Palmaris Capital Share Discussion Threads

[energyi] 07/5/2003 07:33

thnx Karzy.
Later today I will try to unravel the Balance Sheet/ NAV backing
for Palmaris. My impression is that it is about:
60/30/10, Mining Scotland / Perserverance / Other

[karzy] 06/5/2003 22:10

Aussie dollar steaming north today,gold on the up, psv last report very promising,

[energyi] 06/5/2003 21:27

27 March 2003
PALMARIS CAPITAL PLC

INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2002
CHAIRMAN'S STATEMENT

The consolidated accounts of the company for the six months to 31 December 2002 show pretax losses of #111,000 as compared with #187,000 in the previous half year and #843,000 for the year to 30 June 2002.

This represents a considerable improvement in the performance of Palmaris
Services, the plant hire, guarding and security business which was acquired in
2001. During the six months this business still recorded a small loss but each
month the position has been improving and we remain reasonably confident that
Palmaris Services will be in the black overall for the year to 30 June 2003.

The group's largest asset is its holding in Mining Scotland, Scotland's
principal coal mining company. Following the closure of the loss-making
Longannet deep mine in March 2002 due to flooding, Mining Scotland has been able to reverse its fortunes. Its unaudited management accounts for the six months to 30 September 2002 show pretax profits of some #4.3m on a turnover of #50m. We believe the accounts for the full year to 31st March 2003 are likely to show pretax profits of approximately #10m. Our attributable share of these profits
would be some #2.3m or 1.4p per fully diluted Palmaris share.

While it seems possible that Mining Scotland's results may be less good in the
following year to 31 March 2004 due to lower coal prices, the potential of this
company remains significant in a number of ways. We have held the valuation of
our interest in Mining Scotland steady at #6.44m and will review it at the year
end as in past years.

Meanwhile the group's second biggest asset, our holding in Perseverance
Corporation which operates a gold mine near Bendigo in Australia, has also seen
very positive progress during the period. It has delineated a major high grade
resource of over 1.1m ounces. This is one of Australia's largest gold
discoveries in recent years and is expected to rise with further drilling.
Management is conducting a feasibility study to mine this new resource and hopes
to be producing gold at a level of 100,000 ounces per year by the end of 2004,
at a cash cost of under US$ 200 per oz. If the gold price remains near its
present level of US$ 337 per oz, this will prove very lucrative for Palmaris.
Our share of Perseverance is 25.8%.

The shares of Perseverance are listed in Australia and we have valued them at
their stock market price at end December 2002 of A$0.17 per share. The share
price currently stands at slightly above this.

The company's position is improving on all fronts and we expect that this will
be much more evident in the near future.

Timothy Noble, Chairman
27 March 2003

[energyi] 06/5/2003 21:26

£14,000 Invested...

Palmaris Capital PLC
22 January 2003
Directors Dealings

Palmaris announces that on 21 January 2003, James Richardson, a director of the
Company, purchased 200,000 ordinary shares at a price of 7p per share.
Following the transaction, Mr Richardson is interested in 200,000 ordinary
shares representing 0.16% of the issued ordinary share capital.

[energyi] 06/5/2003 21:24

PALMARIS:
LONDON (AFX) - Palmaris Capital PLC said its full year loss widened to
843,000 stg from a loss of 85,000 stg the year earlier, with much of the loss
stemming from its Palmaris Services unit, which it acquired at the start of the
year.
The company said the acquisition "has given us many more headaches than we
expected," with the plant hire activities in particular proving "a drain on
resources".
Considerable time was spent in reorganising the business - moving to modern
offices, changing management, changing equipment, selling plant, reducing
numbers of employees and renegotiating contracts.
"It was hoped that this would lead to better results in the second half of
the year but a further large loss was incurred," the company said.
Palmaris Services, which now represents less than 5 pct of the company's net
assets, is budgeted to make a small profit in the current year, although its
results for the first three months of the year to date are still less than
budget.
The company also said its consolidated net assets have grown to 10.350 mln
stg from 5.730 mln stg, or to 8.3p per share from 4.9p, due to a rise in the
valuations of its units Mining Scotland and Perseverance.
It said the losses at Palmaris Services and the increased investment in
Perseverance were funded by loans from the two major shareholders, Waverton
Holdings and Patersons Quarries.
rf/

[energyi] 06/5/2003 21:19

Perseverance Corporation Ltd: Moving To Bankable Feasibility
Positive Results Justify Aggressive Timetable
The Fosterville gold project of PSV continues to make excellent progress with favourable results in the pre-feasibility study. This leads to the bankable feasibility study, due for completion in the September quarter of this year, and first gold production a year later, in 2004....full article

[energyi] 06/5/2003 21:13

From MiningWeb (last year)

Meanwhile, Perseverance Corporation [ASX:PSV], the gold junior John Quinn heads up, today (Wednesday) announced a measured, indicated and inferred resource figure for its Fosterville gold project in Victoria.

The company got a little carried away, describing the resource as one of the most significant gold discoveries in Australia in recent years. Though 4.7 million tonnes grading 5.8 g/t for an in-situ 875,000 ounces of gold (at a 4 g/t cut-off) is not to be sneezed at, Perseverance has been hailing the potential of the deeper sulphide mineralisation at Fosterville for years, but the economics of establishing a standalone bacterial oxidation processing plant (to handle the refractory ore) hadn't stacked up against a previously historically low gold price. At a lower cut-off grade of 1 g/t, the global sulphide resource for the Fosterville area totalled 17.6Mt at 3.1 g/t for 1.74 million ounces.

"Perseverance is only just scratching the surface at Fosterville and the company has a very exciting future in a re-discovered goldfield demonstrating genuine multi-million-ounce potential," executive chairman Quinn said.

An improved gold price outlook has given Fosterville a new lease of life. The company said it would proceed to the next stage of the program to drill out known ore zones and commence pre-feasibility studies into an underground mine with a view to a possible development go-ahead next year.

Quinn was MD of Newcrest for eight years prior to Galt replacing him. The unsuccessful and costly takeover bid for Normandy Mining was a key factor behind Quinn's inauspicious resignation.

[energyi] 06/5/2003 20:57

AND MORE ARCHIVAL STUFF
Date: 06 December, 2001

New Team At Perseverance Get Excited About Sulphide Potential.

Nothing much has been heard in London about Perseverance Gold, the small gold producer in central Victoria since the days when Willy McLucas was a director as a result of Waverley Mining Finance having a significant holding in the company. Now Waverley has gone off to a new life; Willy is busy buying President Steyn with its five gold mines in South Africa for Canadian listed Thistle Mining; and Perseverance is being reborn under John Quinn.

Back in the late '80s John was managing director of Newmont Australia and also managed the multinational's interests in South East Asia. During this period he was responsible for the discovery and development of the Telfer mine and several others. In 1990, when Newmont Australia merged with the BHP gold interests to form Newcrest he was the founding CEO and had an excellent record of success with discoveries such as Cadia, Rideway and Gosowong. In 1997, however, he left the company to seek pastures new away from big company politics.

Big company men do not necessarily fit easily into small company environments and John Quinn had a look at quite a few before being approached by Perseverance to take over the running of the company. At that time it had no money, was running out of oxide ore and did not appear to have any realistic future plans. The only saving grace was the fact that it had a gold property called Fosterville only 20 kms or so from the great old mining town of Bendigo and some shallow drilling has indicated the presence of high grade sulphide mineralisation below the oxide layer.

The more Quinn looked into this the more it fascinated him and he though that the previous management had failed to put the right interpretation on it or comprehend that it was open to depth and could be open in several directions. As a result he managed to attract two more big company men. John Robinson had been managing director of Ashton Mining, but was a metallurgist and in earlier jobs had a lot of experience in dealing with refractory ores and Robin George left Acacia after it was taken over by AngloGold .

The new team raised A$5.7 million by a rights issue to which Waverley Mining Finance subscribed its share, and more. The aim was to follow up on the central zone of sulphides on the major Fosterville fault where existing drilling data had been re-examined at a 3 g/t gold cut-off grade to determine the potential for an underground mining development. This re-examination showed a series of coherent high grade shoots along the fault. The shoot under the Central North area showed excellent continuity along approximately 400 metres of strike and 100 metres down dip and six intersections averaged just under 10 g/t gold over 9 metres.

The results were said by John Quinn to be a success with three target zones indicated as having high potential to expand resources of high grade mineralisation at depth. At the same time partial re-kriging of old sulphide drilling has identified 250,000 ozs of mineralisation at 6 g/t gold in the first 100 metres of sulphide zone below the base of oxidation. This was over a small area, and, if it could be repeated and the resource doubled, Perseverance would move ahead to feasibility of a small operation producing around 60,000 ozs of gold a year initially.

In the meantime money has run low as drilling costs were augmented by write -downs of gold assets in heaps, cash requirements to collaterise mining licence rehabilitation bonds and uncertainties over asset sales. A new funding is therefore proposed to raise A$2.2 million and the exploration will then accelerate. If Quinn and his team are right they could have an elephant by the tail. The geology is not quite the same as that of Bendigo Mining where Harmony has taken its big gamble, but the potential holds these three big company men in thrall.

[energyi] 06/5/2003 20:44

MORE OLD GOLD....

karzy - 30 Jan'03 - 23:21 - 40 of 44
Perseverance second quarter drillings results out on asx 28/01/03 increased reserves, looking at 1,000,000+ ozs@4gm cut off. Palmaris 25% holding in this company.Also ubs warburg raising its outlook for coal today.

karzy - 04 Feb'03 - 08:33 - 41 of 44
Perseverance making steady progress in OZ. If my calculations are correct it now makes up two thirds of Palmaris's share price. I wonder if we can now call it a gold play?

karzy - 05 Feb'03 - 10:24 - 42 of 44
Perseverance up 7.5% in Oz last night, mms not helping by widening spread of pms yesterday.Big buy of half million on monday.

[energyi] 06/5/2003 20:42

OLD POSTING...
energyi - 27 May'02 - 16:46 - 38 of 44 edit

Picked this up from a Mining Newsletter.
PMS has a big holding...

Quinn perseveres Down Under

John Quinn, the ousted former boss of Australian mining group NEWCREST who
now heads exploration minnow Perseverance, enthuses about the possibility of
a 'multi-million ounce system' at the company's Fosterville prospect in
Victoria. He is driving the company to prove a reserve of 500,000 oz at 6
grammes of gold per tonne of ore by the end of this year and then move to a
bankable feasibility study and a commitment to proceed with underground
mining by mid-2003.

Quinn talks of initial production of between 50,000 and 90,000 oz a year at
a cost of around $176 an ounce (against a $310 market price). He argues that
previous management had only 'scratched the surface' at Fosterville, whose
sulphide gold deposits could go down to 1500 metres or more, and contends
this could become a major gold mine.

Perseverance, whose shares trade Down Under at the equivalent of a depressed
5.2p, has millions of 'out of the money' options outstanding, exercisable at
7.75p, but, without a speedy price, they are unlikely to be exercised. That
means the company may come to back to market for some of the £10 million or
so Quinn reckons it will need to start full production - but he hopes the
feasibility study will show such glowing prospects that investors will be
keen to stump up.

Contrary to current fashion, Quinn says Perseverance does go in for some
hedging of production. This is not because he thinks the gold price will
fall in US dollar terms, but because the Australian dollar, after years of
inexorable decline as the 'Pacific peso', is showing signs of recovery and
could have a long way to go.

After being a prolonged disappointment, Perseverance does now seem to have
life and potential back in it, though some seasoned analysts suggest it will
do best in the later stages of a prolonged bull market. Buoyed up by gold's
strength, a local currency rally and Fosterville's particular potential, the
shares are well worth a punt.

Quinn says he is in no hurry to go for a London listing for Perseverance,
unlike many other Aussie miners. This is because its 29 per cent
shareholder, coal hopeful PALMARIS CAPITAL, is already quoted on Aim.

PALMARIS has performed excellently since our earlier mentions and is still
well ahead, though profit-taking has clipped some earlier outstanding gains
to 9.75p. Longer-term, it should have further to go

[energyi] 06/5/2003 20:32

how about a Chart in the Header:


Or do I need to start my own thread for that?

WHY NOT? so I made one

[karzy] 08/4/2003 20:10

Well if their forecasts are come right then the final results should make the turn around we have hoped for.

[karzy] 05/2/2003 10:24

Perseverance up 7.5% in Oz last night, mms not helping by widening spread of pms yesterday.Big buy of half million on monday.

[karzy] 04/2/2003 08:33

Perseverance making steady progress in OZ. If my calculations are correct it now makes up two thirds of Palmaris's share price. I wonder if we can now call it a gold play?

[karzy] 30/1/2003 23:21

Perseverance second quarter drillings results out on asx 28/01/03 increased reserves, looking at 1,000,000+ ozs@4gm cut off. Palmaris 25% holding in this company.Also ubs warburg raising its outlook for coal today.

[t0139339] 29/5/2002 21:35

a year ago I Bought 5000 At 4.28 p nice profit so far I sure the share will
go up shortly.

[energyi] 27/5/2002 16:46

Picked this up from a Mining Newsletter.
PMS has a big holding...

Quinn perseveres Down Under

John Quinn, the ousted former boss of Australian mining group NEWCREST who
now heads exploration minnow Perseverance, enthuses about the possibility of
a 'multi-million ounce system' at the company's Fosterville prospect in
Victoria. He is driving the company to prove a reserve of 500,000 oz at 6
grammes of gold per tonne of ore by the end of this year and then move to a
bankable feasibility study and a commitment to proceed with underground
mining by mid-2003.

Quinn talks of initial production of between 50,000 and 90,000 oz a year at
a cost of around $176 an ounce (against a $310 market price). He argues that
previous management had only 'scratched the surface' at Fosterville, whose
sulphide gold deposits could go down to 1500 metres or more, and contends
this could become a major gold mine.

Perseverance, whose shares trade Down Under at the equivalent of a depressed
5.2p, has millions of 'out of the money' options outstanding, exercisable at
7.75p, but, without a speedy price, they are unlikely to be exercised. That
means the company may come to back to market for some of the £10 million or
so Quinn reckons it will need to start full production - but he hopes the
feasibility study will show such glowing prospects that investors will be
keen to stump up.

Contrary to current fashion, Quinn says Perseverance does go in for some
hedging of production. This is not because he thinks the gold price will
fall in US dollar terms, but because the Australian dollar, after years of
inexorable decline as the 'Pacific peso', is showing signs of recovery and
could have a long way to go.

After being a prolonged disappointment, Perseverance does now seem to have
life and potential back in it, though some seasoned analysts suggest it will
do best in the later stages of a prolonged bull market. Buoyed up by gold's
strength, a local currency rally and Fosterville's particular potential, the
shares are well worth a punt.

Quinn says he is in no hurry to go for a London listing for Perseverance,
unlike many other Aussie miners. This is because its 29 per cent
shareholder, coal hopeful PALMARIS CAPITAL, is already quoted on Aim.

PALMARIS has performed excellently since our earlier mentions and is still
well ahead, though profit-taking has clipped some earlier outstanding gains
to 9.75p. Longer-term, it should have further to go.

[energyi] 26/4/2002 13:21

Nice move in ths stock, but the Coal Mining sector
looks headed for a Fall:

[jennie8] 17/4/2002 10:42

30p soon,aggresive you must buy back or you will be sick mate..

[t0139339] 07/3/2002 23:50

I Buoght last year 5000 at 4.18
this is a good increase hope to see further increase.
today 4/4/02 price is 7p nice shot in price.

[helllv] 06/3/2002 19:29

See the price today . Perseverance stake worth 1 1/2p per share . Look at the way UK Coal have performed today to show you what this one is capable of . This could be the penny stock of the year .

[helllv] 05/3/2002 20:20

Palmaris - Huge upside potential . UK Coal's figures today point to the potential this tiny company has . It is in receipt of large subsidies to ensure it remains viable . Meanwhile , as with UKC , it has considerable surplus land which it is seeking to exploit . In addition it had a substantial stake in a small Australian gold mining stock Perseverance , which has doubled in the past fortnight . This stock is a speculator's dream ... huge upside but tiny downside .

[aggressive saver] 21/1/2002 23:50

These claims are from a prediction that on the time of the bull market it was thought that any share named after a city was the kind of share billionares would use as a cash shell to take over huge companies. If it happened again I think everyone would faint in shock, but I think why is now a better time to take over retail companies than back in 2001? Probally cause the situation is now a lot clearer than ever and it would be a safe haven for the coming reccesion.