Uruguay Mineral (SEE LSE:OMI) Share Discussion Threads

[ihavenoclue] 08/12/2009 11:47

LOL some of you fools still ramping this when you are clueless of WHY it dropped so low ?

[robson1974] 08/12/2009 10:05

NOTICE OF SPECIAL MEETING
Notice is hereby given that a special meeting (the "Meeting") of the holders (the "Fortune Valley Shareholders") of Common Shares (the "Fortune Valley Shares") of Fortune Valley Resources Inc. ("Fortune Valley") and the holders of options (the "Fortune Valley Options") to acquire Common Shares of Fortune Valley (the Fortune Valley Optionholders" and, together with the Fortune Valley Shareholders, the "Fortune Valley Securityholders") will be held at 1900 – 1040 West Georgia Street, Vancouver, British Columbia, on December 29, 2009, at 9:00 a.m. (Pacific time) for the following purposes:

[stevea171] 07/12/2009 16:38

75k buy at 35p in the last half hour of trading. Wonder if they have any advance knowledge of the news in the production update or just reacting to the bargain prices on the back of the fall in the gold price?

[itchycrack] 06/12/2009 19:29

IMHO we are on the verge of a major chart breakout here within days and its gonna go vertical!

[malcolmmm] 06/12/2009 11:07

More like 114p when the herd realise how cheap some of these small gold miners are

[dogberry202000] 05/12/2009 15:17

So it goes for gold and its stocks. Take your profits as this stock will see the underside of 14p sometime next year.

Cheers!

[hoveite] 05/12/2009 10:39

The Fortune Valley Resources EGM is now scheduled to take place on 29th Dec - so a couple of weeks delay from the 11th Dec they were aiming for.

My source for this is SEDAR - there are documents posted by Fortune Valley on 1 Dec and 4 Dec which give this date.

I don't recall seeing details of the locked in shareholders posted here before, so I will copy the following from SEDAR :-

"As of November 9, 2009, these persons collectively held 10,833,400 Fortune Valley Shares, representing approximately 31.2% of the issued and outstanding Fortune Valley Shares on that date, and 1,525,000 Fortune Valley Options, which together with the Fortune Valley Shares represent approximately 33.4% of the issued and outstanding Fortune Valley securities."

For the deal to be approved :-

"at least two-thirds of the votes cast at the Meeting in person or by proxy by the Fortune Valley Securityholders voting together as one class on the basis of one vote per Fortune Valley Share and one vote per Fortune Valley Option; and
(b) at least two-thirds of the votes cast at the Meeting in person or by proxy by the Fortune Valley Shareholders voting as one class on the basis of one vote per Fortune Valley Share."

The quorum is low enough that it's bound to be satisfied given the lock-in - even in the days between Christmas and the New Year - Not sure if those days are as dead for business in Vancouver as they are here though!

"Two Fortune Valley Shareholders, present in person or represented by proxy, who hold, in aggregate, at least 5% of the Common shares, will constitute a quorum at the Meeting."

[robson1974] 04/12/2009 08:56

well as long as it doesn't correct to $850 LOL

the chinese buy the other 200 tonnes off the IMF or there is a 'global currency event' and i think fordtins chart 'prophecy' could eventuate

[stevea171] 04/12/2009 08:49

Gold overdue some correction after a very good run:

[skidaddle] 04/12/2009 08:40

Go and push your wares somewhere else 3mahal. This is the UGY thread.

[3mahal] 04/12/2009 00:29

I trade in Canada and ugy isn't in investors' favoured list of gold miners.AGLD
is now beginning to emerge as new promising gold miner to list in the Canadian
market.

[robson1974] 03/12/2009 17:53

odd 'rise' in London and not mirrored in Canada

i hope Dec 11th sees approval of the FVX deal and a good trading update from UGY

[stevea171] 03/12/2009 17:53

Much more to come imo!

Next week:

Production update RNS for November Qtr, cash balance and probably incl an Arenal Deeps drilling update.

Fortune Valley EGM to approve merger.

[shanksaj] 03/12/2009 17:38

2.5p rise? Its not the least I expect!

[rivaldo] 03/12/2009 15:51

Blue at last - given a $1200 gold price it's the least we should expect!

[adam] 03/12/2009 14:21

S0lis "Chile may produce reports such as this one"

I prefer bulk mining ops than narrow high grade. The grade might appear low but it is near surface and open pit. You just need diggers a good metal flow sheet and process plant. I got severely screwed on Serabi with narrow vein mining. I am told Kinross' Maricunga nearby is a better analogy. Pantanillo might be a bit smaller, but a good starting point. Costs should be then similar so mid-quartiles.

These are the Kinross figures for reserves/resources
Kinross' share as at December 31, 2008
Tonnes Grade Ounces
Gold ( X 1,000) (g/t) ( X 1,000)
Proven and Probable Reserves 281,327 0.72 6,541
Measured and Indicated Resources(a) 116,032 0.61 2,290



Table 23-2: 2007 Actual Operating Costs – Maricunga
Item 2007 Actual Cost
Ktonnes Mined 25,800
Ktonnes to Leach 13,691
Mining cost ($/tonne mined) $1.09
Mining cost ($/tonne processed) $2.05
Leaching cost ($/tonne) $3.37
G&A ($/tonne processed) $1.26


I estimate from the above that Pantanillo likely will cost $550/oz assuming 70% average recovery factors. Quite respectable. Near(er) term what matters is Arenal Deep and that seems to be shaping up o.k

[robson1974] 03/12/2009 14:00

slight tick up, mm's gone to lunch or genuine demand?

[stevea171] 02/12/2009 20:59

It is likely that arrangements for the company name change will be implemented following the Fortune Valley shareholders vote on 11/12.

The merger should be effective from 11/12 with the new company name appearing from probably early in the New Year. 'Orosur' has been proposed as the new name but this may change.

[robson1974] 02/12/2009 19:34

the arb is currently on

FVX bid/offer 21/22
UME bid/offer 60/64

so if you sell UME at 0.60 and buy FVX at 0.22 assuming the deal goes thru it is about 24% of free money

presumably the discount should close on December 11th once the vote has gone through

[s0lis] 02/12/2009 19:05

Oh but we can but dream that Chile may produce reports such as this one

""Exceptionally high grade gold and silver has been encountered on the COSE
prospect located 2 kilometres along strike from the Cap-Oeste gold and silver
resource, with drill hole CSE-13 intersecting:


4.10 metres @ 561.6g/t gold and 28,523.0g/t silver including:


0.85 metres @ 2,104.6g/t gold and 107,648.0g/t silver""

That would produce a WOOOOOOOOOOOOOSSSSSSSSHHHHH !!!!

[adam] 02/12/2009 11:05

you are forgetting other costs like explo capex ($1.7m last Q) et al. 15km drilling at $120/m diamond or $60/m RC means $1m-$2m alone on Arenal Deep. Results look worth the money though.

[s0lis] 02/12/2009 10:53

anisha,

There is another point in that they may be selling UGY to buy FVX on an arbitrage basis, being on the same exchange makes it easier.

[anisha] 02/12/2009 08:59

stevea

thanks for the info

[robson1974] 02/12/2009 07:47

so at $1150 UGY should be earning excess cash of $300/oz compared with earlier projections so could have potential cash of $28m at financial year end

at $1250 the potential cash at financial year end would be $34m

current market cap ? $40m ?