Phoenix Gold - PXG

[trackers]

Phoenix Gold - PXG

JORC: ~1million ounces Au @ 1.7g/t

$16.5mil market cap (some sites report 11mil m/cap as only 50mil shares quoted, @ 22c)
$2.8mil cash
=EV $13.7mil ($13 p/ounce)

- 19k ounces in stockpiles

Relatively new listing (Dec2010).. thanks to duncanjones and Denpal for mentioning this under the radar play on the low ev thread!


Current share price, 21-22c. High leverage through:

PXGO 20c ex 01/2012
PXGOA 25c ex, 11/2014

Company wants to start small-scale mining next quarter in order to generate near-term cashflow, and feasibility studies are sufficiently along the track to support this:


Business Development (from quarterly):

Assessment of 12 small scale mining projects (“SMP’s”) during the Quarter identified 5 higher priority
SMP’s that have the potential to generate internal cash flow for the Company. Scoping studies
were completed on those 5 highest priority SMP’s to test their economic viability. Following positive
indications from these studies further, more detailed, grade control drilling commenced late in the
Quarter. This drilling is being undertaken to confirm the geological models and allow detailed mine
design work to be completed and will continue towards the middle of the June Quarter.
It is anticipated that detailed planning and evaluation of these 5 SMP’s will be completed in the June
Quarter and will enable the Company, subject to economics, to commit to commencement of small
scale mining before the end of the June Quarter.

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=539505
---

These guys have got some nice reserves, good land and a workable plan to achieve cashflow... At an EV of $10 per ounce the downside is protected, with very nice upside provided by oppies.

Holding: PXGO @ 5c, acquired a couple weeks ago...

This, alongside YTC, is my holding I'm most excited about. Cheers again to denpal and duncanjones for bringing this one up

[Aotea]

Am loving the prospect here...am holding the OA oppies, 2014 expiry!!
Cant got wrong, expect 50c by xmas.

[skeet]

Thanks for the heads up trackers needed something new to look into as IOG hasn't been liked by the market.

Quick glance over this:
http://www.phoenixgold.com.au/media/23088/pxg_patersons_initiation%5B1%5D.pdf

I read:
"Directors Dale Rogers and Jon Price are major shareholders in PXG, each holding an 8.8% interest in the company."
I personally like it when DIR's have a good stake in a company.

[trackers]

Hey Skeet,

Yeah dir's having skin in the game helps - Its no surprise that they're looking at near-term cashflow opportunities, rather than just sit for a couple years relying on cap raises....PXG needs to grow one of its deposits to the >500k ounce mark I think before mr market will sit up and take notice... And going by the announcements such as the Castle Hill one (http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=534446) I think we'll see something like this in the next few months

IOG's a funny one ey? - They're another one with a great plan to actually get near-term cashflow and grow organically, but it'll probably take a while to develop (instead of some of these big hit or miss fly be nighters out there) - I hold some in the theory that they'll be a T/O target some stage down the track

[trackers]

PXG JORC reserve increases to 1.1million ounces..

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=542304

There's some decent discussion on HC about it:

http://www.hotcopper.com.au/search_do.asp?fid=1&symbolid=3914

[yabster]

Got on board yesterday with a few pxgo's @ .048 and a few pxgoa's @ .069 - bit more comfortable with the long dated options.

[denpal]

Nice ann. - it's not easy to find gold juniors with real potential at such a low EV and share price! I'm just keeping an eye on the options in case anyone has to sell in a hurry. I don't think PXG is on the market's radar yet.

[trackers]

And thats not all folks.... Quarterly shows good results from drilling at Outridge, outside the existing resource, and mentions that these will be JORC'd in the June quarter also - So JORC will be increasing again within a month....




High grade results were received from both the Outridge and Kiora deposits both along strike, as width
extensions, and some depth extensions. High grade results outside the current Outridge Resource included:

• 13 metres at 7.4g/t au from 57 metres, including 1m @ 83.9g/t.
• 6 metres at 6.9g/t au from 67 metres, including 3m @ 12.4g/t.
• 2 metres at 6.0g/t au from 23 metres.
• 11 metres at 4.1g/t au from 89 metres, including 1m @ 25.4g/t.
• 11 metres at 2.4g/t au from 89 metres, including 1m @ 12.4g/t.
• 5 metres at 2.3g/t au from 26 metres.
• 11 metres at 2.0g/t au from 52 metres, including 1m @ 7.2g/t.
• 15 metres at 1.3g/t au from 77 metres.

This drill programme has demonstrated considerable width extensions to the Outridge deposit and
importantly demonstrated new mineralisation between the Kiora and Outridge deposits

The strike length of Castle Hill following the Outridge and Kiora drilling, has extended to over 1.4
kilometres. Castle Hill remains very sparsely drilled below a depth of 80 metres.

A revised resource estimate for Castle Hill, based on the drill programme at Outridge, is expected to be
completed and announced in the June Quarter.

A pre-feasibility study for Castle Hill will be completed in the June Quarter to ensure exploration
continues to be focussed in the best locations of what is a large Project area and to complete a
preliminary assessment of various development alternatives.



http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=539505

[trackers]

JORC resource increased to 1.39M oz

- >500k ounces at castle hill now (double previous est.)
- 4.9MT @ 1.79 g/t Au added to resource
- 2km strike, open all directions and at depth
- Total JORC resource now at 1.39M oz

Open along strike and only drill tested to average depth of 60metres - "Potential to become a very large gold mine"

http://www.asx.com.au/asxpdf/20110531/pdf/41yygh342cwqtt.pdf


Market cap is $12.5mil (excl. escrowed shares + options) or $18.1mil (incl. escrow and excl options)

[denpal]

Looking good trackers, bit more interest now by the market.

[yabster]

yep good annoucement- rerate soon hopefully. Very excited over at HC hq!

[trackers]

Looking good, finally a bit of interest even if only trader action. If heads close up 1-2c I'll be pretty happy...

Resource upgrade was about double what company thought it would be a couple months ago? So bodes well for what might lie ahead for that castle hill (looks like a nice mix of re-working old ground with deeper drills etc + fresh new targets)....

[trackers]

New announcement out today, high grade gold extensions near surface:

o 2 metres at 44.5g/t Au from 20 metres
o 6 metres at 12.29g/t Au from 20 metres
o 6 metres at 8.22g/t Au from 29 metres
o 9 metres at 4.52g/t Au from surface
o 2 metres at 13.7g/t Au from 28 metres
o 8 metres at 3.41g/t Au from 27 metres
o 16 metres at 3.89g/t Au from 20 metres

- RESULTS CONFIRMS CONTINUITY OF MINERALISATION BELOW EXISTING SHALLOW PIT

- POTENTIAL FOR EARLY CASHFLOW FROM NAZZARIS CURRENTLY BEING ASSESSED

- 53 holes of 74 intersected gold mineralisation

Importantly, Nazzaris is in a similar structural setting to the adjacent 1moz Enterprise deposit owned by Norton Gold Fields but only has an average drill depth of 65m.

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=545202

---

Also, coming up before the end of the month we have:

- Ore treatment planned for July - We must be getting toll treatment details very very shortly?

- Catherwood feasibility will be complete June (95% complete currently).... Confirm near-term production @ margins of ~$1k per ounce?

- Maiden resource for Rayjax deposit before end of this month (http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=541256)


----

This research note gives PXG a value of $1.04 per share on 900k ounces of gold (they now have 1.4mil ounces): http://www.brentonthomas.info/market/ValuationReport.php?Code=PXG

[yabster]

thks Trackers- lots of postive announcements coming out of pxg. Up 12.5% today- hopefully the market will catch on to this one eventually as the volumes are still pretty small.

Are you holding the oppies or heads?- I have a mix of both options.

[trackers]

Hey Yabster, yep she's hotting up slowly but surely; hopefully this is just the start, but who knows in this dodgy market, they may need to start pulling the yellow stuff out of the ground before everyone really sits up and notices...

Holding both PXGO and PXGOA, same as you :)

[denpal]

Yes, a nicely uptrending chart, I also hold a mixture of O's and OA's. Management is very active, we hope they keep kicking goals at the same rate.

You guys seen this report? http://www.brentonthomas.info/market/ValuationReport.php?Code=PXG

Basic stuff and we have a bunch more gold since then.............leverage on the options could be quite outstanding I feel over the next six months assuming we get a gold sector run between now and the end of the year.

[drillfix]

Oh yes a nice mixture of O's and OA's make a wonderful pair...LOL

To me you guys sound like you are both making a cake rather than trading in a stock Haaaa~!

Jumped in today also folks :)

only OA's (nice long expiry)

[yabster]

welcome aboard Drill- yeah more weighted in the OA's due to the long expiry.

[trackers]

Yeah welcome mate, enjoy the ride.. Looks like you're in the black well and truly already with the way those OA's are going.

I know its still fundamentally undervalued, with lots of good news on the way, so trying to keep my hands in my pocket and not take some profits today lol!

[drillfix]

Thanks fella's,

This stock seems tightly held. I tried to get a few fully paid shares yesterday and not trying to chase but ended up missing out.

Hopefully it will remain under the radar for quite some time to go or prior to the HC brigade giving it the full pump treatment which tends to IMO sometimes tarnish a stock even though its a good stock.

Not saying I dont want the sp to climb heaps but rather to climb and hold on its confidence on when and what it delivers.

[skeet]

Trackers youve done well with this, i should have dropped BCC when i first looked into this stock, it looked gold back then and now its starting shine...

[drillfix]

Party is only starting there Skeet, why not take a seat at the table and help polish up some of this here resource gold :)

Looks like somebody has been gladly being taking 100K large bites of the options when they can.

Is that a combination of Yab and Trackers getting set? or another ST member sitting on the sideline quietly accumulating LOL

[JBmurc]

bit late to the party back after selling out of ARV an looking at several jnr gold plays I decided to buy some PXG @25c waiting on a top20 from PXG will post it up after I recieve it..
with Gold heading towards 1650 onwards to 2,000+ PXG 1.3moz gold resource is really a steal at sub 20mill

[Aotea]

For sure JB, welcome aboard. PXG is a winner for sure. Have a good few options which represent good buying I reckon too. I see the POG getting upward of $1,800, junior goldies are the way forward!
Looking forward to catching up in Queenstown next month and have some fine pounamu for you to keep and some to gift. Have been doing a bit of probing for a new claim in recent times, but its so cold and difficult to get out sampling. Expect to lodge the paperwork before Xmas!

[JBmurc]

3502
For sure JB, welcome aboard. PXG is a winner for sure. Have a good few options which represent good buying I reckon too. I see the POG getting upward of $1,800, junior goldies are the way forward!
Looking forward to catching up in Queenstown next month and have some fine pounamu for you to keep and some to gift. Have been doing a bit of probing for a new claim in recent times, but its so cold and difficult to get out sampling. Expect to lodge the paperwork before Xmas!

yeah looking forward to it ..looks like the TOP20 holding 55% of PXG MD jon price did state a couple more big holders to be added soon I see the Mgmt hold a good amount

[trackers]

Thanks for the top20 JB, appreciated. Feasibility study expected before end of tomorrow, and volume starting to build, so others out there are expecting it too

[drillfix]

I thought that this stock would have been climbing much higher than where it currently is due to the pog and the us debt ceiling fiasco.

Why is this not moving inline with other goldies out there?

[macduffy]

I thought that this stock would have been climbing much higher than where it currently is due to the pog and the us debt ceiling fiasco.

Why is this not moving inline with other goldies out there?

Possibly because PXG isn't actually producing any gold to sell at these high prices - yet.

But this may not be the full story. Others, such as IGR are also struggling to perform in an increasingly edgy market.

[drillfix]

Cheers Macduffy, I thought it would be something like that around those lines.

[soulman]

In the current climate, all other producers like RMS, SLR, NST and the big mother NCM all struggling today.

Since you mention IGR MacDuff, I am going to do some research on IGR since they are now a producer. Just saw they have some debt (although net positive cash altogether) compared to the others above.

[trackers]

Ding ding ding... General relief rally coming, plus feasibility study results are finally here! I was annoyed about the delay but the timing has worked out well.

Looks like they plan to build a plant at Castle Hill and kick off proceedings by processing Catherwood ore (27,000 ounces) for $15.6 mil

[JBmurc]

Ding ding ding... General relief rally coming, plus feasibility study results are finally here! I was annoyed about the delay but the timing has worked out well.

Looks like they plan to build a plant at Castle Hill and kick off proceedings by processing Catherwood ore (27,000 ounces) for $15.6 mil

sounds good only wish I got my fill at 23c before they annouced

[trackers]

3529

Looking interesting again... Needs to break 26c convincingly then its off imo

[JBmurc]

yes looks like it will prob low trade round 25c today- Gold has pulled backed--
think we'll need a good ann. to kick through 26 to the high 20's

[trackers]

Yeah true JB looks like you're right

[denpal]

Have now sold all my options and gone into the heads at 21c. Yes I know leverage is less, but so is the risk, esp. the PXGO's I don't want to risk decaying value now. I've been left holding the bag on half of my MSRO's which is annoying!

It's just a waiting game here, sooner or later the value of 1.5M oz of gold will have to be properly recognized by the market.

[JBmurc]

Have now sold all my options and gone into the heads at 21c. Yes I know leverage is less, but so is the risk, esp. the PXGO's I don't want to risk decaying value now. I've been left holding the bag on half of my MSRO's which is annoying!

It's just a waiting game here, sooner or later the value of 1.5M oz of gold will have to be properly recognized by the market.

yes it's a patience game lifting that 1.39moz JORC towards 2moz be a great step forward which should see a Gold reserve round 1moz which would be a nice add on for any W.A gold producer.....It's really just a size issue which PXG is likley to get a big enough resource to attract the big money
IMHO PXG will without dealt be taking over in 2012 ...we may have some toll treatment j.v to help exploration etc

had a look through an old Aus resource mag the other day had a article on the takeovers/buyouts future in the gold sector with a list of takeovers costs per oz Gold reserves etc at the time the gold price was round $450oz USD some of the predators had paid more than the gold price at the time to secure more resources but most round $350per oz in reserves , currently PXG is valued at on what $15 per oz gold resource with the gold price now at $$1850 they should likely prove up a 2moz resource or 1moz reserve base so going from the past time in history when the producers used their growing cashflows to update reserves we could well see the entire nano-jnr cap explorers with good reserves explode on a string of takeovers

[JBmurc]

RELATIVE newcomer Phoenix Gold is one explorer that continues to deliver on its promises and is raising the bar to target 3 million ounces in resources on its properties in the northeast Goldfields of Western Australia and build critical mass to sustain its own dedicated milling facility.
In the meantime, a record gold price also provides it with an opportunity to become a self-funded explorer through toll treatment of some of its smaller deposits like Catherwood, not to mention the 500,000t grading 1.2 grams per tonne gold for a contained 19,000oz it has in existing surface stockpiles.

“We would hope to have a deal done on toll milling by the December quarter which would deliver cash to us by the March quarter next year,” Phoenix Gold managing director Jon Price told MiningNewsPremium.net.

The company has not only grown resources by 62% since the start of this year to 1.4Moz from 24.08 million tonnes of ore grading 1.80gpt, but also grown its holdings along the Zuleika Shear to 16 kilometres from 4km previously.

In the meantime, it continues to canvass other opportunities, particularly from private players in the region with smaller holdings.

“We are now becoming the natural owner for a lot of projects,” Price said.

Its internal target was to define 1.5Moz in resources by the end of the year but its potential move to toll milling was an easy decision to make given the rising price of the precious metal, which many believe will hit $US2000/oz in the not too distant future.

“Our discussions with other plant operators in the region are quite advanced and there are four mills in the area, one of which is under construction and another on care and maintenance,” Price said.

“Obviously, it would make more sense to go with someone with an operating mill and existing mining fleet.”

As for the group’s longer term aspirations where it is targeting 1Moz in resources at each of its three gold camps – Castle Hill, Broads Dam and Ora Banda, all located north of Kalgoorlie-Boulder – Price said ultimately Phoenix was targeting a plus 100,000oz per annum operation over at least a seven year mine life.

Already, a feasibility study based on development of the Catherwood resource has returned positive economics and confirmed it could generate free cash flow of $A15.6 million.

The deposit falls within the company’s Kunanalling gold project area and is capable of producing 25,300oz, which equates to a 12-month life, from the treatment of 314,000t of ore grading 2.7gpt gold at total cash costs of $881/oz.

However, others that could just as easily fall under the toll treatment banner include Nazzaris, Rayjax, Emu, Premier and Blue Bell.

To drive its $9 million exploration efforts in the coming 12 months, shareholders are due to vote on the second tranche of a $3.7 million capital rising on Friday.

A further $7.2 million is due to come in on February 28 if options issued as part of the company’s initial public offering are exercised.

“When you combine that with the cash from the raising we are well funded for the next 18 to 24 months,” Price told MNP.

In fact, the company’s exploration burn rate represents a tripling of its search budget, with around 70,000 metres of drilling planned.

Since its listing in December Phoenix has spent around $3 million exploring its holdings.

Rayjax is shaping up as Phoenix’s second toll milling source given its 4-5gpt material and its location, being only 12 km southeast of Catherwood.

“But really we have a number of choices,” Price said.

Interest has also been shown in the soft or oxide material on the company’s holdings.

“We have had approaches from others relating to our softer [oxide] ore, so hopefully we can get some win-wins and make cash from that to again go back into drilling,” Price said.

For here and now, infill drilling is being undertaken at Broads Dam, with two reverse circulation rigs in operation, while Castle Hill will be the next in line as drilling looks to shore up its lateral extent, which at this stage remains open.

The key to its exploration success, apart from its people, says Price, has been the consolidation of up to six different databases into one dataset.

“We also spent a whole year prioritising targets and honoured the geology,” he said.

Mineralisation is linked to the main geological features of the Zuleika and Kunanalling shear zones and Phoenix’s theory is that cross cutting structures act as the feeder zone for the gold.

“Interestingly, at Kunanalling, which historically has been dubbed a large tonnage but low grade system, we have found Zuleika-style lode systems [with] high grade 7-8gpt material abutting the lower grade areas,” Price said.

“So that is quite exciting, especially from areas where people thought there was no gold.”

Targets identified for immediate follow-up included the strike extension between the Blue Funnel and Broads Dam deposits, the southern strike extent of Blue Funnel and parallel zones of mineralisation within the Zuleika corridor.

At Castle Hill, work will focus on the untested strike extension between the Mick Adam and Wadi areas, along with infill drilling of the Lady Alice trend, while Ora Banda will be next in line.

New discoveries may also be a feature as demonstrated by the maiden resource for the Backflip deposit of 93,000oz grading 2.5gpt gold.

[trackers]

Thanks JB, good article.

AGM today and site tour, hence the current interest?

I like how the article states the goal is 1mil oz in each of 3 camps - The previous goal was 2mil; these guys are super confident of drilling up something pretty big thats for sure. ~$20mil market cap for 1.5mil oz and the sort of upside these guys have got is far too low IMHO

[JBmurc]

Yes esp if you read the article I have in my old resource mag which I left at work which gave a list of takeovers from mid-large cap gold producers of other goldies with good reserves worldwide for at the time average price paid $350 per oz in reserves back when Gold was priced round $500!!!
If say PXG prove up a 3moz resource which should give a 1.5moz reserve an going off the last time their was much consolation in the sector you see how undervalued PXG is....only be valued round $15per oz
trying to buy more PXGOA which IMHO will never be exercised as PXG will be taken over in 2012

[JBmurc]

The rising price of gold is fueling an increase in mergers and acquisitions, as larger companies look for new resources to develop. Though in general the value of gold mining stocks has not risen with the spot price, this is likely to change as majors acquire smaller prospecting companies.


http://resourceinvestingnews.com/21666-mergers-and-acquisitions-of-gold-companies-may-present-investor-opportunities.html

[JBmurc]

Hoping to take my PXGOA holding to 200k as soon as a seller comes out...was hoping the big gold correction would have done it esp as I lifted my bid 20%+ could well be my first 10 bagger if they can prove up 3moz

[yabster]

hmm JB you posted that same article here on the 1/9.....

[JBmurc]

hmm JB you posted that same article here on the 1/9.....

Right bit sick today damm flu.....

[yabster]

lol no worries- flu huh good excuse to stay home an watch the World Cup then.

[JBmurc]

yeah that an a stuffed wrist waiting on ACC to ring sort payments ...they did ring yesterday but to charge me levies for my Sharetrading company they were after $650 ......they believe I've missed levies since 07 ....

[drillfix]

Right bit sick today damm flu.....

You sure thats not Gold Fever you got there JB? :P (kidding).

Dont forget to rug up, have chicken soup and watch a movie with the Ridgeback and you will be back to health in no time :)

[JBmurc]

You sure thats not Gold Fever you got there JB? :P (kidding).

Dont forget to rug up, have chicken soup and watch a movie with the Ridgeback and you will be back to health in no time :)

nice an sunny here so no need to rug up ...I should just lie round sleep 20hrs a day like our Ridgeback she's in great condition

[drillfix]

nice an sunny here so no need to rug up ...I should just lie round sleep 20hrs a day like our Ridgeback she's in great condition

Haahaa~! Yep JB, that sounds like a Ridge alright.

[trackers]

News coming? Should be some interesting newsflow before end of quarter... Potentially: Resource upgrade, drill results, toll treatment/stockpile processing plans etc. Patience seems to be paying off with nice interest in the heads :t_up:

[JBmurc]

News coming? Should be some interesting newsflow before end of quarter... Potentially: Resource upgrade, drill results, toll treatment/stockpile processing plans etc. Patience seems to be paying off with nice interest in the heads :t_up:

All of the above be great ....Loaded up in the PXGOA think they'll be like gold very soon

[denpal]

Nice action, I wonder if this is about to explode upwards now............it should do with all that it has.

[JBmurc]

ORE TREATMENT MoU SIGNED WITH PHOENIX GOLD LIMITED
The Company is pleased to inform shareholders that it has executed a Memorandum of Understanding (MoU) with Phoenix Gold Limited (ASX:PXG) for the treatment of up to 300,000 tonnes pa of Phoenix Gold's ore through the Company’s planned 700,000 tonne pa Bullant Gold mill and processing facility. Under the terms of the MoU parameters have been established that will allow for a binding “Ore Treatment Agreement” to be prepared and executed by both parties within 12 months.
Phoenix Gold has a number of advanced mining projects (AMP’s) in close proximity to the Company’s Bullant operations which they are planning to mine on a timetable that would fit in with the commissioning of the Bullant mill facility. On the current schedule the Bullant mill is expected to be operational in 2012 subject to a conclusion of discussions currently underway on its financing.
The ore generated from Phoenix Gold's AMP program will supplement the Company's own mining and milling schedules and enable the mill to optimise throughput. The income stream generated by the treatment of Phoenix Gold’s ore will assist in repayment of the cost of the mill and ultimately increase revenue and profits.
Phoenix Gold has the benefit of being assured of a process route for the ore generated from their AMP program thus assisting them to convert their in‐ground resources into cash‐flow at an early date.
The Company looks forward to the next update as we progress our plans to add rapid wealth for our shareholders through development, production and exploration at a time of exceptional gold prices.
_____________________
Chris Daws Chief Executive Officer
About Kalgoorlie Mining Company Limited

[denpal]

We're now at the ATCH on a weekly basis, since listing late last year.

Still like PXG and looking to buy some more on weakness. Surely it can't stay at these low levels for too long though, not with the readily available margins for toll-treating so readily achievable it seems, and that only for starters to get heaps of cash in to drill the living daylights out of the best areas and move towards getting our own mill in due course.

[JBmurc]

I see PXG only recently got their second toll treatment signed whats the bet there will be a 3rd coming which will add up to a nice amount of cashflow even after the higher costs of toll treatment should be enough to help PXG fully fund the exploration needed to fully JORC up a large 2.5moz resource an in turn be brought out one the nearby producers

Brought some more PXGOA recently a steal at 8.5c

[JBmurc]

PHOENIX ADDS TO BROADS DAM GOLD PROJECT
Highlights
 PHOENIX ACQUIRES 100% OF RED DAM RESOURCE FROM CARBINE RESOURCES LTD  CARBINE QUOTES PROJECT AS CONTAINING OVER 147,000 OUNCES (SEE NOTE A)  CONSIDERATION EQUIVALENT TO $13/OZ PLUS ROYALTY  MOST RECENT DRILLING IN 2007 PRODUCED HIGH GRADE RESULTS
 PROJECT AREA OPEN ALONG STRIKE AND AT DEPTH  EXTENSIONAL DRILLING PLANNED FOR MARCH QUARTER 2012
Overview
Phoenix Gold Limited (ASX: PXG, “Phoenix”) is pleased to announce it has reached agreement with Carbine Resources Limited (“Carbine”) to purchase a 100% interest in Carbine’s Red Dam Gold Project in Western Australia (Figure 1).
Figure 1: Red Dam project within Phoenix tenements
Page 1 of 4
Phoenix Gold Limited ASX: PXG, PXGO, PXGOA
Phoenix Gold Ltd
ABN 55 140 269 316
73 Dugan Street PO Box 100 Kalgoorlie WA 6430 Phone +61 8 9021 2704 Fax +61 8 9021 3393
www.phoenixgold.com.au
info@phoenxgold.com.au
The Red Dam resource is located on the Carbine-Telegraph shear in close proximity to the Zuleika shear in the heart of the rich Eastern Goldfields of Western Australia (Figure 2). The Project lies immediately adjacent to Phoenix’s Broads Dam and Carbine Projects (Figure 1). The Red Dam Project covers in excess of 270ha.
Carbine has quoted Red Dam as containing over 147,000 ounces of gold at 2.5g/t (Note A). The most recent drilling reported on the Project was in 2007 and the results contained significant intercepts from both infill drilling and drilling outside the existing mineralised envelope. These results as published by Carbine (Note C) on 5 July 2007 included:
 5 metres at 44.07g/t gold from 32 metres
 14 metres at 8.27g/t gold from 97 metres
 18 metres at 4.88g/t gold from 76 metres
 10 metres at 5.29g/t gold from 138 metres
 9 metres at 5.73g/t gold from 49 metres
 10 metres at 4.45g/t gold from 111 metres
“The Red Dam resource sits near the convergence points of the region’s main shear zones and the potential to grow this Resource significantly has been demonstrated by the high grade intercepts outside the current resource envelope. We are very excited about getting additional drilling going and growing the project along strike and at depth,” Phoenix Managing Director Jon Price said.

[tricha]

News coming? Should be some interesting newsflow before end of quarter... Potentially: Resource upgrade, drill results, toll treatment/stockpile processing plans etc. Patience seems to be paying off with nice interest in the heads :t_up:

Hey Trackers, have you sold them all yet, if so, u have done well!

[trackers]

Hey Tricha, this weakness has been surprising... Need some drilling results I reckon.

I managed to offload 90% of my PXGO's at around the 8c mark, but I'm in the PXGOA's long term

[JBmurc]

Hey Tricha, this weakness has been surprising... Need some drilling results I reckon.

I managed to offload 90% of my PXGO's at around the 8c mark, but I'm in the PXGOA's long term

you could buy the PXGOA for the price you sold your PXGO now which is a steal with a Nov 2014 exp ,have got my fill with 250k holding long term hold till the takeover comes which it will IMHO

[JBmurc]

Highlights:

TOLL MILLING CAMPAIGN AGREEMENT EXECUTED WITH FMR INVESTMENTS

ORE TREATMENT COMMENCED FROM CATHERWOOD SURFACE STOCKPILES

CASH FLOW GENERATED TO FUND FURTHER EXPLORATION AND MINE DEVELOPMENT

DRILLING PROGRAM ON TRACK WITH CASTLE HILL RESULTS EXPECTED IN DECEMBER

Overview:

Phoenix Gold Limited (ASX: PXG, “Phoenix”) is pleased to announce that haulage and processing of previously stockpiled ore from the Catherwood mine has commenced through FMR Investment’s (“FMR”) Greenfields mill (Figure 1). This follows the signing of a Toll Treatment Campaign Agreement with FMR in October.
The Greenfields mill is a private toll treatment facility located 25 kilometres south of Phoenix’s southern tenements and is well serviced by haul roads in all directions.

Under the terms of the agreement, Phoenix will deliver an initial 25,000 tonne ore parcel to the mill and will pay a cost plus toll treatment charge on a $A per tonne basis. The processing circuit has been configured to enable optimal conditions to achieve maximum recovery and minimal costs. Treatment of the ore will also provide valuable metallurgical information and confirm gold recovery values used in the Catherwood Mine Feasibility Study.
“This is a significant milestone for Phoenix as we produce our first gold and work towards becoming a self-funded explorer. The cash flow generated will enable further exploration and development of the first in a series of gold mines in our project pipeline,” Managing Director Jon Price said.
“We also look forward to working with the team at FMR to finalise the long term agreement that will provide Phoenix with milling options to maximise benefit and minimise haulage distances,” Mr Price said.
The FMR agreement follows the execution of a Memorandum of Understanding with Kalgoorlie Mining Company for the treatment of up to 300,000 tonnes per annum of Phoenix ore through the Bullant processing facility. The MOU was signed earlier this month and contemplates the preparation and execution of a binding agreement within 12 months.
Work continues on the 18 to 24 month drilling programme announced last month to increase the resource base at the Castle Hill and Broads Dam Projects before testing early-stage exploration targets principally within the Ora Banda – Grants Patch gold camp.
In the 2012 financial year, phase 1 of the programme consists of 32,000 metres of a combination of reverse circulation (“RC”) drilling for resource growth and rotary air blast (“RAB”) drilling for target generation in greenfields areas.
To date, 3,808m have been drilled at the Broads Dam project and 3,840m at Castle Hill with drilling continuing through the December Quarter. Results from the Castle Hill programme are expected to be released in December following data validation and QA/QC checks.
Project development work also continues on a number of advanced resources including the recently announced Catherwood Feasibility Study (August 1, 2011) and the Rayjax, Nazzaris, Blue Funnel and Outridge mines.
“Catherwood is likely to be the first significant mine development for us and we are working to obtain the necessary statutory approvals and make the final investment decision in the December Quarter,” Mr Price said.

[drillfix]

Here is another Goldie that while the price of gold moves up, the sp just sits in Limbo.

Whats really up with the Junior producer/soon to be producer end of town? No love towards the sector even with rising prices?

NCM the major is up a tad more again with the price of gold so the Juniors are completely ignored.

Anybody care to offer insight?

[soulman]

There is 35 mil 20 cents due in FEB next year. That's potential $7 mil inflows.

PXG should not do anymore discounted cap. raising. I think the $2 mil odd cash they have now should be enough to propell them to next year.

I bought in today.

[drillfix]

Thanks for the explanation there soulman, makes sense, the last time I looked at these they were over 25c. I guess companies are darned if they do or dont when it comes to cap raisings, give any discounts then like a magnet the market wants to replicate.

Hopefully whatever results they issue will talk from another angle and thus the sp.

Good on ya for your entry, may consider a few myself at some stage.

[Entrep]

Count me in too - got some on Monday

[drillfix]

Well, starting to feel like a late ticket to the part but at least I know JB wont be lonely in this investment..LOL

JB, plenty of company now mate :)

[JBmurc]

Well, starting to feel like a late ticket to the part but at least I know JB wont be lonely in this investment..LOL

JB, plenty of company now mate :)

yes very good now here's hoping this boring flat market will turn bullish towards the likes of the hugely profitable operations of the gold jnr soon to be producers (never been cheaper to underlining metal value/profit that I can ever recall)

[JBmurc]

Kalgoorlie based Phoenix Gold (ASX: PXG) is now a cash flow generating gold explorer, with the company reaching the milestone of pouring the first gold bar.

The bar was produced from milling of ore through an agreement with FMR Investment’s Greenfields mill, which is located just 25 kilometres south of Phoenix’s southern tenements, and is well serviced by haul roads in all directions.

The ore used was sourced from historic stockpiles and is around 400 ounces (see picture), with the Phoenix expecting to pour three bars from the current campaign, which would produce around 1200 ounces.

The company currently has around 19,000 ounces stockpiled in ore above ground.

Jon Price, managing director, told Proactive Investors today that the company aims to make a margin of between $500 and $600 an ounce based on the current spot price, with the company looking to initiate a second campaign next year.

"The cash from the treatment of these historic stockpiles will enable additional exploration work to be carried out to continue growing our Resources and will fund the development of our first mine next year.

"We have a very busy 2012 ahead with large drilling programs underway, more historic stockpiles to treat and the development of our first gold mine.”

The FMR agreement follows the execution of a Memorandum of Understanding with Kalgoorlie Mining Company (ASX: KMC) for the treatment of up to 300,000 tonnes per annum of Phoenix ore through the Bullant processing facility - which is forecast to be in operation by June 2012.


Phoenix conducting extensive drilling campaigns

Highlighting how the company continues to push the Kalgoorlie based operations forward, work continues on the up to two year drilling program to increase the resource base at the Castle Hill and Broads Dam Projects before testing early-stage exploration targets principally within the Ora Banda – Grants Patch gold camp.

In the 2012 financial year, phase one of the program consists of 32,000 metres of a combination of reverse circulation drilling for resource growth and rotary air blast drilling for target generation in greenfields areas.

To date over 3800 metres have been drilled at the Broads Dam project and 3840 metres at Castle Hill, with results expected in the December 2011 quarter.

Castle Hill currently has a resource of 526,000 gold ounces.

[JBmurc]

Jon Price, managing director PXG, told Proactive Investors today that the company is set to ramp up news flow, with a JORC Resource update to be announced before the end of this month.

"We also have results from around 4500 metres of reverse circulation drilling at Castle Hill pending, which are forecast to be announced before the end of 2011."

some good movement back in the head share price 24c close got a nice holding of PXGOA nov14 ex---(got to love the long term expire date)

[denpal]

The only thing to do here is buy on weakness!

[JBmurc]

Phoenix Gold lifts JORC Resources to 1.68 million ounces
Tuesday, November 22, 2011 by Proactive Investors


The increase in JORC Resources to 1.68 million ounces is significant as is Phoenix's ability to deliver on developing mines and processing capability to realise early cash flows to fund exploration and production expansions. Phoenix will be able to self-fund development of a number of mines commencing with Catherwood in early 2012. Phoenix Gold (ASX: PXG) has boosted its total JORC Resources to 29.6 million tonnes at 1.8 grams per tonne (g/t) gold for 1.68 million ounces, representing a 72% increase from those contained in the prospectus of its Initial Public Offering (IPO) released in October, 2010.

This is a significant achievement for Phoenix as it has reached its strategic goals set out in the IPO and has grown the gold resources at its Western Australian projects by 182% since their initial acquisition.

Today's news follows on from another major milestone reached by Phoenix on November 8 when the company poured the first gold bar from its Catherwood mine stock through an ore agreement. With 19,000 gold ounces in above ground ore stockpiles, the company is eyeing more gold bars in the near future.

The recent resource increase includes maiden Resources at Rayjax and Magdala, increases to Castle Hill from recent drilling and acquisitions within the Broads Dam area during the year.

Jon Price, Phoenix's managing director, told Proactive Investors today "we're looking at all development options at the moment, and hope to announce the decision in the December quarter and commence early in 2012. Catherwood remains about 25,000 ounces at $900- 1000/oz costs. Good margins at $1500/oz gold price."

Price added, “this result is an important milestone for Phoenix, not just because we have shown an ability to deliver on our promises, but because we have clearly demonstrated the upside potential of the project area and confirmed the strategy to grow the Resources further to build the platform for a significant mining project pipeline."

Significantly, Phoenix is now in a strong position to generate early cash flow from treatment of stockpiles and self-fund development of a number of mines commencing with Catherwood in early 2012.

The cash flow will enable the company to continue its targeted greenfields and brownfields exploration programs while keeping dilution for Phoenix shareholders to a minimum.

Phoenix holds an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia after completing three strategic acquisitions. This area is home to some of Australia’s richest gold deposits.

During the September quarter the company announced the completion of a Feasibility Study for the Catherwood gold mine, part of the Kunanalling Project area.

The study showed Catherwood can deliver $15.65 million in free cash flow, from the treatment of 314,000 tonnes of ore at 2.7g/t gold for 27,000 ounces mined for 25,300 ounces recovered, generating a total cash cost of $881 per recovered ounce including all royalties, capital and operating costs.

This equates to a margin of $619 per ounce or a return on investment of 70%.

The company expects further Resource growth from results of a 70,000 metre drilling program at Broads Dam, Castle Hill and Ora Banda which commenced in September and is on track.

Phase 1 of the program comprises 32,000 metres in the 2012 financial year through a combination of reverse circulation for resource growth and rotary air blast for target generation in greenfields areas.

Drill results from Castle Hill are expected in December with a further Resource update based on all recent drilling anticipated in the March quarter.

[JBmurc]

-AUD Gold only $50oz short of the AUD Gold's all time high PXG will make a tidy profit on the toll treatment deals

[drillfix]

Breakout today there JB or up to 27c atm so nice to be on this atm or a much better feeling than CVR anyway :)

[JBmurc]

Breakout today there JB or up to 27c atm so nice to be on this atm or a much better feeling than CVR anyway :)

yeah is good to see something going well with SSN KRE getting smashed of late as for CVR i think much like PXG going forward will really boom in 2012 an I'll once again be happy to have had the patience

[drillfix]

And the move continues JB.

Should 29c get hit today then a test of the 52 week high @ 30.5c will be on the cards, and any break higher of that will see a new support be formed at either 28.5c and / 30c approx.

Though still take caution as the buyers look weak and the volume today is low.

Good to see a continued move anyway~! :)

ps: although yikes, a wall at 28.5c beginning to form.

[trackers]

..................:t_up:

[drillfix]

By the looks of your post Trackers, you seem set ..LOL

Well done mate, and I think you may need to rally the troops on the PXG thread to advise them of the potential double top should it fail to break past 28.5c which may see the stock take a breather again towards the lower EMA levels, but at some stage PXG technically will need to take a breather, but is a shame a recent higher high has been rejected.

All things in good time though, as a turnaround in for a set of indicators is about 10 trading days it seems.

But the other technical positives are the EMA alignment could be set to trigger the stock into an uptrend and break out of this range bound trading.

Some fundamental news which should be abundant for PXG could easily do the trick :)




Here is a chart for today's PXG trading.

PXG intraday & daily >> http://www.imageurlhost.com/images/1qljtxb4axl7m1m55r4f_PXGintraday.png


ps:

What is good about a higher high is that this will mean any breather or fall back will or should create a new higher low while the ema structure keep intact.

Any fundamentals will re-enforce the technicals completely~!

[JBmurc]

yes 28.5c hit on low volume ....now if some bigger guys wanted on board 200k+ buys the depth is very thin,, think when we see the next big move in Gold we'll also see PXG breakout to new highs

Hard to get hold of the PXGOA to think I got 250k av 10c

[drillfix]

Yes that would be good JB.

Not only would they (although at a higher part of the existing trading range) get an assured entry, it would also create a technical rush of insto's and others taking position in a re-rated stock prior to the fundamentals being issued which would also esculate matters. (price).


Are you sure you are set with 250K oa's at 10c or do you need a few more..LOL :)

[JBmurc]

Yes that would be good JB.

Not only would they (although at a higher part of the existing trading range) get an assured entry, it would also create a technical rush of insto's and others taking position in a re-rated stock prior to the fundamentals being issued which would also esculate matters. (price).


Are you sure you are set with 250K oa's at 10c or do you need a few more..LOL :)

yes think the oa's offer great upside leverage with the long date expire

[soulman]

Surely in the big pics, I can see a big major wanting to takeover PXG. NGF, for example can secure an extra 2 mil ounces of gold cheaply by buying PXG for $50 mil. Although NGF ATM is looking to reduce their debt level so maybe out of the question.

[JBmurc]

Surely in the big pics, I can see a big major wanting to takeover PXG. NGF, for example can secure an extra 2 mil ounces of gold cheaply by buying PXG for $50 mil. Although NGF ATM is looking to reduce their debt level so maybe out of the question.

Yeah I thinking the same thing awhile ago, maybe longer term once NGF have retired their debt...but I think they will be in a fight from many others in the area if PXG keep discovering more GOLD 2moz+ there only going get more expensive esp once the market warms to the value of the gold producers an explorers with billions dollars of resources in the ground....PXG will be taken-over if not 2012 it will be in 2013 unless it market value matches it resource size so it can raise the funds needed to start-up it own production the toll treatment's could well be the way to also not only fund the exploration work but a DFS

[denpal]

I'm still holding these, in fact have bought even more of the OA's recently so am fully loaded so to speak. I see the chart shows the downtrend line intact across the triple top as drilly has pointed out also. The upcoming PXGO exercise may hold things in check. But really, I don't mind as things are going well for PXG. Look at SLR and NST as examples of value growth for those who have the patience. That's what I'm looking for here also, ie a 10x or better multi bagger within two to three years from now.

[JBmurc]

good move in the oa's today up 22% .....PXG all gone at 29c .....30c+ soon

“Castle Hill gets more and more exciting every time we put a drill hole into it. To date we have been testing lateral extents to the mineralisation and have yet to start drilling at depth. The resource has more than doubled from 253,000 ounces to 559,000 ounces at improved grade in just nine months at a discovery cost of less than $8 per ounce,” Managing Director Jon Price said.
“There is the potential here for a million ounce gold project on a major shear structure in a relatively underexplored part of the goldfields 50 kilometres from Kalgoorlie and I believe this region has many more of these waiting to be discovered,” Mr Price said.

[trackers]

I'm still holding these, in fact have bought even more of the OA's recently so am fully loaded so to speak. I see the chart shows the downtrend line intact across the triple top as drilly has pointed out also. The upcoming PXGO exercise may hold things in check. But really, I don't mind as things are going well for PXG. Look at SLR and NST as examples of value growth for those who have the patience. That's what I'm looking for here also, ie a 10x or better multi bagger within two to three years from now.

Hey! Long time no hear, was thinking of you the other day when I was thinking about re-taking a position in NMG as it gets closer to Production... Hope all is well.

Holding O's and OA's here. Not sure what to do with the O's yet, a couple cents more in the cents would make a bagger return, or I could just convert. Decisions for the start of next year :)

Can these guys get to 1mil+ oz at Castle Hill without drilling past 80metres lol???

[JBmurc]

Oa's now 14c very nice

[trackers]

Oa's now 14c very nice

Looking good, I like how its a nice sustained rally with good volume off the back of old news (so less likely to be daytraders I would have thought).

3713

Chart (as at yesterday) looks good, but trying to stay realistic about the macro outlook

[drillfix]

Oa's now 14c very nice

Yes indeed fantastic stuff JB, but we need them to follow the heads upward.

The fully paids have reached a higher range which is also excellent as we now create the new beginnings of a potential uptrend with the EMA alignment.

At some stage thought, I would expect the stock to take a breather for a week of consolidation as the Daily MACD and other indicators seem over extended.

I think this is surely a hold and do not sell stock.

[JBmurc]

Trading Halt ??-pending a financing initiative

[denpal]

I wonder if it could be underwriting of the PXGO's? If so that would be good. I can't see why otherwise as they have enough toll-treating potential to keep the cash coming in I would have thought.

[JBmurc]

I wonder if it could be underwriting of the PXGO's? If so that would be good. I can't see why otherwise as they have enough toll-treating potential to keep the cash coming in I would have thought.

yeah i hope it's not a cap raising which will shock the share price quick smart
IMHO I think it could well be underwriting or J.V with a larger producer nearby

[drillfix]

Dont think it will be a cap raising JB, although potentially a JV of some type also possible.


LeeTV on the PXG thread with Post #: 7521110 does also give some clarity from another post or enquiry.


Whatever it is, I hope its all good, which PXG seems to be in a good position either way.


ps: a break upward of 31c would be considered extremely positive for the technicals as you can imagine.

[soulman]

I am with you there Drill. It made sense for PXG to get their SP high to get those Feb 2012 20 cents options through. So a cap raising doesn't make sense for now. I bought more PXG yesterday and concurrently sold PXGO.

[drillfix]

Announcement out: Phoenix February 2012 options underwritten (http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01251994)

Looks like Paterson's Securities will get their meat hooks into the underwriting.

This also gives the Phoenix Gold another 7.16 Million for the coughers though~!

[denpal]

I wonder if it could be underwriting of the PXGO's? If so that would be good. I can't see why otherwise as they have enough toll-treating potential to keep the cash coming in I would have thought.

So that is what it was..........it was the only thing that made sense.

[drillfix]

Yes indeed denpal.

All good news for PXG though IMHO.

Can be seen as confidence with a raising for the options which adds the money and creates no raising or dilution to the Co. Plus of course done by PS, whom in turn will no doubt also PUMP the cr@p out of PXG as well so they themselves will make an absolute killing out of that move/agreement they just signed up to.

Win Win I guess. We dont need PS to pump the stock as it seems to have endless stacks of good news even without a pump but it sure will take the price to new high's IMO.

Will look at taking another small position again in PXG as the ride has not quite started.

ps:
I hope it does not happen this dec as I really wanted to add PXG to the 2012 stock comp :P

[JBmurc]

So that is what it was..........it was the only thing that made sense.

Yes now we have no worries for 2012 an onwards , full tilt exploration for 2012 only a matter of time till we pass 2moz resource

[denpal]

PXGOA is long expiry.

[JBmurc]

PXGOA is long expiry.

Yes Nov 2014 from memory some time to build a sizeable resource 3moz not out of the question well before ex.date
IMHO some large Gold producer will come knocking also before ex.date

[steve fleming]

Yes indeed denpal.

All good news for PXG though IMHO.

Can be seen as confidence with a raising for the options which adds the money and creates no raising or dilution to the Co. Plus of course done by PS, whom in turn will no doubt also PUMP the cr@p out of PXG as well so they themselves will make an absolute killing out of that move/agreement they just signed up to.

Win Win I guess. We dont need PS to pump the stock as it seems to have endless stacks of good news even without a pump but it sure will take the price to new high's IMO.

Will look at taking another small position again in PXG as the ride has not quite started.

ps:
I hope it does not happen this dec as I really wanted to add PXG to the 2012 stock comp :P

It won't be good news if Patts now manipulate the sp to keep people from excercising the options.

Unlikely, but i wouldn't put it past them.

Hopefully PXg's fundamentals are strong enough to withstand any downward pressure Patts put on the sp.

[drillfix]

Yep indeed Steve, when it comes to PS, they dont take prisoners nor do they care about what the stock is or can be, they only want part of the action to either control or manipulate which either will work in favour for the co and its holders or against them.

I think though they will have problems keeping it down in the long run with stacks of Ann's telling the story about potentially positive gold results, so no doubt patts will choose to pump it instead.

[steve fleming]

Yep indeed Steve, when it comes to PS, they dont take prisoners nor do they care about what the stock is or can be, they only want part of the action to either control or manipulate which either will work in favour for the co and its holders or against them.

I think though they will have problems keeping it down in the long run with stacks of Ann's telling the story about potentially positive gold results, so no doubt patts will choose to pump it instead.

Agree drilly, but theoretically Patts have more to gain by keeping the sp down, picking up as many PXGO as they can, maximising their commission, then letting it run post Feb to maximise their clients returns.

If the sp reaches 40, everyone exercises their PXGO and Patts get zilch

[JBmurc]

It won't be good news if Patts now manipulate the sp to keep people from excercising the options.

Unlikely, but i wouldn't put it past them.

Hopefully PXg's fundamentals are strong enough to withstand any downward pressure Patts put on the sp.

yeah maybe, but they'll have to buy up first their not on the top20 guess they could try with a couple hundred k would make it harder with keen buyers..yes Patto's could buy the opts now but that will also drive up the price with them getting a 5% fee bonus a plus I guess..
I see with gold getting sold down PXG still went up 1c sells at 30.5c close to breakout territory

[drillfix]

If the sp reaches 40, everyone exercises their PXGO and Patts get zilch


Now that sounds terrific. LOL

But overall, I would have guess that everybody whom holds those PXGO options would convert them anyway.

Perhaps that is also the reason why management said yes to 5% in that, the majority of holders whom they know will already be converting, dont ya think?

Steve are you holding many or any of these 0's or OA's or even the PXG fpo's?

If we get another breakout upward I am considering another position but will wait and watch how things pan out.

[steve fleming]

yeah maybe, but they'll have to buy up first their not on the top20 guess they could try with a couple hundred k would make it harder with keen buyers..yes Patto's could buy the opts now but that will also drive up the price with them getting a 5% fee bonus a plus I guess..
I see with gold getting sold down PXG still went up 1c sells at 30.5c close to breakout territory

Weren't they involved in placing/acquiring the 10m that QBL disposed of in Sept.?

I really like the PXG story - it could easily triple and still be good value, i just find this initiative a bit odd.

[steve fleming]

Perhaps that is also the reason why management said yes to 5% in that, the majority of holders whom they know will already be converting, dont ya think?

Steve are you holding many or any of these 0's or OA's or even the PXG fpo's?

If we get another breakout upward I am considering another position but will wait and watch how things pan out.

Drilly am holding both PXGOA (given their long datedness) and PXGO for maximum leverage.

[drillfix]

G'day folks,

Can believe this thread was sitting on page 5, so I thought I would clean off a few of the cob webs and rev it back up.

Unfortunately, PXG seems to be taking a nap or having a sleep through this market regardless what conditions there are.

Also, JB your post reply to trackers on a HC post makes you sound like your are from Gold-a-Khanastan or something lol :)

[JBmurc]

LOL yes bring on the resource upgrade an toll treatment cashflows

[denpal]

Solid buyers in PXGOA at 11c and heads now 26c. Patience.

[drillfix]

Solid buyers in PXGOA at 11c and heads now 26c. Patience.

Yes denpal, those OA's are a tad tricky to get hold of in large Qty unless you want to pay a bit of a premium for a position over a gradual time frame.

Holding a small position myself in the OA's and was going to take some fully paids on the close @ 25.5 but will check that out tomorrow maybe.

[Aotea]

Definately a solid pick for the 2012 comp....and especially so compared to last years efforts by us all.

[JBmurc]

Solid buyers in PXGOA at 11c and heads now 26c. Patience.

yes I'm the buyer now wish some holders would sell me some more OA's would take me too the 11th biggest OA holder if I get my fill..
Yes the OA's are hard to get not that many with only 35.9mill on offer with over half held by the top20....
being such a long expire date of nov 2014 the leverage is huge when you see PXG growth through 70,000m of drilling this year 2.5moz here we come an that will only be the shallow gold ...

[drillfix]

You should have had some orders in the other week JB. I got a tiny fill at 10c and then the order expired, but then as you know the buyers came back.

Funny how PXG trades at times, is either nearly all On, or all Off, or starting to warm up a tad, like it is now.

Regardless of profits at this stage, I am quite reluctant to sell mine as I dont want to sit there for what could feel like eon's on getting back in on a lower entry.

I notice you got yourself a small parcel today at 11c though :)

[JBmurc]

You should have had some orders in the other week JB. I got a tiny fill at 10c and then the order expired, but then as you know the buyers came back.

Funny how PXG trades at times, is either nearly all On, or all Off, or starting to warm up a tad, like it is now.

Regardless of profits at this stage, I am quite reluctant to sell mine as I dont want to sit there for what could feel like eon's on getting back in on a lower entry.

I notice you got yourself a small parcel today at 11c though :)

yeah I know i was away from the internet all week left a CCU order in place at 59c last week thinking it would be hit with 58-60c trades the week before now CCU is at 68.5c so decided to keep my CCU holding small an increase my PXGOA's 11c will still be dirt cheap come 2014 $SP imho

[drillfix]

I would have thought or expected some more volumes and a higher stable SP on PXG since the PXGO options will be expiring next month.

Will be interesting to see the results of conversion and how many Patto's get hold of~!

PXGO from last week are up 20% approx so no doubt any (positive) news that gets issued from the company should see a higher conversion rate.

This wont matter too much to Pheonix though as they already have the underwriting in place and $$$ which I thought was a terrific idea and a way to hedge against any possible market declines and a guarantee of more funds to add to the chest.

[JBmurc]

I would have thought or expected some more volumes and a higher stable SP on PXG since the PXGO options will be expiring next month.

Will be interesting to see the results of conversion and how many Patto's get hold of~!

PXGO from last week are up 20% approx so no doubt any (positive) news that gets issued from the company should see a higher conversion rate.

This wont matter too much to Pheonix though as they already have the underwriting in place and $$$ which I thought was a terrific idea and a way to hedge against any possible market declines and a guarantee of more funds to add to the chest.

Yes your'd think for sure PXG will have another good ann. before due expire date

[drillfix]

Yes your'd think for sure PXG will have another good ann. before due expire date


Well, with the boxes of cash they have in their Account, I cant see why the would not issue a positive Ann with all those funds.

Of course unless they submit a Ann saying they got half a % interest less than the quarter before...LOL

[drillfix]

There you go JB, have you got your fill of those options now mate?

Either that, or you have been selling to yourself :P

[JBmurc]

There you go JB, have you got your fill of those options now mate?

Either that, or you have been selling to yourself :P

Yep got me fill now the 11th biggest holder ,have also pulled out of the 200k sell I had to add some selling pressure ,,,very happy camper
Gold 1660 ....within weeks PXG should update latest drilling results talk of JORC upgrade in March Qtr

[drillfix]

First news of the year today with some more options converted. Looking forward to some updates with PXG.

Say have you still left your squeeze sell bid in still JB? Perhaps some ambition to get in the top 10...lol :)

[trackers]

According to Hotcopper (via MD), drilling results imminent too

[JBmurc]

First news of the year today with some more options converted. Looking forward to some updates with PXG.

Say have you still left your squeeze sell bid in still JB? Perhaps some ambition to get in the top 10...lol :)

no happy with 11th looking great in the OA's at 13c with little on offer for anyone else with top20 ambitions....

should have an announcement any day now

[drillfix]

no happy with 11th looking great in the OA's at 13c with little on offer for anyone else with top20 ambitions....

should have an announcement any day now

You will get there JB I am sure of it, how many more do you need to go to 10 or Lower?

Also yes, can do with an update from the Co, as there seems to be some impatient holders, or so it appears.


ps:
Picked up a few more @ 24c with a few not filled.

[JBmurc]

You will get there JB I am sure of it, how many more do you need to go to 10 or Lower?

Also yes, can do with an update from the Co, as there seems to be some impatient holders, or so it appears.


ps:
Picked up a few more @ 24c with a few not filled.


yes the cashflow Qtr report looked good with Gold toll treatment sales bringing in 436k till 31 Dec ...good to have some income ..
as for the activities report I can't seem to be able to see other than the pictures all wording in shadowed out..hard to make out

I did see 1.6moz JORC shallow Gold resource no deeper than 90m which is really good should be able to double at depth..

Getting the latest OA top20 soon from jon..

[drillfix]

JB, sounds like there has been a corruption when you downloaded or viewed the PDF.

Download this and choose "save as" to your desktop or something, its all clear.

http://imagesignal.comsec.com.au/asxdata/20120125/pdf/01262105.pdf

[drillfix]

Did you end up getting that PDF sorted out JB?

Hey, seems to be a bit of weakness in the FPO's here.

Am hoping the company with all its money in the bank and resources can start announcing something over this week as if it does not then we can expect a decline (again) which might give us a bounce off 23c but if not, then back to 20c which will screw up the EMA alignment technically (imo).

[drillfix]

Well, somebody has just exercised 406,xxx options.


Perhaps that is why we are seeing the weakness in PXG because next month the O's expire~!

[JBmurc]

Well, somebody has just exercised 406,xxx options.


Perhaps that is why we are seeing the weakness in PXG because next month the O's expire~!

yeah will be a few O's holders that will also hold the heads so will sell the heads to pay to exercise their opts....

-Really think once the O's are done an dusted an PXG have the 8mill+ in the bank they will do updated presentation (last investor presentation was july last year)
the forward plan in that presentation should open many a investor analyst eyes to the potential in PXG..then I think the days of the 20's will be left behind for good

[JBmurc]

Rp/computershare investor services pty ltd *** t o p 2 0 h o l d e r s *** (rsp520:12.00:010212)
phoenix gold limited/pxg run number 0306 31/01/2012 a.c.n. 140 269 316 page : 1

class: Opl/list opts exp 30/11/14 @ $0.25
holder no name and address units % i/c rank

shl pty ltd 8,000,000 22.27 1

auralandia no liability 1,528,324 4.25 2

pcsm nominees pty ltd 1,000,000 2.78 3
<pcsm pension fund a/c>

willstreet pty ltd 1,000,000 2.78 4

dr john larking 920,000 2.56 5
<superannuation fund a/c>

ms eva lundquist 851,263 2.37 6

mr clay douglas gordon & 600,000 1.67 7
mrs nicole marie gordon
<gordon family a/c>

sea lake investments pty ltd 575,000 1.60 8
<lake super fund a/c>

mr kenneth ronald lewis 505,000 1.41 9

mrs bernadette szeszycki 500,000 1.39 10

jbm trading pty ltd 458,000 1.27 11

mr steven paul bennett 400,000 1.11 12
<benbro electronics s/f a/c>

ms claudine deneuve 400,000 1.11 13

mr samual clements 321,975 0.90 14

linch investments pty ltd 318,000 0.89 15
<linch investments s/f a/c>

mr michael edgar ellison & 300,000 0.84 16
mr peter wallace
<m & p super fund a/c>

cooper holdings nsw pty ltd 275,000 0.77 17
<the cooper family a/c>

mr simon robert evans 269,325 0.75 18

dr daniel haustead 254,670 0.71 19

clarkson's boathouse pty ltd 250,000 0.70 20
<clarkson super fund a/c>

[drillfix]

Well done JB, or should I say OA #10 :)

Providing we continue to make a higher low (23c sounds good) on the fully paid then I am happy to continue holding.

Would like to see Pheonix break out of this holding/trading range though (20c-30c) but the only way it is going to do that is by some announcements of the positive kind, to feed the and convince the market further, as the pog has also increased to enhance any new developments

Now you only need to start on some Fully Paids JB or jump a couple more places on the options by getting another 65,000 of them ..LOL :P

[drillfix]

The action or should I say "lack of it" is killing me on this stock.

I read that somebody posted a message about a potential ann early next week approx,

as they say: Northern Castle Hill results should be due in the next fortnight

Well to me they just cant some soon enough, and I know this may sound strange but the last month of January seemed to just fly past like it never or barely happened. This month of FEB being only 3 days into feels already just so slow and dragging out for whatever reason :P

[denpal]

The action or should I say "lack of it" is killing me on this stock.

I read that somebody posted a message about a potential ann early next week approx,

as they say: Northern Castle Hill results should be due in the next fortnight

Well to me they just cant some soon enough, and I know this may sound strange but the last month of January seemed to just fly past like it never or barely happened. This month of FEB being only 3 days into feels already just so slow and dragging out for whatever reason :P

Well this isn't a trading stock, it's a boring multi-bagger. Just look at it once a week. I've got only the OA's and that's my strategy.

[drillfix]

Good advice Denpal, although, I cant help looking at it as IB forces it to show up on the portfolio as such so cant help it really.

Yes I realise boring a multi bagger and I have both options and fpo units, so I guess what I am feeling is a bit of frustration whilst waiting for the options to be exercised and out of the way, but meanwhile, we have gold now above $1750 and the bellwether stocks like Newcrest charging along, it gets frustrating seeing no move but down.

Ahh well, its the gold stock holders multi bagger blues which I must being experiencing. :P

[denpal]

The producers always move first then on down the foodchain to the developers, smallcaps and microcaps. That's why I've got more SLR and NST than PXGOA, ie solid producers. I'm hoping my NMGOA's also will re-rate once we get going on 150koz pa in the next few months.

[CMo]

Latest drill results and email from PXG...

=======
Please find attached our latest drilling results from the northern area of Castle Hill. The mine is now over 5kms in strike length, only tested to 90m from surface and will be the focus of a deeper drilling program to replicate ounces so far at depth. Broads Dam including Red Dam will then be drilled as will very exciting drill targets at Ora Banda and Kunanalling. Drilling has commenced.

We are working on the development of both the Catherwood Mine and the Blue Funnel mine to deliver cash to fund this drilling starting in the June Qtr and stockpile treatment will also add further cash flow.

All in all, a very busy 2012 with Resource growth to our target +2.5Moz, maiden Reserve of +500koz, +5 year mine plan to allow us to press the button on a major development path by Dec2012. To self fund this work is the aim from jun qtr onwards is the goal.

Having the options exercised and behind us, significant regular news flow on a monthly basis, I look forward to moving our EV/Resource ounce metric significantly higher.

Hope you all have a successful 2012

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd


http://www.phoenixgold.com.au/media/29992/high%20grade%20drill%20results%20at%20phoenix%20go lds%20castle%20hill%20project.pdf

[drillfix]

Yes, Nice Ann there CMo, but no Kick behind the sp move with such ann.

Guess people are waiting for resource upgrade and production with lots of cash flowing in.

Well, you can take the horse there but if it ain't thirsty then, ahhh well~!

[yabster]

that link is to the Dec announcement? Have read the 7th Feb announcement- extending Castle Hill by 600m Nth.

Bit of movement up 4%.

[CMo]

You are dead right!... below is a link to the PDF from the ASX site.

http://www.asx.com.au/asxpdf/20120207/pdf/4246kythyq0lwv.pdf

[drillfix]

LOL CMo, but we have already all read the correct ann~!

I am sure others will appreciate this though :)

[drillfix]

Still some sellers out there who are just relentless

This stock is turning to sh#t with no support what so ever.

I wish they would just sell the thing down to where ever they want it and get it over with.,

The only problem with that though is the lower it goes the more flee's it gets~!

[JBmurc]

yes gets tiresome at times esp when you have loaned funds invested and you just want the SP to reflect some kind of fair value peers..but instead good news is meant with selling ....can aways sell out or not buy and then watch it move (happens to me all the time)

[drillfix]

yes gets tiresome at times esp when you have loaned funds invested and you just want the SP to reflect some kind of fair value peers..but instead good news is meant with selling ....can aways sell out or not buy and then watch it move (happens to me all the time)

Well damned if we do, damned if we dont, JB.

It appears the floor on this one is about to collapse in the next few days.

Meaning, we really need to get this option thing out of the way, and then have the company start to talk, or communicate with the Market, PR, or anything.

Waiting for the end of march to get a resource upgrade in this market is like riding the roller coaster from hell.

Thought many more would see the value in this stock but it appears they have made a exit instead.

Option Prices on the OA's are now creeping down JB, so will you be in the market for more?

[soulman]

I reckon Patterson will spruik PXG in the next week or two. Up to the mid 20's at the minimum.

Just my hunch.

[drillfix]

I reckon Patterson will spruik PXG in the next week or two. Up to the mid 20's at the minimum.

Just my hunch.


I guess once this options expiry is out of the way the more clarity and stable things will become.

The technicals are showing a potential get ready or take a position potential as well.


PXG Daily and Weekly > http://www.imageurlhost.com/images/ei98hz51e1lyupvg3yb_PXG.png

[JBmurc]

Well damned if we do, damned if we dont, JB.

It appears the floor on this one is about to collapse in the next few days.

Meaning, we really need to get this option thing out of the way, and then have the company start to talk, or communicate with the Market, PR, or anything.

Waiting for the end of march to get a resource upgrade in this market is like riding the roller coaster from hell.

Thought many more would see the value in this stock but it appears they have made a exit instead.

Option Prices on the OA's are now creeping down JB, so will you be in the market for more?

No got my fill be great buying though at 10c think once the opts are out of the way the SP should get some direction ....seems like the floor round these levels ..how many times in the past have we been at these levels to then be closing in on the 30's weeks later.. In all I'm very confindnt PXG will reward (as to why I hold the long dated opts) really when you see their 1.6moz resource is so shallow only down to 90m (majority of the time gold grades increase at depth) It's not going be hard to see the resource double in size by just drilling deeper ..then we see they have further hit along strike well thats adding in even more resource....it's only a matter of time to a bigger player comes knocking..

[drillfix]

Fair enough JB.

I also agree that its just another spin of the wheel (chart in this case) and with Patterson's doing this underwriting does not help as this adds to the frustration, but then the underwriting did give some confidence in a potential turbulent time.

PXGO is no longer trading as of next Tuesday I believe (21st of Feb) as to my knowledge those options expire on the 28th of Feb so therefore close shop trading wise 1 week prior, so for those who hold PXGO convert them soon or Patterson's will take them from you for zip and at 19c unlike the 20c you have to pay.

Still feeling the time warp of February, as this month seems to be dragging its feet whilst January for whatever reason seemed to totally whip past like the blink of an eye. Weird hey~!

Some more news from the Co also would be good, however the chart is still showing some signals preparing to roll as if in some ways it knows the options are being converted or expiring in the coming days. Wonder if we will start to see some volume and climbing sp or even a POG movement as it seems to be consolidating atm whilst EU plays austerity ping pong with Greece.

[soulman]

Here we are Drill. I think the spruiking is coming. I don't think Patterson would want too many PXG options on their balance sheet.

[drillfix]

Here we are Drill. I think the spruiking is coming. I don't think Patterson would want too many PXG options on their balance sheet.


Spruiking? Not sure what you mean there souly.

Do you mean pump or a dump?

The technicals on the daily shows it is prepping for a slight move up eventually, but once the PXGO's are off the trading list then Patto's have no concern and then there is only the FPO and PXGOA's which also seem very tightly held as JB can testify.

Are you holding any soulman? Or considering what might be coming up in the next week with the closure of PXGO's.

I think they stop trading tomorrow or at the end of close tomorrow.

[soulman]

I am holding Drill and just exercised quite a few PXGO. So I got vested interest.

Got the PXG for 22.5 and overpaid (hindsight) for the options at 4 cents.

PXG are FA solid.

[drillfix]

I am holding Drill and just exercised quite a few PXGO. So I got vested interest.

Got the PXG for 22.5 and overpaid (hindsight) for the options at 4 cents.

PXG are FA solid.


Yes indeed FA solid souly, and looking forward to hopefully an explosive resource upgrade.

Add:
Forgot to also mention that holding both the OA's and the fully paids feels odd to me as i am not used to holding a stock this long but am quite committed to giving it a go with PXG as they are cashed up and good news comes closer each day that passes.

[JBmurc]

Yes indeed FA solid souly, and looking forward to hopefully an explosive resource upgrade.

Add:
Forgot to also mention that holding both the OA's and the fully paids feels odd to me as i am not used to holding a stock this long but am quite committed to giving it a go with PXG as they are cashed up and good news comes closer each day that passes.


It's hard not to be bullish on PXG they cross off so many positives for a Explorer
i.e
-Location-----Heart of GOLD country W.A surrounded by Gold miners
-Depth of resource-----shallow 1.68moz near surface
-Upside to resource-----huge just look at how much drilling is planned next few years
-Mgmt ----PXG team are already on fire with result to date
-Funds----opts funds + Toll treatment no need to raise any extra any time soon
-Outstanding Shares---Low overall number of shares to value of resource
-Analyst etc---PXG was rated in AUS paper one of the best micro gold plays on the ASX

[drillfix]

-Analyst etc---PXG was rated in AUS paper one of the best micro gold plays on the ASX

Some excellent points previously made indeed JB, but the market does not seem to think so at present which is showing in the sp, IMO.

Just picked up another small parcel of OA's @10c as well, however the fully paids are dragging their feet as PXGO now down to 1.2c. Would be good buying if you are keen to convert, which not you can pay via bank transfer.

This is the last day the options (PXGO) will trade.

Here is hoping we get this show on the road and start to see less games and more reflection of value in the company by means of showing it in the sp.

[JBmurc]

Some excellent points previously made indeed JB, but the market does not seem to think so at present which is showing in the sp, IMO.

Just picked up another small parcel of OA's @10c as well, however the fully paids are dragging their feet as PXGO now down to 1.2c. Would be good buying if you are keen to convert, which not you can pay via bank transfer.

This is the last day the options (PXGO) will trade.

Here is hoping we get this show on the road and start to see less games and more reflection of value in the company by means of showing it in the sp.

-No the market is a funny beast at times I'm sure many a watchlist's will have PXG on the list ..

..with so much Gold resource in the ground and such a large drilling program well funded it's a real sit back and hold investment for 2012 the Deeper drilling could well be the match that sparks the SP to break away from 30c onwards to 50-60c imho when you go over their drilling results deeper you go the better the grades ..

the mutiable toll treatment deals yet another catalyst to help keep well funded to DFS or more likely ripe takeover position

[trackers]

Just need to wait for these options to be converted, and people to see the subsequent cash position (through option conversion and toll treatment program) plus the new JORC etc and we'll be off.. All good

[drillfix]

Just watching the close of the PXGO options and I thought there would have been a bit more dumping on close but Nope~!

A seller for 546 options at 1c and the rest at 2.2c

Only small volume today on these O's but now I guess you can watch all your Options Grow like grass now JB :P

[JBmurc]

Summary: New Self Funded Explorer
24
•Motivated team in place that is delivering on strategic targets
•Highly successful drilling campaigns growing Resources
–Target +2.5 million ounces by Dec 2012
•Cash flow from stockpiles and mining progressively larger open cut mines
•Complete Feasibility Studies on flagship projects
– Convert Resource to + 500k oz in Reserves
•Build 5+ year life of mine plan at +100k ozs pa
•Very attractive metrics on an EV/resource ounce basis
•February 2012 options in the money and underwritten, $7.2m value
•Well funded to complete the drilling program and development plan
•World class shear zones untested at depth… new discoveries

[soulman]

Bought a few more PXGO at 1.2 today. Will be calling CPU for forms tomorrow.

I still have the gut feeling PXG will be in the mid to late 20's before the end of this week.

[drillfix]

Bought a few more PXGO at 1.2 today. Will be calling CPU for forms tomorrow.

I still have the gut feeling PXG will be in the mid to late 20's before the end of this week.

The daily chart has been just waiting for the option expiry to be over and done with Souly, so lets see what this and next week brings technically :)

Also,
Some of the users on that other forum mention that if you phone the company, you can get a direct deposit details from them to speed up the conversion process.

Or, just download the Options conversion form on the PXG front home page or right here on the link below:

PXG Conversion Form > http://www.phoenixgold.com.au/media/27410/110902_pxg_options_exercise_form_28_feb_12.pdf

[soulman]

Thanks Drill for the heads up on the form.

I thought it was a bargain and definitely the sellers today at 1.2 does not want to fork out 20 cents a piece for their oppies.

In a way lucky to get all the option at 1.2 because the bidders came in the last few hours.

[drillfix]

No worries about the form. But dont forget if you want to fast forward then just phone the company and they will give you an account number for electronic payment to save other bits and pieces that need to be done.


Good buy on the options though Souly, and if anybody can bag the 52 week low then it would have to be you, LOL :P

[soulman]

Nice little closed today at the high but not on big volume.

If the punters come in tomorrow, we could see 27 cents tomorrow.

[trackers]

Take a bow Soulman, great picking.

PXG has been marking time for a while now, waiting for those oppies to get out of the way

[soulman]

Thanks Tracks. So far so good. I see you hold DGR as well. Would have been great if I bought for 10 last week but just didn't pull the plug.

[trackers]

Cheers Soulman, wish I had more... I have had bids for more in the low 9's that came excruciatingly close to being fulfilled in the last week, but no dice. Still, can't complain

[drillfix]

Good to finally see a pulse beating in this stock, which eventually lead us to a resource upgrade which also should see this stock re rate however its a question of when will it make a move to do this, surely prior to any Ann being issued, yet I think we will see a burst to new highs and a flash move of the PXGOA options, which are the only other listed traded exposure to the stock.

No doubt a significant rise in both of these will signal this anticipation towards such upcoming Ann.

Plus not forgetting the recent jump in the gold price :)

[JBmurc]

Did you see in the RIC presentation at the EV/resource valuation chart PXG is currently only be valued at $13
the average was $173 making PXG the second lowest EV/resource value out of 38 other ASX goldies

CVR EV/resource is also round the same level but will be production soon


Got to like the guys involved---

Dale Rogers – Non Executive Director (Chairman)
– Mining engineer with almost 30 years experience in project development, operations and financing. Developed and managed operations in Australia and overseas.
Clay Gordon – Non Executive Director
– Geologist and mineral economist with 25 years experience in gold mining, business development and project valuation in Australia and overseas. Current Chief Geologist and MD of Mining Assets.
Jon Price – Managing Director
– Metallurgist with over 20 years experience in the gold sector. Developed several new open cut and underground operations near Kalgoorlie and project managed milling and heap leaching projects in Australia and overseas. Former GM at Paddington and St Ives gold mines in the Goldfields.
Ian Copeland – Geology Manager
– Geologist and Mining Engineer with over 25 years experience in the Goldfields region. Worked as Geology/Exploration Manager with Barrick Gold, Goldfields Ltd and Placer Dome with vast experience in the Kunanalling/ Zuleika project area.

[soulman]

Bought a few more PXGO at 1.2 today. Will be calling CPU for forms tomorrow.

I still have the gut feeling PXG will be in the mid to late 20's before the end of this week.

Right on 25 cents. That 5 mil PXG shares that crossed on Thursday got me intrigued. Just a normal cross or a major gold miner got interested for a 5% stake.

I feel PXG (along with you JB) will get a forward movement once the PXGO options gets out of the way.

[drillfix]

Right on 25 cents. That 5 mil PXG shares that crossed on Thursday got me intrigued. Just a normal cross or a major gold miner got interested for a 5% stake.

I feel PXG (along with you JB) will get a forward movement once the PXGO options gets out of the way.

I can relate to that Souly, 5 Million PXG shares being crossed (considering the qty of shares on issue) certainly will have some significance, yet there seem to be a few sellers up the ladder whom want to try to keep a lid on things it seems.

Good points about the management also JB as this always has been something that has given me the shakes however these guys are each instrumental in their fields.

Last thing is, I dont hold many stocks for longs as having turned to more day and swing trading, I do get frustrated and bored having money parked in shares that don't move however I believe this resource up grade will change this and once we get out of this "range" that zigzags back and forth the better.

Will certainly be adding to my position on a breakout, and others should take note that PXGOA which has a 25c exc price and a very long expiry are VERY difficult to get hold of large parcels, and I forsee these options being at a premium to the sp upon any breakout.

One day at a time and looking forward to each week a head :)

[soulman]

Seems you and me are the same, probably along with other IG trader. Nothing worst than buying a stock and it sits there. Patient is the key to the game and that's one thing I need to improve on.

Capital protection and risk and money management all part and parcel of successful trading. Be great to have lots of capital so we can be patient but unfortunately, we are not all born with a silverspoon like the Rinehart, Packer and Murdoch. Funny about those 3 and Bruce Gordon as well (all billionaires). They all boughts stakes in Ten at certain times and all are underwater. That was said in the Alan Kohler Inside Business show this morning.

Drill, you just holding the PXGOA and not the ordinary shares?

[drillfix]

Drill, you just holding the PXGOA and not the ordinary shares?

Holding both PXG & PXGOA but always adding to both on any weakness although PXGOA are as tough as a bag of nails to get at 9c which is where I entered initially.

Agree about the capitol protection Souly, as over the years I have changed my tune quite a bit and dont care for being Gazillionaire or the get rich quick thing as its also easily lost as well, however I do care about remaining in the game and build form strength to strength as time goes on, taking what I need, when I need to to solve the problem of the day or week, month or year even and with hopefully fewer painful experiences that I have already undergone.

// violin music now off :P

[soulman]

All good there Drill. Being in the game is what investing and trading is all about. Survival of the fittest.

Dale Gillham from Wealth Within said that 80% of traders lose money and quit within 12 months. 10% make money and 10% break even. Not sure how close he is to that conclusion.

Your strategy seems to be on the right track Drill and lets hope PXG brings us all wealth and happiness.

[soulman]

Just a disclosure I have sold all the PXGO converted into ordinary shares at 25 on Friday, the day they were allotted. Plus also good to see the cheque got through for my next lot yesterday, saved me a lot of heartache and uncertainty and phone waiting. I will keep these lot for upside.

Just amazing the market ATM.

[JBmurc]

Sounds like the latest Stock Analysis by Peter Strachan 29/02/12, issue 48. has a piece on PXG

The main heading reads 'Next Big thing in WA Goldfields' and suggests a target price of .62 ahead of any additional resources..........sounds good to me was going be happy with 50c but hey not going complain if with additional resources PXG SP heads much higher

[CMo]

to quote the article... "With an EV to Resource ounce of just $17 per ounce, Phoenix ranks well below its peers. Ongoing successful exploration results, combined with adding clarity towards
project feasibility should boost ranking towards that of Peers. A ranking of $50 per ounce sets an achievable target of $0.62 per share for Phoenix, ahead of any addition to Resources.

... although the caveat is "The company will generate a steady stream of news from drilling and the sale of non-core projects, which should ensure steady price appreciation, provided that the gold price and the market hold up."

[drillfix]

provided that the gold price and the market hold up."

So very true.

The last thing PXG needs is the markets falling to sh#t and then once they announce their resource upgrade nobody cares.

Its good to hear such articles coming out, and to be honest I hope the company keeps their foot on the PR pedal or promotes this pretty hard so the interest in the stock becomes more solid to endure any sagging markets.

Would also be good to read that article in full should anybody eventually get hold of a link, or screenshot of it (Hit PrtScr) and paste it as an image file and save it as a .JPG or something so we can even view it as an image.

[soulman]

Announcement will be out soon on the option taker and the number Patterson have to take from the shortfall. Will be interesting to read. The option does signify a third of PXG current shares on issue. 33 mil PXGO compares to just under 100 mil PXG ord shares.

Here's a thought.....If Patterson does strike up a deal with NGF for a stake in PXG, watch PXG shares take-off....only if the shortfall is massive.

Just a dream or maybe a reality?

[CMo]

Have got a PDF of the file... will get some JPEG's knocked up and posted here... Alternatively drop me a message with your email and I'll forward the full newsletter to you.

[drillfix]

Have got a PDF of the file... will get some JPEG's knocked up and posted here... Alternatively drop me a message with your email and I'll forward the full newsletter to you.

Hi CMo,

There are a few free sites (join with email and password) that you can just upload it and it will provide you the link which you can copy and paste for everybody to click freely.

Try either:

http://uploading.com/

or

http://www.filedropper.com/

or

http://www.filefactory.com/

[CMo]

I like the look of this file dropper!
Cheers DF.


http://www.filedropper.com/stockanalysisissue48vol8february29th2012

PDF of the Stock Analysis file forwarded from Jon Price at Phoenix.

[yabster]

Theres also microsofts skydrive site (25gb) free storage and dropbox.

[drillfix]

I like the look of this file dropper!
Cheers DF.


http://www.filedropper.com/stockanalysisissue48vol8february29th2012

PDF of the Stock Analysis file forwarded from Jon Price at Phoenix.


Good work CMo, and good to see that PXG gets like a 2 page spread out of a 8 page report.

Thanks a heap :)



ps: The guy on the the Stock Analyst Report says the the following:

Code PXG
Shares 146.1
Options 54.7@ 26 cts <<<<< That should read 25c should it not???
Price 0.235$

Any subscriber to this report should email them their typo mistake.

[steve fleming]

Here's a thought.....If Patterson does strike up a deal with NGF for a stake in PXG, watch PXG shares take-off....only if the shortfall is massive.


Now that would be a really interesting outcome, has there been rumours about this being a possibility?

PXG already have their ore supply agreement with NGF's Paddington mill (taking place this quarter) so obviously NGF has excess capacity and could do with securing additional inventory , and NGF are pretty cashed up.

[soulman]

Now that would be a really interesting outcome, has there been rumours about this being a possibility?

PXG already have their ore supply agreement with NGF's Paddington mill (taking place this quarter) so obviously NGF has excess capacity and could do with securing additional inventory , and NGF are pretty cashed up.


Don't know about pretty cashed up SF. NGF are probably right on even kill ATM. With more cash to come from their coal sale, NGF might be tempted to take a stake in PXG, then offer an attractice scrip offer for PXG. The problem is that NGF shares is struggling ATM at below 20 cents. The chinese (Zijin) might be looking for the lot of NGF too.

PXG, IMO should have a valuation with at least a 5 in from of it.

If PXG have the same valuation as GOR, then PXG will be about a buck today.

[tricha]

Don't know about pretty cashed up SF. NGF are probably right on even kill ATM. With more cash to come from their coal sale, NGF might be tempted to take a stake in PXG, then offer an attractice scrip offer for PXG. The problem is that NGF shares is struggling ATM at below 20 cents. The chinese (Zijin) might be looking for the lot of NGF too.

PXG, IMO should have a valuation with at least a 5 in from of it.

If PXG have the same valuation as GOR, then PXG will be about a buck today.

NGF have plenty of cash at their disposal, 40 odd million.

They are spending 37 million over the next 2 years doing, what PXG has been doing. Drilling.

The big difference is, they have a milliing operation, PXG has none. Without a mill, PXG's 1.8 grams per ton, will not cut the mustard.

NGF have just recieved 5 million from coal sales, they are paying of debt, not building a war chest.

http://www.stocknessmonster.com/news-item?S=NGF&E=ASX&N=240213

Think again.

[JBmurc]

NGF have plenty of cash at their disposal, 40 odd million.

They are spending 37 million over the next 2 years doing, what PXG has been doing. Drilling.

The big difference is, they have a milliing operation, PXG has none. Without a mill, PXG's 1.8 grams per ton, will not cut the mustard.

NGF have just recieved 5 million from coal sales, they are paying of debt, not building a war chest.

http://www.stocknessmonster.com/news-item?S=NGF&E=ASX&N=240213

Think again.

1.8 grams is now the norm in many new larger discoveries what will really affect costs is at what depth(I'd much rather have 1.8g/t within 100m to surface than 3g/t from 500m-300m below surface etc) also how easy it is to extract the gold from the ore,as too why we are seeing the toll treatments which will give PXG a great idea on the likely costs and best style of gold plant to design and also great cashflows to pay for further exploration / DFS without dilution ...PXG goal is 2.5moz resource by DEC 12 I'd say they will likely do even better ...long term 2013/14 3moz-4moz is likely we you see how shallow the drilling has been (NGF have 5.9moz resource)
At only 25mill PXG is a cheap way to increase resources esp if it keeps growing the resource base as it has been doing

I do like NGF missed out buying a few in the mid teens

[soulman]

Tricha, that NGF cash is from a debt facility, not cash on hand.

NGF got 5 to 6 mil ounces at their disposal. A tilt at PXG is my pure specs, not even noted in the press. Only because of their offtake agreement.

I am still waiting for my last PXGO to be allotted. The first few got allotted on the 23rd Feb and I have sold those for 25. These last one, the cheque were cashed in on the 27th Feb. I am sure Patterson and PXG is still looking to finalise the numbers. It could be a high number. Not sure why wouldn't anyone want to exercise them. Still waiting for the announcement.

[drillfix]

Morning folks,

Anybody see this new broker report on the companies website as they announced today? (I cant see it anywhere)

Nice to also see an International roadshow presentation underway.

This should see a gradual surge in the sp building up to the resource upgrade, which I think JB has mentioned is due before the end of March(?).


ps: In all its new announcements the company also needs to remove the PXGO on the left side of the page as they no longer trade as we all know.

pps:
Still nothing on the companies website. No wonder the sp is falling. Plenty of pissed off people who go to read such mention only to discover you have wasted my time.

Have emailed the company about both incidents.

[drillfix]

Will give Jon credit for speed in communication.

All within the hour I get an email with the report and he also advises the template on asx listings are now being fixed.

Pheonix Gold's site is also now updated:

Report as follows: > http://www.phoenixgold.com.au/media/30339/strachan%20corporate%20research%20report%20march%2 02012.pdf

Snippet:
---------------------------
Valuation
With an EV to Resource ounce of just $17 per ounce and market cap to Resource of $21/oz, Phoenix ranks well below its peers. Ongoing successful exploration results, combined with adding clarity towards project feasibility should boost ranking towards that of Peers. A ranking of $50 per ounce sets an achievable target of $0.62 per share for Phoenix, ahead of any addition to Resources.
---------------------------

Good sign, so all we need now is this resource upgrade and some institutional buying :P

[drillfix]

Reading some of the HC thread it seems that there are some who feel 12.5c is too expensive for these PXGOA options and want them for 10c and lower.

Well, I got some news for them, once the resource upgrade is announced they will wish they bought them at 13c because its neither here nor there once a surge up occurs.

They dont see that there is less options and the more they become bought the less available there is so in many ways by paying a premium many who do seem to assure themselves the volume they need rather than the nit picking for the occasional 10c PXGOA which may, or may not be seen again.

Have emailed Jon asking a few questions with regards to eta on a RU and the start and end of such International Road Show.

[JBmurc]

Very good Drilly , yes I don't think the OA are expensive in the context of where PXG is at and will be 6-12months from here(but also if you didn't know much about PXG they wouldn't look cheap) .........really liked the Finance News Network interview with Jon price gives a great impression of running a very professional operation with a clear path to increasing resources/reserves and funding own production..

[soulman]

Saw the latest Appendix 3B. I suspect just over 6 mil PXGO not exercised. Does that mean Paterson got a hold of these options for 20 a piece? No announcement but maybe no need to.

[drillfix]

Afternoon folks.

With regards to PXG I found it quite easy to get my questions answered from Jon Price directly as he is quick to reply.

So, I will share a few of brief questions and what reply I got promptly to them with only minor editing.


Q: International Road Show will start and expect to finish?
A: Roadshow commenced yesterday (9th March) in Zurich, finishing 19th March.

Q: Resource upgrade before the end of the month?
A: Drill results expected in the March quarter, a Resource update in the June Quarter after modelling and validation

Q: Continual seller it seems, is there a main shareholder selling?
A: Major shareholders not selling but funds buying from multiple sellers from what I see.


More results on the way and funds are buying when they can for what appears to be wanting a low entry without having the price run away on them as yet.

The nearer the end of the Roadshow should see more interest and more funds jump onboard thus a gradual expected rise over the next 2 weeks, IMO.

So, there you have it~!

[JBmurc]

ISSUE OF UNDERWRITTEN SECURITIES COMPLETE
Phoenix Gold Limited (ASX: PXG, the "Company”) advises that today it has completed the issue of 35,824,108 fully paid ordinary shares to raise gross proceeds of $7,164,821.60.
The new shares relate to options, exercisable at 20c and expiring on 28 February 2012, issued as part of Phoenix’s Initial Public Offering in December 2010. A total of 29,657,061 or 82.79% of these options were exercised by holders. The balance was converted to new shares pursuant to an underwriting agreement with Patersons Securities Limited announced on 12 December 2011.
Funds raised from the exercise and underwriting of options will be used for the Company’s 50,000 metre exploration and resource development program at its Castle Hill, Broads Dam, Ora Banda and Kunanalling gold projects near Kalgoorlie, Western Australia and general working capital.
“We are extremely pleased to have received such a high take up rate of the options which places the Company on an excellent footing to continue to deliver on our strategy of consolidating this highly prospective area and expanding our growing resource base,” Phoenix Managing Director Jon Price said.
“We welcome a number of new funds and shareholders to the register through the Underwriting Agreement and look forward to growing the Company for the benefit of all shareholders.”

[trackers]

Very happy with 82%

[soulman]

Looks like the KMC toll treatment for PXG will be put on hold since KMC has been out of action for sometimes. Suspended since Feb 20th.

KMC bought ARD Bullant Gold Mine via scrip, KMC scrip distributed to ARD shareholders for the mine. KMC in trouble for the purchase of the Bullant mine in a space of 9 months. I luckily sold my KMC shares for 15 cents and 11.5 cents from the ARD distribution.

What a world, in the mid's of high gold price, KMC, NAV, AXM all collapsing.

Tracks, I figured you are happy with the 82% take-up of the PXGO. But why not 100%. PXG was 24 cents on the 28th Feb. That a 20 percent buffer and a sure premium.

[JBmurc]

Looks like the KMC toll treatment for PXG will be put on hold since KMC has been out of action for sometimes. Suspended since Feb 20th.

KMC bought ARD Bullant Gold Mine via scrip, KMC scrip distributed to ARD shareholders for the mine. KMC in trouble for the purchase of the Bullant mine in a space of 9 months. I luckily sold my KMC shares for 15 cents and 11.5 cents from the ARD distribution.

What a world, in the mid's of high gold price, KMC, NAV, AXM all collapsing.

Tracks, I figured you are happy with the 82% take-up of the PXGO. But why not 100%. PXG was 24 cents on the 28th Feb. That a 20 percent buffer and a sure premium.


yeah I was also a ARD holder round the time of the Bullant mine purchase was never real confident of the low resource base underground play and was stoked when ARD got rid of KMC and Bullant and I'm sure many ARD like yourself Soulman sold their KMC shares ...I ended up selling out of ARD round 24-25c paid av 18c ish still like to keep an eye on ARD they'll have their day ...

I even at one point I did some very successive couple week trading of KMC/KMCO returned 20%-80%+ profit ...never like as a longer term hold,,,,

also good to see your also on board CVR trackers should see 100-200% before the years out

[trackers]

Hope so JB! For CVR, seems like the real hard work is over and everyone just needs to be patient and wait for the gold to pour out probably a bit boring for some investors given the state of the oil/gas scene at the moment, but profit will eventually do the talking as it always does!!

Soulman, 100% option exercising would be great but it never happens when options are held by any more than a few holders... The options were only worth a couple cents, over time people who got them free or near free could forget, or exercise to a rounded down amount, or just simply not afford to be able to whack 20c extra on top of the amount they paid for them (they'd have to stump up at least 5x their original investment to exercise them all).

90% take up would be amazing, 82% is pretty good. Glad you guys got out of KMC ok, what a shambles there... I also find it pretty hard to believe how poorly gold stocks are doing with hold pretty steady at US$1700 / oz. Gold stocks were doing far better at 1200!

[JBmurc]

Or even $500-700oz there was a real buzz round the gold sector of course helped by a pre-GFC Bull market ,good credit low fear levels ..but today some good gold stocks like PXG aren't even being valued at fair levels of 6-8yrs ago

[drillfix]

Whats with all the dumping?

It looks like Jon Price is not viewing his own stock through the same eyes as others, as this is not "funds buying from multiple sellers" but rather it looks like funds selling to multiple buyers instead. Dont ya think?

Plus you would think with upcoming news there would be something to continue to hold for, so why the sudden weakness.

[JBmurc]

Whats with all the dumping?

It looks like Jon Price is not viewing his own stock through the same eyes as others, as this is not "funds buying from multiple sellers" but rather it looks like funds selling to multiple buyers instead. Dont ya think?

Plus you would think with upcoming news there would be something to continue to hold for, so why the sudden weakness.

Yes just over mill sold someone needs their funds out ...pattersons ? , some good drill results would be good ....

[drillfix]

Yes just over mill sold someone needs their funds out ...pattersons ? , some good drill results would be good ....

Perhaps its the Resource Capitol Fund as they seem to have lodged a Ceasing to be a substantial holder form today also.

However, why would such a fund though bail now on pending news and resource upgrade within a couple of months?

Well some results would be great, but is a little tricky on proving that its actually patto's who is selling.

Plus I hop that this Roadshow that currently is in Zurich which is still going until the 19th March and also stirs up some vast interest in PXG as it really could do with a break out eventually.

[JBmurc]

The Resource cap fund only decreased holding because of PXGO exercising increasing the amount of shares on offer ..

--good to see the 24c close and the weakness in the offers round those levels ..still reckon it will be patto's selling a few they have 6mill so
might need some bigger boys to buy up their lot

[soulman]

The dumping comes from some of those that stump only 20 cents for the PXGO. Patterson's client I suspect. Nice hit and run for a quickie.

Should run after those sellers are out of the way.

[JBmurc]

The dumping comes from some of those that stump only 20 cents for the PXGO. Patterson's client I suspect. Nice hit and run for a quickie.

Should run after those sellers are out of the way.

yes and shouldn't take long with some decent volume buying--- today 1.4mill volume

[drillfix]

Looks like they just dont give a sh#t about what price they dump at.

Would have thought there would have been a bit more order in selling into any up moves but obviously not.

Also, I think Jon's comment about funds buying is non-sense, this looks like more Funds Selling than buying looking at the numbers or sizes of sell orders.

[JBmurc]

yes that's Patto's clients for you remember Patto's take a 5% fee as well so really get shares at 19c each but least they only got 6mill and not 30mill odd .....really got to forget about the next couple weeks or at least till exploration drill results are announced in the mean time some of the patto clients that got the shares at 19-20c(most likely patto's takes 1c fee per share so clients get at 20c) will be happy to sell for a quick 15-20% profit most the clients wouldn't give a sh#t for PXG only how much quick cash they can make..

[drillfix]

Well yes I realise that JB, but if they continually keep hammering this down as they are, there will be no profit for them.

Meaning what is the point as pretty soon they will be at a Loss to them if they are not careful.

Or, where is the support from the management with their so called Roadshow??

Start to look like a waste of money as most successful Roadshows I have seen usually drive the price up nicely.

[JBmurc]

yes well we will see in the mean time PXG have a large cash balance and 50,000m more drilling to go to get to the goal 2.5moz with 500koz reserves ----back in 03 the average takeover price per oz of gold reserves was $321oz USD this was the average of over 50 takeover's during the early boom in the gold price over 400oz to 500oz that the fact is most likely PXG will be taken over...

$321 x 500,000= 160.5mill ----PXG is currently worth 25mill I don't really care what the SP does in the short term because if PXG can repeat there history of outperforming targets 500%-600% min SP returns will make it worth waiting and thats using the old $321oz average price

[JBmurc]

HC Alex posted--- on kmc thread

They are talking 0.5-1.0c raising $8m valuing all of KMC equity at $1.5-$3.0m. It's a devastating crash landing for KMC shareholders. PXG is the Cornerstone underwriter and may emerge with effective control but not 51%. Anyone's guess when they will decide to mop up the rest.

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


If this is the case could PXG be after KMC plant ,crushing circuit get the foot in the door etc or get a better deal on a toll treatment ??....

-Going from the last Qtr PXG made 450k from toll treatment so if increased could well help pay to takeover KMC

should know soon enough if this is true or not personal don't really think PXG need to as I see them as more of a takeover play themselves than going into short term production themselves..

[steve fleming]

HC Alex posted--- on kmc thread

They are talking 0.5-1.0c raising $8m valuing all of KMC equity at $1.5-$3.0m. It's a devastating crash landing for KMC shareholders. PXG is the Cornerstone underwriter and may emerge with effective control but not 51%. Anyone's guess when they will decide to mop up the rest.

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


If this is the case could PXG be after KMC plant ,crushing circuit get the foot in the door etc or get a better deal on a toll treatment ??....

-Going from the last Qtr PXG made 450k from toll treatment so if increased could well help pay to takeover KMC

should know soon enough if this is true or not personal don't really think PXG need to as I see them as more of a takeover play themselves than going into short term production themselves..

I can see why PXG may be interested - their whole MO is about consolidating tenements around the two Kalgoorlie shears, and the KMC Bullant project is pretty much adjacent to PXG's Broad Dams and Ora Banda tenements. So notwithstanding any benefits from expediting production, from a resource consolidation point of view it makes some sense.

I trust that the PXG directors are smart enough to know what mess they are potentially getting themselves into (and how it how may impact their clearly defined pathway to production that they so often refer to) in the event that this rumour is correct.

But i agree this uncertainty is likely to be negatively impacting PXG;s share price at the moment.

[JBmurc]

yes hope if they do front with 2-3mill of investment that they get the rights to the plant if it all goes tits up

[drillfix]

JB, It looks like they dont need to buy a mill for things to go tits up.

As its not looking to good now is it!

I think Jon Price needs wear glasses as there is Major Selling and ZERO funds buying from what I can see.

[JBmurc]

think this will be the bottom of the PXG SP right now (unless gold goes way south) PXG won't be going tit's up anytime soon with a healthy balance sheet of cash nil debt low outstanding shares ...

just think 2.5moz+ resource 500k reserves by DEC 12 --9 months away.....

thats $10 per oz resource $50 per oz in reserves at current market value

and going from history I'd say the PXG boys will surprise us with even better results..

but if you really think it's all bad for PXG drill you should sellout personal I wish I had some spare funds to buy some more PXGOA

[drillfix]

Not going to offload now JB as there are results due out next week or the following, as we all know.

I realise there are great things about what PXG has going for it, but there are somethings that just dont add up to why the company gets a wipe of 20% its value off it for no actual reason, other than a couple of so called rumors about a mill.

Plus as we know, there is a roadshow that is apparently promoting the company over in Zurich which goes to the 19th of this month so either somebody is not presenting with Heart and Confidence or they are just getting paid by the hour to task ****e, which I hope they are not. As one would have thought there would have been many Europeans taking a stake or more interest in this play.

[drillfix]

Wonder what happened to Clay Gordon that he needed to have an operation?

That was out of the blue bu tit appears he converted some options of which he sold some shares to cover this.

Surely more news re- results must be not too far away as within the next 2 weeks.

Hope there is something special in there, as this ridiculous selling has got to stop sooner or later.

Anybody here bailed as yet or all still holding tight for the upgrade?

[slimwin]

Holding with white knuckles.

[soulman]

WTF is wrong with PXG. Seriously.

[trackers]

Smallcap goldies are a perennial disappoint at the moment, even with strong gold prices... Reduced my exposure to PXGOA a couple weeks ago as uncertainty started re their relationship with KMC.

I'm sure these guys will have some good news soon though... Tempted to buy some heads

[JBmurc]

Smallcap goldies are a perennial disappoint at the moment, even with strong gold prices... Reduced my exposure to PXGOA a couple weeks ago as uncertainty started re their relationship with KMC.

I'm sure these guys will have some good news soon though... Tempted to buy some heads

Yes we really need mgmt. to announce some positive operations and a ya or nay to a deals with KMC the no direction has smashed us of late

[drillfix]

I thought this EU Roadshow may have shown some serious interest, but it looks like I am completely wrong.

JB,
You are a top 20 option holder of PXG.

Why dont you send Jon an email regarding why the ongoing decline in sp as late.

The sp has devalued near 25% since I emailed him and the last question I completely disagree with him.

I thought this company was actually honest and transparent, but its starting to look like it is not as surely somebody knows something and anybody who has been in the market long enough has lived through these type of actions previously.

Very frustrated and now disappointed with Management and their silence.

We need answers, and soon~!

[JBmurc]

I thought this EU Roadshow may have shown some serious interest, but it looks like I am completely wrong.

JB,
You are a top 20 option holder of PXG.

Why dont you send Jon an email regarding why the ongoing decline in sp as late.

The sp has devalued near 25% since I emailed him and the last question I completely disagree with him.

I thought this company was actually honest and transparent, but its starting to look like it is not as surely somebody knows something and anybody who has been in the market long enough has lived through these type of actions previously.

Very frustrated and now disappointed with Management and their silence.

We need answers, and soon~!

Yes I agree and will do

[drillfix]

WTF is wrong with PXG. Seriously.

I can relate to how you feel Souly.

PXG is my only hold long play but if there is no rational answer to this by management then I guess I will be on my way.
Yet saying that, this is the exact thing that many want us to believe and happen because usually once you sell, it takes off again.


JB,
Thanks for that, I too will send Jon an email asking why and he better not say he cannot see sellers and only buyers.

Cheers~!

[drillfix]

Yes I agree and will do

Email from me sent with a few questions both about SP concerns and what interest has come from such Roadshow.

Will post back my findings.

[JBmurc]

wow bids 19.5c never ever thought to see sub 23c after the successive raising

yeah sent my e-mail to jon who usually always reply's straight away but I'd say he's prob got more than just a few e-mails of late hopefully enough to make sure any idea of helping out KMC failed operation is put away..

lets just focus it getting the 2.5moz resource for a start and work on the other toll treatment deal to keep the bank balance healthy

[slimwin]

Boy,what was in those emails?! SP has had a turn for the better today.

[drillfix]

Boy,what was in those emails?! SP has had a turn for the better today.

Just the usual stuff Slim.

Some results should be issued quite soon as Jon Price has mentioned in the previous email.

The sp is is starting to show in the anticipation gradually so hopefully results will surprise us all.

[CMo]

Two steps forward, three steps back.

20c now.

Could do with a very healthy ann. this week.

[drillfix]

Yeah its kinda in Park Mode at the present it seems.

But such tiny volumes dont really mean much if anything that it may be partially symbolic.

There must be news this week, but if price and volume is anything to go by then looks like we may need a more upbeat grades or results in such announcement to push this on.

[JBmurc]

Carrick sells non-core Kalgoorlie-West tenements
 Agreement reached on the sale of Carrick’s non-core Kalgoorlie-West tenements to Phoenix Gold Limited.
 Carrick firmly focused on developing the LKK project to first production in late 2012.
 Funding capacity further enhanced.
Carrick Gold Limited (ASX: CRK) is pleased to announce the sale of its Kalgoorlie West tenements to Phoenix Gold (ASX: PXG) for a consideration of $706,000, comprising $350,000 cash plus 1.6M Phoenix shares.
The tenements sold, some 85km2, comprise early stage exploration prospects only. They are remote from the LKK Project (which includes the recently acquired Mt Jewell tenements), which is at the core of the Company’s program of development and production.
The sale allows Carrick to fully concentrate its resources on developing the LKK project to deliver first gold production by the end of 2012.
The recent acquisition of the highly advanced Mt Jewell area added some 490 km2 to the Company’s portfolio and a combined JORC resource of 3.8Mt at 1.53g/t for 185,600oz of gold.
After the sale of Kalgoorlie West, the area held by Carrick totals some 1235Km2. The Company’s total JORC compliant Resource comprises 19.1Mt @ 1.6g/t for 986,400oz Au.
Furthermore, the LKK plus Mt Jewell areas are considered highly prospective for additional discoveries. Significantly, they sit between the three mills in the area, Paddington, Kanowna Belle and Carosue Dam.

[trackers]

Interesting.. .185k oz is pretty large for "early stage exploration prospects".

[drillfix]

Seems to be alot of talk about Carrick in that ann rather than what exactly or it is going to do for PXG and WHEN it will do it.

There already is a lifetime of drilling to be done so some results of current expenditure would be nice to see as we have been waiting for what feels like Eon's it seems.

Jon Price via email did say they would look to buy or consolidate land in the area but only for a good price and without cutting into the drilling funds that currently have been allocated.

Lets now see some results from those allocated funds to get some interest from the broader market as well as this also surely cannot be too far away.

[JBmurc]

well It's better than the KMC underwriting ....Can't wait to thats ruled out...yes drill results can't be far away

[trackers]

"All

Please finds attached our latest announcement.

This acquisition allows us to have a large contiguous holding in our southern tenement area with excellent exploration potential and easier development of mines, private haul roads, water pipelines and milling infrastructure.

The drill rigs are going flat out, we hope to have the next set of results out very shortly and Castle Hill and Total resource upgrade in the June qtr given the changes to our Resource models with the latest drilling.

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd
"

[drillfix]

Good to see some buyers starting to appear in the depth.

No doubt they also know that there will be some results out in the next couple of days~!

ps:
Typical, I no sooner post the above and then seller show up by the numbers also.

[drillfix]

Sure the POG has eased a little but to only where it was previously. So one can only guess that news is tomorrow and with sellers continually selling it back down that somebody must be in the know somewhere.

Perhaps Cr@p results on the way due tomorrow? Is this why such continued weakness, as in a leak from the Lab so to speak?

I have voiced my concerns with JP and he continually see's this as funds buying, well what a load of bollocks and I am finding it surprising that such a person has his blinkers on.

[JBmurc]

Sure the POG has eased a little but to only where it was previously. So one can only guess that news is tomorrow and with sellers continually selling it back down that somebody must be in the know somewhere.

Perhaps Cr@p results on the way due tomorrow? Is this why such continued weakness, as in a leak from the Lab so to speak?

I have voiced my concerns with JP and he continually see's this as funds buying, well what a load of bollocks and I am finding it surprising that such a person has his blinkers on.


Yeah think his getting mixed up with insto selling

[drillfix]

Yeah think his getting mixed up with insto selling

Well agree JB, but why in the world would he say such a thing is the thing that gets me more concerned.

A little support coming in now though not sure how long it will last for as PXG is not the best chart in the world to view as it is showing completely oversold.

This has GOT to change at some stage and if it doesn't then at least it would be good to know why or that its not a secret that only a few fortunate ones can know.

[steve fleming]

Veritas Securities put out some detailed research on PXG a couple of weeks ago.

Target of 55c

PXG have now publicly released this

http://www.phoenixgold.com.au/media/30417/veritas%20securities%20march%201012.pdf

[drillfix]

Veritas Securities put out some detailed research on PXG a couple of weeks ago.

Target of 55c

PXG have now publicly released this

http://www.phoenixgold.com.au/media/30417/veritas%20securities%20march%201012.pdf


Hi Stevo,
Thanks for that update, and good to know that others can feel or put a target of that publically.

What is more concerning for me though is as previously asked why would JP say insto buying when clearly there is continual dumping going on? Its a contradiction really aint it~!

No doubt news should be out soon, and hopefully the results will be Ok to better than expected.

[steve fleming]

Hi Stevo,
Thanks for that update, and good to know that others can feel or put a target of that publically.

What is more concerning for me though is as previously asked why would JP say insto buying when clearly there is continual dumping going on? Its a contradiction really aint it~!

No doubt news should be out soon, and hopefully the results will be Ok to better than expected.

Drilly, one day, hopefully soon! PXG will be at 40c in a blink.

Just needs a catalyst to spark a re-rate. The more that sell out now, the bigger the re-rate.

Institutions are way overrated IMO - much rather have a cornerstone holder or other miner that has real commitment.

[steve fleming]

Veritas Securities put out some detailed research on PXG a couple of weeks ago.

Target of 55c

PXG have now publicly released this

http://www.phoenixgold.com.au/media/30417/veritas securities march 1012.pdf

So Jon Price today sends out/advises the ASX of the Research report, that was released 3 weeks ago and has been on the website since Tuesday.

Better late than never I guess.....

In his email he does say “ Looking forward to updating you on the drilling next week. “

So some news to look forward to....

[JBmurc]

So Jon Price today sends out/advises the ASX of the Research report, that was released 3 weeks ago and has been on the website since Tuesday.

Better late than never I guess.....

In his email he does say “ Looking forward to updating you on the drilling next week. “

So some news to look forward to....

Yes some good market sentiment would be a change

[steve fleming]

I've always wondered who SHL Pty Limited (PXG's largest shareholder) was.

SHL is controlled by Simon Lee, and is underwriting the KMC capital raising with Roger Kwok.

I am assuming that SHL was pressuring PXG to get involved, but when they said no, took on the KMC deal by themselves. Hence the rumours.


Simon Lee, AO
Mr Lee has had extensive management experience with a diverse range of business enterprises in a career that has based
him in Asia, England, Canada and Australia. He was the Chairman of Equigold NL and of Medical Corporation Australasia Ltd,
and was a Director of the Bank of Western Australia Ltd, which are public companies listed on the Australian Stock Exchange
Limited. Mr Lee has held a number of honorary positions which included Board Member of the Australian Trade Commission
(AUSTRADE), Chairman of the Western Australian Museum Foundation Trust and President of the Western Australian Chinese
Chamber of Commerce Inc. In 1993 he received the Advance Australia Award for his contribution to commerce and industry
and in 1994 he was bestowed an Offi cer of the Order of Australia. Mr Lee assumed an executive role in the organisation
throughout the year.

Mr Roger (Sing-Leong) Kwok

Mr Roger Kwok is the Managing Director of Arcadia Group in Perth which specialises in designing, developing and
managing retirement resorts and premium properties. For the last twenty years, Mr Kwok has managed a number of
Australian businesses in the automotive and healthcare sectors. He is a past president of The Western Australian Chinese
Chamber of Commerce and brings significant experience in business relations in international markets, particularly China,
which sources raw materials to VII’s rolling mills.

[JBmurc]

some interest today up 7% should have drill results any day now investors getting set...

[drillfix]

some interest today up 7% should have drill results any day now investors getting set...

Yeah JB, no doubt results must surely be coming close to be issued.

Now I know I have said this before but I am really hoping this company can at least get a partial re-rate with some results yet there still appears to those sellers, who just sit there continually regardless of sentiment.

In the meantime guess we just take the slow train.


Stevo,
Nice post and info on SHL, though I wonder if its them who are containing this stock at present?
As in buying back in but also selling it so the register doesn't look changed?
If it were to be so, then not sure of what agenda except for buying time for somebody or something to happen or sort.

A little out of focus thinking perhaps yet watching the sp of PXG being contained is very real.

[CMo]

Ann. out.

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=PXG

Castle Hill & Total Resource Upgrade Expected June Quarter.

[steve fleming]

Ann. out.

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=PXG

Castle Hill & Total Resource Upgrade Expected June Quarter.


So looking at Figure 2, has none of the "new resource" highilhgted yellow/orange been included in the 559k Oz JORC to date??

Is that correct?

If that is the case, and given the extension targets, this should easily get Castle Hill over the critical 1mil Oz target.

[trackers]

"Please find attach our latest announcement regarding results from the recent drilling at Castle Hill.

The drilling once again had an extremely high success rate with all but 1 hole intersecting significant mineralisation. The consistency of widths and tenure along strike, at depth and now in a new zone of mineralisation to the west clearly demonstrates the potential of the ore body to be at least 1Moz in the first 80 metres from surface with a lot more to come below the 80m. Some of the infill drilling will allow conversion to measured and indicated resource to allow mining studies to be completed to deliver our maiden Reserve.

Drilling is continuing to the east of the resource envelope at Castle Hill to test the western extremities in the basalt. We also have a rig at Broads Dam and will be commencing reconnaissance drilling at Ora Banda. We will be also shortly testing a new discovery area at Kunanalling that have our geos very excited. The project has been named Telegraph after the shear zone in the area and the old telegraph line that passed through. Results should be out for this in the Sept Qtr. We will update castle Hill and the Total Resource in May/June and include as much of the recent drilling. Our aim is to crack the 2moz mark.

Feasibility work has commenced on Castle Hill stage 1 that will make up the larger part of our first 5-7 year mine plan with Broads Dam, Zuleika North and Nazzaris making up the rest. 4 projects delivering +100koz per annum within easy trucking distance of a 2mtpa new mill at Castle Hill. A lot of work to be done yet but with continued successful drilling results through to Dec, I am confident we will make our development decision deadline of Dec 2012.


Kind Regards,
Jon Price
"

----


Results won't set the world on fire, but pretty solid for 13 shallow RC holes. There's a lot of mineralisation there all up

[drillfix]

So looking at Figure 2, has none of the "new resource" highilhgted yellow/orange been included in the 559k Oz JORC to date??

Is that correct?

If that is the case, and given the extension targets, this should easily get Castle Hill over the critical 1mil Oz target.


I guess it is Steve, yet I am baffled why they only add all this up at the end of the Quarter and not add it to the pile as they issue results.

Anybody know "why exactly" they do this?

[steve fleming]

So looking at Figure 2, has none of the "new resource" highilhgted yellow/orange been included in the 559k Oz JORC to date??

Is that correct?

If that is the case, and given the extension targets, this should easily get Castle Hill over the critical 1mil Oz target.

I was wrong.

Received clarfication from JP below:

"As we have yet to complete and publish the updated Resource, the new an old resource areas in Fig 2 stem from the PXG drilling in 2011 and where it added ounces from the original 250koz Resource when acquired.

When we update the Resource this Quarter, we will highlight where the new ounces are coming from laterally and have a long section by then to show continuity and depth extensions.

Kind Regards,
Jon Price "


So old = original 250k resource

new = update from original reource to get to 559k

[drillfix]

Well I think today basically and simply proves the point that somebody is continually selling this down regardless of what news, grades, management, resource, pog, sector sentiment, flavour, or whatever the possibility does not matter as the objective is just to sell it and perhaps buy it back and keep those who even think about exiting Clamped in between a wedge so there is not much room to move.

I wonder what Jon Price will say about the price now?

A bit sad really but nothing new as it happens to quite a few stocks.