Jump to content

CMR


ShareCafe

Recommended Posts

  • Replies 929
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

It would seem care and maintenance is the last thing on their mind right now!
QUOTE
17 September, 2008
BROWNS OXIDE COMMISSIONING UPDATE
Compass Resources is pleased to announce the commencement of copper electro-winning at the
Browns Oxide plant. The first expected production of copper cathode in coming days will be
followed by nickel and cobalt production.
A further significant milestone has been achieved with the signing of a major sales contract for the
copper cathode product. The agreement is with Sempra Metals and Concentrates LLC for 100% of
CompassÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s share in the off-take for an initial period of 3 years with an option to extend. The contract
pricing will be linked to the LME copper price with the first sale of copper cathode expected in
October 2008.
Completion of the nickel/cobalt circuit has taken longer than expected due to the diversion of labour
and effort to satisfy additional compliance requirements, necessary to meet new fire and safety
standards. These issues have now been addressed and construction activities are well advanced
with production of precipitate expected in early October.
Overall the commissioning has progressed very well with the following milestones being achieved:
The crushing and grinding circuit has been commissioned with no major issues
encountered. The continuous running periods have been progressively extended until
the circuit ran continuously for 5 days without incident before a scheduled shutdown for
checking. It is now running on a continuous basis with ore feed.
The boiler has been commissioned and steam has been successfully introduced to the
circuit for process heating without incident.
ASX Release
Page 2 of 2
Acid has been introduced to the acid leach circuit without incident.
The solvent extraction circuit has been charged with organic extractant and
commissioned.
Power has been connected to the electrowinning circuit and copper is being plated on to
the stainless steel cathodes.
A sales contract has been signed for the copper cathode product for an initial period of 3
years with an option to extend.
First sale of copper cathode expected in October.
Additional fire and safety requirements have been addressed and the nickel/cobalt circuit
is well advanced with production of precipitate expected in early October.
The sales contract for the nickel / cobalt precipitate product has an agreed term sheet
with final contract documentation being prepared.
The ore stockpile has been built up to a total of 5 months of process plant supply.
For further information contact:
Richard Swann (Managing Director)
Neil Guest (Chief Financial Officer / Company Secretary)
Telephone: + 61 2 9417 3588
Facsimilie: + 61 2 9417 8750
Link to comment
Share on other sites

In reply to: dan.heath on Wednesday 17/09/08 07:20pm

Can anyone verify the info presented in the announcement.

 

How trustworthy are management. They have been feeding the market rubbish for a good 2 to 3 years and now the market is expected to believe thwir words.

 

But then again the snakes have been buying of late so something must be up.

 

actions speak louder then words and these crooks only look after themselves.

 

 

Link to comment
Share on other sites

In reply to: aussie joe on Wednesday 17/09/08 08:50pm

You can verify the details by looking at how much the share went up in cents today ! The timing of the announcement was sensational.......sorry like yourselves ,I'll beleive it when the mine starts shunting the oxides. Apologises for the sarcasm.......no orgasm yet.

Link to comment
Share on other sites

In reply to: rubba81 on Tuesday 23/09/08 08:42pm

I have given up on speaking about this stock - I still hold - God only knows why - although much much less than I previously held.

 

However, for mine, technicals are entirely out the window with this one now - feels like there are bigger things afoot.

 

Yes its a conspiracy theory - but I dont normally lean towards conspiracy theories - eg. I believe the attack on the WTC was done by religious fanatics - not the CIA etc - I remain to be convinced about UFO's (but not that life probably exists elswhere in the universe)

 

But as to CMR - although been in a well defined downtrend all the way down from 3.26 and for much of it deservedly so, finally at these levels she developed some good bullish divergence on the stochastic at my settings while both sitting sqwat with its bum on the bottom of the bollingers and squeezing its head hard against the top downtend channel. WITH Copper moving up and advice that production within days and sales contracts at spot prices one would expect those technicals to be enough to make her move.

 

But - quite deservedly no-one trusts management - including ME. Argued with Richard Swan months ago and he ended up asking me - well since you don't believe a word that comes out of our mouths I must ask - why do you still hold shares in the f&^*@ ing company

 

The answer was simple - because I believe int he ore body - NOT YOU.

 

He did reply well at least we agree on one thing - but I was to polite to ask which point he agreed with.

 

Something is going on with this stock - personally my suspicion is a deal has been struck for take over and the onl job RS etal have is to keep the news to levels that enable the buyer to keep the price down low enough for the offer to sound good.

 

Truly - I cant think of any other reason for what is happening.

 

There are very few bulls left in the market - most are sitting on the sidelines quivering.

 

Even I turned into a bear and have shorted CMR intraday when the volume and movement was there but that dried up soon enough. Then after spending weeks and weeks getting my head aound shorting - and doing it on "paper" I finally get set to short a few stocks and the ban it. Sort of glad too coz bears must have their heads in pretty miserable places - I know mine was in a place I didnt like.

 

Anyway, I dont know if I mentioned it here before but the day they released the costing excersise or whatever it is called I caught up with a mate at the pub that arvo - -his first words were - did you buy more. MY reply was pretty direct. He then went on to say he read the notice and thought immediatly - they have sold it. They have a price fixed and will get their palms greased provided they do nothing to encourage buyers. He has been buying ever since.

 

Just look at today - if you had 106k to unload would you just drop it in the sell queue?

 

I cant accept that it is an insider with special inside knowledge getting out. They'd have bene out at 3-6bucks if they were insiders.

 

Nup - there is something going on here.

 

SOme say how can you trust management - can anyone verify the info presented in the announcement - the simple answer is NO .......But lets be realistic. If they have lied and the project goes into care and maintinance etc and heaps of dudes get laid off - I reckon there will be any number of witnesses willing to come forward and testify that they lied!

 

 

Of course the advice is verifiable - but why no photos as proof - why no follow up confirmation that they have produced. Why no media invite to the first pour.

 

Maybe it is because there is no plant operating - maybe it is because they lied in the release and ar enowhere near production. But if you had heaps of blokes working at the site and KNEW THEY WOULD GET LAID OFF would you tell a fib to the ASX knowing they will come to court as witnesses saying you lied - of course not.

 

 

However, if you had stitched up a take over deal - set a price and would get your palm greased for doing nothing to encourage enthusiasm - well that's a totallly different kettle of fish - you're not lying and no one is going to dob you in.

 

As I see it, they have almost deliberatley provided all material facts they would be required to provide but deliberatly avoided and fan fare or positive slants.

 

Surely if you were running the show and sought tolook after shareholder interests you would include a heap of photos in the last release - with smiling faces and dribbles of copper etc around the floor and even invite media to the first "pour".

 

But no - they release nothing but the salient facts that they must, under the rules, release to the market.

 

All the time while someone is selling down and down and down.

 

Nup something dodgey is going on here and its got nothing to do with being unable to verify the info in the lasr release - nothing to do with denying problems that any employee on site could come into court and say they lied - Seems to me that it is all about discouraging enthusiasm

 

 

 

 

 

 

 

 

Link to comment
Share on other sites

Just gone in pre-open...

 

17 September, 2008

 

BROWNS OXIDE COMMISSIONING UPDATE

 

Compass Resources is pleased to announce the commencement of copper electro-winning at the Browns Oxide plant. The first expected production of copper cathode in coming days will be followed by nickel and cobalt production.

 

A further significant milestone has been achieved with the signing of a major sales contract for the copper cathode product. The agreement is with Sempra Metals and Concentrates LLC for 100% of CompassÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s share in the off-take for an initial period of 3 years with an option to extend. The contract pricing will be linked to the LME copper price with the first sale of copper cathode expected in October 2008.

 

Completion of the nickel/cobalt circuit has taken longer than expected due to the diversion of labour and effort to satisfy additional compliance requirements, necessary to meet new fire and safety standards. These issues have now been addressed and construction activities are well advanced with production of precipitate expected in early October.

 

http://imagesignal.comsec.com.au/asxdata/2...df/00880855.pdf

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...