Mining Minerals & Metals Share Discussion Threads

[davenic] 28/3/2007 15:12

Looking interesting now few buys coming on board

[spaceparallax] 28/3/2007 13:06

Good to see.

[davenic] 28/3/2007 11:53

Funny I said that we have now ticked up :-)

[boischastel] 28/3/2007 11:51

TW today "..............gold is the one currency not devalued. That underpins its long term value. And that is why we should all have some gold exposure in our equity portfolios".

[davenic] 28/3/2007 11:46

Would be nice to start seeing some buys here..very quiet considering....

[bongo bwana] 28/3/2007 11:05

No firm date yet Robbi but I expect to be there and will present my usual report here shortly afterwards.

[boischastel] 28/3/2007 09:41

cheers bionic.

[davenic] 28/3/2007 09:39

Alot of upside to come here then

[bionicdog] 28/3/2007 08:23

No need to thank me , I was only the one that found it for you.

[deka1] 28/3/2007 08:21

second that -- many thanks-- north of 30- think thats almost double TW target

[boischastel] 28/3/2007 07:55

Very interesting ts and mick.
Many thanks.

[bongo bwana] 28/3/2007 07:47

Guys you know my track record here.

My advice is do not miss this years AGM where Hugh Mc will give us an up to date report on all of GEX's interest but Komana is THE jewel in the crown.

[davenic] 28/3/2007 07:41

Nice read....cheers guys

[serpicouk] 27/3/2007 23:15

So a 30p share price would give us a market cap of circa £65m.

After a quick search that would be similar to Hambledon Mining who have 1mil oz jorc indicated, 1.5mil oz jorc inferred and 0.5mil oz other. ~3mil oz. (hope I read that right).

I don't know anything about them so a direct comparison might be completely misleading.

But is this the ball park we're aiming for?

[mick] 27/3/2007 22:37

Rumours here in Dublin are of resource estimates of north of 30p per share - all will be revealed over the Summer.

[serpicouk] 27/3/2007 22:30

Nice article.

What do people make of that last line?

"...the cunning move might be for a big boy to bid cash for Komana West and give Glencar the funds to accelerate its other projects."

Would someone come in at such an early stage?
Do we think that it could be that large a resource estimate in the summer?

[tsmith2] 27/3/2007 21:33

March 27, 2007

Glencar Mining Could Have A Big One By The Tail At Komana West.





Hugh McCullough, the chief executive of the AIM listed Irish junior Glencar Mining, learned the hard way a few years ago that there is a mile of difference between being an efficient and successful explorer and bringing a mine into production. Having brought his company back from the dead after the Wassa mine debacle he has hardly put a foot wrong in the operations being carried out in Mali, Ghana and Uganda as the recent drilling results from the Komana West depositon the Yanfolila project in Mali confirm. The first eight holes of the 4th phase of drilling announced earlier this month confirmed that ore grade mineralization has been confirmed over extensive widths and as it took place between previously drilled fencelines there is clearly continuity of the ore.
This phase of infill drilling in the northern portion of the deposit should enable Glencar to announce a resource estimate by this summer. The overall strike length of the known mineralised zone at Komana West is at least 1.8 kilometres. The southern portion will be evaluated during the next phase of drilling. It follows up on a bonanza intersection of 20metres grading 55.2 grammes/tonne announced some months ago. . Like much of the area this was recovered from the Birimian metasediments with porphyry intrusions. Subsequent drilling included one borehole returning 11metres at 41.8 grammes/tonne which extended the strike length of the mineralization significantly. Mineralisation is concentrated around a shear zone 70 to 80metres wide and work on more detailed interpretation has continued.

Just to give a bit more history, diamond core and reverse circulation drilling was carried out towards the end of 2006 and the results confirmed those from earlier drilling. A diamond drillhole designed to twin the bonanza hole referred to above intersected 56 metres grading 4.72 grams/tonne between 45 metres and 101 metres downhole depth. The diamond core drilling was designed to give detailed structural and geological information for the design of the current infill drilling programme. Randgold Resources has carried out some drilling on a shear hosted mineralised zone only 7 kms to the east of Komana West and this gave rise to a resource estimate of 280,000 ozs gold so more drilling will be carried out there this year.

Glencar's other project in southern Mali is Sankarani which comprises three licences at Bokoro, Sanioumale and Farasaba. It is being explored under the terms of a Framework Agreement with a subsidiary of Gold Fields, one of the world's largest gold producers which means that Glencar is only dipping into its pocket at Komana West. These licences are adjacent to the Mali-Guinea border in an area underlain by rocks of the Birimian System which hosts world-class gold deposits such as Sadiola, Morila, Tabakoto, Loulo and Yatela, as well as a number of other deposits at various stages of development at Syama, Kalana, and Segala. The Anglo-Ashanti owned Siguiri goldmine is just over the border in Giunea and some 80kms to the west of the Sankarani project area.

The proximity of these mines owned by big mining companies in an era of consolidation in the mining industry means that more than one eye is being kept on exploration progress by Glencar. Hugh McCullough makes the point that Randgold carried out its work in this area at a time when it was devoting most of its cash to Morila and the price of gold was only around US$250/oz. Between 1999 and 2002/3 little gold exploration was carried out anywhere and this is why new multi million gold deposits are rare as hens' teeth. Glencar still has a lot of work to do, but the initial resource estimate will provide a useful indicator of future potential at Komana West. At the moment its market capitalisation is just under £25 million, but the cunning move might be for a big boy to bid cash for Komana West and give Glencar the funds to accelerate its other projects.

[davenic] 26/3/2007 10:58

Good sign...

26 March 2007
GLENCAR MINING PLC ('Glencar' or 'the Company')
Holdings in Company
Glencar received notification on 26 March, 2007 that Man Financial
has increased its total aggregate holding in the share capital of
Glencar to 8,408,000 ordinary shares, which represents 3.72% of the
issued share capital.For Further Information contact:
Glencar Mining plc
Hugh McCullough

[davenic] 22/3/2007 13:34

At last we are moving up

[haydock] 22/3/2007 11:38

No I try to think,but my thoughts does not predict markets!!!
The careful reading you learnt is my chief skill.
Always seems to be worthwhile, especially as todays herd cannot read carefully & have no patience.
Anyway we share a few holdings, by thelook of it, just followed up on APF,s latest move,silver this time, in a placing.

I think the Glencar news will move the share price when it becomes more widely diffused, there is info overload this week, Gorden & companies reporting.
Whether it goes up to a new hightime will tell, but no reasons not to be run up again if people come into the share.

[boischastel] 22/3/2007 10:37

Posted by ludlow3 on CEY BB a moment ago.........................

"CNBC SWAWK BOX THIS MORNING , gold companys are 50 % UNDER VALUED EVY HAMBRO of blackrock they are to cheap and will be buying , big companys will have to buy smaller gold companys to get more gold , take overs will be happening a lot gold could go to 1000, thats about all i can remmember 7.40 this morning very positive.rec buy gold shares".

3 or is it 4 haydock................a fair few anyway! Great minds?!

[haydock] 22/3/2007 10:28

Yes Bois it hopefully can begin to sound awfully familiar to us both, I had not realised, as I am only a year old on this the multiple possiblities, but it's beginning to be hinted at in the last RNS.
Now we need the j/v to progress a little quicker & perhaps we will have a similar line to go along.
Heres hoping.
How many sites do we know, 3, or more?

[davenic] 21/3/2007 12:57

Must move up now very soon