# NCO - Namibian Copper



## springhill (25 January 2011)

NCO is currently working on the Ongombo Copper Project in central Namibia.
Historical drilling has produced Cu ranges from 1.3% to 3.9% with a 2.3%av. Project is situated approx 50km from a railway line that runs to port. Fellow miners in the area include Rio, Anglogold and Paladin.
On the negative side, delays were experienced last year due to the presence of trophy game hunters in the area. Good luck with that in the future!

SP - 14c
MC - $4m
Shares on Issue - 64m
12mth High/Low - 24/11c
Cash at Hand - $633k
Expenses this Q - $250k

Not enough cash and a risky area to work make this a no-go for me.


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## springhill (16 February 2011)

Backflip of the century award nomination time.
Have taken up a position in NCO upon further research.

Positive points i have taken out of this;
*Directors have extremely good pedigree, always an important point for me.
*Namibia not as risky as first thought, very open to foreign investment in their mining industry, which they support as it is one of only a few income earners.
*Political stability.
*Has coastline, no need to travel through other African countries.
*Copper at high prices, make exploration that bears fruit all the more better.

These are my reasons, and time will tell, for better or worse.


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## springhill (4 May 2011)

Recent concerns about the Namibian Govt nationalising certain 'strategic metals' including uranium and copper amongst others have been allayed by news reports that this only applies to *future exploration and mining rights.*

Good news for NCO.

Articles here.
http://www.metalbulletin.com/Articl...-future-copper-rights-to-Epangelo-Mining.html

http://uraniuminvestingnews.com/7621/uranium-prospects-threatened-by-namibia-government.html


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## springhill (8 May 2011)

springhill said:


> Recent concerns about the Namibian Govt nationalising certain 'strategic metals' including uranium and copper amongst others have been allayed by news reports that this only applies to *future exploration and mining rights.*
> 
> Good news for NCO.
> 
> ...




I have had written confirmation from the board that Ongombo is not affected by Namibian Govt's nationalisation plans.

Will not post publicly, but anyone watching this & interested can PM me.


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## springhill (27 May 2011)

NCO starting to look really strong now, glad i changed my mind on this one! Hard to keep an eye on things from OS, but was at 23c from my last check. Strong week or so for them.
Anyone else watching?


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## springhill (30 May 2011)

NCO entered a trading halt in regards to a project acquisition. Due to come out Wednesday.
http://www.asx.com.au/asxpdf/20110530/pdf/41yxr4465z6kb7.pdf


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## springhill (28 June 2011)

NCO still in suspension since my last post on the trading halt.

I think these guys are sharp operators, they had a 1:1 Entitlement Issue of Options, with a conversion price of 20c on 30th June 2016, all set to go. Then on the 11th of May, with a closing SP of 14c, they mysteriously pull the Options Issue.

3 weeks later, with a closing SP of 22.5c, they go into a trading halt and then suspension pending an asset acquisition. At this point they could come out of suspension and issue a new entitlement at 30c+ depending on how good this acqusition is.
Presuming they keep the same conversion date for a new issue, this could potentially reap them an extra $7.3m+.

Speculation on my part, but seeing as we have been in suspension for 4 weeks now, they will hold this over until next financial year and dodge any end of financial year selling late this week.

Predicting within the first few days of July the announcement is made.

If they have made these moves deliberately, i think that is extremely clever directing.

Is anyone out there?


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## springhill (21 January 2012)

NCO has been in suspension for over 6 months now, but may be shaping to come out of it.
Recent announcement from Ongombo Project include a maiden JORC compliant *inferred* resource of 7.25Mt @1.7%Cu and 8g/tAg for 123,250t of Cu and over 1.8 million oz of silver.
http://www.asx.com.au/asxpdf/20120117/pdf/423sys1b1nvwhb.pdf

I have also dug this up on a reason for continuing suspension.
http://www.marketwire.com/press-rel...trean-base-metal-projects-tsx-ngq-1607867.htm

"Namibian Copper NL of North Perth, Western Australia will acquire Sanu Resources, Inc. ("Sanu"), a wholly owned indirect subsidiary of NGEx. Sanu holds certain exploration licenses in Eritrea including the Hambok copper-zinc deposit."

Hambok is reported to contain an Ni-compliant resource of approximately 550 million pounds Cu, 1.18 billion pounds Zn, 170,000 ounces Au and 5.5 million ounces of Ag in Eritrea.

"Namibian Copper will acquire all of the issued and outstanding shares of Sanu for consideration of 50,000,000 ordinary shares of Namibian Copper"

Any thoughts?


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## springhill (28 January 2012)

NCO has come out of suspension with a rather disappointing SP slump, i may be right or wrong, but my opinion is the exiting of holders that have had their dollars trapped for over 7 months. Sell side looks to have dried up and buyers looking to soak up dwindling numbers of sellers.

Not a whole lot to add to previous posts except that the 50m shares issued to NGEx are escrowed for 12 months and the US $7.5m is payable upon first commercial production, subject shareholder approval.

For those interested shareholder presentation is here.
http://www.asx.com.au/asxpdf/20120127/pdf/423z9lcp4hf8jb.pdf

Agreement with NGEx here.
http://www.asx.com.au/asxpdf/20120124/pdf/423xr1bm77y9z9.pdf


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## springhill (15 June 2012)

Been a while since i have updated NCO, that's because it has been in suspension again! According to direct correspondance from Bob Timmins, the Eritrean Government wishes to participate in the Hambok project. Colin Ikin is currently in negotiation with the Government. The terms of the negotiation will define the course of the next capital raising.
Things with Hambok are at a stand still until terms of agreement are defined.

With respect to Namibian project, NCO are currently re-sampling some historical core as the original assays have gone missing from the Ministry of Mines and Energy. NCO hope this will significantly upgrade the JORC category of the resource.

This is still one of my favourites, love the tight structure and the management seem to be able to negotiate favourable terms for NCO.


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## burglar (15 June 2012)

springhill said:


> ...
> 
> This is still one of my favourites, love the tight structure and the management seem to be able to negotiate favourable terms for NCO.




At a glance:


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## springhill (16 June 2012)

burglar said:


> At a glance:




Not the most exciting chart in the world is it? With only 78m shares on issue ATM and the 3 directors holding 21m of those, NCO can be fairly illiquid.
I am having trouble finding the top 20 shareholders, will write to NCO and report back any information replied.


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## burglar (16 June 2012)

springhill said:


> Not the most exciting chart in the world is it? With only 78m shares on issue ATM and the 3 directors holding 21m of those, NCO can be fairly illiquid.
> I am having trouble finding the top 20 shareholders, will write to NCO and report back any information replied.




The chart shows they are capable of rising 50% in one month, what is unexciting about that!!


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## springhill (16 June 2012)

burglar said:


> The chart shows they are capable of rising 50% in one month, what is unexciting about that!!




They are also capable of going into suspension for months at a time....


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## springhill (18 June 2012)

springhill said:


> Not the most exciting chart in the world is it? With only 78m shares on issue ATM and the 3 directors holding 21m of those, NCO can be fairly illiquid.
> I am having trouble finding the top 20 shareholders, will write to NCO and report back any information replied.




Top 20 shareholders holding 71% of all shares on issue.
Correction, 73.8m shares on issue, not 78m.


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## springhill (5 July 2012)

NGEx and NCO have agreed to terminate their agreement for the Eritrean base metal project.
http://world.einnews.com/pr_news/10...e-to-terminate-agreement-on-eritrean-projects

Nothing released to market yet.


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## springhill (9 July 2012)

springhill said:


> NGEx and NCO have agreed to terminate their agreement for the Eritrean base metal project.
> http://world.einnews.com/pr_news/10...e-to-terminate-agreement-on-eritrean-projects
> 
> Nothing released to market yet.




I just spotted this in another companies announcement, i wonder if it has anything to do with the cancellation of agreement?

'There has been a considerable delay in getting a rig to site as it was expected that the programme would
have commenced in May. The delay was largely due to the Eritrean authorities changing the visa
requirements for foreign drillers and technical workers entering the country.'


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## springhill (9 July 2012)

Have corresponded with Bob via email. NCO due to come out of suspension shortly


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## springhill (12 July 2012)

An announcement by NCO will be released monday regarding both Namibia and Eritrea


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## springhill (16 July 2012)

COMPANY UPDATE

● Mineral resources at Ongombo in Namibia have been reclassified following a surface survey of the borehole collars.

● The January 2012 Maiden JORC compliant “Inferred” resource of 7.25 million tonnes (Mt) at 1.7%Cu and 8g/t Ag for 123,250t copper (270 million lbs) and over 1.8 million ozs silver, based on a cut-off grade of 1%Cu has been upgraded to “Indicated”.

● Based on a 1%Cu cut-off the reclassified JORC compliant resource now includes an inferred resource of 2.53 million tonnes (Mt) at 1.76%Cu and 8g/t Ag and an indicated resource of 4.72 million tonnes (Mt) at 1.60%Cu and 8g/t Ag.

● Namibian Copper NL (“NCO” or “the Company”) announces that it and NGEx Resources Inc (“NGEx”) have signed a Termination and Mutual Release Agreement. This mutually terminates the share purchase agreement signed 17 January 2012 (the "Agreement”) with respect to NCO’s acquisition of NGEx's base metal projects in Eritrea and to mutually release each other from any and all claims regarding the Agreement.

Having completed substantial due diligence on the Eritean projects the Board concluded that continuation
with the acquisition entailed unacceptable risk for the company and therefore the decision was taken not
to proceed and to negotiate a termination.


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## springhill (26 July 2012)

CRRRRRRRASH!
NCO down 72% today, albeit on only 50,000 volume. One of the pitfalls of low cap, low liquidity stocks.
Could be a long, slow road back for NCO, holders have been stuck holding this due to suspension for quite a while.
Could lead to frustration selling.

On a side note they would hope to get that SP up quickly if they are going to cap raise.
Will we see director support here by buying on market at low levels?


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## springhill (27 July 2012)

springhill said:


> CRRRRRRRASH!
> NCO down 72% today, albeit on only 50,000 volume. One of the pitfalls of low cap, low liquidity stocks.
> Could be a long, slow road back for NCO, holders have been stuck holding this due to suspension for quite a while.
> Could lead to frustration selling.
> ...




BOINGGGGGGG!
Oh the slings and arrows of outrageous fortune.

NCO back up 87.5% today, on 111,400 volume. One of the advantages of low cap, low liquidity stocks.
Timing is everything!


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## springhill (31 July 2012)

From NCO's quarterly

A further substantial upgrade in the mineral resources at Ongombo is expected within the next few weeks. In May 2012 a total of 30 historical boreholes at Ongombo were re-logged and re-sampled. After detailed logging the half core from the historical boreholes held at the Namibian Geological Survey core sheds in Windhoek was quartered and submitted to Genalysis in Johannesburg for SG determination and sample preparation. A total of 146.14m of half core was cut and re-sampled and a total of 330 samples were submitted for analysis. On completion Genalysis will undertake analysis of the pulps in Perth. The analytical results are expected in the next few weeks.

Because the recent logging and sampling program will provide new additional data from 16 historical boreholes which have not previously been incorporated into the geology model, Coffey will rebuild the geology model and re-estimate new mineral resources for Ongombo. A substantial upgrade in both the size of the resource and the status of the resource is anticipated. It is expected that the resource upgrade will be announced during the next quarter


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## springhill (11 September 2012)

*ASX ANNOUNCEMENT*

● All analytical results from the sampling program undertaken on the historical drillcore from the Ongombo project undertaken in May 2012 have been received.
● Copper-silver-gold intercepts Include:
Hole 123: 3.93m from 261.00m at 1.5%Cu, 6.5g/tAg and 0.3g/tAu
Hole 164A: 4.98m from 304.78m at 1.6% Cu, 8.2g/t Ag and 0.4g/t Au
Hole 168A: 5.50m from 329.56m at 1.6% Cu, 8.3g/t Ag and 0.4g/t Au
Hole 171A: 5.04m from 399.76m at 1.7% Cu, 11.0g/t Ag and 0.3g/t Au
● NCO has commissioned Coffey Mining in Johannesburg to remodel all the Ongombo data including the new data, with the intention of providing the company with a further upgrade in the mineral resources at Ongombo.
● Because the recent logging and sampling program provides new additional data from 16 historical boreholes, which have not previously been incorporated into the geology model, an upgrade in both the size of the resource and the JORC compliant status of the resource is anticipated.
● The resource upgrade is expected to be announced within the next few weeks.


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## springhill (12 September 2012)

Latest information proactiveinvestors has on NCO.
http://www.proactiveinvestors.com.a...opper-resource-upgrade-at-ongombo--33343.html

Namibian Copper (ASX: NCO) expects to deliver an upgraded Resource for its Ongombo Project in Namibia within the next few weeks after having received all the analytical results from the sampling program undertaken on the historical drillcore.
A total of 30 historical boreholes at Ongombo were re-logged and re-sampled, and a substantial upgrade in both the size and status of the Resource is expected. 
Best intercepts include 3.93 metres at 1.5% copper, 6.5 grams per tonne (g/t) silver and 0.3g/t gold from 261 metres; 4.98 metres at 1.6% copper, 8.2g/t silver and 0.4g/t gold from 304.78 metres; 5.5 metres at 1.6% copper, 8.3g/t silver and 0.4g/t gold from 329.56 metres; and 5.04 metres at 1.7% copper, 11g/t silver and 0.3g/t gold from 399.76 metres.
Namibian Copper has now commissioned Coffey Mining in Johannesburg to remodel all the Ongombo data, including the new data, to provide a Resource upgrade.
An upgrade in both the size and status of the Resource is anticipated because the recent logging and sampling program provides new additional data from 16 historical boreholes that was not previously incorporated into the geology model. 

*Highly prospective geology *
The Ongombo project currently hosts a JORC Resource of 7.25 million tonnes at 1.7% copper and 8g/t silver for 123,250 tonnes of contained copper and over 1.8 million ounces of contained silver, of which 2.53 million tonnes is in the higher confidence Indicated category.
The gossanous magnetite quartzite outcrops for sporadic intervals over a strike length of 4.7 kilometres. 
Historical exploration includes more than 132 diamond drill holes and resulted in the definition of four individual ore shoots.
Mineralisation at Ongombo is hosted by amphibolites and associated magnetite-quartzites of the Matchless belt, which extends for 400 kilometres.
The belt is host to several volcanogenic-exhalative, stratiform and strata-bound cupriferous pyrite deposits containing subordinate and variable amounts of zinc, lead, silver and gold. 
One of the main characteristics of all the deposits on the Matchless Belt is that they have mineralisation developed in shoots of very substantial length. 
The neighbouring Otjihase mine has Resources defined over at least a 9 kilometre shoot length and the deposit may extend further.
The Matchless deposit to the southwest has shoots of several kilometres in length. 
Evaluation of the geology and Resources at Ongombo suggest that this same characteristic is present at Ongombo. 
The average grade of the 10 most important deposits in the Matchless Belt is 2.3% copper, with a range of 1.3% to 3.9% copper.
A total of 18 individual ore bodies have been identified including the Gorob, Matchless, Otjihase, Ongeama and Ongombo deposits. 


*Exploration target*
Namibian Copper has previously outlined an exploration target of 17 to 23 million tonnes at 1.6% to 1.8% copper.
Providing exploration upside, the mineralisation is open down dip and along strike.
Known ore shoots widen at depth and have a strengthening grade, while possible parallel ore bodies exist down-dip.

*Resource upgrade*
Earlier this year the initial Resource at Ongombo was reclassified following a surface survey of the borehole collars.
Part of the Resource was upgraded to the higher confidence Indicated category.
Based on a 1% copper cut-off, the reclassified JORC Resource now includes an Indicated Resource of 4.72 million tonnes at 1.6% copper and 8g/t silver and an Inferred Resource of 2.53 million tonnes at 1.76% copper and 8g/t silver.

*Strategic location*
The Ongombo Project is situated in central Namibia, 22 kilometres northeast of the Otjihase copper mine.
It is located near to existing infrastructure including a rail connection to the Tsumeb smelter, recently refurbished by new owners Dundee Precious Metals, and the Walvis port. 
Importantly, Namibia is a stable, mining-friendly jurisdiction where mining accounts for about 20% of the country’s gross domestic product.


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## springhill (19 September 2012)

High volume day for NCO comparitively speaking since the large price drop. A big chunk taken out at 5c at end of the day. News on the horizon? Only speculating of course.


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## springhill (20 September 2012)

Chart confirming volume spike. 415,000 of the 515,000 traded today occured after 3:59pm


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## springhill (21 September 2012)

NCO up 20% today at this point. Only 1 seller left on the board 70,000 @ 10c.
No news yet.


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## springhill (30 October 2012)

*From NCO's quarterly*

● All analytical results from the sampling program undertaken on the historical drillcore from the Ongombo project undertaken in May 2012 have been received.

● Copper-silver-gold intercepts Include:
Hole 123: 3.93m from 261.00m at 1.5%Cu, 6.5g/tAg and 0.3g/tAu
Hole 164A: 4.98m from 304.78m at 1.6% Cu, 8.2g/t Ag and 0.4g/t Au
Hole 168A: 5.50m from 329.56m at 1.6% Cu, 8.3g/t Ag and 0.4g/t Au
Hole 171A: 5.04m from 399.76m at 1.7% Cu, 11.0g/t Ag and 0.3g/t Au

● NCO commissioned Coffey Mining in Johannesburg to remodel all the Ongombo data including the new data, with the intention of providing the company with a further upgrade in the mineral resources at Ongombo.

● Mineral resources at Ongombo in Namibia have been significantly upgraded. At the 0.6% Cu cut-off the reclassified JORC compliant resource now includes an inferred resource of 3.75 million tonnes (Mt) at 1.70% Cu, 9g/t Ag and 0.32g/t Au, and a measured and indicated resource of 6.71 million tonnes (Mt) at 1.52% Cu and 8g/t Ag, for a total 10.46Mt at 1.59% Cu and 8g/t Ag.

● The potential target size of conceptual exploration targets at Ongombo is estimated to be in the order of 10-12Mt at 1.6-1.8% Cu (the potential quantity and grade of this target is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource).

● NCO will now proceed to a Scoping Study to evaluate the economics of developing Ongombo as a moderate-grade, stand alone operation producing copper gold silver concentrates.


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## springhill (12 January 2013)

*Namibian Copper secures two year extension of Namibian exploration tenement*
http://www.proactiveinvestors.com.a...n-of-namibian-exploration-tenement-38056.html

Namibian Copper has secured a two year extension of its exclusive prospecting licence (EPL 3238) for base, rare and precious metals exploration in Namibia.
The application for renewal was made with a request for nil area relinquishment as the advancement of the exploration indicates that the whole area is prospective for the potential addition of resource to the project.
Last October, with a 0.6% cut-off grade, the reclassified JORC compliant  resource now includes an inferred resource of 3.75 million tonnes at 1.70% copper, 9 grams per tonne silver and 0.32 g/to gold.
It also includes a measured and indicated resource of 6.71 million tonnes at 1.52% copper, and 8 g/t silver for a total 10.46 million tonne resource.
A further 10-12 million tonnes at 1.6-1.8% as a conceptual target resource is envisioned.
A scoping study to assess the economic viability of developing a stand alone operation for producing copper, silver, and gold concentrates is currently underway. 


The results of the scoping study or further exploration on the renewed tenement may be the only catalyst for any SP increase in NCO in the near future.
Talks of further acquisition months ago seems to have dried up, nothing heard on that front for a while.


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## springhill (30 April 2013)

Ongombo looks viable, raising the cash in this environment and with NCO's share price could be difficult and insanely dilutive.

*Independent Scoping Study and Valuation of Ongombo*

● Independent Scoping Study by Coffey Mining of Johannesburg, (“Coffey”) confirms viability of developing the Ongombo copper-silver-gold project (“Ongombo”) in Namibia.
● Ongombo is 80% Namibian Copper NL (“NCO”); 15% BEE partner Starlight Investment Holdings (Pty) Ltd; and 5% Avanti Resources Pty Ltd.
● A ten year mine plan producing an estimated 70,149 tonnes LOM copper is proposed in the Scoping Study based on a mineral inventory of 5.75M tonnes at 1.4% Cu, 7g/t Ag and 0.32g/t Au
• The mineral inventory is drawn from total JORC compliant Measured, Indicated and Inferred Resources of 10.46M tonnes
• Total Resources comprise Measured plus Indicated Resources of 6.71M tonnes @ 1.52% Cu; 8g/t Ag, and *0.32g/t Au. (*Au is Inferred); and Inferred Resources of 3.75M tonnes @1.70% Cu; 9g/t Ag, and 0.32g/t Au.
• Infill drilling of the Inferred resources and exploration within the additional conceptual exploration target which is estimated to be in the order of 10-12M tonnes at 1.6-1.8% Cu, would increase the life of mine (“LOM”) of the project beyond 10 years. The potential quantity and grade of the exploration target is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.
● The Scoping Study proposes a combination of conventional stope mining and room and pillar mining with a design mining tonnage of 720,000 tonnes per annum

Three economic options have been considered.
• An independent “stand alone” mine.
• Toll treatment
• An integration with a third party, where capital and infrastructure costs are reduced

● Assuming a discount rate of 12%, and exchange rates of 9.25N$:US$ and March 2013 copper prices prevail over the ten year period the discounted cashflow analysis provide NPV’s of US$23M for the “stand alone” option; US$34M for the toll treatment option, and US$36M for the integrated arrangement. At a discount rate of 5% the NPV’s are US$48M, US$57M, and US$60M, respectively.
● Assuming March 2013 metal prices are sustained, payback period of 4 years with IRR of 24% for the “stand alone” option, and 3 years with IRR of 38% for the toll treatment option, and 3 years with IRR of 39% for the integrated arrangement.
● Production costs are US$2.15/lb for the “stand alone” option, and US$1.77/lb for the toll treatment option and the integrated arrangement.
● Coffey concluded that the Ongombo deposit can be mined economically at a  ±50% confidence level and that the project can be taken to the next development phase


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