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How's everything going Lozan? Hope everything is well on your end. Still following BEM or moved on to greater things?
Latest on BEM: The dispute is over. Beowulf have returned to drilling indefinetly now. The sami have requested that they are notified 10 days before the start of drilling which Beowulf have done. The drilling campaign is in two stages with phase 1 focusing on the northern extension of Kallak North and the join between Kallak North and South to determine if the deposit is one large iron body. The drill rigs used for this campaign are able to drill much deeper than the previous campaign. Around 500m depth is possible. The phase 1 campaign has already yielded excellent results over the length of the drill cores and they were drilled very deep. They currently have 2 drill rigs operating on this campaign and this is expected to increase in future. Phase 2 is 28km of drilling that will be carried out on Kallak north and Kallak south. The drilling is in-fill drilling. This will increase the JORC on the deposit to Indicated/Measured. Both phases will increase the tonnage. A new study on the iron ore will take place to confirm the quality. This will support the previous study that found exceptional quality iron ore with very low impurities, it found that the iron can be sold as a premium product with minimal processing. The EIA is currently being worked on and will be submitted with the application for test mining in the short term. There is a lot of news flow coming with the drilling and assay results. In the past this has generated a lot of interest in the share and driven the share price strongly.
Continued: The risk is very high though. The cash they have raised is appealing and they seem careful about where and when they start drilling. Unfortunately the area is high risk. http://www.fraserinstitute.org/uploadedFiles/fraser-ca/Content/research-news/research/publications/mining-survey-2011-2012.pdf
Papua Mining is the ultimate holding company of a group of companies which hold mineral Exploration Licences in the West New Britain province on the Papua New Guinea island of New Britain (Other OTC: NBPOF.PK - news) (Exploration Licence ("EL") 1462, which is currently subject to a renewal process and EL 1730) and in Ambunti which is located in the East Sepik province on the mainland of Papua New Guinea (EL 1766). The Group also has eleven Exploration Licence applications, all of which are for areas in the West New Britain province on New Britain Island, and may seek to extend its exploration programme to the areas covered by such applications if and when such applications are granted. The Group's strategy is to explore for and, where the Directors believe that it is commercially feasible, develop deposits of gold and/or copper within the territory of PNG. It is the Group's intention to conduct its activities in a professional and responsible manner, for the benefit of the Company's shareholders, its employees and the national and local communities within which it operates. The Group has accumulated historic exploration data from its Licence Areas into a comprehensive electronic database, digitised the maps and ground-truthed data points over each of its Licence Areas and has identified targets to further explore. In addition, the two West New Britain Exploration Licences surround three areas currently being explored by Coppermoly (Frankfurt: A0M8C1 - news) in a joint venture with Barrick, the world's largest gold producer. Data released through the Coppermoly website indicates that their projects in West New Britain (Nakru, Simuku, Kulu and Plesyumi) are at a relatively advanced stage of exploration and have indicated some very positive drilling results. The Group's management has extensive and successful exploration experience in West Africa. The Chief Executive Officer, Hugh McCullough, and the Executive Technical Director, Kieran Harrington, have a strong exploration track record. As chief executive of Glencar Mining plc, Hugh McCullough oversaw the discovery of two commercial gold mines in Ghana, West Africa and the discovery of a promising new gold deposit in Mali. As chief geologist then technical director of Glencar Mining plc, Kieran Harrington also had first hand involvement in the discovery of one mine in Ghana as well as the Mali deposit. The Company's Chief Geologist, Chris Muller, was the senior geologist on site responsible for the drilling of the discovery hole on the Golpu West porphyry, the major copper porphyry deposit at Wafi Golpu in Papua New Guinea being operated by Morobe Mining Joint Ventures, which is owned equally by Harmony and Newcrest. £14.0 million m.cap Approx. £7 million cash held. Current major holders: South Pacific Mining Holdings Limited 9,884,621 31.01% Michael Somerset-Leeke 6,501,026 20.39% JP Morgan Asset Management UK Limited 2,550,000 8.00% Hargreave Hale Limited 2,035,000 6.38% Salida Capital (Europe (Chicago Options: ^REURUSD - news) ) Limited 1,700,000 5.33% Projects: Ambunti deposit: Copper and gold. Exploration licence. No major ore body found. Some areas of gold found - 710g/t in Banang River area and 210g/t in Limpeling River. No drilling yet. 57 km soil sampling has been carried out in the north western corner with a 400 x 50 m grid. Copper and gold found and an area was delineated. 879 were taken and XRF analysis carried out. Aero magnetic surveys carried out recently and news due this quarter. A total of 3000 soil and 970 rock samples taken in Ambunti. Drilling to delineate by Q3 2012. No more info. My view is this is a very high risk deposit. No ore body was found, but they have an area outlined. The gold concentration is good, but may not apply everywhere. They are delineating so no JORCs coming just yet. The deposit is worth very little at the moment, but if a gold and copper body is found then it will be worth a lot if it fills that area. New Britain deposit: Exploration licenses in West New Britain on New Britain Island. Some infrastructure available because of the oil-palm industry near the coast. Central parts are difficult to access due to mountains. Gold, copper and molybdenum. Another company operating in the area found 214 metres at 0.9% copper and 0.3g/t gold, 1km from the Papua Mining license area. This company also found 1002 metres at 0.24% copper, 3km from the Papua license area. They managed a 200Mt 0.47% Cu JORC (this is not Papua Mining, just a local company). 1.7 km from Papua’s license in another companies license area they found 7.9g/t gold. This is an even higher risk deposit that the previous one. Overall this is a high risk play. There are deposits near to some of their licenses and they have large license areas which helps. They have not discovered a deposit yet, but there is a potential that they will discover something and this puts a big upside potential. The risk is very high
Latest on BEM. A dispute with local indigenous people, sami, has resulted in the drilling being halted whilst they and BEM discuss the matter to come to an agreement if possible. The dispute revolves around the work plan and the time to which it applies. The mining inspector are over seeing the correspondence and will rule if necessary. The latest is that an agreement has occurred and drilling will recommence in May. The Kallak north area will have a work plan applying until October. Details for Kallak South are as yet unknown. There will be more drilling at KS so a longer timeframe is necessary. There has also been news from the technical director, Fred Boman, saying that there will be more drilling rigs.
I will take look this weekend. Thanks for the heads up.
Fully funded now for 14-18 months. Third party looking are going to start due diligence to acquire part or whole of iron ore assets. This is potentially a buyout of 600-800Mt of iron ore which is worth aroung 50p/t according to recent market valuations. They said in the presentation last week we will get details about this very soon. They are also about to start drilling more of the deposit to get it all to JORC standard. The SP took a dive because part of the deposit do not make it into the JORC because Geovista want more drilling done to increase confidence. BEM are about to resolve this and this should result in the share price correcting back up in the short term.
Should have news this week.
Well news is almost upon us. I'm looking forward to the JORC the most. I expect they will assay and then JORC almost immediately afterwards. EIS also seems to be going well.
Get well soon. Have a good break. I look forward to your return.
I don't blame you. The board is well and truly derailed sometimes. Posters who love to jump on any bad info (related or not to BEM) and then push subtle messages. It gets boring and destroys the purpose of the board by confusing the fundamentals. All will come out well. The US should sort out their issues soon and we have some good news coming very soon. The JORC, EIS and RMG will push the share price up massively and will take us well over £1. I look forward to that day and it would be great if some of the guys invested now are still then just to stick a middle finger up at the derampers that plague the board.
lozan. I agree, i think we will get this news and the commencement of Kallak North this month as a minimum. I would like to see that they have controlled their expectations of release dates and will provide news on time, but small delays are ok in the grand scheme.
Let's get the forum back on track. Imaginations have run wild and are feeding off each other (even me) forgetting the true fundamentals of what Beowulf have. Getting these JORCs and assay results will do wonders for the share price.
I will look into them. I feel with BEM once the JORC is out all will be forgiven. Also it looks like the share price is ready to start moving up now.
The admin are well onto him now. Let's get the boards back on track. I was feeling the same when I wrote that message on 30/06/11. Looking forward to the JORC coming.
Interesting RNS today. A little annoying about the KN delay and the gross underestimate of KS. The drill sections are very good and the depth of the deposit is excellent. It is looking to be 5x the size of Kallak North which is 175-200Mt. The BEM boards are getting a little chaotic, the information sharing has become somewhat diluted and sparse. Not the most pleasant place to be at the moment.
Agricola deal looks interesting. Never a bad thing to diversify the portfolio.
Yep. I will provide detailed updates.
I agree. Fred is there to speed everything up with regards to production and to ensure it is done correctly. He will be working on Ballek, Kallaks and Ruoutevare. Without a doubt he will be working on the other resources later.
It is very daunting. At the mercy of institutions. They bought loads of shares during the placing and they will be buying more now the SP slipped below. BEM is full of PIs and this is not what IIs like. They want a bigger slice of the cake.