MRX - Matrix Metals

[Jess9]

Any one else like this stock? - its done well to date, but the market needs to soak up a few more shares from the recent cap raising issues, before it can proceed in a "fresh" upwards surge ; )

[Jess9]

Noted it was up 10% today . . . can it hold it and go on?

[lambton]

Good news on Mt Watson copper resource feasibility study - see ASX announcement this morning. Did'nt rise much but large t/o.

[Jess9]

Hi Lambton, my broker mailed me the following this afternoon . . .the last para. sounds interesting

--------------------------------------------------------------
Matrix copper resource more than doubled
Rebecca Keenan

Tuesday, July 20, 2004
JUNIOR explorer Matrix Metals has announced an impressive 250% increase to the leachable copper resource at Mt Watson which now stands at 65,000 tonnes of contained metal, with another upgrade tipped before the end of the year.
The resource is comprised of 2.88 million tonnes at 1.05% copper for the oxide resource and 1.49Mt at 1.07% copper for the primary resource, with 3.66Mt at 0.95% copper in the transitional category. The resource now extends over a strike length in excess of 1500m to a depth of 180m.

The upgrade came from recent drilling which confirmed the continuity of the deposit and linked the previously identified semi discontinuous resource areas. It still remains open to the west, east and at depth.

"Since we started to hit this western area it has just continued to outperform our expectations and so has the ultimate resource estimate," chief executive officer Andrew Chapman told MiningNews.net.

"We are targeting to have a resource on which to base a total new development by the end of this calendar year."

The leachable component of the copper resource forms the foundation for the SX/EW development at the project. A bankable feasibility study is scheduled to commence before the end of the year and Chapman said it was too early to estimate when the project could come online.

"The other exciting component is we have now delineated a small sulphide resource. We will have two programs going – the ongoing oxide drilling and some deeper probing into this sulphide zone."

Drilling is continuing at Mt Watson testing further extensions to the oxide and transitional zones targeting additional leachable copper resources.

The company also aims to develop a 15,000t per annum copper operation at nearby White Range, with first production expected next year.

Last week Matrix's major shareholder Constellation Copper Corp exited the shareholder registry to focus on its own US based project. Broker Hartleys said this was a positive for Matrix with the register now wide open.

Shares in Matrix were up 6.67% to 9.6c in morning trade.

[lambton]

Thanks. Societe Generale were in there in a big way - not sure if thru Constelltion Copper or not. It was this bank that funded the feasibility study and were afforded a large parcel at 2 cents. Maybe this overhang has now gone and we'll see some upside. Bought in at 5.7 cents and took up rights at 11.5 cents. In the pink but always want more.

[thekiwi]

Yea ... been watching this one since its big volume day and sell off ... something doesn't feel right.

Good announcement, but being sold into the pursueing volume increase.

Still watching this one :)

My last foray with this was back in July 2003 through to end of Oct 2003 .. so good to see it pop back up again.

http://home.infobahn.co.nz/images/asx/mrx/20040720_daily.png

Must admit, I was too busy end of 2003/2004 and missed the stellar climb through to 17c ... just as well I didn't know ... would have made the 5c entry, 9.5c exit seem rather insignificant [xx(]

[Jess9]

Hi thekiwi, yeah, why would a significant s/holder dump their investment at approx 25% below market?? - this seems at odds with that last resource announcment (showing a huge increase in copper resource), I guess we'll have to wait and see, I'm not selling just yet.

[Jess9]

Hi all,

Another great release but no s/price improvement?? Any thoughts?? Anyone know anything interesting??

[lambton]

Still hanging in on this one but not liking the ride. It nearly went below 7 cents recently, now inexplicably at 9 cents and lots of vol. No news that I can find. Lots of unrelated people guessing this is the one to punt on at the same time? Yeah right.

[Jess9]

Hi lambton

I think maybe someone was averaging down in a big way at under 8c/share and this tripped the traders alarms causing a quick rush in and the spike. Re this if this was the case, then I think matrix is still a good punt but they may get cheaper on 'a bit of fear' over the nxt week or so, re this I have a low bid placed nearish 7c

[Revhead]

Been some good volume and price increase on this over past few days. Huge vol this morning (100mil +), and now MRX has gone into pre-open. Ann coming

make or break time...

Rev

hold a few

[Revhead]

Trading Halt - bugger! Guess it means takeover - I could be wrong.

[Revhead]

IGO have bought 19.96% of Matrix - they want the copper. Good move on their part as IGO is fairly well only nickel at the moment, ie diversification.

Trading halt remains on MRX, alhtough IGO have lifted theirs. ???

[lambton]

quote:Originally posted by Revhead

IGO have bought 19.96% of Matrix - they want the copper. Good move on their part as IGO is fairly well only nickel at the moment, ie diversification.

Trading halt remains on MRX, alhtough IGO have lifted theirs. ???




Glad I stayed on for the ride - MRX still halted. Buyers lining up at 15 cents. Must be the Dec feasibility comment that is encouraging the interest. Then again have watched it go to 15c before and then all the way back down again without doing a thing. Cost me 8 cents after taking up equal amount of rights so doesn't owe me.

[Revhead]

I sold after the halt lifted at 12c. watch and see what happens. cant see same demand now.

[lambton]

quote:Originally posted by Revhead

I sold after the halt lifted at 12c. watch and see what happens. cant see same demand now.




Still hanging in there - should have sold like you did Revy at 12 cents. Currently on an upward ride. Cannot figure why sudden price rise to 8.3 cents - no news that I can see. More bloody insiders at work probably.

[tricha]

Check out the quarterly report, quite impressive and recent good copper strike announced, 28 m @ 2.93% and 4m @ 7.4%, upside potential huge

If IGO go for it, they have the technology and management expertise.

This is my gambling stock, nothing ventured, nothing gained.

[B)][}:)]

[Jess9]

Hi all - still holding in anticipation of an IGO takeover offer.

Hoping on a cash offer of 10-12c minimum. Any one have any thoughts? Or maybe by the time this is read an offer will have been made -as am writing this from another time zone (by the way I'm in Ireland and not a timelord ; ).

I did think IGO would have made a move sooner. Not sure if the delay (from either the anticipated offer or announcement of their exit) is a good thing or not...time will tell I guess.

[yogi-in-oz]

:) :) :) :) :)

Hi folks,

MRX ..... will be watching these key dates ahead,
over the next couple of months:


17-20062005 ..... 2 minor cycles

08-13072005 ..... 6 significant cycles here

02-05082005 ..... 3 significant cycles

09082005 ..... spotlight on MRX ... ???

28-30082005 ..... 2 minor cycles


Techically, it would be good to see MRX test the
support again, around 5.6 ..... if that failed,
4.2 cents should be the next level down.

happy days

yogi

:) :) :) :) :)

[tricha]

The Steal of the year or a dud, work it out yourself, anyway as I said my gamble stock.

Pinched this of hotcopper, times running out either way![B)][}:)]


Tiger,

Take-over is always a definite possibility and IGO as you know has the con on that. IGO also now have 100% of the cash required to do it -why haven’t they?

What we know about MRX:
1) $15 mil in cash
2) $25 mil tax credit
3) Mcap fully diluted $32 mil

You don’t have to be Einstein to work out the value in tax credits and cash alone. IGO still has a blocking stake, which brings us back to the original question why they’ve not gone for a take-over yet? IGO haven’t sold any and you would assume that if they wanted to, now would be the perfect time to sell (end of financial year write-off). Maybe IGO will do nothing and leave it as an investment and if MRX come up with anything substantial a move will be made?

I don’t have the answer; you will have to get yourself on the board at IGO -lol. I would love to sit in on one of those meetings. I wouldn’t be surprised if we see some board strengthening as WMC employees need a new home, sorry I am getting away from the subject. Now, maybe a bid will be made in the New Year?

As far as drilling we are long overdue for results. The turn around these days is a lot longer and there is lots of backlog, so it could be sometime.

At these prices MRX is a good buy, MRX management is on thin ice and will stay there after their BFS disaster earlier in the year.

Good luck
I hold and am buying around 5.5c

LSM

[Geoff7]

This is one i did my n1ts on, they still havent answered how they are going to get more. There is no point finding more copper etc..
IGO were looking for a board seat, did they get it?

I think in a week or 2 it will be a bargain....if you can get the water.

If there is any chance of this being a goer, IGO will dive in at these prices.

[yogi-in-oz]

:)

Hi folks,

Significant news for MRX cames in today
..... right on time, too ..... !~!

See post above, on 12 June 2005,
for further key dates, ahead.

happy days

yogi

=====


:)

[tricha]

Something has to give, these new results are great, suspect any day now, IGO will or will not???

Suspect we will see a trading halt very soon with this very good news and IGO has the jump on anyone else!

A great gambling stock! Not for the faint hearted.;)

[tricha]

Something has to give, especially as it sounds like copper will keep going up.

The Daily Resource - 7/15/2005



By Dave Forest
July 15, 2005


www.caseyresearch.com Email Article


Copper trade was also strong as a strike at Zambia’s Konkola Copper Mines’ operations continued to weigh on the market. The owners, Vedanta Resources, report that employees at almost all facilities are now off the job. The strike is reducing output by some 600 tonnes of copper per day.

The red metal also got a boost as China's largest copper producer, Jiangxi Copper Corp., said that it expects copper consumption to hit 3.5 million metric tons this year, and continue rising over the coming years. The company sees Chinese demand up 9% in 2006. “Maybe three-month London Metal Exchange copper could hit US$4,000 per ton [$1.81/lb] later this year. Nothing is impossible in the global market,” said He Changming, the company’s general manager.

Copper, for its part, once again made a run at $1.64/lb early yesterday before falling back to $1.62. The metal has risen overnight though, and currently sits at $1.6329.

/lb.

That’s what’s happening… until tomorrow!

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

Looking for high-potential copper plays flying under most investors' radar screens? Check out International Barytex Resources and Continental Minerals Corp.

[lambton]

Lots of interest in MRX today - s/p up 10% on big vol.

[tricha]

Matrix on the move, finally. Rumour has it another player after it, huge 3500km of tenants around Mt Isa and finding more and more Copper.
And we all know what copper is doing.;)

[yogi-in-oz]

:) :) :) :) :)

Hi folks,

MRX ..... key dates to watch in August 2005:


02-05082005 ..... 3 significant cycles

09082005 ..... spotlight on MRX ... ???

28-30082005 ..... 2 minor cycles

happy days

yogi

:) :) :) :) :)

[tricha]

News Alert - IGO being sought by Consolidated Minerals

This was in Saturdays - Western Australian News! Business section.

Under Rumour of the day - Punters say that Kiernans grew seeing if IGO will fit into their group.

Possible them that hit Matrix last week!

True or False take your pick

Regards [B)][}:)]

[donnie]

theres some interest in mrx today. has broken out. seems to be following DYL lately