The Mission Share Discussion Threads

[giant steps] 22/1/2008 09:15

pog $863.00/oz, usdzar 7.24, zarusgold 6,248

[tim00] 22/1/2008 05:54

going down! (gold and the rand)

[giant steps] 21/1/2008 19:21

Pamodzi Gold : Closing price Mon 21 Jan ZAR 12.50, volume 18K / 9 trades

[bbbb] 21/1/2008 19:10

and increasing the impression of wifl as the business plan.

some housebuyers of the past year might be wishing they could
undo and postpone their deals retrospectively, too.

[giant steps] 21/1/2008 14:03

pog $871.40/oz, usdzar 7.19, zarusgold 6,265

will be no surprise to see deal postponed
again and/or improved terms for thistle.

[bbbb] 20/1/2008 19:21

power most certainly is required in the technology of superheated steam
injection used to extract the maximum of residual oil.

for pumping the product to refinery or transport few producers rely on gravity
these days. Drill rig teams can be more labour intensive than a two man heap-leach gold mine reliant on LHD vehicles.

[tim00] 20/1/2008 16:51

incidentally, another problem with gold mining is that the cost of mining is rising very sharply at the moment: power, labour, etc. That's not the case with recovering oil from existing oil fields, where no labour or power are required. SER's cost of production for example is a fixed $10 per barrel, or about 12% of its recovered oil price. What are the production costs for Thistle? Probably about 100% of the current gold price!

[tim00] 20/1/2008 16:04

personally I think oil is a better bet than gold. The price of the latter is being driven up entirely by speculative flows; no doubt these will dissipate quickly and the gold price will come down just as quickly as it went up. But the oil price hike looks much more sustainable given the growth in demand in China etc. I suspect coal projects might be interesting over the next few years, again due to the rapid growth of consumption in China for electricity generation.

[giant steps] 20/1/2008 15:56

Tim -> thanks for that, though at the moment i prefer the very high risk micro
cap gold sector. Will consider some oilers in due course.

[tim00] 20/1/2008 15:51

GS, your knowledge of Gigante is very good - a very expensive new drilling campaign, Gigante 2, remains a subject of much discussion on the EEN thread, but its timing has no doubt been put back even further by the recent major discoveries in Syria, which will take up all EEN's $40 mn cash reserves to exploit. bobobob is a very knowledgeable poster there, and omelette, another "oiler", has recently been attracted to EEN. I like tiny oil companies like SER and have researched them extremely thoroughly. If you find them interesting, I can answer any question on them you care to ask.

[giant steps] 20/1/2008 15:41

Tim, thanks; clearly two that i should update my knowledge on.

O/T your other Colombian play could well be CMR (worth reviewing imo)

[tim00] 20/1/2008 14:33

GS, I have a couple of suggestions for you to research. I've tipped SER before, its share price has been disappointing recently but not its operational performance. It has 100% interest in a couple of mature oil fields that are very well understood but have been under invested in in the past due to low oil prices. The oil reserves are now worth a small fortune and Sefton now has access to the funds needed to exploit those reserves. I estimate that it's currently trading on a forward pe ratio of about 2-2.5.
The other is EEN. It has a 50% stake in a recently discovered oil field in Syria. An announcement is expected shortly on the estimated reserves in the field, which are expected to be rather large! The share price seems to place no value whatsoever on these reserves, which are fairly readily exploitable. Production expected by the end of 2008. (It is already generating lots of cash from its Colombian interests.) Political risks are reduced by the fact that its JV partner has major Syrian shareholders. No idea when the share price will reflect its underlying value, this is a share to 'holdontight' to and forget about. I can't think there is a better investment than EEN on the LSE, given its enormous potential over the next 2-3 years.

[giant steps] 19/1/2008 10:33

wmll - hi, what other high risk stocks should i be reviewing ?

[westmoreland lad] 19/1/2008 01:09

Hi GS -- long time no speak.

You hide here, from all my very high risk stocks ??

Regs

[giant steps] 18/1/2008 23:14

Pamodzi Gold : Closing price Fri 18 Jan ZAR 12.70, volume 83K / 5 trades

[giant steps] 17/1/2008 18:07

Pamodzi Gold : Closing price Thu 17 Jan ZAR 12.90, volume 8K / 3 trades

[goggin] 16/1/2008 23:00

Gold is not at historic highs in real terms - only in $ price.
Hence I predict that gold will hit real time highs by 2012 so a little way to go yet.
Gold prices dive on stronger US dollar
NEW YORK (AP) - Gold prices settled Wednesday at their lowest level in a
week as the dollar strengthened and traders cashed in profits a day after the
precious metal soared to a record high.
Oil and agricultural futures also closed lower.
An ounce of gold for February delivery fell $20.60 to settle at $882 on the
New York Mercantile Exchange. Prices dropped as low as $875, down more than $40
from Tuesday's all-time high of $916.10.
"I think those wide ranges are going to continue over the next couple of
weeks, if not the next couple of months," said Carlos Sanchez, an analyst with
CPM Group in New York.
March silver fell 40.5 cents to end at $15.895 an ounce, while copper lost
6.9 cents to $3.1725 a pound.
Gold's erratic price swing highlighted the volatility of the metal, which
rose in value by nearly 32 percent in 2007 and breached $900 an ounce for the
first time last week. It has soared during the past year on its appeal as a
hedge against inflation and as a safe investment in times of political and
economic uncertainty.
When adjusted for inflation, however, gold remains well below its record
high. An ounce of gold at $900 in 1980 would be worth about $2,300 today.
Weighing on prices Wednesday was a strengthening U.S. dollar. A higher
dollar can make commodities less attractive as an alternative investment, and
can also dampen demand from foreign buyers as their currencies weaken.
The euro fell to $1.4653 against the U.S. currency in late afternoon
trading.

[giant steps] 16/1/2008 20:51

Gold Prices to Exceed $1,000 Barrier

London, Jan 15 (Prensa Latina) The London Bullion Market Association (LBMA) released this week the forecasts of 28 precious metal experts in its annual competition.

Most years, Ross Norman of The Bullion Desk wins and he usually makes the most bullish forecast. He reckons gold will hit a high of $1,250 an ounce before the year is out, and won't sink below $840, reported Money Morning newsletter on Tuesday.

One expert from Commerzbank International in Luxembourg suggested a high for the year of $900. That figure, however, was breached before 2008 was two weeks old, in fact on the very day that the LBMA released their forecast.

Over 40% of the participants in the LBMA gold price forecasting competition do not expect to see gold hit $1,000 an ounce. Only three of the 24 (12.5%) see highs above $1,050.

Money Morning editors wonder how many of these people look at money supply growth figures. According to that source, Norman will come first or second in this competition yet again.

Gold will break $1,100 this year. The surprises in this gold bull market have always been on the upside, said the London-based newsletter.

[giant steps] 16/1/2008 18:45

Pamodzi Gold : Closing price Wed 16 Jan ZAR 12.70, volume 3K / 3 trades

pog $882.70/oz, usdzar 6.94, zarusgold 6,126

[giant steps] 15/1/2008 19:27

Pamodzi Gold : Closing price Tue 15 Jan ZAR 12.70, volume 18K / 12 trades

[giant steps] 15/1/2008 16:34

pog $906.80/oz, usdzar 6.78, zarusgold 6,148

[giant steps] 14/1/2008 21:39

Pamodzi Gold : Closing price Mon 14 Jan ZAR 12.75, volume 0K / 0 trades

pog $904.50/oz, usdzar 6.72, zarusgold 6,078

[bbbb] 13/1/2008 19:26

although on the face of it extending completion yet again seems favourable to tmg,
it does confirm the provisional nature and uncertainty of the deal and highlights ways in which any sort of valuation of a changing entity is
a pure guess.

Although pamodzi seems to have struck a deal selling on slime dams containing
residual recoverable gold, tmg seems not to have said much as to the valuations
of these 'hidden' assets of steyne and the payments if any in respect of them.

Addition of low grade above ground material to the mill feed is a recognised way
of managing the gold recovery plant throughput, and the much longer completion time to that originally envisaged adds great uncertainty as to whose benefit
production and production shortfall over that period accrues.

[simontemplar] 11/1/2008 22:32

Some alterations to the deal


Thistle Mining Update on Proposed Sale




RNS Number:6207L
Thistle Mining Inc.
11 January 2008





Update on proposed sale of the President Steyn Gold Mine


Toronto, January 11, 2007: Thistle Mining Inc. ("Thistle" or the "Company")
(AIM: TMG) announced today that it has signed an addendum to the Sale of Shares
and Claims Agreement (the "SSCA") concluded on October 29, 2007, as referred to
in the announcement dated November 1, 2007, to extend the date by which the
conditions precedent set out in the SSCA must be completed from February 1, 2008
to February 29, 2008 (the "Long Stop Date"). The amendment is required as a
result of the delay in completing the sale of Thistle's direct and indirect
interests in President Steyn Gold Mines (Free State) (Pty) Ltd ("PSGM") to
Pamodzi Gold Limited ("Pamodzi") (JSE:PZG) (the "Sale Transaction"), which was
referred to in the announcement dated December 13, 2007. Assuming the
shareholders of Pamodzi approve the Sale Transaction and all other conditions
precedent to completion are satisfied or waived, Thistle now expects that the
Sale Transaction will be completed in February 2008 (the "Completion Date").

As indicated in the announcement dated December 13, 2007, it appears that
Pamodzi may only commence a placement of its shares in mid-February 2008 (the "
Pamodzi Placement"). The placement is required to fund the intended cash
consideration of ZAR 100 million (One Hundred Million South African Rands) due
under the SSCA (the "Intended Cash Consideration"). Under the SSCA, if such
placement is not concluded on or prior to the Completion Date, Pamodzi will
allot and issue Pamodzi shares to Thistle (the "Consideration Shares") in
respect of the Intended Cash Consideration, subject to certain adjustments
specified in the SSCA.

The price at which the Consideration Shares are issued (the "Issue Price") was
originally agreed to be determined based on a discount of 10% to the volume
weighted average traded price of Pamodzi shares on the Johannesburg Stock
Exchange (the "JSE") over the 30 trading days prior to December 1, 2007 (which
would have resulted in a price of ZAR13.86 per Pamodzi share). Due to the delay
in completing the Sale Transaction, Pamodzi has agreed to change the Issue Price
to the lower of:

(S) the price per Pamodzi share used by Pamodzi in support of the
Pamodzi Placement; or

(S) the price determined on the basis of a discount of 10% to the volume
weighted average traded price of Pamodzi Shares on the JSE over the 30 trading
days prior to the Completion Date, subject to certain adjustments specified in
the SSCA.

Under the terms of the SSCA, Pamodzi has undertaken as part of the Pamodzi
Placement to use its best endeavours to place any Consideration Shares with
investors in order to provide Thistle with net placement proceeds or an
aggregate sale price in respect of those shares of not less than the Intended
Cash Consideration.

Pamodzi had agreed that if it withdrew from the Sale Transaction, it would pay a
break fee of ZAR5 million (Five Million South African Rands) to Thistle, subject
to certain limited conditions. The break fee has now been increased to ZAR16
million (Sixteen Million South African Rands) which Pamodzi has agreed to pay to
Thistle if the transaction fails in certain circumstances other than for reasons
of a regulatory nature.

[giant steps] 11/1/2008 20:03

Pamodzi Gold : Closing price Fri 11 Jan ZAR 12.75, volume 3K / 2 trades