# CRS - Croesus Mining



## sandybeachs (12 July 2004)

hi guys..

(crs) has had a great week..

i have no doubt it will continue, with the price of gold edging up.

this should help (crs's) share price.


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## RichKid (12 January 2006)

*Re: Croesus Mining NL*

Had a look at this after seeing it mentioned on Nick Radge's trading blog. Looks to have started coming out of the downtrend and is edging up in ledges, a recent pennant set up. 

Currently negotiating some deals to extend mine life or something similar. one of the few shares to have lagged despite the gold price rising, maybe it'll be a late riser. Apparently management is top notch but they still need good, long life assets.


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## brerwallabi (13 January 2006)

*Re: Croesus Mining NL*

Careful Rich check it out a bit.


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## YOUNG_TRADER (21 March 2006)

Old Croseus Mining looks to be in a bit of trouble,

Can the CSM boys led by Kiernan save it?

Not sure that even Mr Buffet could save this company, will be interesting to see what happens when they come out of halt, poor blighters!


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## bvbfan (22 March 2006)

When will CEO's learn the lessons of hedging, they make $150,000-300,000 a year yet can't seem to understand that you go broke when you suddenly can't deliver something you don't have or can produce.


Good ridence


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## YOUNG_TRADER (22 March 2006)

bvbfan said:
			
		

> When will CEO's learn the lessons of hedging, they make $150,000-300,000 a year yet can't seem to understand that you go broke when you suddenly can't deliver something you don't have or can produce.
> 
> 
> Good ridence





 Had a good laugh when I read this, so true so so true!


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## tigerboi (12 May 2008)

Here is the latest on croesus attempt to rise from the ashes of disaster,never followed it before but as the 4th biggest goldie back then,must of been alot of mismanagement..ngf now the 4th biggie...tb

*WA Business and Mining* 

Creasy-backed Croesus poised to rise from ashes 

_8th May 2008, 7:00 WST_ 

Croesus Mining, one of Australia’s biggest gold producers until its collapse two years ago, is poised for a long-awaited return to the sharemarket as a precious metals explorer. 

Shares in the restructured company, which has retained its name, are expected to resume trading on the Australian Securities Exchange tomorrow. 

Croesus’ main backer is millionaire Perth prospector Mark Creasy, who holds a 45 per cent stake. 

Although the company’s flagship asset, the Central Norseman gold mine, was sold last year to Londonlisted Norseman Gold to help repay creditors, Croesus still holds a 20 per cent interest over a handful of tenements 20km north-east of the Norseman township. The Polar Bear tenements cover 100sqkm and are prospective for gold, nickel and platinum. 

It has been a long road to rebirth for Croesus. Once Australia’s fourth-biggest producer with output of more than 300,000 ounces a year, it fell into trouble in early 2006 because of production woes and weak gold prices. 

In addition to the Central Norseman operations, Croesus had mines at Davyhurst, now owned by Michael Kiernan’s Monarch Gold Mining, and at Binduli. Binduli was closed in 2004 and Davyhurt sold in late 2005. 

Croesus lost its battle for solvency after the breakdown of a proposed restructuring plan by then-chairman Mr Kiernan in mid-2006, which saw administrators called in and shareholders left in limbo. Croesus’ debts stood at $70 million. 

The recapitalisation of the company, which shareholders approved late last year, will see long-standing backer Mr Creasy own about 203 million of its 443 million shares. The value of Mr Creasy’s stake will be set on Friday when Croesus’ scrip starts trading. 

Former Croesus chairman Ron Manners has maintained a minority stake but did not take part in the recapitalisation. Croesus’ original shareholders will end up with between 8 and 12 per cent of the restructured company’s equity. 

At the helm of the resurrected Croesus are prominent West Perth corporate players Gary and David Steinepreis as well as Patrick Burke and Stephen Low. 

Gary Steinepreis said Croesus’ relisting was a “great result” for its long-suffering shareholders. 

He said the company, which raised about $3 million last month through share placements priced at between 0.25 ¢ and 1 ¢, would be looking to expand its tenement portfolio and bring some new blood on to the board.


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## aussie86 (10 June 2009)

Well at last some news on this one, in trading halt for yesterday.

Looks like APEX minerals is spinning off some nickel plays into croesus and they are doing a $7m institutional capital raising (@0.85c/share).

Also changing company name to Sirius Resources NL.

Last Trade was 1.6c but buyers are now offering 2.1c, might be an interesting day today if it comes out of trading halt.

I've held since the days when CRS was still a gold mining company, glad I bottom-drawed these ones (managed to get some more at 1c after recapitalisation)


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## Sean K (25 June 2009)

Oh dear, I happen to own a spoon full of this stock. Back from the Croesus 4th biggest gold  miner to failure fiasco. 

I received something in the mail a while ago from them and I don't think I even opened the envelope....

Seems I might have a share or two in this new company.

I've only actually come back to look at this because I'm in to AZM and watching CDT who have a shared account of ex Croesus managers. Are these guys going to turn AZM and CDT into a failure like they did with CRS?

I am troubled by the connection.

The Recap Brothers are having a shocking run!!!

Directors/Officers
David *Steinepreis *– Chairman
Gary *Steinepreis *– Director
Stephen Lowe - Director
Patrick Burke – Director
Gary *Steinepreis *– Company Secretary

Oh dear ++

They have 450m on issue and 50m oppies. 

The Recap Bro's are turning this into a Decap!


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## aussie86 (25 June 2009)

Hi Kennas, not exactly sure what you were trying to say with that last post...

The Steinepreis brothers were not involved with Croesus prior to the recapitalisation.....Whilst the share price has dropped since the recap I don't think they've done a particularly bad job, considering they have secured this deal with APEX.

But if CDT does have some of the guys that were involved with CRS pre-recapilisation, I would either do a lot of research or give it a very very wide berth.


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## Sean K (25 June 2009)

aussie86 said:


> Hi Kennas, not exactly sure what you were trying to say with that last post...
> 
> The Steinepreis brothers were not involved with Croesus prior to the recapitalisation.....Whilst the share price has dropped since the recap I don't think they've done a particularly bad job, considering they have secured this deal with APEX.
> 
> But if CDT does have some of the guys that were involved with CRS pre-recapilisation, I would either do a lot of research or give it a very very wide berth.



No they weren't, and the old Croesus guys are all over in Ghana trying to make a mine work there, which they failed to do here.

By my take on this, The Recap Bros are now trying to recap a gold company into a recap Ni company. 

All this involving the change of a name, a massive allocation of shares to all those involved, and some pieces of dirt that may, or may not contain Ni. Or anything else. 

I have no clue how Mark Creasy is making a deal out of this. There's too many old mates mentioned here to comprehend.  

Can you make heads or tails out of this:



> Apex Minerals NL (ASX: AXM) and Mark Creasy today announce that they will spin off their prospective WA nickel assets into Croesus Mining NL (ASX: CRS), creating a new focused exploration company.
> 
> Croesus will undertake a capital raising of between $5 million to $7 million, its board will be restructured, and its name will be changed to Sirius Resources NL to reflect its new direction.
> 
> ...




This is a labynth trapped inside a enigma, inside a share purchase plan, with cheap options only if the company fails!



The Recap Bros are starting to look recapped!!!


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## aussie86 (25 June 2009)

Yeh I'll agree its not too straightforward.

I've been to the last 2 CRS AGM's and at the last one the board did say that they were on the look out for any projects that they could acquire, and they were not restricting their search to gold assets.  

They mentioned that Mark Creasy (Who owns 45.4% of CRS at present) was playing a fairly active role in finding potential projects.

My take on what has happened is this;

Mark Creasy has managed to get AXM to agree to spin off their Ni assets into CRS, it will allow AXM to focus on gold and not Ni.
By doing this Mark Creasy wil see an increase in his interest in these Ni assets (at the moment he owns ~11% of AXM, and therefore 11% of the Ni assets.)
After dilution Creasy will own 20% of the Ni assets through his 20%stake in CRS and a further ~3% through his ~11% stake in AXM, which has a 27% stake in CRS after dilution

So really all this capitalisation and stuff is doing is increasing Mark Creasy's ownership of the Ni assets from 11% to ~23% (if my maths are correct...which they may not be)

Along with this it will also increase his control over the assets, as he will have 20% voting rights directly for CRS and I imagine he's pretty matey with the people at AXM (he's their biggest shareholder). 

So if you think Mark Creasy knows what he's talking about as far as exploration goes then it might be good to jump on board to see if he can replicate his previous exploration successes.


i'm not sure if my take on it makes it more complicated or easier to understand, hopefully the latter.

Cheers


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## Wilson! (8 September 2009)

aussie86 or kennas, you guys still following CRS?
Have taken a small punt that something is going to happen now the lower placement is done and behind it.


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## aussie86 (8 September 2009)

I'm still following, increased my position slightly at $0.011.  

At the AGM they mentioned that they expect to start drilling in the coming months, so once that starts I'd imagine we'll see more interest in the company.  I'm prepared to wait and see for the time been.  

I think I'll trade a portion of my holding, but the management team seem to be fairly strong so I'll also look at holding a portion for the longer term.


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## greggy (21 September 2009)

Wilson! said:


> aussie86 or kennas, you guys still following CRS?
> Have taken a small punt that something is going to happen now the lower placement is done and behind it.




Hi Wilson,

SIR has multi-bag potential over the next 12 months IMO.
Today I bought 2.7 million shares at 1.1c. I researched the company over the weekend. 
I found Mark Bennett's recent presentation in Aug 09 to be very interesting. The company has $8.2 million (excluding purchase and transaction costs).
SIR has excellent landholdings in WA and excellent and experienced management. 

The Lawlers JV project (SIR earning 70%) is situated in the heart of Western Australia’s nickel producing district, and covers 80 strike kilometres of the
stratigraphy which also hosts BHP’s nearby Leinster and Mt.Keith operations, Xstrata’s Cosmos, Prospero and Sinclair mines, and Norilsk’s Waterloo nickel mine. Sirius has recently undertaken electromagnetic (EM) geophysical
surveys. The results of this program will be reported once received.

The Collurabbie JV is situated along strike 12 kms away from BHP/Falcon's Olympia Discovery.

The Fraser Range JV spans 400 strike kms of the Fraser Range Belt south of the Tropicana gold discovery.

A number of institutions from Australia, Hong Kong and New York, including BT are on board. Mark Creasy is SIR's largest shareholder with a 29% (undiluted) holding. He's also a SIR JV partner.

I'm also aware that SIR will be doing a roadshow next week in both Melbourne and Sydney. This will highlight SIR's attractiveness IMO. At around the 1.1c mark SIR's market cap of around $18 million is a joke. It has potential to go much higher. 
DYOR


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## greggy (23 September 2009)

As I mentioned the other day the roadshow is taking place next week. Usually a roadshow tends to be done when there's something promising to offer. Here, SIR has good cash levels, excellent management and good landholdings. I scanned the papers over the weekend and felt that 1.5c or lower that SIR has the most potential. 
I also notice Sirius has recently undertaken electromagnetic (EM) geophysical surveys on both Lawlers Nickel Joint Ventures. The results of this program will
be reported once received. 
The project is situated in the heart of Western Australia’s nickel producing district, and covers 80 strike kilometres of the stratigraphy which also hosts BHP’s nearby Leinster and Mt.Keith operations, Xstrata’s Cosmos, Prospero and Sinclair mines, and Norilsk’s Waterloo nickel mine. 
If the results of these surveys are encouraging it may have the effect of pushing SIR's share price up significantly.
Also, the roadshow is likely to increase interest in SIR. There are not many shares left around this price that haven't moved yet. Often lately when they do move their share prices have gone up strongly IMO.
I'm likely to increase my holding significantly from 2.7 million, as like any Steinpres relics, even though they're no longer involved, they generally perform strongly afterwards.
DYOR


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## BigDog12 (8 October 2009)

I had some shares in croesus before everything went pear shapped.  How would I go about traking them down - the were in my Etrade account then when they were no longer listed on the ASX they vanished and given the way things were i didn't expect to see them again - but with the restructuring and relisting I assume they're now worth something, not much, but something none the less.

Any help woudl be appreciated - I've tried checking with computershare but they said they have nothing registered (same thing they told me about some employee share plan shares that had been transferred into my name - which I later found with them)

Big Dog.


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## aussie86 (10 October 2009)

BigDog12 said:


> I had some shares in croesus before everything went pear shapped.  How would I go about traking them down - the were in my Etrade account then when they were no longer listed on the ASX they vanished and given the way things were i didn't expect to see them again - but with the restructuring and relisting I assume they're now worth something, not much, but something none the less.
> 
> Any help woudl be appreciated - I've tried checking with computershare but they said they have nothing registered (same thing they told me about some employee share plan shares that had been transferred into my name - which I later found with them)
> 
> Big Dog.




I think I managed to track mine down through computer share when they relisted, not sure though.

Before you go to too much effort do this calculation;

((# shares you held before recapitalisation)/15)*0.01.

That's how much your shares are worth now (today with sp @1c), the 1 for 15 that happened at recap combined with the drop in share price from ~27c to ~1c wiped out the value in most peoples holdings.

Unless you had a massive holding its probably not even worth the brokerage in selling.


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## Out Too Soon (12 October 2009)

aussie86 said:


> I think I managed to track mine down through computer share when they relisted, not sure though.
> 
> Before you go to too much effort do this calculation;
> 
> ...




   I'm in the same situation, I couldn't be bothered sorting out the mess because what I hold is virtually worthless. I bet the directors responsible for the sorry mess are back on boards elsewhere with huge retainers making the same fraudulent stuff ups. If what they did happened in any other industry they'd be behind bars not same old same old


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## Out Too Soon (12 October 2009)

greggy said:


> As I mentioned the other day ***** involved, they generally perform strongly afterwards.
> DYOR




Just read your post Greggy, now I know why I got a Sirius Annual Report in the mail the other day (although I did have my suspicions).
  Sorry Greggy, I wouldn't touch anything vaguely connected to a sniff of a sniff of what used to be CRS. "once bitten----" 
   IvÃ© got some baby ducks that are going through a lot of shredded paper to soak up their mess until they're big enough for outside, now I've got a good use to put that Annual report to. :

PS: The above post is based purely on emotion (Anger) & has no relation to logical argument whatsoever :


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## Out Too Soon (13 October 2009)

Out Too Soon said:


> Just read your post Greggy, now I know why I got a Sirius Annual Report in the mail the other day (although I did have my suspicions).
> Sorry Greggy, I wouldn't touch anything vaguely connected to a sniff of a sniff of what used to be CRS. "once bitten----"
> IvÃ© got some baby ducks that are going through a lot of shredded paper to soak up their mess until they're big enough for outside, now I've got a good use to put that Annual report to. :




Sirius update  (real serious LOL) 
Annual report now shredded & covered in baby duck **** (stinks). How appropriate.:

PS: The above post is based purely on emotion (Anger) & has no relation to logical argument whatsoever :


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