yes buyers happy to set-up an soak up even the larger sell orders of late ,,,which is a good sign ....planning to buy more opts at these levels
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Study looks good. $130mil capex, $840/oz opex for 100k p.a output.
Payback of 1.5years @ $1600/oz ($80mil p.a free cashflow)
yes bring on 2014 .....been selling heads for near 80% profit going to re-invest in the opts crazy bargain at these levels ,,,can buy near twice the amount and get the extra leverage for free ...higher risk but after the study report one can see the profit numbers are huge to investment needed...also many are picking lower AUD interest rates so should lower the high AUD in turn lifting AUD gold price
Dear All
Please find the link below to the latest announcement on our 5 years conceptual mine plan. It gives everyone a sense of capex, opex, production profile and development pathway.
In a nutshell, we are looking to build at 1.7mtpa mill ( nearly identical to Regis’s Moolart Well mill), an ‘add-on’ 1.2mtpa heap leach plant ( with common crusher and gold recovery circuit) to cash in on the lower grade halo material at Castle Hill ( if the mining cost is spent regardless, this option makes a lot of cash) at Castle Hill and truck the higher grade material from Broads Dam 15kms on existing haul roads.
The study only includes 5 projects and these are all within 15km of Castle Hill. No deeper resources below the 85m have been included yet as we are updating the resource model now. We have at least 5 advanced projects outside this radius to add in and Castle Hill will continue to grow.
With capex at $131m, cash opex at $840/oz and production averaging over 100koz pa, it is a good start.
Approval has been given to progress to definitive study and this will include all core projects and the deeper resources at Castle Hill, Broads Dam and others.
Drilling results will also deliver new resources so I believe the project will only improve from here.
To view the announcement, please click below
http://asx.com.au/asxpdf/20121017/pd...k16cb6vrw5.pdf
Kind Regards,
Jon Price
Managing Director
Phoenix Gold Ltd
73 Dugan St Kalgoorlie WA
some bigger boys on the sidelines just sold the last of the heads .36 ....150k etc big boy come out soaked them up and was after another 490k but within minutes pulled the Bid ..playing games here
Now hope some OA sellers come to the party and help me build a bigger position
Well, what to make of the Trading Halt?... Major Capital Raising.
I await the Tuesday opening with interest and hope that it's at a decent premium.
REQUEST FOR TRADING HALT Phoenix Gold Limited (Phoenix or Company) requests a trading halt pending the
finalisation of a major capital raising.
Phoenix would like the trading halt to last for two days, being Friday 19 October and Monday 22 October 2012.
The Company expects to complete the capital raising during this period and announce the completion to the market on Tuesday so that the Company’s securities can be reinstated on Tuesday morning 23 October before the commencement of trading.
The Company is not aware of any reason why the trading halt should not be granted.
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Poster on HC was saying awhile back... in talking with JP that PXG was getting major interest from many bigger investor/insto's wanting on board JP reply was buy on market ....this was back when the SP was trying to break 20c....looks like a deal has be struck
for a "MAJOR CAPITAL RAISING" 5mill-- 10mill ? 20mill? @ 35c ?? Overall think it will be positive ...PXG mgmt have been best I've ever invested with I don't think it's going change any time soon
too good a offer for Cash to pass up
China’s interest in WA gold is heating up
Thursday, 18 October 2012
Lauren Barrett
A FLURRY of merger and acquisition activity is occurring in Western Australia’s gold sector and with the gold price continuing to rise, the race for the Chinese to snap up majority interests in more Aussie gold doesn’t seem to be abating anytime soon.
Gold, commonly referred to as the safe-haven commodity, has been trending upwards in price over the past few months while other commodities, such as copper and nickel, fall in price.
At the beginning of the year the gold price was hovering at around $US1500 an ounce.
But now, with spot gold edging above $1700/oz, punters are predicting gold will hit $2000/oz in 2013.
At a time when iron ore, coal and nickel companies are struggling against the drop in prices and a slowdown in China, the prediction for gold has juniors and mid-tier gold companies extremely optimistic for the future.
http://www.miningnewspremium.net/sto...ctionsource=s0
Dear All
The latest announcement and investor presentation links are below.
After a lot of discussion and feedback from shareholders and investors, the Board made the decision to raise $20m through a placement to national and international institutions at 30 cents. Although a 13% discount to our last trading price, it is equivalent to our 60 day VWAP price. The placement was heavily oversubscribed and closed in 1 day.
Why did we do this? – Castle Hill and Broads Dam have exceeded all expectations. Castle Hill is now an extremely large gold camp open along strike and at depth and is likely to contain 2 to 3 very large open cut mines. Broads Dam has the potential to host high grade open cuts followed by large high grade underground systems and we have 2 priority targets needing to be drilled out. Every drill hole that has been put in to both these projects have delivered excellent results. The more we drill, the more we find.
All the feedback we have received is that we have 2 major gold projects in the making and, even though we could self-fund another $5m drill program as we have done over the last 2 years, it wouldn’t be enough to fully understand how big these projects can be. We would be only scratching the surface and not doing the resources justice. We also need to complete the BFS and we want to leverage off the high gold price and get it completed as fast as possible. We want to be in a position where we have 4moz in resource including 1moz in reserve so the economics of building our own mill are clear and easily justified. We also need to be exploring our other high priority targets at Ora Banda and Zuleika North to grow the resource further.
The Share Purchase Plan was decided on the ensure all shareholders had the opportunity to participate and at the same price as the institutions. More details on the SPP offer will follow.
I believe, with these funds, a tripling of the drilling activity and completing the BFS quickly is in all our interests and the best way to transition to developer and producer in the shortest possible time. Drilling prices, lab prices, labour are all coming down so we will get more metres drilled for our dollar and stretch our funds further. Our aim is to drill over 200,000 metres in the next 12 to 15 months. Income from stocks, Catherwood and eventually Blue Funnel will supplement this raising and ensure we are in good shape for the coming year. In Dec Qtr 2013, we aim to be in a position to make an investment decision on building our mill and developing our larger projects.
Due to the excess demand in the raising, the founding directors sold a portion of our options for 3 reasons. These options expired in December and I could not afford to exercise them, I needed to fund a tax debt and the options will now be exercised bringing funds into the business. The balance of the proceeds of the sale will be reinvested into PXG placement shares subject to shareholder approval.
Please feel free to respond with any queries.
To open the announcements, please click on the links below
Capital Raising announcement
http://asx.com.au/asxpdf/20121023/pd...y3zdg12s5g.pdf
Investor presentation
http://asx.com.au/asxpdf/20121023/pd...y76nyqnj8l.pdf
Kind Regards,
Jon Price
A nice early get at 30. I got a few for 30 and has sold that lot.
A few other goldies doing the cap raising with the likes of RDR and BNR.