exchange then they are permitted in an ISA.

Whatever, squaregain allow GEX in an ISA and other dual listed AIM stocks. If you want it in an ISA open a squaregain account.

The preliminary results are a great read. A few good snippets, including:-


Other Projects

We are currently in discussions in relation to a number of new
exploration projects in West Africa and we hope to advance one of
these prospective areas soon.


oooh!

[stemis] 18/5/2006 17:26

shares quoted on AIM and OFEX are not qualifing investments for Peps or ISA's.

They are if they are listed on another 'qualifying' stock market.

[sivsy] 18/5/2006 16:40

Under HMRC guidelines shares quoted on AIM and OFEX are not qualifing investments for Peps or ISA's. Seems farcical to me but thats the downside of being British.

See section 7.4 in attached :

[Abuse team] 18/5/2006 16:34

Post removed by ADVFN

[pgh3] 18/5/2006 16:28

ty seamus!!

[seamus33] 18/5/2006 16:26

Only released at 4pm, appears on London stock exchange site

[pgh3] 18/5/2006 16:20

thanks seamus, checked the rns's but couldnt see it, i'll check again

[rodspotty] 18/5/2006 16:19

Makes for great reading, a couple of ''bonanza's'' in the text....pity about the timing, but thats the markets for you. DYOR

Rodders

[seamus33] 18/5/2006 16:14

Its an RNS released to the market

[pgh3] 18/5/2006 16:13

where did you get this from robbi, cant find the original source anywhere?

[robbi123] 18/5/2006 16:09

Preliminary Results

GLENCAR MINING PLC

Announcement of Annual Results

18 May 2006

Glencar Mining plc ("Glencar" or the "Company") today announces its
results for the year ended 31 December 2005.

Highlights from the Report of the Chief Executive:


* Glencar had a very exciting and successful year

* Major gold discovery at 95% - owned Komana West target in
Mali
* Bonanza intersection of 20 metres at 55.19 grams/tonne
gold
* Strike length of ore grade mineralization is at least
1,100 metres
* Signed agreement with subsidiary of Gold Fields Limited,
whereby the subsidiary will spend up to US$12 million on
exploration expenditures to earn a 65% interest in three of
Glencar's five concessions in southern Mali.
* Drilling to start at Sanankoro target in Bokoro concession
in early June

* Glencar shares admitted to AIM in London and IEX in Dublin

* Completed a US$2.19 million funding in February 2006

The last 12 months have been a very positive period in Glencar's
development. Our exploration programmes in Mali have been very
successful indeed, and have defined a number of promising targets,
including one at Komana West which bears the hallmarks of a deposit
with significant commercial potential. More work is required to
prove up this target and to advance the others, but we hope that the
next field season in Mali will significantly advance the prospects
for a developing mine (or indeed mines) on our extensive land acreage
there.

Glencar's exploration projects in Mali comprise an interest in five
concessions in southern Mali, covering a total area of 1,250 square
kilometres of highly prospective Birimian terrain. Glencar holds a
95% interest in four of the five concessions and a 51% interest in
the fifth, which can be increased to a 100% interest upon payment of
US$20,000 over the next two years. The Komana and Solona concessions
comprise the Yanfolila Project, while the Bokoro, Sanioumale and
Farasaba concessions are referred to as the Sankarani Project. In
February 2006 Glencar signed a Framework Agreement with Orogen
Holding BVI Limited ("Orogen"), a subsidiary of Gold Fields Limited
("Gold Fields"). The Framework Agreement provides that, subject to
certain conditions, Orogen, through one of its subsidiaries, may earn
a 65% interest in the Sankarani Project, for funding exploration
expenditures of up to US$12 million. This agreement is a very
positive development for Glencar in that it brings in one of the
world's largest gold producers as a partner for three of our five
concessions in southern Mali. Glencar is currently managing the
exploration programme and the experienced personnel within the Gold
Fields group are also available to contribute to the technical
advancement of the project.

The Yanfolila Project

The Komana West target, which is held 95% by Glencar, has
demonstrated exceptional mineralization over a significant strike
length. The first drilling programme, completed in December 2005,
showed the presence of a north-south mineralised structure with a
strike length of 850 metres, within which there was extensive
east-west quartz veining which often contained high grade
mineralization. This high grade mineralization reached bonanza
grades in hole number KWRC002, which returned gold mineralization of
55.19 grams/tonne over a 20 metre downhole length. The second phase
of drilling at Komana West, totalling 2,778 metres of reverse
circulation drilling was completed in April 2006, and intersected
very significant mineralization 250 metres to the south of the
previously drilled zone, thus increasing the overall strike length of
the ore grade mineralization to 1,100 metres.

At the Komana East target, 7 kilometres to the east of Komana West,
Randgold Resources Limited and North Limited, in joint venture, had
estimated a non-JORC compliant resource of 280,000 ounces of gold in
1999. Although we have not yet carried out any detailed fieldwork on
the Komana East target, our work at Komana West gives us reason to
believe that there is good potential for a reinterpretation of the
Komana East results and the discovery of additional gold resources
there.

Work on the Solona licence has commenced, and preliminary indications
suggest that at least one target area, identified initially by its
very extensive artisanal mining activity and confirmed by recent very
favourable reconnaissance geological mapping, can be advanced quite
quickly to drill ready status.

The Sankarani Project

Work on the Sankarani Project with the Gold Fields subsidiary has
also been moving apace. Recent mapping and trenching, when allied to
the interpretation of the existing database, has led to the
definition of a number of exciting targets which exhibit favourable
structures and geology, associated with current extensive artisanal
workings.

An initial reverse circulation drilling programme will shortly be
commenced at Sanankoro, on the Bokoro concession, one of the very
prospective targets which have been identified within the concessions
covered by the Framework Agreement.

Further drilling is also scheduled on targets within both the
Sankarani and Yanfolila Projects after the end of the rainy season.
It is clear that the results of the exploration to date in Mali have
vindicated the confidence of management in the technical
prospectivity of the Sankarani/Yanfolila region, and we are very
excited about the huge potential of these two projects.

Asheba, Ghana

Exploration at Asheba, our 100% - owned exploration licence in Ghana,
continued during the year. We completed a detailed, helicopter-borne
aeromagnetic survey over the western half of the Asheba concession
which has given rise to a reinterpretation of the complex geology of
the Atinasi area as well as highlighting some interesting new
potential target zones. Work continues in this area with a view to
defining drill targets for the next round of drilling.

Other Projects

We are currently in discussions in relation to a number of new
exploration projects in West Africa and we hope to advance one of
these prospective areas soon.

Financial Results

Our financial results for the year ending 31 December 2005 are set
out in the income statement, balance sheet and cash flow statement,
appended below. They show a loss before taxation of US$731,020, an
increase of 8% on the previous year. The accounts show a healthy
positive cash balance at year end which has since been augmented by
the raising of a further US$2.19 million in February 2006. We are
now well financed to complete all our own projected exploration
programmes and with exploration on the other three of our Mali
licences being funded through the Framework Agreement with the Gold
Fields subsidiary, we have no immediate need of further finance.

AIM and IEX Admission

In September 2005, we gained admission to the AIM Market in London
and trading there in Glencar shares has been brisk. Glencar shares
are also traded on the IEX exchange in Dublin and it is interesting
to note the very significant increase in share trading volumes on the
IEX over the same period. The significant increase in Glencar's
share price since October 2005 reflects the very successful drilling
programmes at Komana West and we expect to be able to add to this
success in forthcoming drill programmes, both at Komana West and on
other targets within the Sankarani and Yanfoilila Project areas.

Outlook

Glencar is now in a pivotal position in terms of ground holding and
cash reserves to participate fully in the current buoyant gold
market. As noted in last year's annual report, world gold production
has levelled off in recent years and the major producers are
struggling to find sufficient new reserves to maintain production
levels over the next few years. This is due to the dearth of
exploration carried out over the years 2000 to 2003, caused by the
historically low gold prices which prevailed during that period.
With continuing currency uncertainty, especially that of the US
dollar, and continuing strong investment demand, we see gold prices
remaining at current levels for some time to come. The major
producers will need to take strong action in order to preserve or
grow their gold reserve base and those projects with the potential to
develop into deposits of significant size, such as our Komana West
project, will attract increasing international attention.

Our Annual Report and Accounts and Notice of AGM will be posted to
shareholders shortly. The AGM will be held on 14th June 2006.


Hugh McCullough
Chief Executive
18 May 2006

[robbi123] 18/5/2006 12:16

with this fall anyone would have thought gold prices have bloody halved! gold is taking a slight correction and will proceed north!

[david77] 18/5/2006 12:15

Fastrade say GEX is not allowed in an ISA.

[cyclingcat] 18/5/2006 11:50

Squaregain are happy to have GEX in an ISA and AEX, also listed on Irish exchange.

[robbi123] 18/5/2006 11:46

Paul - i have heard mixed responses, a mate of mine spoke to the revenue and they said it was ineligable

[ghhghh] 18/5/2006 11:38

Does anyone know if GEX can be held in an ISA?

My broker says its a grey area re Irish SE.

Cheers

Paul

[bongo bwana] 18/5/2006 11:22

No problem with holding here either.

[kael] 18/5/2006 10:48

Although think the sheeples have fled.

Bit dissappointed on this at the moment, but happy to hold.

[kael] 18/5/2006 09:14

yep, alive and kicking :0

[robbi123] 18/5/2006 09:13

anybody out there??

[kael] 17/5/2006 16:22

8mil trade gone through - L trade so we can assume it was from yesterday and supported the price at its low - question is who was the buyer? We will get a holding notifcation by next week.

nice to see there is a big buyer out there :0

[valentine] 17/5/2006 12:03

Stick with it Bwana. I dug out my Johnny G 'Call me Bwana' 45 the other day. Got to be the theme tune from here on.
Roll on 22nd!

[washington dc] 17/5/2006 11:59

Looking very bad.

[bongo bwana] 17/5/2006 11:45

Heuston - we have a prob with ADVFN postings on GEX BB

[robbi123] 17/5/2006 08:17

gold up $14 today