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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| River Diamonds | RVD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.875 | 1.875 |
| Top Posts |
|---|
Posted at 14/8/2008 10:05 by jq3 The 4.25p placing was for exploration.What proportion of mining will be open/underground? What are open/underground production costs (at say 6g/t & 11g/t)? What proprortion of production costs affected by oil prices (I believe this is a high %age) for open & underground? The staff & plant are in place so estimated production costs should now be known. Investors need to know about making money from processing ore and speculate themselves about oil/gold prices, as this mine used to run at a loss. I am yet another who can confirm that buy/sell shows incorrectly for RVD. |
Posted at 14/8/2008 08:08 by instarich Well I think the statement released today is pretty unambigous but my only worry is that there are certain bodies who sit on both RVD ad TMP boards. What will that presuppose to new and old investors alike? |
Posted at 04/7/2008 11:13 by ged5 Isn't the share price being held back because of the delay in TMP's announcement about the latest purchase of shares? Once we get that announcement I'm expecting buyers to return. At the moment the uncertainty is putting investors off imo. As for the diamonds I gave up long ago any hopes of Ewing finding anything. He has an unblemished record of failure. He has been given a lifeline by Lenigas whose good fortune seems to go on. News of June mining targets being reached should also get us noticed. |
Posted at 01/5/2008 10:25 by silveraw April 29, 2008Gold Is Nicely Poised, Says Graham Birch of Black Rock By John Beverley Prospects for both the gold price and gold miners remain strong in 2008, according to Dr Graham Birch, manager of open-ended fund BlackRock Gold & General and investment trust Merrill Lynch World Mining. Dr Birch believes: "The gold market's pretty nicely poised at the moment." Although the gold price has recently broken the US$1,000 per Troy ounce barrier, surpassing the previous record of US$850, Dr Birch points out that the 1980 peak is actually worth an eye-watering US$2,279 when adjusted for inflation. In other words, there is significant upside potential for the gold price. What's more, Dr Birch says gold mining shares are undervalued relative to the gold price, based on the historical trend. Dr Birch comments: "At $1,000 an ounce, we are not at the extreme end of what gold could be and gold equities are quite cheap at the moment because, being equities, they're affected by the weakness of the market as a whole." The major issue in the gold market is the balance between investment demand and the jewellery market. Dr Birch notes: "People have realised that gold is a rare commodity so investment demand is picking up - that's what's driving the market." Investment demand rose to 20 per cent of total demand in 2007, up from nine per cent in 2001. The advent of gold exchange traded funds (ETFs) has made it easier for investors to allocate funds to the commodity, and, taken together, gold ETFs now own more than 800 tonnes of gold globally, making them the seventh largest holder of gold. In fact there's evidence of a contrary trend. Emerging market countries are seeking to diversify away from the weak US dollar. For instance, Russia has bought 51 tonnes of gold since 2006 and has stated that its target is to increase gold as a proportion of its total foreign reserves to 10 per cent, up from 2.5 per cent now. On the other hand, Dr Birch warns that "jewellery demand is clearly going to suffer in the short to medium term because of the high price." Jewellery demand accounted for 77 per cent of total demand in 2001 but fell to 68 per cent in 2007. Demand is crucial because the supply side cannot be increased in the short term. Dr Birch comments: "Despite the high price, we've seen no new supply coming into the market, no sign at all." Global gold production peaked globally in 2001, although it had already peaked in developed countries by the early 1990s. Although spending on exploration has increased, up from US$1bn in 2002 to US$4bn in 2007, it is hard to find new supplies of gold and it takes a while to bring new mines into production. Indeed, Dr Birch points out: "Barrick Gold expect to see a 15 per cent drop in gold production in the next 5 years". Dr Birch explains that: "it used to be about three to four years between making a discovery and production but that's lengthened out to five to seven years." The reasons for this include restrictions imposed by governments, challenges by environmentalists and delays in ordering equipment. Dr Birch notes: "Capital costs have actually gone up quite a lot. The inflation rate for capital projects is running close to 20 to 25 per cent, and that is slowing down developments." While restricted supply supports the gold price, Dr Birch warns that it means "growth companies in the gold sector are getting rarer and rarer. We've switched money away from the more mature countries into the new frontier countries like Russia, South America and China." Dr Birch tends to buy and hold companies for the long term, but has been trading recently in the shares of Chinese gold miner Zijin Mining, which has had a Hong Kong listing for some time, but recently listed in Shanghai. He confides: "The Chinese priced it too cheap at its IPO so it went up quite quickly. 18 months or so ago we sold a large percentage of our holding because the profits it had made were too big." However, Dr Birch waited until the Chinese market fell back, then "two weeks ago we started buying it back again and that's worked well so far." |
Posted at 16/3/2008 19:31 by doobydave Dave, Goldeneye,Cheers for the comments. As you've asked me, I will answer, with apologies to other BB'ers. My personal favourite up to now has been Avocet (AVM), which has exceptional cash costs (well under $300/oz) and runs on a current P/E of 9 if you strip out the cash pile (well over $100m). Unfortunately sentiment has been knee-capped by the 'collar' arrangement (glorified hedge) whch kicks in at end of 2009. In the meantime, it is throwing off stacks of cash ($50m+ pa) and has openly stated its intention to acquire. Below that there are a number of candidate Juniors, of which I think Uruguay (UGY) leads the pack - market cap £76m for 100,000oz production, recent share buyback, P/E 10, and now paying regular (small) dividends. It may even be ahead of AVM as an investment proposition now. Norseman and Mercator are also on my watch list. PanAfrican looked interesting until its CEO sold £210K the other day. In the main I have abandoned pure exploration stocks as these will be the last to move (PDG is my exception). Junior producers should be next up and are a better hedge against a market catastrophe. Conventional recent wisdom is that hedge funds have been long majors and short juniors, but at some point this must inevitably change. I suspect minex M&A activity this year will be the trigger for the sea change. Goldeneye - sorry to say this, but I find Conroy quite unfanciable, for several reasons. Rather than go into detail, my tip is, pay close attention to any posts by ad1967mc. The chap is clearly an experienced mining professional with a good sense of perspective. One other comment. Like a lot of the more experienced investors, I dislike AIM and much prefer dual listed stocks. TSX and ASX are far better regulated and report quarterly in detail. Another thing UGY has going for it. Anyway, I'll say cheerio before I bring anyone out in a nasty rash... :) |
Posted at 15/3/2008 20:40 by davew28 A disappointing re-entry given that the shares were showing strong gains on suspension when the company owned only 12.5% of Viso Gero and now (subject to vote) own 100%. The market as a whole has weakened considerably over the 3 months but gold is up by near 30% and looking strong for a continued rise so for gold producers with no future hedging (which RVD has) the current situation looks very promising. On the downside there has been the standoff with FIRCA, the reporting of activist(s) wanting to undermine the agreement and people who have been in the share from very early on (circa 1p) who want to exercise their taper relief or just want a fresh challenge! I personally think the next 12 months are quite crucial time for the company and instituational investors will see how the new mine and agreement pans out before dipping their toes. If the extraction targets are met and there is no disruption and gold remains strong then I think we should see a build up of interest (and share price) as more of the institutions see if they can manage the expanded group into profitability. |
Posted at 05/3/2008 20:26 by goldeneye5 Good Minesite article, Climate is looking good for the likes of RVD, and those proving up resources like CDG. Majors will be following with interest.Here Come the Gold Stocks! By David Galland of Casey Research You'd have to be a monk living in isolated penury to miss the fact that gold is on a tear. Specifically, it has risen from U$278 on January 4th 2002 to US$950 last week, a gain of 242 per cent in just over 6 years. Over the same period, the trembling S&P 500 is up an anemic 22 per cent. In a gold bull market, an investor would expect the profits on gold stocks to be a multiple of those to be had from bullion. That leverage comes from simple arithmetic: once a gold producer covers its production costs, then each 1 per cent rise in the price of gold can translate into a 5 per cent, 10 per cent or even richer improvement in the bottom line. For a company such as Barrick, with 125 million ounces in proven and probable reserves, even a US$1 per ounce increase in the price of gold can mean big money. And so we see that between January 2002 and last week, the gold stocks were in fact up 612 per cent. So far, so good. Yet, the gold stocks have stalled in recent months; between August 1, 2007 and February 21, 2008 gold bullion rose 42 per cent, but gold stocks were up just 37 per cent. What's going on? Is it that, in their concern over the broader equity markets, people have forgotten that gold stocks are associated with gold? Or is something else at work here? The answer is "something else." While there are a number of plausible reasons for gold stocks lagging of late, we have come to the conclusion that the true explanation reaches much farther into the past. It's that the managements of the gold producers have only recently escaped the state of fear they operated under during gold's 20 year bear market. Consider: as recently as the year 2002, gold was still trading near US$280. Against that number was a cash cost of around US$250 per ounce for a typical company. That cost figure is about as low as the number could go, and it was the response of an industry beaten down and huddling in a trench. Caution lingers after the reason for it has gone. As gold began its upward move in 2002, it did so against the backdrop of an industry still in mothballs and still run by managers whose primary skills were cost cutting and frugality. This is important on a number of fronts. Firstly, having been trained in the acid bath of razor-thin margins, management was intensely skeptical about gold's rally. They suspected it might be just another bear market trap, ready to punish unwary optimists who parted with cash to ramp up production. Secondly, in the hunkered-down years, miners focused on the higher-grade, easy-to-mine material that gave them the best shot at turning a profit, however small that might be. And being in survival mode, they were extremely cautious about buying new equipment or maintaining a large workforce. Employee rosters were reduced to the bare minimum. Thirdly, because staying in business was such an urgent goal, they were willing, even eager, to sell future production at a set price -- a perfectly rational strategy in a bear market, because it at least assured they would receive a price that covered the known costs. With all these factors taken together, it's easy to understand why the industry was slow to respond when gold started rising. In fact, it was only in February 2003, with gold trending over US$350, that Barrick, the world's largest gold miner, began the expensive process of unwinding its hedges. And it wasn't until November of that year that the company announced it would stop forward selling altogether and would eliminate its entire hedge book. Once the turning point came when management finally realized the bull market was for real -- the industry began to scramble to catch up. Which, in a choo-choo industry like mining, means hiring and training lots of people, buying or refurbishing the equipment needed to re-establish production on second-tier deposits, upgrading facilities, building expensive new mills, and so on and so forth. And, of course, dealing with the challenge and expense of unwinding hundreds of millions of dollars worth of forward hedge contracts. The rebuilding of the gold mining industry, in short, really only began in earnest over the past few years. As would be expected, the costs associated with rebuilding the industry sent big hits to the bottom line, resulting in the kind of ugly financial metrics that repel institutional investors. The metrics were not at all helped by the shift away from high-grade ore, because the lower the grade, the more the material you have to dig, hoist, haul and process, meaning increased production costs. In addition, the industry rebuild occurred against a backdrop of generally rising inflation and a falling dollar, which helped push the cash cost of production up by more than double from the mothball years, keeping the miners unattractive as investments. By contrast, the base metals companies, which had hit bottom earlier, near the end of 1998, had already emerged from the mothball stage, thanks to increasing demand from China and elsewhere. They were, as a result, well on the road to recovery when the big price increases for base metals kicked off in 2004. So, while the gold miners have been widely shunned as ugly ducklings in recent times, the base metals sector has been enjoying salad days, reflected in multi-billion mergers and acquisitions and, of course, sharply higher share prices. Here at Casey Research, we are of the firm opinion that, now that the biggest costs related to restarting their industry are behind them, the big gold companies are poised to take off. The proof should come in rapidly improving margins which, lo and behold, we have begun to see in the quarterly reports now being released. Just last week, Goldcorp announced that fourth-quarter profit had nearly quadrupled over the same quarter the year before. And then Kinross announced that it, too, had posted a record quarter, with profits up almost three-fold over the fourth quarter of 2006. Meanwhile, Barrick reported that net profit for 2007 was 28 per cent ahead of 2006. In addition, Barrick is feeling sufficiently flush (and optimistic) that it's buying out Rio Tinto's 40 per cent interest in the Cortez Hills joint venture for US$1.695 billion... cash. And the exception to this picture of profit eggs finally hatching is only superficially an exception. Newmont announced a loss of US$1.8 billion in 2007. But most of it came from a one-time house cleaning -- US$531 million to unwind 18.5 million ounces of forward gold sales and a US$1.6 billion non-cash charge to terminate operations related to merchant banking. Look past those elements, which are an overdue recognition of money that went down the drain years ago, and you find that Newmont's mining business is actually in a healthy position. Looked at from another angle, Newmont took these charges now because they could afford to do so and because they felt that the damage to their share price would be softened by the strong performance of their current operations. Now that they've cleaned up the books, they too are dressed up to join the profit party. It won't be long before others also note the pending improvements to the bottom lines of the big gold companies. The investment herd, we are convinced, is coming and, we expect, coming soon. So how to take maximum advantage of this situation? First and foremost, you want to be moving into the established producing companies post haste. The gangway on this ship is getting ready to be pulled up. Secondly, you should seriously consider moving some funds into the higher-quality junior exploration stocks. History has proven that, absent an exciting discovery story, the big gold stocks must get in gear before investor sentiment can reach the critical mass needed to ignite the juniors. History also shows that as profitable as the big gold companies are in a bull market, returns on the juniors can blow those away. Exponentially. This upside, of course, comes with a greater degree of risk. But paradoxically, this risk has been largely mitigated by the majors' slow take-off. That's because, anticipating that the gold stocks would follow the metal higher and history shows no example of them not doing so investors have already poured record amounts of money into exploration programs. As a result, we now know which companies have the goods - significant discoveries that juniors have spent tens of millions to define and prove up with the clear intent of selling to the majors. The missing element, of course, has been that, until recently, the majors didn't have enough free cash to make those acquisitions. That is about to change. David Galland is the managing director of Casey Research, publishers of Doug Casey's monthly International Speculator advisory. For over 27 years Doug Casey and the Casey Research team have provided self-directed investors with unbiased research on investments with the potential to provide double- and triple-digit returns by tapping into evolving economic and investment trends ahead of the crowd. |
Posted at 14/2/2008 10:31 by davew28 I think they need to sort out the FIRCA issue for good and before re-listing. They continue to have a hold over the company and this will scare off investors until resolved IMV. Investors hate uncertainty so we need to see a clear statement of resolution. |
Posted at 09/1/2008 17:41 by smilewithme Congrats holders! Minesite Review Winner 2007.Just for the record the overall winner for 2007 was tiny little River Diamonds with its large mine in Fiji. "River Diamonds (AIM: RVD) shares climbed 487 per cent to 4.4p before they ere suspended pending the acquisition of the producing Emperor gold mine in Fiji, the company having first acquired a minority stake" 2007 Will Be A Year That Mining Investors Will Remember By Henry Sandford The year saw a continuation of the three primary mining market trends we identified this time last year in our review of 2006. A strong preference among investors for companies in or close to production; the stagnation of the micro cap sector; and significant overseas political risk to projects remained the primary themes. The IPO market in London saw a spate of mid to large cap companies joining the main market to augment the still fairly steady stream of small cap listings on AIM. The former group included Ukraine focussed iron ore producer Ferrexpo(LSE: FXPO), a substantial success so far with a gain by the last trading day of 2007 of 64 per cent to 229.15p; and Talvivaara Mining (LSE: TALV), up 19 per cent to 297.5p, which has a substantial pre-production nickel-zinc project in Finland. On AIM, the best performing newcomer was Kiwara (AIM: KIW), which was up 76 per cent to 22p by the year's end and has a portfolio of exploration assets in Zambia. Not far behind is Discovery Metals (AIM: DME), which has copper and nickel projects in Botswana and managed a gain of 47 per cent to 27.25p. A good example of the continuing political perils of operating in unpredictable, faraway places is Condor Resources (AIM: CNR), which lost 47 per cent to 4p on the year as a result of political problems in El Salvador, where it is exploring for gold and silver. Condor has not had the same difficulties with its projects in Nicaragua, but unfortunately El Salvador was intended to be the company's focus. Likewise, an uncertain regulatory environment in the DRC dragged down Moto Goldmines (AIM: MOE), which lost 57 per cent to 142.5p, while Tertiary Minerals (AIM: TYM) shares slid 47 per cent to 6.25p after the company ran into problems with government approvals for its Ghurayyah tantalum-niobium uranium project in Saudi Arabia. Archipelago Resources (AIM: AR.) fell 41 per cent to 22.25p thanks to a continuing, government-caused delay to the start up of its Toka Tindung gold mine in Indonesia. Given that 2007 has been a spectacular year for the gold price, successful gold plays were rewarded. Allied Gold (AIM: AGLD), which is approaching production at the Simberi project in Papua New Guinea, gained 152 per cent to 32.75p while River Diamonds (AIM: RVD) shares climbed 487 per cent to 4.4p before they were suspended pending the acquisition of the producing Emperor gold mine in Fiji, the company having first acquired a minority stake. Centamin Egypt (AIM: CEY) advanced 84 per cent to 59.25p as it took estimated resources at the Sukari gold deposit in Egypt above 10 million ounces. Producers Avocet Mining (AIM: AVM) and Randgold Resources (LSE: RRS) enjoyed gains of 84 per cent to 176.4p and 53 per cent to 1833.5p respectively, while Medusa Mining (AIM: MMS) climbed 88 per cent to 62p. The large cap producers outside the gold sector enjoyed a good year too, with First Quantum Minerals (LSE: FQM) making a gain of 68 per cent to 4502.5p and Aquarius Platinum (LSE: AQP) not far behind with a gain of 59 per cent to 579p. Australia's Consolidated Minerals (AIM: CNM) eclipsed both with a climb of 154.4, thanks in no small part to a protracted and still unresolved takeover battle, while South African PGM producer Eastern Platinum (AIM: ELR) managed a gain of 149 per cent to 140.5p. At the slightly smaller end of the market, two more South African PGM producers, Sylvania Resources (AIM: SLV) and Braemore Resources (AIM: BRR) advanced 261 per cent to 126.5p and 217 per cent to 20.75p respectively. International Ferro Metals (LSE: IFL) climbed 169 per cent to 118.25p as it brought its integrated ferrochrome production facility in South Africa online with the odd hiccup. Toledo Mining (AIM: TMC) advanced 126% to 267.5p after beginning to direct ship nickel ore from its Berong project in the Philippines. A number of developers of sizable projects also performed. Albidon (AIM: ALD), which is developing the Munali nickel project in Zambia, gained 110 per cnet to 136p, while Platmin (AIM: PPN), which has an extensive inventory of PGM resources in South Africa and expects to become a significant producer, gained 89 per cent to 470p. Ridge Mining (AIM: RDG) climbed 119 per cent to 112p as it progressed two main PGM projects in South Africa. Ridge expects to become a PGM producer during the second half of 2008. Coal of Africa (AIM: CZA), formerly GVM Metals, climbed 300 per cent to 78p as it expanded its portfolio of South African coal assets. The market showed that it is just as happy to reward a big exploration success as it ever was, but it tended to be impatient and seemed to have difficulty backing explorers while they did the groundwork. Solomon Gold (AIM: SOLG) closed out the year at 21.5p, equating to a modest 7.5 per cent gain, but having been sold down to less than 10p and then surged to almost 30p on good drill results from the company's Sutakiki gold prospect in the Solomon Islands. Similarly, Sanatana Diamonds (AIM:SAN) ended the year with a 157 per cent gain to 86p having been sold down to less than 20p and then spiked to more than 120p on news that the company's Dana kimberlite in Canada's Northwest Territories is confirmed to be diamond bearing. Bezant Resources (AIM: BZT), formerly Tanzania Gold, also stood out among the explorers with a gain of 147 per cent to 106p, but built on the addition of a copper-gold exploration project in the Philippines to its existing portfolio of gold exploration ground in Tanzania. Arian Silver (AIM: AGQ) managed a 71 per cent gain on the back of a steady flow of tip sheet comments and results from its exploration activities in Mexico, while Churchill Mining (AIM: CHL) advanced 214 per cent to 53p having made a coal discovery at its East Kutai project in Indonesia. Dwyka Resources (AIM: DWY), formerly Dwyka Diamonds, was rewarded for its move away from diamonds and into nickel and gold exploration in Burundi and Swaziland respectively with a gain of 144 per cent to 39p. On a negative note, an unfortunate contingent of AIM's micro caps spent the year watching their share prices stagnate. It seems that a number of these companies simply cannot sustain the scale of activity necessary to keep investors interested and are being left almost for dead. Good examples include Cambridge Mineral Resources (AIM: CMR), which slid 45 per cent to 2.05p; Brazilian Diamonds (AIM: BDY), down 41 per cent to 5.15p; and Ariana Resources (AIM: AAU), which fell 49 per cent to 5p. Perhaps the worst example was Alba Mineral Resources (AIM: ALBA), which came close to a sticky end before managing to secure some last minute funding. Alba shares tumbled 64 per cent to 2.05p. There were also a few even worse performances, with the abominable Brinkley Mining (AIM: BRM) continuing its fall more or less throughout the year, ending 76 per cent down to 5.2p. Here the problem seems to have been an egregious valuation at IPO and then a distinct lack of progress to justify it. Cape Diamonds (AIM: CAPE) ended the year down 75% to 25p after the resignation of several directors and the failure of their replacements to make a positive impression on the market. Last but certainly not least, Rio Tinto (LSE: RIO) stood out among the majors with a gain of 95 per cent to 5317p, thanks in no small part to the possibility of its acquisition by BHP Billiton. For its part, BHP still managed a gain of 65 per cent to 1546p. Just for the record the overall winner for 2007 was tiny little River Diamonds with its large mine in Fiji. Colin Orr-Ewing has waited a long time for this. |
Posted at 13/11/2007 07:31 by bigloser Its good to see that one of our largest shareholders have success of their own!!!Great News!!!! Between RVD and TMP good news seems to be boucing off each other...I look forward to 2008 with great anticipation!!!! Templar Minerals Exploration Update - Georgia RNS Number:5494H Templar Minerals Limited 13 November 2007 13 November 2007 Templar Minerals Limited ("Templar" or the "Company") Initial exploration results from the Adjaria Gold Project Templar Minerals ("AIM: TMP") is pleased to announce results from the analysis of samples from the Adjaria Project in the Republic of Georgia: * Nine metres of continuous channel sampling across the orebody averaged a gold value of 3.11g/t with a maximum value of 7.98 g/t; * Eight metres averaging 0.95 g/t with a maximum of 2.85 g/t; * Sample area of approximately 1.5km has a background gold grade of approximately > 0.5g/t; and * Additional highly prospective areas within the 110km2 licence area in the Adjaria Project are now being sampled for both gold and base metals. David Lenigas, Chairman said: "The initial exploration sample results at Adjaria has returned very encouraging gold values. Together with the substantial body of information available from the Soviet era it is clear that the Project has the potential to become a significant minable gold resource. We are accelerating the exploration programme with drilling anticipated for the first Quarter of 2008." Some 300 chip samples were collected from appropriate sites on the Adjaria Project between August and September 2007. These confirmatory samples were submitted to the ISO certified laboratory, ALS Chemex in Turkey, in order for gold assay and multi-element analysis to be undertaken. Specific technical reporting of true widths and grades on appropriate maps and plans will be released as the future work programme proceeds and base metal analysis results from the 300 chip samples are expected shortly. Historic non- JORC compliant Russian resource estimates indicated a total mineral resource for the Adjaria Project of: Copper 74,800 tonnes, Lead 15,000 tonnes, Zinc 11,000 tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. The source of the data was from Russian generated reports which were assessed by Venmyn Rand (Pty) Limited (independent specialist advisor in mineral project valuation and statutory compliance) and reported upon in their Independent Prospectivity Report dated 5th July 2007. Since this historic work provided an indication of gold and base metal potential further exploration to international standards was recommended to support the original estimates. Work Programme Further sampling is being undertaken to verify data from other sites of equal interest on the licence area. An exploration team of five geologists are presently managing the work programme and maintaining internationally certified laboratories and exploration standards to ensure that the work is fully compliant. A full-scale rigorous sampling and mapping program will shortly commence to identify drilling targets. Templar intends to initiate a drilling programme by the end of Q1 2008 to determine the full extent of the mineralisation. No winter weather or climatic restrictions are expected. Contacts: Templar Minerals David Lenigas, Chairman Tel: +44 (0) 7881 825378 Ian Stalker, Non Exec-Director Tel: + 27 11 783 5056 Beaumont Cornish Tel: +44 (0) 20 7628 3396 Roland Cornish Financial Dynamics Tel + 44 (0) 20 7831 3113 Ben Brewerton The information contained in this announcement has been reviewed by Keith Kenyon AUS IMM, Geochemical Consultant to Templar Minerals. He is the Qualified Person overseeing the geochemical exploration at the Adjaria Gold Project. Mr. Kenyon has 36 years experience in gold exploration and geochemistry and he is undertaking to act as a Qualified Person for the purposes of this announcement. GLOSSARY Geochemistry The study of the chemistry of geological materials Multi-element Techniques of chemical analysis whereby many elements are analysis analysed at the same time, Au Gold Base Metals A metal which oxidises when heated in air, e.g. lead, nickel, copper, tin, zinc, as opposed to noble metals such as gold and platinum. g/t Grams per tonne BACKGROUND Templar Minerals is a gold and base metal exploration, mining and investment company. The Company has a 90% interest in the Adjaria Gold Project in Georgia and a 5% indirect interest in the Vatukoula Gold Mine in Fiji. In addition the Company has approximately US$5.5 million in cash. Vatukoula Gold Mine, Fiji Templar now holds 26.18% of River Diamonds plc ("River Diamonds"). River Diamonds indirectly owns a 19% interest in the share capital of Westech which, through its wholly owned direct and indirect subsidiaries, owns the mining rights and associated assets of the Emperor Gold Mine in Fiji, also known as the Vatukoula Gold Mine. River Diamonds announced on the 1st November 2007 that Westech Pty Ltd ("Westech") has poured 503 ounces of gold, extracted from the commissioning of the mineral processing circuit at the Vatukoula Mine in Fiji. This represents the first gold poured from the operations since the mine was placed on care and maintenance programme last December. River Diamonds also announced that the operational shafts have now been re-commissioned and the ore and waste passes will be ready over the next week. Westech anticipates the first underground blast to occur in the next three weeks in readiness for the plant commissioning scheduled for late November. Adjaria Gold Project, Republic of Georgia This Brownfield project contains numerous exploration adits and a preliminary historical sampling database together with a large and as yet unexplored Greenfields target area with excellent prospectivity. Historic Russian resource estimates indicated a total mineral resource for the Adjaria Project of: Copper 74,800 tonnes, Lead 15,000 tonnes, Zinc 11,000 tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. The source of the data was from Russian generated reports which were assessed by Venmyn Rand (Pty) Limited ("Venmyn"), an independent specialist advisor in mineral project valuation and statutory compliance, reported upon in their Independent Prospectivity Report dated 5th July 2007. Since this historic work provided an indication of gold and base metal potential further exploration to international standards was recommended to support the original estimates. The Adjaria Project has several logistical advantages including abundant water, power, skilled labour, and excellent access to major centres. The port of Batumi is 65km away. A local office has been established and is operational with qualified staff, vehicles and access to world class analytical laboratories. Active exploration is underway. Venmyn, an international independent consultancy, has concluded "the prospectivity of the Adjaria Project is moderate to high. The country risk factors are not unduly negative and logistically the prospect has numerous advantages. The geological setting and epithermal genesis are favourable for the development of potentially economically viable deposits, as evidenced by the Madneuli mine." The Madneuli mine in the southern Bolsini region of Georgia and the Kislag mine in Turkey occur in similar geological settings as the Adjaria licence. Madneuli has recently been privatised and it is the largest mining operation in the country. Georgia is developing as an investor friendly, low cost mining environment. The Ministry of Environment Protection and Natural Resources has granted the Extraction licence and the Ministry has been helpful in providing support to investors. Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made |
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