Member Info for orslega

good read...and confirms what we probably already knew Dattels strategy....highest bidder wins...(have cc'd this on PRL and KAH) "Mining Journal reported that in a recent interview (with another publication) Dattels said: “Why should Rio Tinto be able to muscle the shareholders of Extract and Kalahari around to suit its own benefit? In my view there is a much better alternative, which is to have both companies sold to the highest bidder.” http://fuelcycle.blogspot.com/2009/07/african-projects-update-rossing-south.html

dont think you physically need to attend the meeting to vote (although I imagine guess some will want to). Might be wrong but your shares can be voted through a proxy or your broker (if shares are held in nominee a/c) if you give clear instructions in advance of the General Meeting. "That announcement stated that that the disposal of the Company's interests in the Nimu Project required the approval of 75 per cent of its shareholders whereas the resolution to dispose of the Nimu Project, being an ordinary resolution, shall require the consent of shareholders given at a general meeting. "

From RNS today....does look like a done deal as they have just signed a fast track agreement with CITIC...... "Remaining business of the Company If the Disposal is approved the Company will have total cash reserves of approximately £4.5 million as well as the Dong Mao Huo gold project. TheDirectors intend to fast track Dong Mao Huo into production and have signed an agreement with a subsidiary of the CITIC-Anhua group to develop and contract mine the deposit."

interesting - only 2.1m shares traded (out of 186,000,000 in issue) so far this morning.......many shareholders wanting to say NO!

looking at their website, their shareholders look quite fragmented, so must be a good prospect of rejection..........(then what!) I also recall that GGG have an option to acquire 75% of Nimu themselves......surely at today's offer price there must be some big players very happy to back that now. However, the real issue is the Bureau and the politics behind this.... http://www.ccgoldfields.com/investors_media/capital_structure_shareholder_profile.asp

can someone confirm that this is a foregone conclusion - guess it will be but it still needs 75% of shareholders to carry this through......cannot imagine institutions will be happy to vote this deal through? However, the problem though now it that if the deal doesn't happen, then the Bureau will make it even more difficult for the company which might mean even less shareholder value.... feel sorry for longer term shareholders here who are being sold well short if this deal gets approved....

cont....view from iii poster.... "3. with a potential $6billion copper alone and GGG having 75% holding with rights issues upstanding gives them $4billion and working on a minimum 5% of that potential as a selling price works out at $200 million or which gives GGG a market cap of approx $1/share(whats that in english?). 4.Copper price is set to continue to rise up till 2011(bloomberg news sometime last week). The share price was just starting to move upwards rapidly when it was suspended and the only reason it has been so low was because of sentiment and lack of good share moving news . I may be a million miles out as this is only an opinion but would be grateful to know how other share price estimates are arrived at.."

the iii board........some reasoning to a deal price for Nimu (if a deal is agreed).....but so many variables, so educated guess work....but as far as I am concerned the longer these negotiations go on the better prospect of a good deal for shareholders, bearing in mind that shareholders will need to vote for or against....so no point putting forward a low ball offer which would be rejected at the first hurdle..... "............There has been a lot of speculation as to a future share price but not a great deal of maths or reasoning as to how those prices were arrived at which is fair enough as we all believe we will get more than we put in. Personally,I cant see GGG letting go of this project for anything less than 50p/share for many reasons 1. it was 20p/share when initial exploration began 4 years ago when there was no final data of how much copper rhenium molybdenum etc was in the area with a large percentage of the shares bought around 12-15p per share 2. 4 years hard work has been put in by GGG to discover that the area has a greater potential than they could have believed possible ( described by one professional observer as their ' lottery ticket'.).I cant believe they have dedicated their lives to this just to get a little bit more than their money back (cont/....)

I hope so then we will all be the lucky ones!! Look forward to your post....

imo always saw this as at least a "ten bagger" minimum when I invested here with a good size holding now with average at 2.5p over the last year or so..........absolute bargain when shares hit 1.9p and posted here at the time; the deal may not happen which would not concern me as i think the bigger return will be further down the line when the markets begin to surface and commodity prices rise as the demand picks up; will have to see - but China is doing all sorts of commodity in house deals and copper is high on their agenda; any deal needs shareholder approval, so Jeff will want to ensure that anything put forward for Nimu will be something he is comfortable putting to us as shareholders; my preferred transaction would be to take 25-30p p/share now for Nimu interest and for GGG to have a free stake in Nimu production going forward - effectively an earn out; failing that an outright buyout of Nimu interest for say 50p - 60p (some might think optimistic but v realistic based on proven but not extracted $6.2 billion asset value of Nimu). Think we will have an update in next couple of weeks on whether Chinese gov will want to play ball. Interesting times.

http://www.proactiveinvestors.co.uk/companies/news/450/central-china-goldfields-goes-back-to-nimu-0450.html

one year ago.........the point of posting this article is to demonstrate GGG relationship with the Chinese Gov (Sichuan Bureau of Metallurgy and Geological Exploration); here they made a good profit on the Snow Mountain deal and imo are not likely to be rolled over if the Nimu proceeds. They have had a good and longstanding relationship. China now has a clear mandate to remove reliance from imports, they are a cash rich country looking to kick start serious inward investment - talk of spending several trillion on inward investment/infrastructure etc So imo do not think GGG shareholders will be rolled over.....think we will (if deal proceeds) get a a fair deal - but what does fair mean? Will know soon. http://www.proactiveinvestors.co.uk/companies/news/450/central-china-goldfields-goes-back-to-nimu-0450.html Any concerns investors may have had about the capability of Central China?s management should have been put to rest when the company announced the disposal of Snow Mountain. Amazingly, Central China managed to sell the project back to the Sichuan Bureau of Metallurgy and Geological Exploration for US$5.4 million. It was amazing because Central China only spent $3.4 million on Snow Mountain after earning into the project, so it actually posted a profit on its disposal of around US$2 million. Those funds helped postpone the need for additional cash from shareholders to fund exploration at Nimu this summer. " http://www.proactiveinvestors.co.uk/companies/

here is the announcement re Nimu deal in May 2006.now 3 year on old. "On the basis of reported Chinese standards and current metal prices the Nimu Project represents over US$6.2 billion worth of metals in the ground. This demonstrates the huge potential of this project and we will start exploration work with the aim of assessing the economics of the project and moving some of the resources up to International Standards.” And of course the latter updates over the last 3 years have told us they have found significant further finds within the Nimu licence, not least forgetting the importance of the Rhenium find. As the link below confirms (4th bullet point) GGG paid $4m for their 30% stake in Nimu and they have the right to earn a further 45% of Nimu for $27m. Obviously those negotiations were in place well before all those upbeat resource updates but with the stated $6.2 billion potential in the background. Any negotiations now going on will need to recognise the GGG's 45% option but at todays value. It (aswell as their 30% interest ) must have significant value - as GGG can always sit tight, carry on with the original 2006 agreement and take up the further 45% for $27m - of course they will need serious backing or more likely a JV partner to mine the resource but imagine that will not be too difficult and potentially much more attractive to shareholders long term. http://www.resourceinvestor.com/News/2006/5/Pages/Central-China-Goldfields--AIM--GGG--sign

this might have been the reason for the slide......now seller gone may see a pick up... Emerging Metals Ltd Weatherly today announces that it has sold its entire holding of 21,899,698 ordinary shares in the AIM listed company, Emerging Metals Ltd ('EML'). The shares were sold for 4.75p per share through on market sales and raised proceeds of approximately US$1,685,000. http://www.investegate.co.uk/Article.aspx?id=200906180700090774U

think it will be months - more like another week or so; there will much to agree if this deal is to materialise - the last thing GGG will want to do is to present something to GGG shareholders for them to vote against...remember, any potential deal needs shareholder approval as stated in the RNS; so happy for Jeff to take his time in negotiating the best deal. ....and this news will help our cause! http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSN1150058820090611

I believe that GGG if they stayed the distance (two/three years) could bring this into production with another JV farm in partner and an unhappy SBMGE!!! So what will this be worth? I have suggested 50pish in order to offer a fair return for long term investors. The directors will not risk taking this to a shareholder vote if it is not a good offer as they only hold 13.2% (incl options) of the voting shares. I am not discounting a higher offer as Nimu is certainly worth double the figure i have posted. Having looked at the director profiles i believe they will be looking to capitalise individually on 4 to 5 years of work knowing that there is still three years to go and even then they will not be able to sell the shares for some time. As i said my thoughts and news of this magnitude justifies the suspension!!! This is not comparable to any other share that has been mentioned because this was a voluntary suspension not an enforced one by the stockmarket. They are not in financial trouble or they are doing is considering an offer for what was their only real asset left which defined them as being a mining company. If they sell Nimu they have to be registered as an investment company until they buy another mining asset."

Shares in Issue: 183,367,191 (as at 28 May 2009) Total Warrants: 15,067,250 of which 12,455,000 Vendor Warrants (@10p to 30 March 2010) 2,612,250 Financial Advisor Warrants (@10.4p to 30 March 2010). From the evidence contained above i believe the Directors will recommend the sale in either a) or b). However, only b) would be the best financial position for them personally. They are collectively the largest shareholders. Knwoing that there will be many a private and institutional investor in at 20p i see this as the bottom price of any recommended offer. All options and warrants would be triggered at this level. That is another 15% increase in the total shares. So that is 210,954,441 shares: 20p = £42m 30p = £63m 40p = £84m 50p = £105m etc We know that the company has likely long term earnings from Dong Mao of about £7.5m. We know it has some cash (not much) after drilling at Dong Mao and Nimu. The question therefore is what is 30% and the 45% of Nimu worth? GGG could buy the 45% for £15m and they would own 75% of Nimu. This option is worth a lot more than £15m. Well Nimu is probably a billion lbs PLUS of copper with high Molybdenum, Silver, Gold and Rhenium which when considered as credits on the Copper is likely to make this one of the lowest cost "World Class" Copper deposits in the world. I believe that GGG if they stayed the distance (two/three years) could bring this into production with another JV farm

on iii - worth sharing... "Just so we can get this absolutely straight this is what i posted last Tuesday and nothing has changed: The only reason for the suspension in my opinion is that they needed to do it in case of a leak. If the share price would have spiked over news they would have been forced to tell the market anyway and then may have faced a probe on the leak. So we are then speculating on what happens next? We know that GGG are currently negotiating with the Chinese for either: a) The sale of Nimu b) The sale of Nimu and Dong Mao (i.e the company) If: a) then this has a material effect on the future of the company under AIM rules as it would have to be redefined as an investment company. b) Then GGG no longer exists Whatever the outcome the Directors will be recommending a course of action once the suspension is lifted. So will the directors be interested in selling? Nigel Clark 3,810,568 shares Jeffrey Malaihollo 2,911,931 shares Paul McGroary* 7,910,179 shares Patrick Harford 651,351 shares *Includes 3,240,625 shares held by Marshall Lake Mining plc, of which Paul McGroary is a director. Number of Options: 4,070,000 (@6p to 13 March 2010), 250,000 (@8.5p 13 March 2010), 7,800,000 (@16p 23 Feb 2012), 400,000 (@19p 23 Feb 2012) cont/....

given the potential sale of Nimu, this is the best part of the interview..(people are questioning whether Chinese Gov will force a sale.....not it would seem if Jeff's relationship has anything to do with it!) "So, we need to be on top of that and the key to success in working in China is relationships: knowing the people who understand what’s going on, who can guide you through the rules and regulations, and through maintaining good relationships you build a lot of trust. This is the case at the Sichuan Bureau (Sichuan Bureau of Metallurgy and Geological Exploration) — we’ve been working with them for the last three years; they trust us and we trust them — they bought Snow Mountain back from us. This is the only case I know of where a western company sold an asset back to the provincial government. Again, there was a delay in the payment of Snow Mountain because of the earthquake, but we trust them and they trust us, and we can continue drilling in Nimu because we know the money will come and that money will be used to pay the drillers. So, it is all about trust in China".

interview last November.........great read....and world class deposits confirmed (not sure but might be the article global was thinking about) "We have always believed there are potential world-class deposits at Nimu and, basically, with every hole drilled, the odds of that happening are getting better and better. So in short, the chances of finding a world-class copper deposit at Nimu are, I think, very high. Let me qualify that by saying that we are still in exploration. But, we feel comfortable that we have found one area where the resource could be tens of millions of tonnes. If the next few drill holes hit then we can certainly look at the potential for hundreds of millions of tones, and that whole area is only two kilometres long out of the whole four-kilometre target area in Gangjiang alone. Then we’ve got another target area roughly the same size in the next exploration license called Bairong and there’s another one Dubuqu, and Xiaqing etc. This is a porphyry district; we’re not just looking at just one deposit, we’re potentially looking at a series of deposits in the Nimu area. So, when you weigh all of that up we can definitely see potential for a world-class district in the Nimu area". http://www.tibetsun.com/interviews/2008/09/03/central-china-goldfields-interview/