Member Info for VanVan

Can anyone in very simple layman terms, explain the difference between Modi1 and Modi2 please?
Have we seen any results comparing the success of these 2 treatments?
How do these immunotherapy treatments compare to Personalised Cancer Vaccines (PCV's) or sometimes known in the US as Adoptive Cell Transfer?
Heavy stuff!

Was there any discussion about Panmure Gordon and acquiring Institutional Investors?

Thanks John for the feedback. Excellent stuff.
Would you like me to copy it across to ADVFN, acknowledged to you of course.
I’m sure their readers would find it helpful.

Missed the end:-
Drilling to explore Salinbas North is planned to start in May this year with first results by end of June. Only drilling will prove that targets are viable for gold production but there is the potential for between 1.419m and 2.727m ozs of gold based on the proof of concept. There is increasing confidence that targets will be viable. The footprint at Salinbas is huge compared to Red Rabbit.

Development may take several years - 10 rather than 5 before any commercial mining.

This is just part of the portfolio being developed by the company - the exploration side of the business is an essential part of sustaining the longevity of the company.

Hope that gives a flavour of a very upbeat presentation.

A brief note of last night's presentation:

Attended by Kerim, MDV and Chris Sangster, NED. Bill Payne was otherwise engaged.

Presentation by Kerim - as good as come to expect with all questions answered. He gives an aura of confidence and honesty.

The content was underpinned by the company's Corporate Presentation from April.

There was little new but the following points may be of interest.

There will be a further update on costings in the next month or so. Company has strong operational record and its discovery track record speaks for itself. Proud of discovery costs @ US$15 per oz against an industry average @ US$43 per oz.

The bank is very happy with the repayment record and is likely to be the first port of call for new funding requirements. The current construction capital loan will be repaid by April, 2020 and 95% repaid by end of 2019. Substantial cash remains within the joint venture after distributions to partners. There will be no returns of cash to shareholders once the loan is paid off as there will be an ongoing need for new investment, particularly in Salinbas. A placing / cash call cannot be ruled out if it became necessary. Shareholders present made it clear that would not be welcome.

Refined gold is sold to the Turkish Central Bank at the spot price and paid for in Turkish Lira. It is immediately converted to US$.

Expects share price to improve as debt is repaid.

Turkey is very sound so far as mining is concerned with solid incentives for gold miners. Turkey is the leading gold producer in Europe. There are no obvious political risks for gold miners in Turkey. There is little Chinese involvement in gold.

Kizilcukur is not large enough to justify on-site processing.

Arzu South at Kiziltepe will be mined out by the end of this year with Arzu North and Derya coming on stream later this year. Permissions are already in place. There will be a focus on stockpiling to ensure continuity of gold production

Excited by the potential of other parts of Kiziltepe and between Kiziltepe and Kizilcukur.

Tavsan currently has a 4 year life but there is potential to increase this. This will be the next area to come on line for production with a fair amount of work already taking place. Uncertainty about when production will commence as this depends upon the grant of permits. 2020 remains the broad target but this may slip following the social impact process. Reluctant to be more specific following slippage at Kiziltepe.

Salinbas is in a fantastically rich area for gold prospects.

Eldorado's exploration of 20,000 metres cost $9m - a further 20,000 metres is needed - this will be less expensive.

Drilling to explore Salinbas North is planned to start in May this year with first results by end of June. Only drilling will prove that targets are viable for gold production but there is the potential for between 1.419m and 2.727m ozs of gold based on the proof of concept. There is increasing confidence that ta

What a great interview. How many times did he call Redmoor World Class? But so positive about the whole portfolio of assets and wants to buy more shares himself. Anyone know how many he currently owns?
Should make Investors want to buy. Sounds like a no brainer.
Well done Andrew and well done Jon.

I apologise for getting that wrong! Senior moment!
All the best tonight John. Hope you enjoy it.

So sorry to hear that John. Thanks for letting us know. Yes hope to see you at the AGM.

Well done John and many thanks for your kind offer to front LSE readers.
I would be interested in how Phase 2 permits are going at Salinbas (8000 metres).
When do they hope Phase 2 will start and how will it be funded?
When do we hope to get results from Phase 1?
What’s the latest timing for Tavsan?
Does Kerim think building the Resource and therefore an extension to the current Life of Mine at Kiziltepe is fundamental to making us more attractive to investors, particularly Institutional investors and driving the SP north?
Any good John?

Yes I know Pally very well and he is a serious, sensible competent investor of many years. He had a great time in Turkey meeting all the team including Kerim of course and came back so impressed by what he had witnessed. That is in terms of the people; professionalism, enthusiasm , integrity and in respect of the mine infrastructure. He was also very impressed with Turkey itself and the money that has/is being spent on infrastructure etc.
There is clearly a lot going on and no doubt that will be covered by those able to attend the Shareholder meeting.
I also expect an RNS ahead of that.

Interesting comments by poster Pally on AISC as it effects Ariana Resources (AAU). Might be of interest to some.
AISC Ariana. I have noticed some people are concerned about this.
Regarding the AISC for Ariana. First off people should refer to The World Gold Council for guidance: hxxps://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs
You will notice that the method is very difficult to apply to Ariana. The operating costs are shared by the JV ( Zenit ) at $349/oz. This includes the G&A in Ankara and the mine-site costs in Sindirgi (eg processing, mining, staff etc. and not forgetting royalties to government and the NSR to Franco-Nevada). This cost estimate does not include finance costs because the loan repayments schedule varies considerably month by month and quarter by quarter. So the inclusion of finance costs would vary the overall cost base in a manner that would be confusing. In addition, exploration costs are specifically excluded as Kiziltepe has been presented as a turn-key operation with a reserve ready to mine. No exploration is accounted for in the cost estimates, because no exploration has been required so far other than a limited amount conducted internally by Zenit.
Furthermore in order to report AISC they would need to account for the G&A of both Proccea and Ariana on top of the G&A for Zenit. Given the very different nature of the two businesses that would be difficult to achieve. So all in all a probable waste of time and money to try and work out an exact AISC
I hope this may help.
We agree with them
Thanks you for your comments yesterday.
You know that i very rarely post but i/we do look at the BBs fairly regularly.
Regards Pally

So I glean from this that the Modi1 trial, which was due to commence Q2, has now slipped to 2020 without any formal explanation or reasoning. I guess this is par for the course with these sorts of Co's who tend to over estimate how easy it will be to progress matters. Or perhaps they think it is what investors want to hear and therefore edge on the impossible. How much better to under promise and over deliver. When will they learn?
Anyway the Broker target of 21p is encouraging.
I hope future delays can be avoided as delays impact on real people often with terminal conditions.

This is courtesy of Pally on ADVFN who has just recently visited the Kizilktepe mine. Enjoy.
Mine Visit
I arrived back from Turkey a few days ago after visiting the mine site. We as a private investment group always like to visit our investments, if possible first hand, touch dirt so to speak.
First i would just like to highlight the superb new infrastructure around Turkey . Only weeks open a brand new airport Istanbul. It is simply massive and obviously has the intention to be a major international hub.
The same can be said for Izmir with fabulous new infrastructure. Parks, seafront walk ways, cycle tracks and road systems.
The roads to the mine site were equally amazing with new road construction and a new town center square at Sindirgi. Conclusion is that Turkey is very switched on and is aligned to a progressive future.
I was lucky to have present with me on the mine visit, Tod from Olympus XRF, Berkin Ugurlu ( Group exploration manager), Albyn ( mine manager) Kerim Senner (managing director) and his father Erhan.
I have probably nothing new to report for general public knowledge other than is already known except for my observations.
As we know Zak and crew use XRF out on exploration. Tod from Olympus was here to explain and extend the usefulness of the XRF to the in-house test labs. These tests can be up 600 a week and are time and labour consuming. The tests are mainly executed by Physical sample method on the illution liquid ( liquid that contains the metal elements) the use of the XRF would free up a considerable amount of time and effort.
You must understand the the mine is run by Zenit and so the decision weather to spend up to 30000 on an XRF is there decision alone.
Tod ( who has worked XRF with Newmont and other majors ) spoke in my ear that he was very impressed with Zak's work and highly complimentary of his log keeping saying that Ariana is one of the best and smartest run mining companies he has visited.
Berkin Ugurlu was just back from Salinbas having finalized the drill positions. He has worked for Tek and Lomin and i was very impressed with his attitude and professionalism.
Zenit, ( who also run other projects beside Ariana) were also very organised and professional. Their main staff all come from serious mining backgrounds.
We toured the mine site with Kerim, Berkin and Albyn. We looked where they intend to go down a further 2 benches 25mt . Trucks continue to shift material 24/7 much of the time they do not shift ore but material waste to get to the ore body. They believe that the Kitzltepe ore body dog legs to the right towards the old road. Kerim pointed out the other satellite pits beyond the hills around Kitziltepe and we believe that these will dovetail nicely with the processing plant and seriously extending the life of mine.
We are very impressed with Ariana's ability to continue in their ability to find new discoveries and await new drill results with excitement.
Investing in mining is one of patience

Well that wasn't a bad start! Quicker than I was expecting. Interesting. Others recognising the value in the oversold position perhaps.

Thanks all the responses, but to be fair to Hummingbird I didn’t learn anything new or indeed worrying.
My conclusion, which maybe wrong, is that we are here at 16p mainly due to poor sentiment which understandably arose as a result of the three 2018 hiccups. Things come in threes!!
I would also therefore conclude that if those problems are behind us and we are back on track, 16p should represent an oversold position. I’m going to watch carefully to see if confidence now slowly returns with higher highs and higher lows indicating a positive buying opportunity.
We shall see.

Fair comment John, but can I ask you to expand on “from what I have gathered”.
Our deposit which starts just about 8 Kmart north of Hot Maden is part of the same geological formation. We have even now found similar breccia pipe configurations. I agree that the reported drill results of old haven’t knocked anyone’s socks off but I look forward to the next phases, now Kerim alone can control where we drill. His skill is primarily about finding gold. Look at our amazing track record and our discovery costs per oz. So be pessimistic if you prefer, but I suspect that glass half full approach will hold you back on how much you invest as a consequence.
Phase one is just 2000 metres and we need permits for phase 2 comprising 8000 metres, so I agree we shouldn’t be running before we can walk, but I’m more than optimistic about our future in eastern Turkey.

There are two camps here. This seems to be a marmite stock. Obviously the hiccups and the large retracement in share value from highs is going to have hurt a lot of investors. Fair does, but those who are so negative could they explain if it is because they have lost money or is it because they don’t think this will turn around even when the ducks line up?
Are we saying we don’t believe they are doing what they say, because if we do and costs come under control and borrowing is brought down in due course this looks like it could be a gravy train especially if the price of gold hardens.

May isn’t far away.

Courtesy JC2706 on ADVFN.
It is worth remembering that MARL was taken over for £150m or thereabouts. You would have to say that this was on the basis of Hot Maden as that was their focus and the other assets had shown no sign of being anywhere near the same quality.

MARL only owned 30% of Hot Maden.

Salinbas hasn't shown the type of intercepts that they were hitting at Hot Maden but if they ever do it wouldn't take much of a leap of faith to compare the two deposits. Can you imagine the impact of drill results like 7m @ 526g/t or 75m @ 17.2g/t (actual drill results from Hot Maden). The share price would likely respond accordingly I suspect.

Sorry, I don't usually resort to 'drill result porn' but the Hot Maden results were something to get excited about for those that follow gold.

Couple of new photos out on Twitter

Questor stock picks page 6.