Mining Minerals & Metals Share Discussion Threads

[stemis] 04/8/2006 14:19

David,

The Sanankoro project (to which the latest announcement refers) is a bit part of the GEX portfolio. GEX interest would only be 35% if Goldfield exercised their full entitlement. Whether 1.12 g/tonne is commercial I don't know, although it is a little early to say that this is the final outcome.

GEX main interest is Komana West where GEX has up to a 90% interest. Grades as high as 55g/tonne have been found. The resource could well contain multi million oz Au. Further infill drilling within the already established 1,100 metre strike length (to confirm continuity and depth) will be form the main part of the next phase of drilling which is designed towards the completion of a resource statement for the deposit. I understand this will be commenced in late September 2006.

I suggest you read the last prelims to get a feel for what they have.

[david77] 04/8/2006 13:48

The 1.12 grams/tonne seemed to me to be hardly worth developing - is it?

AJ asked "do they in fact have any viable assets?" at #988 and I would have liked to have seen a sensible answer. He would have got a helpful reply on the Toledo board - they have one of the largest nickel deposits in the world - number 3 or 4.

Toledo are building roads and conveyor to get the material into ships to take it to Japan for processing. Supplies should start later this year and could build up to a million tonnes/year or they may build a processing plant and then sell the material semi-processed.

AJ is the expert on African Copper - they are planning their mine. Both ACU and TMC are exuding confidence.

So what is a reasonable price for this share? Is it "ridiculously cheap" as robbi said yesterday? I must have believed the story at one time 'cos I had a lot of these and still have 180,000.

[robby balboa] 04/8/2006 13:24

A grand day imo.

[thecynical1] 04/8/2006 12:46

david - what would you like to know ?

[stemis] 04/8/2006 12:20

What do you want to know?

[david77] 04/8/2006 12:10

On other threads investors are willing to help their fellow investors. I have provided quite a lot of input on the Biofuels BFC board. Of course, if Glencar was my only investment then maybe I could go hunting for info, but it is easier to abandon this one and stick with Toledo Mining TMC - a pretty big nickel mine in the Phillipines going into production later this year - and African Copper ACU.

Both of those have raised several £millions from institutions with share issues at higher prices than the current price so I get confidence from that, but here we get no help at all from those who profess to know.

[bongo bwana] 04/8/2006 11:54

So have I, but bickering is not part of this BB's story or history.

GEX's future share price depends not on what GF does or does not achieve at the Sankarini Project. It depends on its own ability to quickly prove up its Komana and Solona potentialities and in this regard I believe that ALL its other interests in Mali, Ghana and Ireland are already priced in the current share price at zero value.

Please note that GF has undertaken to spend up to €12 million exploring under the Sankarini Project Agreement alone.

[thecynical1] 04/8/2006 11:27

diddl...I have a pretty major interest in this share...... : )

[diddlboy] 04/8/2006 11:26

If you guys have no real interest in this share, why are you here rubbishing others posts.? Just a question.

[thecynical1] 04/8/2006 11:17

david...you are a hero.......

[david77] 04/8/2006 10:57

"I suppose you reckon that Gold Fields are a charitable organisation...idiot !"

Are Gold Fields getting Glencar to take the risks and pay the costs of exploration? The last RNS didn't look to me like a commercial find. Would you want to dig out a tonne of ore and process it for £13 - assuming you extract all the gold. At very low concentrations, I wouldn't be surprised if they only get 70% or less - £10 worth.

Spaceparallax asked AJ's question at #973 yesterday and I asked Robbie to justify his "ridiculously cheap" at #978. Neither of us got an answer.

I helped to push the price down yesterday.

[thecynical1] 04/8/2006 09:31

Mr Ashley James...try doing a little research on these guys before posting a ridiculous comment like 988.....I suppose you reckon that Gold Fields are a charitable organisation...idiot !

[spaceparallax] 04/8/2006 09:20

Lonrho,

The share price fall is a reasonable reflection of the volume of Selling - I too don't like the fall, but we can't deny that what's happening does reflect investors' concerns.

[mr ashley james] 04/8/2006 03:51

Curry isn't this yet another Irish ESM Play best avoided or do they in fact have any viable assets?

[lonrho] 03/8/2006 20:52

This is just taking the mickey.The press release was not even about the resource that the company was excited about,which will probably be the company maker.This is just an excuse to frighten weak hands out of their shares.

[spaceparallax] 03/8/2006 16:45

Had hoped that we would never again see these levels. However, such early stage ventures are never without such risks - the major problem being the expectation in advance of the recent RNS. The saddest part it that GEX weathered the recent 'Sell in May' storm so well.

[robbi123] 03/8/2006 16:41

i hope 8p can hold, this is horrible to watch! almost every trade was a sell today!

[bongo bwana] 03/8/2006 10:47

Not unhappy - As ALWAYS with GEX crafted RNS releases one needs to give careful attention and consideration to almost each word of the statement.

This INITIAL drill programme was slow to get off the ground and it was, out of necessity (due to oncoming change in regional seasonal climatic conditions) of relatively short duration and with less than 3000 metres drilled admittedly in ground that was prioritised/targeted having regard to data provided by regolith science/study which identified the Komana West targets.

This programme identified the presense of a good corridor of significant mineralisation over a good distance and at decent depths. The drilling was primarily targeted at the porphery intrusive rock hosting the gold and what appears to have been missed by the market is that the RNS advises that abundant gold has been identified in alluvial samples also. My understanding is that alluvial gold is hosted in sand or sand like material and the parameters of the area in which the alluvial gold is located needs to identified and mapped for further exploration. The presence of the gympsey miners in THIS area is highly significant as they tend to concentrate their efforts where they know access to quantities of high grade gold close to surface is achieveable.

The next drilling programme commencing in Oct/Nov will seek to identify the source of this alluvial gold (which was washed from its bedrock host eons ago)and that could prove to be very interesting indeed.

All the above IMHO.

[pecker1] 03/8/2006 10:47

Steady on folks - this was a first pass drilling programme. The results show that they were probably drilling in the wrong place but that gold is around near surface albeit in low grades.

Take a look at Randgold's exploration drilling in Mali over the last few years and you will see that they have done dozens of such first pass drilling programmes. I doubt that Glencar's geologists, even in their wildest dreams, expect another Komana each time they do first pass drilling. They want to find the source of the gold the locals are digging up and Goldfields are paying them to do it. They will have to rethink and widen their search.

FWIW, I have confidence in the Glencar people I met at the AGM and think they will ensure that every exploration $ is well spent.

[spaceparallax] 03/8/2006 10:09

It would be interesting to know what the mean estimated gold contents are.

[david77] 03/8/2006 09:40

robbi "ridiculously cheap" - how do you justify that?

1.12gm is worth about $23 or £13 - assuming they get it all out. I wouldn't want to dig out and process a tonne of ore for £13.

[bongo bwana] 02/8/2006 16:07

More Surprised on the down side

[robbi123] 02/8/2006 15:49

this is embarrasing at the moment! ridiculously cheap