The Mission Share Discussion Threads

[giant steps] 28/2/2008 19:35

Pamodzi Gold Closing price Thu 28 Feb ZAR12.00 +0.50, volume 6K / 3 trades pog $969.75/oz : usdzar 7.55 : zarusgold 7,322

[giant steps] 27/2/2008 22:26

Moneyweb, 26th Feb 2008



Extract :

"
MONEYWEB: Thistle, the owners of President Steyn - that mine has changed hands quite a few times?

PETER STEENKAMP: Yes, and...

MONEYWEB: And now it's yours.

PETER STEENKAMP: Ja. We're very excited about President Steyn; it's typically what we would like to own. I mean, the operation is under stress. The previous owners didn't put a lot of money into that and fixing the capital. We believe by fixing the infrastructure, by developing the ore body - you know, there's quite a lot of high-grade blocks around - we will be able to add a lot of value to President Steyn. The nice thing about President Steyn, it's got a resource base of 8g/ton, and you don't find a resource base - and that is 12m ounces - at 8g/ton. You don't find 8g/ton ore bodies lying around in the Wits Basin.

MONEYWEB: And you don't get your hands on them unless they're very difficult to mine.

PETER STEENKAMP: That is true, but they're all in pillars. We've put in Fanie van Staden, our new manager there, who's a very, very good pillar miner. We've put a lot of expertise in. I mean, that's how we started ARMgold - the whole of ARM was pillar mining at the time. We've got a lot of expertise in mining pillars, how we should be mining pillars, and mine them safely. So we want to put that same expertise back in President Steyn.

MONEYWEB: So you see, the ARMgold experience, which in fact created [Patrice] Motsepe's empire, is being something that you can repeat here for Ntsele's empire?

PETER STEENKAMP: Ja, well, we hopefully can do the same.

MONEYWEB: What about the gold price generally? What's your view there?

PETER STEENKAMP: Well, you know, I think, like most, we are gold bulls and we believe the gold price will still continue. I don't think we'll have the steep inclination that we had in the last few months, but we will probably see the gold price steadily increase over the next year or two. Like anything, it's going to go down at one stage. You know, from my company's perspective, we have put ourselves up for the time when things are going to go badly again. So we have to open up the ore body in the time that we've got a good gold price that can support us. We have to actually get to the pillars and the areas that we have to mine in the time, and then have a lot more flexibility when there are some changes in the gold price.

MONEYWEB: Peter Steenkamp is the chief executive of Pamodzi Gold. As you heard, he was involved in the deals that created the empire that Patrice Motsepe has today. He's doing a repeat, if you like, for Ndaba Ntsele, South Africa's Entrepreneur of the Year for this year. Well, it'll be an interesting story to follow and I guess it's one of those stocks, if you like small gold-mining operations, that you should be doing your homework on.

That's it from Power Lunch for today, brought to you in association with Moneyweb.

"

[simontemplar] 27/2/2008 09:02

Yes I meant current price but Pamodzi's website front page is behind the current price but it's ok because there's a link on there which takes you to the live price. Cheers

[giant steps] 27/2/2008 08:59

ST, re pamodzi price, do you mean current price or an element in calc ?

[simontemplar] 27/2/2008 08:58

Never mind, I've got it.

[simontemplar] 27/2/2008 08:46

GS. Where did you get Pamodzi's price from? It's website has it at 9.6.

[giant steps] 26/2/2008 18:18

The main CASH element of the deal that has been provided for by shares
(to be placed in summer 2008)

is ZAR92.9 million ( 9,767,558 Pamodzi shares @ ZAR9.51 )

On todays price of 11.50, we have ZAR1.99 improvement = ZAR 19.437m = $2.58m (@ 7.52)



So summary valuation (using zarusd 7.52)

1/ ZAR 3.5m = $0.46m

2/ CASH element 9.767m @ 11.50 = ZAR 112.3m = $14.93m

3/ SHARES 9.25m @ 11.50 = ZAR 106.37m = $14.14m


1+2+3 = $29.53m

[giant steps] 26/2/2008 18:04

Pamodzi Gold Closing price Tue 26 Feb ZAR11.50 +0.40, volume 16K / 6 trades pog $946.20/oz : usdzar 7.52 : zarusgold 7,115

[giant steps] 26/2/2008 18:02

Pamodzi Gold Closing price Tue 26 Feb ZAR11.50 +0.40, volume 16K / 6 trades pog $946.20/oz : usdzar 7.52 : zarusgold 7,115

[giant steps] 25/2/2008 20:04

Pamodzi Gold at critical mass for further acquisitions Pamodzi Gold will produce nearly 400,000 ounces this year by spending capital at recent acquisitions President Steyn and Orkney. Posted: Monday , 25 Feb 2008 Extract Pamodzi Gold was also talking to investors about funding acquisitions to achieve its "realistic production target" of 1m ounces. Eaton gave the assurance that Pamodzi Gold's shareholding would not be diluted to make further acquisitions

[giant steps] 25/2/2008 20:03

Pamodzi Gold at critical mass for further acquisitions Pamodzi Gold will produce nearly 400,000 ounces this year by spending capital at recent acquisitions President Steyn and Orkney. Posted: Monday , 25 Feb 2008 Extract Pamodzi Gold was also talking to investors about funding acquisitions to achieve its "realistic production target" of 1m ounces. Eaton gave the assurance that Pamodzi Gold's shareholding would not be diluted to make further acquisitions

[giant steps] 25/2/2008 19:13

Published: 25 Feb 08 - 15:20

Mine arson 'a real threat', says Pamodzi Gold's new President Steyn boss


Extracts -


Van Staden, who would take over as mine manager of President Steyn officially on Tuesday, said that arson was clearly to blame for many mine fires.

"The main cause is dissent with supervisors or unhappiness with management decisions, and I think we need to expose underground arson as a real threat and draw a parallel between human resource relationships and mine fires," Van Staden said

While there were technical explanations for some fires, Van Staden believed that arson was the reason for most of the unexplainable fires.

[giant steps] 25/2/2008 19:04

Monday 25th February 2008

Pamodzi Gold looks to North American listing



"We've not approached anybody about more acquisitions. We want to bed down Orkney and President Steyn," Steenkamp said.

"One of the things we have to do is look at a secondary, offshore listing," Steenkamp told Miningmx. "We are not actively pursuing it just yet. I'd be surprised if we listed this year."

[giant steps] 25/2/2008 18:44

Pamodzi Gold Closing price Mon 25 Feb ZAR11.10 +0.70, volume 28K / 14 trades pog $936.65/oz : usdzar 7.70 : zarusgold 7,212

[giant steps] 25/2/2008 18:41

Pamodzi Gold Closing price Mon 25 Feb ZAR11.10 +0.70, volume 28K / 14 trades pog $936.65/oz : usdzar 7.70 : zarusgold 7,212

[giant steps] 25/2/2008 18:37

Katsy, why don't you try a more optimistic approach !

Note from #1283 -

'9.75 m shares issued to Thistle to be placed by end June 08'

[giant steps] 25/2/2008 15:12

Page 13 of Pamodzi Gold presentation 25/2/08

• President Steyn gold mine in the Free State gold fields
acquired for R233 million (prev R240m)
• 98% of acquisition price payable in shares:
– 9.25 m shares subscription by Pamodzi Resources - locked in to May 09
– 9.75 m shares issued to Thistle to be placed by end June 08
– R3.5 m cash (Break fee deposit paid)
• Transaction unconditional on 26 February 2008

[giant steps] 25/2/2008 15:09

Observe revised website

[giant steps] 25/2/2008 15:00

RNS Monday 25th February 2008



Extract
"
The consideration payable by Pamodzi after adjustments is ZAR232.8 million
(approximately US$ 29.8 million at an exchange rate of ZAR 7.80 to the US$)
(the 'Purchase Consideration'). The Purchase Consideration will be satisfied
through the payment of (i) ZAR 3.5 million in cash; (ii) ZAR92.9 million in
the form of 9,767,558 Pamodzi shares issued at a ZAR9.51 per share (a 10%
discount to the volume weighted average traded price over the 30 trading days
prior to February 21, 2008); and (iii) ZAR 136.4 million as a loan receivable
('Loan') from Clidet No 776 (Pty) Ltd ('Clidet'), a wholly owned subsidiary of
Pamodzi Resources Limited, and a 'B' ordinary share of Clidet.

Under the terms of the Subscription Agreement dated October 29, 2007, as
amended, between Pamodzi Resources Limited and Clidet, Clidet will acquire
9,259,927 ordinary shares in Pamodzi ('Underlying Pamodzi Gold Shares') for an
aggregate amount of ZAR 136.4 million at a subscription price of ZAR14.729 per
share. The Pamodzi share price closed at ZAR10.40 per share on 22 February 2008.

In terms of the Loan and Subscription Agreement dated February 04, 2008, as
amended, between Thistle, Pamodzi Resources Limited and Clidet (the 'Loan and
Subscription Agreement'), on or after May 31, 2009 (or in limited circumstances,
prior thereto), Thistle will be entitled to repayment of the Loan including
interest calculated at 12% per annum ('Loan Settlement Amount'); provided,
however, that in circumstances where the Loan Settlement Amount is greater than
the value of the Underlying Pamodzi Gold Shares, Thistle's entitlement to such
repayment will be limited to the value of (or proceeds of) the Underlying
Pamodzi Gold Shares. Thistle is entitled, as the holder of a 'B' ordinary share
of Clidet, to a distribution of 80% of the amount by which the value (or
proceeds) of the Underlying Pamodzi Gold Shares exceeds the Loan Settlement
Amount.

"

[giant steps] 25/2/2008 14:58

Pamodzi Gold Closing price Fri 22 Feb ZAR10.40 +0.40,volume 38K / 10 trades pog $945.30/oz : usdzar 7.74 : zarusgold 7,317

[simontemplar] 25/2/2008 14:56

A month before it will have to delist.

[giant steps] 25/2/2008 14:56

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