Member Info for martina07

Hav to say that FCR currently looks a lot better, fundamentally, than it did even 4 months ago after JT "Resigned" . But, remember Chaps & Chappesses, the Company is very short of cash and there are far too many shares in issue, at present. Both of those 2 matters have to be dealt with at some stage.............. "update" today is semantic and also remember that this is currently an "inferred" Resource up to 2012 Jorc standard, which is a considerably lower status than an "Indicated" Resource, which is also allowed to be shown as a "Mineral Reserve". The BOD still have much work to do in the Scoping Study to take all, or part , of the Toral Resource up to "Indicated" or even "Measured Status" IMHO. DYOR. GLA.

Colin Bird bought a big slug of BZT today in a Placing, so FCR & BZT BOD's are now effectively the same people. Meaningful developments taking place in both Companies recently IMHO. Ed Nealon effectively stepping away from both of them, having really failed to develop or sell both of them IMHO. DYOR. GLA.

Looks like very good news to me. FCR and BZT now effectively linked by the same management team , and CB has significant skin in the game , in both cases. Fact that the SP didn't halve today (like it did last time) is testament to having a solid , cornerstone investor who isn't going to "Flip" as soon as he receives his Placing Shares. Ed Nealon is way past his "Sell-By Date", and so is Ronnie Siapno too, by my reckoning. CB, LR and Evan Kirkby between them , know far more than Ed, and he will still be helping behind the scenes anyway, I bet. He remains a shareholder. The key now is to identify a JV partner for Choco, and they now have the cash to keep the company going whilst that search goes on. Mankayan & Eureka both need to be sold, and I understand that this process is actively being investigated, as I write. That wud only add further cash to the kitty. Looks like VERY positive developments to me - the old team were past - it , and stale. Time to move on. IMHO. DYOR. GLA.

Waiting for the drill results from Sligo, Ireland - that's wot Investor REALLY want to see. Sweden is a sideshow really. Entirely funded by Centerra. IMHO. DYOR. GLA.

Still that chunky seller around. Luks like Peterhouse perhaps haven't finished selling yet ? Ho hum.....bring it on ! IMHO DYOR GLA.

I wonder if Goldfields hav come back to the negotiating table on Mankayan - they are still a big shareholder in BZT after all and desperate to get out of South Africa ? It wud fit in nicely with Far South East for them - , as it did originally, before metals prices collapsed and the Philippines went all Xenophobic ! IMHO. DYOR. GLA.

Hopefully that 15m sale yesterday will b the last of Peterhouse's overhang out of the way , and we can now make some positive progress on what, despite what many people hav said, was VERY good news last Tuesday. More cost -cutting to come , I think and proving up what has turned out to be a VERY different geological model to that proposed by Merlin Marr Johnson, and it's open at depth and along the strike. As an aside, the Roman Gold Deposit about 5km away from Toral , was worked for over 200 years, and produced most of the Gold used to finance the Roman Empire. The tailings heap alone spreads for 5km. Shows the inherent mineralisation in this area, and on the Toral side of the Sil River valley. On the other side, both the Rubiales & Antonina Mines worked for over 15 yrs each and produced significant quantities of high gradee Zn/Pb concentrate, when Zn/Pb prices were a LOT lower than now. Glencore have a VERY underutilized ZN/Pb smelter less than 200km away by rail.............. IMHO DYOR. GLA.

Now firmly in the "Sweet spot" for the Nickel Price @ $13550/tonne and gearing now kicking into the Brazilian Pricing model. Recent Nickel ? Cobalt deal at Vemelho looks like a steal. Under the radar way to play EV's , without having to fork out a fortune to buy overpriced Tesla shares !. Seems to be off the radar of most AIM Investors, so long may that continue, till the FS is out of the way and we can start the ramp-up to production. Superb BOD and great Instit shareholder base. One of the most promising AIM mining stocks in market, IMHO.

I think u hav hit the nail on the head there Quindell - transactional activity required - sell Mankayan & Eureka , then move on with Choco, with a new, Young, Slimline BOD, much as LR is doing at FCR. BZT cudn't afford to develop Manakayan by itself anyway , the development cost is $1 billion and the management time input wud b massive. Get some cash for it, and move on. IMHO. DYOR. GLA.

I wud look at CZN on TSX as the best peer group comparison , not CAML , as CAML has an existing copper mine, which is already in production and producing cashflow, which makes development of their Zn mine much easier. CZN does not, but still has a �22m current mkt cap for an asset about the same size as FCR's. I will now shut up, I promise !! IMHO. DYOR. GLA.

VERY encouraged to see LR cutting more dead wood from the forrest. GB had been there a long time and simply done an Admin job, which FCR now cannot afford. He was also paid quite a lot for doing that job. LR has reduced cash burn considerably, & I think that there is more of that to come. Look at the last quarterlies and then compare cashburn to the previous quarterly report. The current directors aren't even being paid a salary. Scoping Study next, I think, followed by choice of a JV or Farm-in partner, if Toral is economically viable. I was sceptical of LR to Start with, but at least he appears to have a "Strategy" , which JT never did, AND he is implementing it. I think that the new BOD seem very capable of taking the new company forward IMHO. Also, nearly all of the old "Ferrum" shareholders have now sold out, leaving the BOD with a completely new group of shareholders, who are not jaundiced by the many management failures from the past. They effectively have a clean sheet of paper. New cornerstone investors will only augment that - IMHO. IMHO. DYOR. GLA.

Don't know if anyone noticed, but Lepanto Mining got their licence back in the Philippines recently, opening them up to perhaps do future deals on Far South East with Goldfields and perhaps also at Mankayan with BZT. Quite glad Bernard Olivier has gone,as well - the Bounce had definitely gone from his Bungee ! Perhaps a couple of oher old BOd members cud do wiv moving on as well , and get some new young people in, who are motivated to take BZT's excellent assets forward. I am thinking about Ronnie Siapno and Ed Nealon here, both past their sell by dates IMHO. If Mankayan and Eureka cud b sold off for reasonable capital sums, then Choco cud move ahead on a firmer financial footing, perhaps helped by a decent development partner. IMHO DYOR .VGLA.

I strongly recommend that people hav a look at Canadian Zinc (CZN on the TSX), as a peer group comparison, which indicates where FCR COULD be in say 18-24 months time. they have the same 43 101 ZN/Pb resources (although only HALF FCR's Inferred 2012 Jorc Resource, as released yesterday) and yet a mkt cap of �22m. They are currently seeking mine0funding debt finance to fund their mine in the NW Territories of Canada, which is a LOT more inhospitable country than Spain. Given the recent re-shaping of the BOD at FCR, and the appointment of a Geologist , and Exec Chairman who actually seem to know wot they are doing, (unlike JT), I wud expect to see sensible progress over the next 2 years or so as the BOd seek to develop a working mine at Toral and, perhaps Lago, with an eventual view to moving to FTSE mid 250 Index status. After all, there are no PURE Zinc /Lead mining companies in that Index at present. They DO need to improve the quality of their Shareholder Register, however, and ditch the JSE listing. Above all, however, Investors need to understand that this is likely to be a "Steady Neddy" mining company, and not a" get rich quick overnight "scenario. It never has been, and never will be. IMHO. DYOR. GLA.

very good JOrc, with reasonable grades, - double wot I thought it wud b. Offers good propects for negotiation with 3rd Parties going forward. Rather muted SP reaction though - I thought it would have doubled on this news. The silver credit alone justifies adding another 0.3p per share to the current share price, over a 10 year mine life. Just plugged the new numbers into my Annual Profit model and they come out at 8.5p /share , over a 10 yr mine life, allowing for a 20% share to FCR , with a JV partner. I guess that they will have to raise some more cash at some stage, however, to further the economic development of the model. Suspect that there will be a few Zn/Pb mining majors on the phone to LR today. Good start ! IMHO. DYOR. GLA.

I hav a feeling in my water that wot happens to FCR next week will NOT be wot everyone seems to be expecting on here. I sense an Exocet , fired from a Super Etendard, which hasn't been picked up on ship's radar yet, coming in low, on the port beam. That has been the previous MO of the good ship "FCR" & it's "Officers" LOL. IMHO. DYOR. GLA.

Another good comparison stock to look at s CZN on the TSX, which has a current mkt cap of C$ 38m,( or �22m), and a recently proved-up almost identical NI 43-101 of 8.7 m tonnes indicated and Inferred resource under Canadian Resource Rules. They are slightly ahead of FCR in the mine-development stakes, but still haven't yet raised final mine funding finance, so are roughly comparable. They are also in a much more inhospitable part of the World (Canadian Northern Territories), where transport links are a major problem. (unlike Toral). However, they "Only" hav 250m shares in issue and don't hav the damaging legacy of "Moonlight" behind them. Shows wot can happen if things go to plan though. I recently re-ran my Annual Mining Profit Model for Toral, assuming 8.7m tonnes Zn/Pb, 10year mine life, 5 billion shares then in issue, Zn price of $3400/tonne and all -in mining cost of $1500 / tonne. Even assuming that FCR only retain 20% of the final project ( after a JV partner has entered), the annual profit per share is still 5p per share, per annum, under that model, which gives an indication of the scope for "Special Dividends" going forward. NB. The above are all my own calculations and NOT those of the Company, or its Advisers and are my personal opinion only. They also depend on Mine Funding finance being actually found, which is no easy task these days. In other words, they are a guide only, to future potential value. IMHO. DYOR. GLA.

I think that there will be a cash call, after the announcement of the Jorc, to coincide with the almost simultaneous ann. of a JV or Cash Farm-In/out Partner. After all, the BOD must hav a pretty good idea of what the Jorc will be, otherwise they wudnt hav gone to the trouble of getting it, and they must also hav been working behind the scenes to find an Investment partner as well - I wud. Cast yor net as large as U wish , because their are plenty of contenders out there - Boliden, Lundin, Teck , or even Glencore (now that they are drilling for Zinc again in Ireland , (At Pallas Green , and they own the Asturias Zn Smelter). With Zn prices now at a near all time high of $3500/tonne, that gives a very good operating margin , given that most similar Zn miners are operating with All- in costs of about $1500/tonne. There has never been a better time to construct a Zn/Pb mine - IF it is viable. How this all pans out for SHAREHOLDERS, is however, a completely different question, since more stock issuance is obviously necessary and U wud have to be quite brave to play this as a trading opportunity. The most sensible time to invest wud seem to b wen all of the cash calls were out of the way and we actually know if the mine is viable, or not ? I was led to understand that the JSE listing is in the process of being cancelled, since they no longer have any interests in South Africa. (thank the Lord !). Australian listing is, however, likely to continue. IMHO. DYOR. GLA.

Merlin Marr Johnson's new vehicle (former Geologist of FCR), lukking for Zn & Gold in Ireland and Sweden respectively. He's a V good guy and knows his stuff. I Went to the Irish site visit, nr Sligo - looks V promising - already partially worked in the 1950's then abandoned, due to collapsing Zn prices. Tunnels and some workings already there and plant and machinery from the existing limestone Quarry already on site, so much easier to see wot you are getting at , if you are already underground. 1st Vertical drill hole at Ballisadare (Abbeytown) looked very promising, when we viewed it. More to follow now funding obtained. Interesting bit is that the whole district extends west for a further 15km, to the "Skreen" Hill, which luks prospective from magnetic anomaly work. It extends north to the coast, where it outcrops. Theory is, that this represents very similar pattern to the Lisheen -Galmoy trend , further east in Ireland, which was worked for 20 years + and produced 20m tons Zn/Pb, + for the 2 separate mines. With hindsight, they should hav bin mined as ONE mine, as the deposit was linked underground. This is wot MMJ , David Hall and Graham Brown think COULD be in place here. (I stress COULD) at this early stage). It is also possible that there could be copper beow the Zinc, along the top of the nearby Ox Mountains Fault line. Commercial Copper has never really been found in Southern Ireland, except in the far SW nr Allihies, but the mineralisation along the Ox Mtn fault must have gone somewhere ? Long holes will prove whether this is the case, or not, according to D Hall. Zn target for Abbeytown is 5m tons Zn/Pb/Au. (Cu?) at 7-8% cut-off grades. Sweden is de-risked with CerroGold funding and drilling, but all 3 main areas look prospective and are on the Swedish main "Gold Belt", which provided a Company-making mine for Bolliden, in the past. Suggest these are likely to be sold on, if they prove economic, with Erris benefitting from their stake, which is likely to be 30-50% by then. They are looking for 2.5m Oz Au from each Swedish deposit. as a target. BOD is exceptionally experienced and have "Skin in the game". Only 31m shares in issue, unlike some multi-billion share issuing Junior Mining Cos !! New website gives you full details. IMHO. DYOR. GLA

Erris Resources Too. Jeremy Martin & David Hall involved with that in a big way, along with Merlin Marr Johnson, former FCR Geologist. It's Zinc in Ireland, Gold in Sweden. Luks OK. HZM luks very good indeed. Buy the dips. IMHO. DYOR GLA.

I think it highly likely that we WILL get a Placing at some stage in the relatively near future and CB will probably get most of it (if not all of it, plus warranats). It will be needed to pay for PFS after the Jorc has been announced (IF it is Good enuf). Alternative wud b that they announce a JV at the SAME TIME as the Jorc is announced, which wud b VERY good news all round - but I can;t see that happening to be honest - too much organisation required on behalf of management, who STILL haven't got the message and bought some stock with their own money (yet ??!!). IMHO. DYOR. GLA.