# LRL - Labyrinth Resources



## ALFguy (8 August 2006)

Formerly Gaming and Entertainment Group Limited but now a gold exploration company.

Ann today detailing first production of 2,410 ounces of gold during July, with an objective of 45,000 oz per annum looking likely.

The company are now cashflow positive and the sp is up 11%.

Possible we'll see a steady increase from here on?


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## kariba (13 August 2006)

I am in

Targeting up to 240,000 oz of gold ... all with no geology surprises. They are in on the ground floor too for obtaining more projects in Sth Africa.

Great gold addition to the portfolio

cheers


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## fleathedog (3 January 2007)

Picked a few of these up today after selling a few stragglers. They look pretty cheap given their production and mine life. They are producing from an assured supply of gold tailings there is less risk than in mining from delineated resources through drilling etc.

Only wish I got in before the trading halt...


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## S_Hug (17 May 2007)

Mintails is very popular today following this announcement - up 20% with over 12 million shares traded (can't get accurate numbers as Etrade is down yet again!)..They feel they may be in production by mid 2008, would be great if they could with current uranium prices.

I've been watching the stock all morning and there was a lot of it dumped subtly.  I'm thinking institutionals..assuming who would have needed to have taken some profit..?

NEW INITIAL INFERRED JORC URANIUM RESOURCE (approximately 10.4m lbs) 

17thMay 2007 : In February 2007 following the merger with Skeat Gold Mining of South Africa the Company adopted a strategy to investigate the uranium potential in the 285Mt of gold 
bearing slimes owned by Mintails. 

These 285Mt of slimes originated mostly from the high grade underground gold and uranium 
mining activities of West Rand Cons, Luipaardsvlei and, East Champ DÃ“r. These mines have 
historically produced uranium. Durban Roodepoort Deep and Rand Leases have only produced 
gold to date. 

Anecdotal evidence indicates that from 1980 onward, while the uranium price was at historically 
low levels, the uranium recovery operations of these mines were terminated, resulting in slimes 
being deposited onto the slimes dams after recovery of the gold, but without any recovery process 
for uranium having been undertaken. 

This historical decision not to process the slimes for uranium recovery, the higher current uranium 
price and more efficient metallurgical recoveries have combined to create an opportunity with 
respect to the exploitation of these slimes for their uranium potential. 

As a consequence of this scenario the Mintails Board initiated a uranium focused exploration 
drilling programme (including assaying drill samples for uranium), a metallurgical testwork 
campaign and a plant design study. 

The partially drilled and laboratory tested slimes (approximately 30% of the slimes have been 
tested * refer Table 1) has yielded the following result: 
·A total resource of approximately 10.4 million lbs of uranium (U3O8) within the Inferred category in terms of the JORC Code (from 86 million tonnes of slimes). 
A further 71 million tonnes of the slimes have been the subject of auger drilling and sampling (1.5 
metre composites) with grade estimates having been provided by reputable laboratories. The 
Company has also established exploration targets with respect to a further 118 million tonnes of 
slimes (refer also to Table 1). It is anticipated the results from this ongoing exploration program 
will be concluded over the next eight weeks. 

Metallurgical testwork undertaken by Mintek Laboratories (Johannesburg) relating to the recovery 
of uranium from the slimes indicates potential for recoveries in the range of 70% to 86%. 

Conceptual plant design work has commenced to now incorporate a uranium recovery circuit into 
the Wergo Gold Plant. Due to the fact that Mintails acquired substantial plant and equipment from 
Anglogold Ashanti's Ergo operations, Mintails could be in a position to commence production by 
the second quarter of 2008.


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## S_Hug (17 May 2007)

Hey, does anyone else out there hold this stock?  Or is anyone watching it with interest?  
It's up 31% just before 2pm..


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## motion (17 May 2007)

Looks like they are going to be in the Uranium game as well... no wounder this jumped so high...

COMPANY ANNOUNCEMENT

NEW INITIAL INFERRED JORC URANIUM RESOURCE 

(approximately 10.4m lbs)

17th May 2007 : In February 2007 following the merger with Skeat Gold Mining of South Africa the Company adopted a strategy to investigate the uranium potential in the 285Mt of gold bearing slimes owned by Mintails.
These 285Mt of slimes originated mostly from the high grade underground gold and uranium mining activities of West Rand Cons, Luipaardsvlei and, East Champ DÃ“r. These mines have historically produced uranium. Durban Roodepoort Deep and Rand Leases have only produced gold to date.
Anecdotal evidence indicates that from 1980 onward, while the uranium price was at historically low levels, the uranium recovery operations of these mines were terminated, resulting in slimes being deposited onto the slimes dams after recovery of the gold, but without any recovery process for uranium having been undertaken.


There is more please see report


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## motion (17 May 2007)

well the depth of this is very interesting with one buyer getting 3,000,000 shares at 0.53 cents a share total = $1,590,000.000 ... This share had great growth and support today after the news was released. 

seems there where alot of big players watching this one today... tomorrow will be interesting....

More company research needed before I go buying in but added to the small watch list...


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## prawn_86 (31 May 2007)

Any new ideas of this one out there?
From what i understand is that there is zero debt and they are just about to start Au production and have found u308.
Can only be good right?
Can anyone point out the negatives of this company?


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## peterke (31 May 2007)

One of the negatives is that Brian Frost, is heavily involved, A man whose reputation amongst traders and investors of small stocks is possibly not the best.

Seems to have some strong UK supporters however.

regards

Peter


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## henry vanderhave (8 June 2007)

gone into trading halt thurs and fri.interesting development.looks like jv with ashanti and dvd gold.This stock has both gold and U covered and in sth africa,heaps of potential,I am holding onto this one,0.65 at moment.go you good thing!


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## Dutchy3 (24 September 2007)

Be interesting to see how the rest of the week treats this one ... if I had any cash left this would be a buy for me on the close today with a stop at .56


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## anth (22 February 2008)

Anyone have any stocks in MLI..it's currently at 55c...anyone have any tips or insight into this stock???


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## exgeo (18 July 2008)

Technical Spotlight: Mintails Limited
By Gabriel Andre (from moneymorning.com.au free daily email)

Mintails Limited (ASX:MLI), formerly Gaming and Entertainment Group Limited) is a gold exploration and development company with the projects located in South Africa. In December 2005 the company changed its principal activity from investment in and development of online gaming and entertainment technology to mineral exploration and development, focusing on treating tailings in South Africa.

The stock saw increased trading volume when the company changed its core business and became a gold exploration and development company. In the last few years before that, the liquidity was poor and the price action was meaningless. But since January 2006 the stock took advantage of the rising gold price and the global boom in natural resources and commodities-related stocks.

The stock jumped from $0.20 in early 2006 to a high of $0.95 one year and a half later therefore a rise of 375% in 18 months. The price fell sharply until August 2008, bounced back and then fall again until yesterday when it reached the original price (with the gold business) of $0.20.

It is, of course, a strong support. Since MLI has been involved in the gold exploration business, the stock never traded below this level. The stock has plunged 65% since mid-April and the likely coming technical rebound on the global equity markets should give it some fresh bullish momentum.

Yesterday the stock jumped 15% after hitting its support. There is more to come.
The volume spiked yesterday (roughly 3,250,000 while it’s usually less than 1.5M). It means that the money flows back into the stock. Don’t forget that price is the shadow of volume. In another way, volume creates price.

The OBV (On Balance Volume) is the indicator that shows this relationship. It spiked yesterday and confirms then that a lot of buying interests from investors are building up some upside move.

Moreover, as the stock has been recently hammered, it is now clearly oversold it argues too for a sharp technical rebound. The Relative Strength Index and the Stochastic Momentum Index reached very low levels recently and jumped back yesterday to cross above their signal lines. That’s bullish for the near-term.

In this scenario it is likely that this volatile stock will retrace quickly a large portion of its recent fall. The target may be then the 50% retracement ratio of the plunge that occurred between mid-April and mid-July (points A and B on the short-term chart). The price objective for the coming rebound could be consequently $0.42 (which is a potential 82% rise).

Only a break and a closing price below the support of $0.25 would invalidate this rebound scenario.


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## Datsun Disguise (20 July 2008)

Wow - this has turned around. I held MLI for a while on the way up, didn't make much out of it (considering it's highs). I was expecting that this would hold up - are they not producing gold?

I haven't done any research on this yet - if there are any experts please let us know. From memory they had years worth of tailings and were looking at reasonable amounts of gold recovery.

Like the technical argument, but I wouldn't expect it to bounce that far in this awful market..... maybe on the back of an ASX bounce....


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## exgeo (8 August 2008)

August 07, 2008 (minesite.com)

*Mintails Is Now Only A Few Months Away From Becoming A Significant Gold Producer*

By Charles Wyatt

It looks as if all is sweetness and light once again at ASX-listed Mintails, which is just as well in current market conditions. From a distance the kerfuffle looks a bit like the usual bit of niggle in a Wallabies/Springboks scrum as the directors who came under fire were both from Australia and the dissidents appeared to be South African. The essence of the argument appeared to be that a man called Pat Smyth, who claimed to have around 40 per cent of the Mintails votes behind him, wanted executive chairman Bryan Frost and non-executive director Richard Rivelins to step down from the board in favour of a couple of his appointees. But Bryan Frost found it difficult to confirm how this shareholding had been assembled as there was no evidence that South Africans held many shares. The only conclusion appeared to be that it might hinge on Peter Skeat of Skeat Gold Mining, which was acquired by Mintails some time ago. He was certainly known to be a critic of the leadership.
There was also the matter of board changes which seemed to be rather more frequent than is usual. In January Bernard Swanepoel became a director, which was a strong move in view of his amazing record as chief executive of Harmony Gold. He was followed in April by Basie Maree and it was a shrewd move to bring him on board as an executive too. Basie Marie was head of metallurgy for all AngloGold Ashanti’s operations in Africa. He also has a background as South Africa’s representative on the International Cyanide Steering Committee which goes to highlight the attention paid by Mintails to environmental issues. But following on from these appointments, in June Rob Croll, who only joined the board the previous August, and Jaco Schoeman, an expert on acid mine drainage who was involved in the early development of the Mogale gold operations, both quit. There doesn’t seem to be any acrimony, however, as both remain consultants. 

Whether these changes unsettled the dissidents is not clear, but when the two sides met assurances were given that no further board changes were sought, and the South African-based investors offered in turn to find new shareholders to support Mintails. By this time, however, some damage had been done, as the share price dropped from A6 cents in April to the current A2 cents. A significant part of this fall must attach to current bear market conditions, but a fall of 66.6 per cent has to reflect other factors at work too. After all it takes a few months to assemble a dissident group speaking for such a large slice of the equity. 

So what lies ahead? Mintails is about to start recovering gold, uranium and possibly sulphuric acid from tailings left by previous operations on its African properties. It has a large resource base and plenty of plant and equipment, thanks to the merger with Skeat Gold which meant it owns one of the largest fleets of trucks, cranes, bulldozers, construction and earthmoving equipment in Africa. The 100 per cent owned West Rand Gold and Uranium Operation (WERGO) is likely to commence production in January 2009, ahead of schedule, at an initial rate of 60,000 ounces of gold. Later on next year, production should increase to a rate of 150,000 ounces of gold with some uranium possibly thrown in too, although some complications that uranium production is likely to add to the circuit still have to be ironed out. A modest amount of gold is already being produced at Mogale, but the importance of this operation is simply that it provides useful proof of principle for the bigger project. 

Mintails also has a 50 per cent interest in the ERGO project in the East Rand with DRD Gold holding the other half. The joint venture owns the entire ERGO plant, previously owned by AngloGold Ashanti and the first phase of project development involves the refurbishment of a carbon-in-leach circuit with the capacity to treat an estimated 15 million tonnes of tailings per annum, for the recovery of some 75,000 ounces of gold. The second phase, now under investigation, envisages the expansion of the gold plant by refurbishing a second carbon-in-leach circuit along with the development of uranium and acid plants which are envisaged to have a design capacity to produce an estimated 150,000 ounces of gold, 660,000 pounds of uranium and 855,000 tonnes of sulphuric acid per annum.This is on song to start production at a rate of 75,000 ounces of gold in October of this year. 

Thus Mintails is on the verge of becoming a significant producer of gold over the next six months, and once investors pick up on this message the shares should show a bit of life. Charles Zorab, the London representative of the company, accepts that in these depressing times little may happen until production has actually started, but he also points out that the company will be updating its resource estimates at both projects in the meantime. Again, there is no doubt that Mintails has plenty to work on for the next few years, but confirmation of the updated resources should allay any initial doubts that are lingering about. In the meantime the full year results to end June can be expected in the next few weeks and they will confirm the imminent promotion to producer status.


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## Datsun Disguise (10 August 2008)

exgeo said:


> August 07, 2008 (minesite.com)
> 
> *Mintails Is Now Only A Few Months Away From Becoming A Significant Gold Producer*
> 
> By Charles Wyatt





Interesting article exgeo - thanks for sharing it. So with a market cap of $140m atm by January we should be seeing MLI share of production of 100koz au. I have no idea what their overhead to produce is but if you take $700AUD as margin then it's about $70m pa. Half current MC.

If only you could bank on what is forecast to happen.....

If all of the intended increases in production occur then it's about $160m pa.

At it's peaks it was valued at $500m - $600m, a little enthusiastic, but todays MC looks a little pessimistic?

On my watchlist.


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## prawn_86 (11 August 2008)

Yeh this one has been on my watchlist for over a year also.

Bear market has destroyed the SP, as with everything else.

The only reason i didnt buy is im not 100% sure how the whole extraction from tailings works, or if it has been done before on this sort of scale. Any geos care to coment?


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## exgeo (11 August 2008)

reprocessing of tails takes place all the time. See the link below to Kaltails. Another example is MetalsX reprocessing tin tailings in Tasmania to get out the tin that was missed by the earlier less efficient processing plant.

http://tailings.info/kaltails.htm


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## prawn_86 (13 August 2008)

Being looking deeper into these guys and i think they have a lot of potential.

I will post my full research when i get time, but the deeper i look the more im liking it, especially at these prices. Havnt bought any yet, but may do soon


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## michaelc (3 November 2008)

Has anyone heard anyfurther on MLI?, as to when they will make some announcement. I have looked at the various announcements on the ASX site and all is very much dependant on legislative risk and financial capital risk out of South Africa. 

I understand that nothing significant is happening at the moment but is this likely to be dead and buried?


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## exgeo (24 January 2009)

*Mintails Hopes That The Worst Is Now Behind It, As It Looks To Develop Its West Rand Tailings Dumps*

Mintails has been through a pretty torrid time of late, but maybe, just maybe, the worst is now behind it. According to chief executive Dick van der Walt, the company is on track to produce 50 kilogrammes of gold this month from its Mogale operation on the West Rand. While this is a lot less than he was hoping for, it does at least provide some cash flow. The original plan was for the output from Mogale to be augmented by new production from the Elsburg tailings retreatment joint venture that Mintails has with DRD Gold. However, the 50 per cent stake Mintails had in this venture was sold in two tranches last autumn. The deals were done while the company’s shares were suspended, but the completion of the second deal provided working capital for the group to carry on, and thus enabled the shares to be re-listed. The transaction took place in two stages, a 15 per cent stake in the Elsburg gold project went first, followed by a deal to sell the remaining 35 per cent interest, all to partner DRD, for a total of R177 million.
But this deal is a little more complex that it might initially appear. The 300 million tonnes in the Elsburg dumps are part of the much larger East Rand Gold and Uranium dump retreatment project (Ergo), which is still officially a 50:50 joint venture. But the plan has always been, and remains, to treat the Elsburg dumps first, and this is expected to take up the first 12 years of the project life of Ergo. All of the revenue from that will now go straight into DRD’s coffers, and as the sole beneficiary of the Elsburg operations DRD also gets sole use of one of the two carbon-in-leach gold processing circuits in the project’s Brakpan plant. 

All being well, the Elsburg joint venture will be starting soon, although that will no longer be of benefit to Mintails. But on a positifve note, the larger, and longer-term Ergo joint venture is still intact. That entity owns 1.5 billion tonnes of tailings in the East Rand, which contains significant gold, uranium and sulphur credits. It also owns the Brakpan plant with its carbon circuits, one of which is still available for use by Mintails. For its part Mintails is using the cash from the sale of the Elsburg interests to fund its share of a R50 million bankable feasibility study that will examine the possibility of re-commissioning the second carbon-in-leach circuit at Brakpan with a view to treating this 1.5 billion tonnes of tailings. Part of that study will also evaluate the economics of extracting uranium from the resource as well. 

In the meantime Mintails is still a gold producer in a small way from the Mogale site on the West Rand. This plant can treat 140,000 tonnes of sand a month, and at that rate is expected to generate 50 kilos of gold. The scope of this operation might very well be expanded if the company’s West Rand Gold and Uranium operation (Wergo) could be completed. But alas, this project has run into major problems. This is the most important asset for Mr van der Walt because it is still 100 per cent owned by Mintails. The plan here is relocate the East Dagga treatment plant from Ergo to Wergo to treat the vast tonnage of slimes that Wergo owns on the West Rand. Unfortunately work on this project has stalled as Mintails has been unable to get environmental permits to dump the reprocessed material. There are also other issues that concern the authorities, such as dust and the use of cyanide treatment. 

If it could be completed Wergo could treat 9.6 million tonnes of slimes a year to produce 60,000 ounces of gold. And on top of that there is the potential for uranium production as well. But quite how Mintails will unlock the value of the three million ounces of gold in the Wergo tails is unclear. Anyone looking for enlightenment - or indeed a bit of clarity on the difference between Wergo, Ergo and all the rest - on the company’s website will sorely be disappointed, since although all the pages of the old website show up on Google, the links are broken. Click on the Google link labelled “Mintails highlights” and you get a page which reads “The Mintails website is currently under construction”. In these markets it’s hard to know whether that may actually be a highlight, good news being so thin on the ground nowadays. But fear not, all the salient background details are available on Mintails’ own profile page on Minesite.com, which you can access by clicking on any of the highlighted links on this page. We will also be carrying all of Mintails press releases on our home page as they come out, as we do for all our subscribing companies. Assuming that Wergo does eventually get off the ground, these should hopefully show a company in the completion stages of a radical transformation.

minesite.com


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## bowman (28 April 2009)

Where's the speeding ticket 

I let the open go, cos I thought the gap up was a bit extreme. LOL

Who  know's what's up?


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## mich1976 (16 April 2011)

http://www.miningweekly.com/article/monaco-based-shareholder-bids-for-mintails-2011-03-11


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## System (30 April 2018)

On April 30th, 2018, Mintails Limited (MLI) changed its name and ASX code to Orminex Ltd (ONX).


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## greggles (15 May 2018)

Orminex Ltd announced today that mining has commenced at the company's Comet Vale project in the Goldfields region of Western Australia. Their strategic partner GBF Mining Pty Ltd recently signed a toll milling agreement with Eastern Goldfields Milling Services to process ore at the Burbanks mill, located near Coolgardie approximately 150 km from Comet Vale and easily accessible via road. 

The Comet Vale Project is recorded as hosting a combined JORC 2012 compliant Indicated and Inferred Mineral Resource of approximately 0.75 million tonnes at 8.4g/t for 203,100 ounces of gold.

ONX just raised $7 million by issuing 233,333,333 shares at 3c a share with Perth-based Wyllie Group coming on board as cornerstone investor with a 6 per cent share holding. Those initial investors are sitting on a tidy profit already just as the first dirt is being turned.


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## greggles (23 August 2018)

Orminex announced the first gold pour from its 51% owned Comet Vale project today and the share price has risen 12.50% to 18c. The ONX share price has now more than doubled since 31 May.


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## System (3 November 2021)

On November 3rd, 2021, Orminex Ltd (ONX) changed its name and ASX code to Labyrinth Resources Limited (LRL).


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## Dona Ferentes (3 November 2021)

Labyrinth Resources Limited (formerly Orminex Limited ) is pleased to advise that the transaction contemplating the acquisition of two high grade gold projects from Nippon Dragon Resources Inc. (TSX-V: NIP), located in the highly sought Abitibi Greenstone Belt of Tier 1 jurisdiction Quebec, Canada, and associated *capital raise *have received approval from shareholders of both parties.

    Canaccord Genuity Australia acting as Lead Manager and Broker in oversubscribed Placement    

        Securities on Issue ~548m       
        $8M Placement ~267m @ $0.03       
        $1.5M Share Purchase Plan ~50m @ $0.03       
        Total Securities on Issue Post Raise ~865m       
      Total Capital Raised (excluding costs) ~$9.5m


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