Member Info for Happyhaddock

aprogerson - no worries you are welcome, I don't think we are alone in viewing these results as something good, but we do seem to be in a minority in viewing them as so extremely mind-blowingly good as to want to step back and query just what context we are to judge them in.

I'm sure they aren't deliberate lies, ore even mistakenly misquoted, but if they've extrapolated such grades per ton from one exceptional 5g sample we need to know, if they've arrived at such grades from averaging out analysis of a full ton of waste then we need to be both shouting this from the roof tops and throwing every penny we have at shares in GWMO.

I'm not so sure that there are widespread accusations of misleading....

however for those familiar with the junior mining sector, and there must be a good few here... those results are so far past good they are looking at good in the rear view mirror and really need much more explanation.

It's hard to find a comparable analogy but it would be equivalent of NASA putting out a statement about adjustments to their budget for paper-clips and putting a mention they'd discovered alien life on Mars in a footnote.

The very fact GWMO can announce such figures with no fanfare what-so-ever requires some explanation... I know people here are basing their calculations on the basis of "if we only get 10% or 20% or 50% of those values. across the whole tailings.." I suggest that if we get as much as 1% of those exceptional values across the whole tailings and spoil-heaps this would be more realistic and that more than 2%to3% would be above what most might consider reasonable to predict.

I truly hope I am proved wrong and that there are hundreds of millions of pound of easy money to be made from reprocessing old mining waste, I'm just surprised that the RNS doesn't go into much more detail about what would be an exceptional report if actually representative rather than merely one odd anomalistic result.

There are probably folk here who are also invested in GWMO, but I mention them in that they have today put out an RNS to do with their own plans to reprocess spoil heaps/tailings at their own sites so as to recover silver and gold.

Given today's date some questions have been raised about the "too good to be true" returns quoted in this RNS (up to 20,000g/ton Ag) but regardless of how you interpret the RNS from GWMO and the resultant move in SP, some may view it as indicative of why UFO are looking into options to reprocess waste material around EH.

vauch, you say it wouldn't make a difference but it would hugely change our understanding if we knew they only processed/tested one ton those figures came from processing all of that ton, as opposed to splitting the material into one thousand loads each of 1kg and only one of them returned anywhere near such high grades.

It is true samples can only offer an educated guess about the content of the full spoil heaps and tailings, but the degree of education that goes into that guess can greatly influence how reliable the guess may be.

@ aprogerson - exactly... I sense that this could/should have been a really good news RNS and yet somehow it has become a "too good to be true" statement.

It has simply raised lots of questions, rather than provided answers to improve investor understanding of what the company is dealing with.

I'm still happy to be invested in GWMO and don't see how this can be bad news, I'm just not really sure if the data we have been given is in anyway meaningful news.

I suspect the most likely explanation of the unusually high quantities reported s that the material was split into several smaller samples for testing and this data just came from one "rouge" sample that happened to be be either bit "nuggety" or otherwise containing a high concentration of purer metal.... reporting grades "up to" a particular level is , on its own meaningless, you need mean or medium levels.

It seems inconceivable that all our tailings would be a much richer than world class mines

@ aprogerson I think we are thinking along the same lines, hence my earlier post:-

certainly a positive RNS but let's be cautious about the phrase "up to" in relation to recovery quantities

They wouldn't want to reprocess old tailings and spoil heaps if they didn't think it would be profitable, but it seems unlikely that we would get such high quantities of metal from every ton processed, these are, after all, the "leftovers" from having theoretically removed most of the metal.

certainly a positive RNS but let's be cautious about the phrase "up to" in relation to recovery quantities

They wouldn't want to reprocess old tailings and spoil heaps if they didn't think it would be profitable, but it seems unlikely that we would get such high quantities of metal from every ton processed, these are, after all, the "leftovers" from having theoretically removed most of the metal.

well at least the LSE Gremlins are trying to be positive about SGZ, - they are reporting an average "mid-point" share price well above both the bid and ask.

- "I even believe it"

I believe that Scotgold believe production will still remain within previous guidance, and that there is a good company fighting to emerge from these delays... I will however wait until it becomes a reality before accepting it as fact.

placings to raise funds are pretty much par for the course with junior miners/explorers...

However there can't be many that having already built their processing plant and announced their first "gold pour" hold further placements at successively lower share prices effectively to go in to production.

This wouldn't be the company we know and love without days like today.

There are times it feels as if this company is allergic to crossing the finishing line...

In the grand scheme of things, and given this mine's long, long past, then we could wait another year or two without really having a significant impact on the overall development of this project ... it's just that with most companies they progressively move closer to the finishing line of being productive, Scotgold seem to like to tightrope walk along that line without ever crossing over it.

They say for the optimist the glass is half full, the pessimist half empty...

I'm more the eccentric pragmatists who simply see the glass as having been manufactured with a 100% redundant capacity for it's current usage...

What the SP does is beyond my control but I've but my ticket(s) and I'm happy to watch what happens over the coming months.

AG1989 I'm with you on the fact a big move down isn't likely, but keep in mind we've moved up more than 20% today, but we'd need to move back down by less than 20% to get back to where we began the day.

I topped up a little on the drop and I'll be honest and say I was wondering if I'd see 2.3p - my target for another much larger top-up... doesn't seem likely now, but this is AIM where anything goes... either way I first got in at below 2p so I'm showing a decent profit.

Obviously an increase in price is good news for all us investors but lets keep things in perspective, we are still down on where we were even a month ago, and a big move up on no news can, and often does, get followed by a big down for the very reason there was no news to have substantially changed sentiment.

I'm here because I believe ECR will prove a good investment over time but I'm not going to get too excited yet about what may simply be a bit of excitable short term volatility. Hopefully we will soon get some news to justify and sustain a big move in price.

I don't pretend to know all the ins and outs of basil III, but I've read that one of the reasons for the pull back in gold/silver is to do with restrictions in banks holding unallocated precious metals intended to reduce short positions, such that banks are desperate to cover and get out of those shorts before the next round of legislation comes into effect.

Trying to explain moves in precious metal prices is always a retrospective thing of plucking plausible reasons out of a hat, where even if accurate such explanations offer little by way of accurate short term forecasts.

I'll merely say that long term I feel the future for silver looks rosy.

In small volatile AIM stocks sentiment makes them very volatile ... UFO has dropped in price simply because people have moved their money else where having got fed up of waiting for good news.

The company hasn't got worse, the reasons for the delayed news haven't changed, and the future prospects haven't changed, but sentiment can change on a whim!

Given how "early days" it is for this tiny company I feel any attempt to try and value it is a "finger in the wind" guesstimate based upon future prospects rather than current facts... where until we get any facts this will remain the case.

However it does have an interesting mix of projects on it's books any one of which might turn out to be reason for the company to become worth something. Until then I view it as speculative punt and a plaything at the mercy of the whims and fickle sentiments of the market.

My view is that if you can't mentally write this off as a 100% loss then you may be in too deep, but as a high risk gamble on an AIM stock at it's most speculative and volatile, the passage of time may show it to be a highly lucrative punt...

So far it has made me a significant percentage paper loss on a small sum invested but who knows where it may be in couple of years time.

I think one case for silver that isn't usually made strongly enough is not to view it only as an investment where it is all about gains in price, but where owning it is a form of insurance to protect against loss of value.

gains in price for everything is inevitable if the currency you measure those gains in is itself losing value, consequently in a crisis lots of things may still be going up in price even as the need and demand for them sees their value go down.

Insurance is always a drain on finances and a bad idea until you actually need it...

I don't see there being a pressing need for this form of insurance just yet, but history shows us by the time we do see the need it is too late!

In the long run I'm confident about UFO's silver prospect but fully expect any shorter term move in our SP to be most likely driven by iron ore.

I shouldn't worry too much about the "price" of silver, it is what you actually have to pay to obtain a lump/bar/coin that matters.

The more the spot price goes down the more expensive physical silver seems to get... we may well see the day when the premium on spot is greater than the spot itself.