# IDA - Indiana Resources



## Ang (12 February 2007)

Put this one in your watchlist as all the fundamentals are excellent and it has formed a Darvas box, a buy at a break of 77 cents. Seems there was an investors presentation in Perth today and it was interesting to see the market depth that there was one buyer @ 600,000 shares at 65cents closing at 68 cents. This stock is very tightly held with volume of about 50,000 to 300,000 per day, unless a large break out like in late January to 77 cents when over 900,000 shared exchanged hands. I have a profit target at a conservative 90 cents, some brokers have a potential value of up to $2. The graph speaks for itself ie excellent OBV etc.
Kind regards
Ang


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## Ang (12 February 2007)

*Re: GDM - Goldstream Mining*

Another interesting thing is that GDM ownes 44% of Uranex, which is trading at $1.90. That alone should value GDM at 83 cents, not including the Gold and Nickel Prospects they have.
Kind regards
Ang


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## mmmmining (13 February 2007)

*Re: GDM - Goldstream Mining*



			
				Ang said:
			
		

> That alone should value GDM at *83* cents



It should be 38c not 83c


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## Ang (13 February 2007)

*Re: GDM - Goldstream Mining*



			
				mmmmining said:
			
		

> It should be 38c not 83c



$1.90 x 44% = 83c Where did you go to school?????


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## sam76 (13 February 2007)

*Re: GDM - Goldstream Mining*

Don't forget China is going to start taking all that unprocessed iron ore very soon as well.


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## mmmmining (13 February 2007)

*Re: GDM - Goldstream Mining*



			
				Ang said:
			
		

> $1.90 x 44% = 83c Where did you go to school?????



FYI, public school.
Does GDM and NEL have equal number of shares? 
The way to calculate it:
The 44% of NEL worth about $60m (higher today)
GDM has about 157m shares (fully diluted)
So you get about 38c per GDM share...


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## Ang (13 February 2007)

*Re: GDM - Goldstream Mining*



			
				mmmmining said:
			
		

> FYI, public school.
> Does GDM and NEL have equal number of shares?
> The way to calculate it:
> The 44% of NEL worth about $60m (higher today)
> ...



Well done I didn't take that into account, however If you add all the other resourses they have including the deal they have done with China to process their Nickle this stock should have a value of over $1
Kind regards
Ang


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## Ang (26 March 2007)

*GDM presntation in Adelaide*

Can't believe this stock, it has the best resource an exceptional Chairman, who I met at the Mining Forum in Adelaide on the weekend and plenty of money in the bank, however it is hovering around 59.5 to 65 cents for the past few months. The Nickel deposit they have in SA is the best grade Nickel ever discovered and this product will be transported and sold for processing to China in the 1st qtr next year once GDM works out which Chinese company to do the deal with. Then there is Uranex with plenty of money in the bank and is 39% owned by GDM, and this is still not enough to get this at 90cent mark. It seemed from the investors I spoke to GDM has not been backed by the Brokers in Australia because they were not happy that they didn't get a piece of the action with regards to the Canadian Deal. This must explain why up to today there has not been the volume going throgh the stock since the announcement. All the Chairman could say about the deal is that in the medium and long term the Canadian (Continental) deal will benefit GDM shareholders. There was no other offers in Australia that would have maintained GDM's 50%+ interest in the project.

Kind Regards
Angelo


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## Ang (10 May 2007)

*gdm*

Should start it's next run as it has crossed it's resistance as it has been doing in the last year or so. See attached blue resistance lines drawn on graph. 

The canadian offshoot is listing in Canada in the next 3 weeks so this should list well as the Canadian know their U stock and should benefit GDM. Then we got rewards that GM shareholders have been waiting for for the off loading of Uranex. Will be an intersting few weeks.
Kind reg
ang


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## sam76 (18 May 2007)

*Re: GDM - Goldstream Mining*

May 10, 2007

Goldstream Chases Its Runaway Offspring


By Our Man In Oz



The tail wagging the dog is an old trick. At Goldstream Mining the dog is about to bite back. Later this month the Australian explorer, which last year spun off the highly promising uranium explorer, Uranex, will finalise a feasibility which should see it make the transition into an exporter of a unique iron ore which is also rich in copper and gold. When that happens, and the geology and the financial numbers are looking good, then Goldstream will have completed a remarkable metamorphosis, and might even reclaim its position as a bigger company than its offspring.
In one of those ironies often seen in a mining boom it is the “flavour of the month” spin off which sometimes does better on the stock market than the parent. That’s been the case with Goldstream and Uranex. At the close of business on the Australian Stock Exchange last week Goldstream (at a price of A60 cents) was capitalised at A$88 million, while the fully-diluted value of its baby, Uranex, (at A$1.85) was A$162 million. Of real interest in that situation is the fact that Goldstream retains 33 million shares in Uranex worth A$61 million. 

Until October, Goldstream’s Uranex shares will be held in escrow– but it isn’t rocket science to work out that when they become tradeable they will represent about 70 per cent of Goldstream’s current total market value. Put another way, the market is today valuing Cairn Hill and all of Goldstream’s other assets at a very lowly A$27 million. Looked at another way, the calculation illustrates what’s hot in the mining world today – and uranium is definitely hotter than iron ore. 

But, if the competition between the corporate father and son is taken a step further it is worth considering the question of which company is likely to be the quicker making the transition from explorer to miner. On that there is little doubt that Goldstream will win because of the brisk progress being made at its Cairn Hill iron/gold/copper project in South Australia and, if all goes to plan exports could start early next year at a rate of around 1.4 million tonnes, at a profit margin of around A$10 a tonne – steadily growing to double that output rate . In other words, Goldstream, from next year, could be pocketing A$14 million a year, rising to A$28 million – which is about what the market currently values Cairn Hill after deducting the value of Uranex shares. 

Duncan McBain, the new man in charge of Goldstream, shocked a few London investors last November with his first Minesite interview, in which he casually dropped his bombshell that Goldstream had become more interested in South Australian iron ore than Tanzanian precious metals. He remains optimistic that Goldstream is on track to start construction at Cairn Hill soon after the middle of this year. 

In his second Minesite interview, conducted on the sidelines of a mining conference in Adelaide, McBain’s confidence is undiminished, and that 14 barren years under the Tanzanian sun is about to become a memory as Goldstream develops a source of recurrent income. All that’s needed is a change of name to complete the metamorphosis. McBain was silent on the cheeky name question but he was very talkative about what’s afoot at Cairn Hill, and in China from where he had just returned. 

He said work on the Cairn Hill project was proceeding on “about 10 parallel fronts” with the primary focus being the calculation of resource and reserve numbers at the project which is close to Oxiana’s Prominent Hill copper/gold development. “We’ve finished drilling, so now we have to work through the data and get government approvals to start production,” he said. “I’m spending most of my time organising funding for the project.” That should be the least of McBain’s worries. He has six possible Chinese partners keen to get there hands on Cairn Hill’s 50.3 per cent magnetite ore with its useful credits of 0.4 per cent copper and 1 gram of gold per tonne. 

The plan is for Goldstream to mine and export what will effectively be run of mine ore, possibly with some simple magnetic separation. Material will then be railed to Port Pirie, with early shipments possibly loaded using a barge system developed by the steel producer, OneSteel, which has just started a haematite export project to cash in on Chinese iron ore demand. Talk of a barge, rather than a port, is a reminder that South Australia has a backward resources sector, which is about to blossom thanks its open door policy on uranium mining. 

“We’re getting a very strong reaction from potential Chinese partners, McBain said. “We’ve got about six companies very seriously interested, and it’s really just a question of narrowing that down to one. Money is simply not a problem in China, they’re desperately keen for raw materials.” The cost of developing Cairn Hill is not high. Works in Australia are estimated to be around US$22 million with another US$20 million likely to be spent in China. The timelines for Cairn Hill are for the feasibility study to be completed in about three weeks. For government approvals to be completed in the third quarter. Trial mining could also start in the third quarter, and full-scale in the fourth. The first shipments to China should be made early in 2008.


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## Ang (20 May 2007)

*Re: GDM - Goldstream Mining*



sam76 said:


> May 10, 2007
> 
> Goldstream Chases Its Runaway Offspring
> 
> ...




Well done Sam, As you see my post on he 26th of march I explained in brief all of this then and the main man at GDM was saying the same things then and using the same timelines. The canadian offshoot gets listed in 2 weeks time and that is why there has been an increase in volume in the last few weeks and i would say we should start testing the 70-77 cent mark again based on the break of Darvas. The Fundementals look good and the graph looks good we hope this time next year we are sitting on a $5 stock
Do you have any valuations on this one???
Kind regards
Angelo


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## ta2693 (22 May 2007)

*Re: GDM - Goldstream Mining*

Indeed very interesting stock and it has potential to make big gain in short term especially as the feasibility study is going out in 3 weeks. It is supposed to be a good news and a development milestone for the company. The only thing I am concerning is it is near June now, will there be a lot of sell for claiming capital loss and drop share price further down to 57-58c. 
I am surprised why only Ang and Sam are interested in this company? 
Does Anyone here want to express your view about this company?


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## Ang (7 June 2007)

*Re: GDM - Goldstream Mining*

On the move up at last , the Canadian Uranium off shoot must be a huge winner and there mas be good news coming up. Should break 66 cnts tommorow and a good buy then for medium term resistans and long term resstance would be a break of 77 cents.
Kind regards
Ang


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## Ang (19 July 2007)

*GDM*

I can't believe no one has spoken about GDM up 20% from last months close and most of the running has been done in the last few days. It is interesting this one as I was told a story about two months ago that there will be something rewarding around the corner for shareholders, centered around Uranex, as a lot of brokers were unhappy that GDM decided to list their latest IPO on the Canadian stock exchange. The thing is there was a spike up before the "RE" dated which was the 10th of July then a retraicement and yesturday started it's run up in the 70's. This makes me think that the latest run in the last two days is not related to the IPO in Canada and something big about to happen in rewarding shareholder. To say every body is hoping that the IPO will list at a premium to the $1.65 that shareholders are offered couldn;t be right as this is what happened to Uranex and all the other off shoots GDM has done, with no great affect to it's price. I am accumulating at a break of 77 cents, long term resistance.
Any one with any other theories.
Kind reg
Ang


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## STRAT (30 July 2007)

*Re: GDM*



Ang said:


> I can't believe no one has spoken about GDM up 20% from last months close and most of the running has been done in the last few days. It is interesting this one as I was told a story about two months ago that there will be something rewarding around the corner for shareholders, centered around Uranex, as a lot of brokers were unhappy that GDM decided to list their latest IPO on the Canadian stock exchange. The thing is there was a spike up before the "RE" dated which was the 10th of July then a retraicement and yesturday started it's run up in the 70's. This makes me think that the latest run in the last two days is not related to the IPO in Canada and something big about to happen in rewarding shareholder. To say every body is hoping that the IPO will list at a premium to the $1.65 that shareholders are offered couldn;t be right as this is what happened to Uranex and all the other off shoots GDM has done, with no great affect to it's price. I am accumulating at a break of 77 cents, long term resistance.
> Any one with any other theories.
> Kind reg
> Ang



Hi Ang, This is my first post and a test mostly to see if I set up the CP correctly but I think the recent interest is in expectation of an ann regarding Chinese investors. There is a comprehensive thread on ST discussing this company. Am holding


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## sam76 (1 August 2007)

*Re: GDM - Goldstream Mining*

The Iron Ore Party Is Still Getting Better (And Better) 

By Rudi Filapek-Vandyck, editor FNArena 

Allow me to take you on a short trip through recent history. Until early this year most securities analysts at major equity brokerages seemed convinced that after price increases of 71.5%, 19% and 9.5% contract prices for iron ore had peaked and the only logical trend to follow would be a gradual decline in price over the following years. In January market consensus was that prices for iron ore would fall by around 10% in the following year. 

By the end of the first quarter, however, a change in overall market sentiment became apparent with most experts starting to pencil in another potential price increase of 5-10% for the Japanese fiscal year that starts in April 2008. 

By June these estimates had already changed into projected price increases of up to 20%. Analysts at Credit Suisse stated the next price increase might well be as high as 25%. 

In the light of these developments it can hardly be a surprise that upcoming developers of iron ore projects in Australia such as Murchison (MMX) and Fortescue Metals (FMG) have been amongst the best performers on the local stock market since March. 

However, the trend hasn't stopped in July with analysts at Morgan Stanley factoring in a 30% price increase from April 2008 onwards, to be followed by a further 5% increase in 2009 before prices are expected to flatten out in 2010. 

And this week the Metals and Mining research team at Merrill Lynch said contract prices for iron ore could potentially increase by 30-40% as the global market for iron ore is moving through its tightest era ever in modern history. Merrill Lynch believes that, unless something fundamentally changes to the supply dynamics, prices are unlikely to go down until at least 2011. (The Merrill Lynch team claims that industry sources believe the availability of iron ore is currently tighter than in JFY05 when the price settlement was for an increase of 71.5%). 

Underneath this trend of upward price forecasts is a surprisingly strong global economy with economists similarly lifting their GDP growth forecasts to 4.5% (and higher) for both this year and next. As a direct result of this steel prices have remained at higher than previously anticipated price levels, and more and more capacity increases are taken into consideration. 

Underpinning the strong demand outlook for iron ore is a Chinese economy whose growth continues to defy expectations. Chinese steel manufacturers are expected to increase their share of the global iron ore consumption to more than 45% this year and the figure is forecast to rise further in the years ahead. (China represented only 5% of world seaborne iron ore demand in 1990 and only 20% as early as 2001). Equally important is that demand appears to be strong across all corners of the globe and some experts even argue global demand is becoming less US dependent as well. 

As iron ore is a key ingredient for producing steel (it is the raw material used to make pig iron, which is one of the main raw ingredients in the process), there seems little at the horizon that could spoil this party for major producers Companhia Vale do Rio Doce (CVRD), Rio Tinto (RIO) and BHP Billiton (BHP). 

One obvious question that comes to mind is: can this story develop into something better still? 

The answer is: yes, it can. 

Securities analysts have started to zoom in on the price differential between iron ore shipments by CVRD from Brazil and those from Rio Tinto and BHP Billiton. The difference in price is predominantly a result of the fact that customers do pay for freight costs between Brazil and Asia but mostly not for shipments from Australia. Estimates are that iron ore from Australia is currently US$20-30 per tonne cheaper than shipments from Brazil or even compared to spot sales from India. 

BHP tried to convince its customers three years ago to share some of the freight costs but the attempt failed and nearly backfired. 

It is a public secret that fellow producer Rio Tinto thus far has abstained from dragging the issue into the annual contract negotiations. However, if the market is truly as tight as analysts believe it is, it would seem but logical for both Australian producers to take the matter back to the negotiation table. 

The team at Merrill Lynch couldn't agree more. The broker issued two reports on the matter in the past two weeks highlighting the illogic of the current situation which not only allows for Brazilian ore to be sold at a large premium (or Australian ore at a large discount) but even Indian ore, often of lower quality than Australian ore, to be sold at a higher price. 

Merrill Lynch believes there is a viable case for all Australian producers, including upcoming producers such as Fortescue, to combine forces and make this a national issue. After all, the broker argues, "the concept of "landed cost" sales is not new, and is completely logical. Japan sells steel landed cost to its customers; China sells coal landed cost to the Japanese; China sells washing machines/air conditioners landed cost to foreign markets; the Indians sell iron ore landed cost to the Chinese. Why should Australian iron ore be priced differently?" 

Assuming Rio Tinto CEO Tom Albanese decides to join forces with BHP on this matter this year, sharing costs for the freight of iron ore to Asian customers could -on the broker's calculations- generate some $3bn in additional revenues for Rio Tinto and BHP Billiton combined. 

Or to put it differently: achieving a US$10/t freight share from steel manufacturers in Asia would automatically imply an 18% price rise on the current FOB price that is being charged for at least half of all shipments from Australia (Free-On-Board, meaning the supplier pays for the transport to the end destination). 

Another positive surprise could well come from the Middle East where steel production is on a steep rise. Thus far, however, the region receives hardly a mentioning in the iron ore market reports written in Australia. 

A recent report by Citi acknowledged the Middle East, and Saudi Arabia in particular, seems poised to become "one of the most important areas for steel consumption in the next two years". Under a positive scenario this could tighten the supply/demand dynamics for iron ore even more in the years ahead. Under a more negative scenario Middle East demand could potentially compensate for any loss of demand from the US. 

Which leaves us with another question: what could potentially spoil this iron ore party? 

The most logical danger seems to be a scenario whereby the current problems in the US housing sector, including sub-prime mortgages and collaterised debt obligations (CDOs), would turn into something really nasty leading to a recession in the world's largest economy which would have an undeniable impact on the rest of the world. 

So far, however, almost nobody is taking such a scenario into serious consideration.


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## prawn_86 (4 October 2007)

*Re: GDM - Goldstream Mining*

Hey ASF'ers

GDM is my next pick, it is very undervalued IMO, and if it can clear the stack at 53c it will be away.

Im at work at the moment so i will post my reserarch when i get home.

enjoy


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## prawn_86 (4 October 2007)

*Re: GDM - Goldstream Mining*

ok guys here is my analysis, i like this one a lot.

*GDM – Goldstream Mining*​
http://www.goldstreammining.com.au/

*Summary*
GDM’s business strategy is to create shareholder value through a diversified portfolio. The Company maintains maximum exposure for shareholders through their multi commodity portfolio approach, coupled with geographical diversity. In 2007, GDM shareholders will be exposed to AU$19 million in exploration through joint ventures and companies in which GDM is the major shareholder, with only AU$1.5 million of that expenditure being sourced from their own funds.

The GDM board is working seeking to maximize shareholder value through a mixture of core projects, where it may  take the project through to development, and spin-offs & joint ventures, where the board feels it is important to bring in specialist expertise or extended funding or where keeping the assets in GDM would not maximize shareholder value.
The core focus is  to broaden the Company’s core project portfolio primarily in copper, nickel, Platinum Group Elements (PGE) and iron ore  with the objective of developing cashflow and company making assets.
GDM’s modus operandi is “Delivering value through diversity, discipline and development”.



*Structure*

160mill shares @ 50c = $80mill market cap.
		@ 60c = $96mill
		@ 65c = $104mill

$7.5mill cash at bank

Holds 39.5% of Uranex = 32mill UNX shares = $35.5 mill (@ $1.10)

Holds 51% of Continental Nickel (TSX : CNI) = 13.7mill shares = $22mill (@ AU$1.60)

Therefore total of $65mill in investments and cash

*Projects*

*Cairn Hill*
“The Company has identified magnetite - copper - gold mineralisation
which preliminary metallurgy indicates can produce a niche product that does not require pelletisation. Goldstream has done significant feasibility work is currently pursuing opportunities to commercialise the project.”

Supposed to be in the midst of a feasibility study which was due June, but I cant find an announcement about it.

In Situ (Undiluted)
Initial Pit 
Indicated 10.0mt 51.9% magnetite 0.40%Cu 0.12g/tAu

40000tonnes copper = $360mill
12000 grams gold = $8.4mill
5Mt Iron ore = (not sure how to value this) conservatively $300mill???

Total Insitu = $670mill

They are planning to have first shipment before mid year 08, so will be up and running relatively quickly.

They say the high quality is good as it doent need to be pelletised (??), but I don’t know much about iron.

They are planning a 10yr mine life at 1.4Mtpa.

Currently trying to find a cornerstone/off take in order to fund the mine


*Mt. Woods*
Near prominent hill. Doesn’t seem to be too advanced but one project is going for Palladium, platinum and gold, with results so far of:
22m @ 0.95g/t Pt+Pd+Au

Other Mt. Wood project is looking for IOCG copper/gpld, similar to what Oxiana has hit and is developing in that area. Not very good results so far with average grades of only about .4% cu.

Lets say very conservatively that the Mt. Wood project should add another $10mill onto the market cap even if just for potential or sale.


*Management*

Two of the directors have AZC connections. One has been on the board previously the other is still a non-exec director. I know of them and that they seem to be true to their word and don’t overstate things unlike some other mining co’s.

*Cons*

Seem to have found support at 50c, and there is a big stack at 53 and 54c, not sure if they are real or not, but if it can clear these it looks set for a good run. 
I think it will need a good announcement to get it back on the radar, but hopefully they will be forthcoming.

*Conclusion*

So heres the totals:

$65mill cash and shares
$70mill (10% of in situ) for Cairn Hill
$10mill for Mt wood

Total = $145mill

= 90cents per share is what I would say its worth fundamentally.

I think that figure is relatively conservative especially as they are planning to be shipping iron within a year. It also doesnt take into account further exploration upgrades, which seem quite likely ezpecially at Cairn Hill.

They don’t seem to have recovered from the correction and I think 50c presents a great buying opportunity for a mid – long term hold. A few announcements should be coming up with the extended cairn hill drilling plus CNI’s drilling could hit something. Also could expect a corporate announcement with regards to funding, or the feasibility study before dec I would think.

Enjoy!


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## ta2693 (4 October 2007)

*Re: GDM - Goldstream Mining*

"Indicated 10.0mt 51.9% hematite 0.40%Cu 0.12g/tAu"
I have to say the grade is too low for me. 

In addition, Market always give 20% to 30% discount to company's share holding in another company. 

Even we disregard the two negative factors, Right now 1.5 times potential is not enough to make market excited.


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## prawn_86 (4 October 2007)

*Re: GDM - Goldstream Mining*

apologies ta i got it wrong, it is actually magnetite. I have corrected my previous post. dunno what i was thinking when i typed it 

here is another quote from the co. website:



> The initial phase of the mine is planned to produce 1.4Mtpa of magnetite (iron ore) / copper / gold ore, with a 10 year mine life. The ore ranks as some of the is the highest grade iron ore in Australia with 71% Fe equivalent DSO product.




does that make the grades better? i really dont know as much as i would like about iron.


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## prawn_86 (4 October 2007)

*Re: GDM - Goldstream Mining*

also,

check out the patersons report on GDMs site. Patersons value them at $1.09 per share. I did my evaluation before i read that report, but it was nice to get something close, confirming what i thought.

enjoy


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## prawn_86 (8 October 2007)

*Re: GDM - Goldstream Mining*

another thing worth mentioning is the fact that this is very high grade magnetite:



> The ore ranks as some of the is the highest grade iron ore in Australia with 71% Fe equivalent DSO product.
> 
> preliminary metallurgy indicates can produce a niche product that does not require pelletisation




the co is looking for a chinese company so they can ship the ore direct to china and then that co will do whatever processing is needed. then the co can get the Au and Cu $$ as a bonus


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## doogie_goes_off (8 October 2007)

*Re: GDM - Goldstream Mining*

To process this unusual ore and recover the metals will cost a few $, I'd say that the tonnage is too small to get anyone interested in processing it. So only half their share price could be due to this, some due to $ in the bank and a few $ for other interests. I don't think it will rise in the short term, possible potential for an increase in resource if there is $ in the bank to keep drilling but the upside is minimal for me. This company's been around the block a few times, maybe they are starting to get it right, but not right now for me.


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## prawn_86 (8 October 2007)

*Re: GDM - Goldstream Mining*

i appreciate you input doogie, although i have read 3 of your posts today and all of them have been negative towards various companies. (is there any co you like at the moment?  )

the recovery should not cost too much as it is close to the surface.

they are continuing driling and have a high chance of extending their resource, they seem fairly confident about that.

im not too sure about processing costs, but i know that the co is planning to have about 40% of their income from the Cu, which is good to see that they are diversified.

the processing however will be carried out in China as they believe it will work out cheaper shipping the ore then processing it there. unfortunately i am not familiar with how IO is processed so cannot offer much further on this.


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## doogie_goes_off (8 October 2007)

*Re: GDM - Goldstream Mining*

Magnetite is removed by magnetic separation, the copper would be removed by  asecond process - flotation. The gold would be removed by a third process or with copper. I hol QOL too, so yes I do have companies I like, BSM's latest Zn/Pb/Ag/Au intersection was impressive, I've held FNT and think Komsen looks good, waiting for the drilling before buying, DGR still seems like a long term winner. I hold FXR for spec iron ore (Mt Oscar) exposure. Anyhow this is about goldstream so no I don't really like them at the moment but they may eventually come good. If I held I would probably hold.


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## prawn_86 (8 October 2007)

*Re: GDM - Goldstream Mining*

personally i have only recently bought in as i think it has found a nice base at 50c. 
like i said i dont know much about the IO process or geology so here is another quote from the co with regards to that side of things



> The magnetite concentrate that can be produced from Cairn Hill ore will be one of the highest available worldwide with a grade of up to 71.5% possible. Concentrate of this quality has strong value in use benefits to steelmakers. In addition due to the coarseness at which the concentrate can be produced, it can be fed directly into the blast furnace like fines without the need for pelletisation.
> 
> Metal recoveries are exceptional for a magnetite with primary recoveries for iron up to 92.6% and up to 98.2% for copper.
> 
> GDM is currently evaluating on site dry magnetic separation to increase the shipping grade of the ore. Testwork shows that is possible to increase the grade of the Fe by up to 8%





i appreciate your comments doogie, as im still on a steep learning curve


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## So_Cynical (10 October 2007)

*Re: GDM - Goldstream Mining*

Another negative is that theres no loading facility at ports Augusta or pirie
i read somewhere that they will load from barges...id say there reaching a bit.


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## prawn_86 (11 October 2007)

*Re: GDM - Goldstream Mining*

ok, i will have to check that out.

even so i still think they are undervalued, even if they were not going to be mining, and were just continuing exploration. the market ic currently only valuing them at 10c per share if you take out their investments. 

this seems pretty minimal to me considering the projects they hold, and the stages they are at.


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## prawn_86 (21 October 2007)

*Re: GDM - Goldstream Mining*

here is the response i got from the company MD with a couple of questions i asked.

His responses are in caps.

1. The quaterly suggested that the MLA should be granted mid this quater. Is this still looking to be the case? I understand this is out of your control, but mining leases are notorious for being delayed in my experience. 

THINK WE ARE STILL ON TRACK NEED TO FINALISE NATIVE TITLE & WOOMERA ACCESS DEED. WE ARE PUSHING AHEAD WITH PREPARING THE MARP DOCUMENTATION.

2. How is the native title agree ment progressing? 

ALL OUR MINING AREAS & HAUL ROADS HAVE BEEN CLEARED - WAITING TO FINALISE AGREEMENT - WESTERN PLAINS SETTLEMENT SETS WHAT WE SEE AS A CEILING, & I WOULD HOPE TO DO SOMEWHAT BETTER AS WE HAVE A SMALLER PROJECT

3. Has there been any further advancement with discussions with the chinese? Or what is the timeframe you are expecting to update the market within? 

THINK WE ARE GETTING CLOSER - BUT WITH CHINESE THINGS TEND TO EBB & FLOW SO HARD TO PUT A TIMEFRAME (YOU GO FROM HIGHS TO LOWS BACK TO HIGHS IN 24 HOURS, VERY EMOTIONALLY DRAINING - THE PEOPLE WE ARE DEALING WITH ARE SERIOUS IT IS JUST A CASE OF BOLTING ONE OF THEM DOWN) - THE PROJECT IS NOW READY TO GO SO I AM KEEN TO KEEP THE MOMENTUM WE HAVE BUILT UP


this is the 2nd email i have recieved from him, and he does appear to be working hard on securing funding. It seems to be a matter of time now as he said.


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## lazyfish (21 October 2007)

*Re: GDM - Goldstream Mining*

I am also very interested in this company. The only thing that troubles me is that the new management owns very little shares. I think they will be presenting on the next AMEC will try to go and get a feel of how things are going.


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## prawn_86 (5 November 2007)

*Re: GDM - Goldstream Mining*

Renewed interest showing in these guys.

They have gone from 48c to 54c in a few days. IMO they are one iron ore stock which has not run yet. Strange since they are a hell of a lot closer to production than any of the other explorers.

Happily holding


----------



## STRAT (5 November 2007)

*Re: GDM - Goldstream Mining*



prawn_86 said:


> Renewed interest showing in these guys.
> 
> They have gone from 48c to 54c in a few days. IMO they are one iron ore stock which has not run yet. Strange since they are a hell of a lot closer to production than any of the other explorers.
> 
> Happily holding



Hi Prawn, Ive been holding GDM for a while now. Very under valued and due for a re rating I recon. If and when an announcement regarding a chinese investor is made we should see some action. This ann is overdue


----------



## prawn_86 (5 November 2007)

*Re: GDM - Goldstream Mining*

Gday Strat,

It is well overdue. I have been in touch with the MD a few times and he says things are progressing (see my previous posts for one of his emails), but it is painful sitting and waiting.

Perhaps there has been a leak, hence the interest.


----------



## STRAT (5 November 2007)

*Re: GDM - Goldstream Mining*



prawn_86 said:


> Gday Strat,
> 
> It is well overdue. I have been in touch with the MD a few times and he says things are progressing (see my previous posts for one of his emails), but it is painful sitting and waiting.
> 
> Perhaps there has been a leak, hence the interest.



Not too painful. I dont consider this a risky number and dont mind leaving it in the botton drawer for a wee while. As for a leak, hope you are right. You still holding those FNT? I jumped out about a week ago for the reasons I stated on SC and bought into MHL @3.2.


----------



## alphman (5 November 2007)

*Re: GDM - Goldstream Mining*

I'd say the recent interest is related to their holding in UNX, which has risen more than 25% in the past week...  

I'm looking for an entry point in this but it keeps running away.


----------



## prawn_86 (5 November 2007)

*Re: GDM - Goldstream Mining*

Just got the Annual report in the mail today and they are looking at changing their name to *IMX Resources*.

I guess this will better reflect the diversified company that they are rather than having 'gold' in their name, which isnt their sole focus


----------



## STRAT (5 November 2007)

*Re: GDM - Goldstream Mining*



prawn_86 said:


> Just got the Annual report in the mail today and they are looking at changing their name to *IMX Resources*.
> 
> I guess this will better reflect the diversified company that they are rather than having 'gold' in their name, which isnt their sole focus



I can think of more important things for them to be concerned with like the long awaited Chinese Partnership


----------



## alphman (21 November 2007)

*Re: GDM - Goldstream Mining*

GDM going for a nice run this morning.  TSX:CNI went up 165% overnight to close at $3.20 which takes GDM's holding to approx $80m (i think).

Well done and congratulation to all holders.  Unfortunately, I was too conservative with this one and missed the boat.


----------



## prawn_86 (21 November 2007)

*Re: GDM - Goldstream Mining*

Up 26% and then goes into a trading halt. I wonder if they have any news also or if it is just on the back of CNI (TSX)?

A couple months wait may look to be paying off


----------



## prawn_86 (22 November 2007)

*Re: GDM - Goldstream Mining*

Looks like the halt was only to announce the news of CNI's drilling, which had already been known by the market place.



> CONTINENTAL NICKEL ANNOUNCES INITIAL DRILL RESULTS FROM THE NACHINGWEA PROJECT, TANZANIA.
> NEW HIGH GRADE NI-CU SULPHIDE ZONE DISCOVERED GRADING 7.50% NI, 1.15% CU OVER 9.55 M




Decent results as far as i can tell, with more drill holes to come. I wonder if the halted it to stop it running up massively and getting a heap of day traders on board? 

Currently at 66c which is still very undervalued imo. True value is closer to $1 especially with CNI's rise in SP on the TSX.

Check back earlier in the thread for my full analysis


----------



## STRAT (22 November 2007)

*Re: GDM - Goldstream Mining*

Hi prawn, Nice to see GDM finally making a move eh? Strange I thought at first, a trading halt for an offspins resourse upgrade.  The intraday movement yesterday looks like the cat got out of the bag before the ann so they put the halt in place to prevent the price going up too much before the ann which would be a clear sign of leakage and not a good look for the company. Anyone else have thoughts on this?


----------



## bigt (22 November 2007)

*Re: GDM - Goldstream Mining*

Yes, the news was available from the tsx well before the halt on the ASX...allowed savvy buyers to get in a secure a slice. Fairly shoddy work by management. Though then again, was a halt required?


----------



## sam76 (22 November 2007)

*Re: GDM - Goldstream Mining*



STRAT said:


> Hi prawn, Nice to see GDM finally making a move eh? Strange I thought at first, a trading halt for an offspins resourse upgrade.  The intraday movement yesterday looks like the cat got out of the bag before the ann so they put the halt in place to prevent the price going up too much before the ann which would be a clear sign of leakage and not a good look for the company. Anyone else have thoughts on this?




GDM spun off it's nickel prospects into CNI.  CNI went up a hundred and something percent on those drilling results, so it would seem obvious to the people that follow both stocks closely that GDM would rise as well.


----------



## sam76 (22 November 2007)

*Re: GDM - Goldstream Mining*

with thanks to Danube @ HC

CNI has total 29,338,416 full diluted shares

GDM owns 14,283,000 CVI shares; Plus 

30% of CNI project free carrying interests 

With simple valuation method, say the benefit of no cash contribution till completion of BFS will offset the cash in hand by CNI, 30% of Tanszina project is worth:
29mx30%/70%=12.4m CNI share equ.

Totally GDM has equ. interests in CNI as: 12.4+14.3=26.7m shares.

Its value is: $85m

CNI up $1.99, If GDM tracking the movement, it will be up $53m in market capital.

Fully diluted number of GDM shares is:158.2m

So if tracking CNI, GDM should be up 53/158.2=33.5c.

Which is 52+33.5=85.5c

The market has discount the CNI's value by more than 50%. Maybe people didn't take into account the 30% free carrying interests in Tanzania/Mozambique Project.

At 65c, GDM has negative EV even apply 20% discount on the value of the equity in CNI and UNX, which means core iron ore copper and gold pronect plus the JV with Lonmin, and Royalities in B4M are liabilities!

What a dirty cheap stock!

DYOR>>>>>


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## prawn_86 (22 November 2007)

*Re: GDM - Goldstream Mining*

I have made adjustments in red, due to the price rise of CNI.



prawn_86 said:


> ok guys here is my analysis, i like this one a lot.
> 
> *GDM – Goldstream Mining*​
> http://www.goldstreammining.com.au/
> ...




Note that my valuation now falls in line with the Patersons valuation of $1.09 cps. But their valuation is not taking into account the higher price of CNI either.

Either way, there is still a lot of upside here imo


----------



## prawn_86 (30 November 2007)

*Re: GDM - Goldstream Mining*

Nearly $400 000 worth of director buying today.

Could it be that the chinese cornerstone deal is nearly done and dusted?

I need more capital to spread across all the stocks i like


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## prawn_86 (11 December 2007)

*Re: IXR - IMX Resources*

GDM have changed their name to Investment, Mining & Exploration Resources (IMX) listed under that code as of today.

And to cap off the change in name they have released the results from the canadian co which they own 53% of, Continental Nickel.



> New Discovery at Zone J: 2.59% Ni and 0.41% Cu over 17.95 meters
> New Discovery at Zone L: 2.40% Ni and 0.50% Cu over 15.25 meters including 4.66% Ni and 0.91% Cu over 4.35 meters




Not a bad way to start off 

Hoping that a name change brings a change in fortune for these guys, although i dont currently hold.


----------



## prawn_86 (13 December 2007)

*Re: IXR - IMX Resources*

GOne into a halt until monday.

Hopefully the announcement of a cornerstone deal, for their Carin Hill project, with the chinese which they were trying to finalise before years end


----------



## STRAT (28 December 2007)

*Re: IXR - IMX Resources*



prawn_86 said:


> GOne into a halt until monday.
> 
> Hopefully the announcement of a cornerstone deal, for their Carin Hill project, with the chinese which they were trying to finalise before years end



The ann we have all been waiting for finally comes and the whole market seems to be on holiday


----------



## prawn_86 (28 December 2007)

*Re: IXR - IMX Resources*

I was very happy with the announcement Strat.

100% of their product taken in a contract and the company they are selling to has purchased a 10% stake at a 15% premium to the current price.

As I have said before, it was only a matter of time before the market recognised this one and it is now trading close to my first valuation target. If CNI price stays high, IXR is worth around $1. 

Check previous posts for detailed calcs.

Good to see some South Aus projects being recognised


----------



## doogie_goes_off (28 December 2007)

*Re: IXR - IMX Resources*

The deal appears to be a very good outcome, particularly with credit so tight, it really pays to have the development money in the bank at the moment. Well done prawn_86 and other holders.


----------



## MrDevine (12 January 2008)

*Re: IXR - IMX Resources*

Hi All, this thread has gone cold, (as has IXR share price). Whats consensus on the annoucement confirming the offtake agreement, profit vs CAPEX costs? Seems some who brought in after are dumping again, then there is a LOT of dumping going with this stock, as it can't be day traders scapling points, too little percentage movement. Be interesting to see how TOP 20 shareholding has changed.

I can't make up my mind whether to buy more or to sell, have held, and really thought Cairn Hill ann would see this thing alight, however it seems market is disappointed. 

Thoughts? Mr D holds (for now)


----------



## prawn_86 (12 January 2008)

*Re: IXR - IMX Resources*

Admitedly the Cairn Hill project has high costs/low margin, but with the anticipated increase in iron ore prices, we should see this percentage improve.

Also, IXR management have stated that about half of the Carin Hill revenue will come from the Cu and Au so it seems they have known from the start the IO would be a low margin product.

The placement at 85c is a very good thing as Doogie said, and its good to see cornerstone partners willing to cough up above market.

Im not too sure what the CNI price is at the moment, but i still maintain my $1 fundamental target, which is in previous posts. Its just a matter of time for market recognition imo...


----------



## STRAT (12 January 2008)

*Re: IXR - IMX Resources*



MrDevine said:


> Hi All, this thread has gone cold, (as has IXR share price). Whats consensus on the annoucement confirming the offtake agreement, profit vs CAPEX costs? Seems some who brought in after are dumping again, then there is a LOT of dumping going with this stock, as it can't be day traders scapling points, too little percentage movement. Be interesting to see how TOP 20 shareholding has changed.
> 
> I can't make up my mind whether to buy more or to sell, have held, and really thought Cairn Hill ann would see this thing alight, however it seems market is disappointed.
> 
> Thoughts? Mr D holds (for now)



Hi Mr D, I sold out last week. With Cairn Hill coming through under expectation. The current market conditions and the fact that GDM is unloved I decided cash in hand and at the ready was a better option. Let most of my other mid term holds go as well leaving only a few longs and a few I consider/hope are due to be re-rated short term .

 I have assumed you are the same Mr D as on ShareTrader


----------



## MrDevine (14 January 2008)

*Re: IXR - IMX Resources*

Yup, and on HC too.

Why is the market placing so little or ZERO value on Cairn Hill? I'll hang it out, buy more if it goes mid fifty.

Mr D.


----------



## WiseMum (17 December 2009)

*Re: IXR - IMX Resources*

To all those who hung on waiting for IMX to reach their potential, what's the feeling around camp?  With the shipping licence granted for Cairn Hill plus the discovery in Tanzania, and the OZL JV, maybe growing share price movement will be sustainable.  I'm wondering whether now is a good time to get back in?
Thoughts anyone?


----------



## matty77 (13 October 2010)

*Re: IXR - IMX Resources*

First loading of Iron Ore to be this week aparently?

what are peoples thoughts on this stock?


----------



## frstladi (3 November 2010)

*Re: IXR - IMX Resources*

Is this stock being undervalued?
I think this stock has been getting less attention than what its worth.
any thoughts?


----------



## mydosh (5 November 2010)

*Re: IXR - IMX Resources*

well and truly undervalued. When you consider Western Plains jumped to over a $ today without having reached the same milestones...then you have to be in this one.
Another couple to put on your watch list: PXR and CXM

Remember to DYOR.


----------



## mydosh (6 November 2010)

*Re: IXR - IMX Resources*

There is an article in the Australian newspaper regarding Woomerea and the Defence Dept that should create some interest for IXM. Assuming readers do their homework!


----------



## mydosh (21 November 2010)

*Re: IXR - IMX Resources*

An other great announcement on Friday. IMX just keeps pressing the right buttons.


----------



## prawn_86 (21 November 2010)

*Re: IXR - IMX Resources*



mydosh said:


> An other great announcement on Friday. IMX just keeps pressing the right buttons.




Care to give some details? What was the announcement? Why was it 'great'? The more info you provide the more responses you will get.

Cheers


----------



## mydosh (21 November 2010)

*Re: IXR - IMX Resources*

Iron ore producer, IMX Resources Limited (ASX:IXR) is pleased to announce that it has  signed  a  strategic  alliance  agreement  with  Sichuan  Taifeng  and  Sichuan Metallurgical Geological and Exploration Bureau (SMGEB).

The  aim  of  the  strategic  alliance  is  to  seek  new  projects  in  which  to  cooperate,  in evaluating new investment opportunities as well as to investigate the opportunities for participating in existing IMX projects to accelerate exploration and development.

SMGEB, based in Chengdu, Sichuan, China, is a professional exploration and minerals development bureau with 50 years of minerals exploration practice and 10 years of minerals exploitation, and is subordinated by 10 professional teams including geological exploration teams, geochemical and geophysical team, topography survey team, core drilling company, minerals development company, and sample assay and ore test. 

With an experienced team consisting of project generating, project evaluation and operation of  joint  exploration  with  BHP,  CCG,  WMC,  INCO,  etc.,  effective  discoveries  in  diverse commodities and beneficial return in west China are achieved. With technical expertise and good  credit  rating,  Sichuan  Bureau  of  Metallurgical  Geology  &  Exploration  is  strategically searching  for  quality  joint  exploration  projects  globally  to  lead  the  significant  minerals discovery. 

IMX's Cairn Hill Magnetite – Copper – Gold ore (3593t) has been railed from the Rankin Dam loading facility to Port Adelaide.  
They are in a JV with OZ Min. They have a JV  Nachingwea nickel-copper sulphide project in Tanzania with Continental Nickel Limited, which has resulted in 1.70%  nickel  and  0.07%  copper  over  2.15  metres  from  drill  hole  NAD10-206  at  H Zone at Ntaka Hill, and  a 13.8 metre interval of disseminated sulphide mineralisation grading 0.60% nickel and 0.10% copper from drill hole NRD10-021 at Lionja. 

All of their news announcements are available on the ASX under the code of IXR.
Cheers.


----------



## prawn_86 (21 November 2010)

*Re: IXR - IMX Resources*

Of course company announcements are going to make things sound positive. So what specifically did you personally like about it? Why do you think this means their price will move up. Anyone can copy and paste a announcement, but some actual analysis is always nice.

Cheers


----------



## mydosh (22 November 2010)

*Re: IXR - IMX Resources*

What I like is that they are the first South Australian mining company to ship IO. They are financially set for further development. They are expecting their first earnings cheque this year or early next year. They have a sound management team and have convinced me they know what they are doing. I like their style.
When you compare their SP to that of WPG, which hasn't mined anything as yet, then IMX looks pretty good at around 50c.
It's probably better that I keep my opinions to myself and then it wont sound like I am ramping the stock.
I didn't realise that this was an analyst and economic play area, driven by personal opinions and knowledge of the stocks, markets, sectors and ones own intelligent take on a company.
I didn't refer to the SP moving up on the announcements, I did comment that I thought it was undervalued.
I was pointing to the announcement that came out on Friday. I don't expect my offerings to have any impact on the SP, but only to inform people interested in the stock that an announcement was out, if they are interested in reading it.
If you expect an in-depth analysis each time and justification for every post that is written, good luck with that one.
Cheers.


----------



## mydosh (14 December 2010)

*Re: IXR - IMX Resources*

well I thought it looked good at around 50c, but now that it has reached 66c, I have to say I'm delighted.
Anyone else, or am I the only one holding?


----------



## Synergy (15 December 2010)

*Re: IXR - IMX Resources*

Also holding, but probably got in quite a bit higher than you did...

Massive resistance now on the 10 year chart. The coming days will be interesting. Positive signs if it can make a close above 75c.


----------



## mydosh (18 December 2010)

*Re: IXR - IMX Resources*

I noticed IMX got a small mention in The Australian this morning. The segment 'Pure Speculation' was praising Carpentaria Resources whilst it was talking about iron ore.

I would expect the SP to go over a $ in the new year as more announcements are released and Nachawinga fires up.


----------



## matty77 (7 September 2012)

*Re: IXR - IMX Resources*

I heard they have halted production due to low Iron Ore prices?

Anyone else heard similar?


----------



## pavilion103 (2 January 2013)

*Re: IXR - IMX Resources*

Could be worth a look. And so far today's bar looks like a test on very low volume. We'll see how it closes. 

This is the chart at EOD yesterday.


----------



## surfingman (4 January 2013)

*Re: IXR - IMX Resources*



pavilion103 said:


> Could be worth a look. And so far today's bar looks like a test on very low volume. We'll see how it closes.
> 
> This is the chart at EOD yesterday.
> 
> View attachment 50198




Ive grabbed a small parcel yesterday.

Reductions in OPEX for the 1.8mtpa iron-copper-gold DSO project to $77/tonne FOB will now be seeing some profits with the spike in Iron Ore prices and no debt on the project (IXR 51%).

There are some good announcements expected in Feb from the latest directors update 19/12/2012:

"MD Neil Meadows
We will continue to release the results of our most recent drilling activities both in Tanzania and Australia over the course of the next few months.  From the perspective of Ntaka Hill though, the next major milestone will be the release of our upgraded Resource Statement in February 2013. 

I would also hope to be in a position to make an announcement in relation to the commercialisation of our interest in the Mt Woods Magnetite Project early in 2013."

Anyone else holding?


----------



## pavilion103 (5 January 2013)

I'm also in now.


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## System (22 June 2016)

On June 22nd, 2016, IMX Resources Limited (IXR) changed its name and ASX code to Indiana Resources Limited (IDA).


----------



## greggles (13 July 2021)

These assay results look good. Market cap is less than $20 million. Will dig a bit deeper into their projects to try and figure out what the story is here.


----------

