Indophil Resources - IRN

[impacman]

you still in this? what happened? any reaspon for the weakness. im looking for somewhere to plong my money thats not gold. why the slide my good man?

Hi ER. Still in and waiting... My gut feel on this one is that San Miguel (SMC) are trying to bring the SP down to close to their issue price (got 40m shares Aug/Sept last year for about 80 odd cents - roughly 10% holding). Suspect they want it there to make any takeover offer seem acceptable to SH's. Would hope that it is at least the $1.28 offered last two TO attempts (which given what has happened to price of copper in last year is probably regarded as cheap.) SMC had exclusive access to data room till Jan 10 this year and extended that to Feb 10th. Don't think they will be given extension on that. Opencast mining ban is still in place but it is not stopping current activities (as they are not mining yet) and govt has made it pretty clear that local officials are not going to hijack the Phillipines largest investment project - i.e. local officials and Sagiatarious Mining (company set up by Xstrata and IRN to run Tampakan mine) to sort their stuff out. SMC's involvement is interesting - good that they bring local flavour (lack of this till now has been a point highlighted by opponents) and capital - but not sure about how "cleanly" they perhaps operate - this being purely speculation on my part. Should they not make a TO offer next month the SP could slide further but there are other potential suitors floating around. Regardless IRN want to sell, they now have plenty of cash for the next year or two's commitments to the venture ($40m - $50m or there abouts) i.e. may just take a while. Hope that helps - just moved house and heading out to by stuff... More than happy to bounce more thoughts if you want.

Cheers,

I-man.

[ELYOB]

I think the local Bishop is winning the game atm. Without him on board this is going nowhere . If you stick your neck out in Cabato area in favour of this project , there is a bullet waiting ...

[JBmurc]

Wow IRN back to the low 30's worth looking into.....anyone holding buying ?? whats going on

[macduffy]

IRN having a good run these last few days - from 35c to around 45c - but on lowish volume.

No news but it looks interesting.

[drillfix]

Yes indeed Macduff.

Technically i thas the 60 min EMA alignment as the catalyst for the breakout and the daily also starting to shape up also.

Here is a intraday chart:


IRN intraday & daily >> http://www.imageurlhost.com/images/u...RNintraday.png


As shown on the charts the previous ema alignment and potential daily alignment, yet slight 60 min MACD histogram divergence setting in potentially, with a slight twist on W%R.

Any break upward of 45c could be seen as positive or keeping above the 60 min 13ema at 42c also will be positive, or negative to any large falls down past that, with the exception of a possible entry on the 60 min 60EMA (purple line) (39.5c) which can offer bounces on many occasions on stocks that form like this.

Anyhoo, just an afternoon interpretation from me technically speaking.