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Hmm why does my terminal show filtered posts?
Wrong again kids, my average is 0.0003.
Try again.
But look on the Brightside uKkwnTrader - You are only around 25% down, a lot here would love to be in that position . . lol Should have done your homework luvly boy !
Oooooopssss - Someone realising they been spiked ! You were warned !
Zumore , thanks for that
https://uk.advfn.com/stock-market/london/regency-mines-RGM/share-news/Update-on-Mambare-and-Direct-Nickel/45437866
"Regency and DNi have agreed that they will each contribute up to GBP1 000,000 to the next phases of exploration at Mambare which is planned to commence in January 2011 with the twin objectives of drilling out a resource and testing further areas of mineralisation."
Obviously this is Bell BS at the time, so basically its March , this means the road ( assuming the 24th July RNS is correct) to the top of Mambare inc. costs associated started March 2019 . Add 3 months which is a reasonable period of time before serving notice to an non contributing partner and its starting to look like June was when we ( I am speculating but its high probable ) became a minority partner .
We have been working on the assumption the 24th July Mambare RNS was yet another pack of lies but imagining they were telling the true on that occasion then all the above is almost certainly correct.
Stephen Pearce it might be worth noting Scott was holding the reins for that period.
Zumore I am very busy ATM your 25 posts a month ration was a great idea ATT cos nothing was happening then,now its a different story today so you should IMO resume more regular posting .
As Lundy posted the AR will confirm who's right or wrong.
Lundy Unhelpful "I expect there will be an AGM update but in any case the AR should be out soon. Why bother with all the assumptions and hysteria when you should have some facts pretty shortly?"
I dont suppose we will be hearing from him for a while.
look*
I blame the time - 20
look*
I blame the time - 20
My dear lord. I thought I'd have a quick luck and what do I find:
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Since I last posted!
To carry on with the Mambare 2011 RGM rns updates.
15 June 2011 RGM rns says:
"Shortly after arriving on site, the operator of the ground penetrating radar work scheduled to begin last week had to be medically evacuated to Australia with appendicitis. The Joint Venture's emergency procedures worked well, and a short delay will result as a new operator is mobilised.
All work permits for overseas drilling staff have been issued, but visa processing in the Philippines is expected to result in a delay to full operation of the drill programme of between 2 and 4 weeks. In the meantime exploration continues, and the minor delay is being used to intensify mapping and training activities."
29 June 2011 RGM rns says:
"Exploration proceeds at Mambare, the JV property in Papua New Guinea, despite a short delay to drilling as previously announced. Good work has progressed on site however, with the ground penetrating radar (GPR) survey moving ahead, infill line cutting and compensation completed, and site security maintained during the recent civil unrest in Oro Province arising from riots in Popondetta which resulted in temporary road blocks between Popondetta and Kokoda. These disturbances did not result in any damage to company employees or assets"
10 August 2011 RGM rns says:
"Drilling continues at Mambare, the Joint Venture nickel-cobalt project between Direct Nickel Pty Ltd ("DNi") and Regency in Papua New Guinea. Visa delays continue due in part to recent political uncertainty surrounding the appointment of a new Government, and may continue to restrict the scale of drilling operations.
Full results from the ground penetrating radar programme are awaited."
.........................
I won't carry on. Searching these is VERY boring.
Booboo i wasn't invested in RGM in 2011, so i bow down to your superior knowledge on Mambare.
The weather websites i've looked at says PNG rainy season is often between December through to March.
26th Jan 2011 RGM rns says:
"Drilling at the joint venture Mambare lateritic nickel/cobalt project in Papua New Guinea is anticipated to start in April 2011 and end in the third quarter of 2011. It will initially comprise 220 holes for a total of approximately 4,000m"
2nd March 2011 RGM rns says:
"A contract has been signed with JCP Geo-Ex Services Inc. of Cebu, Philippines ("JCP"), to drill a minimum of 220 holes on 100m by 100m and 200m by 400m grids, for a total of 4,000m of drilling. The contract is extendable beyond this initial programme.
JCP will mobilise a minimum of 5 man-portable rigs to site, which are expected to arrive in the week commencing 25 April 2011. Holes will be bottomed in 3m of fresh bedrock. JCP estimate provisionally that the initial programme will complete within 65 days.
Meanwhile, surveying and line-cutting have begun, and preparatory work continues on recruitment, and setting up communications, supplies, and infrastructure. Test-pitting is expected to start in March 2011, with a further ground-penetrating radar programme under discussion and planned for April 2011"
11 May 2011 RGM rns says:
"The Project Management staff are on site to complete preparation for the start of drilling, which is now expected to start towards the end of the month, some 4 weeks later than the original schedule.
Other staff are working on site to complete the line survey, test pitting, camp construction, and contracting of local labour. Clearing of the drill lines and compensation to land occupants is complete, clearance and preparation for the GPR (ground-penetrating radar) survey is 95% complete and work has begun on the infill drilling lines. Test pitting for density and moisture sampling is 95% complete.
Exploration camp construction is 75% complete, with the helicopter pad complete. Community meetings are being held. Communications equipment is being installed, including a satellite dish. 220 ground control points have been established to improve survey accuracy. Medical support has been organised with a paramedic expected on site shortly from Customer Care in Sydney.
The drill company's shipping container has arrived at Port Moresby and awaits customs clearance before transhipment to the project area. Delay here and delays in the procuring of visas for the drillers mean that the start date for drilling is now targeted for 23rd May, and could be end month."
Zumore can you remind me when the rainy season ends in PNG,in 2011 exploration work started end of Jan from memory.
Thanks
Booboo, yes poster Helpful is Stephen Lundy.
In the January 14th 2019 £676,000 CLN that RGM announced, some high net worth investors took some of those. I assume Stephen Pearce thinks Stephen Lundy was a part of that fund raise? If so the recent RNS says:
"Of the outstanding Convertible Loan Notes ("Convertible Loan Notes"), first announced on 14 January 2019, holders of £281,113 of these notes have agreed to convert these obligations into 1,022,229,140 new ordinary shares of the Company at a price of 0.0275p per share (the "Convertible Conversion Shares"). The terms of 88,015,874 warrants, originally issued to the Convertible Loan Note holders, will be varied, and the new terms of these warrants allow exercise into new ordinary shares of the Company at a price of 0.055p for a period of 36 months."
........
Of course he could also be involved in this forthcoming placing. Though just guessing.
To put it another way its either,
A) the 24th July RNS relating to Mambare was totally false and the true really is nothing has been happening there.
B) The 24th July RNS is factually correct and we plan to pay for it using the £800k raised on the 23rd Dec plus an additional placing in the NY post consolidation .
C) The 24th July RNS is factually correct and we are going to pay something towards it to reduce the level of dilution .
D) The 24th July RNS is factually correct and we don't pay anything towards to costs resulting in us being heavily diluted to single digits.
Which one is it A,B,C, or D?
I don't think anyone of sane mind is going to dispute if the work has been carried out at this stage RGM hasn't paid a single penny towards the it as RGM full year report due in a few days time will confirm .
Given that this work and the cost associated started 12 months ago(basically this is old news but new news too cos RGM have chosen to withhold and hide this information from its shareholders ), its logical and reasonable to believe Mambare dilution notice has already been served i.e. we already are a Mambare minority shareholder.
Were any of the 7 billion new shares participants made aware of this critical investment fact?
Zumore sorry I can't remember who is who , isn't Helpful Lundy in real life and didn't SP post his involvement in the placing ?
They are all filtered mate, do not even read this board or elsewhere, same posters spouting same stuff, day in day out and 99% of them do not own any share and have no money to own any share because its all lost hence the relentless bitter sentiment.
It really matters nothing in the grand scheme just a lot of effort on there part, week days, weekends, evenings, mornings, same stuff, same people, zzzz.
Common sense assumption :The only assumption in that post is it only costs £2m to build a road to the top ,GPR and mining licence application etc. and RGM can't afford to contribute towards any of the costs everything else is fact .
Fact: This is what Andrew Bell said to me once in 2011,"at 2 - 1 you would have to be a fool to not match your JVP pound for pound because at that level (2 -1) one partner can dilute heavily the other partner very quickly ,before you know it your holding is at single digit %"
Fact :Scott would of course have signed a budget agreement with PNG authorities so is fully aware what the final dilutionary amount is should he fail to contribute .
Ah, Mr one share, making assumptions and then building a story the length of War and Peace off the back of the assumptions.
I expect there will be an AGM update but in any case the AR should be out soon. Why bother with all the assumptions and hysteria when you should have some facts pretty shortly?
You can put lipstick on a porkie pies ,but its still an pork pie underneath , with an usual tasting ketchup .
I know you know DNi only JV-ed with RGM because Mambare is a "Monster" ,but has always considered the management to be total buffoons Even with various DNi management changes over the years that opinion has never waived.
You have got to see this from a serious JVP perspective who don't come from a AIM list Management Mickey Mouse background .The JV understand they have signed and agreed to an exploration/works programme budget for the next 2 years and because they want to give the project the best chance of production in this next cycle .
1) New Road to the top of the plateau , (there wasn't even a road to the bottom the last time exploration took place , Zumore and I can remember photos of an investor field trip to PNG 9 years ago showing the investor/adventurer being whinged over the Mambare River by temporary metal cables.
Clearly things have moved on.
2) Ground Penetrating Radar over the plateau.
3) Interpretation of GPR
4) Mining Licence Application
5) Environmental Study
6) DFS
ETC
Thats all happened or is going to be completed in 2020, as is contractually bound.
The point you are missing is all of the above doesnt come cheap and the question is how much if any is RGM going to contribute to ?
Are we going to see another even larger placing immediately after consolidation to pay for all this ?
The JV contract when originally drawn out between DNi and RGM 30 Nov 2010 had a a 2 to 1 dilution mechanism .
Put simply DNI and RGM both put in £1M each at the start of the JV in 2010 equaling to 1 units per £1M to each party .
Imagine if the road to the top,GPR and DFS etc costed as little as £2M and RGM because they have completely lost everything on a coal gamble a year before couldn't afford to pay for their contactual obligations on Mambare?
No problem the work still goes ahead.
JV spend the whole £2M and so (2-1) gains 4 units plus their original 1 unit totalling 5 units . RGM spends nothing and maintains their original 1 units
Ttotal JV partners 5 units ( 83.33%) Dummy RGM 1 unit (16.6%)
Do these calc again using £3M or £4M which may or not be more realist and RGM share of the Mambare drops to single digits.
Are we witnessing another hat-trick of RGM own goals all over again ?
As always you just can't make this company up!
TD2
Agreed,
24TH July RNS
This DSO operation would consist of a relatively simply flow sheet with no processing plant, pipeline or tailings. As a result, this plan would be both environmentally friendly and uncontroversial in comparison with similar efforts in the region. A definitive feasibility study is planned covering this DSO operation following the conclusion of this year's work programme.
Partridge ,
" GPR walking is now, subject to JV funding". No funding, no work."
You are getting the JVP financial position confused with RGM financial position ,although technically RGM position will change slightly post 23rd Dec .
I can not stress enough this work programme absolutely has to be done and on time or they lose everything.
The JV can't not afford for their obligated 2019-2020 work programme to not be completed this time around ,they are already on their 2nd chance so unless they want to have the whole asset taken away from them they needed to do the GPR in September in order to remain on schedule the DFS in 2020 as they are also legally obligated to do.
As previously posted the JVP are not fools and fully understand the situation and what their contractual legal obligations are .
Zumore
"Bell says taking the next step at Mambare, moving towards feasibility, could cost between US$12 and US$20 million – or maybe less, depending on the route taken.
Bell says “Either way, we wouldn’t get much credit for doing that now, in this market."
You are exactly right ,Bell did say that ,but that was before the DSO proposal making what AB said then irrelavant i.e. the goal posts have most considerably since 2012.
"Booboo, I sense excitement from you regarding Mambare but I see RGM not dedicated to it"
Right again , they do seem very uncommitted towards Mambare , but again lets not get RGM lack of commitment confused to the JVP commitment , the JVP is no fool.
This work almost certainly would have taken place and completed before the rainy season so why haven't they announced the results ?
Booboo, the extract below is from a 2012 proactive investors article:.
"Bell says taking the next step at Mambare, moving towards feasibility, could cost between US$12 and US$20 million – or maybe less, depending on the route taken.
Bell says “Either way, we wouldn’t get much credit for doing that now, in this market."
..........
Look at HZM nickel project rnses and you'll see that progressing each stage costs fortunes. HZM actually bought the Vermehlo nickel project from Vale for $2 million (I believe they pay another $6 million if they reach production). But Vale had previously sunk over $100 million into Vermehlo.
Mambare have a lowly inferred mineral resource. I believe inferred is as low as it gets. They are light years away from production.
Booboo, I sense excitement from you regarding Mambare but I see RGM not dedicated to it (they've had over a decade) and so to me it's pretty worthless.
" GPR walking is now, subject to JV funding". No funding, no work.
They've cleared a few tree stumps. The rest is "subject to", " planned " and " under consideration ", " scheduled " and "estimated". It is probably overgrown again. There is no trumpeting because nothing has been done. They will allow you to imagine what you like. Anything to get this dog moving so they can offload 7,000,000,000 shares at 0.0275p and eke out a profit for themselves. Don't get lumbered with worthless paper.
24th July 2019
"A work programme was put forward for the 2019-20 programme to the Mineral Resources Authority ("MRA") in Papua New Guinea. "
By the time this RNS Mambare update was released we were already well into this 2 year works programme consisting of 3 main objectives.
A) Road access to the top of the plateau. 2019
"To date, track and road clearing to support this effort has been largely completed with some bank cutting remaining. Spot gravelling and stump removal is scheduled for later this summer utilising heavier earth moving and bulldozer equipment."
B) GPR Ground penetrating Radar Sept 2019
"GPR walking is now, subject to JV funding, scheduled to start by September, with proposals from Canadian service providers under consideration. The current plans sent to the MRA include a revised ground penetrating radar ("GPR") work programme, estimated to complete in the second half of 2019."
C) DFS Definitive Feasibility Study 2020
" A definitive feasibility study is planned covering this DSO operation following the conclusion of this year's work programme. "
Unfortunately this exciting Mambare news got lost a little in bit at the time mainly because it was mixed inside the long awaited Strategic Review RNS ,but as Stephen has correctly pointed out many times , thats when he isn't counting up all of this weeks placing profits ,its all there in the announcements .
I think it would be fair to assume milestones A and B have been completed so presumably we now have a 3D interpretation map showing depth conductivity etc. of the plateau which will make exciting reading when it is announced .
With everything on course for C) a mining application and a successful DFS in 2020 everything appears to be nicely primed.
What is completely puzzling is as to why RGM have chosen to keep quiet about it when the best piece of news RGM have had in years is just sitting on their desks.