Heritage Gold...HGD

[GR8DAY]

.......gotta say the steady rise over the last week or so has been impressive.....not sure what it's all about but trending nicely back to where it was a year or so ago. I guess that in-ground resource must be worth a considerable fortune now and perhaps the possibility of a JV surfacing is now just a whole lot more likey?? Anyway, still happy to hold for the long term.

[mistymountain]

I am watching with interest to see how the SP performs through the rest of 2010.

It would be really great if for loyal investors if HGD could beat history and sustain an uptend right through 2010/2011.

However, history would say that traders will have a field day with significant capital gain over the short term while the buy and holders will be fustrated.

A capital gain of 23% is impressive but this is off a tiny SP and remember a 15 % falll will see the SP back to square one.

[GR8DAY]

.....all true MM....but every share has its day (or year). Who wud have believed OGC sat at 22c for how long......purely on poor sentiment.......now look at the price. If sentiment for HGD turns positive (as might be happening now) ....the SP cud well firm up over coming weeks and months. If they can confirm a resource of 500,000 oz Au (as they are hoping for) then things shud take off from there........................IF??

[whatsup]

I am watching with interest to see how the SP performs through the rest of 2010.

It would be really great if for loyal investors if HGD could beat history and sustain an uptend right through 2010/2011.

However, history would say that traders will have a field day with significant capital gain over the short term while the buy and holders will be fustrated.

A capital gain of 23% is impressive but this is off a tiny SP and remember a 15 % falll will see the SP back to square one.


Thanks M M please let me live in gaga land until that happens, dont spoil my dream party!!

[whatsup]

Thanks M M please let me live in gaga land until that happens, dont spoil my dream party!!


.04 today goodie!

[whatsup]

.04 today goodie!




OPPS got ahead of myself BUY== .038.
SELL==.04

Darn!!

[Paint it Black]

OPPS got ahead of myself BUY== .038.
SELL==.04

Darn!!

Looks like HTM has woken up as well!

[mistymountain]

History does repeat... SP Heading back to $0.03.

My advice if wanting to become a new HGD investor is to wait and watch. At the first inkling of significant market interest buy up large. Take the 30% capital gain then sell fast. The SP will drift back once more for another buying op a few months later. Do not buy and hold. (unlike OGC).

My thinking is November for the next spike and subsequent fall through Dec / jan.

Good luck!

[Tanger]

I think they said at the AGM that the BHP prospectus was to be issued in October with the IPO to be undertaken in November. Based on this, I would assume the share price will hold at its current levels until the prospectus is out, and then go on a little run upwards. Based on past form, I'd expect there to be a bit of other "good" news to be released either around or just before the capital raising. Perhaps some more news on the New Guinea operations.

But after that, you might be right MM. It will continue to do this until either they find their JV partner or prove the resource levels up to 500,000 oz.

[GR8DAY]

MM.....you cud be right, you cud be wrong? Im wondering if perhaps a new "maturity" is creeping into the SP (Shareholders)......I still hold and like many dont see any great need to sell at the moment. With the GP sooooo high now and looks to be well supported now above $1200poz (today $1340), combined with the prospects of A a JV partner closer than ever and the Broken Hill listing on the horizon then things maybe, just maybe, be on the UP?

[Logen Ninefingers]

What do HG share-holders get out of the Broken Hill listing?

[Tanger]

They mentioned at the AGM that HGD shareholders will be given a right to take up shares in the IPO (not sure if at a discount or if through options etc). Hopefully further details when the prospectus comes out later this month.

[blackcap]

Looks like the wind has been taken out of its sails already.... anyones guess when 2.5 cents is back on the cards?

[mistymountain]

Looks like the wind has been taken out of its sails already.... anyones guess when 2.5 cents is back on the cards?

Just before the next SP ramp when the Company announces some positive news. This will be the time to buy. Watch. Wait. Pounce. Then sell after the 30% - 50% gain before you loose the profit.

[blackcap]

seriously under the cosh today... not many buyers left. Could be time to buy a few soon. Picking between 1.9 and 2.3 cents as a good starting point :)

[Landyman]

Gold at record highs, if only someone could prove the good stuff is there, SP, 4, 5, 6, 7 cents?

[clarky]

i can vouch for it...

[Landyman]

clarky, can you stop stealing it then. Leave some for HGD (who dont seem to care whether its there or not)

[Tanger]

So, they are going ahead with the BHPL IPO. It even has its own website. Lets hope they can generate sufficient interest.

[chippy52]

According to thier website the offer will close this month . Seems a bit tight timewise seen as the docs aren't out yet .

http://www.bhpl.biz/inner.asp?pcat2=investinginbhpl&pcat=IPOinformation&cat=Offerstatistics

[Landyman]

MM crystal ball seems to be working still, the drift back to 2c is almost complete. Be a great day when HGD can prove everyone wrong!

[GR8DAY]

It'll happen m8......just keep accumulating and one day you'll wake up with a smile on your face.

[BigBob]

Well it doesn't help that you can't actually download the prospectus for Broken Hill from the http://www.bhpl.biz website. The "I agree" button http://www.bhpl.biz after the terms is greyed out and can't be clicked... I suppose that if anyone was really interested they would have let the company know... :o)

[Paint it Black]

I contacted Geoff Hill and he expects the prospectus to be live in approximately a week to 10 days. Sue Sangster can help in Auckland.

[Tanger]

The prospectus is available. Interesting to note that the offer is not underwritten (there seemed to be some confusion at the HGD AGM as to whether or not is was underwritten). 162 page document, so will take a bit of time to digest.

[BigBob]

The prospectus is available. Interesting to note that the offer is not underwritten (there seemed to be some confusion at the HGD AGM as to whether or not is was underwritten). 162 page document, so will take a bit of time to digest.

Have digested some of it now - no underwriting, priority entitlement for HGD shareholders on the register on October 14 (so no mad rush on HGD shares to get those entitlements :o) ), the minimum subscription is for A$2m and if they don't get it within 3 months they may cancel the listing and return funds, they have the right to oversubscribe by A$2m too by the way, one option for every two shares, expiry is 3 years after listing, exercise price A20c...

So..... Who's in...?

I think I might give it a miss...!! There should be some cheap options available on market when (or should that be if) they list....

[kanejones]

Very quiet of late. What did people think of the latest report? The final sentence could be of interest:

"The company is currently reviewing a project which we believe could be very attractive and would add value to Heritage Gold's shares"

[blackcap]

How often have we heard this before? :)

[brettdale]

early 2007, mid 2007, late 2007,early 2008, mid 2008, late 2008,early 2009, mid 2009, late 2009,early 2010, mid 2010, late 2010.

and so on and so on

[hidad]

This company moves far to slow , i mean you get people with alot of get up and drive in them but they dont seem to have one. Gold at all time high and HGD going nowhere fast.

[Landyman]

HGD's strongest point is that they are consistent, though as a shareholder I would prefer they changed their ways to consistent overperformance rather than under

[blackcap]

Its easy money though.... buy at between 1.8-2 cents... sell at 3.5. Repeats itself every year ;)

[kanejones]

Looking a bit sick on the Australian market...

[Tanger]

A bit of a lift recently (on no new information). Gold price just keeps on rising, so hopefully someone will want to JV soon.

It will also be interesting to see how successful the Broken Hill IPO is. As an HGD shareholder, I have't received anything through from the company about the priority allocation (perhaps it isn't needed).

[whatsup]

Lift in both markets today along with the chairmans offer letter, whoes takinh up how many ?

[blackcap]

Lift in both markets today along with the chairmans offer letter, whoes takinh up how many ?

At 20 cents will take some up... not a big allocation but some just to keep the hand in so to speak. Free options always worth something with plenty of time left.... :)

[blackcap]

thats a bit rich, just had a quick perusal of the prospectus... costs of 930,000 to raise 5 million... seems bizarre..

and after more perusal, seems all other shares were issued at 10 cents. Not for me after all....

[hidad]

Who else out there got a phone call from Broken Hill ltd wanting to know if you are going to take these shares and options up. Does anyone think this could be a good deal.

[Yankiwi]

Who else out there got a phone call from Broken Hill ltd wanting to know if you are going to take these shares and options up. Does anyone think this could be a good deal.

I received my IPO packet yesterday, although no phone call as of yet. I guess that maybe HGD has forgotten what my signature looked like on my last 10K cheque to them.

My personal feeling is to PASS on this offer for the following reasons.

If I were to put even the minimum $2620 for 10K shares, would that money not be better spent topping up with 87K HGD shares at 3c, or even more when the s/p retreats as it tends to do during the winter?

HGD now holds about 30% of BHPL and will continue to if the IPO is a sucess. HGD also currently holds 8M options which could increase their share holding by nearly 50%.

If BHPL takes off as it could, then the HGD s/p would surely follow it. If BHPL falls over after a couple of years, I'd still be retaining my portion of HGD which has even better prospects with Talisman, Rahu and the Golden Valley.

I have taken quite a hit as of late with the PRC disaster which flowed through to my NZO holding as expected. I imagine I'll be sitting tight to see how that situation works out before putting more of my capital into the market.

[JBmurc]

well hasn't the tune for HGD changed with yet again another raising I took my profit an ran without looking back before the last one and have no plan to re-enter till HGD take correct steps to actually look to Mine Gold not just talk up pospective areas of ownership 20yrs+ of talking the talk an getting paid for it by shareholders very sad

[blackcap]

I got a phone call too... rather pleasant chap and told him exactly why I would be passing on this allocation as well... he seemed to understand :)

[Tanger]

Interesting extract from an article in the Herald today (I think reported in the ODT oringinally). Sure hope there is some action coming up in the North Island soon as well!!!

"Several of the almost 300 delegates, who asked not be named, reeled off the names of three private Australian companies "looking very seriously" at coming to the South Island next year for gold, and also talk of a large Chinese company preparing to announce a southern foray in coming weeks.

Some gold seekers are expected to raise equity, with one considering a listing.

A foray by Australians is not inconceivable as their resource sector is well into recovery mode and New Zealand offers a tighter range of prospects, with many areas offering well documented historical data through Crown Minerals."

[Landyman]

FAIL!

"Broken Hill Prospecting Limited has agreed to extend the closing date from 6
December 2010 to 20 December 2010"

[Yankiwi]

FAIL!

"Broken Hill Prospecting Limited has agreed to extend the closing date from 6
December 2010 to 20 December 2010"

First attempt I'd say probably.....

...or is there some "bigger & better" news to follow soon???

[Landyman]

First attempt I'd say probably.....

...or is there some "bigger & better" news to follow soon???

Gold price is bigger and better.......

[Cannibal]

First attempt I'd say probably.....

...or is there some "bigger & better" news to follow soon???

Someone does not think so - down 20% today...

[Landyman]

Time to buy......

Looks like someone needed cash by the weekend....2.1

[clarky]

RAB Drilling at Himalaya North & Pyramid Hill, EL 6622

16 December 2010

RE: ANNOUNCEMENT BY HERITAGE GOLD NZ LIMITED (ASX: HTM, NZSX: HGD)

FOR IMMEDIATE RELEASE

RAB DRILLING AT HIMALAYA NORTH AND PYRAMID HILL, EL 6622 THACKARINGA PROJECT NEAR BROKEN HILL NSW
Highlights
- Strongly anomalous copper and base metal results from RAB samples

- Lode bearing rocks identified over 500 metre length at each prospect

- Continuity of extended target zones confirmed

- Lode bearing rocks indicated outside the areas drilled
A follow-up close spaced Rotary Air Blast (RAB) drilling program on EL 6622 has been completed at the Himalaya North and Pyramid Hill prospects for a total of 3130 metres (m) from 954 holes, with an average depth of 3.3 m.
The follow-up program was designed to geochemically and geologically refine the near surface footprint of these highly prospective Broken Hill Type (BHT) mineralised lodes, which were originally outlined by detailed geological mapping and gossan sampling, combined with wider spaced RAB drilling.

Refer to pdf attachment for map of Thackaringa Base Metals Project – EL6622 near Broken Hill, NSW.

Himalaya North Prospect
Follow up RAB drilling to the south and infill drilling to the north of the Himalaya North prospect has been completed. Samples were analysed by the AMDEL Laboratory in Adelaide and detailed geological logging of the drill chips has been completed.
The data collectively indicate very positive results.
- The persistent lode rock bearing target zone has now been extended to over 500 m in strike length and may extend for up to 1000 m, providing a larger target area for deeper drilling.
- Additional lodes have been mapped further to the north, suggesting a third zone of interest outside the areas currently drilled.
- Surface gossan sampling of the lodes has previously yielded highly anomalous geochemical values.
Assay results are summarised below in Table 1 and indicate a level of anomalism that is very encouraging.
Table 1
Copper (ppm) Lead (ppm) Zinc (ppm) Manganese (ppm)
Minimum 1 10 11 140
Maximum 2200 6000 2400 30300
Moderately Anomalous* 330 500 620 6270
Highly Anomalous** 540 810 920 10100

* Moderately anomalous > 91% of samples
** Highly anomalous > 97% of samples
A shallow reverse circulation (RC) drilling program of 6 angled holes, each about 100 m in length, has been designed to test the main target zone. Drilling will commence in early 2011.
Pyramid Hill Prospect
RAB drilling has now been completed over the entire target zone which has a length of at least 500 m. Samples were analysed by the AMDEL Laboratory in Adelaide and detailed geological logging of the drill chips has been completed.
Assay results are summarised in Table 2 below and are most encouraging.
Table 2
Copper (ppm) Lead (ppm) Zinc (ppm) Manganese (ppm)
Minimum 3 10 14 125
Maximum 4300 140 415 5900
Moderately Anomalous* 450 50 150 1170
Highly Anomalous** 770 60 210 1670

* Moderately anomalous > 91% of samples
** Highly anomalous > 97% of samples
Positive results include:
- Further continuity established for the tightly folded lodes, with higher copper values reported from under shallow soil cover.
- Strong geochemical anomalism in RAB samples supports earlier gossan sampling which gave strongly anomalous geochemical values.
A shallow RC drilling program of 6 angled holes, each about 100 m in length, has been designed to test the main target zone. Drilling will commence in early 2011.

COMPETENT PERSON STATEMENT:
The information in this report that relates to exploration results is based on information compiled by Mr. Wolfgang Rudolf Leyh MScApp; MScQual; BScApp. Mr Leyh is an independent consulting geologist who is a corporate member of the AusIMM. Mr Leyh has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Leyh consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.


Peter Atkinson
Executive Director
Heritage Gold NZ Limited


About Heritage Gold

Heritage Gold (NZ) Limited is a leading New Zealand, dual listed (NZSX: HGD, ASX: HTM) minerals exploration company with over 1600 Australasian shareholders and a portfolio of high quality mineral prospects in both countries.

Heritage Gold owns 29.78% of Broken Hill Prospecting Limited (BHPL), which is planning to develop a cobalt project at Thackaringa, about 20 km southwest of Broken Hill in New South Wales. BHPL has identified several new Broken Hill-style base metal occurrences, as well as a near-surface cobalt deposit.

BHPL has recently registered a prospectus for its IPO and is seeking listing on the ASX and NZSX.

[hling]

RAB Drilling at Himalaya North & Pyramid Hill, EL 6622

16 December 2010

RE: ANNOUNCEMENT BY HERITAGE GOLD NZ LIMITED (ASX: HTM, NZSX: HGD)

FOR IMMEDIATE RELEASE

RAB DRILLING AT HIMALAYA NORTH AND PYRAMID HILL, EL 6622 THACKARINGA PROJECT NEAR BROKEN HILL NSW
Highlights
- Strongly anomalous copper and base metal results from RAB samples
.......

Another way to suck shareholders.

[GRIFFIN]

Just like this time last year when some fronted with 10 grand with expectations of HGD doing some thing this year. Yea Right. The directors have a good Christmas though.

[hidad]

Im with you Griffin , how long can they keep going on like this, its been going on for years. What do they really use our money for , to give the directors a good life style?

[mistymountain]

Just like this time last year when some fronted with 10 grand with expectations of HGD doing some thing this year. Yea Right. The directors have a good Christmas though.

Agree 100 %. HGD will do the same next year before Christmas too!

[Landyman]

I wonder how many more times the will extend the closing date. Maybe Gerry Brownlee could force all on benefit to start digging holes in the ground.

No HGD Christmas present this year, maybe next?

[BigBob]

You guys are far to harsh on HGD....

They are really, really busy!

They have already developed a "comprehensive list of target companies" for forming a joint venture for Talisman according to the recent half-yearly. It must have been extremely hard too because it's taken them 12 months to do that. But truth be told they didn't do it on their own, they had help from an investment bank. Truly formidable progress....!! At this rate, they might even have a shortlist by the time the resource consent expires in four years...

[GRIFFIN]

So well put B.B,The name of this company confuses me though, Heritage certainly fits well because they have been around for years on the exchange doing zip but the bit that sure as hell does not fit is the Gold part of the name. Can any one out there explain to me why gold is connected to this outfit. At the moment i am bombarded with emails,letters phone calls about some wee play they want to mess around with in Aussie and its not gold.

[Tanger]

I wouldn't mind knowing how much HGD is spending "promoting" the IPO of BHPL. I seem to be getting mail from HGD weekly at the moment. Given So Co is the major shareholder in BHPL, and also the largest shareholder in HGD, it seems they just sit back and let the rest of the HGD shareholders fund everything. Why would HGD shareholders want to take up their "priority entitlement" (not sure this is a particularly apt name), when it seems they are struggling to get investors, and HGD shareholders already have an exposure via HGD's shareholding. Until we start to get some concrete evidence that the HGD directors are putting their own money into this, I won't be giving them a cent. And that goes for future capital raisings by HGD as well.

[BigBob]

Until we start to get some concrete evidence that the HGD directors are putting their own money into this, I won't be giving them a cent. And that goes for future capital raisings by HGD as well.

Hear, hear! They are only trying to raise about $5mill - you would think that some of the "high nett worth individuals" or "experienced investors" involved with both companies could stump up enough cash to underwrite the IPO, which in turn might just get us mere mortals interested too....

[blackcap]

I still think its a bit on the nose asking us plebs to stump up 20 cents per share while the other insto and experienced investors got them at 10 cents.... can HGD explain this one?

[mistymountain]

I still think its a bit on the nose asking us plebs to stump up 20 cents per share while the other insto and experienced investors got them at 10 cents.... can HGD explain this one?

I'm not HGD but from their track record it's so that mum and dad investors will suffer a 40 % capital loss following the capital raising.

Look at the HGD special share release from 12 months ago: sold to loyal investors at $0.035 now valued at $0.024.

[Landyman]

Best wishes to the loyal HGD shareholders, maybe 2011 will be the year.

[Paint it Black]

The best way for the HGD directors to attract finance for Thackaringa is to give us some positive news at Talisman. We have heard nothing yet from the investment bankers and the drilling campaign to delineate to the 500,000 oz which is disappointing after the stated desire of Geoff H and Peter A at the last AGM to get things moving there. My worry is if I invest in Thackaringa the SP will similarly wilt away as it has with HGD. Give me some feedback next week from the bankers and I'll think about Thackaringa - surely they are back from their holidays next week!

[GRIFFIN]

So true Paint it Black my thoughts are they are using Thackaringa as a smoke screen for their inability to advance with the core NZ business.
A lot of share holders have invested in this company with the expectation of some strong advancement in the NZ sector but sadly it is just not taking place.
You are so right why would anyone front with the cash for Thackaringa when they have not delivered with what HGD has in NZ stagnant at this time.




is no further ahead than years ago

[Ponda]

Sorry guys, this is a serious question but NOT related to HGD:
I seem to remember some time ago reading about a poster that has an interest in a gold mine and that they were selling it??
Does anyone know who it was? And if its you can you PM me I have a couple of questions. I'm going to be away from my computer for a few hours but I'll check later.
Sorry for intruding on the rivoting action with Heritage

[Landyman]

How many months have they got left before the permit expires, and what was the detail round "need to be mining before it expires"? I wonder what HGD consider the definition of mining is - maybe just thinking about it is enough. Im going back to watching my paint dry, its happening more quickly than the HGD JV partner!!

[STRAT]

Geez fellas. This one really is a shocker. I hope yall live long enough to get something out of it.
Id be checking the age of the Directors. If they are younger than you. Forget it.

[STRAT]

the last one was roughly from the start of the thread. This ones as far back as I can get.

[mr.needs]

the last one was roughly from the start of the thread. This ones as far back as I can get.

Forgive my ignorance on the history of the company, I haven't been around that long. But what exactly were HGD doing through the 90s? Was it something entirely different to today? Or has it taken 20 odd years to gain a permit to mine?

[Aotea]

Hi Ponda,

That could have been me, I once held HGD, and I recently sold my claim. Will be setting up two new ones in Tasman over the next 12 months, both with juicy gold...


Sorry guys, this is a serious question but NOT related to HGD:
I seem to remember some time ago reading about a poster that has an interest in a gold mine and that they were selling it??
Does anyone know who it was? And if its you can you PM me I have a couple of questions. I'm going to be away from my computer for a few hours but I'll check later.
Sorry for intruding on the rivoting action with Heritage

[STRAT]

Forgive my ignorance on the history of the company, I haven't been around that long. But what exactly were HGD doing through the 90s? Was it something entirely different to today? Or has it taken 20 odd years to gain a permit to mine?Hi Mr Needs.
How you doin?
I cant answer that question Im sorry other than to say depreciating the value of stock holders positions.

[Ponda]

Thanks for that Aotea. I was curious about a couple of things but no worries.

The ASX likes the Ann today - up nearly 40% on low volume. Now we can se why we had a big buying spree a couple of days ago on the NZX.
Interesting to note that the Aussies deemed it to be price sensitive and yet we just chucked it into the market.
Maybe if we had called it price sensitive we might have had more interest.

[Landyman]

Maybe if HGD made more/any announcements about whats happening in our own backyard, HGD would be higher than where they are today. Aussies tend to release news even if someone opens the door in the CEO's office and call it price sensitive. NZ, nada - in the case of HGD, that might be the truth though, how many coffees they have sipped isnt price sensitive.

What are the drilling/test updates?
How close are tehy to proving the potential resource?
How many potential partners are there and where they currently based?

Maybe a receiver could do a better job!

[hling]

......

Maybe a receiver could do a better job!

Yap. Totally agreed.

[hidad]

What are the Directors Salaries? They are living from Capital Raising to Capital Raising. Dig some Gold boys, or move aside for someone that will.

[Landyman]

Please say that there is some insider trading and the uplift to 2.7 is more than a blip.....

[BigBob]

Please say that there is some insider trading and the uplift to 2.7 is more than a blip.....

My guess is that it is in anticipation of HGD finally getting its IPO of BHPL off the ground. The closing date for applications is Monday 31st, so with no new extension announced, presumably it's finally going to list...

[Stumpynuts]

Please say that there is some insider trading and the uplift to 2.7 is more than a blip.....

Giggidy giggidy giggidy (a.k.a - Quagmire)

[Tanger]

Presumably there is another quarterly update tomorrow as well. These things must be getting pretty easy to write. "ongoing discussions with JV partners, looking at other options in the Pacific, BHPL capital raising". Essentially, no change to the status quo.

[Stumpynuts]

Presumably there is another quarterly update tomorrow as well. These things must be getting pretty easy to write. "ongoing discussions with JV partners, looking at other options in the Pacific, BHPL capital raising". Essentially, no change to the status quo.

Giggidy giggidy.
Chumps change

[JBmurc]

What are the Directors Salaries? They are living from Capital Raising to Capital Raising. Dig some Gold boys, or move aside for someone that will.

Not while shareholders keep giving them their money think the current BHPL idea would be the nail in HGD coffin 20yrs+ of trying to get a gold mine operational to what they have now pretty sad really...

[moimoi]

correct JB...as i said about 250 pages ago..just an outfit to support a bit of scratching about with a teaspoon on the weekends for the long standing director. They should rename it from heritage gold to weekend prospector.

The most recent annual report states nothing new from the 2001 annual report that i'm keeping for posterity.

Ohh, and for the unitiated they were blathering on about the BHPL listing back then...

In a word...woeful.

[Landyman]

TALISMAN

The Company's corporate advisors, Campbell MacPherson, have indicated that
the search process for a suitable joint venture (JV) partner is progressing
well, with considerable interest shown to date, and approaches to other
prospective JV partners ongoing.


If you are paying CM to find a JV, they would have done it by now. HGD, woeful - sell your Talisman interest and bank some cash!!

[Tanger]

Has anyone heard whether they got enough subscriptions to list Broken Hill Prospecting?

[BigBob]

Has anyone heard whether they got enough subscriptions to list Broken Hill Prospecting?

The company probably forgot that the offer closed yesterday...

[KS]

Broken Hill's board confident of reaching float target
TIM HUNTER
Last updated 05:00 25/01/2011

Directors of New Zealand's first 2011 float – the only one confirmed so far – are confident of achieving their A$3 million ($3.9m) minimum target this month, after twice extending the offer to keep the deal alive.

Broken Hill Prospecting, a mining firm aiming to explore cobalt and mineral resources near Broken Hill in western New South Wales, launched its trans-Tasman prospectus last November, just days before Pike River coalmine's devastating explosion.

Broken Hill director Geoff Hill said the disaster had a significant effect on the New Zealand sharemarket, "but a much more significant effect on anything to do with mining". In the first weeks of December, nothing was happening.

An initial extension of the offer to December 20 had to be pushed out again to January 31, Mr Hill said, "because we miscalculated the desire of the Australian investor public to go on holiday about December 15". With Christmas gone, interest was picking up.

"We got a million and a half in the tin, and we've got commitments of a minimum of A$3m and hopefully A$4m and a bit," he said.

"I'm a cynic – until the money hits the tin, I don't believe it.

"But I'm comfortable we've got A$3m, and will get close to A$5m."

Broken Hill is a New Zealand-registered company, 57 per cent-owned by interests associated with Mr Hill through his private family firm SoCo. A further 28 per cent is owned by NZX-listed mining minnow Heritage Gold, of which Mr Hill is chairman.

The initial public offer is 25m Broken Hill shares at A20c each to raise A$5m, with the company to be listed on the Australian and New Zealand stock exchanges. About half the money is earmarked for an exploration programme in the firm's licence areas at Thakaringa, 30km west of the town of Broken Hill, whose rich silver, lead and zinc resources helped build local mining company Broken Hill Proprietary into the giant now known as BHP Billiton. The hope of similar mineralisations at Thakaringa was the big attraction for Broken Hill Prospecting, Mr Hill said. "We wouldn't have floated it just on the cobalt," he said.

"It's the Broken Hill style mineralisation that gives people the bang for their buck." Ores like those at the original Broken Hill could be worth between $300 and $1100 a tonne, Mr Hill said.

"We've got three potentially commercial outcrops of Broken Hill-style mineralisation, but we've got another 11 to look at which we haven't done too much work on."
Ad Feedback

- BusinessDay.co.nz


DISC: I did not take any BHPL shares.

[Paint it Black]

Has anyone heard whether they got enough subscriptions to list Broken Hill Prospecting?

The allotments are expected on the 7/2/11 dispatch on the 10/2/11 and listing mid February according to Geoff Hill's letter so we will know soon.

[mistymountain]

Hopefully for HGD this works out but I'm just feeling a bit dubious that market will respond positively.

[BigBob]

Heritage Gold is pleased to announce that the initial public offering of base
metal explorer Broken Hill Prospecting Ltd (ASX code BPL; NZSX code BPL) has
successfully raised $4.5 million.
As a result of the capital raising, BPL is expected to list on the New
Zealand and Australian stock exchanges on 15 February. Heritage Gold will
maintain a 21.7 per cent interest in the company after the share issue.

Heritage Gold chief executive Peter Atkinson said, "The Australian and New
Zealand stock exchange listings are being undertaken to accelerate and expand
development of BPL's cobalt and base metal tenements at Thackaringa, near the
mining centre of Broken Hill in New South Wales."

At Pyrite Hill and Big Hill the total inferred cobalt mineral resources have
been estimated at 15 million tonnes with a combined average grade of over 2.1
pounds per tonne (lb/t). The deposits remain open along strike and at depth.

Atkinson says he is pleased with the outcome of the IPO, which was launched
just days before the Pike River Coal disaster in New Zealand, leading to an
extension of the capital raising to 31 January 2011.

He noted that BPL's recent exploration, managed by Heritage Gold,
"encountered strongly anomalous copper, lead and zinc values in lode bearing
rocks over 500 metre strike lengths at Pyramid Hill and Himalaya North base
metal prospects".

A 12-hole follow-up drilling program to test the mineralisation to 100 metres
depth has been partially completed, however very heavy rain in the district
in the last few days has caused drilling to be postponed. "Initial results
are now expected in early March", he said.

Broken Hill hosts the richest silver-lead-zinc ore body of its type globally,
which has been mined continuously for over 120 years, producing around 200
million tonnes of high grade ore, valued at more than $80 billion.

The next generation of miners and explorers is discovering new mineralisation
in nearby areas, using innovative exploration techniques.

[JBmurc]

Wow amazing that anything Heritage Gold was involved with raised 4.5mill for exploration

[mistymountain]

Hopefully for HGD this works out but I'm just feeling a bit dubious that market will respond positively.

Worked out ... and the market did respond with an 8% drop on the news...

[mistymountain]

Worked out ... and the market did respond with an 8% drop on the news...

and another 8% drop today...

[Kees]

BPL listing tomorrow ????

[KS]

BPL listing tomorrow ????

"As a result of the capital raising, BPL is expected to list on the New Zealand and Australian stock exchanges on 15 February."

[Kees]

Thanks bit early be interesting

[mistymountain]

Strange trading today; up close to 30% on 3 trades totalling approx $800.

[Ponda]

Strange trading today; up close to 30% on 3 trades totalling approx $800.

This one is all over the place. But there is definately a trading range for those so inclined.
It is interesting to see how the IPO news is released: I saw on Teletext that it was a failure (or word similar) does that not influence Mums and Dads who will then sell out?
Anyways see what happens. I just want K Gorge to get a rocket under it and for us to see som action

[whatsup]

This one is all over the place. But there is definately a trading range for those so inclined.
It is interesting to see how the IPO news is released: I saw on Teletext that it was a failure (or word similar) does that not influence Mums and Dads who will then sell out?
Anyways see what happens. I just want K Gorge to get a rocket under it and for us to see som action

Ponda, I "heard" that the issue was of "good " interesr to Aussie mining investors, thats where the interest/direction will come from not N Zers.

[KS]

14/02/2011 16:03

GENERAL: HGD: Broken Hill Prospecting Listing on ASX and NZSX

ANNOUNCEMENT BY HERITAGE GOLD NZ LIMITED (ASX: HTM, NZSX: HGD)

Broken Hill Prospecting Listing on ASX and NZSX

Listing of Broken Hill Prospecting Limited ("BPL") is now expected on the ASX
11:30 EST Thursday 17 February 2011 and BPL has applied to move the NZSX
listing to the same date.

Peter Atkinson
Executive Director
Heritage Gold NZ Ltd


NZX had scheduled listing for 15 February:
Broken Hill Prospecting (BPL, BPLOA and BPLOB) commence trading on the NZSX market.

[Tanger]

Gold broke through US$1,400. Now would be a great time to announce a JV partner and work getting under way on getting some of that shinny stuff out of the ground!!! (caveat, it assumes they have some of the shinny stuff in the ground).

[BigBob]

Gold broke through US$1,400. Now would be a great time to announce a JV partner and work getting under way on getting some of that shinny stuff out of the ground!!! (caveat, it assumes they have some of the shinny stuff in the ground).

Their JORC compliant resources are 205,000 ounces of gold and 800,000 ounces of silver - at today's prices that's worth US$300 million and change... you'd think that someone would be interested in digging it out...

[blackcap]

That may be Big Bob but how much does that add to the bottom line? HGD have 300Million shares issued and change....

[BigBob]

That may be Big Bob but how much does that add to the bottom line? HGD have 300Million shares issued and change....

Well if it cost them $290 million to get it out, the profit would be over twice their market cap... imagine if it only cost $200 million or maybe even $100 million.... oh, and suppose they found some more while digging... :o)

[Tanger]

I'm with you BigBob. Surely somebody must be interested!!! OGC said they were looking for more resources, Newmont must be in the market, and not to mention the Chinese. I hope HGD isn't paying any retainers to that investment bank.

[Landyman]

And another month nears a close, gold prices still high, HGD announcements still a long way off.......Anyone got any good news out there?

[Tanger]

Nothing big in terms of news, but the new top 10 shareholders list was put on the Companies Office website recently. Only thing of note was Hamish Brown accumulating more shares in the year. Fingers crossed for him and other HGD shareholders that some news (anything!!!) comes out soon. I guess we have another quarterley update at the end of April, but I think these are getting pretty easy to guess these days.

20285714 Shares SO CO LIMITED
C/-lachlan Partners, Level 18, 201 Kent Street, Sydney Nsw 2000, Australia ,

--------------------------------------------------------------------------------

17171717 Shares Hamish Edward Elliot BROWN
8 Mahoe Avenue, Remuera, Auckland 1050 , New Zealand

--------------------------------------------------------------------------------

14829920 Shares ABN Amro Clearing Sydney Nominees Pty Ltd (Custodian A/C)
Level 8, 50 Bridge Street, Sydney Nsw, New South Wales, 2000 , Australia

--------------------------------------------------------------------------------

10901950 Shares Peter Robert ATKINSON
541 Parnell Road, Parnell, Auckland 1052 , New Zealand

--------------------------------------------------------------------------------

9700000 Shares BESTFIELD COMPANY
T3/f Tung Hip Commercial Building, 244 Des Voeux Road, Central Hong Kong ,

--------------------------------------------------------------------------------

7230085 Shares HFT NOMINEES LTD
Level 2, 160 Pitt St Mall, Sydney Nsw 2000, Australia ,

--------------------------------------------------------------------------------

6388685 Shares INTERNATIONAL PACIFIC CAPITAL
Level 2, 160 Pitt St Mall, Sydney Nsw 2000, Australia ,

--------------------------------------------------------------------------------

6307030 Shares Basil Courtney MCGIRR
15 Bell Street, Wanganui 4500 , New Zealand

--------------------------------------------------------------------------------

6000000 Shares Peter William HALL
100 The Booms Avenue, Thames , New Zealand

--------------------------------------------------------------------------------

5300000 Shares PROPHECY MINING LTD
541 Parnell Road, Parnell, Auckland 1052 ,

[BigBob]

If HGD announced something today would anyone actually believe them...? Wouldn't it be considered the ultimate April Fools' Day joke....??

[Landyman]

The joke is already on us (investors) with the directors probably sunning themselves in Fiji wondering how much longer they can string HGD out for. If they have someone doing the dirty work (finding the JV partner) I just wonder what they really do....they certainly dont seem interested that the price of gold is so high.
That said I wouldnt mind picking up some at 2.1

[Landyman]

What does Warwick Grigor know that we dont? I really wish when HGD announced things they would put a reason - ill health, family commitments.....knows that HGD are rudderless. Share price cant go too much lower can it?

[GR8DAY]

......he probably just cant face another shareholders meeting! SP........hmmmm? Amazing isnt it with GP at all-time highs.......whats the resource worth now??

[clarky]

the resource is worth nothing whilst its in the ground...

[tobo]

Given his fingers in many other pies in Aus/Asia, it is reasonable to understand he might have decided either
1) This is not his main focus and he does not see the need to stay as a director of what is a minor investment of his
or
2) Compared to his other investments, this is not going as well, and he has bigger fish to fry.

The thing would be to watch for him holding or selling his shares.
Even so, I worry that if he had lost interest, he is so wealthy that he might let his investment sit there even though he does not see it skyrocketing, a bit like I might (irrationally) leave in a small investment on the once-in-a-blue-moon chance that it might (eventually) skyrocket.

Lets see if he sells

[Tanger]

I don't know why they want to replace him. Save the $28k. Not sure what the rest of them are doing either. One of them is described as having expertise in investment banking. I would have thought he should be looking for a JV partner??

I would still like to know how much Heritage Gold has spent on the BPL listing (all of those mail outs etc). Not sure why they should be paying anything, when the other majority shareholder (So Co) just went along for the ride.

[GR8DAY]

....disagree Clarky. The resource is now worth an effing fortune to someone with the knowledge , machinery, finances and balls to get in out of the ground............none of which HGD have obviously got otherwise they would have done it by now instead of just talking about it. No wonder board members are resigning now!!

[BigBob]

....disagree Clarky. The resource is now worth an effing fortune to someone with the knowledge , machinery, finances and balls to get in out of the ground............none of which HGD have obviously got otherwise they would have done it by now instead of just talking about it. No wonder board members are resigning now!!

I totally agree GR8DAY, but the sad thing is that they are not even talking about it anymore....

[clarky]

oh dont get me wrong GR8DAY - i know we are sitting on a fortune, but that seems to be the strategy...sit and wait

i was merely pointing out that it isn't worth anything to the shareholders as the shareprice isn't going to move up whilst we are making no progress. Its been nearly 1.5 years since the permit came through - yet we are still sitting on the fortune, not getting it out and making the fortune (for the shareholders who have been waiting patiently).

[Landyman]

Wasnt there talk of them "proving thier resource" a while back, and that they were going to do some work for a change?

[clarky]

it would be very helpful for both shareholders and potential JV partners to get that information. but as it is friday the HGD office will be off taking a 3 day weekend no doubt

[Landyman]

Great news, 4th day of record highs for gold....perfect time to announce the JV partner with reassesed values of resource!!!

[elZorro]

Great news, 4th day of record highs for gold....perfect time to announce the JV partner with reassesed values of resource!!!

Hi Landyman, guess you'd have to look at the size of the resource in NZ and compare it to other mines in operation. It doesn't sound like it's too appealing to outsiders. Newmont may be the best bet to supply local equipment and labour, although even Glass Earth have their options with Newmont there. Have you hedged your bets with OGC? This one could do a runner this quarter.

[Tanger]

It just seems like such a no brainer that there must be someone out there that wants to JV on this one. Given the price of the shares at present, it wouldn't take a lot of capital outlay to get a decent chunk of the company if they wanted to go down an alternative route.

[Landyman]

Maybe we, the shareholders are the ones with no brains. In the words of C-3PO..."we're doomed"

[clarky]

we must be due the quarterly activities report next week... this will be easy for HGD as they can copy and paste most of the last report as not much has changed in 3 months... JV still no closer

[Tanger]

No doubt they will go on about the BPL listing as being the major success for the period. The share price for that outfit has managed to go from around 26c (Aus 20c) to 18c (albeit there have only been a handful (if that) of trades on the NZX in relation to this stock. HGD itself has done nothing, so it will be more along the lines of the fact they are speaking with potential JV partners blah blah blah...

[Landyman]

GP to USD1,500/ounce? Has now risen 600% in price in the last 10 years - JVs gotta be just round the corner - come on team, maybe have a word with the Easter bunny - it has a beeter chance of getting the partner than HGD.

[corporateraider]

It is more likely that they have been talking to the "christmas fairy" judging by the communication that we have had from the company.

[whatsup]

With Silver closing fast on $50/oz U S and Gold at $1500/oz U S surely there is some one that can make this company worth investing in to mine the resource-- what is the in ground asset worth now ?

[Landyman]

Market cap at $7.5m, resource worth ???, surely HGD is ripe for the picking - time to visit the bank manager!!

[clarky]

we can only live in hope that somebody will see potential and dive in and save this ship without a rudder

[Landyman]

A rudderless ship tends to follow the strongest current.......HGD seems headed towards an iceberg.....the permit clock is ticking.

Interesting movement today- close to 1m traded, someone taking a short-term punt with the quarterly "JV progressing" line to be pulled out again?

[kanejones]

Report due sometime today, maybe they are waiting for the glue to dry after another cut and paste job... I hope I'm wrong!

[Landyman]

Campbell Mac "managing due diligence from companies", thats promising. Someone agrees, all the 2.5s got gobbled

[Tanger]

I guess it would be nice to know if "managing due diligence from companies" is any different from earlier reports about being in discussions with potential JV partners? ie is it the same way of saying the same thing, or is it a step in the right direction. Hopefully the later, and hopefully something more concrete soon. Fingers crossed.

[mikew]

My understanding is "managing due diligence from companies" is part of discussions with potential JV partners

[Landyman]

DD would indicate someone actually has enough interest in it to make it worth their time to crunch some numbers and do a bit of donkey work - conversely, if its Campbell Mac just opening to financial vault to all and sundry.....patience grasshopper

[BigBob]

DD would indicate someone actually has enough interest in it to make it worth their time to crunch some numbers and do a bit of donkey work - conversely, if its Campbell Mac just opening to financial vault to all and sundry.....patience grasshopper

Is the 799,999 shares bid at 2.4c an indication that something is finally happening...? It's still only about $20k, but it's been a while since I've seen a bid at that size close to market.....

[Master98]

Is the 799,999 shares bid at 2.4c an indication that something is finally happening...? It's still only about $20k, but it's been a while since I've seen a bid at that size close to market.....

This bid was 1000000 shares placed at 2.2c yesterday, traded 71000 at 2.2c, today this bid is lift to 2.4c and 130000 shares traded at 2.4c and 799000 shares left.

[clarky]

here's hoping someone is in the know...December 09 they got the consent, so 18months and still no JV - a little concerning

[Landyman]

here's hoping someone is in the know...December 09 they got the consent, so 18months and still no JV - a little concerning

Wasnt there a condition that they had to be mining within 5yrs? Nearly a third of that lapsed.....how long will it take to setup the operation.

[Master98]

Wasnt there a condition that they had to be mining within 5yrs? Nearly a third of that lapsed.....how long will it take to setup the operation.

Under 6mth to setup because they are to use hand-hold macninery at first stage, so plenty of time left.

[Landyman]

Time to buy!

[clarky]

only if you believe that management are actively looking for a JV partner (cos without is HGD is going nowhere), 18months since they got consent - hardly seems like they are trying. But at least they are getting paid their management fees

[Landyman]

I believe......however the inverse correlation between price of gold and the HGD SP is concerning.

[chippy52]

only if you believe that management are actively looking for a JV partner (cos without is HGD is going nowhere), 18months since they got consent - hardly seems like they are trying. But at least they are getting paid their management fees

Add to that the time spent prior to the consent that they were " supposedly looking for JV candidates "

[clarky]

the correlation is just to do with lack of JV, the price of gold doesn't mean too much whilst its in the ground and with no extraction in the foreseeable future the shareprice won't be moving up at all

[Landyman]

"Joint venture discussions for the Karangahake project, which includes the Talisman mining permit and Rahu exploration permit, were continuing at the end of the reporting period."

Super effort that!

[Tanger]

The interesting point for me coming out of the preliminary final report was the fact that they spent a net $809k last year, and the cash on hand at 31 March 2011 was $1.2m. Unless they actually find that JV partner, rather than just talk about it, they are going to run out of cash in the near future and will be forced into something.

[Landyman]

Could be a good thing, force their hand to some extent, never a good time to capital raise on the back of a flat share price.

[Stumpynuts]

Rumour has it that Heritage Gold is a possible takeover/JV target.


"[Shanghai Pengxin] will actively seek other opportunities to invest in New Zealand in agribusiness, real estate development, mining and infrastructure, utilising its expertise in these areas gained in China and elsewhere in the world."

http://www.stuff.co.nz/business/farming/5082882/Chinese-Crafar-bidder-plans-more-investments

[GR8DAY]

Agree.....if something isn't forthcoming shortly (re: JV) they must seriously look at disposing of Karangahake while GP is at current levels. There's gotta be an experienced miner out there (in fact just down the road!) who knows what they're doing and can capitalize on all the hard work (or lack of it!) that's already been done. It's gotta be worth a large fortune now and the sale proceeds can de divi'd up to the patient and ridiculously loyal shareholders..........yeah right!!!!

[whatsup]

What is there stoping a wzz-kid promotor putting together a share market float of a company to form a jv with HGD and contracting to mine the ore veins of gold and silver.
Im sure the numbers would stack up and even if the newco paid HGD a royalty, its something that someone should get their head around, if HGD is on the bones of its ass then there could be a great opportunity here.

[Tanger]

Whatsup - keep up those kind of suggestions and we might have to elect you onto the Board of HGD!!

[Landyman]

Does someone know something? 1.5 - ah well, only a small volume

[clarky]

$62.22 worth, take away entry and exit brokerage and they won't be left with enough to buy a pint.

[Tanger]

Some interesting comments in the Annual report released last week.
- First stage access consent will be sought from the Department of Conversation in July 2011 for the existing minig permit
- A further announcement on the evaluation and development of the Karangahake project will be made by the end of the September quarter.
- Engaging a mining consultant to further update its Karangahake scoping study and review all mining options (also looking to recruit a mining engineer)
- Looking at other alternatives (to a JV) including commencing a small scale operation through a mining alliance with a contractor.

Fingers crossed this isn't just talk and this is the start of making some progress in relaiton to Karangahake.

[Landyman]

I hope so, small lift of recent times, though on very small turnover. Buying at 2c would seem you cant go wrong.....then again the JV seemed a formality a while ago. With money running out for HGD, I wonder how they are goin to fund the new activity, hate to see another SPP with the SP already so low.

[Landyman]

AGM and Director Nominations: GR8DAY and WHATSUP, you keen?

[Master98]

I am only keen to know when JV is setted.

[GR8DAY]

yea Im up for it Landy.........probably the only way In gonna get my capital back!

[doon]

$117,810 "administration costs" for the 1/4 ! And expect $140,000 next 1/4. So it is costing $10,000 per week to run this company, PLUS "exploration & evaluation" costs which are less than admin costs. Hmmmm

[JBmurc]

$117,810 "administration costs" for the 1/4 ! And expect $140,000 next 1/4. So it is costing $10,000 per week to run this company, PLUS "exploration & evaluation" costs which are less than admin costs. Hmmmm

yes nice set-up for the ones receiving the money from shareholders pockets even though they haven't really done much for the last decade for that 10k per week

[doon]

yes nice set-up for the ones receiving the money from shareholders pockets even though they haven't really done much for the last decade for that 10k per week
Last "decade"? Atkinson has been involved with this since listing over 25 years ago! Understand he spends lot of time these days mountain biking around his home in Queenstown.

[JBmurc]

yeah I think he runs a local biking club etc I can't believe shareholders keep stumping up with their cash...
go find some prospective land drill a few holes live it up thanks to shareholder funds then every now an again buy a few shares talk up major deals bah bah but really do sweet F.A
25yrs geezzz now thats taking the piss

[Landyman]

Wonder if thats Atkinon who sold out at the 2.4 today, first signs of a lifting SP - goooooone

[Stumpynuts]

I believe this could explain why the administration costs for the next 1/4 will be higher?

http://www.seek.co.nz/Job/senior-exploration-geologist/in/auckland-auckland/20235784

Perhaps it means HGD is actually serious about developing Talisman?
Only time will tell............

[elZorro]

Hi Stumpynuts, just found out that Glass Earth is also looking around near the Talisman area, see http://www.sharetrader.co.nz/showthread.php?4019-Glass-Earth-IPO&p=353028&viewfull=1#post353028

Have a look at the GEL shareprice, it might have a way to go yet.

[Stumpynuts]

Hi Stumpynuts, just found out that Glass Earth is also looking around near the Talisman area, see http://www.sharetrader.co.nz/showthread.php?4019-Glass-Earth-IPO&p=353028&viewfull=1#post353028

Have a look at the GEL shareprice, it might have a way to go yet.


Waahh Waaaaaahhhhhhhh!
Yeah they've been climbing up steadily over the past couple of months.

[Landyman]

I like this bit.........." Previous experience with vein-hosted gold deposits and running geochemical/geophysical surveys and drill programs will be an advantage. A good communicator, you will have a passion for being ‘hands on’. This lifestyle opportunity is idyllically located just 1.5 hours by road southeast of Auckland and just 12 minutes from some of the best surf and safe sand beaches in the region"

Atkinson is a mountainbiker, now they want to employee and surfer to chew up more shareholder funds. Brilliant! Previous experiance would be an advantage, but heck, we'll take anyone!!!

[doon]

I find the footnote they use on their announcements a little amusing.."About Heritage Gold
Heritage Gold (NZ) Limited is a leading New Zealand, dual listed (NZSX: HGD,
ASX: HTM) minerals exploration company with 1800 Australasian shareholders
and a portfolio of high quality mineral interests in both countries." 'leading' would be debatable as they don't appear to have achieved anything substantial in 25 years, and it appears no other company shares their view about the 'high quality mineral interests'. However, I am an eternal optimist with this company, so fingers crossed they will pull something out of the bag soon. Time they put to use the mining licence they obtained before it expires.

[Master98]

lol, next quart report will still be"Joint Venture Discussions Continued", so share price slump continued:)

[Stumpynuts]

I wouldn't be surprised if HGD was bought outright, as per the following.


http://www.stuff.co.nz/national/politics/5392174/China-begins-green-tea-charm-offensive
Mr Cheng said he could not be specific about which assets might be attractive, but dairy farms and mining "at least" would be of interest.


Yeah, so possible JV partner or takeover could be Chinese based?
All signs point to it?

[Landyman]

Lets hope Campbell Mac employ a good linguist.

And now gold over $1700/oz, must be a good time for a gold rush!

Can HGD handle the next GFC, hmmmmmm

[Landyman]

Rahu showing some promise, though come on guys, lets give some timelines for next drilling!! Come on!!! Maybe this is the announcement before the next grasp for funds

[Landyman]

I believe this could explain why the administration costs for the next 1/4 will be higher?

http://www.seek.co.nz/Job/senior-exploration-geologist/in/auckland-auckland/20235784

Perhaps it means HGD is actually serious about developing Talisman?
Only time will tell............

Seems that the job is no longer on the Seek website, so either they are interviewing, have already employeed someone, are waiting for another year before they advertise again. Would think this could be an update to the market!!!
Perhaps HGD are just waiting to announce the good news at the same time as the ABs win the World Cup?

[Stumpynuts]

Seems that the job is no longer on the Seek website, so either they are interviewing, have already employeed someone, are waiting for another year before they advertise again. Would think this could be an update to the market!!!
Perhaps HGD are just waiting to announce the good news at the same time as the ABs win the World Cup?


You would at least give them some time to review all applications and then if and when they accept somebody's application, then they would have to make an announcement on NZX/ASX.

Good news would be HGD and Newmont decided on a JV, as per the recent kerfuffles in Waihi....

[CAM]

Karangahake vein hints of richesCEANA PRIEST

Last updated 10:33 24/08/2011


There's more gold in them thar hills: the discovery of a "bonanza gold grade" vein under the Karangahake Gorge could rival the Waihi region's gold strikes in the 1800s.
The vein is located under Rahu Ridge, near the old Talisman mine.
A geophysical survey suggests significant gold deposits within quartz veins could be 300 metres underground.
Kiwi mining exploration company Heritage Gold owns exploration rights to the Rahu permit, including Talisman, and it suggests the area could produce 400,000 ounces of gold. That would be worth $881 million at current gold prices.
Heritage Gold managing director Peter Atkinson said targeted drilling would begin shortly within the two-kilometre long permit area.
Ultimately a full-scale processing plant could be built nearby if drilling proves viable and resource consents are granted.
Mr Atkinson said a plant could be operational within two years.
Heritage Gold is in discussion with potential investors to re-open the Talisman mine which closed to major mining in 1919.
One million ounces of gold and three million ounces of silver were extracted from the Talisman

[Landyman]

If someone were to steal the Webb Ellis trophy, maybe HGD could supply the gold for the next one........

[delboy]

That would require someone actually going and digging some out! If the cup was made of the alloy 100% procrastination....then they could make a huge replacement!!

[doon]

Digging it out! Gosh that sounds like a lot of hard work, and would mean getting your hands dirty and would interfere with seriously important stuff like mountain biking etc. They haven't had to do any of that dirty work for the last 25 years- why start now? Better idea wait till gold gets to USD5000.00 before that would be worthwhile.

[Landyman]

I'd be interested to here from anyone going to the meeting on Thursday - though suspect I already know what will be said.

[Stumpynuts]

Taken from today's Chairman address

"Fortunately Heritage possesses dedicated management and reasonable financial resources for a junior explorer. We are seeking to add to this capability with the appointment of a mining project engineer.



I believe this could explain why the administration costs for the next 1/4 will be higher?

http://www.seek.co.nz/Job/senior-exploration-geologist/in/auckland-auckland/20235784

Perhaps it means HGD is actually serious about developing Talisman?
Only time will tell............

As per my above previous post, it seems they were looking for a project engineer. It explains why the administration costs were expected to be higher

[Landyman]

TALISMAN MINE
With the assistance of our advisors Campbell MacPherson we sought to
joint-venture the mining and development of our Talisman gold resource which
contains over 200,000 ounces of gold equivalent. We remain in discussions,
the outcome of which should be known shortly

How long is shortly? Did anyone ask?
Did anyone point out that while teh comment that they are disappointed that the share price has been stable whilst the gold price has skyrocketed actually reflects that it just means the HGD progress is rubbish and that shareholders are speaking with their wallets. Come on already!!

[moimoi]

""Frustratingly, over the same period our share price was essentially steady (NZ 2.3 cents).""

Essentially steady??

That truly is a stretch of descriptive use of the English language.

:-)

[Landyman]

Almost as descriptive is "Focus of our efforts" at Talisman "During the year our flagship Talisman gold project has been the focus of our efforts".

1. You are paying consultants to try to find your JV partner
2. You are placed an ad on Seek
3. You addresses to the your shareholders are all the same "...ongoing discussions...."

A distinct lack of focus and effort

[Stumpynuts]

Relevant job position listed on SEEK, from the chairman's address from last AGM with regards to appointing a mining project engineer

http://www.seek.co.nz/Job/senior-exploration-geologist/in/auckland-auckland/20689919

[Stumpynuts]

If anybody still has it with them, then take a look at the bottom of Page 59 on yesterday's Herald on Sunday (25 Sep 2011)
HGD are advertising for a Project Engineer and a Senior Exploration Geologist.

Explains why administration costs will go up IMO.


Also the strongest sign yet that HGD is heading for a (*ahem) 'Gold'-en run........

[tobo]

I see someone spent $400 to boost the sp 15% = .023 for the weakend.
Bid is still at 0.019 though

[Landyman]

If it had been a $400,000 purchase then I would be happy.......we wait, we wait

[elZorro]

If it had been a $400,000 purchase then I would be happy.......we wait, we wait

Meanwhile Glass Earth has nearly completely surrounded the Talisman Mine with its own permits. Nothing wrong with the area near the Talisman Mine, I would think. It's just you need serious capital to get at it. I can't see HGD with too much cash, unless shareholders stump up with a capital raising, or you accept more dilution. Either way, it'll be painful. At around 2c a share (NZc at that), this is penny dreadful stuff.

Maybe GEL will make an offer for HGD, they appear to be keen to show they can generate income from boutique operations. But the nearby Newmont would have to be the elephant in the room. Plenty of capital to take out HGD and GEL, anytime they feel the need to.

[Landyman]

Thats the crazy thing, with share price so low, and I suspect some rather disgruntled shareholders, why havent Newmont made a move already? Maybe they know HGD arent making progress and can wait a few more years before they cant make an offer.

[kanejones]

Are we due for a quarterly report soon?

[Paint it Black]

Are we due for a quarterly report soon?

Yes it's now out but after a skim through no closer with the JV. What I like is at last the option of getting on with it with a new project manager is now being considered without waiting for something to arrive in the post!

[Landyman]

Seems to be a step up, HGD actually putting some time frames around what they are trying to do, instead of progressing with distinct randomness. Was it the scoping study due in Dec, come on Santa, put on your best Golden boots and deliver to the HGD shareholders, we have been good all year.

Share price at 1.9 - frustrating for all

[Landyman]

4 Dec 2009: "Heritage is already in discussions with Chinese groups for a joint venture to progress the project", 2 years of negotiations whilst price of gold has risen, come on

[GRIFFIN]

That pretty well sums up HGD landyman although i suspect in the not too distant future they will require some more funds so expect a wee bit of positive news so that they can reel in some cash that will keep them ticking along doing nothing for few more years. History repeats.

[mistymountain]

In previous years I have commented that usually they zap out something positive at the end of a year... expect a SP increase in Dec then a drop back through 2012...

[tobo]

yes, I had come to the conclusion that, although they seem slow to make any productive progress, they do seem to try to manage opportune releases to support need for additional cash (and often at Christmas time), and I have been waiting for a year to test this hypothesis.

[clarky]

The drilling programme commissioned by Broken Hill earlier this year has paid off for the mineral prospecting company, with the discovery of further cobalt reserves at its Pyrite Hill site in New South Wales.

In a statement today, the Australian company which is dual-listed in New Zealand and across the Tasman, reported a 55 per cent increase in deposits at the site to 16.4 million tonnes, with a concentration of 1.83 pounds per tonne. The drilling study was conducted by Hellman & Schofield.

''The new resource work has increased the project's cobalt resources by seven million pounds of contained cobalt,'' said Broken Hill's managing director, Ian Pringle. ''It has also shown the potential to double the size of the Pyrite Hill deposit with further infill drilling.''

Combined with deposits at the company's Big Hill prospecting site, that takes Broken Hill's total inferred resources to 39 million pounds of the metal.

The company, which has yet to start commercially mining the mineral, hailed the find as a significant step towards the ''goal of becoming a profitable metal producer''.

In February it raised A$4.5 million ($5.9 million) in capital through an initial public offering, which saw its stock listed on the ASX and NZX. As of June 30, the company had cash on hand of A$3.2m, and reported a net loss of A$566,000 for its first three months of operation.

Pringle, addressing shareholders at the company's first annual meeting today, said the company saw strong demand for the metal, particularly from China, with applications in lithium-ion batteries as well being used to harden and heat temper metals for industrial applications.

''As demand for the metal increases, future security of supply will mean that BPL is well positioned to reach its goal to become a leading cobalt producer,'' he said.

Broken Hill shares rose 14.9 per cent on the ASX to A10c, and were unchanged at 18c on the NZX, having last traded in New Zealand on June 7.

[clarky]

So thats 39m pounds at around about $13.38 per pound (per heritage gold website) - $521,820,000

[Landyman]

So they ve got plenty everywhere, just know how to get it out - HGD, the Santa that never shows up, ho ho ho

[Paint it Black]

So thats 39m pounds at around about $13.38 per pound (per heritage gold website) - $521,820,000

Well that at least might help the HGD Board to get a loan to start mining Talisman without hanging around waiting for a JV partner. Hopefully they are looking at this?

[mistymountain]

Market responded with a 20% SP fall for HGD today and still no trade for BPL since June... that's 6 months ago...

[clarky]

Its a lot of money and if the BOD want to see any of it in their back pockets they need to get the ball rolling.

the SP isn't going anywhere but down until they do.

I remember when the permits came through and the SP got up around 5c...its nearly 2 years since this and there have been no further developments but in the quarterly updates saying thing like "we are looking for partners" and "we can't find anyone so we are paying someone else to look"

Totally not good enough and shows the incompetence of the BOD to keep things moving forward.

[Landyman]

The December announcement soon here, Im putting my sell in at 9c!

[Master98]

The December announcement soon here, Im putting my sell in at 9c!

lol, good luck:)

[Landyman]

And announcement has gone down like a cup of cold sick......SP unchanged, maybe it can make it to 8c? Maybe 3c?

[Landyman]

Well 2.2c is better than 1.8c, so Santa somewhat delivered.
Could 2012 see SP explode to record highs - seems the HGD board have a close relationship to Nostradamus than their loyal shareholders.

[Paint it Black]

Well 2.2c is better than 1.8c, so Santa somewhat delivered.
Could 2012 see SP explode to record highs - seems the HGD board have a close relationship to Nostradamus than their loyal shareholders.

Yes 2.2c is something I guess but on very thin trading - 2012 has to be the year things happen imho with the mining permit now more than 2 years old out of 5 years. With no positive movement at Talisman re resource consent applications time will run out if nothing is soon done. Either Campbell Macpherson need to start earning their fees re the JV or HGD move forward on their own account with a contractor and the appointment of a good mining engineer. BPL potentially is another source of funding, and Rahu also looks more positive reading the quarterly report but more feedback is needed on all these fronts to keep me interested in this company.

[Landyman]

Talisman Mine update - JV discussions...........suspended.

HFGD = Heritage Fools Gold. Be interesting to see whether the scoping study bares any fruit.

[Paint it Black]

Yes it will be good to see the Scoping Study results - I know I'm an optimist but I see suspending the JV discussions as an indication HGD already knows there is some good news approaching and our hand will soon be a lot stronger in the negotiations. It's also sending a message to the JV suitors not to waste our time with low ball offers with the option of HGD going solo with the new Mining Engineer on board increasingly being talked about. The other good news re progressing Talisman is that National won the election and the Greens/Maori Party are out in the cold so future Resource Consent conditions may not be too difficult.

[Landyman]

PiB, sounds like you must have as many shares as me at above present market value! Im hopeful too.

[tobo]

Everyone's been sitting on this one for a while - no-one buying but no-one selling either.
Watch and wait. (Or wait and don't watch.)
Then
2 separate buys on friday,
total 196,00 shares at 18c and then 19c (more than half at the later, higher price.)
Interesting to see if this is a one-off or if further volume on monday.

[underground]

Then
2 separate buys on friday,
total 196,00 shares at 18c and then 19c (more than half at the later, higher price.)
Interesting to see if this is a one-off or if further volume on monday.



19cents? keep it in your pants tobo =)

[STRAT]

20 years of HTM...............................

You fellas sure are patient.

[Landyman]

Only pleasing thing for me in that graph is that I didnt get into HTM back then. Lets hope the worm is ready to turn

[GR8DAY]

.......Im no chartist but to me it looks like we're due for another huge spike upwards??.........maybe even as high as 2.5c!!

[kanejones]

What a sad state of affairs - the SP down to 1.5c and only one buyer at 0.5c. These guys need a rocket put up them!

[Landyman]

Newmont looking active again in Waihi - come take a look at the beleagured HGD. Surely the analysis work must be due soon, maybe locking it in with a JV venture - I think the rocket will need to be pretty large to get these guys moving.

[STRAT]

.......Im no chartist but to me it looks like we're due for another huge spike upwards??.........maybe even as high as 2.5c!!Hi GR8DAY.
The spikes had a catalyst. They are not cyclical other than following the overall market trend. You can usually find the source of a spike in the company announcements relating to the same period.

[STRAT]

.......Im no chartist but to me it looks like we're due for another huge spike upwards??.........maybe even as high as 2.5c!!Dunno if that was tongue in cheek but heres my take on it at a glance.

Knocking the chart above down to the last 5 years I see the last time the market took interest in Heritage was between May and december 2009. Isnt that around the time Trent came on board and the buggered off? This thread will tell you.

The stock appears to have been slowly sold off since then. The bottom in Dec 2008 probably had more to do with world events than HGD. During the period there were 2 high volume days. The first raised the SP 10%. Not a lot considering the volume and the second no SP change so its likely both were the result of paper shuffling rather than market action.

The last chart is a 1 year candle chart. What stands out through the no-trade days and wide swings is market disinterest. Short of a fundamental catalyst I cant see anything happeneing here for a while..............
Best I dont post a gold chart but it would clearly show the HGD sp has nothing to do with the POG.

If this seems like a knock down. Its not intended that way. Just how I see it. I have held this stock and my friend Oiler. May he RIP even had a tour of the mine with Trent. Think I paid 10c+ and sold at 9c+
I suspect Trent left cause he couldnt get the cobwebs off the rest of the management team.

[elZorro]

I certainly agree Strat, it's looking very tough for Heritage Gold from this point. Glass Earth hasn't found it easy to get funds either, but they do appear to be a lot more proactive with multiple permits, JVs with bigger firms, paying for surveys and trenching/drilling, even buying half of a mining contractor, to ensure they get their alluvial permits generating cash in the meanwhile.

GEL had a lot of the ground around the Talisman Mine, and gave it up recently. They still have a big strip heading Northeast from above Talisman, around Golden Cross, and past the WKP permit, that has gained them a lot of attention. Every drill into WKP has found more gold, but Newmont has also found enough near Waihi to keep them mainly focussed there for a year or two, in terms of mining. I think they'll use this time to delineate WKP.

Some on this thread have suggested Newmont could be interested in HGD as a takeover. They would not look at anything below 2-3Moz, which is already available at WKP as an estimate. GEL also has a lot more links with Newmont than HGD. So buying a few shares in GEL would make a lot more sense, if that kind of takeover play is being considered as an investment reason.

[Paint it Black]

PiB, sounds like you must have as many shares as me at above present market value! Im hopeful too.
Probably - I get a mention in the annual report so was very pleased to see the scoping study announcement today valuing Talisman 20 times or so more than the current capitalisation.

[ScrappyO]

Must be needing more money. Hence a positive spin on the Talisman mine.

[elZorro]

NZResources has this article:


Review of Talisman study indicates commercial developmentRoss Louthean — 21 March 2012
A scoping study review of the Talisman gold project at Karangahake near Waihi has indicated the project could be a robust and highly profitable operation.
Owner Heritage Gold NZ Ltd (ASX: HTM & NZX: HGD) said that the review that takes in unmined sections of the historic Maria vein system.
Assuming a 7.5% discount rate the project was considered to have a net present value (NPV), off over $A150 million ($NZ192.3 M).
This includes, the company said, a conservative 25% contingency on all operating costs. The maximum cash outlay at any time in the 12 year project is $A20 M ($NZ25.6 M), which occurs in year four.
Manging director Peter Atkinson said that overall, the review showed that the project is robust in the price range of $A1,200 to $A2,000 per ounce of gold and has a break even gold price of under $A1,000/oz ($NZ1,282/oz).
Using the base case assumed gold price of $A1,600/oz and a silver price of $A30/oz, the review gives an internal rate of return (IRR) of over 70%.
A review of a previous scoping study for the Karangahake project was recently completed by Melbourne-based mining consultants Mining One Pty Ltd.
Mining One was engaged by Heritage to update previous studies on Talisman. The main background for the review came from two prior independent studies as well as a range of design files and geological models.
The review used the mining schedule from a previous study in 2008, with some amendments to prioritise mining of accessible and high-grade ore in early production and defer less accessible low-grade ore .
The study was based on a 12 year mine life, with staged development building over six years to reach 150,000 tpa.
The study assumed average ore grade would be 10.2 g/t Au with 95% recovery and 14.3 g/t Ag with 65% recovery and processing plant operation of 24 hours a day for 365 days a year.
Atkinson said Heritage now plans to advance the project through drill testing and geological studies to increase the confidence level of high-grade ore zones, particularly the known gold mineralisation which is easily accessed.
Heritage is starting a project development study to include mining and processing options, mine design and scheduling.
Project studies will be carried out through the balance of this year and into 2013.

[Landyman]

No mention of "potential JV partners" - worrying.

[Paint it Black]

No mention of "potential JV partners" - worrying.

I don't see it worrying at all - it's a good thing no deals have already been agreed with this study now in place. I like the way the study recommends initial small scale easy to retrieve mining to get a cash flow going to fund the ongoing larger scale mining and processing. The main issues are the resource consents, getting a specialist underground miner and a short term processing arrangement in place as I see it.

[whatsup]

I don't see it worrying at all - it's a good thing no deals have already been agreed with this study now in place. I like the way the study recommends initial small scale easy to retrieve mining to get a cash flow going to fund the ongoing larger scale mining and processing. The main issues are the resource consents, getting a specialist underground miner and a short term processing arrangement in place as I see it.

Something finally might start to be happening.

[elZorro]

Going on the numbers above, total resource mentioned (and on website) is about 500,000 oz in total. It's a good grade, sure, but it doesn't reach the 2Moz benchmark for serious interest from the likes of Newmont. It's also been valued by HGD at NZ$384 per ounce in the ground. That's a bit high considering it's not in a position to be mined yet, and it's high by any measure internationally. Newmont is not exactly rushing for GEL's WKP. They're drilling it, checking it out, have 65% as a JV, and that's a really big resource most likely. They're very fussy, they've only spent a few million there to get that percentage.

[Paint it Black]

Going on the numbers above, total resource mentioned (and on website) is about 500,000 oz in total. It's a good grade, sure, but it doesn't reach the 2Moz benchmark for serious interest from the likes of Newmont. It's also been valued by HGD at NZ$384 per ounce in the ground. That's a bit high considering it's not in a position to be mined yet, and it's high by any measure internationally. Newmont is not exactly rushing for GEL's WKP. They're drilling it, checking it out, have 65% as a JV, and that's a really big resource most likely. They're very fussy, they've only spent a few million there to get that percentage.

Can you please give us some more background to your arithmetic EZ? Yes Newmont are particularly slow and they are about to miss the bus on this one. I'd far rather have a NZ owned company involved anyway.

[Master98]

Addendum to Talisman Scoping Study Review5:20pm, 21 Mar 2012 | MINE21 March 2012
HERITAGE GOLD NZ LIMITED (ASX: HTM, NZSX: HGD)
ANNOUNCEMENT FOR PUBLIC RELEASE
Addendum to Talisman Scoping Study Review

The purpose of the Scoping Study review was to update the 2008 financial analysis of the Talisman Mine based on two independent studies; revised development process and design and geological models.
It should have been noted in the report released yesterday (see copy below) that the values attributed to the project are not compliant with the VALMIN Code as they are based on conceptual resource estimates.
The values assumed in the report will be achieved only if the grade and tonnage assumptions are met through the planned work outlined in the Scoping Study Review.

Peter Atkinson
Managing Director

[elZorro]

Can you please give us some more background to your arithmetic EZ? Yes Newmont are particularly slow and they are about to miss the bus on this one. I'd far rather have a NZ owned company involved anyway.

PIB- I haven't read the report, and I'm not in the surveying game at all, so it's only my 1 1/2 cents worth. I read that Newmont Mining considers a standalone resource has to be at least 2-3Moz before triggering their interest for mining. We can see that they'll look hard at smaller deposits very near to their milling equipment, and in their own permits. From their point of view, they haven't missed the bus, they probably never considered walking to the Talisman route bus stop.

Although individual geologists from Newmont Waihi appear to be excited by the WKP finds, the official line from Newmont is "just looking thanks" at this stage. They're looking in a few other places as well, mostly very near Martha Mine, and they've found some easy gold.

If the Talisman mine is more of a boutique operation, it won't suit OGC either, all their permits and gear being in the South Island. But there are going to be lots of smaller explorers heading here from Aussie, according to the news, new taxes over there.

The value of gold in the ground: OGC has over 9Moz of resources, not all properly demarcated. But this gold is all near their equipment, opencasting allows the lower grades to be worked within a few years, and even then OGC's valuation is often under $1bill, which is only $100 an ounce. $200 an ounce is top dollar for many producers. So how did HGD come up with close to $400 an ounce, when the capital expenditure to mine it has not been allocated by anyone?

Compare it with GEL: there's at least 2Moz in WKP and 1Moz probably at Muirs, a valuation now of $400 an ounce would be $1200mill or $10 a share (35% of WKP). Instead the market says the gold in ground might be worth about $20 an ounce.

[BigBob]

PIB- I haven't read the report, and I'm not in the surveying game at all, so it's only my 1 1/2 cents worth. I read that Newmont Mining considers a standalone resource has to be at least 2-3Moz before triggering their interest for mining. We can see that they'll look hard at smaller deposits very near to their milling equipment, and in their own permits. From their point of view, they haven't missed the bus, they probably never considered walking to the Talisman route bus stop.

Although individual geologists from Newmont Waihi appear to be excited by the WKP finds, the official line from Newmont is "just looking thanks" at this stage. They're looking in a few other places as well, mostly very near Martha Mine, and they've found some easy gold.

If the Talisman mine is more of a boutique operation, it won't suit OGC either, all their permits and gear being in the South Island. But there are going to be lots of smaller explorers heading here from Aussie, according to the news, new taxes over there.

The value of gold in the ground: OGC has over 9Moz of resources, not all properly demarcated. But this gold is all near their equipment, opencasting allows the lower grades to be worked within a few years, and even then OGC's valuation is often under $1bill, which is only $100 an ounce. $200 an ounce is top dollar for many producers. So how did HGD come up with close to $400 an ounce, when the capital expenditure to mine it has not been allocated by anyone?

Compare it with GEL: there's at least 2Moz in WKP and 1Moz probably at Muirs, a valuation now of $400 an ounce would be $1200mill or $10 a share (35% of WKP). Instead the market says the gold in ground might be worth about $20 an ounce.

Hi there ElZ,

I think your calcs may be a bit simplistic - I don't think the NPV of the project is the same as the total value asigned to the gold in the ground - but then again I am not an expert here either... Maybe someone who is can comment...

As far as I can work out your $384 per ounce in the ground is based on the total resource divided by the NPV. Is that also how you extrapolate the values stated for GEL?

Also, the market currently says that the value of the Talisman resource is less than $12 per ounce in the ground (market cap divided by resource), which appears to undervalue HGD somewhat, and asigns no value to BHPL or other prospecting permits...

Just my 2c...

Cheers
BigBob

[elZorro]

Hi there BigBob, yes, I simply assumed no major value for the other JVs HGD holds, but there would be some. HGD and GEL have both been in the tricky position of many other junior explorers worldwide, many to choose from. The smaller percentage that get through to a mining position will have a major ramp in their share value. The rest seem to get recycled into a new listing's holdings, and GEL has done that to a few others.

But GEL at least has gone out and bought some mining gear, small but effective, and will try to cover all admin and some exploration costs for 2012. They also have staff working their permits, and field offices, and have spent $35mill on exploration, an IP advantage. What does HGD have, a tidy office in Parnell? That doesn't scream at me "these guys will be mining at Talisman soon". But I'm happy to be corrected.

[Master98]

I'm not familiar with gold mining, but HGD do need more funds to pull those gold from ground and process them,who will fund them? shareholders or JV partners? regarding the clearification to their released statement, i sold my 1.6c shares at very good profit.

[ScrappyO]

So they are going to split HGD up. I wonder why. easier to sell the talisman maybe?

[Paint it Black]

So HGD is restructuring into two companies New Talisman Gold Mining Ltd and Coromandel Gold Ltd with an SPP about to be posted to existing shareholders offering shares at NZ1.9c and A1.6c to fund the Talisman company. Talisman has a new General Manager Mining - Paul Griffin and an additional board member with mining experience. The Talisman company will focus only on this mine and non core assets ie part ownership of BHPL, Northland etc will be transferred to the Coromandel company. Personally I see it as a great step forwards to at last get things moving. I'll be happy to buy my allocation of shares so that progress is made and we not waiting around for something to happen through a JV. I really hope shareholders are kept regularly updated - hey even an preliminary programme to the first ingot being produced would be something!

[elZorro]

So HGD is restructuring into two companies New Talisman Gold Mining Ltd and Coromandel Gold Ltd with an SPP about to be posted to existing shareholders offering shares at NZ1.9c and A1.6c to fund the Talisman company. Talisman has a new General Manager Mining - Paul Griffin and an additional board member with mining experience. The Talisman company will focus only on this mine and non core assets ie part ownership of BHPL, Northland etc will be transferred to the Coromandel company. Personally I see it as a great step forwards to at last get things moving. I'll be happy to buy my allocation of shares so that progress is made and we not waiting around for something to happen through a JV. I really hope shareholders are kept regularly updated - hey even an preliminary programme to the first ingot being produced would be something!

Isn't it just a bit weird, PiB, that two of the longstanding directors are leaving with other 'non-core' assets, including cash of $60,000, some other quite saleable items, shares, permits, leaving existing shareholders to refinance Talisman? Looks like the most promising parts of the HGD listed vehicle could be heading for private ownership. The announcement follows hard on the heels of the optimistic mine valuation, and the last 5 days trading has been used to set the price for the next set of shares.

http://nz.finance.yahoo.com/news/heritage-gold-splits-focus-talismans-045412215.html

[tobo]

Censure by NZX -
Only one instead of two independent directors
Only 2 instead of 3 on the audit committee.

This has gone on for a year or so: they cannot find anyone to fill the gap.
"The candidate spent approximately seven weeks doing due diligence and finally declined the position on 14 July 2011; and"

And what about the wierd price jump yestuday, and extention of SSP, all on the same day as the above Censure announcement
:scared: