Norseman Gold Share Discussion Threads

[giant steps] 03/10/2012 09:18

Note "All debt has been transferred to a 100% owned subsidiary of Tulla Group."


Looks like tulla will take entire outfit, and i guess
other shareholders will be diluted to a worthless value

[marben100] 03/10/2012 09:17

There is no positive. If anyone doesn't know what the outcome of the administration will be, I will tell them: Maloney owning all the assets as the debts owed to his companies are secured on those assets.

NGL's only meaningful asset is its investment in CNGC, which is now in the hands of administators. Do not expect any return to shareholders or resumption of trading. A Mercator/ECR situation is possible, but that was of no use to earlier investors (with their shares bought at 10p+ now being worth fractions of a penny) and, IMO, merely served to bring in a fresh batch of suckers, spun a new yarn.

[kibes] 03/10/2012 09:12

Tulla will simply take over the assets in exchange for the debts. TW is grasping at straws in my opinion.

[kibes] 03/10/2012 09:06

"that the terms of the novation (and the terms upon which the Company will participate in the novation) are fair and reasonable insofar as the Company's shareholders are concerned." Don't understand this. How can it be fair and reasonable if the principal operating subsidiary CNGC is in administration?

[porsche911sse] 03/10/2012 08:57

There has to be a positive in here??Where are the chinese??Why have they already let Andrew mathieson go?If Tulla now carries the debt does that mean they own the company??Surely If maloney wants to save face he can still sort this mess??I dont believe he will just give in on norseman as it will really reflect badly on him personally as it will really look like he led everyone up the garden path OR he,s a bloody fool?Neither of which will help his credibility!Still hoping for good news soon!

[tsmith2] 03/10/2012 08:46

Tulla have taken the red kite debt, I wonder whether the chinese wanted this before they invested..?

The voluntary administrations - gives them standstill and a chance to sort the financing out

maybe all wishful thinking..

[ad1967mc] 03/10/2012 08:40

That's an impressive list of failings for such a short time in charge. L2 were shockingly incompetent (they make Barry Cahill look good). Maloney must be livid, he's lost both money and reputation.

[marben100] 03/10/2012 08:32

Game over. My sympathy to anyone who remained invested here.

Once again, Norseman fails to deliver anything like what was suggested to shareholders.

[billy_liar] 03/10/2012 08:08

Can someone turn the light out?

Can't believe anyone is surprised.

[giant steps] 03/10/2012 08:06

Norseman update today 3/10/2012 - looks like a dead duck

Appointment of Voluntary Administrator to Central Norseman Gold Corporation

[giant steps] 02/10/2012 19:56

O/T

Andy, oh yes - the joy of the "surprise pit" lived up to its name

[andy] 02/10/2012 18:43

Hope they've secured the pit wall so the road doesn't fall into it!

I remember the last time at Meekathara!

[stevea171] 02/10/2012 17:08

GS. Well, it's been 4 years since closure. Good luck to Minepower
if they can make it work.

But I note it's the Bluebird pit and a specialist in open pit
mining that's going to have a go, not new development of underground
mining at Paddy's Flat where the high grade significant reserves are.

[giant steps] 02/10/2012 16:51

O/T

stevea171, in the interest of balance Reed Resources acquired the meeka project,
has debt financing and from the announcement 30th Sept 2012 suggests mining is
imminent

"
Minepower is a Western Australian owned business specialising in open pit mining
and earthmoving solutions. Minepower will commence mobilising to site from
1 October 2012 with mining of the Bluebird Open Pit to commence shortly thereafter.
"

[stevea171] 02/10/2012 16:13

Salutory lesson for investors here:

Mercator Gold not a million miles from Norseman at Meekatharra,
some here will remember, went bust 4 years ago with 500,000 oz
of reserves, 2.4 million oz of resources and a refurbished mill capable
of 150k plus oz per annum.

Norseman has already previously gone bust but was brought back
with its NGL listing. Both were old mining districts going back to the
19th century that had been 'mined out' years ago ie all the easy gold
had been extracted although gold still remained. Today mining costs,
especially labour in Auz are astronomic which is the death knell for
extraction of gold not easily accessed or not near surface.

To this day gold mining at Meekatharra has never resumed .....
maybe at $3000 gold they would both be economic again?!!

[richgit] 02/10/2012 11:10

Noirua

If the below truly takes place,then arguably no wonder
the Chinese want more stakes in Gold Miners,and every Gold Bull
should know the reasons for that.

We can but cross fingers that they see what Maloney sees
(assuming He still does)


.

January 1, 2013.

In short, major banks around the world will be forced to designate
any gold they hold as a First Tier (or Tier 1) asset.

[noirua] 02/10/2012 09:38

Aussie gold price now at AU$1,728 an ounce. May not solve NGL's problems but looks favorable in debt talks to fund Norseman Gold.

[porsche911sse] 01/10/2012 10:24

Surely if the chinese want in there must be a strong chance that this will futuristically fly???
From what i can gather Zhaojin is a huge concern hungry for gold with a proven track record and the infrastructure to implement it?
I hope that maloney,s pride and the chinese deal will keep this moving forward and eventually back to the success that we saw what seems only 5 minutes ago when it was 60p!!

[noirua] 30/9/2012 23:48

Fair comment atlantic57 as this type of mine needs a lot more spent on it to bring all the mines up to spec. One similar project pointed to $130 million and even though NGL's should be far less I expect they will need around $30 million more.

Tulla have their fingers in many pies and one, Themac, needs them to invest a lot more in the copper project. They must be concerned even if they still have $500m in their coffers as much is not earning.

Lots of gold, around 3.4m oz, so it should get there eventually.