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lazyfish
Posted on: Jul 3 2009, 01:40 AM


Group: Member
Posts: 19

I don't quite understand why you put so much blame on him, given that he was only the company secretary of CSY? I normally do not pay much attention to secretaries, but if you do know something please share.
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lazyfish
Posted on: Jan 18 2008, 03:21 PM


Group: Member
Posts: 19

In reply to: uraniumbull on Friday 18/01/08 02:20pm

Actually why would it be $1 a share? I always thought Pompano is low risk low return as the bits and pieces left aren't that juicy. 4 offshore wells with total P50 of 56BCF, 65% interest and abandonment obligations if commercial, right?
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lazyfish
Posted on: Nov 30 2007, 11:32 PM


Group: Member
Posts: 19

In reply to: juke on Friday 30/11/07 11:13pm

Hi Juke, no, sorry =(. I have a full time job and it's quite difficult at times. I found this on sharecafe, which doesn't really say much

Cape Lambert To Proceed With Caution

AIR DAILY - 30/11/2007

Cape Lambert Iron Ore (CFE) will proceed with caution when it comes to potential new interests in the business after $270 million sale agreement fell through earlier in the year, the business told its shareholders. Speaking at the annual general meeting today, chairman Ian Burston said the business will not take success for granted.

"We believe our company to be sufficiently valuable to attract continuing interest - and to appeal to the quality end of the market." Burston said.

"It is also why, we ultimately terminated our dealings with interests who had sought to acquire a large stake in our project when those interests did not satisfy conditions to which they had agreed despite various concessions and extensions," Burston said.

In early October, Cape Lambert terminated the proposed sale of 70% of its iron ore project to Chinese investor Ding Liguo, chairman of Delong Holdings.

Ding had entered into a $240 million sale agreement with the Australian iron ore explorer in March.

But Cape Lambert said Ding had failed to satisfy the conditions for the transaction and had breached a memorandum of understanding (MOU).

"As a shareholder, I am disappointed with the fall in the company's share price following the termination of dealings with a potential Chinese investor," said Burston.

On the back of the news of the termination, the market sold the stock down 12% to 44 cents. Since then, the stock has failed to recoup its previous losses, and has slid gradually, closing at 40 cents on Friday.
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lazyfish
Posted on: Nov 18 2007, 05:06 PM


Group: Member
Posts: 19

Hi Guys,

I have been looking for some information and hopefully someone can shed some light on this. From what I understand the Songa Songa project already has 6 operational wells producing over 200 mmscf/d. The gas plant on Songa Songa island has a capacity of 70 mmscf/d and is expected to ramp up to 140 mmscf/d this quarter. Does this means that the processing plant does not even have sufficient capacity to handle production from the existing operational wells in the Songa Songa gas field? Or perhaps gas sold to power plant directly does not need to go through this plant?

TIA
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lazyfish
Posted on: Nov 15 2007, 09:22 PM


Group: Member
Posts: 19

In reply to: king louie on Thursday 15/11/07 08:50pm

Sorry this information is very very misleading.

Extraction is only part of the cost. First of all I do not know how you get 8 dollars per ounce, last time I checked, the grade is 2.2g/t. This means they need to extract 14 tons to get 1 ounce of gold (assuming near 100% recovery), roughly 57 cents per ton?! What kind of contractor will do 57 cents a ton?

Then there's the haulage, which is a killer for low grade ore like this. Then there's crushing, milling, separation, tailings disposal, not to mention the interest on debts for CAPEX. Hello, where is your CAPEX calculation? And do you also not know not all resources can be recovered? Why 2 Moz why not 10 Moz by this time next year, how does that sound?

Their REO atm is worth more than their gold. Do you have a clue?

I don't hold, I like this company, please don't ramp it like this. It does not make the company look better.
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lazyfish
Posted on: Nov 3 2007, 06:42 PM


Group: Member
Posts: 19

In reply to: crystal on Saturday 03/11/07 05:35pm

Lots of cash but so far the chip samples are pretty crap, do they have anything worth drilling?
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lazyfish
Posted on: Oct 24 2007, 11:32 PM


Group: Member
Posts: 19

Lots of interesting information being released lately, I have taken a 'large' stake (by my standard, anyway graduated.gif). They are expecting a JORC compliant resource statement in December. Bear in mind that this is only 1/4 of the newly defined drilling area, spanning an area of 2200m x 1500m. During the boardroom radio interview they claim the resource would be somewhere between 50MT-100MT, if that is the estimate before the last ann then whitewash would be huge indeed. Grades are ok I am expecting an aggregate grade of around 0.1% - 0.13% MoO3 equivalent. Also worth noting is that directors are mostly paid by options as their salary (over 90%), with an exercise price of 30 cents each. I do not really think the long term sp will fall much below that. The current sp is at 22.5 cents, which is below the IPO price. Directors own about 33% of all shares and 80% of all options (exercisable at 30 cents). Company has 11m cash and (undiluted) market cap is 27 mil. No point diluting at this moment as the option exercise price is higher than the current sp.
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lazyfish
Posted on: Oct 22 2007, 12:22 AM


Group: Member
Posts: 19

In reply to: crystal on Tuesday 09/10/07 06:39pm

mate 2.5 million shares x 40 cents is 1 million, not 10... sad.gif
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lazyfish
Posted on: Oct 12 2007, 09:25 PM


Group: Member
Posts: 19

In reply to: herger on Tuesday 17/07/07 07:57pm

Hedger I can understand your concern, I had mine too, but given such strong partners IMHO it is very hard for Rusina to fail. Personally I think it is reasonable to give a value to the heap leach JV as the chances seem good, given that European Nickel is funding the 10M feasibility studies, and funded the drilling of saprolite layer by purchasing RML shares. DMC is one of the top 20 listed companies in the Phillipines with half a billion USD market cap. They are a construction/realestate conglomerate with a large coal mining operation and they are carrying most of the costs for RML. DMC seems very committed too, they purhcased the port and constructed it during such a short period of time, it really shows how capable they are. Just think about what kind of company in Australia can do the same here. I had much more confidence in their partners than Rusina managment, lol

Notice that in the research report, there is an associated probability with each JV. They did not take the whole NPV of the heap leach operation into overall valuation. They did not say heap leach JV will definitely be possible, the valuation on that JV is done based on their estimated probability x NPV of that project. Perhaps a better way of doing it would be to give a three case senario, i.e. what if both JV proves profitable, what if only heap leach fails and ferronickel proceeds, and what if Rusina ends up just shipping ores to China forever.
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lazyfish
Posted on: Oct 12 2007, 02:06 PM


Group: Member
Posts: 19

In reply to: bettyboop on Friday 12/10/07 12:52pm

Hi, during the AGM this year Ian Burston said that 2010 is the earliest possible production date, as it is possible to have no access to other companies' jetties. If they order to build it now construction can start in 2 years time. He said 2010 - 2011 if I didn't remember wrong.
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lazyfish
Posted on: Sep 20 2007, 01:16 AM


Group: Member
Posts: 19

Hi guys, can someone please explain to me what the 50% tax is about in the "Investor Update - Field Trip" ann? TIA
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lazyfish
Posted on: Sep 14 2007, 10:12 PM


Group: Member
Posts: 19

In reply to: herger on Thursday 12/07/07 02:26pm

I am quite surprised by the lack of interest in SAR here. Given the resources and grades they should be able to produce 150koz/year for 8 years (see calculations from my blog). MD just spent over 2M of his own money buying shares at 30cents each. Not to mention they own a good processing plant and infrastructure. More and more gold producers are moving away from hedging, the outlooks for SAR is actually really good.
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lazyfish
Posted on: Sep 5 2007, 10:41 AM


Group: Member
Posts: 19

In reply to: stezz on Wednesday 05/09/07 04:39am

Thanks Stezz graduated.gif. It's such a good diversification that IMHO it's worth it even if they aren't forced to explore.
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lazyfish
Posted on: Sep 4 2007, 10:26 PM


Group: Member
Posts: 19

In reply to: lazyfish on Sunday 02/09/07 12:17am

Answering my own question here, sort of...

IPM acquired 45% interest in the Edirne project, through cash payments and exploration. The Joint Venture has already received an Expression of Interest to purchase gas from the gas fields in the Edirne License from Zorlu Petrogas, who has commenced pipeline construction activities. At this stage it is not clear how much reserve there is. However, today’s announcement (4th Sept 2007) stated that IPM has already identified and plans to drill two ~30bcf targets in Dec 2007/Feb 2008 (with potential upside). Given the current gas price of ~$10/mcf, if fully recovered, these 2 targets alone will bring in revenue of 270 million to IPM. Drilling the wells will cost only USD $300,000 each. First gas production is expected end of 2008. IMHO this is a project with huge upside potential and low risks.
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lazyfish
Posted on: Sep 2 2007, 12:17 AM


Group: Member
Posts: 19

Does anyone know anything about the gas prospects at Edirne? Current reserves is at 2 Bcf, current gas price around A$10.5/mcf. IPM has 45% interest so if *all* gas is recovered, total revenue is only around 9M only. For that 45% interest, IMP needs to spend 3M on exploration, 5M CAPEX (maybe 45% of that) and 5.5M to acquire additional interest (already paid). So they need to spend more than 10M for the interest in Edirne, not to mention the OPEX. 2 Bcf looks really, really not worth it. Does anyone know how much upside there is? TIA
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lazyfish
Posted on: Aug 28 2007, 09:54 PM


Group: Member
Posts: 19

The gold prospects in Brazil is surely good, the only issue is that it might take a while for drilling to start. I don't think Cougar will lose these tenements. Randal also said Cougar is trying to get the tenements approved without the 'minister of mines'.

(the rest is a bit of research I did on my own ph34r.gif)

COUGAR METALS NL

Managing Director Randal was the first presenter on the AMEC seminar held on 25th Aug 2007. He was arguably the most inexperienced presenter of the six that presented. Despite that I developed some interested in Cougar and did a bit of research on my own.

Cougar has 2 main projects, namely the Alta Floresta Project (gold) in Brazil, and the Pyke Hill Project (Nickel) in Western Australia.

Alta Floresta Project

During the AMEC seminar Randal talked at length about the gold prospects in Brazil. His ‘gold fever’ is understandable, as the assay results have been great so far. However, Randal was also very frank and admitted that none of the current targets are worth drilling because of the short strike length. However, he did point out that the most prospective tenements are yet to be granted. Cougar is fighting another competitor who has submitted their 4th and last appeal to the Brazilian minister of mines, who unfortunately resigned in a recent scandal.

Pyke Hill Project

Cougar’s recent ann on 23rd Aug 2007 stated that the Pyke Hill Project had an Measured & Indicated resource of

9.234MT @ 1.05% Ni & 0.07% Co (@0.8% Ni cut-off)

In 2005, Cougar sold its Toomey Hill project to Minara Resources Ltd for 4.55M. Cougar only had 70% interest so the whole project should be worth 6.5M. The resource of Toomey Hill is

4.22 MT Ni @ 1.08% and 0.078% Co (@ 0.8% Ni cut-off)

Both deposits are laterite. The resource statements are using the same 0.8% Ni cutoff in calculation. Ni price has, over the course of 2 years, more than doubled. My simple calculation says that Pyke Hill should fetch at least 4 times the sale value of Toomey Hills from a direct sale, which turns out to be at least 26 Million. Cougar is currently considering developing the project itself, or selling the deposit directly.

Drilling Contract Opportunities in Brazil

Cougar has 1 DC rig and 1 diamond rig in Brazil. Randal said that there is lots of drilling contract opportunities in Brazil. In fact, near Cougar’s tenements in Brazil there are 3 Canadian companies conducting exploration activities. Cougar has reported revenue of $170,000 from 3 weeks of drilling activities. Randal also confessed (when asked) that there are plans to increase the number of rigs in Brazil to capture the demand for drilling contracts. If the 2 current rigs are able to operate 10 3 week drilling activities for a full year, Cougar would be able to generate 1M from that alone. Randal is positive that Cougar will be cash neutral in short term through contracting drilling in Brazil. Actually one of the first things Randal said on AMEC is that "I am from a drilling background" or something similar.

Snap shot of Cougar Metals NL

Fully diluted shares: 82,454,503 @ 0.185 (on 28th Aug 2007) = 15.25Mil

Pyke Hill Project = 26M
Alta Floresta = ?
Drilling Contracts = ?
Other Projects = ?

Other Interesting Facts
Cougar is conservative in spending. Their office is in South Guildford (about 10km from downtown perth). All directors travel to Brazil on Economy Class.
Randal's salary is 160k.
All Directors are major share holders.
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lazyfish
Posted on: Aug 25 2007, 04:56 PM


Group: Member
Posts: 19

Hi Guys,

I went for the AMEC's Investing in Mining Stocks Forum today. Some updates on Cougar.

1) At the moment company has $900,000 cash.

ALTA FLORESTA (gold)

2) Only 40% tenements are granted in Brazil, the others are pending an (4th) appeal from a competitor. As the appeal was lodged with Brazil's mines minister (who got involved in a scandal and resigned), it is uncertain how long it would take for these tenements to be granted and when they can start drilling. But MD is optimistic about the outcomes of the appeal.

3) Though the current drilling returned high grades of AU, none of the targets are worth drilling because of the short strike length. Company is waiting of the grant of main tenements to continue drilling.

PYKE HILL (nickel)

4) Company is considering heap leach operation vs a direct sale of the project, like Tommey Hill. It is not likely to spin off a Nickel company.

DRILLING IN BRAZIL

5) Company has (wholly owned) 1 diamond and 1 RC rigs in Brazil. Company is looking for opportunities to do some drilling contract during this down time. When asked if there is any plans to increase the number of rigs MD said yes.

OTHER INFORMATION

6) MD says all the directors are major shareholders, MD is trying not to dilute the shares by increasing earnings through drilling contracts in Brazil, which is in high demand. MD's salary is 160k, well below industrial average, and all directors travel to Brazil on economy class (saves $4000).

Seems like they had a big of tough luck in Brazil, certain it made my watch list though. Apologies if I made any mistake (still a noob unsure.gif )
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lazyfish
Posted on: Aug 9 2007, 09:34 PM


Group: Member
Posts: 19

In reply to: Krumbs on Friday 13/07/07 11:49am

Hi, they have around 250M oppies as well. Full exercise price should be around 80M. So if fully diluted CFE should be worth around 66cents each, based just on the CASH they have. The sp is a bit silly at the moment since we are so close to the first payment. cool.gif
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