Mining Minerals & Metals Share Discussion Threads

[valentine] 15/6/2006 17:02

Tx for that BB.
Do you expect any further RNS update of blinding success on the drilling front?
From what you say we may have to wait until the end of the rainy season whenever that may be?
Is the share price going to be stuck in the mud for a while?

[bongo bwana] 14/6/2006 19:02

Attended the AGM of Glencar Mining, held in the Berkeley Court Hotel, Dublin on 14th June 2006.

The meeting room was spacious and decked with comfortable chairs. Behind the Officer Board table a 6'x 6' screen displayed a message "Glencar strikes gold in Mali". The atmosphere was business like yet tinged with a jolly relaxation. Circa half of seating provided was filled and there was a sprinkling of media reps present. The meeting commenced at 12noon with Hugh Mc Cullough CEO extending a welcome to everyone present and informing the meeting that Sean Finlay had been appointed as Chairman of the company and it was expected that Mr. Finlay would have a key role in the advancing the Mali development.

The Chairman then assumed formal control of the meeting and extended a warm welcome to those present remarking that a special welcome was extended to shareholders from the UK. He considered that the past year had been a very exciting and successful period for Glencar which was now a premier explorer for gold. The Chairman then requested the CEO to outline achievements during the period. The following account with the exception of some phoenitic spellings, is quiet close to, if not actually, verbatim of what was said.

The CEO introduced other Board members Philip O'Quigley and Kieran Harrington to the meeting and proceeded to make a presentation, with the assistance of photo's, aeromagnetic images, models and graphs visible on the screen, which lasted almost 60minutes. [ The aforementioned would be helpful on the GEX website ]. The price of gold was recently at a 25 year high and reserves are not been fully replaced. Jewellery demand remained steady while production was flat or declining. Investment demand is increasing and gold is back as an asset class. When the price of gold was in the $225-300/ounce range there was no incentive for the larger companies to fund exploration programmes and as it takes 7 to 8 years to bring a major find to production companies are now concerned where they are going to get gold. The CEO expects gold price to remain above the €450/ounce as the fundamentals remain strong.

Mali has significant gold reserves especially in Southern Mali where GEX's license areas are. (At this point an eejit hastily turned off his ringing mobile phone ). The physical size of GEX's holding was advised and a clear picture of its very substantial area emerged by reference to displayed maps and it was noted that Sankarini is directly adjacent to Mali's border with Guinea on the other side of the Sankarini river which appears to form part of the boundary of the Sankarini Project licenses area. The gold is hosted in a Birimian greenstone belt that historically is a characteristic of some of the major African gold finds.

A drilling programme at Bokora had been completed in recent days while one or two targets in both Saniomale and Farasaba would be drilled next season.


The CEO then moved on to discuss Solona/Komana West – again with constant reference to a series of very interesting maps and aeromagnetic graphics which clearly supported GEX's prioritising of identified drilling targets. Komana East is ( 7 miles to the east of Komana West) where Randgold previously undertook 10 drills where RG calculated an indicative resource of almost 300K Au ounces but this was not commercially reliable. GEX considers that the Komana West drilling and exploration findings informs GEX of the Komana East potentialities.


YANAFOLIA PROJECT

GEX has completed 2 drilling programmes there. In the first drilling programme CEO has never seen results like the ones obtained in this programme – especially with hole No.... The second programme achieved very good grades and a substantial extension of the mineralised zone established in the 1st phase. The CEO proceeded to explain why "cut" figures were used to 'iron out' statistically spectacular findings lest they warp the overall result and the application of the 'cut' process is an industry standard and is considered to be a prudent measure to adopt. GEX is sitting on an established envelope of 1100 metres of good ore grade mineralization in a meta sedimentary package intruded by porphery rock.

Borehole 43 also established good grades and mineralization over 1.7 to 1.8 kilometers and was by no means closed off – further extensions to South were possible and over significant widths. Im being careful here to do justice to Hugh Mc's brilliant presentation and accurately meet the information needs of readers too. Look at it this way, if you have 2 grams per metre over a 10metre linear or width area one achieves a 20gram/metre value. The body envelope of mineralised zone contains 25gram/metre and 50gram/metre & the indications are that the envelope contains these grades but cant say authoritatively until drilling is completed borehole is out to the East. There is lots of potential in the North-South mineralised structure identified to date with the possibility that there is also another similar structure running parallel to this structure. The graphic evidence for this is clearly visible but additional drilling works are required to prove the position. See Borehole 32 and boreholes 6 & 7. There is numerically consistent ore grades present.

Hugh Mc proceeded to display photos of the teams actively engaged on the projects, the terrain/environment of Komana, the simple workings undertaken by local artisans winning some of gold in the area. During the course of chatting through this section Hugh pulled himself up by referring in the discourse to Komanas mineralisation as an "orebody" and he retracted that description as the mineralization hadn't been proved yet. I took it as an interesting Freudian slip but the CEO's treatment of it is an indication of the ethical quality of the person.

The CEO advanced onto the presentation of a 3D model of the project that was toggled adeptly by Kieran Harrington as his colleague advanced through the presentation. (The first time I saw this type of fascinating modelling was with the Wassa project). The first model presented indicated identified ( by the 2 drilling programmes) mineralization of 1 gram or more over a strike length of 1.8 kilometres with 500 metre grid points visible. The model indicated the presence of other ore grade mineralization to the West of established zone and there was lots of room for expansion and extensions. The next phase of drilling is to infill and to confirm that the ore is continuous. This model also demonstrated that a significant proportion of the established belt of good quality ore was at depth and that the drill finished in this ore. The next phase of drilling will also help establish the depth of this ore.

With the onset of the rainy season GEX will be devoting time over the next 2 months to interpreting the results of aeromagnetic survey graphics which demonstrate that Solona is a fold structure. Other areas that require further examination included Matchabella, Falikibo, Bodobo and Manakiela also. This part of the presentation ended with more photos indicating a base camp under construction for 20 people and communications centre.

SANKARINI PROJECT

The CEO advised that Goldfields was the 4th largest producer and their Bokoro drilling programme had finished in recent days. A major structure had been identified and its physical characteristics as outlined in the Annual report were indicated. Hugh Mc advised that this structure with the physical characteristics was considered to be "juicy" in relation to gold and this was confirmed with the presence of local artisans winning gold in the area. A considerable proportion of the area is sealed by a hard laterite rock cap which makes exploration more difficult and its only where the bedrock comes to surface that the local artisans work – supporting a small population of 2,800. The gold that won is recovered from sand/gravel. Getting through the laterite cap is part of the work that GEX and Goldfields are doing. The source of the gold is considered to be nearby and GEX is seeking to find it – it may be from where they have identified or from another location.

The existing camp at Kayaba South is to be upgraded and a water supply and generator is to be installed. This is the location of a definite structure which will be drilled next season. CEO advised that in keeping with its core values Glencar is working with the local community. A small company like GEX must have goodwill and cooperation of the locals and GEX was delighted to make a donation to the school headmaster. Glencar also plans to employ a nurse there.

The time was 12.40pm.

GHANA

The CEO advised that the Asheba project is similar in many ways to what GEX has in Mali but the companys resources are better applied to Mali. Nonetheless GEX wants to unravel this picture of what is clearly an attractive target and JV discussions with other companies are underway to advance the exploration of the target. The helicopter borne survey results will be useful in convincing the JV partner of the merits of exploring the target further. In this regard Hugh demonstrated a slide which indicated the difference between 'old technology' and 'new technology' in understanding and identifying the optimum drill targets at Asheba which will be drilled in 2006 but not by GEX.

GENERAL
Hugh Mc proceeded to show a slide indicating a photograph of a straight stretch of road that might have been Route 66 in Mali and on that 'down the road' slide he stepped out the progress made during 2005/06 and the milestones achieved. The milestones that were targeted for attention after the rainy season. GEX is also looking at acquiring another property.

Komana was returned to at this stage – The CEO proceeded to address the question of estimated 'ounces in the ground' which he considered was a legitimate issue for shareholders to raise at this time and stated that infill drilling at tighter centres needed to be undertaken in order for an authoritative estimate to be made but that the next phase of drilling will assist in this regard. The CEO advised that – referring to a model of .2 grams of mineralization - the zones of concentration over one lense measuring approximately 500metres long x 20metres wide x 100 metres depth = 750k ounces – the potential for Komana for multi-million ounces ore deposit but it was emphasised that everything would have to come good and the next drilling programme would be a significant step in this.

QUESTIONS
2 questions were put to the CEO. In response to the first he advised that a local company was used. Roads in the area were poor and 2 rigs were working. Depending on the most suitable form of mine (open pit was cheapest) the profits would be substantial allowing further investment in exploration – a dividend payment was unlikely in the near term.

How deep in next round of drilling? Hugh mc advised that further geostatistical modelling was required which will inform drilling concentration but 200 metres depth was possible.

CHAIRMANS ROUNDUP

Referred to the roadway for the future and that we had a major find at Komana and that Mali had several other targets to be drilled.
Other projects were on offer to the company which has a healthy portfolio of projects. Glencar was financed for the future by Goldfields backing them and while Glencar was small, nimble, successful and adept there was no room for complacency.

Meeting ended circa 1.15pm.

[valentine] 14/6/2006 18:09

Good man! Looking forward to the report1 tx

[bongo bwana] 14/6/2006 18:05

Was there Val and am drafting report for initial posting on iii - possibly later today but not later than tomorrow night.

Initial personal response to the presentations and chats is one of calm and reasoned strong confidence.

[robbi123] 14/6/2006 12:45

AGM Statement

Glencar Mining plc

AGM Statement

14 June 2006

At today's Annual General Meeting of the Company, Glencar's Managing
Director, Mr. Hugh McCullough will issue the following statement.

"Glencar is excited by the recent progress on its concessions in Mali
and Ghana, and in particular with the Komana West prospect in Mali.
The next drilling programme on the Komana West prospect will be
designed towards the completion of a resource statement for the
deposit. Meanwhile, work is continuing on deposit modelling and
geostatistical analysis of the drilling database in advance of this
drilling programme.

Glencar has developed several other high priority targets within the
Yanfolila and Sankarani project areas. In particular the completion
of recent field mapping in the Solona concession at Yanfolila has
already delineated a number of targets which Glencar expects could be
upgraded to drill target status at an early stage.

A reverse circulation drilling programme has been completed within
the last few days at the Sanankoro target within the Bokoro
concession, one of the concessions which is the subject of a
Framework Agreement with Gold Fields, the world's fourth largest gold
producer. Results from this drilling programme are expected at the
end of July. The Framework Agreement with Gold Fields provides that,
subject to certain conditions, Gold Fields may earn up to a 65%
interest in three of the five concessions held by Glencar in Mali,
through expenditures of up to US$12 million.

Glencar anticipates a series of drilling programmes during the coming
field season within the Yanfolila and Sankarani project areas as a
whole."

Mr. Sean Finlay, a non-executive director has been appointed Chairman
of the Company effective immediately. Hugh McCullough, Managing
Director, in welcoming his appointment, said Mr. Finlay "had already
contributed significantly to the Company's progress and would also
play an important role in the development of the Company's exciting
prospects at Komana West and elsewhere within the Yanfolila and
Sankarani project areas in Mali."

For further information please contact:


Glencar Mining plc
Hugh McCullough, Managing Director
Tel: [phone]
e-mail: [e-mail]



Heneghan PR
Sean O'Riordain
Tel: [phone]
e-mail: [e-mail]

- ---END OF MESSAGE---






Copyright

[valentine] 13/6/2006 17:31

Just a place, people in former times, went to meet their motts and give the lad a run, I'm told. No personal experience of it myself, of course. You'll have a grand time. Enjoy yourself and don't forget to ask all the right questions. But don't let the business get in the way of the fun too much!

[bongo bwana] 13/6/2006 17:26

"The Royal Canal" u say.

Now thats related to a Dubliners song or perhaps to a squaw

[valentine] 13/6/2006 17:22

8m + Rollover or 2 trades @ 8.89p.
Someone worked hard for that today.
Bid/Offer back up seems.
I can hear the questions now.

[valentine] 13/6/2006 16:56

Stay away from The Royal Canal unless you've the the ould jingle jangle.

[bongo bwana] 13/6/2006 13:56

Im looking forward to geting a run for the the lad in Dublin

[valentine] 13/6/2006 13:46

Good Luck. I look forward to your report.
Have a pint for me, and say hello to Anna Livia Plurabelle, should you bump into her.!

[bongo bwana] 13/6/2006 11:42

Val,

The current market environment is presenting a buying opportunity for GEX.

I will be attending the AGM tomorrow in the Berkely Court, Dublin.

Ive conducted the routine chats with responsible GEX people and am content.

I will be adding at every opportunity because the period between now and the 31st July 2007 is going to be quiet exciting for GEX and its shareholders. not that Hugh Mc will be indulging in any uncharacteristic megaphone type PR. Remember you heard it here first.

All the above IMHO.

and its well worth DYOR on this one, especially.

[spaceparallax] 13/6/2006 11:39

Val,

Sure that you're right - many others down. Even tho we've dipped below 10p, things will correct.

[valentine] 13/6/2006 11:23

I hope the drop in bid is direct result of the market uncertainty.
So many others down heavily today, I can't believe any prob with GEX.

[jmelvin2] 12/6/2006 16:53

cheers val

[valentine] 12/6/2006 13:42

I think you'll find it is on the 14th, next Weds. Not sure what time it starts.
I would love to visit 'Dear old Dirty Dublin' again but prior engagements prevent it.
400k trade today and the price remained firm.
I hope Hugh MaC has a few kind and encouraging words at his disposal for us.

[jmelvin2] 12/6/2006 12:48

anyone going to the agm ? is 13th june anyone ?

[valentine] 07/6/2006 15:58

Bloody 'ell £14.99 out @ 10.00AM from Gatwick and the princely sum of £1.49 to return in afternoon. £16.50 plus airport taxes.
Taxi to & from Dublin airport would cost more.

Uhhhmm!?

[valentine] 07/6/2006 15:52

Where's that Ryanair timetable?!!!

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

[valentine] 07/6/2006 13:35

OK
Nice part of the world. He'll have a good time!



Accommodation: Set in its own grounds in the heart of Dublin's embassy belt and within easy reach of the city centre, Berkeley Court Hotel Dublin is surrounded by a tranquil garden enclave of mature timbers which sets a relaxed tone even before you reach the door.

Services & Facilities 186 bedrooms, Business centre, Conference and banqueting suites for up to 450 delegates, Four dedicated boardrooms, Gift shop and newsagent, Gerrard's men's barber shop, 24-hour room service, Concierge, Laundry / dry-cleaning, Complimentary use of Leisure club located next door; Weir's gift and jewellery shop; secure, private parking.

Bar & Restaurant: The Berkeley Room fine-dining restaurant, The Palm Court Cafe, Bar and lounge

How to get there: Located south of the city cente in the leafy Ballsbridge area, next to the Lansdowne Road DART (suburban rail) station and Lansdowne Road rugby stadium. A short drive from the heart of bustling, cosmopolitan Dublin and its key business districts. It is just seven miles from Dublin Airport and is within a 10-minute radius of the Irish Financial Services Centre.

Earliest check in: 2pm Latest check out: 12 noon