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Member Info for MrMagic


Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 6,801
Number of Share Chat Posts (last 30 days): 89

Last Posted: Fri 21:57


Post Distribution over the last 30 days




Fri 21:57


I have also tried to find examples of other gold prospectors in the Ivory Coast to see if it can help us understand how quick or long the process takes to get an exploration license granted, the better to manage our expectations here. I encourage others to do the same.

Taruga Gold Ltd is one example. It appears to have applied for exploration licenses sometime before Feb 2012 and the licenses were finally granted some 1 1/2 years later. See the 2 RNSs below:

3rd Feb 2012 - No change in status of application license

(see final paragraph regarding Mankono and Tortiya Projects)

http://www.asx.com.au/asxpdf/20120203/pdf/42457ndzr6z764.pdf

25th July 2013 - Exploration License granted

http://www.asx.com.au/asxpdf/20130725/pdf/42h7dv3jl5cyhf.pdf

I will post up any other examples as I find them
Fri 21:44


Also saw this:

Côte d’Ivoire Adopts New Mining Code

http://www.fasken.com/en/cote-divoire-adopts-new-mining-code/

"the eligibility requirements to apply for an exploration license in the majority of African jurisdictions is "technical and financial capability". In an effort to reduce what is commonly referred to as "speculation" (i.e., companies or individuals who acquire permits with a view to resell and not complete the legally prescribed work on the property), the New Code requires applicants to demonstrate the completion of a minimum of two exploration projects in the two previous years, and to have an exploration manager with at least 7 years of experience who has managed a minimum of 2 projects. The New Code further requires the applicant to demonstrate financial capability by providing account statements of an account held at an Ivorian bank pursuant to the requirements to be established in the Application Decrees"
Fri 21:42


Whilst doing some research into Ivory Coast mining I came across the following:

http://www.miningreview.com/c-te-d-ivoire-sets-minimum-investment-for-prospecting-licences/

"Mining companies seeking an exploration license in emerging mining destination Côte d’Ivoire are now required to have a minimum investment budget US$1.2 million, according to a document from the West African country’s Ministry of Mines, Oil and Energy. Investors actually applying for a licence will need to have capital of at least US$40,000.00"

US$1.2m = approx £715,000
Wed 18:58


Doing the same thing and expecting different results is irrational. This BoDs have presided over an SP fall from 3p to 0.3p in just 2 yrs. It has diluted shareholders massively. It has raised some £12m through share issues in 3 yrs and one must ask, where has all that money gone and what shareholder value did it return? There now needs to be accountability for that situation imo.

Lades would have us just look at the assets and £6m MCAP, but assets are just one part of the equation. What about the debts? What about the level of expenditure on working capital? How will those be funded?

Personally I won't buy another share here unless something significant changes. If nothing does change, then it's hard for me to see how 2014 will be any different to 2012 and 2013. Just my opinion. Each to their own. DYOR. GL
Wed 15:59


The thing is Lades, regardless of who posted all that wonderful Jupiter Jam tomorrow info, the fact is that Mt Ida has been mothballed . . . indefinitely ! So 1.5% of sweet Miss F Adams is . . .well . . nothing!

http://www.businessnews.com.au/article/Jupiter-puts-Mount-Ida-in-mothballs

"Brian Gilbertson's Jupiter Mines has frozen spending at its Mount Ida magnetite project, after preliminary estimates from a feasibility study indicated the mine would cost more to develop and operate than previously anticipated.

Jupiter announced today that in light of the higher cost estimates, along with weakness in the iron ore price and the strong Australian dollar, it was in the best interests for the company to shut the project down indefinitely."

The only jam seen for the past 2 yrs that which sits in AB's share issuing jar and I doubt it will be long before that jar is topped up!


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