Heritage Gold...HGD

[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:

[Landyman]

Funds raised - $306k - picking the name relaunch party will be held in Fiji!

Buy a shovel now!

[Landyman]

Does anyone talk HGD now NTL in the forums, I cannae find a thing.

[chippy52]

Same old, same old, please sirs can I have some more.

[Landyman]

Another director bites the dust today, not a good sign

[elZorro]

Some progress being made? Up25% today.


Pre-feasibility study now underway for reopening Karangahake mineRoss Louthean — 5 November 2012
The pre-feasibility study for re-developing the historic Talisman gold mine at Karangahake was now underway for New Talisman Gold Mines Ltd (ASX & NZX: NTL).
This was a highlight point from the company’s just-released September quarter report and it follows a review of a scoping study obtained from the consultancy Mining One Pty Ltd.
The blueprint for the Talisman is for a small-scale, high-grade underground operation with a focus on the old mine’s Maria Vein and associated vein systems.
The company said recovery of existing stope-fill of “moderate grade” from the old workings appears likely, which will provide for early mine production.
The target was to complete the pre-feasibility by the end of March next year.
“Approaches have been received from a number of potential investor groups from China and Australia and a recent site visit conducted. Discussions are progressing with these parties,” the company said
New Talisman was hoping to appoint a mining engineer with specialist underground experience within the next few weeks.
The quarterly report said exploration over the next two years on the neighbouring Rahu exploration permit at Karangahake will take in deeper drilling of targets. The geological model indicates higher grades of gold and silver exist at depth.
The company has been granted a three year appraisal extension to the Rahu exploration permit and says a strong discovery at Rahu could provide supplementary ore for the Talisman operation in the longer term.
Subsidiary unlisted company Coromandel Gold Ltd holds the Northland base and precious metals prospect that had been granted by New Zealand Petroleum & Minerals (NZP&M) for a five year period.

[chippy52]

That's only the rights trading figure.

[stanace]

Does anyone talk HGD now NTL in the forums, I cannae find a thing.

Can anyone comment on whether to take up the latest offer, and if so, what to do with the options?

[GRIFFIN]

Hi stanace a very good question indeed, having had an interest in HGD for what seems to be like decades i would like to think that NTL is far more active and actually creates something tangible for its share holders. If it operates like HGD it will be a long time before it ever puts some gold in the bucket as to speak.

[Odd Fellow]

Yes I will take my options, I only hope they get going and show a bit more action and get some gold out of them hills before the gold price go's down again. :cool:

[Paint it Black]

Yes I will take my options, I only hope they get going and show a bit more action and get some gold out of them hills before the gold price go's down again. :cool:

I'm also buying my maximum allocation. I was impressed with the way the AGM went with Murray McKee and Ian Pringle giving a good straight forward overview of NTL's prospects into the future. With the offer fully underwritten, the options being exercisable at a low 2c and BHPL continuing to boost it's cobalt discoveries I don't think I will buy them in quantity much cheaper.

[whatsup]

Nicely summed up jess9.

Also I'd just like to add that if you read the credentials of all the Directors, (especially Mr Hill and Mr Grigor) they are all reputable business people and have too much to lose by not at least trying to take HGD to another level.

The company seems to enough working capital to maintain drilling programmes and as you rightly indicate further funding will be easy to find if the main projects progress as we hope.

Sorry whatsup, I don't believe any MD/CEO worth 'his/her' money would ask the above mentioned question. There are many more important factors( "than show me the money from the warrant conversion') to consider when taking on this type of role.

As I said earlier, "IMO a MD/CEO will be appointed in the next month or so". We have an AGM in August which will be the prime time to announce an appointment.

Cheers
BP:)

PS: Hi Rik, I understand how you feel. A month or so ago I was over 120% up and today I'm only 20% up. That's a big 'paper' loss. But as I always say, have a plan and stick to it and go with your 'gut' feeling. Do your research, then ask yourself what has changed!

So look where we have finished based on my 2007 posting, very very interesting Hmmmm !

[whatsup]

IMO both Mr Hill & Mr Grigor have the 'know how' and a network of associates that would easily provide access to funding if required. A good MD/CEO will be well aware of this right from the start.

The important factor is the employment terms that are agreed upon. There must be incentives that entice the selected candidate to develop these prospects further and ultimately create shareholder wealth.

If he/she does their job properly they will have no problem finding funding and the market will follow.

Maybe a geologist is not the best person to grow the company further and I think management realises this point. (I think Peter realises this also and has acknowledged that the company needs some 'new blood', so to speak)

Cheers
BP:)

Posting from July 2007, interesting but no satisfaction !!!!

[ScrappyO]

Posting from July 2007, interesting but no satisfaction !!!!

When Trent Lash came in i thought HGD would get somewhere but as we know he soon left. It would be interesting to hear from him and what he thought back then. I soon sold out after.
Also Bapp who was a big cheerleader of HGD until he went and checked out the mine.....

[nztx]

When Trent Lash came in i thought HGD would get somewhere but as we know he soon left. It would be interesting to hear from him and what he thought back then. I soon sold out after.
Also Bapp who was a big cheerleader of HGD until he went and checked out the mine.....


I'd like to hear what Peter Atkinson has to say about things - he probably knows the ground around
the Mountain & potentials better than anyone :)

[Lola]

I'd like to hear what Peter Atkinson has to say about things - he probably knows the ground around
the Mountain & potentials better than anyone :)

Total waste of space. Don't waste your time.

[Joshuatree]

2004
QUOTE=craic;97233]The original statement that caused me to invest in this company two years ago was published in the Dominion and contained the information that the company expected to realise significant returns from processing in "late 2006" I remains to be seen but the amounts of gold they expect to recover based on core samples would push the share price well above the 20 cps suggested if they are realised.[/QUOTE]

We've come a long way ehh with Heritage now NTL so much reaming of shareholders and on we go,lol.