# MDX - Mindax Limited



## YOUNG_TRADER (8 March 2007)

*MDX*​
*
Mkt Structure*
*
Shares*
55m +25m 20c 30/6/08 Options

Mkt Cap @ 15c =   $8m
Mkt Cap @ 30c = $24m
Mkt Cap @ 45c = $36m

*
Cash*
$1m + $5m from opies 

*
Projects*
*
Avon JV* _Uranium, 50% JV with Quasar/heathgate Resources, W.A._

Some very large land holdings, but so far only very low grade U samples ie 0.01% returned, but the interesting thing here is why have Heathgate/Quasar done a JV here, do they see something they like?

*
Lake Noondie* _Uranium 100%, W.A._
A few licences, drilling so far hasn't found anything

*
Summary*
I took a small punt primarily because of the JV presence of Quasar/Heathgate, the only other JV I know of involving Heathgate/Quasar is with AGS and thats gone from 5c to over $2.

Very very high risk spec play


----------



## djones (8 March 2007)

What is the code for MDX Options, MDXO doesnt work!


----------



## YOUNG_TRADER (8 March 2007)

MDXOA


----------



## j4mesa (8 March 2007)

I believe that 100k today trade belongs to you YT


----------



## bigt (9 March 2007)

Not sure if it's a typo, or my understanding of U readings needs work, but in the qtrly actvities report, they are quoting U values of ppB (billion!)...instead of the usual ppM (million)...if this is correct, there's more U in my watchface.


----------



## greggy (9 March 2007)

YOUNG_TRADER said:
			
		

> *MDX*​
> *
> Mkt Structure*
> *
> ...



Hi YT,

THe Avon JV with Heathgate/Quasar looks very interesting.  They are excellent names to be associated with in the business.  Its amazing how you select such interesting overlooked stocks.  I'll put this one on my watch list. 
DYOR


----------



## rafsanjani (10 March 2007)

Heathgate/Qasar also has a JV with Adelaide Resources, ADN.ax, on similar low grade showings --- soil samples of about 36 ppm -- I suppose H/Q are better at judging the value of such showings than I am.

(Don't want to turn this into a ADN thread, but my reason for holding ADN is really the high grade zirconium deposit they are sitting on.)


----------



## YOUNG_TRADER (16 March 2007)

Mkt update, drilling in April

_High Uranium Content Water Sampling Results
Mindax Ltd (ASX: MDX) is pleased to report encouraging results
from water sampling conducted throughout its Yilgarn Avon
Uranium Joint Venture Project during February.
*A sample from the Lake Campion project area measured
1128ppb U*, the highest value to date from the Yilgarn Avon
Uranium Project and directly *comparable to the 1200ppb U
historically reported from waters within the Yeelirrie uranium*(carnotite) orebody. The outstanding value was part of a cluster of high results (> 100ppb U), including another of 843ppb U, from sampling in the
Elachbutting Hill area. 

Planning is well advanced for a follow up drilling program
commencing in April._


----------



## bigt (16 March 2007)

Looks like ppb is a standard measurement for water uranium levels, as opposed to ppm for earth based sampling.


----------



## YOUNG_TRADER (20 March 2007)

Appear to be stepping up their U game, another ann regarding more tennements and their presenting at the upcoming U-Conference this week


----------



## YOUNG_TRADER (22 March 2007)

Just released their presentation that they will be doing at Paydirt shortly


----------



## YOUNG_TRADER (12 April 2007)

Just announced that they have doubled their land holdings in the Yilgarn Avon JV (JV with Quasar/Heathgate)

They seem to be serious about their W.A. Uranium ambitions


----------



## bumble_boo_bum (13 April 2007)

Note chairman's address to sharholders Nov 2006 re U assets.

"As has been indicated in the past, it may be the case that the best way to achieve proper recognition for the true value of the assets will be to sponsor a disaggregation of the company’s assets, by way of a spin off of the uranium properties. Your directors continue to examine this possible scenario very closely ... I can say that if such a disaggregation occurs, any spin off would most likely involve some distribution in specie to Mindax shareholders and would almost certainly involve shareholders having priority rights of subscription in any Initial Public Offering."

I'd like to see that happen!


----------



## alankew (28 May 2007)

Looks like another 1 where YT has got it spot on again-ann out after close of market http://imagesignal.comsec.com.au/asxdata/20070528/pdf/00724807.pdf


----------



## YOUNG_TRADER (11 October 2007)

Well it looks like MDX has joined the Iron Ore bandwagon,

Surface and rockchip samples are due soon from the Mt Forrest Bulga Downs project, which is near JMS's Mt Ida,which happens to be where IRM and GNL both recently had some work done,

Given IRM and GNL went to the moon on the back of there limited work/surface samples I think MDX presents a very high risk speculative opportunity

Current Market Cap = $5m

I've grabbed a couple 100k options at 2-2.3c today


*This is a very high risk hit or miss play folks*


----------



## dj_420 (11 October 2007)

They look like they might have something good on those tenements, from this ann

http://imagesignal.comsec.com.au/asxdata/20070820/pdf/00750026.pdf

They state:

"Limited sampling has shown grades to 55% Fe and gold targeted
drilling has intersected individual hematite-magnetite units to 50m thickness."

On a 17 km occurance with width up to 2 km.


----------



## alankew (11 October 2007)

Fired an email off this afternoon to the company,response was short and sweet"Field work completes this weekend. Awaiting assays"


----------



## greggy (11 October 2007)

alankew said:


> Fired an email off this afternoon to the company,response was short and sweet"Field work completes this weekend. Awaiting assays"



Thanks for the info Alankew.  This is certainly high risk, but its market cap is very low. Having joined the iron ore bandwagon things might really pay off should they come up with positive results.  
DYOR


----------



## kpas (12 October 2007)

I can't figure out why this one has snuck under everyones radars.

Historically we are at the cheapest (or close to) buying prices, and with IRM and others running hard on rock chip samples - I would have expected this one to as well.

Maybe just a matter of time before the greater public coins on to it?

It's up to 12.5c this morning on low volume, but looks like it is holding. Will definitely be interesting if it runs as hard as IRM has.

EDIT: while I was typing someone took out the 14c region.


----------



## kpas (12 October 2007)

This market is absolutely amazing.

That or it's another case of people following YT ?

14c has gone, 14.5c is slowly being eaten away.


----------



## alankew (12 October 2007)

Kpas i think it was perhaps missed because at the time YT highlighted it,the main focus was U and also U was flavour of the month.The fact that they have results/assays dues very soon makes things interesting.As i have said before there was a show called show me the money in the UK-it was a daytraders delight.YT bringing it to everyones attention(and the speed that these sort of things travel round the internet,iron being in atm, a leaky ship and Bang off it goes)


----------



## YOUNG_TRADER (12 October 2007)

kpas said:


> This market is absolutely amazing.
> 
> That *or it's another case of people following YT ?*
> 
> 14c has gone, 14.5c is slowly being eaten away.




Well like I said peeps, this is a real spec play,

Yes its cheap, but then its very spec so keep that in mind 



YOUNG_TRADER said:


> *This is a very high risk hit or miss play folks*


----------



## adobee (12 October 2007)

My broker contacted me this morning and suggested this stock.. I am starting to think that maybe is sits reading this forum and post made by popular people!!!


----------



## juw177 (12 October 2007)

adobee said:


> My broker contacted me this morning and suggested this stock.. I am starting to think that maybe is sits reading this forum and post made by popular people!!!




People have obviously taken interest as of this morning because it is the highest volume ever for MDX and still 4 hours left. Does not look like much profit taking is happening as of yet so going along for the ride.


----------



## ta2693 (12 October 2007)

adobee said:


> My broker contacted me this morning and suggested this stock.. I am starting to think that maybe is sits reading this forum and post made by popular people!!!




Thank you to mate. Which broker are you using? 
According my experience, anything suggested by broker is going to have a very big jump in near future. because if a broker suggest you buy something, but end in disaster. they will lose your business in the future. So they are very cautious on making buy recommend.  
I remember fwl and imi, yml.when broker suggest buy, the price of share just shoot to sky very soon. today may be the last chance for us to build position.


----------



## wipz (12 October 2007)

Just announced today at 1:52PM MDX have started drilling:



> COMMENCEMENT OF DRILLING PROGRAM
> 
> Mindax have commenced a ten (10) hole RC drilling program at
> their Toucan gold prospect at Bulga Downs.
> ...




MDX in pre-open, not too sure why?

Cheers


----------



## ta2693 (12 October 2007)

it is a very interesting time, it is not hard to imagine what will happen when all seller at 15c are filled.  The broker and trader are at lunch. when they are back to their office, they will show you how crazy the price of MDX could be.


----------



## wipz (12 October 2007)

ta2693 said:


> broker and trader are at lunch.




Do these guys eat????? - i thought they were machines hahah 
up to 16.5c already, wish i had gotten in thismorning


----------



## ta2693 (12 October 2007)

wipz said:


> Do these guys eat????? - i thought they were machines hahah
> up to 16.5c already, wish i had gotten in thismorning




Yes they are. I was a trader assistant working for a trading company in China. I know they will go out have lunch.


----------



## adobee (12 October 2007)

Damb I just got back from lunch and there is an announcement I only bought this morning at 14c so its only about 30% for me however I am not planning on selling until I see some results from these little holes..  I think thats pretty crazy were digging some holes - bang 65% up for the day..


----------



## YOUNG_TRADER (12 October 2007)

adobee said:


> My broker contacted me this morning and suggested this stock.. I am starting to think that maybe is sits reading this forum and post made by popular people!!!




Mate who needs a broker when you've got good old Young_Tader? lol

This is just nuts, I can't believe it

And I know this is going to sound crazy, but given what the market did with GNL and IRM, and given the proximity to these two companies projects, I would not be surprised to see some positive Iron Ore surface samples take this to who knows 50c?

Crazy crazy  *Be careful!*


----------



## kpas (12 October 2007)

YOUNG_TRADER said:


> Mate who needs a broker when you've got good old Young_Tader? lol
> 
> This is just nuts, I can't believe it
> 
> ...




I agree.

I am happy to have gotten in early so I will hold and wait for this afternoon.

Keeping in mind that IRM and others did not run redicuously until after 3:30, I think it's still got a little bit left in it.

If that .5m @ 19c goes then there is not much stopping it.


----------



## adobee (12 October 2007)

What sort of time frame would one expect between the commencement of digging holes and some results or updates of finds?


----------



## SevenFX (12 October 2007)

adobee said:


> I think thats pretty crazy were digging some holes - bang 65% up for the day..




Does anyone what how many shares were released on open....????

That's the problem when there's only a few controlling the sell side (no supply) and everyone want's a piece of the pie(greed demand) the price soars, and then the dump selloff... (luckly she's coming down slowly) so many see a rise past these highs today if doesn't fall below 14c with some resistance at 18.5c IMO

If she doesn't fall much below the high, then stronger chance of reaching new highs when breaks through current highs

SevenFX


----------



## SevenFX (12 October 2007)

YOUNG_TRADER said:


> And I know this is going to sound crazy, *but given what the market did with GNL *and IRM, and given the proximity to these two companies projects, I would not be surprised to see some positive Iron Ore surface samples take this to who knows 50c?
> 
> Crazy crazy  *Be careful!*




Lets hope TIS nothing like GNL, Gapped UP way to much, and Traded(ing) DOWN way to Low...

SevenFX


----------



## YOUNG_TRADER (12 October 2007)

SevenFX said:


> Lets hope TIS nothing like GNL, Gapped UP way to much, and Traded(ing) DOWN way to Low...
> 
> SevenFX




Yeah but if you paid attention to my post yesterday when it was 10c you would be happy 

I think this is wayy too much and is not based on fundamentals so can't really comment any more, but the mkts are crazy at the moment so wo knows anything is possible


----------



## SevenFX (12 October 2007)

YOUNG_TRADER said:


> Yeah but if you paid attention to my post yesterday when it was 10c you would be happy




Wasn't following MDX, nor was I paying attention to your post.

Just pointing out the differences in market reaction to GNL vs IRM.

Market reacts very differently to the Wording of Anns and whether they're stumbling on rock samples or the drilling is Ample

SevenFX


----------



## exberliner1 (12 October 2007)

a bit of interest over on HC as well....MDX will be popping up on TA software all over Australia atm too.

The comparisons to some other FE plays at this early stage have encouraged me to get on board with both heads and oppies.

I would have thought that a mkt cap of around $20mn - $25mn would make more sense atm given the market interest in FE . Currently we are less than half that.

Godd luck at all....

EB


----------



## YOUNG_TRADER (12 October 2007)

exberliner1 said:


> a bit of interest over on HC as well




lol, that explains it then, are they calling it the next IRM or GNL?

Funny thing is todays ann was about gold drilling, now its Iron Ore were after right? :


----------



## exberliner1 (12 October 2007)

agreed YT..... but it seems to have put MDX firmly on the radar....which has to be good for us holders.

ANN on gold then a little bit of research uncovers the Fe and the U.... add in the tiny mkt cap and its a bit of a no brainer.

EB


----------



## adobee (12 October 2007)

I think there may be some more annoucements coming re iron ore.. today may be released so that they dont get a speeding ticket..


----------



## exberliner1 (12 October 2007)

I have also posted this on another site:

_____________

I have done a bit of digging around, looked at some of the old ANNs from MDX and taken on board some of the comments on the forums and tried to put everything together in one post. A sort of reference point as to where things stand now:

First of all the simple stuff:

Number of shares : 56,428,467
Number of options : 26,214,224 – options mature 30th June 2008 exercise price 20c
Employee options: 700,000 – options mature December 2008 exercise price 25c

So at today's close of 19c we get the following mkt cap:

Undiluted: $10,721,408
Diluted: $15,835,111

Although of course the diluted mkt cap is only applicable once the heads go over 20c and if you take the employee options into account full dilution will only happen with the heads above the employee strike price of 25c.

Full exercise of the options in June of 2008 will raise $5,242,845 for the company with a further $175,000 coming at the end of 2008 once the employee options are exercised.

MDX is focusing on Uranium, Iron and Gold.

First the Iron

The ANN of 12th September describes the Mr Forrest iron formation as:

Extending over 17Km in length, widths up to 2km, within this there are “Mount Mason type targets” of 500m X 100m in areas of “intensive faulting of silicecous iron formation.”

Traversing of 3 selected wide spaced sections indicates multiple silicecous hermatite-magnetite units varying from 30m to 200m in thickness.

Samples confirm very low levels of contaminants.

Finally, Mt Forrest is 60 Kms from Jupiter's Mt mason hermatite deposit.

The ANN of 12th September also states that results from the systematic mapping and surface sampling are expected in early to mid October.

That means results are due out now.....one recalls JMS releasing an ANN last November and (admittedly with the help of nice Mr Talbot) seeing their SP shoot up to 40c from mid teens and more profitably causing the JMSO options to go from 2c to 20c in one week.

Lets face it with MDX, a 17Km long strike with widths upto 2km and a thickness varying between 50m and 200m is certainly not to be sniffed at if the grades are good. As MDX keeps describing the formation as a “Mt Mason type” deposit then perhaps good grades are a strong possibility. The sampling should give us a big clue here and as already mentioned the sampling results are due early to mid October.

Could one reason for today's action mean a juicy ANN is imminent? .... Just a guess....

Uranium project.

MDX has a JV with Heathgate Resources (itself somewhat unusual for such a small junior). Heathgate of course also had a JV with AGS – they went from 5c to more than $2. The project is using sampling of groundwater to use it as an indicator for identifying drilling targets should help speed up the discovery of prospective U308 deposits.

For more details on this do see the ANN of 10th October – warning it is a bit complicated but nevertheless a good read.

The U308 project JV has area of interest of 100,000Sq.KMs of which 5,500Sq.Kms has been granted tenure.

A further 12 applications covering 2,800Sq.Kms have also been lodged where paleodrainages (again using water sampling to identify targets) are considered prospective for roll front uranium.

Gold Projects

MDX has a number of prospective gold tennements under development, The most interesting of these being the Bulga Downs project.

Bulga Downs is described as currently having 36,000 ounces of indicated / inferred gold. What makes this interesting is that the April 2007 quarterly staes that this area includes a “mineralised structure” that reurned drill intersections greater than 3 g/t over 10Kms....a fair bit of potential there then.

At Bulga Downs MDX has their Toucan Gold prospect. Some grading from this area includes:

3m @ 6.17 g/t from 14m
1m @ 21.2g/t from 56m
13m @ 2.93g/t from 35m

The ANN of today was the rather pleasing news that MDX have just started drilling 10 further holes at this prospect.

For details of all the gold projects underway you will have to read the July quarterly.

The only top 20 I could find was from 2006 so it is a bit old but that gave figures of 46% of the heads and 46% of the oppies were held by the top 20.

The 3 main Directors of MDX hold the 12,885,822 heads and 5,632,410 oppies between them. This means the 3 directors own between them 22.8% of the issued heads and 21.5% of the issued oppies.

Our of the three main areas the Iron project looks potentially huge. Remember an ANN is due early – mid October giving further details on the Mt Forrest Fe project with more grades expected from the sampling. It is 17KMs long and upto 2KMs wide.

The gold drilling started today and the U308 project with Heathgate certainly looks exciting.

Today about 10% of the company changed hands with a 65% rise is the SP and an 83% rise in the oppies yet the company is still only valued at $10.7mn

The upside is obviously huge. The oppies have a strike price of 20c and at the 4.4c close offer 4X leverage and almost 9 months to maturity.

Looking forward to a juicy ANN on the Fe next week.... now what will that do to the SP?

Guess what ... I bought quite a few of these today ;-)

EB


----------



## roland (12 October 2007)

exberliner1 said:


> I have also posted this on another site:
> 
> _____________
> 
> ...




Thanks for the wrap, very well written. Nothing beats having lots of ground to work over - given the expertise and the capital to exploit it. Needless to say, I put a few G's into this as well. Looking forward to some more anns.


----------



## kevinecom (12 October 2007)

YOUNG_TRADER said:


> Yeah but if you paid attention to my post yesterday when it was 10c you would be happy
> 
> I think this is wayy too much and is not based on fundamentals so can't really comment any more, but the mkts are crazy at the moment so wo knows anything is possible




Sir YT,

U're better than my broker , I've sent you an email suggesting you should start charging ASF members for your research and analysis.

I did make some good $$ following your posts, once again thanks.


----------



## Gekko (14 October 2007)

Sir YT,

You can be my broket too!

I bought some heads on fri morning and couldnt believe what later eventuated

I am very new to this forum - despite having being investing for years and years - but have followed your selections closely this year

I, like many on here, am gracious of your work 

Keep it up


----------



## YOUNG_TRADER (14 October 2007)

lol, thanks guys,

But becareful not to create  "much ado about nothing" (thanks Shakespeare) with this one,

Yes it was cheap at $5m when it was 10c and yes it may offer potential, but I think the market will and is getting more caught up with the fact of its proximity to the IRM and GNL projects which caused huge runs of late,


I can't stress enough, until we see more results, its still speculative

Thankfully we shouldn't have to wait long, as more rock chip and surface samples are due any day, as more results flow, a clearer picture of what MDX has on its hands will emerge.

Cheers


----------



## kpas (14 October 2007)

Did you mean MDX (not ACS) in your last post?

I am just curious what MDX has in common with ACS ?


----------



## YOUNG_TRADER (14 October 2007)

Whoops,

Good pick up Kpas, that should me MDX, this stock has nothing to do with ACS, pure typo 



YOUNG_TRADER said:


> lol, thanks guys,
> 
> But becareful not to create  "much ado about nothing" (thanks Shakespeare) with this one,
> 
> ...


----------



## kpas (15 October 2007)

The current spread is quite interesting. If they aren't dummy bidders then it should easily open at 20c.

I expect a few of them to disapeer but I also expect some larger bids to come on just before MDX starts trading.

Good possibility for an IRM like move today - what do you guys think?


----------



## dubiousinfo (15 October 2007)

The opies still look cheap at the moment. Very small premium to the heads with 8 months to expiry. Thought these might have run harder this morning.


----------



## Gekko (15 October 2007)

Certainly looks like someone is accumulating in 100k parcels @ 5.1

As i type a second 100k order at 5.1 comes up


----------



## adobee (15 October 2007)

dropping a bit now.. would be a bit upset if I was the person who bought at 23.5c   - If retraces to 14c I will be buying more..


----------



## aussieboy2010 (15 October 2007)

Surely just some profit taking after the great run on Friday. Should rebound again at some stage, if it continues to drop further may be a good chance to get in again....


----------



## SevenFX (15 October 2007)

aussieboy2010 said:


> Should rebound again _at some stage_,
> 
> If it continues to drop further may be a good chance to get in again....




Sure buying lower maybe a good thing, but how much lower is too low...????

Below 14.3c may see this stock take some time to recover if at all.

SevenFX


----------



## adobee (15 October 2007)

I will buy at 14c and  wait until there are some iron ore results announced... before considering selling..


----------



## moolah (16 October 2007)

*MDX*

An overlooked Iron share with gold.  17 km of hematite with low contaminants. I think this is worth looking at.


----------



## exberliner1 (16 October 2007)

Trading halt and a cap raising...

With the sampling results from Mt Forrest due around now ... surely it would have made sense to go for a cap raising after the results are out and take advantage of a higher SP.

Oh well - let's see what they say when the ANN is issued.

EB


----------



## adobee (17 October 2007)

I can see that they are in a trading halt but where are you seeing the announcement on capital raising..  ?


----------



## alankew (17 October 2007)

Adobee it is on the second page of the announcement-I missed it as well speed reading it.Hope this helps


----------



## exberliner1 (18 October 2007)

Can someone who knows more about geology then me answer this:

On page one of the ANN from 12th September there is a table showing some grades from the preliminary traversing.
> 
> Under Fe203 it quotes
> 
> 71.6%
> 67.97%
> 65.01%
> 64.66%
> 
> Underneath this it gives the average (Fe) as being
> 47.07%
> 
> Now the average of the 4 grades given above is 67.31%
> and NOT 47.07%

Does Fe203 really reduce by a third when it is processed to Fe... or is this a mistake in the calculation of the average?

EB
>


----------



## YELNATS (18 October 2007)

exberliner1 said:


> Trading halt and a cap raising...
> 
> With the sampling results from Mt Forrest due around now ... surely it would have made sense to go for a cap raising after the results are out and take advantage of a higher SP.
> 
> ...




Well, no ann yet and trading halt ends at 10 am tomorrow Fri Oct 19. Maybe the ann will come during the day. Her's hoping it will be positive, apart from just a cap raising.


----------



## exberliner1 (18 October 2007)

exberliner1 said:


> Can someone who knows more about geology then me answer this:
> 
> On page one of the ANN from 12th September there is a table showing some grades from the preliminary traversing.
> >
> ...




And here is the answer is case anyone is interested...thanks to N_terra over on HC

eb,
Looks like Fe content rather than Fe2O3 content

Fe = 56 molecular wt, Oxygen = 16
Fe2O3 = 2x56+3x16= 160
Fe percentage of Fe2O3 = (2x56)/160 = 70%

Fe2O3 = 67.3%
Fe content= 70% of 67.3% = 47%

cheers


----------



## Pat (19 October 2007)

Another trading halt? why? 
Release then damn announcement? LOL
Why would MDX be holding back the Cap raising? Waiting for further Iron results? Perhaps to even out the effects of both?
Too many questions....
I wonder what MDX has up there sleeves... nothing???


----------



## exberliner1 (19 October 2007)

I think you will find it has got quite a lot...including AU$1mn in the bank...a 10 hole drilling program underway right now.... upto 17KMs of Fe....a U project with Heathgate.... and gold.

So...a little bit more than "nothing" then

All for an $8mn mkt cap.

EB


----------



## Pat (19 October 2007)

exberliner1 said:


> I think you will find it has got quite a lot...including AU$1mn in the bank...a 10 hole drilling program underway right now.... upto 17KMs of Fe....a U project with Heathgate.... and gold.
> 
> So...a little bit more than "nothing" then
> 
> ...



I mean regarding the pending ann, which may just be a cap raising.
Granted MDX has some great assets, but what does the short term future hold for MDX? I find it strange MDX would put the co in a trading halt for just cap raising, and now, as of this morning, trading is suspended. Any thought on this situation?


----------



## adobee (19 October 2007)

perhaps they saw the market is not doing much today and they would wait until it looks good for an announcement and re-open..


----------



## exberliner1 (19 October 2007)

No idea why.... let's see what happens... I am happy to hold so whether they are suspended or not doesnt make any real difference short term...unless you bought T+3

EB


----------



## exberliner1 (19 October 2007)

seems to be quite a clever cap raising...

First 3.8mn new shares at 13c raises $494k - negligible dilution there.

Then the what looks like a bit of a bargain to me.

For every 5 shares you hold you will have the right to buy 2 shares at 10c.... each share you buy under this issue will have a free attaching option 20c maturity June 2008.

In other words the higher the SP goes the more the 2 for 5 issue is worth to you and thus the more valuable both the new issue and the option is.

Simillar to the CVI equation at the moment.

And even after all this there will only be:

60,228,467 shares including the placement
24,091,386 if fully issued under the 2 for 5 offer at 10c

Total shares thus : 84,319,853

Options: 26,214,224
Free attaching options under 2 for 5 - 24,091,386

Total options after the issue : 50,303,610

Thus MDX will have about $4mn to develop the U, Au and Fe projects. Plus next June when the oppies mature will have 50,305,610 X .20 = $10,061,122.

With the Fe sampling results due any moment now if you want to get hold of some of those 10c shares with free attaching options its just a case of what price you get in at when trading resumes on Monday.

This gets my vote - it seems to be a well thought out cap raising. 

Especially as us shareholders are getting our new shares at 10c...while the "sophisticated investors" are paying 13c.

EB


----------



## exberliner1 (19 October 2007)

Oops....the free attaching options are 1 for every 2 rights subscribed not 1 for 1 as I mistakenly suggested in my last post.

Just the options totoals have changed....

Here are the corrected figures:

seems to be quite a clever cap raising...

First 3.8mn new shares at 13c raises $494k - negligible dilution there.

Then the what looks like a bit of a bargain to me.

For every 5 shares you hold you will have the right to buy 2 shares at 10c.... each share you buy under this issue will have a free attaching option 20c maturity June 2008.

In other words the higher the SP goes the more the 2 for 5 issue is worth to you and thus the more valuable both the new issue and the option is.

Simillar to the CVI equation at the moment.

And even after all this there will only be:

60,228,467 shares including the placement
24,091,386 if fully issued under the 2 for 5 offer at 10c

Total shares thus : 84,319,853

Options: 26,214,224
Free attaching options under 2 for 5 - 12,045,693

Total options after the issue : 38,259,917

Thus MDX will have about $4mn to develop the U, Au and Fe projects. Plus next June when the oppies mature will have 38,259,917 X .20 = $7,651,983

With the Fe sampling results due any moment now if you want to get hold of some of those 10c shares with free attaching options its just a case of what price you get in at when trading resumes on Monday.

This gets my vote - it seems to be a well thought out cap raising. 

Especially as us shareholders are getting our new shares at 10c...while the "sophisticated investors" are paying 13c.

EB


----------



## kpas (22 October 2007)

The announcement is out, it details that the 500$k capital raising is from Paterson's clients.


----------



## mick2006 (23 October 2007)

after having a closer look into MDX I decided to grab a few today.

for two main reasons

1. the Mt Forrest Iron Ore Sampling Results are due any day could be a large market mover.

2. I wanted access to the upcoming rights issue, with the ex-rights date set at the 1st of November.

*what could be really interesting is the results from the Mt Forrest iron ore sampling program with a strike of 17km, with a width in some areas of up to 2km and thickness of up to 200m whether its largely hematite or magnitite it is going to be one huge iron ore deposit.*

with grades of around 55%FE already uncovered there is the possibility of discovering some high grade DSO ore on such a large strike area, and if they do remember what happened to IRM.


----------



## mick2006 (23 October 2007)

just fired off an email to the company to find out how close the Mt Forrest iron ore results are, will post what I find out.

given the tight share register, it is one that could move given any good news.


----------



## YELNATS (23 October 2007)

exberliner1 said:


> This gets my vote - it seems to be a well thought out cap raising.
> 
> Especially as us shareholders are getting our new shares at 10c...while the "sophisticated investors" are paying 13c.
> 
> EB




Agreed, however unless I'm misreading it, the "sophisticated investors" have the same access as us retail investors to the entitlement - as per the ann "The abovementioned Placement will be eligible to participate in the entitlements issue".


----------



## Pat (23 October 2007)

Some strong buying towards the end of the day, possibly some results have leaked? Depth has been strong on the buy side since the recent ann but is looking much stronger, all of sudden that is, this tells me somethings up, but what? . I hold


----------



## mick2006 (23 October 2007)

not suprising the forward movement in MDX today, with the giant Mt Forrest iron ore prospect results due any day now, and also less than 2 weeks to get into MDX before the record date for the capital raising, where its a 2 for 5 share placement at 10c and also a free attaching option.

MDX is one to get into early because as the record date approaches more people will try and get in for the free options and cheap shares.

Not to mention the exciting iron ore exploration at Mt Forrest.


----------



## Gekko (23 October 2007)

"Giant Mt Forrest iron ore prospect results due any day now"... 'Giant'? lol

How about, "nice undervalued prospects for a very low caped iron ore explorer"

MDX are not FMG. Settle down Mick2006. Down boy! Down!

Another well undervalued YT pick notwithstanding (is that 1 word?)


----------



## Pat (23 October 2007)

mick2006 said:


> not suprising the forward movement in MDX today, with the giant Mt Forrest iron ore prospect results due any day now, and also less than 2 weeks to get into MDX before the record date for the capital raising, where its a 2 for 5 share placement at 10c and also a free attaching option.
> 
> MDX is one to get into early because as the record date approaches more people will try and get in for the free options and cheap shares.
> 
> Not to mention the exciting iron ore exploration at Mt Forrest.



Hey Mick, I assume all holders will be sent correspondance in relation to the share offer at 10 cents, also, to my understanding, for every 2 shares purchased at 10 cents, there will be 1 option given. Am I right?
And when you say 2 for 5 share placement, for every 5 shares held you will have the option to buy 2 shares at 10 cents?
Also, are these exchange traded options that are on offer?


----------



## mick2006 (23 October 2007)

Pat said:


> Hey Mick, I assume all holders will be sent correspondance in relation to the share offer at 10 cents, also, to my understanding, for every 2 shares purchased at 10 cents, there will be 1 option given. Am I right?
> And when you say 2 for 5 share placement, for every 5 shares held you will have the option to buy 2 shares at 10 cents?
> Also, are these exchange traded options that are on offer?




Hey Pat, use 100,000 MDX shares as an example, under the rights issue you could buy 40,000 MDX shares at 10c (nice discount to current SP), and you would also receive 20,000 free attaching options.

Expect the SP to head north as we get closer to the rights issue ex. date of the 5th of November, as traders scramble to get in for their cheap shares and free options.


----------



## exberliner1 (24 October 2007)

MDXOA offers about 4 times leverage at the moment. Unless you are planning to convert (currently out of the money) you are probably better off treating MDX and MDXOA as two different companies.

Some people may sell their MDXOA to buy heads which will raise extra cash for MDX and also at the same time reduce the number of MDXOA in issue.

Yet we havent seen a lot of selling in MDXOA since the cap raising Ann... indeed if you look at depth there is hardly any for sale at all.

I hold both heads and oppies - the prospective capital gain possibilities multiplied by a leverage factor of 4 for holding oppies makes them just as attractive as the heads with 2 for 5 issue and free oppies.

MDXOA is an even thinner market than MDX - either way the heads are going up in value and the oppies can only follow. This will become blindingly obvious once the heads go above the 20c strike price.

For every 1 share you buy at the moment you can buy 4 options for the same money. 

I therefore would not think holding options is a mistake when compared to the heads. Different reasons apply and what you loose on not buying the rights shares for 10c you will gain on the leverage. Having said that I own both.

Now just looking at the maths... lets keep it simple say you own 100k MDXOA.

So 100,000 X 0.04 = $4,000

You decide to sell these to buy MDX shares and take advantage of the upcoming cap raising. So with the proceeds you buy MDX at 16

You now have 25,000 shares at 16c

Yoy take up your rights and buy 10,000 rights shares under the 2 for 5 at 10c offer and have an extra 10,000 shares that have cost you $1000 and an extra 5,000 options that have cost you nothing.

Net result is

25,000 original shares
10,000 new shares that cost $1,000
5,000 free options

So now your net cost for 35,000 shares and 5,000 free options is $5,000.

Just for an example lets say we have a share price of 30c in the near future then.

Your profit situation would look like this.

25,000 shares @ 16c - now 30c - profit 14c or : $3,500
10,000 shares at 10c - now 30c - profit 20c or : $2,000

5000 free options trading at 15c - profit 15c or : $750

Total profit at 30c taking up full rights thus : $5,750

For an investment of $5,000

Or 115%

_____________

Keeping the options and forgoing the rights issue as you only hold oppies would give you the following.

100,000 MDXOA bought at 4c cost : $4,000

Share price 30c so options mkt price 15c.

100,000 MDXOA now worth $15,000 for a profit of :$11,000

for an investment of $4,000

Or 375%

_________

So selling the options to buy shares and then paying another $1,000 for take up the rights would, with the SP at 30c give you a profit of $5,750 - your original $5,000 now being worth $10,750.

Just holding the options (no need to pay for the rights) would give you a holding worth $15,000 and a profit of $11,000.

Finally all the above calculations do not take brokerage into account. 

I have simply guessed the oppies would be at 15c with the heads at 30c... MDXOA has a premium at the moment and there are not that many around.

So please see that holding options is not a problem - after all if it were would people really be buying them today?

Indeed I love leverage - a well leveraged option bought at the right moment will always outstrip the gains available on the heads.

If you only bought oppies.. well done .... I wish I had only bought oppies instead I have both. The way it looks at the moment I would have preferred to just hold oppies to give me a far bigger gain on the upside.

Be happy

EB


----------



## adobee (24 October 2007)

Interesting Post....

However the shares still seem very popular this morning.. Perhaps some forth coming news to get them back up at this level after the cap raising announcement..


----------



## mick2006 (24 October 2007)

very interesting action in MDX already this morning with some excellent volume and a nice SP rise.

I think the lure of the rights issue is driving this one at the moment with cheap shares 10c and free attaching options.

I would of thought the action going on today would be happening in the days directly before the ex rights date November 5th.

But saying that they have iron ore assays and gold drilling results due in the near future, so I guess people are gettin in early for the rights issue hoping to catch some good exploration results.

I already hold a nice stash and will continue to hold to at least the rights issue date.


----------



## Pommiegranite (24 October 2007)

mick2006 said:


> very interesting action in MDX already this morning with some excellent volume and a nice SP rise.
> 
> I think the lure of the rights issue is driving this one at the moment with cheap shares 10c and free attaching options.
> 
> ...





Heads up 18%
Options up 12%

This suggests that the chase is on for the chaep 10c shares+free options, as usually in % terms options should increase by a greater amount than the heads.

People selling options to buy back heads???

One thing to keep an eye out for is that if the heads advance too far, it would be worth just buying the options and converting them by the deadline.


----------



## roland (24 October 2007)

Hi, I don't fully understand the MDX options issue. Could someone put it in plain English for us lower end traders


----------



## JimBob (24 October 2007)

mick2006 said:


> Hey Pat, use 100,000 MDX shares as an example, under the rights issue you could buy 40,000 MDX shares at 10c (nice discount to current SP), and you would also receive 20,000 free attaching options.




That is how the option issue works.  For every 5 MDX shares you own, you get the right to buy 2 MDX shares for 10c, and you will be given 1 free option for each 2 MDX shares you buy.

If you only hold MDXOA, unless you exercise these options, you dont get the right to buy any further shares under this plan.


----------



## surfingman (24 October 2007)

JimBob said:


> That is how the option issue works.  For every 5 MDX shares you own, you get the right to buy 2 MDX shares for 10c, and you will be given 1 free option for each 2 MDX shares you buy.
> 
> If you only hold MDXOA, unless you exercise these options, you dont get the right to buy any further shares under this plan.




For MDX holders only not MDXOA:

For every 5 shares you now own you can buy 2 MDX shares @ 10c per share = 20c 
and then you recieve 1 free option with these 2 shares you just brought.

Free Option has a 20 cent exercise price and 30 June 2008 expiry date: so should trade as MDXOA

Why they have chosen this ratio I wonder?


----------



## roland (24 October 2007)

JimBob said:


> That is how the option issue works.  For every 5 MDX shares you own, you get the right to buy 2 MDX shares for 10c, and you will be given 1 free option for each 2 MDX shares you buy.
> 
> If you only hold MDXOA, unless you exercise these options, you dont get the right to buy any further shares under this plan.




OK, the 2 options at 10c for each 5 shares held is clear enough, these would be traded under a different code, I assume - MDXOA? These are only trading at 4c, couldn't I just buy MDXOA today at 4c?

What's with the free option, do we get shares for nothing?


----------



## JimBob (24 October 2007)

roland said:


> OK, the 2 options at 10c for each 5 shares held is clear enough, these would be traded under a different code, I assume - MDXOA? These are only trading at 4c, couldn't I just buy MDXOA today at 4c?
> 
> What's with the free option, do we get shares for nothing?




I think you are confusing the heads (MDX) and the options (MDXOA).  Under this plan, you get to buy MDX for 10c, they are currently trading at about 20c.  The free bonus option you get is MDXOA, which is currently trading at about 4.5c.  

Say you have 10000 MDX shares.  You get the right to buy 4000 MDX shares.  You will then also be given 2000 MDXOA options as a bonus.  

If you only buy MDXOA now, you dont get access to this plan, only if you own MDX.  I hope this makes sense.


----------



## roland (24 October 2007)

JimBob said:


> I think you are confusing the heads (MDX) and the options (MDXOA).  Under this plan, you get to buy MDX for 10c, they are currently trading at about 20c.  The free bonus option you get is MDXOA, which is currently trading at about 4.5c.
> 
> Say you have 10000 MDX shares.  You get the right to buy 4000 MDX shares.  You will then also be given 2000 MDXOA options as a bonus.
> 
> If you only buy MDXOA now, you dont get access to this plan, only if you own MDX.  I hope this makes sense.




JimBob, thanks for your time here.....

I understand the above now thanks.

Quote:
together with 1 free attaching New Option (with a 20 cent
exercise price and 30 June 2008 expiry date)

So, if I also get the free New Option, what does the "Exercise Price" mean and what needs to be done before the Expiry Date - these are the ones that will be traded under MDXOA? Are Options traded for money, just like normal shares, or do they convert into real shares?

Wahhh, I've been trading for 3 years - now I must look like a real dummy!


----------



## Pommiegranite (24 October 2007)

JimBob said:


> I think you are confusing the heads (MDX) and the options (MDXOA). Under this plan, you get to buy MDX for 10c, they are currently trading at about 20c. The free bonus option you get is MDXOA, which is currently trading at about 4.5c.
> 
> Say you have 10000 MDX shares. You get the right to buy 4000 MDX shares. You will then also be given 2000 MDXOA options as a bonus.
> 
> If you only buy MDXOA now, you dont get access to this plan, only if you own MDX. I hope this makes sense.




I think its nothing short of ludicrous not to buy MDXOA.

Ok...lets take the following scenario based on the company being undervalued and seeing SP appreciation over the coming 2 weeks. (We won't take into account the drill results at this stage)

You have $15k to spend
You buy 333,333 options (MDXOA) @ 0.045cents
You then convert them @ 20c per option

Cost = $15K+$66.7k(conversion cost) = $81.7K

You then receive 133,333 share rights@ 10cents each
&66,667 'free' options

Cost = $13,333

You convert the free options @ 20c each 

Cost = $13,333

TOTAL SHAREHOLDING: 533,333 
TOTAL COST: 15k+66.7k+13.3K+13.3K = $108.3K

AVERAGE COST PER SHARE = 108,333/533,333 = 20.3 cents

Now going back to my first point. We should see the SP move by people wanting to buy in for the rights issue. It could move even further with upcoming results.

So lets put a conservative 30c target due to demand. This means selling at 30c would give $160K

Gross profit = $51.2K.

KEYWORD= LEVERAGE

Of course, if things tank, you just wouldn't convert your options and hold them for better days. Then again, you shouldn't be buying into any spec if you expect things to go badly.


----------



## Pommiegranite (24 October 2007)

Scrap my above post...its total rubbish..thanks

SP would need to move above 30c to really see the levearge kicking in. It probably best just to buy the options and not convert until as late as possible..imo


----------



## JimBob (24 October 2007)

roland said:


> JimBob, thanks for your time here.....
> 
> I understand the above now thanks.
> 
> ...




The exercise price just means that if you want to convert the options into normal shares, you have to pay the company 20c per option you want to convert.  The free New Option should be traded under MDXOA, you can buy and sell them the same as normal shares.  The only time you have to pay the 20c is at the end of June next year.


----------



## exberliner1 (24 October 2007)

Interesting to note where the buying was today in both the heads and oppies.

Today there were 3,845,288 shares traded of which 2,315,770 were bought in the 20s. Although it closed at 18 on a low volume sell off the VWAP for the day 19.78.

The rise above 20c has also flushed out some depth for the sell side which is good going forward as up until this afternoon there was hardly any depth there at all. At least the stock is there now if you are prepared to pay for it ...as 2.3mn worth of buyers did today.

There was a simillar story on the oppies

Record volume of 1,789,210, although it closed at 4.5c, of the day's trading volume - 1,021,084 were bought above 5c, VWAP 4.84 for the day.

Again we now have some 2 way volume although the sell side is not huge with the oppies at 4.5c and plenty of orders of the 100k+ type going through.

____

Add this to volumes from recent days some of which were 5mn plus for the session .... then the freefloat that is available to the market for normal daily trading is surely getting rapidly smaller. This should accelerate any upwards momentum as we basically run out of stock. 

Then as the higher the share price goes the more valuable the 2 for 5 issue becomes, buying in at 10c with the options as well. This in turn then makes the shares worth more and so on and so on. Then in the middle of this sentiment we are going to get some nice Fe sampling results and perhaps an update on the gold drilling which started recently.

Lack of stock could make this bounce all over the place until we reach the record date for the new issue.

It all looks very good for another plus day on Thursday.

EB


----------



## YELNATS (24 October 2007)

Pommiegranite said:


> Scrap my above post...its total rubbish..thanks
> 
> SP would need to move above 30c to really see the levearge kicking in. It probably best just to buy the options and not convert until as late as possible..imo




I had a good think about your post, until I saw your later one saying to scrap it.

Actually, in your example assuming the share price goes to 30c, a 47.3% profit of $51.2k on an outlay of $108.3k isn't too bad, although not really sensational considering the risk factor.

I guess, considering you have as late as November 12 to convert the options, as you say, you could limit your exposure to just the $15,000 on the options, just watch the price action until then, and then decide as late as possible whether to exercise them or not. If you didn't exercise, you'd have to decide what to do with them before their 30 June 2008 expiry.


----------



## Pommiegranite (25 October 2007)

I called the MD earlier today - Mr Bromley. Very nice chap who had plenty of time to share. I would ask one question, and he would just talk and talk. I got the impression he's an old boy who's been in the game for years and is passionate about his work.

He seemed to have a lot of time on his hands as we just chatted about many issues such as his tenements, china, and subprime.

From memory, these are the points which were mentioned. 

Mr Bromley said that they've had the Mt Forrest region for 20years and the *strikelength runs for 17kms and doubles back on itself*. 

MDX were origianlly drilling for gold at Mt Forrest, but *everywhere they drilled they had to cut through iron*. This, along with with the current insatiable demand for Iron, was the reason for progressing with Iron sampling.

It *forms part of the Richardson range, from which IRM sampled 60%+ grades of Haematite as part of a Banded Iron Formation*. Mr Bromley seemed to be very well aware of IRM's findings and shareprice increase. I got the feeling he is expecting the same.

He mentioned that the 17kms does not consist of a continuos Iron band but there are *several very interesting formations that run for a few kms each.*

When I questioned why the results mentioned in the August release seemed to produce lower grades of Iron the IRM's 60%+, Mr Bromley said that the original sampling was so small (10 samples?) and wasn't from specific targeted formations. The current sampling is vast and they are very busy studying the many assays. Obviously it goes without saying that he didn't go into details, except that he seemed very positive

When I asked as to when we can expect some results, *I was told that the quaterely is out in the next few days which will have some information. The full picture will be announced within 2 weeks.* 

*Gold results will also be out soon*. We didn't go into too much detail, but he did say that the current resource will be able to provide good cashflow for future project developments.

We also touched on the Uranium JV with Quaser. I was told that this is a long term play and priorities are iron/gold.

I also questioned the timing of the entitlement offer. I asked "why not give the market the results and then offer the entitlement at 15c instead of 10c?"

I was told that the entitlement offer *was decided a long time ago, and then subprime hit the headlines *to delay the placement. I get the feeling that he felt it was better to get the funding for future drilling arranged asap to secure the company's short-mid term future, than risk leaving the placement for a few weeks and have the volatile markets affect any capital raising again.

I found it quite amusing that Mr Bromley also like us follows the US markets. He said he was very unhappy at last Friday's Dow performance. This is understandable, as it could affect whether the placement is taken up. However, from where we stand with the current share price, this should not prove to be a danger.

I have to say that this seems to be a very shrewd move in which everyone benefits. Afterall, the dilution would only take the market cap to around $20million, and leave the company with a good few million in the bank.

All in all, I feel very confident that we should hear something very positive. If we do, I reckon this entitlement offer will seem one of the best bargains we've seen in the resources sector recently.


----------



## mick2006 (25 October 2007)

nice piece of work there pommiegranite, pretty well sums up my discussions with the company.

they have started receiving the iron ore assays and are compiling the results, so not long to wait now, don't be surprised if the results are released to time perfectly with the ex-rights date to ensure full take up of the offer.


----------



## Gekko (25 October 2007)

I think this has consolidated spendidly over the past 2 days.

It is certainly on the radar now. Results would be much appreciated


----------



## Pommiegranite (26 October 2007)

I was wondering whether any of you chartists had an opinion on MDX's chart and where the SP could be going, or will this one play out on fundamentals alone?

Cheers


----------



## Pommiegranite (27 October 2007)

I've just found out something very interesting which I wanted to share.

I've been looking into where MDX's Mount Forrest prospect is actually located (Google Earth coordinates: 28'43' South & 119'57 East).

This N shaped formation pretty much all belongs to Mindax. *All except the bottom right hand 9ks of the length which belongs to Iron Mountain*. I knew IRM was close but not right next door!!

On 8th October, as we all know, IRM's SP multiplied 3 fold based on sampling from 3 of their prospects from their 3 Mt Richardson prospects: Brooking, Alfred and Iron Mountain.

It is the third of the above mentioned prospects which neighbours Mindax's Mt Forrest, and guess which prospect's samples yielded the highest grades? Yes - Iron Mountain's Iron Mountain prospect.

To take it even another step further, IRM's best samples were close to the border of MDX's Mt Forrest (see attached image for sample locations). So I hypothesize that, should MDX take samples close to border with IRM, the same high grades will be found. 

I quote this from IRM's announcement which sent the SP north: _" __At the Iron Mountain Prospect rock chip_
_samples averaged 61.3% Iron (Fe) over two kilometers of strike"_​ 
I've also attached IRM's geology map for the Iron Mountain prospect, as it contains info on MDX's Mt Forrest's prospect.​ 
To conclude, Mt Forrest is much longer and wider than the Iron Mountain project and will contain similar high grades. *I expect to see sample results in 2 weeks containing high levels of Hematite with low levels of Silicate and contaminants, as per IRM's results.*​ 
I just wish I'd known all of this when IRM announced on 8th October. Note that MDX's SP hasn't moved on nearology, or it would have moved on the same day. So plenty of SP upside to come once the market wakes up!!​


----------



## Nyden (27 October 2007)

I too seem to be unable to find straightforward answers with regards to these options? Are they only available to pre-existing holders, or all buyers who get in prior to the 1st?

Purchasing the shares prior to November 1, is that suffice - or would one need to utilize a registry site to be 'on the books' by November 1st? 

What are the rights with regards to entitlements exactly? How many options does one get per share? Or rather, how many shares grant right to one option?

Might be worth throwing a penny in the fountain on this one, sell in the short term & hold the options

Regards,
Nyden


----------



## exberliner1 (28 October 2007)

Nyden....I am a bit confused by your post all infomation was in the MDX ANN of last week.

You have the right to buy 2 shares at 10c for every 5 you own....for every 2 rights shares you buy you will get a free attaching option June 2008 with a 20c exercise price....in other words the same as MDXOA at the moment.

____

Finally Pommiegranite...great post... I too was googling the MDX tennements this afternoon and was planning to to run a comparison...you beat me to it.

EB


----------



## Nyden (28 October 2007)

exberliner1 said:


> Nyden....I am a bit confused by your post all infomation was in the MDX ANN of last week.
> 
> You have the right to buy 2 shares at 10c for every 5 you own....for every 2 rights shares you buy you will get a free attaching option June 2008 with a 20c exercise price....in other words the same as MDXOA at the moment.
> 
> ...






Um-ah  I most certainly am a ditz, I swear I read through em all! It's this _heat_ (actually only 26, but considering it's been cold lately, it's the heat! )

Thank you


----------



## Pommiegranite (28 October 2007)

exberliner1 said:


> Nyden....I am a bit confused by your post all infomation was in the MDX ANN of last week.
> 
> You have the right to buy 2 shares at 10c for every 5 you own....for every 2 rights shares you buy you will get a free attaching option June 2008 with a 20c exercise price....in other words the same as MDXOA at the moment.
> 
> ...




Thanks EB.

As we know, Iron reserves need to be substantial to make them economic, no matter how high the grades. This is why I think that the market may have been led up the wrong path with Iron Mountain, as right next door MDX could have 10x the reserves for what is now 1/3 of the market cap of IRM.

So we get to pick up what will be proved to be a very valuable reserve, at prices which aren't around in the Iron Ore Sector anymore ($13-$14million MC), and for good measure management have thrown in a very favourable entitlements offer.

With the entitlements/placement offers, MDX will be very well funded in the millions.

Also, we shouldn't forget that theres gold down there too!

With the results being timed with Melbourne Cup week, who's betting against this horse making a late charge?


----------



## exberliner1 (28 October 2007)

Nyden...blue sky and sunshine here....days's high +4C days low -1C ...I am suffering from the cold...

Anyway on the subject of blue sky.......

;-)

EB


----------



## exberliner1 (28 October 2007)

Pommiegranite...I hope you don't mind...I put your post on HC on the MDX thread under the heading "Have any of you lot worked this out yet"

It has been viewed over 300 times so far today

EB


----------



## adobee (29 October 2007)

What are people who hold this stock doing - holding or selling and looking to re-enter later in the week if the market goes down ? 19.5c seems a very good price for the stock ?


----------



## mick2006 (29 October 2007)

at 17-17.5c I grabbed whatever was on offer, today's move is just the beginning in the leadup to the ex-date of the rights issue.

Remember Friday is the cutoff date for the 2 for 5 at 10c and the free attaching option.

Not to mention the fact the iron ore assay's from Mt Forrest are getting closer day by day, as Pommiegranite rightly pointed out Mt Forrest borders the IRM tennement that was responsible for all hell breaking loose after they released their results from the iron ore sampling program.

Also pointed out by Pommiegranite the best results from IRM's sampling program were right on the border of the two tennements, meaning any continuation into MDX's tennement would likely result in the same share price movement.


----------



## adobee (29 October 2007)

whilst i am up 40% in two weeks and feel very very greedy I am going to hold and get my options !


----------



## UPKA (29 October 2007)

volume is increasing steadily too, lets hope their sample results will be released close with the rights issue record date, otherwise you'll find a lot of buyers sell off when they get their entitlements...


----------



## mick2006 (29 October 2007)

I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.


----------



## UPKA (29 October 2007)

mick2006 said:


> I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.




thats true, but you have to take into account that once the holders get their entitlement, he/she will not want to expose themselves too much to the market, so a bit of sell down if unavoidable. But if you truly believe in the fundamentals of MDX, it's could be a good opportunity to buy in or top up.


----------



## gfresh (29 October 2007)

I wasn't even aware that was an options rights issue  I thought that had been and gone (usually is the way when I find out about these things!). Just bought today based on charting and potential, should have bought more then! 

Wondering why the (early) June 08 expiry date? Doesn't give much time before they have to be cashed?


----------



## Gekko (29 October 2007)

mick2006 said:


> I would normally agree with the fact that it would suffer some profit taking straight after the rights issue, but the fact that the iron ore results from Mt Forrest are upcoming might see the shareprice remain firm until the results are known.




(Todays Quarterly)
"Mapping and sampling has been completed over the significant Richardson Ranges iron formation around Mt Forrest within the Bulga Downs Project. The iron formation extends over 17 kilometers. Assay results are pending and will be assessed against the geological and geophysical database to define hotspots for drill testing. Results are now anticipated to become available early in November."
Early Novemeber. For WA, 'early november' = Novemeber 12-15 (give or take 2 days). I was expecting results sooner. Markets are looking top heavy. The results are also only mapping and surface samples. Day traders wont get too carried carried away by them. Unless results are released sooner then i now expect, i expect the share price range trade between 14 and 22.


----------



## Pommiegranite (29 October 2007)

Gekko said:


> (Todays Quarterly)
> "Mapping and sampling has been completed over the significant Richardson Ranges iron formation around Mt Forrest within the Bulga Downs Project. The iron formation extends over 17 kilometers. Assay results are pending and will be assessed against the geological and geophysical database to define hotspots for drill testing. Results are now anticipated to become available early in November."
> Early Novemeber. For WA, 'early november' = Novemeber 12-15 (give or take 2 days). I was expecting results sooner. Markets are looking top heavy. The results are also only mapping and surface samples. Day traders wont get too carried carried away by them. Unless results are released sooner then i now expect, i expect the share price range trade between 14 and 22.




Fortunately Gekko, not everyone will agree with your views. I am one of those:

1. Seeing most mining exploration companies have HQ in W.A, from your theory, every announcement we receive in the spec end of the market would be 2 weeks late. Not so thankfully. 

The MD has told me in a phone conversation 'first week of Nov'. As this has been reiterated in the quaterly, I would suggest that your WA stereotype can safely be ignored.

2. Don't you think its in the interest of the company that the entitlement is taken up? A delayed announcements is not in the company's interests.

3. I guess you haven't as yet heard of Iron Mountain's sampling program and the effect this had on the share price. All of this information has already been covered in this thread.

4. If day traders don't get carried away, would this be a bad thing?



Just my two cents worth. Of course I could be totally wrong.


----------



## roland (29 October 2007)

Bring it on - if  others are not convinced and the SP falls - then COOL - cheaper shares 

SP movements up or down are good - if it goes up - then smile a big grin 'cause you made a few extra bucks, if it goes down .. then heleluya grab some more!


----------



## exberliner1 (29 October 2007)

Gekko...nice to see a contrarian point if view on MDX... however I think you are wrong for the following reason.

On Friday we closed at 16.5

Today we had 4.23mn traded above Friday's close with a close today up around 25%

Plus there are an aditional 3.11mn on the bid above Friday's close just sitting there overnight in depth.

Make 7.34mn either on the bid or actually bought above friday's close.

Add that to the 21mn+ traded in MDX since 12th October

What size the freefloat now?

A lot smaller than Friday....

How small will the freefloat be by this time tomorrow.

The lack of stock, the pending Fe results and the 2 for 5 issue are all extremely strong positives.

EB


----------



## Gekko (29 October 2007)

Pomy/Exb. I was just expecting the results sooner. I would be astonished if they come in pre-Nov 7/8 and by then people may be sick waiting and have sold out. Or the markets may have corected again. Point being, junior mining companies are reliably unpunctual (just like me). And it would not be wise to use IRM as a reference. That would be nuts. It was a one-off on an incredible day. It was a market "irregularity". An outlier that would be removed from any valuation model. I mean, would you guys seriously day-trade off a stock youve never heard of before based on innocent surface samples result. I hold some heads, and will continue to hold until some firm, reliable drilling comes in. I just dont want to see a pump and dump. And the chat on here and other forums is indicating that to me. It is becoming ridiculous. Talk of 71% FE?????. Just trying to provide some reality so short term shareholders dont damage the company long term by dumping en mass.


----------



## exberliner1 (29 October 2007)

I think those quoting 71% Fe were getting confused between the iron ore and the iron.

Although you must admit IRM's sampling results from close to the MDX tennement and following the same geological formation look very good and that is the closest we have so far as a clue.

Still let's keep the negatives and positives flowing... makes it easier to work out a balance.

EB


----------



## Pommiegranite (30 October 2007)

Gekko said:


> Pomy/Exb. I was just expecting the results sooner. I would be astonished if they come in pre-Nov 7/8 and by then people may be sick waiting and have sold out. Or the markets may have corected again. Point being, junior mining companies are reliably unpunctual (just like me). *And it would not be wise to use IRM as a reference. That would be nuts. It was a one-off on an incredible day. It was a market "irregularity". An outlier that would be removed from any valuation model. I mean, would you guys seriously day-trade off a stock youve never heard of before based on innocent surface samples result. I hold some heads, and will continue to hold until some firm, reliable drilling comes in.* I just dont want to see a pump and dump. And the chat on here and other forums is indicating that to me. It is becoming ridiculous. Talk of 71% FE?????. Just trying to provide some reality so short term shareholders dont damage the company long term by dumping en mass*.*




IRM, TLM & others which I can't recall have all multiplied based on potential. In a red hot market, waiting for drill results is dangerous and will result in multiple % gains missed.


----------



## Gekko (30 October 2007)

Pommiegranite said:


> IRM, TLM & others which I can't recall have all multiplied based on potential. In a red hot market, waiting for drill results is dangerous and will result in multiple % gains missed.




TLM was another stock ran hard on the forums. What happened to its "results" And its share price I did actually make a nice day-trade on the heads today  but ill keep what i have now until some firm results. I also think the stock is being manipulated on other select forums. Forums i could never get myself around using


----------



## exberliner1 (30 October 2007)

Sorry to hear you are negative about TLM as well Gekko ...today:

TLM + 42%
TLMO + 65%

Not much news from TLM as well.....just a quarterly and some potential.

EB


----------



## Pommiegranite (30 October 2007)

exberliner1 said:


> Sorry to hear you are negative about TLM as well Gekko ...today:
> 
> TLM + 42%
> TLMO + 65%
> ...




Yep...sums up exactly what we know about this market. People trying to do things by the book will always be one step behind.

As for MDX, we had record volume today, and all this volume went through at or above yesterdays' close. 

Now if you had bought in today, would you sell at a loss with the entitlements offer, and iron results dates looming? 

I reckon that the only selling we saw today was from those who had bought much earlier and wanted to lock in some profits.


----------



## exberliner1 (30 October 2007)

hi pommiegranite...not forgetting the lucky placement holders from the 13c issue. ... If some of them sold say at 23c safe in the knowledge that they had some more at 13c from the placement then it would effectively cut their purchase price for the placement to 3c (taking into account the 10c difference as profit).

If that is the case then the high selling volume will be a short lived thing and on another day the resistance will simply not be there.

Still as I have said before I am all in favour of contrarian views - its good to consider every angle.

EB


----------



## exberliner1 (30 October 2007)

This is just a theory and an attempt to expand on my earlier post...also posted on HC as I am interested in some feedback...

_____

Patterson's allocated 3.8mn MDX to their "sophisticated investors" earlier this month at 13c.

Now... let's presume that those who bought the placement were already holders - after all they would be easier to sell too.

With the heads above 20c (let's take 23c for this example) then it would make a lot of sense for those who bought the placement to sell their existing holding at, say, 23c safe in the knowledge they have bought some more at 13c.

So if you held for example 300k MDX then the following might ensue

Buy placement at 13c X 300k = $39k
Sell existing holding at 23c X 300k = $69k

You have thus made a 10c (or $30k) profit as a very useful short.

Net result your holding of 300k MDX has now effectively cost you 3c... and you have the right to take part in the 2 for 5 with free attaching option.

Looking at the course of sales (again hard to tell exactly) there seems to be about 2.2mn - 2.5mn of sales that were larger parcels today. Plus there are still a few larger sell orders left in depth.

This over hang from the placement will be gone any day now. After all the placement was only for 3.8mn shares and we had volume of over 6mn today.

Once this placement stock is gone I see little reason for selling in the volume we witnessed today.

Maybe tomorrow...maybe Thursday I would expect the buy volume to be met with a very thin sell side....if my hypothesis on the placement stock is correct.

So if the buy depth remains as the week moves forward 
then we should be in for a substantial increase in the SP and in MDXOA by the end of the week.

Just a theory and some guess work....anyone got any comments??

EB


----------



## adobee (5 November 2007)

Trading down a bit today following the cutoff date for the 2 for 5 at 10c and the free attaching options.. If it holds at 17c I will still be very happy..

What happens if someone sells now who was holding on Friday do they still get the 2 for 5 or would you need to keep holding until you actually receive your shares ?

Either way I am holding out for an iron ore announcement.


----------



## Bushman (5 November 2007)

adobee said:


> Trading down a bit today following the cutoff date for the 2 for 5 at 10c and the free attaching options.. If it holds at 17c I will still be very happy..
> 
> What happens if someone sells now who was holding on Friday do they still get the 2 for 5 or would you need to keep holding until you actually receive your shares ?
> 
> Either way I am holding out for an iron ore announcement.




Share price is ex rights today so I believe that a new buyer would not be able to buy the right to the 10c shares plus options. Rather these rights are now trading on their own (ASX code MDXR) so if you wanted to purchase the 2 to 5 rights to MDX shares you would need to sell these. 

I am not certain how you get these rights to appear on your holding account if you wished to sell your rights before the 12 November? A look at MDXR shows that 10000 have already been sold but maybe that was done through a broker. I do not have MDXR showing on my etrade account. 

Any rights gurus out there feel free to correct my rudimentary explanations here.


----------



## adobee (6 November 2007)

Received details of the renouonceable entitlements issue yesterday and sitting down to read it now.. As I understand it I should also be receiving a prospectus ?

As I am a beginer here and have not taken up entitlements before can someone give some idea of how it works if you wish to sell the rights etc ? Does this automatically pop up somewhere saying that you own them so you can sell them ?? or is a certificate sent out or does in appear in my chess statements ?

Cheers


----------



## countryboy (6 November 2007)

Someone on another web site said they appeared on their comsec holdings spreadsheet today. I haven't seen anything on mine we are supposed to be able to trade them from 5th Nov on (or am I getting that mixed up with RMI?)


----------



## JimBob (6 November 2007)

Mine appeared in my Comsec account today, under the Code MDXR and it says applications close 30 Nov.  Not much buying or selling of them going on, currently trading at 4c, seeing as you can pay 10c to convert them to an MDX share and get a free option, they should probably be trading at more towards 7-10c, shouldnt they?


----------



## thewahaman (6 November 2007)

JimBob said:


> Mine appeared in my Comsec account today, under the Code MDXR and it says applications close 30 Nov.  Not much buying or selling of them going on, currently trading at 4c, seeing as you can pay 10c to convert them to an MDX share and get a free option, they should probably be trading at more towards 7-10c, shouldnt they?




JimBob, can I ask whether you have done anything to have them appearing in your Comsec account, like filled out forms etc etc? Sorry for the potentially stupid-sounding question, I'm a total newbie, and am just trying to understand what is going on and what to do... Thanks mate


----------



## Synergy (7 November 2007)

No sign of them here either... 

Was there a minimum holding to receive the offer? Surely they are given to everyone on the same day?


edit: thewahaman - read the rights issue prospectus released 31/10. Might become clearer. Section 1.6.


----------



## Tiberium (7 November 2007)

I bought MDX 2 days ago on 5/11/07, is it now too late to have the right to buy the 10c shares plus options?


----------



## JimBob (7 November 2007)

I didnt do anything for MDXR, they just appeared in my account.  From what I understand, you can buy and sell MDXR up until 23 November, you have to pay your 10c per share by 30 November, then shares and options are allocated on 10 December.


----------



## thewahaman (7 November 2007)

Synergy said:


> No sign of them here either...
> 
> Was there a minimum holding to receive the offer? Surely they are given to everyone on the same day?
> 
> ...




Thanks Synergy, things are beginning to fall into place for me now, I think I actually know what is going on


----------



## joslad (7 November 2007)

To those people who may have bought MDX through eTrade, like me, I emailed ETrade yesterday (I purchased MDX on the 29th October).  My question appears below:

Will my "Rights" holdings be added to my portfolio view at some point, so that I can sell them if I wished. 

Reply:
Thank you for your email. Due to your order to purchase MDX securities having yet to be settled, we cannot place the rights, MDXR, to your E*Trade account yet. However, please note that the record date is the 12th November 2007 and these should be added shortly.


so my take on that is that you do not have to do anything, with etrade, for the rights to appear in your portfolio.  Once the original order, MDX purchase, has settled and the record date passes, MDXR should appear in your portfolio.


----------



## adobee (7 November 2007)

I cant see anything on my position statements either.. 

I notice the directors have sold a fair amount of shares.. have they done this cause they think the price is high and dont want to wait for results or because they will be picking up so many more at the 10c price ?


----------



## adobee (7 November 2007)

JimBob said:


> I didnt do anything for MDXR, they just appeared in my account.  From what I understand, you can buy and sell MDXR up until 23 November, you have to pay your 10c per share by 30 November, then shares and options are allocated on 10 December.




Have you filled out the form as per section 1.6 at the back ofthe prospectus ?

I am getting a bit confused on this now..


----------



## JimBob (7 November 2007)

adobee said:


> Have you filled out the form as per section 1.6 at the back ofthe prospectus ?
> 
> I am getting a bit confused on this now..




No, i havent filled out any forms, all i have done is purchased MDX shares.  Seems strange that MDXR is in my account but not others, i held MDX for a week or two before the friday cut-off date, maybe that has something to do with it.  Give it a few more days, im sure they will pop up.


----------



## thewahaman (7 November 2007)

JimBob said:


> No, i havent filled out any forms, all i have done is purchased MDX shares.  Seems strange that MDXR is in my account but not others, i held MDX for a week or two before the friday cut-off date, maybe that has something to do with it.  Give it a few more days, im sure they will pop up.




Wait, you haven't filled out that form, yet MDXR has appeared on your account? This is beginning to get confusing... 

What makes you so special? :


----------



## Nyden (7 November 2007)

thewahaman said:


> Wait, you haven't filled out that form, yet MDXR has appeared on your account? This is beginning to get confusing...
> 
> What makes you so special? :




Perhaps you just need to wait? How long have you held them? They probably just need to get your details on the books, or something :

I assume those of you who still haven't gotten them are still CHESS sponsored, yes? Or through a broker?


----------



## kevinecom (7 November 2007)

Why MDX Director GILBERT CHARLES GEORGE continue to dispose his shares and options before the upcoming annoncement???

No wonder why the share price keep heading south?? very bad move from the company's director.


----------



## thewahaman (7 November 2007)

Nyden said:


> Perhaps you just need to wait? How long have you held them? They probably just need to get your details on the books, or something :
> 
> I assume those of you who still haven't gotten them are still CHESS sponsored, yes? Or through a broker?




I've held them since the 24th of October, and yes I am CHESS sponsored. So I suppose I should just be patient and quit whinging/worrying


----------



## exberliner1 (7 November 2007)

A number of posters over on HC has spoken to Greg Bromley about the share sales.

He said that the shares sales were made by Plateau Resources of which GB is a beneficiary but over which he has no control.

Greg Bormely is an approachable fellow...I have spoken with him before and he has always replied to my emails within one day.

If any of you want clarification on the shares sales by Plateau resources then speak to Greg...or email him.

GB has also said that the Fe results should be out by Friday.

EB


----------



## exberliner1 (8 November 2007)

some more stuff on the Director (no) share sales ... also posted on HC.

________________


On the face of it the recent Director sales in MDX and MDXOA look a bit depressing - however on further analysis on what was sold we are left with the following:


Nicholas Smith 

Sold 400k MDXOA leaving him

MDX 2,316,000
MDXOA 32,500

Mr Smith has sold no shares

__

Greg Bromley

Has sold no shares or options

__

Gilbert George

Sold 200k MDXOA leaving him

MDX 1,391,250
MDXOA 360,625

Mr George has sold no shares

__

Direct net sales by directors therefore:

MDX - nil
MDXOA 600k

It would be safe to assume that the directors have reduced their MDXOA holdings to help pay for the take up of rights that only accrue to the heads.

The confusion seems to have been caused by Plateau Resources.

Plateau Resources has sold

MDX 3,900,000
MDXOA 2,000,000

Greg Bromley is a director of Plateau Resources but only holds 14.29% of the voting rights. Consequently the decision to sell the MDX stock was not his. In other words he was outvoted by the other members of Plateau's board who for whatever reason did not want to pay for the 2 for 5 rights issue and thus sold to avoid dilution.

The stock sold by Plateau was sold last week.... the sales have already been absorbed by the market and so do not sit there as an overhang.

Bearing in mind the directors have sold no stock I think today's reaction was substantially overdone. A little bit of reading might have uncovered the real situation.

I hope that clears things up a bit while we await the Fe and Au results.

EB


----------



## dubiousinfo (8 November 2007)

Great work exberliner. Shows the value of doing proper research. Thanks for taking the time.              .


----------



## adobee (8 November 2007)

Any one watching MDX .. seems to be a lot more interest all of a sudden rest of the market is down and MDX is back up to 18c ..?!?!

Perhaps something to do with results coming out ?! ..
Perhaps I should get on my rights..


----------



## joslad (8 November 2007)

You can bet it will be the punters getting set for the announcement due out late today or tomorrow.  Most likely tomorrow, as today is a red day.


----------



## YOUNG_TRADER (8 November 2007)

adobee said:


> Any one watching MDX .. seems to be a lot more interest all of a sudden rest of the market is down and MDX is back up to 18c ..?!?!
> 
> Perhaps something to do with results coming out ?! ..
> Perhaps I should get on my rights..




I know whats going on here?

Either news is leaking (as it usually does) or punters/traders are getting carried away (as they usually do)

I'm confused (as I usually am) :


----------



## prawn_86 (8 November 2007)

Poor YT, it must be terrible being young, loaded and having a flair for investing 

If you ever need a break from this im sure you could take a holiday...


----------



## gfresh (8 November 2007)

I was also thinking (likewise to the above) that the selling is really just options, which does not matter too much. This makes sense for a major option holder, seeing as there will be a stack of options coming onto the market under the 1 ordinary for 5 option deal. This would cause dilution for any existing options held, and would be a good reason to sell held options. 

Rumours on another forum suggest the announcement should be out tomorrow.


----------



## exberliner1 (8 November 2007)

gfresh....most MDXOA traded at 5c today....it was only pushed down to 4.2 by one punter selling 100k ($4K's worth) at 4.3 and 4.2.

MDXOA have held up very well over the last week with very few sellers letting any go below 5c.

EB


----------



## YOUNG_TRADER (9 November 2007)

Well it looks like MDX has found IRM type Heamatite results at its adjacent Iron Ore prospect

Be interesting to see how it trades today


MT FORREST IRON, BULGA DOWNS
HIGHLIGHTS
*· Preliminary surface sampling returns significant
high grade hematite.*
· Four primary targets defined for follow-up and drill
testing.
· Preliminary test work initiated on magnetites
through the area.





Mapping and reconnaissance sampling of the extensive iron
formation through the Richardson Ranges at Mt Forrest has been
completed. A total of 167 samples were collected on nominally
500m spaced traverses across a multiplicity of individual iron units.
This geology and sampling data has been integrated with
aeromagnetic data. *The work has successfully identified four
primary target areas where surface iron grades exceed 55% Fe.*· 

Target Fe1 lies on the uppermost iron unit of the syncline,
an equivalent position to the Mt Richardson hematite
mineralisation to the south and is *2600m long with
surface widths of 40 to 70m.*

· Target Fe2 is also on the uppermost iron unit, centred
3.7km north of Target Fe1 and extends over *1250m in
length with similar widths to those at Target Fe1.*

· Target Fe3 is on the lower western contact and extends
*over 1600m with widths of around 100m.*

· Target Fe4 is internal to the ironstone package and is
*600m long and 45-60m wide.*


----------



## Bushman (9 November 2007)

Ann is out on the ASX website. Fe grades in excess of 55% across a wide range of mineralisation. 4 distinct zones identfied. Headline assay at 63% Fe. All hematite. Sounds like a good announcement to me. Lets see what the market thinks.


----------



## adobee (9 November 2007)

From what I have read trading of rights is possible between 5th Nov & 23rd Nov - you can trade these once you have MDXR appear on your position statement ? else you can complete the entitlement and take your shares and options ..  So what happens if you cant find your MDXR ??? Can I sell these before they appear in my comsec ?


----------



## pan (9 November 2007)

g'day do you guys believe that todays annoucement has already been absorbed by the market or the market is yet to absorb the information? looking at IRM it bolting in one day any thoughts?


----------



## moolah (9 November 2007)

Reply to Adobee


You can trade your rights either through a broker or by calling Commsec to place the order.


----------



## Pommiegranite (9 November 2007)

pan said:


> g'day do you guys believe that todays annoucement has already been absorbed by the market or the market is yet to absorb the information? looking at IRM it bolting in one day any thoughts?




There was no mention of the levels of contaminants. To be honest, I found this very suspicious. What did we find out that we didn't know from the original sampling?


----------



## exberliner1 (9 November 2007)

Pommiegranite, the original sampling was completely random and the sampling announced today was planned and based on geological formations.

You know what to do if you want more info just call Greg Bromley or email him.

What we have learned is the potential surface area size of the Fe tennements - and that fact that there is Fe there in size.

All along MDx has stated that the Fe tennements are low in contanimants but having said that it would be nice to have clarification of this.

Anyway I will continue to hold awaiting the gold drilling assays...which based on historic grades should be good.

Then let's see what happens to the SP.

EB


----------



## Pommiegranite (9 November 2007)

exberliner1 said:


> Pommiegranite, the original sampling was completely random and the sampling announced today was planned and based on geological formations.
> 
> You know what to do if you want more info just call Greg Bromley or email him.
> 
> ...





Ok EB, "Suspicious" was a poor choice of word by me. I should have wrote "disappointed". I just expected more information, that's all.


----------



## adobee (9 November 2007)

exberliner1 said:


> Pommiegranite, the original sampling was completely random and the sampling announced today was planned and based on geological formations.
> 
> You know what to do if you want more info just call Greg Bromley or email him.
> 
> ...




Any idea on the estimated time frame for these gold drilling assays ?

If not i know who to call


----------



## JimBob (9 November 2007)

The quarterly report said the gold drilling results are due early to mid november, so hopefully they are out next week sometime.


----------



## juw177 (12 November 2007)

Down 22% today. Big sell off, but on the record date? I would think people will sell tomorrow instead. Or this may well be a capper at work because I noticed big sell orders have been appearing and disappearing.


----------



## gfresh (12 November 2007)

Hard to tell what the general trend is (if there even is one). Looking at the recent chart, sellers are completely dominating buyers, and day traders are simply ruling this one. Hard to see where even the buyers are collecting the stock to sell!

Out of the last 21 days, I can see only been 3 days that have actually closed higher than the open 

My guess only, but I think many smaller holders may be spooked, and selling down in panic. For long term holders, hopefully the traders will bugger off.


----------



## gordon2007 (15 November 2007)

Talk about grinding to a stop. Nothing has happened on this baby for a week now. The volume is so low it's scary. Yikes....this is my worst nightmare, holding a stock where there is no volume. OH well...these things happen. 








gfresh said:


> Hard to tell what the general trend is (if there even is one). Looking at the recent chart, sellers are completely dominating buyers, and day traders are simply ruling this one. Hard to see where even the buyers are collecting the stock to sell!
> 
> Out of the last 21 days, I can see only been 3 days that have actually closed higher than the open
> 
> My guess only, but I think many smaller holders may be spooked, and selling down in panic. For long term holders, hopefully the traders will bugger off.


----------



## JJKools (15 November 2007)

Announcement out....any thoughts out there?

grades look good, but im no expert. Market hasn't yet woken up to this one yet, I still believe the IO play is there best asset. Undervalued IMO.


----------



## prawn_86 (15 November 2007)

JJ 

Can you please provide some form of evidence as to why you think they are undervalued.

Thanks


----------



## adobee (15 November 2007)

Dosnt seem to be much interest following the gold announcement  ... I thought this would set it off.. maybe every one is busy looking at the 1billion tonnes FMG has..

bit of a shame really ...


----------



## Bushman (15 November 2007)

adobee said:


> Dosnt seem to be much interest following the gold announcement  ... I thought this would set it off.. maybe every one is busy looking at the 1billion tonnes FMG has..
> 
> bit of a shame really ...





Give it time. If there is quality assets in their tenements, and the early announcements suggest that the potential for economic grades of Fe and Au are there (ie they have not been ruled out), then the market will price this share accordingly. There seems to be a lot of anxiety with the specs at the moment as traders dip in to lock in a 30 to 50% gain in a month. The buying at a few speccies covered on this forum, RAU, KAL and MHL, bear testament to that. Now they may well produce the goods - KAL grades are great - but that is not the point. So if the initial grades are not 60% plus hematite or 5 to 10g/tonne Au, the sell off is brutal. Not a justifiable position at all if you are an investor albeit one with an appetite for risk.  

2 to 3 g/t Au is economic provided it is low cost to mine (ie open pittable), is a consistent grade and is in sufficient quantity. This will not be known until further drilling is complete leading to a mining study. This is still some time away. Also remember the targeted Fe drilling results are only just starting. Fe targets were at length and initial surface sampled provided good grades. Lets see if the grades are found at length and depth.  That will send this north. If not, then the price will falter.

So in the long run, today's announcement is merely an indicator that there could be economic deposits on their tenements. Drilling will provide results. 

Keep the faith. No reason to sell yet unless you are a disappointed trader looking to do a 'KAL', 'IRM', 'RAU' or a myriad other speccies who have had their day in the sun. Investing is a longer term game based on informed decisions. In the short term there will be pain as Joe Trader cuts his losses and moves on to the next potential bolter only to sell this one down when the magical (and rare in my experience) grades are not produced all at once. 'What no silver platter...sell, sell, sell.'


----------



## exberliner1 (16 November 2007)

Good points Bushman...but $12.6mn market cap....bit on the low side isn't it atm....

This is a post I put on HC today.

______

Today's gold ANN was interesting to say the least. MDX already has a JORC of 36,000 ounces AU and the latest ANN was the result of drilling to check out the surrounding area for any continuation of the gold bearing seams. Although the grades were good they were reasonably deep and not vey thick - typically 1m - 6m. Do bear in mind however the latest drilling was not to increase the JORC but to gather further data on where the gold bearing faults were headed and see what was down there. Once this is applied to the existing data it will be extremely useful for MDX moving forward as they seek to further develop the gold tennements.

On the separate subject of the Fe I would refer to you page 9 of the quarterly report issued in July.

The following is a direct copy and paste

"Initial results suggest low impurities. Coincidental
drill intercepts in holes that previously tested the Paradise Bore gold
mineralisation indicate individual ironstone thicknesses to 55m"

Could that give us a clue as to the thickness of the Fe tennements. Taking 55m as a rough average it is possible to work out a very rough estimate for the amount of Fe bearing structure there. Although as TigerTen quite rightly pointed out it is too early to calculate this with any degree of sense until some drilling is carried out and we know whether it is magnetite or hematite or both ...and if both in what ratios.

Still taking 2.6km X 55mwidth X 55m depth (if that 55m is correct) and then applying this to the other 3 targets can give us a clue as to what quantities of Fe are actually there. Again as already stated without knowing the SG or structures within the tennement, I would shy away from putting my name to a calculation at this stage.

Safe to say though that there is a lot of Iron there at what appear to be some very good grades and at least some of it...if not most of it is hematite.

So now the big question... what is MDX worth now we know a bit more about the gold and Fe projects.

First the gold 36,000 ounces taking gold at AU$850 per ounce for a simple calculation makes the gold worth AU$30,600,000 but it is still in the ground and is a bit small in the general scheme of things. So is a value of 10% of the market price a reasonable worth for this JORC resource....I think so. 

So let's value the gold at $3mn for now....remember it comes with loads of historic data and shows substantial potential for an increase in that JORC moving forward.

Taking the number of shares in issue as 84mn post rights MDX will have around AU$3.2mn in cash on the balance sheet.

The Uranium project with Quasar/Heathgate is still moving forward but is not possible to value. Although Quasar and MDX continue with their work and there is always the potential for some news here at any time.

So that gives us the following backing the MDX share price.

Cash AU$3.55mn - AU$350k cash burn from the last quarterly gives us AU$3.2mn cash on the balance sheet.

Valuing the gold project at 10% of JORC and taking no account of future developments gives us another AU$3mn

So that is AU$6.2mn of backing which equals 7.4c per share.

That means the Fe tennemennts and the U project with Quasar are only valued at today's close at 7.6c.

Just to recap the Fe tennements are described as follows:

· Target Fe1 lies on the uppermost iron unit of the syncline, an equivalent position to the Mt Richardson hematite mineralisation to the south and is 2600m long with surface widths of 40 to 70m.

· Target Fe2 is also on the uppermost iron unit, centred 3.7km north of Target Fe1 and extends over 1250m in length with similar widths to those at Target Fe1.

· Target Fe3 is on the lower western contact and extends over 1600m with widths of around 100m.

· Target Fe4 is internal to the ironstone package and is 600m long and 45-60m wide.

I hope all this makes some sense and goes some way to showing how undervalued MDX is once all the various projects are considered as backing for the share price.

Moving forward to June next year - as long as the heads are over 20c then there are 38mn options to be converted which will produce another AU$7.6mn for MDX and still leave them with only 122mn shares after conversion.

So they have some great projects, cashflow is assured and the Fe and Gold projects are moving rapidly past the simple exploration level and are becoming development projects with huge upside.

Now at 15c is all that really worth only an AU$12.6mn mkt cap??? ... when half that AU$12.6mn is covered by either cash or a gold JORC.

MDX is seriusly undervalued when all the above is taken into consideration imo....anyone got any comments

EB


----------



## gfresh (16 November 2007)

Bushman has some good points.. Instant profits are not on every stock, and sometimes the rewards may take what seems a long time. Even then, no guarantee MDX will go anywhere at all. 

I think it's a little premature to put any value to the assets at this point, as it's very much too early to say after what is only chip samples, and some not-outstanding gold results. After drilling and maybe some JORC assessments that would be more appropriate. 

Mindax may wish to do something though with the SP languishing. There is a real possibility that those that wish to take up the entitlement falls well short - and they don't receive the cash they are banking on. Even at 13c I have to consider where taking them up at 10c is worth it. Bad timing on their behalf , or maybe just unlucky with stockmarket down last couple of weeks.


----------



## exberliner1 (18 November 2007)

gfresh....you say that people will not take up the rights and MDX will thus have a cash shortfall.... my understanding was that the whole thing was underwritten.

EB


----------



## blues (18 November 2007)

Rights issue is fully underwritten by patersons securities so wont be any shortfall  
in cash raised. Rights issue could also partly explain weakness in share price.

Cheers


----------



## gfresh (18 November 2007)

ahh, ok, not a problem then.. 

Here is a tenement map showing MDX and relation to IRM.. IRM drilling results (current awaiting analysis) due soon...


----------



## Pommiegranite (18 November 2007)

Gfresh,

You map doesn't seem to be correct. I'm not sure if that massive tenement in Orange (furthest west) belongs to MDX. 

Also, the areas in grey and green belong to JMS, and not GE resources+the other which I can't read. To the south JMS also own the massive block which you can just see the top off. This extends all the way to Mt Ida.

Where did you get this info from? It could be an old applications map?


----------



## gfresh (18 November 2007)

Tenement Map comes from TENGRAPH database system, WA Dept of Industry and Resources, which I think is always kept up to date. G.E. resources (E29/588) may be a holding company or similar by JMS, not entirely sure. 

The one in the black (E29/581) is actually listed as 'Askins', however on another forum somebody pointed me towards Red Rock Resources (listed on http://www.rrrplc.com/english/3.htm#. If you look at the 3rd graphic from the bottom on the right, looks like the tenement. 

Jupiter had a joint agreement with Red Rock for Mt Ida, and Mt Hope (E29/560), which Jupiter wholy purchased in May this year under an agreement. I don't believe this is on the map, and is further south. 

Anyhow, I am emailing MDX with my chart to confirm whether it's correct or not as we speak


----------



## gfresh (18 November 2007)

I have done some more playing with tengraph, and google maps to get a bit of a better idea myself... Here is a quick one which will show the relationship between the IRM/MDX tenements and JMS' mt mason/mt ida on the satellite map.


----------



## exberliner1 (18 November 2007)

gfresh....once again well done mate on putting your photo shop literacy to good use.

In my experience Greg Bromley always replies to shareholders promptly.

So do post his reply with regard to your map and overlays.

You may recall that last year Wayne McCrae was so impressed with t4p's graphics work that he gave him a job......

So at least there is a precedent for company directors utlizing the skills of shareholders.

The MDX thread over on HC has had a lot of views this weekend so your work has at least been noticed.

It would be nice to see that map and overlay in an official ASX ANN though.

keep up the good work.

EB


----------



## greengoat (18 November 2007)

how low do you reckon the price will fall, im hoping to buy in at about 10-11c, if theres a good mining report soon, does that necessarily mean the stock price will jump


----------



## Pommiegranite (18 November 2007)

greengoat said:


> how low do you reckon the price will fall, im hoping to buy in at about 10-11c, if theres a good mining report soon, does that necessarily mean the stock price will jump




Gold results should be out this week, so lets hope that it coincides with some postive sentiment from the US.


----------



## exberliner1 (18 November 2007)

gold results were out last week pommiegranite.....I don't think there any more due... 

As to buying MDX at 10c - 11c ....I hope not   - at 13c it is hopelessly undervalued. At 10c the mkt cap would be about $6mn or $8.4mn (with $3.2mn on the balance sheet) post the end of November when the rights have to paid.

I am still mystified as to why it is below 20c... I have even sold a few other positions so I have cash free to hoover up more MDX and MDXO at these levels.


EB


----------



## YOUNG_TRADER (23 November 2007)

Guys MDX has released an amazing an today

_"significant areas of magnetite mineralisation associated
with the outcropping iron formation has been highlighted by
the aeromagnetic data particularly around the fold closure.
The magnetic anomalies extend over *17km and range
across 250m on the east limb to 2,000m on the west
limb.*"_


----------



## YOUNG_TRADER (23 November 2007)

The top Haematite target appears to be 750m's by 2kms

To be say 100Mt's youd need 750x2000xDEPTHx3.5(assumed sg)=100Mt

So you'd only need a thickness of 20m's for it to be a 100Mt Haematite target,

I so underestimated the potential of MDX,

Holding some from when I first posted, looks like I'll put em in the bottom draw and see where MDX ends up in 6months 


Also resized map so its bigger, hard to see the last one


----------



## Synergy (23 November 2007)

This has slightly brightened up a somewhat dull week for me. 10c shares suddenly look pretty good. A well timed find.


----------



## petervan (23 November 2007)

Great spot up YT, just bought in and great ground work on JMS. 2 stock with potential plus Fantastic maps on the JMS thread.


----------



## juw177 (23 November 2007)

Sorry but I dont know how significant this announcement is and was wondering if YT will elaborate.

I bought in because of the support around 13c not knowing about this announcement hehe.


----------



## roland (23 November 2007)

mmm, guess I better post off my cheque for the 10 cent shares. I have the options now in my Comsec account, but not sure what I need to do with them. I understand that I can trade them on MDXR - but what is the catch? Do I have to pay for them somewhere down the track? Do I have to do anything within any time frame??

Sorry to sound dumb on this, I have never come accross rights or options before.


----------



## YELNATS (23 November 2007)

YOUNG_TRADER said:


> Guys MDX has released an amazing an today
> 
> _"significant areas of magnetite mineralisation associated
> with the outcropping iron formation has been highlighted by
> ...




I was stunned when my ambitious MDXR sell order filled at 0.056 today. I still hold MDX. Looks like a bright future for Mindax.


----------



## spottygoose (23 November 2007)

roland said:


> mmm, guess I better post off my cheque for the 10 cent shares. I have the options now in my Comsec account, but not sure what I need to do with them. I understand that I can trade them on MDXR - but what is the catch? Do I have to pay for them somewhere down the track? Do I have to do anything within any time frame??
> 
> Sorry to sound dumb on this, I have never come accross rights or options before.




MDXR are just the rights whereas MDXOA are the options. Today is the last day you can trade the rights so you either send away your cheque to take up your rights, sell them today on market or lose them. You need to have your acceptance and cheque in by November 30. Hope this helps and hope I got it right.


----------



## YOUNG_TRADER (23 November 2007)

Well the volume is certainly there but I get the feeling that the rights issue is holding it back a bit, still IRM run off a similar announcement from 14c to 60c so I guess anythings possible,


Hey Yelnats and other rights holders, so you know each right gives you the ability to buy apply for a share at 10c and you will also get half a free option MDXOA

So for example 100k rights will allow you to apply for 100k shares at 10c and get 50k free options, so I'd sell the shares and exercise the rights, cause its kinda like arbitrage, but thats just me


----------



## roland (23 November 2007)

spottygoose said:


> MDXR are just the rights whereas MDXOA are the options. Today is the last day you can trade the rights so you either send away your cheque to take up your rights, sell them today on market or lose them. You need to have your acceptance and cheque in by November 30. Hope this helps and hope I got it right.




Sorry, still haven't quite got my head together on this. If I send in the cheque, then I don't have to do anything with the rights - is this correct?


----------



## YOUNG_TRADER (23 November 2007)

roland said:


> Sorry, still haven't quite got my head together on this. If I send in the cheque, then I don't have to do anything with the rights - is this correct?




Call the company mate, or your broker (even if its an online broker they can help) or even the relevant share registry, don't rely on us as we may have it wrong


----------



## roland (23 November 2007)

So, the MDXR is my offer of the 10 cent shares that I can trade away if I don't want to send in a cheque and get real shares? Why are the 0.10 rights selling for 0.06 ?


----------



## gfresh (23 November 2007)

Roland: You would need to look at the difference between buying the shares at the current price (18c right now), and the 10c via placement. I believe this is how you would calculate the value difference of MDXR .. and deciding whether they were worth keeping (via sending off the cheque) or selling them. 

For an example, I have 12800 MDXR @ 0.06 = $768. If I bought 12800 of MDX on market now @ 18c = $2304.. Under placement I have to spend $1280 (12800 x 0.10) to get the shares at 10c. Profit difference between 10c, and say 18c ( theoretically, assuming price was constant to when i received the shares in my account) = 12800 x 0.08 = $1024. Therefore 12800 of MDXR valued at $0.06 (current) is worth $768, but if I went through cheque sending, etc I could receive a profit of $1024.. We are assuming here of course price stays constant at 18c, which is not too likely. May be more,less, who knows. Hopefully I am correct with my assumptions here, anybody feel free to correct. 

Indeed great news.. while I was indeed getting nervous at the 13c mark, looks like my perseverance has paid off  Taken some profits, and let the rest stay until drilling. 

My cheque's already in the mail for those tasty 10c shares, so I decided there yesterday.. If MDX can at least consolidate now around 18-20c this should be good for holders once drilling is undertaken next year. But likely to taper off (as has any iron ore stock after a positive ann), with results likely to be 1-2 months off at this stage.


----------



## Synergy (23 November 2007)

because you pay for the rights at 6c, then the shares for 10c = 16c.

But i'm not so experianced in this either, so i'm learning along the way also.


----------



## YELNATS (23 November 2007)

YOUNG_TRADER said:


> Well the volume is certainly there but I get the feeling that the rights issue is holding it back a bit, still IRM run off a similar announcement from 14c to 60c so I guess anythings possible,
> 
> 
> Hey Yelnats and other rights holders, so you know each right gives you the ability to buy apply for a share at 10c and you will also get half a free option MDXOA
> ...




Yeah YT, I guess you're right. 

I'd put in my MDXR sell order a while ago and forgotten about it. Unfortunately I can't buy back any MDXR later today as I had zero in my broker account and I've bought other stocks today on credit, on T+3. Oh well!


----------



## roland (23 November 2007)

Synergy said:


> because you pay for the rights at 6c, then the shares for 10c = 16c.
> 
> But i'm not so experianced in this either, so i'm learning along the way also.




Actually, I think I may have worked this out.

We are offered the option of picking up 1 share for every 5 shares we own at 0.10, plus we get half as many options  (I think they were 0.03) which I am not sure what to do with yet.

We have the choice of buying the additional 0.10 shares, or we can trade away the offer on MDXR if we don't want to spend any more dollars. The option of trading them finishes today, but we have until the 30th to get the cheque to them.


----------



## spottygoose (23 November 2007)

roland said:


> Actually, I think I may have worked this out.
> 
> We are offered the option of picking up 1 share for every 5 shares we own at 0.10, plus we get half as many options  (I think they were 0.03) which I am not sure what to do with yet.
> 
> We have the choice of buying the additional 0.10 shares, or we can trade away the offer on MDXR if we don't want to spend any more dollars. The option of trading them finishes today, but we have until the 30th to get the cheque to them.




I reckon you've got it. If you have the cash and are happy to hold then you should consider sending your cheque away.


----------



## roland (23 November 2007)

Do the traders picking up MDXR still have to pay an additional $0.10 to have them converted to real shares? I suppose that is why they are around $0.10 different in price to the MDX SP.

Yes, someone mentioned that already - see I learnt something


----------



## YOUNG_TRADER (23 November 2007)

roland said:


> Actually, I think I may have worked this out.
> 
> We are offered the option of picking up 1 share for every 5 shares we own at 0.10, plus we get half as many options  (I think they were 0.03) which I am not sure what to do with yet.
> 
> We have the choice of buying the additional 0.10 shares, or we can trade away the offer on MDXR if we don't want to spend any more dollars. The option of trading them finishes today, but we have until the 30th to get the cheque to them.




He he he, you got it mate,

The key is the rights were technically free, so either way your making money so long as you do something, ie don't just let em expire worthless


----------



## stefoid (23 November 2007)

todays ann is magnetite, not hematite - they are talking magnetite 'concentrates'.  thats not good, is it?  hematite is the stuff you want.


----------



## YOUNG_TRADER (23 November 2007)

stefoid said:


> todays ann is magnetite, not hematite - they are talking magnetite 'concentrates'.  thats not good, is it?  hematite is the stuff you want.




Mate it beens a loong week, so I'll say this as politely as I can,

are you f#$king blind?

See the big pic/map I posted, see the words *Haematite*

Its Magnetite and Haematite, pls read more carefully


----------



## YOUNG_TRADER (23 November 2007)

Extract from company ann,


(must make 100 words, must make 100 words, must make 100 words, must make 100 words) :


----------



## stefoid (23 November 2007)

YOUNG_TRADER said:


> Mate it beens a loong week, so I'll say this as politely as I can,
> 
> are you f#$king blind?
> 
> ...




I see the words 'potential haematite' - the only preliminary testwork they have done is on magnetite. Still, FDL gets away with potential so why not this co


----------



## Bushman (23 November 2007)

stefoid said:


> todays ann is magnetite, not hematite - they are talking magnetite 'concentrates'.  thats not good, is it?  hematite is the stuff you want.




DSO haemitite is superior as it can just be dug up and shipped off to steel works without much ado. 

Magnetite has to be crushed on site and concentrated = thus higher Capex. No problem with large magnetite deposits - see GBG, AGO. 

This one down at 13c was painful. Good ann & glad I hung on there. Just sent off the cheque too. Might prove to be a good entry price. Amazing how some positive price action can galvanise me into action. 

Gfresh - did you get your pictures from the DOIR website?


----------



## stefoid (23 November 2007)

Bushman said:


> DSO haemitite is superior as it can just be dug up and shipped off to steel works without much ado.
> 
> Magnetite has to be crushed on site and concentrated = thus higher Capex. No problem with large magnetite deposits - see GBG, AGO.
> 
> ...





no expert, but its not as simple as that - the 'concentrate' is a slurry that has to be piped to its destination, or made into pig iron on site.


correct if wrong.


----------



## YOUNG_TRADER (23 November 2007)

stefoid said:


> no expert, but its not as simple as that - the 'concentrate' is a slurry that has to be piped to its destination, or made into pig iron on site.
> 
> 
> correct if wrong.




Your right mate magnetite is not a simple game,

Haematite is much much more simple and as I have pointed out the company may have a large Haematite target,

And yes as you correctly acknowledged potential was enough for FDL and as I said it was also enough for IRM,

For me, I'll wait for drilling results before I get too excited, I am amazed at how much I underestimated MDX when I first saw it and posted 

p.s. judging by my grammar and poor speeeling I'd say its time to call it a day, brain switching off


----------



## Bushman (23 November 2007)

stefoid said:


> no expert, but its not as simple as that - the 'concentrate' is a slurry that has to be piped to its destination, or made into pig iron on site.
> 
> 
> correct if wrong.




Correct - sorry did not believe we were getting into a technical discussion about it. Slurry is one of the means of transportation. Capex can be large. Check out the GBG Kararra Mining Study if you want an example.  Not an expert on mine construction and infrastructure by the way. Sure there are other, more qualified posters. 

Bit early to be worrying about mining methods though. My point was that magnetite deposits can be economic. This is still the early exploration stage where drilling is all important.


----------



## exberliner1 (23 November 2007)

Bl**dy annoyed by today's ANN.

I have been busily (and quietly) accumulating all week to add to my existing pile of MDX/OA and was looking foreward to buying even more at low prices.

All my plans lie in ruins now

:-(

EB


----------



## stefoid (24 November 2007)

Bushman said:


> Correct - sorry did not believe we were getting into a technical discussion about it. Slurry is one of the means of transportation. Capex can be large. Check out the GBG Kararra Mining Study if you want an example.  Not an expert on mine construction and infrastructure by the way. Sure there are other, more qualified posters.
> 
> Bit early to be worrying about mining methods though. My point was that magnetite deposits can be economic. This is still the early exploration stage where drilling is all important.




this doesnt only apply to mdx specifically, but I dont think the technical and $$ difficulties associated with magnetite can be underestimated.  I mean, does any comany in australia currently make money from magnetite?  even one company?


----------



## roland (24 November 2007)

*Re: MDX - Mindax & Magnetite*

If anyone is interested here is a little more reading on Magnetite


CSIRO Process Magazine October 2004
AUSTRALIA’S SIGNIFICANT MAGNETITE
resources could hold the key to further expansion of Australian iron ore
production and potentially help supply Asia’s current and emerging iron ore and
steel markets.
The potential is underlined by OneSteel’s recently announced plans for
a $250 million project to convert its Whyalla Steelworks in South Australia to
produce steel from magnetite.
But despite the robust picture of accelerating sales and increasing
demand for iron ore – primarily from China – Australia’s magnetite resources,
and their international market potential, remain largely untapped, according to
Ralph Holmes, Iron Ore Program Manager at CSIRO Minerals. 

“Awareness of our magnetite resources and our two current operational pellet
plants is low among the main market – the steel industry within China and
within Asia generally,” Dr Holmes says. CSIRO Minerals has been investigating
magnetite deposits and prospects in Australia for some time. The work has
been driven by the increasing level of overseas interest in magnetite ore, as 
well as indications that demand for hematite/goethite iron ores (the current
primary sources in Australia), well outstrips supply.

CSIRO presented a profile of Australia’s current and prospective magnetite
resources to the Chinese at a recent major industry conference in Dalian as
part of the ongoing effort to build awareness of potential opportunities.
Magnetite ore is a well-known, viable alternative to hematite/goethite ores. It
can be beneficiated to produce highgrade concentrate suitable for either
pellet or sinter production.

“Magnetite concentrate is a very important feedstock for pellet production,”
explains Dr Holmes. “It is characterised by high iron grade and lower impurities, the benefit of the exothermic magnetite-to-haematite
oxidation reaction and the production of quality pellets at lower firing
temperature with less fuel and lower maintenance costs.
“As more pelletising capacity is currently being put into operation, or is
under construction in China, there is a strong demand for pellet feedstock.
“However, while it is common knowledge that Australia has abundant
hematite and goethite sinter fines and lump ores for the blast furnace, few
Chinese steel companies are aware of our magnetite resources.”
There are more than 20 identified magnetite deposits and prospects,
mostly in Banded Iron Formation (BIF), located across South Australia,
Western Australia, Queensland and Tasmania.
These amount to an estimated 4.7 billion tonnes of magnetite resources in
Western Australia, 1.6 billion tonnes in South Australia and about 700 million
tonnes in Tasmania and Queensland. Australia has one operational magnetite
mine at Savage River in Tasmania (owned by Australian Bulk Minerals),
which currently has estimated reserves of 227 million tonnes of magnetite ore.
The Iron Magnet Deposit (about 50 kilometres west of Whyalla in South
Australia), soon to be developed by OneSteel, has an estimated reserve of 300 million tonnes of magnetite ore.

CONTACT: Ralph.Holmes@csiro.au


----------



## Blackchip (24 November 2007)

So it was the last day for those wanting to sell 40% of their stock safe in the knowledge that they will get them back at 10c with the rights (plus the option).

So the higher MDX went the more selling we got until the sellers won...

That will no longer be the case on Monday - this should in theory show with a much weaker sell side from Monday onwards.


----------



## new_trader789 (24 November 2007)

So perhaps i should hold this one till the drilling report comes out and just accept that ill lose some money on monday(bought for 20c and got greedy) If this goes well could 150Mt be a avereage estimate? Maybe even comparable to FDL (or not)


----------



## YOUNG_TRADER (28 November 2007)

Hmm just going over AGM speech and found something interesting


"_Our recent sampling and test work on the 17km of outcrop in the Richardson Ranges has identified 5 positions prospective for hematite and a substantial magnetite position. The low phosphorous levels across our deposits compared with many other Mid West deposits indicate the ore may be attractive as a blending material. The limited test work on the magnetite also indicates that beneficiation would produce a very marketable product.

Our work to date confirms this is an exciting addition to our portfolio of projects and we will be focussing considerable effort on drilling and further sampling in the coming year.

*Our positive view of this project is shared by a number of overseas interests who have made unsolicited approaches to us in the past few months*, and we will continue to monitor all options._"


Interesting,

Seems very cheap when compared to IRM, but thats the mkt


----------



## exberliner1 (28 November 2007)

Hi YT... I saw that line as well. It would seem the nameless overseas interests are more positive about MDX than the Australian share owning community.

Never mind. 

At least I can accumulate more at these levels.

EB


----------



## lienad (7 December 2007)

Have been watching this one for awhile and seems a great price now to get in, so much potent ional, off its highs of 20+ seems cheap now. Hit 12c today but all on low volume. I guess if you got in high you could be panicking a bit but must be at a bottom here. Anyone have any news on this one - 
Holding zfx, oxr, irc, sot, iag, fnt...


----------



## UPKA (7 December 2007)

lienad said:


> Have been watching this one for awhile and seems a great price now to get in, so much potent ional, off its highs of 20+ seems cheap now. Hit 12c today but all on low volume. I guess if you got in high you could be panicking a bit but must be at a bottom here. Anyone have any news on this one -
> Holding zfx, oxr, irc, sot, iag, fnt...




u might see this one go even lower once the rights issues r all converted, which is happening next week I think. I dont think there are any significant news coming out for another 3mths or so.


----------



## gfresh (7 December 2007)

I don't think many would bother selling their rights issue shares for close to 12c, when purchased at 10c. 

I think around the 12-15c mark is a bit of a floor for a while.. Many, including myself will be trading this range if possible, which is a good 10-25% profit each go.


----------



## pan (27 December 2007)

I agree by the looks of the chart 10-12 cents looks like a solid base. hopefully the company can get hold of the rig they have been looking for. goodluck for 2008


----------



## pan (4 January 2008)

Red Rock Resources become major shareholders.

this must be a good sign.

Now will just need the rig for a good 2008.


----------



## YOUNG_TRADER (4 January 2008)

Yeah saw that Pan,

Whats interesting is that Red Rock bought on market, not via the placement/rights and their avg price was 13.5c

Very interesting


----------



## metal guru (6 January 2008)

what you may not know  -  because it is not immediately apparent  - is that Red Rock are also largest shareholder in RSL - newly formed Uranium Explorer Chaired by Andrew Bell (AIM listed: Red Rock Resources & Regency Mines Chairman) & Headed by Ian Scott (ex Olympic Dam Uranium Guru)

http://www.rrrplc.com/

http://www.regency-mines.com/

Also note that RSL has uranium interests in the same Mt Alfred tenement 

this article appeared on Minesite yesterday.

http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=43724&sn=Detail


See my post on RSL thread post 28 

https://www.aussiestockforums.com/forums/showthread.php?t=9084&highlight=retail+star&page=2


----------



## roland (7 January 2008)

whoops, have'nt been watching - what's up with MDX? Up 23%. Must have missed something....not complaining mind you 



....well, I would have to go and open my mouth - back down to .14 now


----------



## spottygoose (7 January 2008)

roland said:


> whoops, have'nt been watching - what's up with MDX? Up 23%. Must have missed something....not complaining mind you
> 
> 
> 
> ....well, I would have to go and open my mouth - back down to .14 now




You only had to look at the post before yours to get your answer lol. Try this link Metals Guru provided:

http://www.mineweb.com/mineweb/view/...3724&sn=Detail


----------



## roland (7 January 2008)

spottygoose said:


> You only had to look at the post before yours to get your answer lol. Try this link Metals Guru provided:
> 
> http://www.mineweb.com/mineweb/view/...3724&sn=Detail




Well, it was a page back - 

Thanks, the URL didn't work, but I get the gist. MDX is my only bight star today.


----------



## bvbfan (7 January 2008)

Try this URL 

http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=43724&sn=Detail

Link not copied properly I think.....or truncated


----------



## roland (30 January 2008)

I have MDX Options like a lot of others, but I am not sure what I do with them. Could someone give me a quick dummies overview of what they are and what needs to be done before they expire.


----------



## gfresh (1 February 2008)

Not much presently..  however they will need to be converted by June 30th, or expire worthless. Closer to that date you will have to contact the registrar to receive a conversion form, and send them a cheque for 20c x amount to convert. Unless the regular shares are trading above 20c, there probably is not much point financially to convert them however.

In the quarterly, they said that drilling will commence in March.. which is what I've been waiting to hear. 

This gives about 3 months for some results to come to market, and there are a few other things they are working on that should be known by then. 

Essentially MDX will want as many people as possible to convert the 38M options by expiry so they gather close to $7.6m. To do this they require MDX above 20c by June 30th, so they'll be trying to get as much good news to market as possible. It may be difficult in the current climate, but several million tonnes of iron ore should just justify a lot more than 20c - personally I am confident of this, and always have been, and this is very much under the radar of most. 

Red Rock is still soaking up excess shares people are dumping. Seems silly really, has MDX really does have some quite good prospects and obviously Red Rock Resources identifies this (now holding 8.65%) even if the market seems tame. They have already identified chip samples up to 63% Fe.. 

If we look at their report, they report 5 main areas they will be drilling

FE1: 2600m, width: 40-70m
FE2: 1250m, width: 40-70m
FE3: 1600m, width: up to 100m
FE4: 600m, width: 45-60m
FE5: 1500m, width: up to 100m (undercover)

Assuming on depth and enrichment, there may be an initial estimate anywhere from 10mt-80mt. This would value the company several times $8M. Presently, they have $2.8m cash.


----------



## YOUNG_TRADER (1 February 2008)

gfresh said:


> In the quarterly, they said that drilling will commence in March.. which is what I've been waiting to hear.
> 
> This gives about 3 months for some results to come to market, and there are a few other things they are working on that should be known by then.
> 
> ...





Hey Gfresh, 

I've been thinking the exact same as you, firstly in regards to drilling, I'd expect the company to go all out to get some results by the 30th of June = the option expiry

Secondly, Red Rock certainly do think MDX are tasty at 11c which to me is interesting


----------



## metal guru (1 February 2008)

Taken from UK ADVFN Bulletin Board.

You have to remember that RRR are in the business of doing deals and Iron Ore Producers Cleveland Cliffs and Portman are next door.

From my understanding RRR strategy here is to create value through making consolidation more achievable so taking a stake in Mindax – a company with no controlling shareholders -  is part of that process. (RRR,JMS,IRM,MDX)

Aside from the high grades, the market value of each tenement in the area is currently capped by the maximum size of its resource and access issues when it comes to exploitation.

Individually they are not of great interesting to a larger player as its all too fragmented. (This wont bother the geologist-run companies as they would be happy to carry on kicking rocks and getting paid for doing so – but it will bother their shareholders). So collectively there could be a far more significant value in the tenements.

I believe that MINDAX have proved difficult to deal with in this respect. (Jupiter have had access problems with Mt Hope for example)

http://www.jupitermines.com/projects/iron_ore/central_yilgarn/mt_hope.phtml


The MINDAX stake will help make cooperation between various tenements more effective.  
With Iron Ore now hot on the agenda, this could get interesting…


----------



## metal guru (2 February 2008)

These are the tenements in the area  - RRR are into doing deals rather than pure exploration - no doubt they see value in bringing some of these tenements together.


----------



## YOUNG_TRADER (4 February 2008)

Hey mate thanks for the image and thanks mods for making it work

There certainly are some interesting neighbours, 

I wonder what Red Roch have found on their grounds that make them like MDX so much?????

Perhaps they have found something that is close to their southern border that may appear to cross inot MDX's ground????

Who knows, maybe they just like the name Mindax :


----------



## roland (4 February 2008)

Has Red Rock been buying into any other of their tenament neighbours? Maybe it's a percentage thing, Red Rock probably paid more for their lot than it is costing to get a share of Mindax's dirt.

The obvious thing is Red Rock certainly sees some value in Mindax (or at least their dirt), and it wouldn't make sense that they would throw $$$'s on the table if they didn't understand the value - and being such a close neighbour, they obviously would.


----------



## metal guru (5 February 2008)

roland said:


> Has Red Rock been buying into any other of their tenament neighbours? Maybe it's a percentage thing, Red Rock probably paid more for their lot than it is costing to get a share of Mindax's dirt.
> 
> The obvious thing is Red Rock certainly sees some value in Mindax (or at least their dirt), and it wouldn't make sense that they would throw $$$'s on the table if they didn't understand the value - and being such a close neighbour, they obviously would.




I hold shares in Red Rock- they also have controlling interest in RSL - uranium explorer headed by Ian Scott. RRR is an interesting company, they are more of a mining finance house than a pure explorer and have been doling deals in UK, Zambia & Aus.

Big Chinese connection though RGM - (Aim listed Regency Mines own 45% of Red Rock - same directors). 

Important points to note:
It all about the Haematite (see IRM results) 
1/MDX have no controlling shareholders 
2/ MDX have mining leases
3/ Portman (80% owned by Cleveland Cliffs sold in 2005 for US00m )  have 3 tenements with flatter ground - magnetics no as pronounced as RRR/MDX either.

4/ Red Rock also have a deal with Jupiter Mines (Mt Ida & Mount Hope)

I have a feeling that Red Rock want to act as a mini consolidator to get everyone on the same page in order to enhance the value the combined tenements.

I also think Portman may have their interest peaked if access can be made easier for them.

I wouldnt have thought that RIO & BHP activity and focus on Iron Ore would do any harm to the climate either.

cheers

MG

PS, should read Cleveland Cliffs bought portman for US$500m!


----------



## metal guru (7 February 2008)

This was posted on a UK Bulletin Board - regarding Red Rock...


"There’s some interesting stuff going on with Red Rock in the Yilgarn. They are building a stake in Mindax and its just emerged that Callum Baxter & Paul Askins (directors of GGP - RRR chairman is also chairman of GGP) own abutting AXS listed IRM tenement in Yilgarn and are also major shareholders.

It looks like Red Rock are lining up the whole area as a multi million ton Iron Ore resource "parcel" for consolidation.

who would be interested??

Mt Alfred and abutting tenements are very prospective for haematite (highest possible grade Iron Ore) and the RRR move on Mindax, plus cosy arrangements with IRM, Jupiter Mines are also on side.....this would be a true Multi million ton world class resource.

Portman also own 3 abutting tenements and are 80% owned by US giant Cleveland Cliffs (Cleveland paid US$500m 2 years ago).

Portman currently direct ship 8m tons of iron ore p/y to China. It is no secret that their resources are starting to run dangerously low. 

The point I am making is that at some time soon there will be an aggressive drive for resources - maybe Portman, maybe someone else, but its about being in the right place at the right time…..

If the share price goes on a run for no apparent reason – it will be because the Aussies have woken up to what’s happening here."


----------



## roland (8 February 2008)

News Just in

EXPLORATION UPDATE
Mt Forrest Iron, Bulga Downs
The Company has completed a project summary paper in relation
to its Mt Forrest iron project (MDX 100%) at Bulga Downs in
Western Australia. That paper follows.
The key points that are made in the summary paper include the
following:
· It is estimated that there may be some 650-750 million
tonnes of iron stone on the Company’s property (to 75
meters depth).
· Five targets for direct shipping hematite ore have been
identified at Mt Forrest in the Bulga Downs Project and
drilling is planned for March with a view to delineating a
resource.
· Within the five target areas there may be 90 to 100
million tonnes of material. Based on the surface rock
chip sampling within these, a grade in the range of 57% to
63% Fe may be achievable.*
· Preliminary surface sampling has returned significant high
grade hematite.
· Phosphorous contents are very low averaging 0.04%
throughout the iron formation system. **
· Exploration priority is to be given to direct shipping
hematite ore with investigation of the significant
potential for magnetite ore to be undertaken at some
time in the future.
* There has not yet been any drilling of these targets and accordingly there has been
insufficient exploration to define a Mineral Resource. The target quantity and quality is
conceptual in nature. Being conceptual in nature it is not certain that further exploration
will result in the determination of a Mineral Resource.
**Phosphorus levels below 0.07% are generally required for premium grade steel
production and for blending with “high-phos” ores. They can attract a significant
premium.


----------



## YOUNG_TRADER (8 February 2008)

OMG!!!!!!!!!!

*MDX have just announced their target for Mount Forrest

650Mt's - 750Mt's @57%Fe - 63% Fe

With an intial DSO target of 90Mt-100Mt @ 57%Fe- 63%Fe by June July*


----------



## spottygoose (8 February 2008)

Awesome announcement. What a nice way to end the week. I look forward to Monday and I look forward to March. There was a reason RRR were accumulating. I remember when the MD walked the tenement and liked what he saw....


----------



## prawn_86 (8 February 2008)

Another 'target'. 

Lets see if it does as well as FDL on similar news. Overall market sentiment has changed though...


----------



## YOUNG_TRADER (8 February 2008)

prawn_86 said:


> Another 'target'.
> 
> Lets see if it does as well as FDL on similar news. Overall market sentiment has changed though...




yeah except the target is twice the size ie *750Mt's* and the company is sooo much smaller ie 85m shares @  15c = *$13m Mkt Cap*

If this were FDL it would be $1.50 not 15c as that would equal $130m which is about FDL's current Mkt cap


----------



## roland (8 February 2008)

I like the depth on close - almost no sellers - a ton (tonne) of buyers though. Up 32% just puts me in profit. Happy about that


----------



## YOUNG_TRADER (8 February 2008)

*MDX have just announced their target for Mount Forrest

650Mt's - 750Mt's @57%Fe - 63% Fe

With an intial DSO target of 90Mt-100Mt @ 57%Fe- 63%Fe by June July*


----------



## countryboy (8 February 2008)

Its very pleasing to do a bit of research, make an investment and watch it flower. I expect the news to gather momentum as we push towards June. Pity other market forces may well impact on the advances we would have seen if this was say Feb 07.


----------



## dumpty (8 February 2008)

When do options expire?

Sitting on a heap from late last year.

Looks like VRE losses may be nullified.


----------



## metal guru (9 February 2008)

theres some serious speculation going on about this region (JPT,MDX,IRM RRR)- and a consolidation premium is starting to emerge.

not sure if this is the right forum to discuss as there dont seem to be too many contributors - iare there any busier Aussie chat rooms?? 

or do more read than post??

MG


----------



## Sean K (9 February 2008)

metal guru said:


> theres some serious speculation going on about this region (JPT,MDX,IRM RRR)- and a consolidation premium is starting to emerge.
> 
> not sure if this is the right forum to discuss as there dont seem to be too many contributors - iare there any busier Aussie chat rooms??
> 
> ...



Depends on the stock MG. Once the word gets out something is undervalued or had potential people start to get interested.

Outstanding breakout category this one.


----------



## YOUNG_TRADER (10 February 2008)

YOUNG_TRADER said:


> Hey mate thanks for the image and thanks mods for making it work
> 
> There certainly are some interesting neighbours,
> 
> ...




Well in hind sight it looks like this was the case, 

I now have no doubt that Red Rock have found something of great interest that most likely extends/continues into MDX's Mt Alfred tenements, why else would Red Rock spend their money buying 7.5m MDX shares?

To me this validates and somewhat inhances the prospects of MDX's target claims, ie Red Rock believes it

Now its hard to put a value on this as it is an exploration target, but considering MDX's closest comparative peer is FDL a comparison can me made between the two

*FDL*​
*
Mkt Structure*
*
Shares*
950m  + 380m 10c options


Mkt Cap @1c = $9.5m Pre estimate
Mkt Cap @15c = $200m Max
Mkt Cap @10c = $135m Current 


* Cash $6m * + $8m in listed investments

*
Projects*
*
Hamersley Project**  Iron Ore Hematite, 100%, Pilbara W.A. *

This project is next door to FMG's huge discovery and thus nearolgoy and continuation of FMG's deposit is playing an important role in validating the target size of FDL's project

They estimate 325Mt's - 390Mt's @ 56% = *180Mt's - 220Mt's Iron Ore*

*Given the current Mkt Cap of minimum $135m, the EV being used is 60c - 70c per target tonne of Iron ore resource*



*MDX*​
*
Mkt Structure*
*
Shares*
485m 


Mkt Cap @12c = $10m Pre estimate
Mkt Cap @45c = $50m Target lower 
Mkt Cap @70c = $70m Target upper 


* Cash $3.5m * + $7m if options exercised


*
Projects*
*
Mt Alfred**  Iron Ore Hematite + Magnetite, 100%, Mid West W.A. *

A target of *650Mt's-750Mts @ 57%-63%Fe* = 370Mt's DSO - 470Mt's DSO Hematite in Ground Value @ $100/t = $37Billion - $47Billion

*Valuation method 1*
Now this is an exploration target so the instead of using the usual rule of 10% of I.G.V. we should be conservative and use 1% of I.G.V.

1% In Grond Value of TARGET = *$370m - $470m = $3 - $5 *depending on option conversion future raising etc, now this figure is ridiculous given the current share price so lets be ultra conservative and attribute 0.2% chance of success ie a 1 in 50,000 chance of success

So attributing a *0.2%* value for the In Ground Value of the target we get = *$74m - $94m = 60c - 80c*



*Valuation method 2*
Another way of possibly valuing this target is to use an EV, most Iron Ore companies trade on at least an EV of $10/t now, using the 370Mt's DSO - 470Mt's DSO Hematite target, an EV if it were JORC'd would be = *$3.7Billion - $4.7Billion*

Again ridicilous figures, but given the risk if we only allow a 5% chance of success for a JORC = *$185m - $235m = $1.55 - $1.95*


*Valuation method 3*
A valutaion based on FDL's mkt cap, 

Per my above FDL related calculations I showed that FDL was trading on an EV of *60c - 70c per target tonne of Iron ore resource*

Applying this to MDX we get  = *$220m - $330m = $1.85 - $2.75*



*Prefered Valuation method DISCOUNTED FDL comparison*

Now given the superiority of FDL's target claim base on the fact that they have

1. FMG as the next door operator which provides potential offtake/infrastructure etc etc

2. FMG has already delienated a massive JORC on adjoining tenements which validates FDL's target

I would say MDX should trade at an EV = to 1/4 that of FDL's, ie discounted by 50% for each of FDL's superiorities

*So 1/4 FDL's EV = $55m - $83m = 45c - 70c*



*Conclusions*

First and foremost it must be remembered that MDX have only stated an exploration target, a target which is based on geological surveys, geological mapping and rock chip samples, for such target to be converted to a JORC compliant resource alot of drilling is required to be completed

That being said the company have been working away at Mt Alfred since November and are confident of achieving an intial DSO 90Mt- 100Mt Hematite resource by June/July, 

Moreover the buying of shares by RedRock who control nearby ground suggests that they may have found something which crosses over into MDX's grounds

Finally all of the above calculations are a guide really and nothing more, when FDL announced its Iron ore target I thought wow this is going to run and bought heaps up to 3c which I sold about an hour later when it hit my intial conservative estimates of 4c-6c, it closed the day at 10c and opened the following day at 15c, so I guess my point is the mkt will put its value on a company and no one else, moreover traders will most probably rule this stock for the early parts of next week so be prepared

Either way I think MDX is surely in for some interesting times

p.s. please check my figures


----------



## fishomc (10 February 2008)

YT.

"A target of 650Mt's-750Mts @ 57%-63%Fe" is incorect. Please read the release thouroughly.

Average is 40%fe.

Only 4 samples exceeded 60%fe.

The extrapolated DSO targets of 90mt in the release is crazy. They have used the few maximum samples, and ignored the lower grade samples.  Look at the map provided, each DSO targets area contain only 1 high grade sample, along with many many low grade samples?

This type of release frutrastes me to no end!

cheers.


----------



## gfresh (10 February 2008)

I'll agree that chip samples really don't mean much.. but neither do they imply the inground content may be bad if there are some lower grade grab samples on surface. 

Young Trader: I don't think you should be implying that it's that sort of tonnage hematite for the entire area.  In fact, I believe the company has stated that it's more likely to be magnetite in the general area in previous statements. Even though I'm holder, I am not getting too carried away. 

Already the company has stated that it was only an conceptual target 90-100mT hematite in the target areas. Who knows what else is outside that and what does "iron stone" mean in relation to the 650-750mt range?? Is that just rock that may contain some iron ore, or is it minable ore? MDX needs to clarify this.  

Also your figures on Mindax's shares appear to be incorrect. I am not quite sure where you got them from - however I have from their latest quarterly:

Ordinary shares on issue: 84.48M 
Options: 38.8M

Total diluted shares (post June) = 123.28M

I also have cash in bank at end of quarter for them at $2.85M, not $3.5M. Again I'm not quite sure where you got them from.


----------



## fishomc (10 February 2008)

Good to see you have a level head Gfresh.

Look at the table of rock chip results, you have 40%fe aveerage grade and a 40% silica grade!!!

Yes, thats right, 40% is essentially sand.  hence the "Ironstone" or "Ironsandstone".

While i dont hold the stock, if i did,  i would be concerned at the need for the company to "ramp" its prospects in this way?

cheers.


----------



## YOUNG_TRADER (10 February 2008)

Gfresh,

Whoops thats a typo re MDX shares

It is meant to be *85m + 35m 20c options*


Fishheads this was just a very rough bit of thoughts I put together on a Sunday arvo while I had a spare moment and as you can see I am stressing that MDX has only got a speculative TARGET, *key word TARGET*

nothing is confirmed

nothing is JORC'd

However quite a few people have asked me what they thought the "potential" value could be for MDX

As you can see I have shown that it is near impossible to put a potential target on MDX, however based on the very rough figures I have gone through and the way in which the mkt re-rated FDL, and also GNL and IRM to a lesser extent I would think that a run to 40c is possible but then again who knows,

More than anything I found it very interesting that Red Rock have been buying shares over the past few weeks

p.s. re the ramp, it worked wonders for FDL and that came out of nowhere, ie no previous sampling or surveying  

For all we know MDX may have the anti-serum for Bird Flu stored at Mt Alfred and Red Rock is actually a Bio Tech trying to get access to the anti-viral serum to prevent the Bird plague wiping out humanity, right enough from me, off to the St Kilda festival :


----------



## exberliner1 (11 February 2008)

grfresh...good points raised there.

Do remember when talking about the fully diluted totals to add in the option conversion cash which would give MDX another $7.8mn

I still hold this one mainly the MDXOAs and I still believe it is totally undervalued on its potential alone ... I say potential as there is nothing more to go on. Except perhaps RRR's recent shopping.

As some of you may know there is a poster over on HC called TigerTen who is a director of RRR.

He has given some interesting insight into the Mt Alfred region on the MDX and IRM threads.

Sorry Mods to mention the darkside - although it is pertinent in this case.

I shall certainly be awake at midnight tonight to watch the off.

EB


----------



## sleeper88 (11 February 2008)

With a market cap of only 14m, IMO this is worth a punt, with upsides outweighting downsides at this price. 

To elaborate  on YT and exberliner1 analysis of RRR's shareholding, i've included a few attachments: (note, RRR has increased there holdings to 8.65% as of the 1/2/08)


----------



## YOUNG_TRADER (11 February 2008)

exberliner1 said:


> As some of you may know there is a poster over on HC called TigerTen who is a director of RRR.
> 
> He has given some interesting insight into the Mt Alfred region on the MDX and IRM threads.
> 
> ...





Hi EB,

Regarding this "Red Rock Director" how has his identity been confirmed?

I wouldn't think a UK director would be on HotCopper then again I could be wrong,

If it is him, ask him what Red Rocks intentions are with MDX, I'm sure he'll tell you : 

I still think Red Rock are after the Bird Flu cure and that could be worth Zillions!


----------



## juw177 (11 February 2008)

If RRR is trying to accumulate, why would the director join with the rampers at HC? It would not be good business...


----------



## exberliner1 (11 February 2008)

YT... the HC RRR director  is Australian and based in Perth I beieve.

He doesn't push RRR MDX or anything else - just gives some very useful opinions on the whole area.

Comments from TigerTen can be found on the IRM and MDX threads. RRR also holds a shareholding in JMS and he posts there as well.

Here is a selction of some of his comments.

______________

Mt Alfred, Mt Richardson and Mt Forrest (RRR-IRM-MDX) are approx 100kms to Sandstone -right on the wide well maintained Menzies -Sandstone road -then only 500 km on sealed roads to Geraldton -and/or the new Geraldton Iron Ore Alliance railway network and the new port at Oakajee. 

Stay tuned for the Central Yilgarn Iron Ore Alliance -a real iron ore province in the making. 

________________________

Yes mate -stay tuned. Tell 'ole Meerkat that MMX are transporting a similar distance from Jack Hills and Mitsubishi have pledged $3 billion and Golden West are far -far further from port at west Wiluna -along with other new floats up to 1000 km from Geraldton with their stock selling at a premium. 

With current and projected iron ore prices 600km is a breeze -especially on sealed roads -if you have the tonnage potential of the Menzies to Mt Forrest greenstone belt. 

_________________________

One of several options -particularly for JMS of which we are fairly substantial shareholders

___________________________

Given the vitriolic attacks by people such Idaho I will no longer post on HC. There is always someone who spoils the party !!

Directly and indirectly I hold shares in JMS- RRR- IRM -MDX etc etc and personally have promoted the proposal to export iron ore from the Menzies -Mt Forrest greenstone belt ever since RRR was listed on AIM and long before work commenced on these various projects. 

Any information I have posted is in the public domain and any iron ore alliance proposal is shared by all players in the region and is not as Idaho alludes the preserve of any one company nor market sensitive information. 

____________________________

Make from it as you will.

As to posting  from Europe - I am currently based in Frankfurt and on 3rd March I am moving to Kiev in the Ukraine to take up a position of deputy heads of equity sales in Ukraine's no.3 Investment bank.

It will make me the only HC and ASF member who posts from the ex Soviet Union which is somewhat bizarre if you consider that this time last year I lived in Meadowbank in Sydney.


To date I have found TigerTen to be well informed technically 100% correct and niether a spruiker or a downramper.

There are a number of company directors currently posting on HC and so far every one is playing by the rules.

Hope that helps.

EB


----------



## happytown (12 February 2008)

hmmmmm, 

ann out earlier this morning where mdx specifically talks to the rrr shareholding issue



> ...
> 
> Red Rock has advised that it regards its investment in Mindax as simply an investment. In relation to its Mindax shareholding, *Red Rock has not proposed any transaction with Mindax and Mindax has not solicited any proposal from Red Rock or any third party*.
> 
> ...




(emphasis in original)

cheers


----------



## sleeper88 (14 February 2008)

RRR has now increased their holdings to 10.02%, interesting i wonder if they'll buy up to 19.99%. interesting times ahead


----------



## YOUNG_TRADER (14 February 2008)

Well what the hell was that?


Glad I saw that for what it was, a pump up

I hate when traders do these to stocks, it destroys their credibility

Still a profits a profits


----------



## YOUNG_TRADER (14 February 2008)

Am I the only one on ASF amazed at MDX's resilieance today?

I thought it was a typical pump and dump, but the dump never really came, which leads me to believe that this was only a minor pump, or not a pump at all,


The accumulation around 20c over the last few hours is amazing,

Something may be up or it may just be traders, either way I still have some fingers in this pie


----------



## roland (14 February 2008)

YOUNG_TRADER said:


> Am I the only one on ASF amazed at MDX's resilieance today?
> 
> I thought it was a typical pump and dump, but the dump never really came, which leads me to believe that this was only a minor pump, or not a pump at all,
> 
> ...




I'm not so excited - it's been here a couple of times before. RRR buying in again is helpful and I'm happy to see the consolidation at this level. When it hits 0.30, I'll be pretty excited


----------



## Sean K (14 February 2008)

Longer term perspective with S&R identified.

Not sure what price it is right now, but that big white candle was a change of fortunes.


----------



## roland (14 February 2008)

Maybe 0.21 is tops for today.... 0.20 support is dwindling and a profit taker is pulling the SP towards 0.205

...correction - profit taker withdrew


----------



## prawn_86 (14 February 2008)

Can we please avoid price commentary unless there is something meaningful or totally extraordinary happening, aside from general price rises.

If people want to know what the price or depth is at then they can easily check themselves.

thanks

prawn


----------



## roland (14 February 2008)

prawn_86 said:


> Can we please avoid price commentary unless there is something meaningful or totally extraordinary happening, aside from general price rises.
> 
> If people want to know what the price or depth is at then they can easily check themselves.
> 
> ...




Yeah, I thought it was a bit much too, but made me feel good for a while 

Sorry to have upset you enough prawn to have wasted your time in the scolding.


----------



## YOUNG_TRADER (14 February 2008)

YOUNG_TRADER said:


> Well it looks like MDX has joined the Iron Ore bandwagon,
> 
> Surface and rockchip samples are due soon from the Mt Forrest Bulga Downs project, which is near JMS's Mt Ida,which happens to be where IRM and GNL both recently had some work done,
> 
> ...





Well its taken a couple of months but looks like the specualtive risk has paid off in MDX,

It was only a matter of time I guess given how GNL and IRM performed,

of incredible interest to me is the relentless buying today into the close taken MDX to a high

Something is definately in the wind,

Annoyed I let a few go this morning when I thought it was a pump

Interesting times ahead


----------



## mick2006 (14 February 2008)

YT, I would be willing to bet it has something to do with setting up an iron ore alliance between RRR,IRM,MDX and possibly even JMS.  It is clear RRR is making sure they have a seat at the table when it comes time for consolidation.

It's clear none of the above companies have the firepower to take iron ore reserve's through to production given the lack of infrastructure in the area, but via an alliance/consolidation there would certainly be a better chance of getting the funding together needed to set up the infrastructure.


----------



## Uncle Festivus (14 February 2008)

YOUNG_TRADER said:


> Annoyed I let a few go this morning when I thought it was a pump
> 
> Interesting times ahead




Correct me if I'm wrong (as I'm not following this one), but essentially they are saying that "we picked up a few rocks, they happened to have some iron ore in them - let's assume it's 75m deep - we now would like to start mining within 6 months. Oh, one more minor thing, we might put a few drill holes down just to be sure"

The pumpers were willing to pay up to ave 20c before having a rest & let the daytraders take over after 10.45 am.

That was the pump, will there be a dump? Or do we just keep playing the game .


----------



## Rocket man (14 February 2008)

that would be nice Mick although while MDX sp was powering along, IRM and JMS sp both dipped today

Definately makes good sense though


----------



## YOUNG_TRADER (14 February 2008)

Uncle Festivus said:


> The pumpers were willing to pay up to ave 20c before having a rest & let the daytraders take over after 10.45 am.
> 
> That was the pump, will there be a dump? Or do we just keep playing the game .




Hey Uncle, no idea

It was 8c-9c when I first stummbled across it, its was 12c last week and even 14c yesterday so who knows what the hell is going on

No idea, we'll have to wait for the dust to settle


----------



## Gekko (14 February 2008)

YOUNG_TRADER said:


> Well its taken a couple of months but looks like the specualtive risk has paid off in MDX,
> 
> It was only a matter of time I guess given how GNL and IRM performed,
> 
> ...




Hey YT, amazing work, how do you find these undervalued companies?

Do use some sort of research or stock selection software?

Do you have a broker, or do brokers call you (lol)

Keep all the research coming.

Anymore undervalued companies you care to throw our away?


----------



## YOUNG_TRADER (15 February 2008)

Hi Geko,

I have a little bird that sits on my shoulder which occassionaly jumps ontot he keyboard, its 2 little feet hit 2 letters  while its beak hits a 3rd and hye presto you get a stcok ie MDX lol :

Mate just lots and lots of research ie reading lots of reports anns etc etc

Re MDX its interesting to note that the 20c barrier seems to have been broker with lots of volume going through above 20c now (including yesterday)

Watching with interest


----------



## Uncle Festivus (15 February 2008)

Yes, 20c is the 'waterfall' level. If it holds then ok, but if not there could be an exit of the rampers? I expect it to be tested going into the close, or go close.


----------



## spottygoose (15 February 2008)

Uncle Festivus said:


> Yes, 20c is the 'waterfall' level. If it holds then ok, but if not there could be an exit of the rampers? I expect it to be tested going into the close, or go close.




And if it holds hopefully there will be an exodus of the downrampers... A weak day after a steller rise the previous day does seem a recipe for accumulators to shake the tree for weak hands and profit takers. The close just may tell the story. I'm holding tight and accumulating oppies where I can.


----------



## YOUNG_TRADER (15 February 2008)

YOUNG_TRADER said:


> Hi Geko,
> 
> I have a little bird that sits on my shoulder which occassionaly jumps ontot he keyboard, its 2 little feet hit 2 letters  while its beak hits a 3rd and hye presto you get a stcok ie MDX lol :
> 
> ...




Whoops that was meant to read broke*N* not broke*R*, ie 20c Barrier Broken = should act as support

I should learn to speel batter


----------



## fishomc (17 February 2008)

So have we worked it out yet?

40% silica? So even the rock chip samples were 40% silica/sand.  Sounds like real quality ore to me.....not.

Nothing like a bit of corporate decoy buying to get everyone excited, sophisitacted pump going on here IMHO.

Just remember, RRR directors/associates etc dont have to disclose thier trades in MDX, were some buying up at 10cents at the same time RRR the company was buying?....are they still holding?

Be careful guys.


----------



## roland (18 February 2008)

I have a thought, if RRR knows that their actions of buying MDX stock directly increases the SP of MDX, wouldn't it make sense to continue to "tickle" the market with smaller purchases, then sell off your larger, earlier portion, at a very good profit?

I know I would, if I could...

I suppose this would be considered as price manipulation. If RRR bought at 0.12, they could sell today and make 100% profit. Maybe there are not enough buyers around to make this happen?????


----------



## spottygoose (18 February 2008)

Why all the assumptions that they are only buying to turn around and sell for a quick profit? RRR are not playing games imo they want a stake of the company. The have adjoining tenements and if you read the RRR website it alludes to working in the interests of a common goal type thing. It makes sense for them to have a stake in the company next door when they have walked the ground and know the potential. Why would they relinquish their holdings now before drilling even commmences. Why also do we assume it is always Red Rock buying how do we know others have been recently accumulating. Time will tell but I don't subscribe to these theories I see the SP heading steadily north.


----------



## roland (18 February 2008)

Mr Andrew Tsang now has 10% of Mindax. I'm starting to feel like a very small fish now. That's a big heap of stock for a private investor.

Whilst typing this, Mr Tsang has increased to 12%. OK, I'm holding - I did have a very small intention of taking a few profits, but I'll assume that RRR and Mr Tsang know more than I do. (wouldn't be hard huh?)


----------



## gfresh (18 February 2008)

Sound like chinese names (even though they are based in Perth) ? Should we be reading anything into this, or co-incidence?


----------



## roland (18 February 2008)

gfresh said:


> Sound like chinese names (even though they are based in Perth) ? Should we be reading anything into this, or co-incidence?




Not sure, I had a bit of a hunt around of major shareholders of little companies like MDX, but haven't found them anywhere else just yet. It's a good confidence boost to see others taking major positions.


----------



## YOUNG_TRADER (18 February 2008)

roland said:


> Mr Andrew Tsang now has 10% of Mindax. I'm starting to feel like a very small fish now. That's a big heap of stock for a private investor.
> 
> Whilst typing this, Mr Tsang has increased to 12%. OK, I'm holding - I did have a very small intention of taking a few profits, but I'll assume that RRR and Mr Tsang know more than I do. (wouldn't be hard huh?)




My first thought was who the hell is this Mr Tsang, he sounds Chinese or Asian which is very interesting, but who the heck is he,

Then I thought, he's been buying all last week, what the heck is his rush?

I mean he could have accumulated at 11c-13c instead he's bought 11m at an avg of 18c-20c I'd say, why? Why would any accumulator do that

Very strange,

The only thing I could think of is that "some event" or "news" may be pending which has forced this accumulator to acquire on a very limited time frame, ie a few days thus forcing him to pay up


----------



## roland (18 February 2008)

Well, we are pretty jumpy today, MDX summarises what is common knowledge with RRR purchases and we zoom. Just think if we had some real news .....


----------



## Gspot (18 February 2008)

Well these guys are running this morning. Can anyone tell me the sellers to buyers ratio? 
Don't want to be caught out, like I was with MHL


----------



## YOUNG_TRADER (18 February 2008)

YOUNG_TRADER said:


> Well in hind sight it looks like this was the case,
> 
> I now have no doubt that Red Rock have found something of great interest that most likely extends/continues into MDX's Mt Alfred tenements, why else would Red Rock spend their money buying 7.5m MDX shares?
> 
> ...




I have dug up the rough research I put up on MDX after the ann regarding the Fe target was released so all ASF'ers can see

I think the stock has done incredibly well given the trying mkt conditions we're experiencing with the stock now up 250% and the options 500% in little over a week

It should be noted that the above analysis constitues my thoughts and opinions only and thus are not 100% certainties, moreover as I have continually stressed MDX has a target alot of drilling (about to commence) is required to convert the target into the JORC

Cheers and good luck to all holders 

p.s. It appears we know have 2 groups buying into MDX, Red Rock and this Andrew Tsang fellow


----------



## zt3000 (18 February 2008)

YOUNG_TRADER said:


> It should be noted that the above analysis constitues my thoughts and opinions only and thus are not 100% certainties, moreover as I have continually stressed MDX has a target alot of drilling (about to commence) is required to convert the target into the JORC




Feb. 18 (Bloomberg) -- JFE Holdings Inc., the world's third- largest steelmaker, agreed to pay Cia. Vale do Rio Doce 65 percent more for iron ore, setting a global benchmark for prices that's less than some analysts' estimates. 

will this re-rate mdx further?? and any iron ore stock in general. I mean its nothing new that ore prices where expected to go up but now we have first confirmation of this news. Surely sets a benchmark for further negotiations?

full article 

http://www.bloomberg.com/apps/news?pid=20601087&sid=ayD35wgn3CHw&refer=home


----------



## roland (18 February 2008)

My guess, is that until they have product to sell, then ore prices are going to be a little irrelevant. However, it does keep the interest in any company in the iron ore business - producers and spec stocks alike.


----------



## JimBob (18 February 2008)

What inspires me with confidence that there is more of this story yet to unravel is the nearly 700k that went through after close at the daily high of 31c.  Has been similar trades going through after close each of the last few days.


----------



## pan (18 February 2008)

Anyone got any info on Mr Andrew Tsang? For one investor, in a short period of time a 12% stake is not a bad hit. Hope it continues the run tomorrow, its been a hard 6 months on the low side finally I in the green!

cheers


----------



## exberliner1 (19 February 2008)

Well thats a turnaround for sure ....gone from a small loss to a multi bagger in less than a week.

Can I have some more please.

EB


----------



## Wilson! (19 February 2008)

mdxoa is the one for me, yes we were meant to be together 


I am hoping for a dow unaffected day ahead, and a test of 15c on oppies and 20c by the end of the week. 

I hope so anyway, but as mdx and mdxoa came up on a buy scan last night, I am assuming it did everywhere else. 

If there is a takeover play too, then the free script will be lessened, and hopefully these guys fight it out amongst themselves, pushing the price higher and higher.

If there is iron ore extending into mdx's tenements/leases, then this market cap is going to seem piddly.


----------



## alankew (19 February 2008)

Without reading through all the conspiracy theory posts on this my take is that RRR are in the process of consolidating all the little players in the area not in order to take them over themselves as they probably couldnt anyway but to prepare for a takeover from a MUCH bigger fish.T/o would be at a much higher than RRR have paid and with their initial investment already having caused action in the SP of the smaller companies their investment apys off even more-dont jnow where Andrew Tsang comes in though


----------



## YOUNG_TRADER (19 February 2008)

Wilson! said:


> mdxoa is the one for me, yes we were meant to be together




Your telling me Wilson, mine are up almost 1000% in 2 weeks and in these markets thats just nuts,

Soon enough I will have to consider locking in profits as the stock is fast approaching my lower target

As for a potential takeover battle, I doubt it, I still think as I have always said that Red Rock found something on their tennements that extends directly into MDX's ground which was the catalyst for them to start buying




Good luck to us all


----------



## roland (19 February 2008)

YOUNG_TRADER said:


> Your telling me Wilson, mine are up almost 1000% in 2 weeks and in these markets thats just nuts,
> 
> 
> 
> ...




and not good having a nasty neighbor if you want to run a road or railway line through their back yard


----------



## roland (19 February 2008)

So, I guess people where expecting something better than "3 additional iron targets indentified" ?

Anyway, we need to lose some of the day traders so we can consolidate at this level.


----------



## Black Range (19 February 2008)

Here's Todays Trading stats for MDX.... WoW what a ride, but it was Interesting to see Buyer support come back after the 3.00p.m Day low of .295 as can be seen clearly within the Intra-Day Trading Chart 

No. of Trades: 757
Volume: 11,999,569

Opening Price:. 0.295
High Price:...... 0.395
Low Price:....... 0.295

Todays Close 0.33

Todays last 10 Trades
16:10:58.. 0.330 21,300 $7,029.00
16:10:58.. 0.330 10,000 $3,300.00
16:10:58.. 0.330 1,200.. $396.00
16:10:58.. 0.330 2,500.. $825.00
16:10:58.. 0.330 20,000 $6,600.00
16:10:58.. 0.330 10,000 $3,300.00
16:10:58.. 0.330 15,000 $4,950.00
16:10:58.. 0.330 25,000 $8,250.00
16:10:58.. 0.330 10,000 $3,300.00....XT
16:10:58.. 0.330 50,000 $16,500.00


Closing BUY/SELLER Depths
Buyers:.0.325 (4,415,028)
Sellers: 0.330 (1,690,084)

6-month High: 0.395
5-day EMA:.. 0.237
10-day EMA: 0.198
15-day EMA: 0.177
30-day EMA: 0.153
Avg Volume: 3,358,215
.
.
Cheers from grant64 
Tomorrow will indeed be a very Interesting Open.
.
.
Todays Intra-Day Trading Chart 19th FEB.
Period between 12.18p.m to 4.11p.m close was one hell of a ride from a .395 Day High to a .295 Day Low


----------



## roland (20 February 2008)

Well Mr Andrew Tsang is now up to 14.63% of Mindax. Would really like to know what he thinks he knows.


----------



## alankew (20 February 2008)

Roland would like to know who he is and who he is connected with,anyone any ideas.There were posts on HC that a director of RRR was posting and there was a clue in one of the many posts as to his identity,will try to find it


----------



## imaginator (20 February 2008)

Can someone give me a brief history of events what made this stock shot up so much these few weeks?

TOo many posts and comments to read thru in this thread making me dizzy.


----------



## exberliner1 (20 February 2008)

Alankew....the director of RRR posting on HC went under the name of TigerTen.

I have posted some of his comments in this thread a few weeks ago.

I am just loving this multi bagger atm... seems like a lot more to come.

EB


----------



## roland (22 February 2008)

Well, Mr Andrew Tsang is at it again. Another $347,000 brings him up to 15.95% ownership. Won't be long before he owns the company


----------



## JJKools (22 February 2008)

after three days of consolidating in the low 30's, any thoughts where this may be headed today?

Since Andrew Tsang is accumulating more, perhaps RRR may up there stake? Either way, these guys must know something if they are willing to pay big bucks.


----------



## Wilson! (22 February 2008)

I am very bullish on this, there must be a reason, he knows, we dont, he keeps buying. 
Perhaps the iron ore runs through mdx's grounds and across the whole area. 
Seems speculation around that, but who knows

Still risky, but hey with a stop in place, I am hoping to make a good return here. 
Just wish the sell side would thin out above, but am sure it may disappear a bit if it runs


----------



## roland (25 February 2008)

Well, another big purchase by Mr Andrew Tsang - now up to 18.56%. That's pretty amazing for one holder on a spec stock


----------



## YOUNG_TRADER (25 February 2008)

roland said:


> Well, another big purchase by Mr Andrew Tsang - now up to 18.56%. That's pretty amazing for one holder on a spec stock




Hey Roland, I reckon Mr Tsang is going for a *19.9% stake* and he's almost there, why? Well thats the Million dollar question, the answer to which will be very interesting

I did let a few options go today, never hurts to lock in profits, especially since my avg buy on the options was 2c


----------



## alankew (25 February 2008)

Assuming that this is a potential takeover with Andrew Tsand nearing the magical 19% figure what sort of offer are people expecting-takeovers would normally expect to command a premium in the order of 30%+ish but this thing has run so fast partly because of the nature of this type of stock(speccy)that maybe part of that 30% is already in the price.Figures being mentioned on HC talk of anywhere up to $1(would make me smile)but think that maybe a little bit over the top


----------



## hartley (25 February 2008)

Everyone holding this stock seem to be rubbing their hands together far too readily (myself included), which makes me weary. What are the potential risks here?

Have Mindex proven that they are actually sitting on big deposits of iron?

Would Tsang be able to sell his holding at a substantial profit, considering how much he owns?


----------



## alankew (25 February 2008)

Well looks like we wont have long to wait-ann out,Andrew "Lightning" Tsang has increased his stake to 19.9%Forgot to add that it seems starnge that he stopped short of 20%,cant imagine it was a mistake


----------



## YOUNG_TRADER (26 February 2008)

alankew said:


> Well looks like we wont have long to wait-ann out,Andrew "Lightning" Tsang has increased his stake to 19.9%Forgot to add that it seems starnge that he stopped short of 20%,cant imagine it was a mistake




No mistake Alan, its the law, per the Corps Act you can only acquire just under 20% ie 19.9% any more and you have to make a takeover, (other provisions etc etc)

So they usually stop at 19.9%, gives them a nice blocking stake and a good platform should they wish to take it further


----------



## YELNATS (29 February 2008)

No trading of MDX so far today (at 11.40 am) and no announcement of any trading halt etc. Seems a bit peculiar. Has everything just gone quiet with this one now?


----------



## exberliner1 (21 March 2008)

Greetings from Ukraine all 

Not much to say really just the point that I am delighted how well MDX has held up in the current global financial carnage. many speccies have dropped by 25% - 50%  over the past couple of weeks and MDX has been notable for a distict lack of selling pressure.

This indicates to me that real available freefloat is tiny and that most holders are not looking for T+3 profits. This imo should create a solid foundation for further upswings on news.

So hold tight guys

EB


----------



## roland (26 March 2008)

The action in MDX is a little like my tomato crop this year - non existant.

Are they actually doing anything out there in the desert?


----------



## hartley (27 March 2008)

*tumbleweed*

Lets hope it's the calm before the storm eh? At least the heads are holding up around 2.80


----------



## roland (28 March 2008)

Hardly surprising:

APPOINTMENT OF DIRECTOR
The Directors of Mindax Limited (“MDX”) are pleased to announce that Mr Andrew Tsang has accepted an invitation to be appointed to the Board of the Company and that his appointment has been made with immediate effect.
Mr Tsang is the largest shareholder of MDX, owning approximately 19.9% of the Company.

Mr Tsang has advised that his investment in MDX is not a short term investment; rather, it is his intention over time to maintain his level of shareholding and, subject to Australian law, to increase that shareholding when circumstances permit, and to support the Company.

As well as owning 19.9% of the shares of Mindax Limited, Mr Tsang has acquired approximately 3% of the current MDXOA series of options which fall due for exercise or expiry by 30 June 2008.

The Directors are also pleased to advise that the Company has entered into an Underwriting Agreement with Mr Tsang whereby Mr Tsang agrees, subject to conditions including MDX shareholder approval, to underwrite up to 19.9% of the MDXOA series. 

A special meeting of shareholders will be held sometime in May 2008 to consider this and other matters.

Mr Tsang is a naturalised Australian citizen who was born and educated in China and who has successfully established and run construction, engineering and property development businesses both in China and Australia as well as establishing successful import agencies for Australian manufactured goods into China. 

He has sound commercial connections with many leading Chinese heavy industry producers including participants in the Chinese steel manufacturing industry.

In view of Mr Tsang’s successful business background and his relationships with Chinese industry players, the Directors of MDX consider that his appointment will be of considerable benefit to the Company as it progresses its Mt Forrest iron ore project.


----------



## spottygoose (30 April 2008)

> Red Rock Resources Is Looking To Act As An Iron Ore Consolidator In The Yilgarn District Of Western Australia
> 
> 
> By Alastair Ford
> ...




This article was posted by Hopeless on another site and I believe it comes from a UK mining site. The original poster has been asked for the source.


----------



## roland (6 May 2008)

Are you guys still holding MDX? I'm getting a little bored watching us lose a cent each day or so. I suppose at this level the options are not going to sell very well..


----------



## roland (6 May 2008)

I'm out with a decent profit. A few more cents down and I'd be running a loss, and I have had my fair share of losses this financial year.

Good luck MDX holders


----------



## roland (12 May 2008)

Red Rock ceases to be a substantial holder for MDX - not a good look. I'm out, just have the options now.


----------



## asdfghjkl32 (17 May 2008)

Suddenly got pumped up to $0.29 on Friday last few minutes.... I guess they may have some good news about to release...


----------



## Kevi (18 May 2008)

yep.. thats what im thinking.. Also stocks seems to have broken out from the acending triangle.. Might have hit a few chartists radars over the weekend..

Not many shares for sale.. maybe 350K or so..

One to watch tomorrow!


----------



## asdfghjkl32 (19 May 2008)

The coming few days are critical for the company, might have good news to be released, gotta keep my eyes on it closer, must have fun.


----------



## JimBob (3 July 2008)

Mindax has been consolodating around the 35c mark for a while, holding up well considering the general ASX performance lately.  Still waiting for approval from ACMC to start drilling its Iron Ore project at Mt Forrest.  Further information was required from the last meeting in order for the ACMC to make their decision.

Currently the directors hold around 12%, Andrew Tsang has 19.9% and the newest substantial holder Mr Yeung, has 5.27%.  Red Rock has reduced their holdings from 9% to under 0.5% but had acquired about 6 million options, so they may be looking to up their stake again.  

Additionally Pallinghurst, who have a large stake in JMS, have requested to inspect Mindax's properties adjacent to JMS and RRR.

If approval is granted, Mindax are looking to start drilling July or August.  Intersting times ahead.


----------



## spottygoose (3 July 2008)

Mindax is being very tightly held right now . That ACMC meeting was apparently yesterday so I would be keeping an eye on MDX.


----------



## asdfghjkl32 (4 July 2008)

MDX is pretty strong today, even both BHP and RIO fall back more than 7%, while FMG, FMS, IRM stepped back over 10%. MDX was very strong at the $0.35, perhaps people are buying it coz they knew something before the public. 

By the way, the new substantial holder is Mr. Tse, not Mr. Yeung.


----------



## pan (21 July 2008)

How far away is the JORC??? Have held for a while now, in the green which is good. I definitely think it will be worth the wait, as the stock is tightly held. Considering the slow down of the market you would say that mdx has held up well.


----------



## JimBob (21 July 2008)

They are still awaiting approval from the ACMC to start drilling at Mt Forrest.  The next meeting is 6 August, they hope to have their application dealt with then.  If approval is granted, they anticipate drilling to start in August.  A JORC wont come until November-December if all goes well.   They are expecting results from rock chip samples and a detailed mapping program towards the end of July.  In their last announcement, they said that based on these results, they expect to increase their drilling program, so im guessing they are now targetting more than the 90-100MT target they released.


----------



## YOUNG_TRADER (24 July 2008)

YOUNG_TRADER said:


> Well it looks like MDX has joined the Iron Ore bandwagon,
> 
> Surface and rockchip samples are due soon from the Mt Forrest Bulga Downs project, which is near JMS's Mt Ida,which happens to be where IRM and GNL both recently had some work done,
> 
> ...




Sold the last of my MDX,

What a profitable Fe punt this was from 8c shares and 1c-2c options

This is why I like the tiny mkt cap specs so much, there really is only one way they can go


----------



## JimBob (24 July 2008)

Mindax has been a very good ride so far, looks like there is still plenty of action left in it though.  Red Rock have upped their stake today to 9.67%, Rubicon resources have a 7.14% stake, both companies seem to be working with Pallinghurst who have previously inspected Mindax properties.  Buying up before drilling has commenced is a positive sign for the future.


----------



## spottygoose (24 July 2008)

YOUNG_TRADER said:


> Sold the last of my MDX,
> 
> What a profitable Fe punt this was from 8c shares and 1c-2c options
> 
> This is why I like the tiny mkt cap specs so much, there really is only one way they can go




You can certainly pick them YT - well done . Don't forget to check up on MDX though because if/when they get permit approval it will be on for young and old.


----------



## JimBob (30 July 2008)

Mindax breaking out into new highs, previous high was 42c, currently at 44c and climbing.  News expected out this week on Mt Forrest sampling and mapping as well as their Panhandle project.  ACMC meeting next week discussing drilling permit approval for Mt Forrest.


----------



## YOUNG_TRADER (30 July 2008)

Hey Spotty,

Thanks mate,

Now its just a matter of picking the next MDX/ACS/MXR I imagine it won't be that hard really as after I picked JMS/HLX/YML all which had 400%+ growth I thought I wouldn't be able to find anymore ......... BUT hey presto I found MDX/ACS/MXR which have each ahd 200%-400% growth (MXR was more a crazy run but was still there nevertheless)

I am very impressed with MDX today (although the ann after hours suggests some insider trading to me hmmmmm) but still in these savage mkts it has managed to get to new highs is very impressive

Well I am completely out as of mid last week, good luck to all,

Off to my next batch of fundamentally undervalued Fe plays which I hope will follow suit in getting re-rated


----------



## asdfghjkl32 (31 July 2008)

Pretty good rise yesterday, I am guessing Red Rock was pushing the price high, or either the Pallinghurst, but turnover was just about 1.5m, gotta keep an eye on it for the remaining trading hours in this week. Very good shape technically.


----------



## dubiousinfo (31 July 2008)

It has dropped back again this morning so yesterday may have just been leaking of the announcement issued after the close. Another case of buy the rumor, sell the fact.  Holding


----------



## asdfghjkl32 (31 July 2008)

I'm going to top up some more when it fall back to low 30s. Potential to go up higher once they start to drill I reckon... 

Anyone know why low sulfur is good for iron ore? I'm not in mining industry.


----------



## exberliner1 (7 August 2008)

YT Well done with MDX but I must say I am suprised you have sold. My take on it is that the action is only just beginning. I have held in varying quantities for about 10 months now and am well set at a nice low entry price.

Were you simply selling into strength to guarantee your multi bagger profits or are you now a bit negative on the prospects for MDX?

Just interested your viewpoint.

Be happy

Greetings from Kiev

EB


----------



## YOUNG_TRADER (8 August 2008)

exberliner1 said:


> Were you simply selling into strength to guarantee your multi bagger profits or are you now a bit negative on the prospects for MDX?
> 
> Just interested your viewpoint.




Hey EB, 

I'm always happy to leave profits on the table as my strategy has always been make 200-400% then move on to the next one, I have done this with HLX/JMS/YML   then round 2 was CUL/ACS/MDX/MXR now I am searching for round 3 stocks to fit this Fe re-rating, so far I have BMY/BFE

So it has nothing to do with what I think of the stock LT, ie I sold YML in the low $1 level, a few weeks later it ran to $3

Its just I like to bank profits and find the next massively undervalued play


----------



## ans25 (8 August 2008)

Maybe YT, no offense but maybe also list the ones you missed out on or are still pending

For every winner there is a loser


----------



## YOUNG_TRADER (9 August 2008)

Ans *he asked me why I sold*



exberliner1 said:


> Were you simply selling into strength to guarantee your multi bagger profits or are you now a bit negative on the prospects for MDX?
> 
> Just interested your viewpoint.





He didn't ask me to list every stock I ever went after, he asked me why I sold my final stake, I didn't want him to think it was because I didn't like MDX's prospects going forward, I* wanted to make it clear that it had nothing to do with MDX's fundamentals but rather just how I like to play things*



YOUNG_TRADER said:


> So it has nothing to do with what I think of the stock LT, ie I sold YML in the low $1 level, a few weeks later it ran to $3
> Its just I like to bank profits and find the next massively undervalued play




I feel my response made it pretty clear that it was all to do with picking low cap stocks waiting for an appreciation and then moving on

As far as *Iron Ore plays * go I have pretty much listed every stock I have gone after bar DMM because to me that falls into a different LT category


----------



## metal guru (11 August 2008)

Always good to take a profit.

I think Pallinghurst continue to buy - at least that is what i am reading from the volumes and they appear to be able to get some quantity.

It may run further, but no one is going to overpay, so it as likely that they will pick up loose stock whilst its around trying not to drive up the price.

Plenty of time.


----------



## exberliner1 (11 August 2008)

Thanks YT ... sensible approach you have there. I have the "greedy hat" on at the moment and will hold MDX until we get some sensible results from the Fe tennements.

EB


----------



## Whiskers (12 August 2008)

YOUNG_TRADER said:


> Hey EB,
> 
> I'm always happy to leave profits on the table as my strategy has always been make 200-400% then move on to the next one, I have done this with HLX/JMS/YML   then round 2 was CUL/ACS/MDX/MXR now I am searching for round 3 stocks to fit this Fe re-rating, so far I have BMY/BFE
> 
> ...




Good going there YT.

I had this one on my watch list, but missed the kick off and forgot about it until I tried some of this EW stuff on it. 

Now I'm beginning to think it's just getting started. If my EW count is correct wave (3) will probably take it to about .64 or even .91 if wave three extends, as I'm led to believe it often does. A five wave target about $1.20 to $1.30 in a few months, I suppose.

Gotta read up a bit more on the fundamentals now. Should be a lower degree corrective wave 2 coming any day, which would be a good cue to get in.


----------



## JimBob (13 August 2008)

There has been a lot of accumulation happening at 45-46c in the past few days, just off all time highs of 47c.  News from the ACMC meeting regarding drilling at Mt Forrest cant be too far away.


----------



## upndown (14 August 2008)

JimBob,
News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.


----------



## spottygoose (14 August 2008)

upndown said:


> JimBob,
> News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.




That is a huge statement could you please elaborate as to who you heard this from? I can not imagine for a minute it would not be granted, delayed perhaps... you need to explain such a huge statement further.


----------



## YOUNG_TRADER (14 August 2008)

See, like I said I usually do leave profit on the table, I sold the last of my MDX at 35c, yet for the last week under very tough mkt conditions the stock has turned over good volume near record highs which to me suggests something maybe up as this is one of the only stocks I am aware of that is reallly bucking the trend of late


Good luck guys, I will be watching


----------



## spankme (14 August 2008)

upndown said:


> JimBob,
> News is on the way and it aint good.What I hear is ACMC has not granted permit.And now with an early election on Govt departments will virtually shut down till late Sept.




Where did you hear this news upndown and how reliable is the source?  You posted at 5am - when did you hear this news?


----------



## upndown (15 August 2008)

Morning all,

I am very sorry;I used the phrase "not granted" where I should have used the word "delayed".

My apologies to all.


----------



## pan (15 August 2008)

upndown said:


> Morning all,
> 
> I am very sorry;I used the phrase "not granted" where I should have used the word "delayed".
> 
> My apologies to all.




How did you get this info in the first place?? It was obviously correct..


I think the last sentence in the ann. is the most important

"Mindax remain strongly of the view that exploration drilling will be allowed and have the support and encouragement of the registered native title claimant in this matter"


----------



## JimBob (15 August 2008)

Its a bit frustrating for Mindax and shareholders.  They have had meetings with the ACMC and DIA about what information is required, then once this information is provided they are told that they still require further information.  Unfortunately they just missed the cutoff for the next meeting, so the October meeting is about 6 weeks away.  Im not sure what the hold up is if they have the support of the native title claimants though.


----------



## Whiskers (20 August 2008)

Whiskers said:


> Now I'm beginning to think it's just getting started. If my EW count is correct wave (3) will probably take it to about .64 or even .91 if wave three extends, as I'm led to believe it often does. A five wave target about $1.20 to $1.30 in a few months, I suppose.
> 
> Gotta read up a bit more on the fundamentals now. *Should be a lower degree corrective wave 2 coming any day*, which would be a *good cue to get in*.




Well, I'm in...  and I reckon it won't be long before some good news arrives and this price scoots back up to and probably past previous highs pretty fast.

Appart from the frustrating Fe prospect, there are some Cu, Au assays due anytime... and I reckon gold has bottomed and cycle 3 (up) is underway.


----------



## Whiskers (22 August 2008)

I'd say it's bottomed and working it's way back to the top of the bollinger band at least even without any news.


----------



## Whiskers (22 August 2008)

Yeeah... up 9.45% so far today. 

YT... was that you buying back in, that big bundle at 39 cents?


----------



## Whiskers (25 August 2008)

Bugga... gapped up pretty big today... over 14% so far. Invariably these gaps get filled sooner or later. 

Still like it's short to med term prospects though.

All in all, I 'm thinking the market might go a bit flat tomorrow and this gap might fill sooner rather than later, so I figured I might as well put a little profit in the bank and catch it again on the rebound.


----------



## JimBob (19 September 2008)

Mindax closed out the week at 46c, just 1c off its all time high of 47c.  Had a brief dip into the mid 30's on low volume during the week but recovered well with good volume (for Mindax) going through at 45c and 46c.  

Expecting rock chip sample results in the next week and the ACMC meeting to gain drilling approval at Mt Forrest is less than 2 weeks away.  Mindax has made the Agenda for the ACMC meeting 
http://www.dia.wa.gov.au/Documents/HeritageCulture/ACMC/October Advert.pdf
so hopefully the months and months worth of information requests are behind us and drilling approval is granted.


----------



## JimBob (4 October 2008)

Mindax is still surviving the general market blood bath closing the week at 48c.  It has made a new all time high of 51c recently, consolidating just below that level.  Mindax still awaits drilling permit approval for Mt Forrest.  October 1 was the recent ACMC meeting regarding Mindax's application, a decision may be a little way off due to delays from the recent government change in Western Australia.  In the meantime, Andrew Tsang has increased his stake to just over 20%.


----------



## Whiskers (9 October 2008)

JimBob said:


> Mindax is still surviving the general market blood bath...




Yep... and good trading oppertunities too.

Looking for a kick to the low 50's again pretty soon... waiting for an announcement.


----------



## Whiskers (17 October 2008)

Interesting ann just out.

Mr Wang sounds a bit sus to me.

Sounds a bit like someone is pretty keen to get some influence over MDX.

Good to see Portman interested, probably.



> MARKET UPDATE
> 
> *1. DEMAND FOR BOARD APPOINTMENT BY MR WILLIAM WANG*
> 
> ...


----------



## JimBob (17 October 2008)

Sounds strange that Mr Wang says the investors he represents have full confidence in the current board, but he may seem to call a Special General Meeting to try and get himself on the board and possibly seek the removal of one or more directors.  I wonder who he may want to remove?  

The board seem to have done a good job so far in choosing their board members.


----------



## Whiskers (17 October 2008)

JimBob said:


> Sounds strange that Mr Wang says the investors he represents have full confidence in the current board, but he may seem to call a Special General Meeting to try and get himself on the board and possibly seek the removal of one or more directors.  I wonder who he may want to remove?
> 
> The board seem to have done a good job so far in choosing their board members.




I haven't paid a lot of attention to Jupiter, but it seems they have a bit of 'Asian' influence on the board there... and from an ann on 19 Sept Jupiter has an offtake agreement with the Chinese.

An attempted backdoor takeover attempt no doubt.

This could get interesting...



> *JUPITER MINES LTD*
> 
> Directors/Officers
> Paul Murray
> ...






> Jupiter Mines Limited (ASX: JMS – “Jupiter”) is pleased to announce that it has
> signed a Heads of Agreement (HOA) with global Chinese iron ore and
> metallurgical company, the Haoning Group, to enter into a strategic future off-take
> agreement.


----------



## Whiskers (23 October 2008)

Another interesting turn of events again since Mr Wang from JMS wanted a seat on the board of MDX.



> The Directors of Jupiter Mines Limited (ASX: JMS – “Jupiter”) announce that the Company
> has received *a proposal from Pallinghurst Resources Australia Limited and Red Rock
> Resources PLC seeking to vend certain assets into the Company*.
> The consideration for this would be an issue of shares which would be *likely to lead to a
> ...




Interesting that Andrew Bell is on the board of JMS and Chairman of Red Rock and Priyank Thapliyal is on the board of JMS and Pallinghurst. Chairman of Pallinghurst is the former CEO of BHP-Billiton, Brian Gilbertson.

It's looking a lot like Pallinghurst is after MDX to expand it's iron ore portfolio.

By the reaction of MDX directors (above) it'll be hostile and hard fought.

Only hope it'll be profitable to hold now.


----------



## JimBob (26 October 2008)

Yeah, by the sounds of it, Mr Wang and the investors he represents want Mindax to merge with Pallinghurst/Red Rock.  I guess Andrew Tsang has other ideas.

Looks like more delays from the latest ACMC meeting, not making a recommendation on their application.  hopefully its not too long before we hear what the Minister's position is.


----------



## Whiskers (31 October 2008)

From the latest 'Change of Directors Notice'  it seems that Mr Andrew Tsang and his wife now holds 26.6m shares... over 29% of Mindax.

Seems like mr Wang and JMS is shut out for the moment.

But the question is, what's Andrew Tsang's intentions!


----------



## Whiskers (31 October 2008)

Whiskers said:


> From the latest 'Change of Directors Notice'  it seems that Mr Andrew Tsang and his wife now holds 26.6m shares... over 29% of Mindax.
> 
> Seems like mr Wang and JMS is shut out for the moment.
> 
> But the question is, what's Andrew Tsang's intentions!




Oops... I made a blue.

Make that Mr Andrew Tsang and his wife now holds 26.6m shares... over 20% of Mindax.


----------



## doubledark (12 November 2008)

Anyone still following this stock? 

What's your thoughts as to the decline in value?

I would have thought with the director buying that this stock would be a bit more stable in value.

thanks


----------



## ole (12 November 2008)

I am watching this stock..have even thought to contact Gregory Bromley to enquire the reason/strategy for the downturn. Has anyone any thoughts as to whether this is the demise of Mindax now that Pallinghurst appears to have the company in its sights?


----------



## JimBob (12 November 2008)

The downturn, IMO, is mostly due to delays with getting their drilling permit application through the ACMC.  This has been going on for most of this year with still no end in sight.  Makes you want to  when after 8 months of information requests, the ACMC decided not to make a decision on the permit.  The holdup is due to a mythological site that is in the middle of the Mining Lease area at Mt Forrest.  The registered native title claimants in the area are partners in the project and do not support this claim.

On the ACMC website  
http://www.dia.wa.gov.au/Documents/HeritageCulture\/ACMC/Ministerial Decisions 4-11-08.pdf

there are nearly 40 applications awaiting approval stretching back to June.  This is partly due to the recent change in governement in WA.  So Mindax isnt the only company being frustrated by delays.

The recent declines have been on pretty low volume.  There arent many buyers apart from Andrew Tsang so the price can drop pretty rapidly.  There still isnt that many for sale under 40c, its just a matter of being patient while the drilling application gets processed.


----------



## JimBob (7 March 2009)

Is anyone still following this?

It has recovered quite well from its lows made in December 09, albeit on lowish volume.  Price rise has been mainly due to Andrew Tsang continuing to build his stake, now up to 22.4%.  He has also been busy buying up DRX - Diatreme Resources.

Exploration still being delayed by heritage issues, although they are due to start drilling in some parts of Mt Forrest this quarter.


----------



## ole (10 March 2009)

Yes, I have been following the share - much appreciate your chart it just shows me so clearly where I should have bought again! Had expected a further pull-back not such an increase - especially when only interest over the last couple of months appears to be Mr Wang.


----------



## ole (11 March 2009)

Whoops! A correction needed to my message above - of course I have spelt Mr Tsang's name incorrectly. Most remiss of me.


----------



## JimBob (14 July 2009)

After an 18 month delay, Mindax have been been granted approval to begin exploratory drilling in part of their Mt Forrest lease.

http://imagesignal.comsec.com.au/asxdata/20090714/pdf/00968479.pdf

Although they now have to reapply for drilling approval over the remainder of their site, at least some progress can now be made towards the commencement of a drilling program.

Im a little surprised there was no response from the market today, this is good news after such a long delay.


----------



## JimBob (28 October 2009)

Mindax has touched a new all time high of 55c before closing at 52c, albeit on lowish volume.  Market Map is $67 million currently.






Drilling is due to start at Mt Forrest in November on a portion of the site, drilling clearance for the rest of the site is being sought at the November meeting of the ACMC.  They are also set to release an upgraded exploration target in November.  

Top 20 hold 81.8% of stock, so it is tightly held but thinly traded.

Apart from Iron Ore, Mindax have also recently discovered a potential new Uranium province recently during Scout Drilling at Mukinbudin.  Interesting times ahead for the company, will be interesting to see what results they get in the future.


----------



## JimBob (13 December 2009)

After a two year delay, drilling is set to commence at Mt Forrest Iron Project this week.

http://www.asx.com.au/asxpdf/20091211/pdf/31mpr93nl3zyjc.pdf

The Directors of Mindax Limited are pleased to advise that
drilling is set to begin at the Mt Forrest Iron Project, in the
Richardson Ranges, on 15 December 2009.

Mt Forrest is located 150 km north-west of Menzies, WA and
the railway line which connects with the Port of Esperance.
All necessary approvals are in place and 14 holes are to be
drilled in the Toucan prospect at the northern part of a block
of seven mining leases covering 50 sq km. The leases are held
by Mindax's 100 percent-owned YilgIron Pty Ltd.

Systematic detailed mapping and rock chip sampling
indicates extensive hematite-magnetite mineralisation at
surface extending over 17km of strike.

With the project gaining momentum, Mindax has appointed
Mr John Vinar as General Manager – Mt Forrest Iron Project.


----------



## JimBob (16 December 2009)

Mindax have announced a Share Purchase Plan and bonus option issue.

http://www.asx.com.au/asxpdf/20091215/pdf/31mr30gdksygc7.pdf

Shareholders can subscribe for up to $15k in shares at 50c each.

Additionally, they are proposing a bonus option issue of 1 option for every two Mindax shares held with an exercise price of 75c and expiry of 1 December 2011.

Proceeds from the Share Purchase Plan are going to be used to fund the accelerated Mt Forrest exploration program as well as exploration at the Yilgarn-Avon Uranium prospects.

As the current share price is 52c, for me the price would have to rise a bit before the closing date of 8 January 2011 in order for me to participate, otherwise it is just as easy to buy on market.


----------



## ajc13b (16 December 2009)

Big fan of MDX, they have helped hold my little portfolio higher in the water than it should have over the past 2 years. Will participate in this offer


----------



## JimBob (31 December 2009)

*High grade (63.4% Fe) intersections from Mt Forrest Iron Project
drilling*

http://www.asx.com.au/asxpdf/20091231/pdf/31n06hcspvnwrj.pdf

These very early results in our reconnaissance of the Mt
Forrest ironstone system bear out the modelling generated
from systematic detailed surface mapping and rock chip
sampling. Prospective ironstones shown by surface mapping
are confirmed by intersections at depths up to 50 metres
below the surface.
These confirm the presence of high-grade haematites:
· 5m @ 63.4% Fe from 31m in MFC0003
· 4m @ 62.9% Fe from 13m in MFC0007
· 3m @ 61.7% Fe from 7m in MFC0001
within wider iron rich (haematite and geothitic) zones of
various widths ranging up to 19 metres thickness.

All necessary approvals are in place for 14 holes to be drilled
in the Toucan prospect at the northern part of the project
area. Drilling is expected to resume on 6 January and full
results should be available in late January.


----------



## JimBob (27 March 2010)

Stage 2 drilling now underway at Mt Forrest

http://mindax.com.au/upload/documen..._20100326ExplorationUpdate-MtForrestFINAL.pdf

The RC Drilling program is focusing on highly ranked prospects; Cassowary, Rosella, Parrot, Corella, Mitchell, Cabaret Bore and Toucan North.  They are currently targeting 90-100MT of DSO Iron Ore at Mt Forrest.  Mindax has been plagued by heritage issues but have permission to drill on about half their Mt Forrest site with an application for the remainder of the site heard at the March ACMC meeting, results pending.

Drilling has also commenced on the Yilgarn Avon Joint Venture searching for Uranium.  This drilling will further define the Jindarra area whereYAA0184 encountered 37-38m 1m @ 1690ppm U(equivalent to 0.20% U3O8) and YAA0188 encountered 38-41m 3m @ 1243ppmU (equivalent to 0.15% U3O8).

Looking forward to some drilling results over the next few months.


----------



## Whiskers (27 March 2010)

Yeah JimBob, good to see some progress being made here. I'm out atm but looking to get back in sometime down the track.

I'm thinking the price will probably correct back a bit further until all these heritage issues are sorted and some good exploration results come in.

My weekly log chart confirms it could break south anytime.

I expect it to coincide with the completion of a Flat (EW) correction in the wider market soon.


----------



## JimBob (31 March 2010)

Revised Exploration Targets released today:

Now targetting 2.5-2.8 billion tonnes or magnetite (up from 650-750MT) and targetting up to 105MT DSO.  

Initial JORC DSO resource of 1.2MT @ 54.8%Fe and 387MT @ 31.4%Fe Inferred.  The current 9000m drilling program is looking to confirm or upgrade the DSO target.


----------



## JimBob (24 May 2010)

Mindax concludes a capital raising of $7.8 million with the issue of 15,000,000 shares to Lion Asiapac (LAP) at 52c per share, a 5c premium to the current share price.

http://www.asx.com.au/asxpdf/20100524/pdf/31qgwjmmy4lnrn.pdf

Funds from the placement will be primarily used to fund further drilling at Mt Forrest where Mindax is targetting up to 105MT of DSO Iron Ore and up to 2.8billion tonnes of Megnetite.

Following the placement, Mindax will have approximately $12.35 million cash in the bank.


----------



## Whiskers (24 May 2010)

JimBob said:


> Mindax concludes a capital raising of $7.8 million with the issue of 15,000,000 shares to Lion Asiapac (LAP) at 52c per share, a 5c premium to the current share price.
> 
> http://www.asx.com.au/asxpdf/20100524/pdf/31qgwjmmy4lnrn.pdf
> 
> ...




Yes, they are plugging along quite nicely. I'm keeping a close eye on them looking for a nice dip in price to buy back into, probably sometime 'just' before all this mineral tax business is sorted out.


----------



## JimBob (31 July 2010)

Mindax quarterly report with updates on the Mt Forrest Iron Ore Project and their Uranium projects.

6897m of drilling testing 8 out of 17 targets have been drill tested with 3 new target areas identified in the initial scout drilling phase.  4000m of second round drilling is underway in order to release a DSO JORC resource at the end of September.  Grades and depths vary quite a bit but the initial drilling phase was more to pin point areas of higher grade Iron ore with the second round to determine a resource size.


Further Uranium mineralisation has been uncovered at Jindarra over an area  2km long  by up to 300m width.  Further Drilling is underway in order to establish a resource size.  They have stated that the current results are sub-economic, not sure if this is due to a  low resource size or due to the current uranium prices making extraction unviable at present.

The next quarter should see more news than the first half of the year.  Im interested to see what sort of resource they come out with at the end of September.  With further areas of high grade Iron Ore being uncovered during drilling, they have a good chance of acheiving their 75-105MT DSO target IMO.


----------



## JimBob (1 August 2010)

Does anyone know how to calculate a potential Uranium resource size at Jindarra?

A zone at a nominal depth of 60 metres appears to be geologically consistent and extends over 1000 m length by 100 to 300 m width and with intervals of 1 to 5 metres of >100ppm U.

1000m x 200m (average) x 2.5m (average) = 500,000m3.
Specific gravity of Uranium is 19.05
Do you multiply 500,000 x 19.05 to get 9.75MT of 250ppm (average) Uranium or 2437T Uranium?

I realise these figures are just rough, just trying to work out what sort of resource they might be looking at.


----------



## JimBob (27 September 2010)

A good day for Mindax today with a single order of 491589 shares or $245k going through taking the price back up to 50c.  There has been very little volume lately with this stock but the next round of results from the Mt Forrest Iron Ore project are due by the end of September which might spark some more interest.

They are targetting 100-110MT of DSO and 2.5-2.8BT of lower grade magnetite.


----------



## JimBob (7 October 2010)

LAP exploration have been increasing their stake in Mindax, currently at 11.37%.  LAP failed in a takeover of Polaris Metals earlier this year, losing out to Mineral Resources, so there is potential for them to keep building their stake for a takeover somewhere down the track.  Mindax does have a few substantial holders: Andrew Tsang, Jupiter Mines and Tse Ngai Yeung and the Top 20 hold around 82% of the company so any takeover attempt would be difficult.

Drilling results from their Mt Forrest Iron ore project are due any time now


----------



## JimBob (12 October 2010)

JORC resource at Mt Forrest increase to 1.01 billion tonnes at 31.4%Fe and 4.5MT @ 54.3%Fe DSO.

http://www.asx.com.au/asxpdf/20101012/pdf/31t1vlcjg5hj75.pdf

A new 14,500m drill program is set to commence in late October to increase the size of the JORC resource.  They are targetting 2.5-2.8BT of magnetite and the current JORC is over 13km of a total of 20km strike.  The DSO target was around 100MT so the 4.5MT amount achieved fell well short of expectations although there is some potential for further DSO with a number of target areas still untested.  Mt Forrest will now have to shift focus from being an initial DSO mine to a primarily magnetite production mine with the possibility of a small amount of DSO production.  

Mindax have also helped form the Yilgarn Iron Producers Association to press for co-operation with infrastructure. Eleven miners and explorers from the region are in the association, approximately 160km of new rail will be needed to service the Mt Forrest mine, the cost of this will hopefully be shares amongst the 11 other explorers who will also need the new rail.


----------



## JimBob (16 January 2011)

Mindax has recently kicked off on a very active drilling season with six drill rigs drilling on their three main project: Mt Forrest Iron Ore, Jindarra and Yandegin for Uranium and Mortlock for Copper-Gold.  This year is critical for Mindax with options exercisable at 75c expiring at the end of the year.  Volume has been non-existant for quite a while, good results from the current drill campaign may be enough to generate some spark.

http://mindax.com.au/upload/documen...X/20110111_20110111ExplorationUpdateFINAL.pdf

4 drill rigs are now at Mt Forrest where they are working to increase their 1.01 billion ton @ 31.3%Fe resource, drilling is expected to be complete in March.   The PFS for the Mt Forrest project is due around the end of June this year following the resource upgrade.

1 drill rig will be drilling for Uranium to follow up on the high grade results (0.63%U3O8) achieved last year.  15,000m are being drilled this year with the aim to determine a resource size in their prospect areas.

1 drill rig will be drilling for Copper-Gold at Mortlock, drilling is just about complete and results anticipated in mid-february.


----------



## JimBob (26 March 2011)

A resource upgrade for Mindax's Mt Forrest Iron Ore Project is due in the coming week, together with a scoping study on the project.  They have recently uncovered a soft, higher grade magnetite material close to existing DSO which would greatly reduce production costs.  Current JORC stands at just over 1billion tonnes of magnetite and 4.5MT of DSO.

http://www.proactiveinvestors.com/c...g-study-at-mt-forrest-iron-project-13278.html

Mindax readies for resource upgrade and scoping study at Mt Forrest iron project
Thu 9:23 pm by Proactive Investors

Mindax (ASX: MDX) has a resource upgrade immiment at its one billion plus magnetite resource at Mt Forrest iron ore project in WA's Yilgarn region as well as a scoping study due by the end of March.  It has released a batch of drill results with some strong downhole widths and magnetite grades from latest drilling. Six of the eight magnetite targets drilled confirm magnetite mineralisation intersections persist at depths greater than 250 metres below the surface.  Which is all a precursor to Mindax quantifying a strong business case within the scoping study for a 30 year mine life and likely advancing the project directly to a prefeasibility study such is the company's confidence in Mt Forrest.
What renders this lightly traded, low market capitalisation stock more interesting is it has uncovered a soft higher grade magnetite material close to existing Direct Shipping Ore which would require little beneficiation and less cost to produce. 
An initial DSO operation could exploit 4.5 million tonnes @ 54% with just under 66% already in the indicated category.  The DSO could be a handy early cash flow earner for the project.
With the billion tonne resource likely to increase further in March, the ore at Mt Forrest has a low silica and low phosphate and no sulphur, which is inviting for steelmakers.  Davis Tube test work at Emu and Dingo has returned has returned a higher grade than its peert of with iron content greater than 68%. 
Mindax is more advanced for infrastructure than most as it has leases for transport corridors to the Menzies railhead in place and negotiations with rail, port and other infrastructure partners are also well advanced.
With $5 million in cash, Mindax is well placed to move ahead in the short term.  A resource upgrade and scoping study results could likely focus interest on the company and its project and open new fund raising avenues.
While the likely capital cost to develop the project is not likely to come cheap, Mindax's Mt Forrest project is ticking many boxes.  It is very conservatively valued relative to its WA peers on an enterprise value.


----------



## JimBob (14 April 2011)

Mindax has announced a 41% increase in its magnetite resource at Mt Forrest which now stands at 1.43 billion tonnes.  Share Price is unmoved following this and an announcement of a share placement and entitlement issue at 35c.

http://www.proactiveinvestors.com.a...-in-central-yilgarn-iron-province--15500.html

Mindax (ASX: MDX) has boosted the magnetite mineral Resource by 41% at its Mt Forrest Iron Project, making it the biggest JORC Resource in the Central Yilgarn Iron Province of Western Australia. 

The upgraded Indicated and Inferred Resource statement was carried out by Snowdens and now stands at 1.43 billion tonnes at 31.5% iron (Fe), up from the Inferred 1.01 billion tonnes in October 2010.

The Resource now includes 82.9 million tonnes at 32.4% Fe in the Indicated category. 

The project has good access to infrastructure as it lies 160 km north-west of Menzies, which is on the railway line to the deepwater iron ore port of Esperance.

Importantly, extensive Davis Tube Recovery (DTR) at 40 microns work has confirmed the potential for the magnetite mineralisation to be beneficiated to produce a marketable Fe concentrate.

What renders this lightly traded, low market capitalisation stock more interesting is it has uncovered a soft higher grade magnetite material close to existing Direct Shipping Ore (DSO) which would require little beneficiation and less cost to produce. 

Diamond drilling has delineated significantly altered areas where the magnetite grain size is coarse and the mineralised material soft. 

Ongoing geological-metallurgical work has identified magnetite-martite mineralisation that can be potentially upgraded by beneficiation to direct shipping ore (DSO). 

With less than 50% of 20km strike tested, the company should further boost the resource, which Mindax estimates will occur in May.

The project covers seven Mining Leases over 50 km².

A drilling program scheduled for late May is set to further increase the resource in the Indicated category.

Geological modeling of primary magnetite resource confirms the potential for additional DSO material in the overlying oxidized zone.

This material includes hematite-goethite material and super-gene magnetite-martite mineralization. This DSO resource will be updated in the next few weeks.

Based on this magnetite resource update the Mt Forrest Magnetite Scoping Study will be finalized and reported by month end.

Mindax aims to quantify a strong business case within the scoping study for a 30 year mine life and likely advancing the project directly to a Prefeasibility Study.

An initial DSO operation could exploit 4.5 million tonnes at 54% with just under 66% already in the indicated category. The DSO could be a handy early cash flow earner for the project.

With $5 million in cash, Mindax is well placed to move ahead in the short term.  A further boost in the resource base plus scoping study results due by month's end add a milestone and catalyst for further valuation increase.

Mindax's Mt Forrest project is methodically ticking the boxes.  It is very conservatively valued on an enterprise to resource basis to its WA peers.  With the resource upgrade, and ability of the project to produce a marketable Fe product, it would not surprise to see end users knocking on Mindax's door.


----------



## Whiskers (15 April 2011)

Are you still holding this, a long term holder, JimBob?

It's still on my watchlist, but I'm unsure what it will take to get the price moving again.

Sometimes I wonder if there is a bit of a glut in Iron Ore explorers on the verge of production and investers are becoming a bit fussy about what the invest in.


----------



## JimBob (15 April 2011)

Yeah, looks like im bunkering down for a while longer.  Interest fell right off once it became clear they weren't going to achieve their DSO target and production is still a few years away so there are probably better places to park your cash for the time being.  If they can increase their DSO amount by a decent number they might spark some more interest but they are still making steady progress and ticking the right boxes as they go along.


----------



## JimBob (8 March 2013)

Its been a long time since posting in this thread but Mindax has started recovering from its recent lows with buying picking up a bit in the last few days.  

Mindax have recently announced that they are in discussions with a potential strategic partner for Mt Forrest.  They announced a JV with Sumitomo in early 2012 which was rejected by some board members which led to a board shuffle and new MD.  The Sumitomo deal last year caused a share price spike to 20c so im hoping for a 20c target on confirmation of a new JV partner at Mt Forrest.

Mindax have undertaken a new drilling program at Mt Forrest targetting detrital Iron which easily beneficates to a DSO type product.  They are targeting exports through Esperance in 2015 in line with a proposed port upgrade.  Mindax have also commenced drilling at their Mortlock Copper-Gold project and are also working on their gold project at Meekatharra which is along strike from Doray Minerals high grade Andy Well mine.  

Looking forward to a more positive 2013 and hopefully some positive news in the near future.


----------



## JimBob (26 March 2013)

Mindax is currently in a trading halt pending an announcement regarding a potential partner at Mt Forrest to fast track the feasibility development of the DSO component.  Still not a lot of interest in this stock but i am sticking with my 20c short term target on the back of this announcement (assuming it is positive of course).  

Mindax also has drill results pending from Mt Forrest, its Uranium project, copper/gold project and its gold project so should be a steady flow of news in the coming months.


----------



## JimBob (28 March 2013)

A strategic partnership has been proposed between Mindax and Perpetual Mining Holding Limited which enables then to acquire up to a 51% stake in the DSO component of Mt Forrest and 49% of the magnetite component by spending $52 million which will be used to fast track the feasibility and development of the project.

Still very low volumes being traded but the share price has climbed to 15c on the back of this announcement.


----------



## greggles (14 May 2021)

MDX re-instated to official quotation today after a close to two year suspension. The company has turned their energies to the exploration of the Meekatharra North Gold Project in WA given the increased interest in gold in recent times.

MDX has a cash position of ~$1.9 million with working capital as at 12 May 2021 of $1.59 million. This gives them a resonable amount to carry on exploration activities with. No idea of expected capital outflows in the near term other than an estimate of $470,000 budgeted for the second phase drilling program at the Meekatharra North Gold Project.


----------



## barney (14 May 2021)

greggles said:


> MDX re-instated to official quotation today after a close to two year suspension. The company has turned their energies to the exploration of the Meekatharra North Gold Project in WA given the increased interest in gold in recent times.
> 
> MDX has a cash position of ~$1.9 million with working capital as at 12 May 2021 of $1.59 million. This gives them a resonable amount to carry on exploration activities with. No idea of expected capital outflows in the near term other than an estimate of $470,000 budgeted for the second phase drilling program at the Meekatharra North Gold Project.



Did these guys do a Share consolidation while off the air @greggles 

If they didn't, what the Mc Hell happened today  

Last close 0.003

Today's Open 0.015   (Is that 500% !!)

Today's High 0.235  (Is that over 7000%)

Currently 0.045  (That is actually 1400%)

I think the World is about to end


----------



## Sean K (14 May 2021)

barney said:


> I think the World is about to end




Looks like a 1600s Dutch tulip.


----------



## Dona Ferentes (14 May 2021)

_Don't usually, but here's the  mottled bunch_..

We assume the 6,000% gain from Mindax Limited (ASX:MDX) probably caught your eye at the top of today’s winners list.

One could argue it’s not an intraday gain as such, because the stock has been in suspension since June 2019 for breaching sub-sections from Chapter 12 of the ASX Listing Rules around on-going requirements (including 12.2 — financial condition).

The company wasn’t totally inactive in that time, announcing a ~$2m capital raise last June at 0.5c per share. Investors who participated in that raise would most likely be delighted at today’s reinstatement price which rose as high as 20c.

Mindax’s assets include the Mt Forrest magnetite iron ore project in WA, where it has established a joint venture with Norton Gold Fields Pty Ltd — a subsidiary of the China-based Zijin Mining Group.

Earlier this week, Mindax announced that Norton has now received Foreign Investment Review Board (FIRB) approval for its proposed earn-in of a 19.9% interest in the Mt Forrest Project, which has a proven JORC resource of over 1.7 billion tonnes.


----------



## greggles (17 May 2021)

barney said:


> Did these guys do a Share consolidation while off the air @greggles
> 
> If they didn't, what the Mc Hell happened today
> 
> ...




I can't see any mention of a share consolidation. All I can surmise is that we are in a completely different economic environment to the one we were in when MDX's shares last traded, which was well before the world ever heard of COVID-19.

Now they have come out of suspension with a major iron ore project in an environment of sky high iron ore prices. MDX are up another 151% today and at current prices have a market cap of approximately $160 million.

I'm also a little confused about why they have run up so hard after such a long suspension, but I am sure that we will know the whole story very soon.


----------



## Dona Ferentes (17 May 2021)

greggles said:


> I can't see any mention of a share consolidation. All I can surmise is that we are in a completely different economic environment to the one we were in when MDX's shares last traded, which was well before the world ever heard of COVID-19.
> 
> I'm also a little confused about why they have run up so hard after such a long suspension, but I am sure that we will know the whole story very soon.



from the AFR today

_It’s not often a stock surges more than 7500 per cent in a lifetime, let alone a day. But hitherto little-known West Australian gold and iron ore tenement holder Mindax Ltd rocketed from a 1.5¢ open on Friday to 23.5¢ by lunchtime, before giving back 84.2 per cent to close at 3.7¢.

One self-styled trader boasted on social media of making an unverified $1 million trading profit over the morning, perhaps in his dreams, while another boasted on Facebook of day trading “100k on this baby”. Reddit’s zany ASX Wall St bets forum also had a user posting Mindax trades and profits to other users.

At its peak, the whipsawed-explorer boasted a market cap of about $400 million before losing $337 million of its value over the afternoon to close on a $63 million market cap. This still isn’t bad for an explorer with no operating cash inflows and balance sheet assets of just $4.6 million made up of $1.9 million in cash and tenement exploration assets valued at just $2.7 million.

The largely Chinese-owned miner lists its largest shareholder as *Lai You*, who accounts for 11.82 per cent of the register, with *Meilian Zheng* and *Jianchun Yung* the next two largest holders, accounting for 6.52 per cent and 6.42 per cent of the register respectively.

On the same day as the yet-unexplained trading frenzy, Mindax was returning from a near two-year ASX suspension for non-compliance with listing rules when it last closed at 0.3¢. But even a revaluing of the long-suspended stock’s tenements in light of rising iron ore and gold prices would hardly explain the day’s frenzied trading.

The ASX’s day traders will surely be watching whether Mindax’s rollercoaster ride continues. And we don’t expect the stock market’s compliance team to be far behind.

..... __the last para !! _


----------



## greggles (17 May 2021)

MDX share price is now collapsing from this morning's highs. After hitting 11c soon after the open, it is now trading at 7.9c and looks like it will continue lower this afternoon.


----------



## barney (17 May 2021)

Dona Ferentes said:


> _The largely *Chinese-owned miner* lists its largest shareholder as *Lai You*, who accounts for 11.82 per cent of the register, with *Meilian Zheng* and *Jianchun Yung* the next two largest holders, accounting for 6.52 per cent and 6.42 per cent of the register respectively._




That explains a lot.   I'd rather be a spring roll than a dim sim


----------

