Uruguay Mineral (SEE LSE:OMI) Share Discussion Threads

[sithuk] 31/12/2009 08:37

I just got in. The passing of the vote and FVX increasing 20% last night to close the arbitrage gap gave me the final de-riskers I was looking for.

When will the LSE RNS be released I wonder?

[skidaddle] 30/12/2009 16:21

Probably because they are waiting for the authorities to sign it off.

[sithuk] 30/12/2009 16:15

Any idea why UGY haven't RNS'd the vote pass?

[wallywoo] 30/12/2009 12:24

way too early for that sithuk. Only some prelimary drilling done up to now. Need alot more drilling, plus a feasability study before you can find out costs. What we really need here is for production to step up in Uraquay then the full drilling analysis for underground mining and a favourable feasability study for Arenal Deep (should get this over the next 3-5 months). That should get the share price moving back in the right direction.

That and of course the gold price to continue with it's uptrend / or to stablise at these levels.

[sithuk] 30/12/2009 11:51

What are the production cost estimates for Pantanillo?

[sir beeksalot] 30/12/2009 10:51

Now all the uncertainty is out of the way we should see some healthy gains in 2010.


Lets hope the Gold price can hold up!

[robson1974] 30/12/2009 10:26

So you can now effectively buy UGY at a 25-30% discount by buying FVX at 17c

[robson1974] 30/12/2009 10:24

Confirmed in the offical SEDAR filing

[robson1974] 30/12/2009 10:20

An anonymous director reports

FORTUNE VALLEY ANNOUNCES SECURITYHOLDERS VOTE IN FAVOUR OF PLAN OF ARRANGEMENT

Fortune Valley Resources Inc. securityholders voting in person or by proxy at a special meeting held Dec. 29 to consider the proposed plan of arrangement previously announced with Uruguay Mineral Exploration Inc. voted unanimously in favour of the plan of arrangement.

[stevea171] 30/12/2009 09:15

Well done amalanchier, UGY and FV.

[amalanchier2] 30/12/2009 09:10

looks like it has gone through

[stevea171] 30/12/2009 09:03

The vote I would say is a foregone conclusion. Imo there will be an RNS here tomorrow morning to confirm merger approved by FV.

The next question will be can they get drills onto Pantanillo in the next few weeks as the elevation there is around 15,000 ft with no real facilities on site or nearby. The drilling window is likely to close by the end of April depending on the snow and weather conditions. Winter comes early high up in the Andes.

[mirandaj] 30/12/2009 07:21

This site always useful - just type in 'UME'

[s0lis] 29/12/2009 23:34

robson1974

This may be quicker

[sir beeksalot] 29/12/2009 22:36

Like I said - I hope the thing runs on for much longer - i'd be amazed if peeps hadn't "presold" UGY shares in anticipation of the deal, and this could push the price way way up if they have to cover at short notice.

[robson1974] 29/12/2009 12:37

I don't know what the Canadian equivalent of RNS wire is but I have found this , no idea if it will come out on there though

[robson1974] 29/12/2009 12:33

So the vote will take place during Canadian trading hours so you can trade FVX and UME before you'll get a chance to trade UGY in the UK because UK will be closed. I guess they could delay the announcement of the vote until both markets are closed but anyone at the meeting would be able to leak it.

[sithuk] 29/12/2009 11:50

robson: GMT -8hrs



What is the link to where an announcement will be issued?

Is there likely to be a lag between an FVX announcement and one from UGY?

[robson1974] 29/12/2009 11:36

9am Pacific Time what is that GMT ?

[stevea171] 23/12/2009 11:48

Exploration and Development on FV properties Pantanillo and Anillo is agreed to commence early in the New Year. A 4 month drill program at Pantanillo will be carried out in the first half of calendar 2010 to produce an independently estimated, NI 43-101 compliant resource by mid-2010 with a prefeasibility study to be performed by an independent consulting group starting in the second half of 2010. At Anillo it is planned to undertake surface geological mapping and sampling work over 6 months commencing February 2010 with drilling to commence by the end of 2010.

Pantanillo.
The Combined Company is planning a 35 – 40 hole (approximately 7,600m) infill drilling program on Pantanillo Norte between January and April 2010. This drilling program depends on the availability of drill rigs, which has not yet been confirmed.

The purpose of the proposed drilling program is to:
(a) Infill drill on 50m line centers and 100m collar spacing, to better define the known oxide and mix ore mineralization. Previous drilling has been done on 100m line spacing.
(b) Validate previous exploration work of Anglo American plc and Kinross from 1997 – 1998 and 2005 – 2008 respectively.
(c) Delimit the ore deposit to the northwest and southeast.
(d) Produce an independently estimated, NI 43-101 compliant resource by mid-2010.
(e) Gather important geological, structural, assay, and metallurgical data upon which to base a prefeasibility study to be performed by an independent consulting group starting in the second half of 2010.

Priority field work in the following season (October 2010 to April 2011) will be guided by results of the pre-feasibility study but should also include the drilling of potential extensions to the known deposit by adjacent smaller high grade vein ("ledge") and breccia mineralization. Initial exploration of other targets on the property, namely Quebrada Pantanillo and the Oro 52 targets, will also commence.

Anillo.
The Combined Company is planning to undertake surface geological mapping and sampling work at Anillo, in order to confirm historical precious metal (Au-Ag epithermal vein and breccia) targets defined by previous companies. This work is planned to start as early as February 2010 and will continue into the second half of 2010.

A proposed exploration drilling program of approximately 20 holes (6,000m) will be planned based on local positive historical drilling and trenching done in the 1980's and 90's, previous surface work done by Fortune Valley, and planned field work to take place in early 2010. The current plan is to drill the precious metal vein targets at Anillo by the end of the 2010 calendar year.

Exploration during the 2011 season will be largely dependent on initial results from the 2010 surface and drilling work. If the exploration drilling from the 2010 season yields positive results, an additional drill campaign will be planned to follow up on such results.

[stevea171] 23/12/2009 11:02

INFORMATION CONCERNING FORTUNE VALLEY
Summary Description of the Business of Fortune Valley

Fortune Valley is engaged in the business of acquiring, exploring and developing gold mining properties in Chile and Argentina. Its mission is to increase shareholder wealth by acquiring and developing gold exploration properties, mineral resources and mining reserves of economic value. In giving effect to this mission, Fortune Valley acquired and explored several exploration properties, including the Incahausi, Anillo, Puemo Redondo, Tres Puntas, Agua Buenas and Este de la Alumbrera properties.

In 2008, Fortune Valley conducted mineral exploration work and implemented a 4,010 metre Phase 2 reverse circulation drilling program at the Incahuasi property. As an economic deposit was not identified at Incahausi Central, the option agreements in the area were abandoned and all expenditures incurred on the Carmelita, Yerbas Buenas, Cuchita, Maria Luisa and Paulina concessions were written-off. The Company maintains 5,846 hectares preferential concessions at the Incahuasi Este area; certain of these concessions have been converted to exploitation licenses, as required under the Chilean mining law after a 2 year period of holding exploration concessions.

Also in 2008, Fortune Valley advanced exploration work on the Anillo Property and contributed an additional 6,600 hectares adjacent to the Anillo Property to the option agreement to create a consolidated land position.

On April 9, 2009, Fortune Valley announced that it had narrowed its strategic direction to focus solely on the acquisition and development of gold mining projects in Chile and that Incahuasi was no longer a core property.

Recent Developments
On October 5, 2009, Fortune Valley announced that it had: (1) raised $250,000 by issuing a convertible unsecured debenture to Uruguay Mineral; (2) signed an option agreement with Anglo American Norte S.A., a subsidiary of Anglo American plc, to acquire a 100% interest in the Pantanillo Property located in Region III of the Republic of Chile; and (3) signed a non-binding letter of intent with Uruguay Mineral in connection with a proposed business combination.

On November 8, 2009, Fortune Valley and Uruguay Mineral jointly announced that they had signed the Arrangement Agreement.

[wallywoo] 23/12/2009 09:41

Warning, that link just crashed my computer, downloading a load of stuff I was not happy with - Winbled please remove.

You can find a load of articles on gold price bulls and a fair few on gold price bears without linking to that.

I for one am fairly neutral believing we will range between 1000 - 1200 for 2010.

[wimbled] 23/12/2009 00:03

Well this is the times to invest in UGY. Right now it maybe a bold to purchase. However as a longterm holder, my investment was on based on upward and sustained upward gold value. The link below will support this view.

Old management have spent millions on developing gold reserves and never delivered. They have gone. If the the merger goes through target 150p, without 50p. Gold will exceed $1650 on oz according to link.

29th Dec key date.

[datahead] 22/12/2009 11:09

well am put took a lost and stuck it in kmr ! good luck