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Katwomyn

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Bought in at 17c. Some have compared to the Ox (OXR) - for me it's still a bit spec - although I've doubled which you can't complain about. Atm my strategy is to re assess 1H05.

 

Greenshoe from Oze posted this AGM report a couple of weeks ago

 

AGM report

A pretty straightforward affair attended by 30-40 satisfied looking shareholders. OH noted that his presence at the AGM correlates with whether the share price is up or down (here this year, away last year) and he was planning to attend for years to come. Also remarked that while commodity prices are running now (cf POG $250 at prospectus time), he expects the best is yet to come and to "fasten your seatbelts".

MB noted that "God willing, drilling willing" we'll take Indee through to production. Noted the importance of proximity to Port Hedland = access to workforces, power & gas, infrastructure. Noted the impressive expenditure to date at Indee of $8m (RSG $6m, NDY $1m, Red5 $1m)as an indication of the quality of the real estate. RNG will earn 51% by spending $1.5m by 31/3/04 "which we will do within the next month", and 70% by spending a further $1m "which we'll also do".

Initial aim is 250koz mineable oxide resource = 5 yrs x 50koz pa. Aug-Dec-03 infill drilling and mining feasibility. Production targeted for 1H05. Plan is to then reinvest the cashflows drilling the Indee regional areas.

Remarked briefly on the other properties. Telfer interesting "but a long way from anywhere", RNG has been "approached by majors" but "it's early days". Ararat - Stawell also prospective, Gus Bravo has been working out where to drill the holes.

OH closed noting that RNG consists of "excellent people, properties and prospects".

All in all little new information but these guys a class act as always.

There ends the Oze AGM minutes.

 

Rgds/Greenshoe

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http://www.asxboard.com/html/emoticons/biggrin.gif Hi Katwomyn i'm with you on this one. i am in at about the same value (16c) and also looking for a bit more upside. I think the Indee results will give this one a boost in the new year and from then its on and up.

Allen

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Hi I also like rng and don't think it will be all that long until they are producing Au at indee but there other prospects also look promising with some very limited exploration so far bought in 16 18 and 5k in the placement at 30. regards
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Indee due for production H1, 2005. You need to understand the process that these junior miners MUST go through. First they have to find a likely resource, then they need enough drill results, to encourage them to spend even more on drilling to prove up enough of a resource to spend even more money on a full BFS (Bankable Feasibility Study), which also needs more drill holes close enough to "prove' to the banks (who will most likely fund it), that the resource is there in the grades & continuity required. Then with BFS under their belts, which can take 1-2 years and generally cost $5-10m+, they then must raise the required funds to build & operate the plant long enough for the operation to be cash flow positive. Most juniors have little or no experience in any of these steps other than the drilling. Most never make it.

Now there are varying degrees of feasibility required, depending on the sophistication and complexity of the planned operation. Indee is fairly straight forward & basic operation, so feasibility won't take as long or be as costly as some.

 

So, when you have quality management as RNG does, with the experienced hand of Owen Hegarty as chairman, you are a long way to picking one that will "make it".

I went in at IPO & have bought plenty more along the way.

 

But even with all this experience, great drill results etc, we are still looking at more than a year before mining. Patience is required with developing juniors.

We had 2-3 years with OXR between 7-16c. Fortunately with metal prices up & more interest in juniors the wait for price rise isn't as long, as we have seen with RNG, IRN, MPM etc.

 

So, as long as you have a 2-3+ year window, investing in RNG will be very rewarding. It should take off during 2005, but that's while away, so I always push my expectations out further, allowing for inevitable delays along the way.

 

cheers,

 

ned

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Hi Ned - Very well said - the key to good stock is good management - with OH and MB on board holders know their getting value for money. Recent market strenght is a good indication of how well this one is doing - SPPed at .30 and hasn't even got close to that since - most holders I know loaded up - as I said to one aquaintance 'What stock will probably have you +30% when it lands in your registered holdings?'

 

RNG not only has good tenements at Indee, but has the potential to get 'toll processing' from other juniors in surrounding tenements (BLN etc) as RNG are several years ahead and will have a plant in place once Indee gets going.

 

R/Ross

 

PS Good to see out here on AB Ned - there are a few other Oze's as well - still like individual board set up on OZE, but at least this is better than HC?!?!?! ;-)

 

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g'day ross, yes I discussed toll treatment with MB recently when discussing which shear line DEG were on c/w with RNG. We're not on the same line as we now know but certainly all in the same area, plus T1 is RNG (now confirmed), right next to T2 which is just inside DEG's ground.

Toll treating is definitely on MB's agenda.

Even if DEG &/or BLN build their own plants, it will be at least 2 years after they start mining, so RNG will do well for that time. But both have only just started digging holes, RNG has had $9m spent digging already & are a couple of years ahead of DEG at Indee.

 

That said, I do like DEG's ground & will re enter on what hopefully will be a pullback. I'd appreciate your T/A on DEG. probably better to start a new thread, the way this thing works.

 

yes also agree, oze format better, but this much better than HC.

 

Maybe this mob can set up posting by stock boards as Oze does ?

 

cheers,

 

ned.

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Morning All,

 

Again with most us in transit from OZe thought we should have a RNG board for discussion. Our new shares should be showing up in our CHESS Holdings Account as an XMAS gift from Santa O.H. It will be a good way to the New Year http://www.asxboard.com/html/emoticons/icon13.gif

 

Cheers,

Brantley

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