WID - Widespread

[Tomahawk]

Anyone still following this?

The Ban Phuc project is on target to complete its planned 10,000 metre feasibility study drilling programme by the end of 2004. Will results be announced immediately or will it take a while to analyse the data?

On the brighter side, seems to be a pattern of subtle accumulation over the last several weeks. It has been going up steadily to 2.4 cents today from 1.7 cents.

IMHO, AMR (which makes up most of WPL) is grossly undervalued but there are still a lot of risks involved. Hopefully the feasibility study will be good news and the mining will get underway. Until then, I guess the SP will be languishing especially since the announcements and assay tests are really difficult to interpret for the common investor - not exactly an easy read with all those numbers!

Disc: Hold some.

[Farouk]

This baby is going to fund the Farouk retirement years. When it gets to $1 this contributor will be sitting in the Bahamas.Cuba libre, anyone?

"I had seen most of my movies as a kid, all very horrible movies. Fred Astaire, Ginger Rogers. Jeanette McDonald and Nelson Eddy. Bob Hope. Tyrone Power. The Three Stooges. Cary Grant. Those movies shook and rattled your brains, left you without hope or energy. I sat in those movie houses, sickened in the gut and soul."
...a quote from Charles Bukowski.

[Bling_Bling]

Why is a company that is in Columbia and listed on the TSX listed in NZ?

[Tomahawk]

$1 dollar Farouk?? Are you sure? I was hoping for something like 30 cents or so in two years once the mining goes underway, if it ever happens that is. Perhaps I have messed up my calculations?

[Tomahawk]

Bling Bling, I think the company listed in NZ (WPL) is just an investment company that is very heavily weighted in AMR (listed on the TSX) amongst other resouce companies. If I am not wrong, one of the directors of WPL sits on the board of directors for AMR as well.

[Tomahawk]

Got this off from their web site http://www.widespread.co.nz

Looks like Farouk may be right...

Outlook
AMR announced this week that it is on target to complete its planned 10,000 metre feasibility study drilling programme by the end of 2004. Five diamond drill rigs are continuing to work on the Ban Phuc deposit doing a mixture of detailed in-fill drilling and testing for resource extensions. The ongoing programme is the outcome of recommendations detailed in the Company’s recent independent report filed in Canada. AMR plans to undertake preliminary mine planning and commence a metallurgical test work programme in the fourth quarter.



The company also announced that the Ban Phuc deposit is open along strike to the east and west and down plunge with significant potential to increase resources. Other exploration targets in the immediate project area are being reviewed and further work is being planned.

Corporate Achievements



· AMR has now successfully raised CAD7.3 million in three private placements in January, July, and October 2004

· It listed on the TSX Venture Exchange (code ASN) in April 2004

· The company now has a rejuvenated management team with a new CEO and changed board of directors including a high profile, Toronto based lawyer as chairman. Further North American based directors are expected to join the AMR board.

· AMR shares have traded since listing in a range from CAD1.10 to CAD35.5 cents, most recently at the bottom end of this range.

· The poor share price performance, while disappointing in the short term, is largely irrelevant as far as Widespread Portfolios is concerned. We are a major and long term investor in the stock with a strategic stake that we would expect, if sold, to attract a significant premium over the quoted value of retail share parcels.

· Further, we are very aware, based on our four-year association with the company and an in-depth understanding of the economics of the Ban Phuc nickel project, that AMR shares are very undervalued at present price levels. Our and other independent valuation models further support our view that AMR is trading at a fraction of the value its peer group merits in both the Australian and Canadian share markets.

· By way of illustrating just how anomalous the present market price of AMR is, the company is presently valued by Canadian investors at CAD15.4 million, or USD13.4 million. Yet the company presently owns 70% of a nickel deposit at Ban Phuc that contains USD3.7 billion of contained nickel.

· Another example (there are many others to choose from) is Sally Malay, an Australian listed company with a nickel deposit containing less than 80,000 tonnes of nickel, but which is presently valued at AUD 154 million (CAD144 million) on the ASX. Applying this yardstick at face value results in the conclusion that either Sally Malay is very overpriced or else AMR is trading at a tiny fraction of its correct market value. Even taking into account the difference in sovereign risk and the differing stages in the two companies development, AMR is clearly incorrectly priced by the market.

· AMR’s present disappointing market performance, in share price terms, is due to the inability of the company, to date, to effectively market itself to Canadian investors. AMR’s management have, in our view quite correctly, focussed on making progress on the ground in Vietnam so that they will then have something to talk about.

· We expect this focus to change in the near future – AMR will be paying greater attention to “talking the talk” having got all its ducks in a row at an operational level.

[Greyhound]

I see Chris Castle is running the show.He was a Wellington golf rep when I was a kid.Seems to have been around the market for ages.Think Charter Corp was his baby....what happened to that...anyone?

[Lawso]

How to get rich.

You could put $10k into something that pays 10% gross p.a. and reinvest the div/interest. Your $10k will be worth around $35,480 after 10 years, $92,000 after 20 years, $238,100 after 30 years and $673,600 after 40 years.

If you can't wait that long, buy 1m WPL @ 2c = $20k, sell them for $2 when the nickel prospect pays off and pocket $2m.

I'm waiting.

[Tomahawk]

Dream come true would be if it went Poiseidon's way in the late 60s without the bust of course It was trading at 80 cents in September 1969 and reached all the way to 280 dollars in February 1970 before crashing down again once they realised the mine wasn't as big as thought and that it going to cost way more extract it.
A 350 fold increase!

[paul29]

market depth is looking good for ASN last trade was 50c Volume 74,428 shares


BUYERS
Orders Volume Price Range
4 87,500 0.350-0.500


SELLERS
Price Range Volume Orders
0.530-0.650 95,000 7


WPL was a good buy when it was @1.9 - 2c



Disc: Hold some WPL and ASN

bought more ASN @ 35 - 40c