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there is nothing on the website about this. are u sure? Do you have a link?
Director buying. Chairman Steinepreis got another 1,650,000 shares - confident Tulla can turn this around.
yes the downside comprises dilution - this is on my watchlist... production up is good news. Tulla sound like they are N's best chance. Can't believe they were haemorrhaging money on 20-30k oz gold pa - but there you go.
The upside here is immense I agree, the downside is horrible but on balance the risk reward looks very nice for those of a strong constitution! They have now got the mill running 24/7 and from what I gather on other boards it will be running at almost full capacity. Apparently the grinding and leaching processes need experienced operatives and rumor has it that they laid everyone off but have offered new contracts to some. If that is true then maybe they have re-employed good mill oppos' but if not it wont take long for the guys controlling the processes to optimise the plant. IIRC they had already huge piles of raw materials waiting to be processed, so with the 24/7 regime we should see a huge improvement in gold produced at the next quarterly result. Watch it fly then, I am going to keep topping up over the intervening period on any weakness I can find as funds allow. This week would of been a good time to buy with the general market jitters but unfortunately I am tied up elsewhere but I hope there may be more good buying opps' in the next few weeks. GLA
Come on Tulla Group. 100k oz pa might equate to a market cap of £100m if profitable. Currently £15m so there is certainly some upside here. Company have announced reduction in costs which is good but not that they are cash positive yet. When they do, I shall be interested.
maybe i am being too optimistic. i do think though this share price has hit the bottom though and i do believe things will turn around though now we have some proper management. However time will tell. I do value your input though and im sure you are right. i would like to see this company back to where it belongs and im sure we will get there eventually
I think that this share is at, or near its lowest. Management have made promising concrete targets 'within one year', so it's hardly long term for a healthy profit. The stock is however long term in my case, but, as ever, I have no need or desire to sell up. I'll hold and am quietly confident of a share revival over the mid to long term.
Just seen your post from yesterday. 5p is BE for me too and I think we will sail past that in the weeks and months to come. Like you I only have a small stake here as a bit of a punt, but ii's are showing confidence in the new management so I am sure it won't take much in terms of hard numbers to drive the SP up.
been following this share since it was 78p. what a fall!!. Seems like things are starting to turn around following the introduction of a new management company to oversee the project. If things continue and momentum is gained i can see big things for the share price this year. The company obviously has a way to go but if things go well i can see this share price getting up to £1 in 18 months
Not a dog any more unless you are a very long term holder. This is going to multi bag in the coming year, big seller cleared this morning and then it took off. Lots more to come I believe. Tulla people did not get rich by flogging dead horses, I'm in and just hoping I can buy more soon but need some other stocks to move first. GLA
I still need this dog to go to 5p if I want to break even. Fortunately I haven't invested a fortune in this company
A “return to basics” approach appears to be bearing fruit for Norseman Gold (LON:NGL, ASX:NGL) , which said it had seen a “dramatic” reduction in costs since the turn of the year. It follows the appointment in February of the Tulla Resources Group to manage the company’s Norseman Gold Project in Western Australia.
Flying now, glad I topped up last week and did not bail like I was very tempted to again. Roll on 28p T1PS first target SP then 47 if doing really well.
Not sure but : 'As a result of the restructuring conducted over the first quarter, we have already dramatically reduced our costs and the mill is now working 7 days a week and 24 hours a day. The restructuring is on-going and we continue to look to build the current resource inventory.' AND :'the Board expects an improvement in the production profile for the next quarter.' The market seems to like the new bod. (I might break even in a few months at this rate.)
looks on the cards here, cant see this opening below 4p, if it does i'll be taking full advantage.
Turn that baby around! Looking good for an sp rise IMO
Norseman Gold Chairman David Steinepreis said, "We are making strong progress at Norseman and our partnership with the Tulla Group is already beginning to impact positively on performance. As a result of the restructuring conducted over the first quarter, we have already dramatically reduced our costs and the mill is now working 7 days a week and 24 hours a day. The restructuring is on-going and we continue to look to build the current resource inventory. "We look forward to working further with the Tulla Group and realise the potential of the Norseman Gold Project."
· Pit Optimisation for potential near term future production from other historical open pit mines is soon to commence. · Exploration objectives are being reviewed as the Norseman Gold tenements have numerous targets with existing resources that the management aims to prioritise. · To ensure working capital is sufficient for all aspects of the operations, Norseman Gold agreed to place a total of 64 million shares at 6 cents (or 4 pence) per share and 32 million warrants exercisable at 12 cents each on or before 27/4/2015 to Tulla Group to raise A$3.84 million. The Tulla Group interest will increase from 7.15% to 18.93%. The warrants will be subject to shareholder approval. · Strategy to become a consistent 100,000 ounce gold producer within one year is in place with the additional aim of increasing our resource base through both mine and regional exploration - current resources inventory of 3.4 million ounces of gold at an average grade 4.7 grams per tonne. · Corporate Restructuring and Financing arrangements agreed by shareholders on 30 March 2012 have been finalised with the issue and allotment of 20,000,000 ordinary shares and 149,833,333 warrants completed. The ordinary shares and warrants, where applicable, have been issued to the Tulla Group, L2 Project Management-Norseman Pty Ltd, EXP T1 Ltd and the directors or nominees. Application has been made for admission of the 20,000,000 ordinary shares in the Company to be admitted to trading on AIM with effect from 7 May 2012. · New Board appointments proposed to be made in forthcoming quarter. · Norseman Gold is keen to work with the local community and shire of Norseman for the benefit of the town and the operations. A number of initiatives will be discussed in the coming months.
Update and Three-Month Report on Activities for the quarter ended 31 March 2012 Norseman Gold Plc, the ASX and AIM listed gold producer is pleased to provide a positive update on operations at its Norseman Gold Project and the restructuring programme being implemented to improve its production profile and financial performance. Highlights: · Following the appointment of L2 Project Management-Norseman Pty Ltd, a company associated with Tulla Resources Group Pty Ltd (Tulla Group), as Manager of the Norseman Gold Project, a complete review of operations has been completed and a resultant restructuring programme implemented. The technical and professional work undertaken has adopted a "return to basics" approach. · Operations have seen dramatic cost reductions since 1 January 2012. · Production activity is being focussed on mining from the North Royal Open Pit (North Royal) to generate positive cashflow. The short term Mine Plan has identified an Indicated JORC Resource of 200,000 tonnes @ 6g gold (Au) and an Inferred JORC Resource of 200,000 tonnes @ 6g Au. Additional Resources are minable at North Royal, with the aim being to produce 80,000 ounces of gold from these Resources over the next 12 months. · Pre-strip at North Royal is now well advanced with higher grade hard rock now exposed. A new optimised pit design and schedule for North Royal is nearing completion and importantly mining is already continuing at an accelerated rate. · Harlequin underground mine has consistent gold production with a new mine plan and schedule being undertaken with the objective to increase gold production. · Gold production for the quarter ended 31 March 2012 was 6,258 ounces. Gold production since the end of the quarter has increased and the mill is currently operating 24 hours a day, 7 days a week.
I have bought more on the back of it, not a lot, as they say but feeling a little bit more comfortable with my exposure now. It ain't gonna happen overnight but I think it will pull round and we will wish we had bought more, as you do, in the future. GLA.
Thanks for your help with the article, didn't realise I could register for free, interesting words from Mr S, hope his voice of calm may be enough to steady the ship.
Don't know if it's the holdings RNS but bit of buying today AND sp up 8% so far.
article : As part of its commitment, Tulla has injected A$10 million into Norseman gold by way of an issue of secured convertible loan notes with a coupon of 10 per cent and convertible at 6p a share. That, together with another A$3.6 million raised from investors at A6 cents a share, will give Norseman Gold a cash buffer of $A22.3 million. It is enough, Steinepreis says, to fund the new mining plan, and future cashflow can now be earmarked to fund exploration around the mines and regionally exploration to lift Norseman's resource. At the moment, that stands at 3.4 million ounces at 4.7 grams per tonne, split 760,000 ounces open cut at a grade of 1.9 grams per tonne, and 2.7 million ounces underground at 8.3grams. In the meantime, Steinepreis is asking for patience from Norseman Gold's investors, who have seen the company's Aim-traded shares hammered down to 3.85p from a high of 79.75p in November 2010. "It's very important to say, it is going to take a bit more time", he says. "People don't like losing money, but it is what it is." Reasoned, sensible arguments - patience needed, min 6mths - 1 year, I'd suggest, to get back to 6p plus. Then ....
Just register - it's free. I notice in the article : London-based Steinepreis, who has been working to right the group since taking Norseman Gold's helm late last year, announced a series of initiatives in mid-February. These included the appointment of the Australian, family-owned company Tulla Resources Group, to manage the Norseman gold project. So, silly me, that's who's got the 7.15% holding in the RNS. If anyone wants, I could prob. paste the whole article.