# TMR - Tamaya Resources



## chris1983 (1 December 2006)

Keep an eye on this one.  Formally known as SMO.  Name change in effect today.

They have a producing mine in Chile.  Good exploration tenements in and around Charters Towers, north Queensland.  They have no debt.  They are funding and expansion of their Puntaqui mine in chile with existing cash flow.

Great management team.


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## Impala (6 December 2006)

Quite right Chris!  And the reason they've got a good management team is because they've also got a great board. Not the usual bunch of variable quality geologists. They moved rapidly and effectively when Chilean operations didn't perform satisfactorily.  Not sure why Richard Palmer sold 8m shares recently, but he did hold a swag of them, and there was a ready institutional buyer. I think Tamaya is another Oxiana.


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## bigt (7 December 2006)

TMR taken quite a hit in the last month or so...slowly trending down. Any opinions on why this is occuring? Strong copper price should keep this moving up?


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## oliverwinchester (16 December 2006)

Article posted in two sections due to size:

December 2006 RESOURCESTOCKS

COVER STORY

Resurrection of the year - Winner SMC Gold

The Resurrection of the Year is one of the most interesting Best of the Best awards, recognising a company that has made the best comeback over the preceding 12 months.
Whether it be a change in management, a change in commodity focus, the overcoming of an operational impediment or a combination of factors, a number of miners and explorers again managed to haul themselves off the canvas this year to be worthy nominees for the Resurrection of the Year award.

Turning gold into copper

The worthy winner of the award is SMC Gold, which has reinvented itself from being a Queensland-focused gold explorer to a successful Chilean-based copper-gold miner.

The resurrection of SMC Gold is startling as much for the transformation that has come over the company, as for the timeframe it has occurred in.

The company's operations in Chile are centred on its Cinabrio mine and Punitaqui processing plant around 400km north of Santiago, and much of the credit for the turnaround in SMC Gold's fortunes can be attributed to its new management team headed by chairman Hugh Callaghan and managing director Mike Fischer.

Callaghan joined the company in late June, initially as non-executive chairman before becoming executive chairman. Since that time, Fischer and Steve Playford (general manager, Chile) have been appointed, and more recently Rio Tinto veteran Jim Squire became a director.

The new team has presided over an increase in production from its Chilean copper operations, and a corresponding rise in profits and decrease in operating costs.

In the September quarter, SMC's consolidated earnings before interest and tax increased 10.2% to $A3.65 million on the back of a 20.4% rise in copper production at the Punitaqui operation.

Cash costs for the quarter dropped from $US 1.82 to $1.58 per pound copper.

Australian Executive of the year

2nd place - Hugh Callaghan, chairman SMC Gold

The Executive of the Year is one of the premier "gongs" in RESOURCESTOCKS' annual Best of the Best awards, and has previously been won by such industry notables as Oxiana's Owen Hegarty, and Tony Palmer.

Up and comer

Apart from being particularly happy to see Harmanis take out first place in the Executive of the Year award, the Best of the Best judges were also well satisfied to see Hugh Callaghan recognised as the runner-up in the award.

Callaghan may not be as high profile as some of the other nominees, but his efforts in transforming SMC Gold from a Queensland-focused gold explorer to a copper producer with its operations centred on Chile make him a worthy nominee in a heavyweight field.

Callaghan has previously revamped Sydney-based, African-focused coal miner Riversdale Mining, where he was the managing director, and he has now turned his considerable talents to SMC Gold.

Commencing with SMC Gold in June, Callaghan's achievements in such a short period of time have been remarkable. So much so that under his leadership SMC Gold was named winner of the Best of the Best Resurrection of the Year.

In the past Callaghan has worked in a variety of roles for Rio Tinto and Xstrata, and has specific expertise in the copper industry which has included working with major copper operations around the world.

This has seen him work as part of the management team at the largest copper mine in the world, the Escondida copper mine in Chile, and his combined knowledge of both copper and Chile make him the ideal candidate to lead the transformation of the company.

The market has also caught on to the Callaghan-led reinvigoration of the company, with its share price nearly tripling from the middle of the year, to 24c on November 8.

CORPORATE PROFILE

SMC rides high on Improved copper prices and Increased production

One Australian junior is showing that with the right strategies and the appropriate mining experience and expertise there are commercial opportunities to be pursued in overseas markets, even for small caps. By Lou Caruana.



With its Chilean operations well into production and already generating cash flow in excess of $5 million a quarter, copper-gold producer SMC Gold has captured the attention of the market recently, thanks in part to the soaring commodity prices that have been a boon for the whole sector.

Currently, the company owns a copper�gold project 410km north of Santiago, Chile, comprising the Cinabrio mine and the Punitaqui processing plant, with other copper and gold resources under development.

It also has gold exploration on gold tenements over 268 square kilometres in the historic and highly prospective Charters Towers goldfield region of northern Queensland.

However, the company's focus is now squarely on Chile.

In fact, shareholders have been asked to vote on a new name - Tamaya Resources Limited - that reflects its renewed focus on Chile and its copper-gold deposit that sits on the Atacama trend.

Recently appointed executive chairman Hugh Callaghan believes that Chile is a mining destination waiting to be discovered by junior mining companies. "It has a developed mining culture with top flight engineers graduating from the country's engineering schools. Its sovereign risk is low, and above all else it has a marvellous geological endowment."

While BHP Billiton has had its share of industrial problems at Escondida, SMC has negotiated a 40-month wage agreement with its workforce. Callaghan said that there is no skills shortage in Chile and that the agreement negotiated was competitive internationally.

Within Chile, the location of SMC Gold's operations is also ideal, with access to water, power, and qualified and trained people as well as a sound transport infrastructure.

The company's managing director, Michael Fischer, is also passionate about the Latin American team he has gathered around him. He is part of a new board and management team that has breathed fresh air into SMC since joining in June 2006, and given the listed miner a new direction and tighter operational focus.

Callaghan - chief architect of the company's transformation - has put together a tight team of Australian mining professionals with years of experience in optimising mining performance behind them.


"We already have some quick runs on the board, which we have achieved through disciplined management of basic processes," said Callaghan, a mining industry executive with senior level experience with the likes of Xstrata and Rio Tinto, including work in Chile at the giant Escondida copper mine.

With a market capitalisation of around $115 million, SMC Gold is still a small cap, but intent on leveraging its unique position in the underexplored Andes to grow through strategic acquisition and increased plant throughput.

"We believe in leverage," Callaghan told RESOURCESTOCKS. "The concept of leveraging a balance sheet, a portfolio of assets and our cash flows is central to our corporate strategy.
"Our first step is to consolidate the business and to ensure that we are driving the metallurgical performance of core assets to deliver good cash flow and a sound platform for growth.
"We will then leverage this position to access new opportunities. It's a simple model, and one that lends itself well to our operations in Chile."

Callaghan was previously part of the Riversdale Mining executive team that established a similar model in South Africa with an anthracite coal mine. He will again be applying this model to SMC Gold as part of a strategy to turn it into a mid-tier status copper-gold producer within two years.

The company has no shortage of growth options already in the pipeline.

The lack of a local mid-tier exploration and mining sector has left the South American nation underexplored, according to Callaghan. This has provided the opportunity for SMC, and the company is targeting the acquisition of a copper resource capable of producing between 32,000 and 40,000 tonnes per annum over a 20-year period.


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## oliverwinchester (16 December 2006)

Continued......

"In Chile, we have the opportunity of the mine expanding either organically or through acquisition. I am confident our next project will be a real company maker, it's just a matter of timing," said Callaghan.
Conscious of its impact on shareholder value, the model to be applied by SMC management consists of augmenting cash flow and improving the resource base without having to go to capital raisings.

The company is generating cash from its mine in Chile and has $2 million in the bank, with a further $3.5 million in revolving credit. To fund further expansion and acquisition, it is also negotiating with financial institutions for further or alternative debt facilities.

In short, SMC will not need to dilute shareholders' investments in order to expand production and to drive shareholder value through strategic acquisitions.

Since joining SMC the new management team has raised the financial and operational performance of the company, lifting profitability from $3.32 million in the June quarter to $3.65 million in the September quarter. It has also lifted copper concentrate production by 20.3% to 989t for the September quarter and increased recovery. Cash costs fell from $US 1.82 to $US 1.58/lb payable copper, a reduction of 13.2%.

Resource estimates have been revised at Cinabrio.

Resources have been estimated at 7.85 million tonnes grading 1.63% total copper, including 0.10% soluble copper, at a cut-off limit of 0.6% copper. To expand on this, SMC will be spending $US 1.8 million on exploration around its existing tenements, and is also developing a pipeline of projects.

The company is also negotiating with small landholders, prospectors and artisanal miners to acquire nearby tenements that have yet to be fully explored.

In the short term the upgrading of the current Punitaqui plant facility to mill 1250 tonnes of ore per day, by enhancing crushing and milling capacity and significantly upgrading flotation capacity, is critical to Punitaqui's future to enable both the treatment of the harder ores from Cinabrio and improve copper recovery to 80%.

SMC has budgeted $4.2 million for the initial upgrade project which is being funded entirely out of cash flow and will produce throughput of more than I 250tpd by December 2006.

This upgrade will then enable the planning of an additional upgrade that will push mill throughput to 2500tpd milled by introduction of SAG milling, and additional flotation and tailings capacity at the Punitaqui site.

Expansion to 2500tpd is expected by the end of calendar 2007, with project scoping to be started by the end of calendar 2006.

SMC has identified three critical performance indicators: daily plant throughput; copper recovery rates; and cash costs.

This focus has already seen an increase in daily plant throughput and a 12.6% improvement in total ore milled for the September 2006 quarter due to improved supervision and management. The December quarter will see a further 26% improvement to a targeted 1250tpd throughput, which will be achieved once upgrades are completed to the crushing, milling and flotation circuits.

Flowing from the upgrade, increased recoveries and concentrate grade improvements, with higher throughput, have a multiplier impact on earnings, according to Callaghan.

He said an 11.3% improvement in copper recoveries to 80% is expected in the March 2007 quarter, when the current plant expansion project is completed and both the rougher tail re-grind mill and the final concentrate re-grind mill are both commissioned along with the new flotation circuit.

Improvement of recoveries to about 88% is expected as part of the further expansion by December 2007, when a SAG mill will be added to the plant.

At 2500 tonnes per day throughput, with approximately 88 percent copper recovery and a copper concentrate grade of about 26 percent, Punitaqui will be a low cost operation which will have a marked impact on the company's profitability," said Callaghan.

While the favourable turn of the commodity cycle has helped SMC, the Australia-based junior is also benefiting from the expertise of a fresh management team that is determined to increase production threefold from current levels by early 2008, and rein in costs by internally funded upgrades to its processing plant at Punitaqui.

The fresh and focused approach by the new management team, and the methodical and strategic manner in which the production at Cinabrio and Punitaqui is being implemented, has seen the company's share price more than double since the end of fiscal 2006.


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## laurie (16 December 2006)

Honeymoon period over management now have to deliver the goods and the market thinks it's still SMO of the old   

cheers laurie


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## prawn_86 (27 May 2007)

I noticed it been a long time since anyone has even thought about this stock here. Not really so for the market. I have just bought a small stake and will describe my reasons:

It appears to be trending upwards and the new management team seems to be doing very well for itself. The directors have bout over $1.2 million worth of stock within the last 3 months, with some of them buying in at 24c when the year high is just 26c. this suggests to me they know something we do not, or they are very confident with their ability. The IBR merger has gone unconditional and should hopefully be complete next week. Even if it doesnt reach the magic 90%, TMR has said they will run it as one company. Perhaps the biggest upside for this is the fact that TMR already have a cashflow due to their chilean mine and as far as i understand their copper is unhedged, which in the short term may be volatile, it should lend towards greater earning overall (hopefully). A cash flow in a small cap like this is a great oipportunity for them to continue exploration. Managements vision is to be a mid-teir miner within 3-5 years.

Whats the other sentiment out there?


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## robandcoll (27 May 2007)

Notes from the AGM on Friday: These are not my notes but from someone who attended:

TMR - May 2007 AGM – Notes by shareholder who attended.

HC Presentation – Please read on line. It was distributed as an ASX document.

MF Presentation - Please read on line. It was distributed as an ASX document.

Other bits and Q&A – not really included in presentations

Secondary Listing is being considered. Think London, Toronto or New York. The fund managers LIKED the story. HC said “Expect significant re-rating”.

Executive Team is moving to London in the next 6-12 months. (To low cost suburb).

A question was raised about why Peter Evans was still on the board. Answer: He is resigning in about a month. 

Charters Towers – Mill is going to Armenia. The Richton leases will probably be sold, but with a royalty clause.

HC sees to merged entity becoming a global mid-tier metals company. HC’s definition of this is $US 500 Million. The merged entity would have a capex of $ 250 Million.

HC has been quoted as saying he believes the company will be worth 1 Billion by end of 2010.

The 1st Qtr of this year yielded $5.5Million, based on 1,250 tpd throughput and an average POC of US$3.01.
The current throughput is 1,500 tpd. By end of year it will be 3,000tpd.

This means 1 Qtr of 2008 will yield 2.4 times the $5.5Million EBIT, based on the same POC.

By January 2008 TMR will produce 26-28 Million lb of Cu annually.

But if the same POC is used the 2008 1st Qtr EBIT will be greater than 2.4, because the cost per pound of copper is going down with higher throughput. Let’s say 2.6. This means $14.3 Million EBIT. 

On a yearly base this would mean $57 Million for year 2008.

Folks! This is from Cenabrio only. 

Add to this the other assets of the combined entity and you are looking at some very nice numbers.

The March quarter saw an improvement from 19% to 25% in concentrate grade.

The June quarter will see an improvement from 70-72% to 78% recoveries. The reason for this is that as they dig deeper and go through the initial Oxide layer they reach the ore body.


Merger Talks

The offer will not be changed.
Current uptake is approx 75%.

Two institutional investors are accepting, but cannot until the last day of the offer. This is due to their charter. These two would add another 11%, taking us to 86%, which is only 4% short of the magic 90%.

However, should the 90% not be achieved, TMR will still go ahead as if there was one physical company. 

There would be some additional admin to manage the two entities and to ensure the minority holders are being looked after. HC said one very interesting thing on this topic. Suppose there are minority holders still out there when the company decides to invest in a project – what then? Well, the minority interest would be asked to cough up their part of the money required. 

This alone is enough reason to stop fighting the merger. Not to mention the illiquidity, this would occur.

HC - “Iberian is clearly NOT in production”.

Armenia
Lichkvaz - Extensive mineralisation.
Extensive drilling to be done Qtr 3 -4 /2007.
Resource target is +4 Million Oz of Au
Potential of > 100,000 Oz of Au pa
Current structure is that the ore body consists of ‘lenses’ of high grades. The new 
thinking is to include the lower grades surrounding the lenses. This would lead to a 
resource upgrade. 
Portugal
Montemor - Resource close to surface
50,000 meters of RC and diamond core completed.
Moving to full feasibility.
Objective is to prove +2 Million Oz of Au
Looking at production of 70-80,000 Oz pa from 2008-09.

Tungsten - No real update

End of Report
++++++++++++++++++++++++++++++++++


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## prawn_86 (2 June 2007)

so whats the general opinion out there now that TMR didnt achieve the 90% of IBR they wanted.
HC says he will continue on as though they are one company, and personally i cant see the advantages that the remaining IBR shareholders have by retaining their stock, as they are still liable for 14% of the costs. Hopefully one of the instos sees this and seels which will take it over 90%.
imo this is still quite undervalued as they are actually producing both gold and copper and running at a profti, which is always good for such a small cap stock.
hopefully over the next 6 - 12 months the market wakes up and starts to re-rerate them.


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## robandcoll (2 June 2007)

I am expecting the SP to retrace the odd cent or 2 next week as some IBR holders would be dissapointed that they have gone over to TMR and the 90% was not achieved. Resistance at 20c. Never under estimate HC. He will get get things going. Market will react then. Unsure if the 2 big holders are Institutions or Russian holders. Take them out and only leaves 2.43% of holder that did not go over. Will be interesting. I hold and very confident of a long term play.


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## robandcoll (9 June 2007)

Excellent Read:

Jolting life into Punitaqui

MEET the copper miner that is establishing itself as a mid-tier miner in a forgotten corner of copper-rich Chile. Report by Paul Garvey.

When Tamaya Resources managing director Michael Fischer says his management team was starting from a comparatively low base when they took control of the Punitaqui copper mining complex late last year, it is important to note exactly how low that base was.

Fischer widely uses the analogy that Punitaqui has just been through major surgery. Right now, the project – which has been on the receiving end of 10 intense months of overhauls, upgrades and improvements – is in the early stages of its rehabilitation. 

By the end of the year, when its 3000 tonne per day production capacity target is reached, Punitaqui will be fitter and healthier than ever before.

But Punitaqui's improving health is a stark contrast to the state in which the project found itself in mid-2006. If it is recovering from major surgery now, then it was on life support then.

Hanging on a wall in the office at Punitaqui is an old, undated, sepia-tone photograph of the plant dating back to the early days of the operation, which first came into production in the 1930s. 

According to the company's current management, the plant was little changed when they took charge in the second half of 2006. 

Looking at the overhauled plant that exists at the project at present, there are still components – albeit now decommissioned – visible in the old photograph.

In that intervening time frame since new management took charge at Punitaqui, much of the old plant, which was capable of processing just 800t of ore a year, has been removed or decommissioned. Along the way, the plant's capacity has improved from 800tpd to 1400tpd. 

At the time of MiningNews.net's visit in early April, Tamaya was in the final stages of commissioning a brand-new 3800tpd three-stage crusher that will replace the outdated unit currently in place.

The new crushing unit, installed at a cost of $US2 million ($A2.4 million), is capable of crushing up to 4000t of ore a day – well above the current daily plant throughput capacity. 

Should everything go to plan, that extra crushing capacity will be put to use before the year is out as the throughput capacity cranks up to 3000tpd.

Recent news that Tamaya has begun studying the potential of the oxide resources at Punitaqui's associated Cinabrio mine suggests Tamaya may eventually use that spare crushing capacity to support a solvent extraction and electrowinning component.

The new crusher is but one of the improvements being installed at Punitaqui.

Two new Larox concentrate presses will be installed alongside the unit already in place, while preparations are being made to add another thickener.

On top of that, two new floatation cells will be added before the year is out.

The two flotation cells, together with the one already being used, were all purchased from BHP Billiton's Escondida mine (indeed, the concentrate that was left in the bottom of the cells helped the mine's cash flow while the unit was being installed).

In addition, one of Tamaya's Chilean managers is currently in Europe overseeing the relocation of three second-hand ball mills out of Spain.

But the turnaround at Punitaqui goes far beyond the easily visible improvements at the plant.

Beyond the new equipment, arguably the biggest improvement has been in the management team assembled over the past year.

The management changes at Tamaya began in June 2006 when the company – then under its former moniker of SMC Gold – recruited Hugh Callaghan to the chairman's role.

Callaghan himself came to the company after a lengthy career within Xstrata and Rio Tinto. Prior to joining Tamaya, he was also responsible for taking Riversdale Mining from a cash shell into a profitable coal miner worth well in excess of $A100 million.

Since then, Callaghan has recruited a team of executives and managers who have spent the bulk of their long careers working together.

The first recruit was Fischer, a veteran mine manger who had spent time at the Tolukuma gold mine in Papua New Guinea and CBH Resources' Endeavour lead-zinc-silver mine in New South Wales.

Drawing on his experiences, Fischer helped recruit former Tolukuma colleagues Steve Playford and Peter Gilligan out to Punitaqui. Today, Playford serves as Tamaya's general manager – Chile, while Gilligan oversees the mining operations.

Nick Lindsay, who since December last year has held the post of Tamaya's director – exploration and business development, was a classmate of Fischer's at university more than 20 years ago, and worked with Fischer at CBH. Along the way, he spent almost a decade in Chile as Anglo American's South American exploration and business development executive.

More recently, Tamaya has engaged the consulting services of geologist ex-Pasminco chief geologist Colin Lutherborrow. He also has a CBH connection, having worked as an independent consultant for the miner.

The crux is that despite having only been together less than six months, the senior management is acutely aware of the strengths and weaknesses each member brings to operation.

Playford in particular has been a boon for the fortunes of Punitaqui. Fluent in Spanish, he is permanently stationed in Chile and does not see himself leaving South America.

For that reason, his future is tied to the success of the mine in more ways than many of his expat mine manager peers elsewhere in the world.

According to Playford, the new management at Punitaqui has introduced a focus on basic systems, protocols and safety policies that had previously been lacking.

As an example, he says, the Punitaqui complex now ranks as one of only two mines in the region where miners are equipped with self-respirators.

On top of that, the mine has had two firsts that are extraordinary only because the mine operated for so long without them.

Punitaqui now has a mining plan for the first time in its history. And in early April, Tamaya handed down the first reserve statement in the mine's history.

That reserve of 4.3 million tonnes grading 1.1% copper gives Tamaya the confidence to pursue the Cinabrio ore body, and the geologists onsite are firm in the belief that further tonnes will be added at depth.

The reserve covers only the top 100m of the ore body but limited deeper drilling has identified what appears to be ore body around 200m beneath the reserve's deepest cut-off point.

Promisingly, the ore body appears to be getting richer with depth. Limited drilling targeting depth extensions at Cinabrio have returned grades in excess of 3% copper.

The reserves, coupled with exploration success at depth, suggest Tamaya will have little problem sourcing the feed for the expanded plant down the road at Punitaqui.

Part 2 continues in the next post


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## robandcoll (9 June 2007)

The rest of it:


According to Gilligan, the main impediment to upping the mine's output will be ventilation.

Ventilation had long been neglected within Cinabrio, with the result being a wait of at least two hours after blasting before operations can resume.

Work on a life-of-mine return airway system began recently.

Alternatively, there's an outside chance Tamaya may make the belated move of mining Cinabrio as an open pit. The ore body itself sits within a small hill, and the base of the reserve is well above the valley floor at the foot of the hill.

Since Gilligan began at the mine at the start of the year, Tamaya has reported an improvement in both operations and conditions underground.

His task has been aided by the delivery of a new Tamrock twin boom Axera jumbo and the refurbishment of an existing jumbo. 

Tamaya expects the two jumbos to reach and open up the 3000tpd rate by the end of the year.

While the mine adjusts to meet the newfound capacity in the plant, Tamaya is churning through the more than 60,000t of stockpiled ore that was previously too large to process through the original plant.

As part of the upgrades, even the road linking the Punitaqui plant with Cinabrio will receive attention.

With 1400t of ore being moved each day, an average 150 trucks pass along the road between the mine and the plant – directly through the centre of the small town of Punitaqui.

In a move motivated as much by safety as efficiency, Tamaya will spend $US200,000-300,000 building a haul road around the town in readiness for the doubling of traffic that will come with the move to 3000tpd.

So what has Tamaya got to show for all these initiatives? 

During the March quarter, the Punitaqui complex yielded its fifth consecutive quarter of increased copper output.

The rise to 1245t copper-in-concentrate for the March quarter represented a 20.1% improvement over the previous quarter. 

Gilligan's immediate impact on the mine's output was reflected in a 9.5% gain in ore mined.

C1 cash costs, considered by many a key indicator of a mine's efficiency, fell 22.1% on the previous quarter's result to $US1.52 per pound.

In the context of a copper price hovering between $US3.00 and $US3.50/lb, those cash costs can generate some decent margins.

However, Fischer and his team can see continued room for improvement on that front.

First and foremost, the repeal of the treatment and refining charges inherited from the previous management should become visible in the bottom line from the June quarter onwards.

While Tamaya has not specified the amounts likely to be saved from the new TC/RC regime, do not be surprised to see savings in the realm of 30c/lb copper.

Additionally, the recent commissioning of a rougher re-grind mill at the end of April is expected to transpire into improved recoveries, while tonnages through the mill will be boosted by two months worth of ore from the newly installed crusher.

By the time the year is out and the expansion to 3000tpd is complete, Fischer expects cash costs to fall to as low as $US1/lb. 

In moving the operation from 800tpd to 1400tpd, Tamaya turned Punitaqui from a decrepit drain on cash flow into a handy earner.

At 3000tpd, Tamaya will be producing at an annualised rate of 12,000-15,000tpa of copper-in-concentrate. Should copper hold above $US7000 per tonne, Punitaqui could be generating more than $US100 million a year in revenue.

But that is by no means the end target for Tamaya.

In part two of MiningNews.net's in-depth look at Tamaya's Chilean asset base, we will look at the strategies that Tamaya hopes will ensure it has a foothold in Chile for a long time to come.


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## vvguru (13 June 2007)

good read, thanks a lot robandcoll. i hold quite a bit of TMR now largely
in red, but this gives me the boost of confidence.

cheers.


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## robandcoll (13 June 2007)

No problems. Got in very early when Hugh took over. Again have a large holding. It is one of those that you can rely as it is a producer and what will it be in 2009. Looking forward to Pt2 of the story though


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## prawn_86 (14 June 2007)

the latest BRW issue has a full page write up on Tamaya and HC! Saying how the new management team has achieved all its original goals and now hopes to be worth $1bill in 2010

check it out


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## robandcoll (15 June 2007)

Up 10% today, with increase in volume. Buy side is heavy compared to sell side. 

Another read:

Tamaya takes punt on Chile's coastal rangesFriday, 15 June 2007

COPPER miner Tamaya Resources may have established its credentials as a serious corporate manoeuvrer through its tilt at Iberian Resources, but on the ground in Chile the company is working on an ambitious growth strategy on several fronts. Report by Paul Garvey.

Those who have been keeping an eye on Tamaya in recent times will know about its takeover bid for advanced gold play Iberian, with that union expected to create a diversified copper-gold producer with projects in four continents and a market capitalisation in excess of $A200 million.

But what many may be unaware of is the multi-pronged approach to building a greater presence in and around its current position in Chile's coastal ranges.

For those unfamiliar with the basic geography of Chile, the nation comprises a narrow north-south strip of land hugging the southwest coastline of South America.

Running directly through the nation are two mountain ranges, the world-famous Andes and the lesser-known Coastal Range.

It is the Andes that are home to the massive, low-grade copper porphyry systems such as Escondida and Chiquicamata that have helped underpin the nation's economy and which have made Chile the world's largest copper producer.

Those world-famous deposits have also made the Andes a popular destination for miners and explorers on the hunt for the Big One.

The Coastal Ranges, however, are not as prominent as the Andes, both in terms of their physical height and their presence on the radar of international miners.

While the copper deposits of the Coastal Ranges are small and high grade in comparison to the large, low-grade mines of the Andes, the Coastal Ranges represent a major global copper production centre. It is one of the world's great iron oxide-copper-gold provinces, having thrown up world-class deposits such as Freeport's Candelaria.

According to Tamaya's Nick Lindsay, the narrow strip of land that is the Coastal Range yields around 500,000 tonnes of copper metal a year – in comparison, the entire continent of mineral-rich Australia produced just over 900,000t of copper in 2006.

It is in these ranges that Tamaya's short-term growth ambitions rest.

The potential of this area is obvious when driving north from the Chilean capital of Santiago to Tamaya's Punitaqui production centre, near the town of Ovalle.

The hills that line the sealed highway along the route are bare except for the cactus, goats and mine adits that dot them.

The adits, which can be seen almost continuously along the route from Santiago to Punitaqui, are the work of local "pirquineros", the artisinal miners who make a living hand-picking copper mineralisation out of the ground and selling the ore direct to state-owned copper smelters.

Despite the back-breaking nature of the pirquineros' work, artisinal mining is a key employer in the poorer regions outside of Chile's cities.

Under contracts with state-owned refiner ENAMI, pirquineros can mine 2000t of copper ore per month, then on-sell it direct to refineries in what is as close to a welfare system Chile has to offer for impoverished northern communities.

At the time of MiningNews.net's visit to Ovalle last month, dozens of ore-laden trucks were snaking for kilometres in a slow-moving queue towards the gate of the local smelter, ENAMI's Panucillo facility. According to Tamaya's Steve Playford, the queue seldom shrinks.

Tamaya is currently focused on improving the output of its Cinabrio mine and Punitaqui processing plant (see separate story here).

The company has also flagged the potential of yielding another 2000-3000t of copper each year through the addition of a solvent extraction and electrowinning circuit to Punitaqui.

In addition, Tamaya's first attempts at drilling long-forgotten prospects in and around Punitaqui have met with early success.

One of these key prospects is San Andres, a hill literally a stone's throw from the Cinabrio mine that Tamaya hopes could host a repetition of the Cinabrio system.

*Initial drill core appears promising, but assay results are unlikely to be known until the release of the company's June quarterly report.*
The miner recently announced it had advanced up the exploration food chain with the Cerrillo Tamaya project.

Cerrillo Tamaya, which sits to the northwest of Punitaqui and from which the company took its name, was for 100 years one of the world's largest copper mines.

Cerrillo Tamaya was mined on a commercial scale between 1575 and the early 1930s, and was an incredibly high-grade system – indeed, much of its early production came at the stunning grade of 25% copper.

Today, the mine is still being worked by a dedicated band of pirquineros under an arrangement with Tamaya.

While the upper reaches of the deposit would appear to have been thoroughly picked over, in the current copper price environment and given the lack of modern exploration, Tamaya is hopeful of identifying rich extensions beneath the current workings.

Away from its existing suite of assets, Tamaya sees itself becoming a key consolidator of the ground currently held by pirquineros. As Playford notes, many of the pirquineros are getting older, with the younger generation less enthused about following in the footsteps of their forebears.

The nature of the work and the slim margins on the production means that very little capital, if any, finds its way back into the pirquineros' operations.

This makes them alluring drill targets for Tamaya, which – for the right project – has sufficiently deep pockets to make the pirquineros happy sellers.

The company has already signed one such deal.

Shortly after MiningNews.net's visit, Tamaya signed an option to acquire the nearby Satan mining lease from local vendors. Tamaya will pay an initial $US100,000 to spend 12 months evaluating Satan, and can acquire the project outright at any time in that window for $US3 million.

As word of the new regime at Punitaqui has spread into the surrounding area, Playford and his colleagues have been inundated with approaches from pirquineros with projects on offer.

It has been easy for Playford and his team to dismiss much of what has been offered but it is certainly not beyond the realms of imagination that, in such a copper-rich area, one of these projects could throw up an economic system that will justify the construction of a second Tamaya processing plant in Chile. (The existing plant will reach its natural capacity when the upgrade to 3000 tonnes per day is achieved at the end of the year, with existing resources and reserves at Cinabrio sufficient to keep that plant well fed.)

Indeed, Playford says it will only take the delineation or acquisition of a deposit around 20 million tonnes to justify the construction of a new 3Mtpa plant. Such a facility would be triple the size of the facility at Punitaqui once it reaches its upgraded capacity.

As an example of its outward reach, Playford has signed on as a consultant an ex-senior manager of ENAMI to scout Chile and neighbouring nations for more potentially company-making assets. Tamaya also uses its own contacts built up over the years of experience in Chile to search further afield in the IOCG belt.

Regardless of how that search pans out, Tamaya stands to reap big rewards through the successful identification of smaller deposits. It is in a privileged position as the only international company mining and processing copper in what is a richly mineralised belt.


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## robandcoll (16 June 2007)

And another story: Juicy bit highlighted.

Tamaya ready to step up to the mid-tier (Weekend Australian)

June 15, 2007 

IT'S been two weeks now since Tamaya Resource's friendly scrip bid for Iberian fell agonisingly short.
Much has happened in those 14 days. The boards of both companies have been re-jigged and it is believed that Tamaya is pushing ahead with plans to delist Iberian from the Australian Securities Exchange. 

And since the close of the offer on May 31, a paltry 57,000 shares have changed hands in Iberian as the liquidity dries up. 

But a funny thing happened on the way to the ASX today. 

The value of Tamayan scrip actually closed above the nominal offer value for Iberian for the second day running as the stock market finally gets some traction over the potential of the company. 

Remember Tamaya was offering four of its scrip for every one Iberian share. 

Tamaya shares today gained 2.5 cents, or 10 per cent, to 27.5 cents on significantly higher volumes. Iberian closed unchanged at 90 cents. 

Based on the now closed offer, Iberian should be worth $1.10. 

But no-one seems to want Iberian shares. That puts the 14 per cent or so which held out against the offer in a difficult position. 

Did they miss the boat? Did they make the wrong decision? Do they know something that the Tamayan holders don't? 

Those are some pretty significant questions which only the Iberian folk know the answer to. 

One thing is for sure, Tamaya boss Hugh Callaghan is knocking on plenty of doors around the country letting everyone know his plans to take Tamaya into the mid-tier category. 

With cashflows from its Chilean copper assets, and now the controlling stake in Iberian's Armenian gold project Lichkvaz, things are starting to get interesting for Tamaya. 

*And it looks like Callaghan has received a co-operative ear from Shaw Stockbroking. 

One week after the unsuccessful Iberian bid closed, Shaw put out a note on Tamaya labelling the stock a buy. 

"Through Iberian, Tamaya hopes to be producing gold at a rate of 100,000 ounces per annum at the Lichkvaz project within the next two years," Shaw reported. 

Copper production at Chile should also increase to 14,000 tonnes a year. 

Shaw also commented that Tamaya had "high probability" for resource and mine life extensions.

It put an upside valuation of the stock at 62 cents, more than double the price it closed at on Friday.*
One way or another, the dissident Iberian shareholders bet either Callaghan didn't have the scope to take Tamaya to the next level, or they felt Iberian scrip was worth more than what he had offered. 
Unfortunately for them it looks like they are out of the money at the


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## Lachlan6 (16 June 2007)

I was considering entering (TMR) on Friday but went for PRU instead. Dont get me wrong, (TMR), still looks technically strong IMO, however a few factors made me decide on PRU. Firstly it may be difficult to place a stop on TMR due to the declines well back into previous ranges seen in March and May of over 61.8%. Sure the March decline was on small volume, however I prefer buying into ascending triangle patterns with tighter ranges.

Furthermore the weakish close on Friday showed that buyers are not yet going crazy for TMR and may be a precursor to a decline back to support. Still though, those long I think are on a good one ready to eventually go much higher.


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## prawn_86 (16 June 2007)

Lachlan,
IMO this is much more of an investment stock, than one to be traded. The market will slowly wake up to the potential of both the resources and management of the company and will see a constant rerating over the next couple years.
One to put in the bottom drawer then look at again this time next year. I havent even really bothered looking at a stop for this one, but as I said im not trading it.


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## nizar (16 June 2007)

This one is textbook.
Breakout through resistance into all time highs/blue skies on volume 

If you find a better chart please let me know.

In my opinion TMR is better than PRU due to several reasons.
Firstly because the resistance that was broken was tested more times (2x versus once) and its more historical.

Better volume confirmation as well. 7.5x 3-month average for TMR versus 2.5x for PRU.


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## nizar (16 June 2007)

Lachlan6 said:


> I was considering entering (TMR) on Friday but went for PRU instead. Dont get me wrong, (TMR), still looks technically strong IMO, however a few factors made me decide on PRU. Firstly it may be difficult to place a stop on TMR due to the declines well back into previous ranges seen in March and May of over 61.8%. Sure the March decline was on small volume, however I prefer buying into ascending triangle patterns with tighter ranges.
> 
> Furthermore the weakish close on Friday showed that buyers are not yet going crazy for TMR and may be a precursor to a decline back to support. Still though, those long I think are on a good one ready to eventually go much higher.




Its actually very easy to place a stop in my opinion.
EOD stop at 24c.

If it pulls back, to validate the breakout it should never close below 25c.

Again, in my opinion only.


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## jammin (16 June 2007)

nizar said:


> This one is textbook.
> Breakout through resistance into all time highs/blue skies on volume
> 
> If you find a better chart please let me know.



Nizar, I looked at the chart and am mighty impressed. TMR wouls appear to have been going sideways since November 2006 and due to this long consolidation may have further to go than the dramatic gains of about 40% over the last 6 days. I looked at the market depth expecting to see an estimated opening price of 0.29-0.30 and was pleasantly surprised to see a 0.28 open is possible.(I know alot of orders can be placed and removed before 10:06 on Monday, changing the opening entirely but there is hope).That reminds me of a another members signature "Hope is not a strategy".
Anyway, TMR looks like a very tradeable breakout of an ascending wedge.


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## Lachlan6 (17 June 2007)

Yes Nizar if I was long i would also place my stop at $0.24, which corresponds to  a decline below the gap up on Friday. May look to get in soon anyway if the stock likes these new levels which I think it will with all that recent volume. Cheers, Lachie.


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## chef dave (19 June 2007)

From Saturdays Australian ---->

Tamaya ready to step up to the mid-tier

    *
    * June 15, 2007

IT'S been two weeks now since Tamaya Resource's friendly scrip bid for Iberian fell agonisingly short.

Much has happened in those 14 days. The boards of both companies have been re-jigged and it is believed that Tamaya is pushing ahead with plans to delist Iberian from the Australian Securities Exchange.

And since the close of the offer on May 31, a paltry 57,000 shares have changed hands in Iberian as the liquidity dries up.

But a funny thing happened on the way to the ASX today.

The value of Tamayan scrip actually closed above the nominal offer value for Iberian for the second day running as the stock market finally gets some traction over the potential of the company.

Remember Tamaya was offering four of its scrip for every one Iberian share.

Tamaya shares today gained 2.5 cents, or 10 per cent, to 27.5 cents on significantly higher volumes. Iberian closed unchanged at 90 cents.

Based on the now closed offer, Iberian should be worth $1.10.

But no-one seems to want Iberian shares. That puts the 14 per cent or so which held out against the offer in a difficult position.

Did they miss the boat? Did they make the wrong decision? Do they know something that the Tamayan holders don't?

Those are some pretty significant questions which only the Iberian folk know the answer to.

One thing is for sure, Tamaya boss Hugh Callaghan is knocking on plenty of doors around the country letting everyone know his plans to take Tamaya into the mid-tier category.

With cashflows from its Chilean copper assets, and now the controlling stake in Iberian's Armenian gold project Lichkvaz, things are starting to get interesting for Tamaya.

And it looks like Callaghan has received a co-operative ear from Shaw Stockbroking.

One week after the unsuccessful Iberian bid closed, Shaw put out a note on Tamaya labelling the stock a buy.

"Through Iberian, Tamaya hopes to be producing gold at a rate of 100,000 ounces per annum at the Lichkvaz project within the next two years," Shaw reported.

Copper production at Chile should also increase to 14,000 tonnes a year.

Shaw also commented that Tamaya had "high probability" for resource and mine life extensions.

It put an upside valuation of the stock at 62 cents, more than double the price it closed at on Friday.

One way or another, the dissident Iberian shareholders bet either Callaghan didn't have the scope to take Tamaya to the next level, or they felt Iberian scrip was worth more than what he had offered.
Unfortunately for them it looks like they are out of the money at the moment.

http://www.theaustralian.news.com.au/story/0,20867,21911532-5005200,00.html

Bought in 2 weeks ago at .215 when the Iberian bid fell shot. Currently enjoying that decision lol


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## prawn_86 (22 June 2007)

US based Geologic Resource Fund has just taken a 5.3% stake in the company.

Looks like Hughs roadshow and ambitions are starting to get noticed 

Nice and steady upwards will keep me happy, very little trader activity which means no huge fluctuations


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## prawn_86 (5 July 2007)

ann out.

just doubled thier cu resources with jorc compiant acquistions with the potential for more exploration

now we just have to wait for a quaterly report for everyone to really sit up and take notice.

this comapny is already running at a profit and imo is comparable to OXR in the early stages.

excellent visionary management who have delivered everything they have promised so far.


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## alanding (6 July 2007)

have a look at this:
http://www.theaustralian.news.com.au/story/0,20867,22022850-5005200,00.html

This stock is a very potential one.


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## robandcoll (6 July 2007)

And add this also from MiningNew.net.  I will go places this one.

Tamaya expands in South America 

Paul Garvey
Thursday, 5 July 2007

COPPER miner Tamaya Resources has further expanded its footprint in South America, picking up the Chilean assets of AIM-listed Latitude Resources in an all-scrip deal worth $A24.7 million.




The newly installed crusher at Punitaqui 


The Punitaqui plant 


Tamaya, which operates the Cinabrio copper mine and Punitaqui plant in Chile's Coastal Ranges, said the acquisition double the company's copper resource base.

The pick of the five Coastal Range projects in the deal is Filipina Grande, which is home to a JORC-compliant sulphide resource of 12 million tonnes grading 1.28% copper and 0.34 grams per tonne gold. 

The project also has a small oxide resource of 1.9Mt at 0.83% copper.

Tamaya said a recent review of the project by SRK Consulting found the resource could support an underground mine producing 30,000 tonnes per annum copper and 22,000 ounces pa gold.

Such an operation would more than treble Tamaya's forecast output out of Chile. The company's Punitaqui plant is being expanded to support annual production of 12-15,000tpa copper.

The SRK report calculated an NPV over Filipina Grande of $US88.7 million at $US1.40 per pound copper and $US500/oz gold.

The company said it would look to double the resource base within the 11,300-hectare project as a minimum requirement for a production decision.

Tamaya described the Santa Dominga project, which it will also pick up in the transaction, as highly promising. The project has potential for a 50Mt resource base.

Tamaya chairman Hugh Callaghan said the company was particularly excited about Filipina Grande.

"Priority is to be given to fast-tracking Filipina Grande to production and generating a JORC resource for Santa Dominga," Callaghan said.

Tamaya will issue Latitude with 85 million shares and 15 million options, with the options to come in three equal portions priced at 30c, 40c and 50c.

Earlier this year, a takeover bid by Tamaya for gold developer Iberian Resources ended with Tamaya holding 86.21% of Iberian's issued capital. Iberian's key asset is the Lichkvaz Tey gold project in Armenia.

Shares in Tamaya were up 2c to 27.5c in morning trade today.


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## prawn_86 (7 July 2007)

its good to see an all scrip deal even though it will cause a little dilution. i think that having 3 lots of options priced right up to 50c is a very positive sign, showing the companies intentions and where it believes its price will head.

the biggest problem facing TMR if you ask me is lack of market interest. Even in quality forums like this, very few people seem to pay attention to it. and that is representative of the broader market, which is why they are goind to list offshore also.

oh well, im topping up whenever i have spare cash at these prices


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## alanding (12 July 2007)

prawn_86 said:


> its good to see an all scrip deal even though it will cause a little dilution. i think that having 3 lots of options priced right up to 50c is a very positive sign, showing the companies intentions and where it believes its price will head.
> 
> the biggest problem facing TMR if you ask me is lack of market interest. Even in quality forums like this, very few people seem to pay attention to it. and that is representative of the broader market, which is why they are goind to list offshore also.
> 
> oh well, im topping up whenever i have spare cash at these prices





I totally agree to it.
another good news:    (TMR bought the company for $US20 million)
http://www.latituderesources.com/s/...onomic-Copper-Gold-Project-at-Filipina-Grande


    * SRK Consulting (Chile) S.A. ("SRK") completes review of internal Filipina Grande scoping study
    * New geophysical drill targets discovered in recently expanded landholding
    * Opportunity to increase resources significantly through further exploration to support an 8,000 tpd underground, copper-gold mining operation
    * Operation of this scale would give an NPV(10%), of US$88.7 million at US$1.40/lb copper/ US$500/oz gold and post Chilean royalties and taxes.
    * US$1.87 million in land payments saved this year by dropping sub-economic 98 hectare land package in northern part of project
    * Copper and gold grades increased with reduction in overall inferred resource tonnage


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## alanding (12 July 2007)

what happed in TMR:

TMR	0.270	0.270	0.270	0.000	0	0.000	0.000	0.000	40,000,000


I do not understand this?


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## smoothsatin (12 July 2007)

Off market transaction. Market didn't like it that's for sure, will have to wait over next couple of days to find who sold/bought.


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## alanding (12 July 2007)

Thanks.
40M! that's a big trans.
the bad news is SP is dropping
I think TMR is undervalued. It has ambitions.


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## robandcoll (14 July 2007)

Rebounded well considering the off market transfer was at 25c and TMR closes Friday at 28.5c with the buyers stack looking very healthy


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## alanding (15 July 2007)

My first chart. 
easy to me.
I think it is a buy signal.
there were two acquisitions(IBR and recently AIM Chile copper).
At least it worth of investigating.


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## Joe Blow (15 July 2007)

alanding said:


> My first chart.
> easy to me.
> I think it is a buy signal.




Alan, this sort of claim requires more detail than you have provided.
If you see what you perceive to be a 'buy signal' in TMR's chart you will have to be a little more specific about why you believe this to be the case.


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## alanding (15 July 2007)

From the chart. The MACD is rising. Now it just across the signal. And the trend shows it will above the signal.  That's a bullish signal. 
Forget to mention that MACD is above zero


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## Wysiwyg (15 July 2007)

alanding said:


> From the chart. The MACD is rising. Now it just across the signal. And the trend shows it will above the signal.  That's a bullish signal.
> Forget to mention that MACD is above zero




Don`t like the chart much on this one but I do like the fundamentals for now and in 2 years time.Regardless of metal price fluctuations.      L.T opportunity here.


p.s. I think the hang seng is due for a correction soon.


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## robandcoll (15 July 2007)

Good to see the chartists getting on this one. I research my stocks looking at what they have in the ground and I am a long term holder of stocks. Management has a proven record since the change from SMC. The last month the press have been all over TMR with the mid tier producer objective. Their latest  acquisition in Chile doubles their resource while brings in a new resource. FE.  Read their announcements. I am also very bullish on copper and Gold. As a previous poster said this one goes in the bottom draw and I will pull it out in 3 years time. I reckon I will be very happy.


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## doctorj (15 July 2007)

Wysiwyg said:


> Don`t like the chart much on this one



Gotta agree here, the chart aint much to write home about at all. I'm not really seeing what has alanding in love with it.

Looking for a close >29.5.


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## Spaghetti (19 July 2007)

Bought at .27 small parcel. Who cannot be seduced by rumours it could be the next Oxiana?

The chart looked fine to me, do not do t/a but I do look at charts but more for negative signs, you know, like.... DON'T BUY ME otherwise I  never had much success at trying to time entry down to the last minute. Anyways up 18% in 6 days and looking good.

Wish I had bought more than 30,000.


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## alanding (19 July 2007)

doctorj said:


> Gotta agree here, the chart aint much to write home about at all. I'm not really seeing what has alanding in love with it.
> 
> Looking for a close >29.5.




MACD is what I have learned.
Not so complicated waves for me now.
I am out at 31c. 
I should hold. 
Keep watching, will entry in again.


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## Spaghetti (19 July 2007)

The buy depth was so strong today until the s/p hit .325. Then a little battle at .32 and the strong buy side just seemed to disappear. The s/p went down further than I would have ever called it this morning but recovered somewhat on close back to .31. Then the buy side re-appears? Flaky.

Still 8mil shares traded at .31 plus may be a good start for a new support level.

Need to read up more tonight to decide now if I want to make a decent parcel. Any sales pitch welcomed.


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## Joules MM1 (23 July 2007)

Spaghetti said:


> Any sales pitch welcomed.




Acquired this last week at .325 .......the xjo has retraced to last thurdays low and looks strong and I am also long the cfd fute today..........regardless of the index I don't think the liquidity and action in tmr has been governed by the index(es).

I think some are finding the chart hard to read and while it doesnt appear to have atypical qualities the underlying message still looks positive, to me.

I would not rely on the indexes for the clues, however, a pos ascention while the index is down is a sign, so I have been told.........hehe........so with that in mind let's see how the instrument performs under pressure.

meantime, the very meantime, I see a healthy looking message.

mm1


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## prawn_86 (23 July 2007)

if i find a stock that i think is fundamentally worthwhile then i will purchase it. generally without looking at the chart in too much detail. IE - i bought in TMR at 24c when if i had waited i could have picked it up for 21 but over a longish timeframe this will be negligible.

i still believe over the mid to long term TMR at these prices is a good buy.


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## Spaghetti (24 July 2007)

Well I finally bought more today. More than I would have paid last week., oh well.

I am very pleased with Tamaya. It is a very very well behaved share so far.

Does it ever have a red day?

Having said that, and topped up,  hope it doesn't turn red tomorrow.

I am very impressed with the S/P performance so far, seems stable, attracting long termers and just keeps adding a cent here and there, like everyday


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## robandcoll (24 July 2007)

It wont be red tomorrow. Sell side is getting thinner each day. It it takes out 36c then the sell side is real thin


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## Wysiwyg (24 July 2007)

Spaghetti said:


> Well I finally bought more today. More than I would have paid last week., oh well.
> 
> I am very pleased with Tamaya. It is a very very well behaved share so far.
> 
> ...




Since last November, the share price has pulled back between 5.5 cents and 8 cents each time after a run.Worth noting that present and future company positions will differ.(iberian and acquisition)


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## masterjunko (25 July 2007)

This is one of the steady-as-it-goes type of share. I jumped on and off it a few times but every time it rewarded me. Now I am on the boat for the long haul. To the future and beyond!~


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## alanding (25 July 2007)

masterjunko said:


> This is one of the steady-as-it-goes type of share. I jumped on and off it a few times but every time it rewarded me. Now I am on the boat for the long haul. To the future and beyond!~




Today, I got in @ 33.5c. It dropped a little. Good chance. I can not miss it anymore.

The most wierd thing about Commsec is:
I put my order @33.5c.  I keep getting the quote of TMR. When the only last one order is 10,xxx @ 33.5c. It obviously not mine(I am pretty sure my order is not the last one @33.5c). But My order status is still in market!!!! 

Two minutes late, a portion of 68,xxx of my order is executed. And the bid price is 0.33c. I still can amend rest of my order. 

Thanks to God. It at last was executed. I still do not get the email so I do not know the executed price

Any one has such experience?


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## alanding (25 July 2007)

get the email, whole order was executed @ 33.5C.
So my amendment does take effect.
This is must a bug of commsec. 
anyway, good result for me


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## prawn_86 (25 July 2007)

nice to see a even close after a heavy sell down early on and a very red day across the rest of the market. 

shows that buyers are actually waking up to the potential of this stock and are willing to pay for it.

i would be topping up even at these prices, with a view to hold long term.


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## Spaghetti (25 July 2007)

Didn't close red. Thought I may have jinxed the run.  I had no access to computer until late today so was a bit in panic mode though had regular sms. Tamaya held up very well.


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## prawn_86 (30 July 2007)

quaterly reports out. Highlights include:

EBIT 5.3million
5th consecutive quater of increased production
Cash costs reduced to $1.46/lb

Also remember that TMR is _unhedged_ and have excellenet exposure to current prices. Plus an excellent exploration program which will only see their output increase.

Find me a better profit earning share with such a low market cap, and such good prospects.

Lack of attention to these guys is frustrating


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## alanding (30 July 2007)

good ann but in such bad time.
I can not see any rise today.
good to hold for long term though


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## masterjunko (30 July 2007)

alanding said:


> good ann but in such bad time.
> I can not see any rise today.
> good to hold for long term though




It's probably a good thing  that price is not going up. That means we get to buy more for a bargain.


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## Wysiwyg (30 July 2007)

Holders were willing to sell at 29c. and already the price is back over 30c.

Market crash or market correction.


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## prawn_86 (30 July 2007)

masterjunko said:


> It's probably a good thing  that price is not going up. That means we get to buy more for a bargain.




yeh i just picked up some more for my fathers account at 30c. i would happily accumulate for myself also at these prices but lack funds at the moment. should transfer them from my old mans name to mine lol


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## mick2006 (2 August 2007)

this one has been one that I have been keeping my eye on for a while now and have taken this recent market correction as a perfect opportunity to grab 500k at 28.5c

with a quality management team with a good track record, with production increasing each of the last 5 quarters to a point where they will be producing 12,000-14,000 tonnes of copper per year by early 2008.

With positive cashflow and massive exploration potential TMR is one of a new breed of mid-tier miners, with plenty of upside from here.

*The recent Patterson Research Report (link below) puts TMR's 2008 P/E at 4.7at a shareprice of 32c so at these levels it is more like a P/E of 4 which is very cheap for a company with so much potential going forward.*

With a resource upgrade due in August from both their Chile operations and their recent IBR acquisition the broader market won't be able to ignore the potential much longer.

This is one to accumulate on any weakness and watch it evolve going forward.

Interested to hear any thoughts on TMR.

http://www.tamayaresources.com/reports/download_ir.php?item=50


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## prawn_86 (2 August 2007)

welcome to the TMR club mick 

this is a buy and hold, and i cant help seeing comparisons between this and OXR in its early days. Thats just my opinion though and not based on any facts.

very bottom drawer for me, as managements goal is to have $1bill market cap by 2010. Currently its about $250mill. So 400% in 3 years is a nice return.

now we just hold and wait for the market to take notice


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## Sean K (2 August 2007)

prawn_86 said:


> this is a buy and hold, and i cant help seeing comparisons between this and OXR in its early days. Thats just my opinion though and not based on any facts.



Like OXR because of......oh yes, it has projects in Chile, Potugal and Armenia (lichkavaz??).......hang on! What the?   .....You're right prawn, must be just a gut feeling....

Got some good projects and I agree with the comment this is a steady as she goes stock. For something that has 20b shares on issue! 

Good that the board and management have a key stake. What's HSBC doing there?


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## prawn_86 (2 August 2007)

its more of the potential and management side of things that i see similarities to OXR rather than the individual projects themselves.

Close enough to 1bill shares on offer which is also similar. What does OXR have? about 1.5bill from memory

do you hold kennas?


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## Sean K (2 August 2007)

prawn_86 said:


> its more of the potential and management side of things that i see similarities to OXR rather than the individual projects themselves.
> 
> Close enough to 1bill shares on offer which is also similar. What does OXR have? about 1.5bill from memory
> 
> do you hold kennas?



No, being following when I remember to. I have about 300 stocks on my watch list, so I lose track now and then. 

They make nice presentations.  I like that! It's like having a good web site - just shows some professionalism and attention to detail. Damn Army coming out in me.


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## mick2006 (2 August 2007)

hey kennas, maybe you can pop over to TMR's operations and give us a first hand report of how things are going

on the serious side there are quite a few major institutions that appear on TMR's top 20 shareholder list, and even some of the smaller brokers are now covering the stock, I think once this correction has run its course we may start kicking ourselves for missing out on some real bargains.

In no way am I jumping all in, I just think a calculated entry strategy over the coming months can yield some good results longer term


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## UPKA (2 August 2007)

mick2006 said:


> hey kennas, maybe you can pop over to TMR's operations and give us a first hand report of how things are going
> 
> on the serious side there are quite a few major institutions that appear on TMR's top 20 shareholder list, and even some of the smaller brokers are now covering the stock, I think once this correction has run its course we may start kicking ourselves for missing out on some real bargains.
> 
> In no way am I jumping all in, I just think a calculated entry strategy over the coming months can yield some good results longer term




Yes i agree, with the volatility around, its too risky to jump all in at the moment, i think the best time to get in is after Wednesdays RBA meeting, which i think there's a 70% chance that they'll put up the rates again.


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## mick2006 (2 August 2007)

one major thing that alot of people have overlooked with TMR is its *Iron Ore potential*, with the latest acquisition in Chile delivering significant Copper/Gold resources it also adds a huge iron ore potential with the company already taking about a 1 million tonnes per annum iron ore production.

With copper production already ramping up (13,000 tonnes 08) and development underway for a substantial gold operation thanks to the acquisition of IBR (100,000+ oz), the possibility of iron ore production will certainly add to the attraction of TMR going forward.

With significant exploration upside in Chile(copper/iron ore/gold) and Armenia/Portugal(gold).  Added to increasing cashflows and profits, will start to show up on larger companies radars.

Another major plus is the number of major institutions already on the share register both local and international

TMR is well positioned to become a major force in the new breed of midtier multi commodity producers.


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## Wysiwyg (2 August 2007)

mick2006 said:


> one major thing that alot of people have overlooked with TMR is its *Iron Ore potential*, with the latest acquisition in Chile delivering significant Copper/Gold resources it also adds a huge iron ore potential with the company already taking about a 1 million tonnes per annum iron ore production.
> 
> With copper production already ramping up (13,000 tonnes 08) and development underway for a substantial gold operation thanks to the acquisition of IBR (100,000+ oz), the possibility of iron ore production will certainly add to the attraction of TMR going forward.
> 
> ...




I like to read those positives there mick2006....I can wait for 25 years to see this company realise the plans.The markets can go up ,down ,sideways or even cartwheel if it wants.While the company remains focussed on the plans at hand then going with the flow aint no big deal for me.

Good to see your enthusiasm.:bayer:


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## Joules MM1 (3 August 2007)

I am long at .325 and still see this stock on a techical level and fundamental level to have good prospects.........a breakdown through this area would see an exit if, at the same time, I see sell volume lifting and no buyers comming to meet the price...........


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## prawn_86 (7 August 2007)

Hugh Callaghan the MD once again putting his money where his mouth is and purchased more shares on market yesterday.

He took advantage of the dip and paid 28c for them. 

Always nice to see directors buying


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## prawn_86 (23 August 2007)

yet another fairly unnoticed announcement.

planning to ramp production up to 100,000oz gold p/a by march 09.

total capital cost of mine development only $60million, which is only one years worth of production, or 2 years of profits, as costs will be $300 per oz.

even more to like about this unrecognised miner


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## Spaghetti (24 August 2007)

*Unloved offshore miners with tonnes of potential *

Tamaya Resources (TMR), an Australian company that is involved in exploration and production activities in South America, recently doubled its copper resources in Chile through the acquisition of Latin American Copper. 

Tamaya has several assets in Chile with highly promising resource estimates that could sustain long term production. But in the near term the most important news is that the company has commenced production from its Punitaqui project. 

Tamaya achieved earnings of $10.7 million in the half year to June 2007, and this is expected to increase substantially in the next twelve months as the company ramps up production at Punitaqui. The mill capacity has been expanded to 3000 tonnes per day, allowing Tamaya to double production. 

Tamaya provided an update on its exploration at Cinabrio, an identified resource that could be combined with the Punitaqui operation, effectively extending the mine life without the impact of set up costs. A potential inferred resource of 300,000 tonnes of copper oxide and copper sulphide has been delineated. Further exploration results from Cinabrio as well as Tamaya’s progression from explorer to a profitable producer should provide medium term share price momentum.  
http://compareshares.com.au/hoey12.php


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## Spaghetti (24 August 2007)

I do like Tamaya, more for their business plan than what they actually have at the moment. Buying opportunities close to or in production appeals in the current climate. I think it will take time but as long as they follow their ambitions I see a fairly long term good potential company. Will want to see higher eps forcasts for the long term fairly soo though. I put more value on potential than actuals until business plan starts to materialise. So how the market will value this company, not sure but high 30's should be achievable as is, as it was almost there before that fateful week and also fits in with price targets set by shaw stockbrocking who report can be found on their website.


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## laurie (30 August 2007)

Announcement out tonight IBR to be delisted on ASX site hopefully this should get it out of the mid 20's 

cheers laurie


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## prawn_86 (3 September 2007)

latest ann states that TMR's purchase of Filipina Grande from Latitude has gone through and that their copper reserves have now more than doubled with an inferred resource of 12MT @ 1.28%cu plus other bits and peices.

According to plans this will be their next operational copper mine. Plus when IBR's gold mine is going that means they will have 3 operational mines within about 2 years.

still very little market attention though, im happy to hold long term


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## prawn_86 (6 September 2007)

everything has gone through now with their LAC acquisition.

85mill shares to double their copper reserves, not too bad in my books 

still a wonder when the market will wake up to this one. within another 2 years they will have 2 operating copper mines and 1 operating gold mine.

long term hold for me.


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## prawn_86 (13 September 2007)

I know not many of you follow this one, but their ann today gave their new resource estimates for all their operations.

1.7mill oz gold * 700 = $1.2bill
302770 tons copper * 7000 = $2.1bill
4.4mil oz silver * 12 = 52mill

therefore total in ground resources = $3.8bill

Current market cap = $276mill

Therefore if market cap was to move to 1/10th of resources share price would have to move from 27c to 36c.

current share price is only 2x FY08 earnings

enjoy!


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## adamwu (13 September 2007)

to prawn_86,

thanks for your analysis. I have been waiting for its rising for one month. right now the sp is 28c. very good beginning.


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## petervan (13 September 2007)

Profit up 145% with a lot of activity coming up this looks promising.I was thinking of selling for quick profit but what caught my eye was the Canadian listing early in 2008.Would expect, or hope for a good run up in conjuction with the listing. Glad to keep this one in the drawer for a few months.


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## Spaghetti (14 September 2007)

http://www.theaustralian.news.com.au/story/0,25197,22412700-15023,00.html

There's quite a lot to like about the Tamaya train. 

Good management, cash-flow positive, copper resources and now a whopping 145 per cent improvement in its half-year profit. 

In fact, the only people who can't stand Tamaya and therefore its chairman Hugh Callaghan are the small number of Iberian shareholders. 

But that's their business. Daily Assay wonders if they lie awake dreaming at night wondering whether they made a bad decision not to accept Tamaya's 4-for-1 scrip offer given that the ratio of Tamaya to Iberian shares is now 3-for-1. 

Anyway, that's another story. Iberian stock will soon be de-listed from the Australian Securities Exchange. 

Tamaya profit for the half-year to the end of June was $6.53 million, up from $2.66 million in the 2006 first half. Earnings Per Share is now 1.1c, compared to 0.1c back then. 

Importantly, cash costs at its Chilean copper operations, Punitaqui, fell 8 per cent. 

Tamaya expects to be listed on the Toronto Stock Exchange sometime next year as part of its plans to develop into a mid-tier mining company. 

But what investors would really welcome, and what is the icing on the cake on a big day for Tamaya, is the 45 per cent increase in reserves. 

Gold resources stand at 1.74 million ounces, Copper is at 302,770 tonnes and silver resources total 4.46 million. It is important to note that the resources stand across all categories of proved and probable. 

Ask anyone, it's very handy for a company these days to have exposure to more than just one commodity. 

Surely Tamaya can't have any more good news sitting in its bag of tricks. Or does it?

______________________________________________________________


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## prawn_86 (14 September 2007)

what do all you techies think?

does it qualify as a breakout now? the volumes have been steadily increasing over this week and the fundamentals are strong


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## Wysiwyg (14 September 2007)

Spaghetti said:


> Tamaya expects to be listed on the Toronto Stock Exchange sometime next year as part of its plans to develop into a mid-tier mining company.




Spag. matey......do you know what effect a dual exchange listing has on a company? I mean how is it part of a company becoming bigger?
I thought company growth was from within. 

p.s. genuine question.


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## rogue_investor (15 September 2007)

fair point... is increasing debt to shareholders something that puts a company in a stronger postion?  listing on another exchange is not necessarily great for shareholders... certainly good for the company as they can get more punters in but I don't see this as a direct positive unless they have investors lining up for the stock.


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## robandcoll (15 September 2007)

That is there intention to get more punters lining up. It is a stock that tends to be ignored on the ASX and listing it on the Toronto Exchange is a move to gain more exposure


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## redandgreen (15 September 2007)

robandcoll said:


> That is there intention to get more punters lining up. It is a stock that tends to be ignored on the ASX and listing it on the Toronto Exchange is a move to gain more exposure




if we look at the OGD experience the listing on the Toronto exchange has not, as yet, bought the  with it, the  additional investor interest that we  shareholders had hoped for.
This company continues to disappoint despite so many upbeat broker recommendations


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## Wysiwyg (15 September 2007)

Wysiwyg said:


> Spag. matey......do you know what effect a dual exchange listing has on a company? I mean how is it part of a company becoming bigger?
> I thought company growth was from within.
> 
> p.s. genuine question.




Oops...sorry spaghetti , it was a copy of the story in the Australian.I was mistaken and the question is no longer pertinent .


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## robandcoll (21 September 2007)

Hugh continues to buy. 100,000 @ 30c.

http://aspect.comsec.com.au/asxdata/20070921/pdf/00761560.pdf


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## Wysiwyg (26 September 2007)

More company director buying!!!Good to see them soaking up shares in the high 20c range.Some more signs of  confidence from a competent crew.


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## Wysiwyg (27 September 2007)

Just dying to know why there are continuous sell offs inTMR.I have some reasons and that be the prices of gold and copper are high and investors see a reduction in p.o.g. & p.o.c. or maybe the 4 for 1 deal (433,365,241 shares)with the Iberians is seeing some profit now.I think the latter is the case.

A penny for your thoughts! (At least  anyway)


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## robandcoll (27 September 2007)

My thoughts: it is been day traded and has been for a while. The sell side though changes at different levels constantly and some one is definitly accumulating 

Not long now


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## robandcoll (30 September 2007)

From Shaw Brokers ( Very good read).  PT1

Tamaya Resources; the building of a mid-tier miner
28/09/2007 By: egoli

Tamaya Resources Limited (TMR) recently finalised its purchase of Latitude Copper, effectively doubling the resource base in Chile . The resources are modest in size, but the potential of the tenements, in particular Filipina Grande, are substantial. 

The company plans to develop a second copper mine in Chile based around these tenements, where we believe eventual resources up to 100 million tonnes (mt) are a distinct possibility. 


Advertisement 

With the development of the 100kozpa Lichvaz gold mine well underway in Armenia , the company’s strategy of organic growth and acquisition is proving highly successful and setting itself up to make the transition from small-scale producer to mid-tier diversified miner in coming years.

Current reported resources at Filipina Grande (JORC) are 12mt@1.28%Cu and 0.34g/t gold, along with 1.9mt@0.83%Cu in the oxide portion. 

TMR recently announced it’s maiden JORC compliant resource for Lichvaz of 3mt@7g/tAu, 31g/tAg and 0.5% Cu for 0.67moz Au. Again, the tonnage is small, but we believe the company has only drilled out a small portion of the ultimate resource potential of the area, and with an initial grade of >9g/t gold equivalent, there is plenty of scope for further upgrades to the inventory.

The theme for Tamaya is growing resources, expanding production. There are some near-term hurdles to overcome including resolution of the minority interest in earlier acquisition Iberian Resource Limited (IBR) and listing in Toronto , but we consider than TMR represents an excellent medium to longer term growth proposition, with a suggested investment timeframe of 2-3 years to enable the underlying value of projects to be unlocked.

For a company of modest market capitalisation, the future cashflows generated from both the Chile copper projects and European gold operations will put the company in a good position to continue to grow the business at a moderate pace.

Latitude Copper, Chile (TMR, 100%) 

TMR recently acquired a 100% interest in Latin America Copper Chile S.A (‘LAC’) previously a subsidiary of AIM listed Latitude Resources (‘LTR’). 

The project is located approximately 250km north of the Company’s existing operations at Cinabrio, and in close proximity to hydro-power and regional infrastructure. 

Consideration was $24.6 million based on a fixed issue of 85 million shares and 15 million options at varying exercise prices up to $0.50ps. LAC controls a majority interest in approximately 5 exploration properties in the prospective Andean IOCGU belt north of Santiago .

LTR listed on the AIM in 2005, with an implied value for the Chilean assets of just under ₤7 million. Despite spending some ₤3 million on exploration in Chile, the market failed to recognise the true value, and prior to TMR’s offer, was significantly discounting the asset value (according to LTR). 

TMR’s offer was opportunistic and well-timed considering the release of the SRK report valuing part of the project at an NPV of just under US$90 million m. The report considered several scenarios around a potential 60mt resource at 1.28%Cu and 0.34g/tAu, with potential for significant increases to NPV from sales of iron concentrates as a by-product. This was based on a long term copper price of US$1.40/lb and US$500/oz for gold; US$235 million capex and recoveries of 75% for gold and 86% for Cu.

Existing resources established at Filpina Grande are quite modest, at 12mt@1.28%Cu and 0.34g/tAu and 1.9mt@0.83%Cu of oxides.

Based on a brief review of documentation, we consider there is excellent potential to establish a resource base at Filipina Grande of between 50 and 100mt, based on the limited drilling undertaken to date, and extensive distribution of mineralisation.

Other exploration assets acquired through Latitude show promising results, including Santa Dominga with 76m@1.61%Cu and 0.33g/tAu. An initial resource statement is pending for this project. T

The company is planning to conduct a substantial drilling campaign in Chile , focused on Filpina Grande, with 140,000m planned over the next two years. 

Over the next twelve months, depending on drilling results, there is potential for more confidence to be gained in the project.

The present plan is to prove up sufficient resources to justify the 3mtpa operation at Filipina Grande, whilst evaluating the numerous other geophysical targets and identified prospects within the tenements.


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## robandcoll (30 September 2007)

Part 2:

Punitaqui/Cinabrio Mine, Chile (TMR, 100%) 

The expansion of the Punitaqui/Cinabrio mine in Chile to 3000tpd (1mtpa) is well advanced, with the relocation of three second hand ball mills from Spain achieved last quarter. The new three-stage crusher, installed at a cost of $US2 million, is capable of crushing up to 4000t of ore a day.

In the June quarter the company produced around 1400t of Cu and 40koz of silver, with production rates continuing to increase. Based on achievement of 3000tpd by early next year, we estimate total production of 11.6kt of Cu, generating revenues above US$70 million, and potential EBITDA in excess of US$40 million. This is based on an average copper price of US$3.20/lb for 2008.

The feasibility study for the oxide project is underway, with results anticipated soon, and construction underway in 2008. Capital cost will be low, with initial production of 200ktpa increasing to 400ktpa over two years. 

Lichvaz Gold Project, Armenia (TMR, 86%) 

TMR recently announced a maiden JORC resource for the Lichvaz mine of 3mt@7.0g/tAu, 31.5g/tAg and 0.5%Cu for just under 0.7moz gold. This superseded the earlier (non-JORC) estimate of around 9mt@3.75g/t, 24.5g/tAg and 0.3%Cu.

The company is in the process of finalising a US$60 million debt raising to fund construction, with first gold pour at the new facilities due early in 2009 at an initial rate of 100kozpa. Approximately 500kozpa of silver will be produced, taking the total to 110kozpa on a gold equivalent basis. Total capital cost, including contingencies and working capital is estimated at US$60 million.

The company believes that ultimately, depending on resources established and particularly a large, lower grade bulk stockwork resource, an operation producing up to 200kozpa may be feasible at the site.

The company purchased the 800ktpa Rishton Mill in Queensland , and will be relocating the refurbished components to Armenia in 2008. The site currently has a gravity circuit installed and is producing a small amount of gold (6kozpa).

The mine has experienced a significant amount of development over its life, with substantial declines and adits already in place. Since ownership of the asset by Iberian (IBR), the infrastructure has been upgraded (left). There is good access at the site, with sealed roads, power and plenty of water. 

Due to the favourable operating environment in Armenia , operating costs are forecast by the Company to be below US$300/oz. 

A 20,000m RC drilling program is due to commence at the mine in coming months, and we anticipate significant upgrades to the resource base over the next 18 months leading up to full scale production at the site.

Monetmor/Portalegre Gold, Portugal (TMR, 86%) 

TMR, through it’s majority owned subsidiary Iberian Resources hold almost 1,400km² of tenements in Portugal , including almost 1moz of gold at the Montemor and Portalegre deposits. Additional projects held by the company include Caviera base metals and Regua tungsten. 

The company is moving towards feasibility with the Montemor project, following scoping studies indicating a production rate of 60kozpa at a cost below US$350/oz. The current resource base consists of shallow shear-hosted deposits, with potential for extensions to known resources along strike and at depth. The initial JORC inferred resource at Montemor has previously been established at 6mt@2.2g/tAu for 0.61moz. Over 50,000m of drilling has previously been undertaken at the deposit.

During the feasibility phase, the plan is continued drilling and completion of baseline environmental studies leading to completion of an Environmental Impact Statement (EIS). 

An initial resource of 7.4mt@1.37g/t Au (327koz) has been delineated at Portalegre, approximately 100km to the north-east of Montemor. The company considers the shallow oxide ore to represent an excellent opportunity to establish a heap leach operation, also at a production rate of around 60kozpa.

We anticipate development of both Portuguese projects is a few years away, with the exact timeline yet to be determined.

Initially, the Company plans to establish a resource inventory of 2moz, which will aid in deciding the most appropriate development strategy for the projects.

Provided activities are progressed promptly, first gold production could be achieved by mid to late 2010, based on a simple cyanide heap-leach style processing plant to produce around 60kozpa. A second operation at a similar rate may start twelve months later.

Board and Management

The board of directors have significant experience in developing gold and base metals projects. Executive Chairman Hugh Callaghan is a former Rio Tinto Limited (RIO) executive, partly responsible for developing Riversdale Mining into a $600 million company, and share price appreciation well over 1000%. Previous experience also includes working at the Escondida mine in Chile .

MD, Mike Fischer is a seasoned mine manager, joining TMR from CBH Resources Limited (CBH), where he was EGM operations. 

TMR have executives on the ground in Chile and Armenia , actively overseeing the exploration and expansion plans, including Steve Playford, mine manager at Cinabrio.

Conclusion

In summary, we have been impressed by the progress made by management to date in the short time since the acquisition of Iberian resources. The team appears to have a genuine commitment to growing the business at a manageable pace, and the next eighteen months will be a critical period of transformation of the company from small-scale producer, to diversified miner. 

A total of five mining projects have potential to be in production within three years, which represents an ambitious target, however one that the company believes is achievable.

We believe the growing production base, excellent potential for further substantial increases to the global resource inventory and potential production/earnings profile going forward should continue to see the company attract a high level of interest and support in 2008.


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## Wysiwyg (19 October 2007)

Gee it does look like the 31 c barrier will be overcome today.A few (maybe the same) buyers looking for millions in the buy queue.Those pesky sellers have abated so this may be the break to higher ground looming.


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## qlksvr (19 October 2007)

yer already 30 million turnover before lunch  Is there something I have missed? Last time we had this big of a turnover the stock price went from 25c to 35c.


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## popy (19 October 2007)

I believe hugh might have some very exciting news in the pipeline. Best on board now.Sit tight! Strong fundamentals and the best managements going around. There are some high profile people in this company and they are there for a reason. The writing is on the wall and this company is ready to step up to a mid tier company.


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## Kremmen (19 October 2007)

34.5M traded so far today is huge. Surely the important question is "Who's buying"? At those numbers, I don't think it's just us.


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## Pommiegranite (19 October 2007)

Kremmen said:


> 34.5M traded so far today is huge. Surely the important question is "Who's buying"? At those numbers, I don't think it's just us.




Most of that was a massive single buy of 20million 

Now if that's not a good signal...i don't know what is!!


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## Kremmen (19 October 2007)

Pommiegranite said:


> Most of that was a massive single buy of 20million
> 
> Now if that's not a good signal...i don't know what is!!




You always have to wonder with these situations: How did they manage to get so many? If the company's going up, sellers should have held out for a higher price. (Though doing it on a down day on the market is a good move by the buyer.)

But, yes, it's a good signal ... but I still would like to know whose. If it's a mining company or someone who knows the mining industry well, it's an even better signal.


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## qlksvr (19 October 2007)

Institutional buyers? Over 36m traded so far. When is the quarterly report due out, must be in the next few days?


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## Impala (24 October 2007)

Anyone have thoughts on the terms and conditions of the convertible bond issue?  Looks like the market was not over-enamoured with it, although hard to read a 3c price fall in context of overall market volatility. Bond issue looked OK to me; Tamaya has right to redeem immediately prior to any bondholder converting.


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## Benelong (11 November 2007)

So Tamaya down to 24c, a distant memory from its highs in the 30's. I'm wondering if this is a short term lull or is there something I don't know. Where to now for our beloved stock?


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## Aargh! (11 November 2007)

Benelong said:


> So Tamaya down to 24c, a distant memory from its highs in the 30's. I'm wondering if this is a short term lull or is there something I don't know. Where to now for our beloved stock?



I have asked myself the same question... There hasn't been any news but Tamaya continues to slide. Is the Aussie dollar having an impact or is this something to do with the delisting?


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## sky surfer (12 November 2007)

Down to .23 today, over 20% in a short period of time.

Qtrly report stated a few probs with Chilean ops, head grade being a little lower than last qtr and costs higher due to reduced throughput but this only a temp prob. Overall report seemed ok to me. I am considering topping up at this price.

Copper price is getting hammered which will also be having an affect on sp as well as general mkt weakness. 

Anyone know anything more?


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## habs (12 November 2007)

dual listing comming up soon, gold mines ramping up next year, i see this price as rather cheap and a wonderful buying op for a good company with now fantastic managment, and if i had some more cash would buy more to get my average price down!..


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## bvbfan (12 November 2007)

Dual listing?

I hadn't seen any news on that. Where are they planning on doing this?

TSX, AIM?

Is there an annoucement and time frame?

Sorry just filing in limit


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## habs (13 November 2007)

tsx early next year from memory, as others have said, hugh has done some great stuff for this company in the past 8-9 months, next year looks great for them


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## bvbfan (13 November 2007)

Great news then.

TSX will hopefully give them a better value than Aussie investors.

Going on past experiences should be a good time to hold into dual listing and maybe a bit after.


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## Spaghetti (13 November 2007)

The market seems to have become bearish on smaller companies that have not reached full production. Makes sense, perhaps they want proof is in the pudding during times of volatility.

What doesn't make sense is that speculators remain bullish lol so you end up with companies with good quality assets headed south and companies with a few good rock chips headed to the moon.

Perhaps we need the speculators/traders to dump pipe dreams and take to the much lower risk stocks like Tamaya while investors sit it out until production.

Hope it makes sense. Investors have become more selective so now we need speculators to become more selective. There is a gap to be filled!


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## Benelong (19 November 2007)

Ahhh good news today at last, even if it is that something is about to happen a month down the track which we knew was going to happen anyway. A good news story like that every few days and we might just have TMR back up to where we'd all like to see it. But then again as my mother always said, "good things come to those who wait".


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## Impala (22 November 2007)

Over several decades I've picked some great stocks.  This is another cracker.  Not many junior miners go onto become majors; this could be one of them. That deep ground in Chile looks very interesting indeed.  Be patient good Tamaya investors.  The only losers in the unfolding scenario will be the "clever" suckers who held onto their Iberian shares.  This is one you can recommend as a medium term investment to your mother in law and your grandmother and they will love you for it!


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## prawn_86 (22 November 2007)

Impala,

Please provide evidence as to why you think Tamaya is such a good stock. Either technical or fundamental, just a few reasons why, rather than just stating that it is.

thanks

ps - i hold


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## Wysiwyg (22 November 2007)

Impala said:


> Over several decades I've picked some great stocks.  This is another cracker.  Not many junior miners go onto become majors; this could be one of them. That deep ground in Chile looks very interesting indeed.  Be patient good Tamaya investors.  The only losers in the unfolding scenario will be the "clever" suckers who held onto their Iberian shares.  This is one you can recommend as a medium term investment to your mother in law and your grandmother and they will love you for it!




Lol at the mother in law impala, i don`t have a mother in law but some of the maybees i have met you wouldn`t give the time of day. let alone a possible billion dollar company tip.:


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## Plugger (30 November 2007)

Iberian Resources Limited (ASX: IBR and “Iberian”) wishes to advise that the securities of Iberian Resources will be suspended from quotation by the ASX from the close of today, Friday 30 November 2007.
Following this, Iberian Resources will be removed from the official list of the ASX Limited from the close of business on Wednesday 5 December 2007.
This complies with listing rule 17.11 and is in accordance with the de-listing arrangements confirmed with the ASX and outlined by the company to all shareholders in October 2007.
Tamaya Resources Limited (ASX: TMR) holds 86.2% of the shares of IBR.


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## yangxh (18 December 2007)

it looked like someone deliberately depresses TMR by placing significant sell orders.  any ideas or explanations about the orders?


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## Impala (9 January 2008)

Prawn 86:  I've met some of the key players and really rate them.

Wysiwyg: A billion dollar market cap will be too light when they've finished their Chilean drilling. Look at Oxiana's mkt cap track as a rough precedent. Good luck with the mother-in law stakes, I was very lucky there, makes a big difference to quality of life, but yes, there are plenty you'd want to avoid!

Yang xh; You'd need evidence to prove that. Not possible to get - you could only track the selling broker.  Buy in at the current price off the suckers who are selling, and be prepared to wait about 3-5 years.


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## habs (11 January 2008)

I cannot believe the share price of tmr at the moment... amazing opportunity for people to average down and get some more.... ive held this since i bought at .30 when i came across it...the current price is a joke, and the few people that follow this stock will know it....  and i agree with impala, the people selling have no idea what this will become in a year or 2, and sucked in to those selling to us! long term hold but geez its exciting every time i look at it.

just reading back through some old presentations etc, tsx listing is aimed for march it says in a september quarterly report, 4 mines in production by 2010. With the  lichkvaz gold mine, they were expecting $40million a year from it when it comes in full production in march next year, worked out at gold being $670us/oz at the time.... look at the price now, almost $900.00 ... if prices hold at 900 (and many people expect them to rise) then thats going to be another $200+/oz!!  oh wait, and this also doesnt include the portugal gold projects or charters towers qld ... and who knows what the big drilling programs in armenia/chile will uncover throughout the year.

the numbers say it all, dyor


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## gdaf (13 January 2008)

re - gold projects, there are many... check out the play at latitude from a previous release:

"The key property in the Latitude deal is the
Filipina Grande project, northwest of Vallenar
in Chile�s Atacama region. It contains 12 Mt of
sulphide material grading 1.28% copper and
0.34 g/t of gold, plus 2 Mt of oxide material
grading 0.83% copper.
Tamaya plans to start a pre-feasibility study
into a 8,000 t/d operation producing 30,000 t/y of
copper and 22,000 oz/y of gold-in-concentrate. There is
also the potential for iron-ore credits, with Tamaya estimating
the combined project is capable of generating
annual EBITDA of A$170 million from July 2010."

As each week passes, we're a step closer to gold production. Every market indicator is showing that Gold will pass $US1000.00 this year. The timing of TMR's entry into gold production couldn't be better. Watch how Hugh moves - it will surprise us all. He will not be content to sit back on a market cap of say $5b, he will want this to be the next OXR. Not many better prospects than TMR at the moment IMO.


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## alanding (14 January 2008)

I really do not understand that with higher gold and coper price, TMR SP is droping.
Any thoughts?


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## gdaf (14 January 2008)

Have any mining stocks gone up recently ?>?- have you seen what happened on Wall Street on Friday?

These are my thoughts.


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## tony73 (14 January 2008)

ASX ANNOUNCEMENT
14th January 2008
• Tamaya settles 2008 Concentrate Sales at Significantly Improved Terms
• Settlement terms reflect International Smelting Terms
Tamaya Resources Limited (ASX: TMR) is pleased to advise that settlement has been reached on
the 2008 terms for the sale of its copper concentrates. The agreed terms are forecast to deliver
cost savings from January 2008 and reflect current international terms for copper concentrate sales
and refining agreements.
Settlements were reached with two customers whom TMR will be selling its concentrate to in 2008
from its wholly owned Punitaqui operation in Chile. Final terms are as follows:
• For one customer the TC / RC was agreed at US$45.00 per dry metric tonne (dmt)
concentrate / US cents 4.5 per lb payable copper with freight parity at 75% of international
rates to Asian ports, and for the second customer US$ 47.00 per dmt concentrate / US
cents 4.7 per lb payable copper. In each contract, no price participation will be payable in
2008, in line with international terms.
• The settlement by TMR at international terms was achieved with customers whom the
company have long term off-take agreements with and represent an improvement on the
2007 TC/RC terms of US$ 60.00 / US cents 6.0, with price participation of 10 US cents per
lb payable copper.
The settlement of 2008 smelter terms by TMR with customers who have long term off-take
agreements in place with the company, demonstrates TMR’s ability to secure favourable
international terms through its experience at board and senior management level as well as its
increasing concentrate production levels due to the expansion of its existing Punitaqui operations.
Mike Fischer, Managing Director
Tamaya Resources Limited
Media:
Fortbridge +612 8399 0089
Bill Kemmery 0400 122 449


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## tony73 (14 January 2008)

also on ninemsn news. 


http://money.ninemsn.com.au/article.aspx?id=345308




Tamaya improves terms for copper sales

Tamaya Resources has settled on improved terms for the sale of copper concentrates from its wholly owned Punitaqui operation in Chile this year.

The Sydney-headquartered company said the terms were forecast to deliver cost savings from this month onwards, and were on par with current international terms for copper concentrate sales and refining agreements.

Tamaya said the new settlement terms were with two customers with long term off-take agreements in place and were an improvement on last year's terms.

The junior is increasing concentrate production levels with the expansion of its existing Punitaqui operations.

Shares in Tamaya were half a cent lower to 22 cents at 1215 AEDT Monday.


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## habs (15 January 2008)

Interesting announcement today!
 The appointment of exploration managers for both portugal operations as well as south america.  
The south american manager (Mr Eric Roth )has had stints at sons of gwalia, bhp, rio tinto, Coeur d’Alene amongst a couple of others and is  currently working for AngloGold Ashanti, where he headed a team that announced a 4 mill tonne gold resource in australia,  and finishes in april. After that he joins tamaya in chile and speaks fluid spanish 

The announcement also says that the 140,000m drilling program at Filipina Grande starts in 3 weeks time. Drilling was originally expected to start at in the first week of January, (as per nov 13 asx update). So nice to know its very close to getting started!


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## Wysiwyg (22 January 2008)

Amid the sustained decline, todays interview with Inspector Callaghan has continued the companies steps toward a mid-tier mining group.

??????????????????????????????????????????????????????????????????????????


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## trinity (22 January 2008)

newbie question:

any reasons for the big drop?  -17.5%, apart from the market crash/correction?


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## habs (24 January 2008)

small companys always get hit hard during a crash/correction, and are also fast to recover.

the great announcements just keep on coming from tamaya, the dalmacia copper discovery 2 days ago which looks like being another copper play, and today, the lichkvaz gold mine in armenia is now being commissioned to examine the potential for a copper/zinc play as well... bring it on!!

but the most interesting piece of information in the release was this little obscure line "we then expect cashflow from our 2 operating mines to allow a minimally dilutive financing of Filipina Grande in Chile which is set to be developed as Tamaya's third copper-gold and iron-ore project"

now there was mention of a possible iron ore play ages ago at FG, but i think this is the first rather solid mention of it!

exciting times ahead, bring on more drilling results!


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## chewy (24 January 2008)

Yeah too very good announcements in the last few days - suprised it hasn't come back even stronger yet.


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## ROE (24 January 2008)

I been following this stock with interest and take a stab this morning from my spec money ...

funny enough I been making more money on specs in the last 6 months than my blue chip that pay dividends. 

70% return on spec money so far in last 6 months.

But knowing my luck that 70% probably be return in lost at some stage


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## bvbfan (24 January 2008)

Lickkvaz project with a NPV of $200million while TMR has a market cap of about $190million.

I like those numbers since no value attributed to Chilean or Portuguese interests.

This is in the bottom draw for a while now.

And once the Canadian listing takes place we might get the rerating for this stock, provided equity markets settle between now and then


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## Aargh! (24 January 2008)

I'm surprised how this stock has performed recently. I'm not ramping this stock just flicking through some magazines where Tamaya got a mention.

August 2007 Money magazine p93. "Why Buy - The new management is now a year into its turnaround strategy and beginning to some pay-off in the share price". Continues "the Perth-Melbourne-Sydney Patersons has initiated coverage on the stock following a four day site visit in early July, forecasting a 12-month price target of 37c based on Punataqui copper mine". The author David Haselhurst (no relation to Hoff before you get excited) has a buy up to 30c recommendation. 

I apologise since I cant find the issue of the Smart Investor but they also rate the stocks potential. If anyone can give me the month it would be appreciated.


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## Rocket man (24 January 2008)

Reading this thread and doing some digging I am interested in this stock and long term sp trend looks very positive.  Seems to tank hard in the down periods though ..  more than other similar spec stocks that is

how far off production are they ?


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## ROE (25 January 2008)

Aargh! said:


> I'm surprised how this stock has performed recently. I'm not ramping this stock just flicking through some magazines where Tamaya got a mention.
> 
> August 2007 Money magazine p93. "Why Buy - The new management is now a year into its turnaround strategy and beginning to some pay-off in the share price". Continues "the Perth-Melbourne-Sydney Patersons has initiated coverage on the stock following a four day site visit in early July, forecasting a 12-month price target of 37c based on Punataqui copper mine". The author David Haselhurst (no relation to Hoff before you get excited) has a buy up to 30c recommendation.
> 
> I apologise since I cant find the issue of the Smart Investor but they also rate the stocks potential. If anyone can give me the month it would be appreciated.




I read on it a while back, I think Smart Investor November/December 2007 I'm not 100% sure which month but it's one of those two.


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## chewy (25 January 2008)

broke the shackles today - currently up over 17% 

Rocketman - they are already producing! but have lots of expansions over the next few years.


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## ROE (25 January 2008)

Rocket man said:


> Reading this thread and doing some digging I am interested in this stock and long term sp trend looks very positive.  Seems to tank hard in the down periods though ..  more than other similar spec stocks that is
> 
> how far off production are they ?




this is out of comsec

Company Strategy
TMR will continue to focus on its current projects. Punitaqui in Chile is an operating mine undergoing further expansion which is expected to be completed by December 2007. The increased production and reduction in unit operating cost will generate cash flow. The increased production will also benefit from higher commodity prices. Also, TMRs Lichkvaz (gold) in Armenia is ready for development subject to financing. Management plans to apply for listing on the Toronto Stock Exchange in Canada in 2008. Tamaya Resources advised that profit after tax for the half year ended 30 June 2007 is 46.5m, up 145% from pcp. Sales revenues were $22.8m, up 68%, largely due to higher copper production and a significant higher copper price. Copper production was up 67% to 2,717t. The company is currently planning a TSX listing as a junior copper-gold producer.


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## robandcoll (28 January 2008)

Just out in The Australian today.....

http://www.theaustralian.news.com.au/story/0,25197,23117433-5005200,00.html

Tamaya Resources (TMR) 

BBYBuy recommendationShare price target of 62cLast traded at 20.5cONE of BBY's key themes in its market outlook for 2008 is that in the resources sector it is now super important to differentiate between companies that are managed for long-term shareholder value and those that are not. BBY obviously thinks that Tamaya is one of those better companies which is geared towards long-term shareholder value and which is trading at a discount of around 70 per cent to its discounted cash flow valuation. Latest news from Tamaya is that test work at its Lichkvaz project in Armenia supported the idea that it was lucrative for copper and zinc, as well as gold. 

"The confirmation of a significant base metals content emphasises the low-cost nature of the project, with studies pointing to a total operating cash cost after by-products and royalties of approximately $US295 an ounce," Tamaya chairman Hugh Callaghan said.


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## chrism0014 (28 January 2008)

That should read 6.5 million profit after tax for the half year ended June 2007.
Refer to announcements 13/09/2007.


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## chewy (29 January 2008)

Another good ann out today - TMR secure $45mill funding for Armenia gold project. Up another 12% so far today. There is also a single buyer wanting 3million shares at 22.5


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## agro (1 February 2008)

why is this going down?? when other stocks are up? clearly something is wrong..

any point in holding to march figures come out?


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## laurie (1 February 2008)

agro said:


> why is this going down?? when other stocks are up? clearly something is wrong..
> 
> any point in holding to march figures come out?




Maybe its being manipulated! because it's being held down at this price range for months soon as it heads towards .30c bang a sell down this happened when it was .10c as SMC Gold my  worth

cheers laurie


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## agro (1 February 2008)

laurie said:


> Maybe its being manipulated! because it's being held down at this price range for months soon as it heads towards .30c bang a sell down this happened when it was .10c as SMC Gold my  worth
> 
> cheers laurie




yeah i recall a massive 1million order at 22c ages ago

must be manipulated going by what u r saying


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## Lycon (14 February 2008)

Encouraging ANN today hopefully some light at the end of the tunnel for those who patiently hold.
 I like the fact they are on target for april production rates and the Dalmacia exploration sounds promising.


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## prawn_86 (14 February 2008)

Yeh i was amazed by how much the dropped yesterday for no apparent reason.

I think that they are still a good long term hold, and Pattersons also shares that view. May just have to buy some soon when i free up some capital, if they are still sub 20c.


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## Denny Crane (14 February 2008)

Today's announcement was brilliant.

I still remember the compelling case presented by Shaw Brokers when it was at 23.5 cents. BUY! they say, conservative 42c DCF valuation their justification based on Lichvaz. 

I believed Shaw and Tamaya Management (talented bunch) then, and I still do. 

Great news for all Shareholders alike,

Denny Crane


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## laurie (14 February 2008)

Maybe they need to buy some Uranium rock and dump it on their exploration site and say "what's this" because something needs to be done to excite the sp north I've given up trying to work out the sp 

cheers laurie


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## So_Cynical (14 February 2008)

Denny Crane said:


> Today's announcement was brilliant.
> Great news for all Shareholders alike,




The market didn't seem to think much of the announcement. :dunno:
Perhaps tomorrow will be a better day.


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## habs (14 February 2008)

The price is just ridiculous.... the announcement was fantastic, by March next year the companies revenue from all operations will be more than its current market cap! Just doesnt make sense.


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## qlksvr (15 February 2008)

Yeah the current price just doesnt make sense. Like prawn, I am loading up on these babies when I free up some money.


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## Pager (20 February 2008)

This is on my watch list and its been sliding, this morning a parcel of $5 million went through not on market at 12.5 cents when it was trading 13.5/14 

Whats going on ?, theres know huge voulme on it, nearly 50 million traded today 

Any ideas


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## alanding (20 February 2008)

I also need to know why?
With more and more better news, the SP just keep dropping
any thoughts


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## chewy (20 February 2008)

I just rang the company. They said they are aware of the large volume thats gone through today (10x average) but as yet are not aware of of who the big transaction was (was a single x-trade at 40 million shares I believe). They expect to see a change is substantial holding but don't know anything yet. He speculated that a large holder has probably just decided they don't want to hold a junoir miner in the present market - but was entirely speculating. He did reasure that the company is very comfortable with how things are progressing however as per their last announcement, and that there is no undisclosed bad news.


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## alanding (20 February 2008)

well done!
If investment institutes decided to sell stock, then no matter how good news the company produced. the SP just keep dropping.
The bad atmosphere as it is now, we need more time for this potential stock.
hold and wait patiently.


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## Wysiwyg (20 February 2008)

Hope TMR doesn`t get the scours.This sort of transaction with the company progressing satisfactorily is unusual.

Just have to grin and bear the moment i suppose. (whistles tune)


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## Big_Daz (21 February 2008)

For those of us holding this stock....are you thinking of accumulating more shares while we have seen a strong sell off in an otherwise potential promising stock? 

I have done some preliminary numbers and still remain very comfortable with holding this stock (all be it for a higher price to what we are seeing traded today). With the potential upside of further positive news (further to the announcement made on Feb 14), is now a time we look to accumulate?


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## habs (21 February 2008)

Another massive trade, almost 31 million shares... this is twice in 2 days of large trades, what is going on!

10:09:37 AM	0.145	30,970,551
10:08:53 AM	0.145	200,000
10:08:53 AM	0.145	73,089
10:08:53 AM	0.145	49,990

edit - ok this is getting rediculous now!, we are now well into the highest daily volume for over a year.

10:16:56 AM	0.145	1,000,000
10:15:44 AM	0.145	2,000,000
10:15:31 AM	0.145	-2,000
10:15:24 AM	0.145	2,000
10:15:13 AM	0.145	29,000,000
10:13:11 AM	0.145	200,000


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## ROE (21 February 2008)

habs said:


> Another massive trade, almost 31 million shares... this is twice in 2 days of large trades, what is going on!
> 
> 10:09:37 AM	0.145	30,970,551
> 10:08:53 AM	0.145	200,000
> ...




Maybe someone just change hand of ownership in shares ...
But I agree it's a massive amount of volume....people like us with a few hundred K, not a few hundred Mill just have to go with the flow


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## Bolivia (21 February 2008)

Some institutions have sold out.

On the 27/10/07 Ceasing to be a substantial shareholder Notice, Latitude Resources sold down their holding from 85m to 30,970,551. I notice today that one of the crossings in the course of sales is for this amount - so Latitude are out.

The other crossings are probably Macquarie and maybe one other insto. 

More importently, who has been the buyer of all these shares. My bet is on some US institutional players. Hugh Callaghan has been in the states talking up the story prior to its listing on the TSX. Probably good news for the listing and a sign that it is immenent.

Hope this helps.


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## blaze87 (21 February 2008)

i don't understand the course of sales page.

what does 
Time             Price Volume        Value 
10:15:13 AM 0.145 29,000,000 4,205,000.00  means?

does it mean that someone bought a total value of 4,205,000.00 shares 
or
some1 sold a total value of 4,205,000.00 ?


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## Snakey (21 February 2008)

blaze87 said:


> i don't understand the course of sales page.
> 
> what does
> Time             Price Volume        Value
> ...




Someone sold that value to someone that bought that value of shares.
So both assumptions are right. Are you trading full time?


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## Bolivia (21 February 2008)

In answer to your question:

29,000,000 shares traded @.145 = Value of $4.205m

At 10:09:37 for example 30,970,551 shares traded @ .145 with a value of $4,490,730


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## blaze87 (21 February 2008)

opps what i meant was

is this value of $4,205,000.00 made up of 

a) 1 buyer buying a total value of $4,205,000.00 from multiple sellers?
b) 1 buyer selling a total value of $4,205,000.00 from multiple buyers?
c) we wouldn't know
d) $4,205,000.00 is made up of multiple buyers and sellers?


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## Bolivia (21 February 2008)

In this case:

1 Seller - Latitude Resources
1 Buyer - It would be nice to know who!

The buyer maybe buying for a raft of funds or whatever. It's unlikely we would find this info out until a substantial notice was lodged.(if they went over 5%)


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## jet328 (21 February 2008)

Bolivia said:


> 1 Seller - Latitude Resources
> 1 Buyer - It would be nice to know who!




Are you sure?

I thought the code SPXT meant that you are trading it to yourself? If it was to someone else through the same broker wouldn't it just be a cross trade ie. XT?

Very unusual trading over the last 2 days....


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## Bolivia (21 February 2008)

SPXT means it is a "Special Crossing"

This is allowed with trades over $1,000,000

You can't cross trades to yourself.

A special crossing in this case would mean that the seller didn't have to offer their parcel to the market. It also means that the seller can cross the trade at any share price they want. It is effectively an out of market trade.


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## agro (25 February 2008)

Substantial Increase in Tamaya Group copper resources

• Increase in copper resources at Punitaqui operations, Chile
• 43% increase in all resource categories to 10.6Mt at 1.4% copper
• 28% increase in copper contained in Measured and Indicated Resources
• Maiden Dalmacia open pit Resource of 2.7Mt at 1.0% (all resource categories)
• Drilling has commenced at the Arco Iris section of the Dalmacia Project

*ann just made now*


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## noirua (26 February 2008)

TMR's Executive Chairman, Mr Hugh Callaghan, speaks on BRR about the substantial Increase in Tamaya Groups Copper Resources: http://www.brr.com.au/event/41405
http://www.tamayaresources.com


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## laurie (26 February 2008)

noirua said:


> TMR's Executive Chairman, Mr Hugh Callaghan, speaks on BRR about the substantial Increase in Tamaya Groups Copper Resources: http://www.brr.com.au/event/41405
> http://www.tamayaresources.com




Out of all the shares I own this one is a dog of a share  the amount of good news that comes from HC if he was D.Nelson he would be the next prime Minister just like opinion polls yet it seems to be held down like a collar around its neck now why does not the ASX query that  lets face it this should be much higher based on the good news alone

cheers laurie


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## neil79 (26 February 2008)

Agreed with the good news Tmr releases the sp should be alot higher. Unfortunately with certain ppl holding this back atm while accumulating, it's not going to move north in any hurry. Given that alot of sellers have pulled out and buyers side has more depth to it now. Once the manipulation of the sp has slowed (which it looks like it nearly has) this ones away.

Remember there were strong buy recommendations on this at .30 so its only a bargain now!!!

Cheers neil 

DYOR


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## laurie (26 February 2008)

I will tell you now what exactly will happen when it reaches .20c,.25c,.30c like to have a guess 

cheers laurie


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## neil79 (27 February 2008)

I'm not exactly sure where you are going with that? but you think it's a dog going nowhere obviously and I think it's got the potential and proven resources. I'm sure we'll find out soon enough.

Cheers neil


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## laurie (27 February 2008)

The point I'm making Neil is at those price points I quoted they get sold off and we get what we are having now,it needs to break the .30c barrier hence my dog of a share with a collar around its neck tag we had the same problem when it was SMO it could not get past the .10c-.13c price range 

cheers laurie


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## habs (27 February 2008)

hey laurie, its not only TMR that is down, its almost everything, look at the poor old guys at NMS for example. a real up and down market, if you want your quick 50% and get out, it doesnt come around much at the moment. I think the big 4 are down around 30% also.

give it time. this is becomming one very solid diversified mining company, and when the gold mine comes online at under $300/oz production, wow one of the cheapest producers ive come aross.


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## JoeWinters (27 February 2008)

I think what needs to happen may already be starting - changes to the composition of the shareholder book from early holders in SMO at .05 per share, to institutional buyers in the U.S. and Europe.

I suppose there isn't the liquidity for it, but I also wonder why at these prices they don't initiate some sort of buyback program - 1B shares outstanding plus a few tens of millions in unexercised options is a lot stock.

Oh well - I'm holding out for $1.00 per share in 1-2 years, although we'll probably get taken out by some private equity group at 0.35 and this whole thing will be academic.


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## Aargh! (29 February 2008)

Perhaps this ann explains some of the pressure on SP lately....?

Since then the SP has been rising very strongly with another strong finish today up over 10% to 21c from a low of 13.5c last week. 
*
Cancellation of 15 million Share Options*

Tamaya Resources Ltd (ASX: TMR and the “Group”) advise that further to the Group’s announcement of 22 February 2008 (“Market Update”), the 15 million share options issued to Latitude Resources plc (“Latitude”) in 2007 have now been cancelled.

Latitude sold its shareholding of 30 million shares in TMR last week and by agreement, as a condition of Tamaya’s approval of the divestment, the share options were cancelled.

The 15 million options had been issued in three tranches of 5 million options at 30 cents per share, 40 cents per share, and 50 cents per share respectively which were due to expire on 4th September 2009.

Latitude became a shareholder in TMR following the 2007 transaction involving the acquisition by TMR of a 100% interest in Latitude's Chilean subsidiary. The acquisition of the subsidiary, Latin American Copper Chile S.A., included a portfolio of tenements with a focus on the Coastal Ranges iron oxide copper gold (“IOCG”) belt in Chile which more than doubled Tamaya’s copper resources at the time. An exploration campaign is underway to progress the Filipina Grande project, while mapping and interpretation work continues at
the Santa Dominga project.

Tamaya Resources Executive Chairman Mr Hugh Callaghan said that the Tamaya Group share price had recovered following the removal of the overhang in the stock, and following the entry of new professional investors and institutions onto the register.


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## prawn_86 (29 February 2008)

Also the fact that they released their half yearly profit figures today.

NPAT of $6.6mill with EBIT of $16 mill (off the top of my head)


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## neil79 (1 March 2008)

Nice close on friday .21c for TMR, still alot of buying pressure and driving sp north. All backed up by good reports and sitting pretty in a sea of red on friday. Glad to be holding


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## jim ray (14 March 2008)

what is going on with tmr share price?
can anyone fill me in with why this shareprice is almost at a yearly low?


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## urgalzmine (14 March 2008)

I think the sp is being manipulated. Last time it hit .13c then next couple of days it flew upwards to 21cents. I hope it flies soon its really making me uneasy


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## mick2006 (19 March 2008)

For those interested in quick trades, TMR will be very interesting to watch over the next 24 hours, with the company to be included in the all ords index in the morning, all funds that track the all ords index will be required to purchase TMR shares to comply with their index weighting. Judging by the buy depth at the moment a few funds are already lining up ready to buy.

Also on top of the addition to the all ords TMR are in the middle of a 190,000 metre drilling program covering their Chile (copper), Armenia (gold) operations with some results due very shortly, which could also add some more upward momentum


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## rico01 (19 March 2008)

Just did a little research on TMR
  In the prelim final report on 29/02/08 it shows  a NTA of 16.1 CPS [last year 5 CPS] With incresing profits over the last 12 months This could be one to bottom pick [so to speak]  
  You could be right Mick


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## mick2006 (19 March 2008)

hey rico, I certainly like TMR short term it will certainly benefit from the inclusion in the all ords and all the index tracking funds having to buy into it over the next couple of days to maintain correct index weightings.

also you have the explorational upside with news continuing to flow out of Chile/Armenia.

The gold deposit in Armenia will certainly surprise a few to the upside with a resource of 1.7 million oz's at a healthy grade of 7 g/t.  If you include copper/silver credits it works out to be 5.2 million oz's of au equivilent which is nothing to sneeze at.

with production due to commence in the first quarter of 2009 at a cash cost of only $295 oz, TMR is likely to undergo a gradual re-rating higher as gold production is added to their already expanding copper production out of Chile.


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## laurie (19 March 2008)

Wasn't TMR suppose to be floated on the Toronto stock exchange this year! I think its time to scale back the shares to a 1:5 and that will put it back to approx 250m shares on issue and the sp to a $1 

cheers laurie


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## prawn_86 (19 March 2008)

laurie said:


> Wasn't TMR suppose to be floated on the Toronto stock exchange this year! I think its time to scale back the shares to a 1:5 and that will put it back to approx 250m shares on issue and the sp to a $1
> 
> cheers laurie




I would assume that with the current global situation TMRs plans to list overseas might/should be put on the backburner.

And i dont see why a share consolidation would really help anything?

It would decrease liquidity, have one off costs etc etc. There are plenty of good successful companies out there with 1bill + shares on issue


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## prawn_86 (19 March 2008)

mick2006 said:


> hey rico, I certainly like TMR short term it will certainly benefit from the inclusion in the all ords and all the index tracking funds having to buy into it over the next couple of days to maintain correct index weightings.





Mick,

do you know any specific funds that track the all ords?

i did some research but couldnt find any that specifically track the all ords. Lots of other index trackers, but none for the all ords that i could find.


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## Bolivia (19 March 2008)

One of the reasons why the SP could be finding headwind is because of potential cash flow problems and a resulting cash raising. 

I just read some research from Patersons (analyst Josh Welch) about TMR and he was of the opinion that there have been significant delays with the Cinabrio mine expansion. In his opinion the timing of the expansion was critical in order for them to fund their development schedule. The poor output has meant thay have had to purchase third party ore which has resulted in lower grades/recovery. Armenia is burning a $2m/quarter hole in cash flow.

Basically, in order to feed it's expanded mill, TMR will have to keep purchasing third party ore. Not great when ore grades and recovery are so poor.

I hold TMR and am concerned that this may be why some large holders have sold out - and continue to do so. If the company is going to have to raise fresh funds, the SP aint going anywhere. 

I have no doubt that this company has some huge upside down the track but in the short term there could be some significant headwinds.

I am not sure how true this all is, but reading this kind of research gives me a reason why the share price is languishing.

Thoughts anyone??


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## mick2006 (19 March 2008)

hey prawn from memory there are quite a few managed funds that are set up to track the XAO, they advertise them as australian share funds, but basically they just track the same weighting's as the XAO.

also the US markets have a couple of australian ETF's, CNBC was saying there is one set up to track the XAO


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## habs (19 March 2008)

they are in the process of phasing out 3rd party ore as per one of there recent statements, might have been in the quarterly.... and will be 100% fed by their own very shortly, i think it was end of march or april from memory.


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## urgalzmine (20 March 2008)

Well the good thing is that there are a lot of buyers at .140-.145

thank god, The market is really in a weird mood these days


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## mick2006 (21 March 2008)

interesting announcement out after the close yesterday, looks like company is undergoing a slight change of direction.

they are delaying the start up of production from their Armenian Gold Operations in favour of a massive 45,000m drilling campaign to upgrade the resource.  This change of direction stems from the enormous interest in the Lichkvaz Project from Asian interests both in terms of joint ventures and outright sale of the project. 

Listen to the following boardroom radio interview to confirm interest in the Lichkvaz Project : 

http://www.brr.com.au/event/42052

I believe that TMR has formed the view they can make a substantial profit by upgrading the resource at Lichkvaz and then selling the project rather than going down the development path.

This would be an excellent outcome for the company, with the current NPV of the Lichkvaz Project already double what they paid for it.  

Any profits from the sale of the Armenian Gold Operations could be ploughed straight back into their Chilean Copper production, where they are ramping up production to 12000 tonnes a year.

With several massive copper deposits in Chile crying out to be developed by the company, this change of direction could be a massive driver going forward.


----------



## prawn_86 (21 March 2008)

mick2006 said:


> interesting announcement out after the close yesterday, looks like company is undergoing a slight change of direction.
> 
> they are delaying the start up of production from their Armenian Gold Operations in favour of a massive 45,000m drilling campaign to upgrade the resource.  This change of direction stems from the enormous interest in the Lichkvaz Project from Asian interests both in terms of joint ventures and outright sale of the project.
> 
> ...




I think this will prove to be a good move in the long term.

Gold mines are notoriously difficult and require a totally different set of skills and management.

If they can upgrade the resource and then sell the project, it will give them the ability to focus on their Chilean operations, and consolidate themselves within the copper industry and within Chile.

However i would not be surprised if the market reacted negatively in the short term, as this ann is pretty much out of the blue, and im sure there were a few people who liked the thought of having an operating gold mine within the next couple years.


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## Wysiwyg (21 March 2008)

There could be a number of reasons for this decision not to ramp up the development stage and get a piece of the high gold price. 

1)they will miss the window for high gold prices
2)they see copper demand will be ongoing and focus on Chile
3)political instability
4)world economic outlook not encouraging


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## mick2006 (21 March 2008)

prawn_86 said:


> I think this will prove to be a good move in the long term.
> 
> Gold mines are notoriously difficult and require a totally different set of skills and management.
> 
> ...





your 100% right there Prawn, I think a lot of people are mis-reading what the company is saying, maybe they could have outlined it better.  

In effect all they are doing is what will result in the greatest benefit for the company and its shareholders.

By selling of the Armenian assets they will have a huge chunk of cash to assist in developing/expanding the Chilean copper operations, which are already profitable and expanding production.

there maybe a knee jerk reaction by people who don't understand the announcement this would be a perfect time to either buy in or top up, remember the company is not in threat of going out of business in fact this decision will increase profitability straight away.


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## agro (25 March 2008)

took a battering today for some reason unknown to me - i didn't read the announcement so that may be related to it..

is this ripe for the picking?


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## Tristo (25 March 2008)

Poor agro, you won't get far without reading. Read a few posts up for a very good analysis reading-between-lines.


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## rogue_investor (4 April 2008)

sad times for the TMR share price again.  Announcement today that 2 executive directors pick up a few million shares between them.  Does anyone know if the price of those shares was decided back in 2006 or were they just lucky enough to be granted these when the sp is so low?


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## vegemite (14 April 2008)

From Monday's Australian...

Share slump makes it a tough time to run junior miner 
Kevin Andrusiak | April 14, 2008 

IF Tamaya Resources chairman Hugh Callaghan is looking for shareholder love at the moment, he readily admits he is in the wrong business.

For the time being, that is. 

With a depressed share price and day traders seemingly creating havoc with Tamaya scrip, it's a tough job being at the top of a junior mining company. 

Not even record copper prices, the rising potential of some very promising exploration leases or market forecast of a more than doubling of earnings before 2010 have pacified shareholders who have seen the Tamaya share price drop by 65 per cent in the past six months. 

Most of that was due to a savage market reaction when Tamaya released its December quarter results, which showed the copper/gold miner had been forced to mine grades lower than expected at its Cinabrio mine, part of its flagship Punitaqui project 400km north of the Chilean capital of Santiago. 

Some of it was due also to the reaction to learning that third-party ore grades used to bolster the weaker Cinabrio product were also not up to expectations. Just a sprinkle of the sell-off was probably due to the fact that dreaded short sellers had been driving the scrip lower. 

While the follies of the past six months are still fresh in the memory of Callaghan and his Tamaya team, the aim is as strong as ever to build the company into a mid-tier miner of note and reward the faithful shareholders who have waited patiently for payday and for the company to deliver on its promises -- especially Project 3000, a plan to mine at least 3000 tonnes of ore at Cinabrio a day and have the same amount going through the mill. 

Callaghan likens the rebirth of Tamaya -- which was rebadged from SMC Gold when he took over the chairman's post 17 months ago -- as similar to the flight plan of a jumbo jet, which uses most of the fuel and energy getting up to the intended altitude before flying becomes a lot easier. 

"Maybe we should have kept our mouths shut instead of setting challenging targets for ourselves early on," Callaghan said after the World Copper Conference in Chile last week. 

It's clear that with more than 1 billion shares on issue and a market capitalisation of about $130 million, Tamaya needs to put a broom through its capital register and tidy it up. 

Callaghan, a former Rio Tinto and Xstrata executive whose Chilean experience includes a stint at Escondida, declined to comment about when, or even if, some kind of share consolidation would one day occur. 

It is a safe bet that it has been pondered and will be investigated further by the Tamaya board, especially if the day traders continue to have their way with the share price. 

If a share consolidation was to happen, it would probably be in conjunction with an intended listing on the Toronto Stock Exchange, which is expected some time this year. 

However, Callaghan knows there is much more important work to be done before that happens, like proving to the market that the 3000-tonne-a-day mark for the Cinabrio mill has been reached. Along with that, he wants to prove the naysayers wrong about the potential of Tamaya's Chilean exploration assets, including the Filipina Grande and Dalmacia/Arco Iris prospects. 

We've been through a pretty rough patch lately, but Filipina Grande has definitely been a morale booster, Callaghan said. 

Tamaya is even hatching early plans for Dalmacia, 30km south of Cinabrio, to one day be a 20 million to 30 million tonne resource, while the JORC resource for Filipina Grande, in the neighbouring Atacama province further to the north from Cinabrio, is established at 12 million tonnes at 1.28 per cent copper sulphide. The Cinabrios resources inventory totals 7.4 million tonnes at 1.6 per cent copper sulphide. 

Company forecasts show Filipina Grande could begin production in 2010, which would add millions to the bottom line. 

Still, Tamaya has come some way since Callaghan first walked into Cinabrio and found an operation breaking virtually every mining law. 

In fact, Tamaya thinks it can get up to 4000 tonnes daily before the end of June next year. Roughly translated, that's about 15,000 tonnes of copper annually, a marked improvement from the current 9500 tonnes or so. 

It was one of our biggest mistakes, not acting fast enough in Chile when we found the company wasn't being run as it should be, he said. 

If you're looking for regrets from Callaghan in his brief tenure at Tamaya, then the straight-talking former Zimbabwean has a few. He thinks the company lost focus on the Chilean assets in favour of Armenia when it took over Iberian Resources last June. 

The writer travelled to Santiago as a guest of Tamaya Resources.


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## prawn_86 (29 April 2008)

Fair few announcements of late.

Armenia has potential for an open pit mine they have discovered, and they are continuing to drill aggresively.

Chile is what i like the most, and once they reach their 3000tpd target im hoping there will be a bit more interest.

Also technically looks as though a bottom may have been found at 12c. 

Currently on a PE of 23.

Seems to be another small cap flying under the radar...


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## prawn_86 (1 May 2008)

Correct Habs, my mistake.

They are now looking at upgrading to 400tpd.

Also a SPP at 11.5c means that the price wont be going upwards fgor the next month. I can see managements point, its just a it annoying to know that there is at least another month of going sideways


----------



## laurie (1 May 2008)

Another dilution exercise this is becoming a joke not sure what the figure is but I stand to be corrected at well over a billion shares 

cheers laurie


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## prawn_86 (1 May 2008)

Since there has been a lot of anns recently i thought i would share my views.

Any comments appreciated.

*SPP:* will cause dilution unfortunately, but there are other companies out there with a large amount of shares on issue that still do well. MC and PE is more important imo than shares on issue. I can see why management are doing it, but not sure i agree totally

My biggest issue is it means the price will be trading sideways for at least another month.

*PE:* PE @ 11.5c is 19, based on last years profit figures.
This puts them in the realm of most mining companies, but does not account for any of their other projects or recent upgrades to throughput capacity.
Even if higher grades are not reached, and costs stay as they are, one would expect an increased profit this year due to higher throughput and cu prices so therefore PE ratio will fall even further

*MC:* Around $140million. Seems to me that this would be fair value if they were an explorer/developer and were not achieving profits. Personally i think that something about 1.5 - 2times this figure would be a more realistic value at this very moment.

*Exploration*: We all know that Armenia has a huge drill program going. I like this as it keeps the focus in Chile for now. Other Chilean projects are being drilled heavily and hopefully even more JORC figures continue to come out

*Management:* Everyone knows the potential these guys have but they seem to fail to deliver on the crucial factor, share appreciation. Not necessarily all their fault, but ultimately that is their job. Providing they continue to upgrade mine capacity i guess it is only a matter of time.
Hugh has said the wants to be a $1bill co by 2010 so thats 7x current prices.


And that sums up my thoughts...


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## JoeWinters (1 May 2008)

Isn't the bottom line here that they are in need of additional funding, and not getting it from other non-dilutive sources?

I hold 300,000 shares at about $0.25/share, so not looking real good at the moment.

Wish I was in purely speculative stuff like Murchison or Atlas Iron - no production to date - those shares trade basically on fantasy, which of course means $3.00 to $4.00....

Frustrating times....


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## habs (1 May 2008)

Depends on the reason you bought the shares. If you believe in the company fundamentally it has only been getting better and better since the take over of iberian, nothing has really changed, a ramp up of production capacity over in chile and issue a few more shares whilst the copper prices are high, yeah go for it.. TX listing this year something hopefully, then a share buyback or maybe a FMG 10 for 1 deal.. if your only in it to trade here and there, then yeah deffinately not the best stock around, longer term hold and the price is great for accumulating to hold.


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## cammilnes (4 May 2008)

One thing that I am not sure on. After looking through the annual report. They have exploration expenditure listed as a $140m asset. Pretty much all of the NTA for this share. 

I know they have good assets but as exploration expenditure is _"dependent upon the successful development and commercial exploitation,or alternatively, sale of the exploration tenements."_ I think its worth a closer look.

Anyone got thoughts/resources on this?


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## farout (14 May 2008)

Just bought in today, nice slice of the pie at 12.5c. I believe things should start to look up now. Bring on the good times


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## ROE (14 May 2008)

dont forget the 11.5 cents share on offer due end of this month 
I think I take a punt and get anther $5000 worth


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## farout (14 May 2008)

I believe that is only for punters who held a stake in TMR on the 30th of April. New holders don't get that bonus.


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## farout (15 May 2008)

Are there many here holding Tamaya?

Slow and steady gains are my thoughts. Interested to hear other people's view.


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## prawn_86 (15 May 2008)

We wont see any real gains until the placement is finished. It will trade sideways for the rest of the month at least imo


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## ROE (15 May 2008)

farout said:


> Are there many here holding Tamaya?
> 
> Slow and steady gains are my thoughts. Interested to hear other people's view.




I'm a holder and still holding this is one of those stock where my 5-10K of spec moneys sits for 3 or 4 year and see what comes out of the hole


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## farout (15 May 2008)

hehe... yeah ROE, I've decided to jump out of TMR at the same price as my entry point. Have now planted my money into 46c SXP. Will likely buy back into Tamaya in a few weeks I think.


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## ROE (20 May 2008)

If anyone hold this stock since 30 April and want to get some more ...share purchase plan of 11.5 cents close Next Monday 26th.

I done my bit and give them an extra 5K to play


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## farout (20 May 2008)

I bought back in this morning, nice news out about a good find. Possible iron ore project in the midst.


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## mick2006 (20 May 2008)

very impressive magnetite iron ore hit announced today, massive depth nearly 500m although grades a little lite on.  But certainly raises the prospect of a massive low grade deposit.


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## prawn_86 (20 May 2008)

They have said right from the beginning that they considered Filipina Grande to be an IOCG deposit, and this just proves it.

Very long strike, however pretty low grades. Although good to see that they think it can be extracted while taking out the copper and gold at the same time.

Excellent fundamentals here imo, just need management to start delivering...

EDIT - After looking in detail some of the grades are not too bad for mag. A few strikes between 40 and 80m around or above the 30% mark, which is ok I think...


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## vishalt (20 May 2008)

Why is this company's SP doing so poorly? 

I'm just curious, don't they already produce copper and have excellent prospects? 

If so whats it doing at 11 cents lol D:!?


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## Aargh! (20 May 2008)

vishalt said:


> Why is this company's SP doing so poorly?
> 
> I'm just curious, don't they already produce copper and have excellent prospects?
> 
> If so whats it doing at 11 cents lol D:!?




Have a look at their cash cost for copper. $2.30 or rather per lb. Combination of lower grade ore being processed etc. Very hazy with details so holders have punished accordingly.


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## farout (20 May 2008)

Good question vishalt - I can't see it staying down at this level for much longer                        .


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## prawn_86 (20 May 2008)

Aargh! said:


> Have a look at their cash cost for copper. $2.30 or rather per lb. Combination of lower grade ore being processed etc. Very hazy with details so holders have punished accordingly.




Yeh, high costs have killed them of late.

Hopefully they will be processing higher grade ore this quarter and into the future which should bring their costs down.

I think they were also punished for the Iberian takeover, and personally i am glad they are once again focusing on Chile, as i believe it has a lot more short - mid term potential than armenia


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## YOUNG_TRADER (20 May 2008)

hmm I've grabbed a few in this as a pure punt for the moment, 

I haven't followed the stock before and thus am light on knowledge,

However from what little I see they could be sitting on a huge Magnetite deposit and yes while the grades maybe low by Aussie standards ie 20% Fe I notice that nearby *ADY* seem to be producing well with their 89Mt@*18%Fe* deposit


I understand TMR has copper production too and gold assets

Will take a thorough look into it tonight and get back


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## farout (20 May 2008)

Good to see some regular forum posters on board for the ride. A nice quick rise up to 22c would suit me just fine.


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## habs (20 May 2008)

Nice to see this has got your attention YT.

Wonder how long it will take to prove up  JORC and what it will be... those dril results seem quiet amazing to me (yeah even though its magnetite) , the depth in particular....infrastructure is all there which is critical.

with a market cap of about 140 million, (was 250 last year), there might be some more tasty announcements in the next week around the end of the SPP


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## laurie (20 May 2008)

Nice one Hugh pulled a rabbit out of the hat just a week away when the spp ends  might find uranium in a few days time! sorry for the sarcastic remarks it just seems like the good old days with SMO 

cheers laurie


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## prawn_86 (20 May 2008)

I think patience is really the key with these guys.

They did get smashed in line with the market recently, however the fundamentals havnt changed.

Hopefully costs will decrease and we will see another nice profit when the FY reports come out.

One has to remember this isnt a 'spec' stock, they are a producer who are mining and selling both Cu and Au. Its just getting the costs mix right now...

And as a bonus, on the exploration side of things they do have a lot of nice projects and lots of drilling planned/happening


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## laurie (20 May 2008)

prawn_86

They can't keep printing money what is it now over 1.2B shares on issue dilution not helping sp and those buying into spp @ .11c will dump on any price increase so down the track expect to see a 3:1 consolidation 

cheers laurie


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## prawn_86 (20 May 2008)

laurie said:


> prawn_86
> 
> They can't keep printing money what is it now over 1.2B shares on issue dilution not helping sp and those buying into spp @ .11c will dump on any price increase so down the track expect to see a 3:1 consolidation
> 
> cheers laurie




While I agree that the current placement will have a negative short term affect on the price, i dont subscribe to the thought that number of shares on issue is a problem. There are many co's with around 1bill shares on issue.

To me its all about market cap. I couldnt care if there is 10million shares or 10billion. If the market cap does not reflect the underlying assets/potential (imo) then i will buy.

That said, I wont care if there is a share consolidation, because i know that there are people out there who think that price is actually important, so it may put it on a few more radars...


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## farout (21 May 2008)

Appears to be quite a good buying opportunity today, significant drop in the market, and TMR even more-so than some. I'm off to buy a new car, so unfortunately won't be topping up.


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## blehgg (23 May 2008)

TMR under trading halt....

no annoucnement as of yet...

Heads up? ~ Good luck all

Waitin..... waitin....


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## prawn_86 (23 May 2008)

The halt has me wondering.

They are in the middle of a SPP, so it cant be financing news (can it?)

There is no major expected announcements, and i would have thought if it was just drilling results then there would be no need for a halt.

Very interesting.....


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## habs (23 May 2008)

share consolidation and tsx listing announcment maybe? dont know if that needs a trading halt though.

edit - material placement of shares... sounds like a large issue of shares about to be issued??? maybe they have done some deal like when it bought latin american copper..... dunno


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## YOUNG_TRADER (23 May 2008)

Hmmm it better be some sort of placement to a very large Chinese institution or even to someone like Glencore or Xstrata,

And it better be at a premium, otherwise it will be very dissapointing to see an issue at rock bottom prices


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## Pager (23 May 2008)

I did the Bpay thing last night so I'm with YOUNG_TRADER and just hope any large placement is at a higher price than the retail or to a large player.

Last thing this stock needs is a large dilution of its shares, if its a large placement at 11.5 cents then don't think its SP will be going higher in a hurry, may even see it dip below 10 cents and a bit of an exodus with tax loss selling.

Fingers Crossed


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## YOUNG_TRADER (23 May 2008)

Hey Pager, its just these guys don't really need the money atm if they are doing a decent sized Rights SPP which they are,

However if it is a placement at a premium to a very large Chinese institution or even to someone like Glencore or Xstrata then it will be a huge vote of confidence in the company

They have so bloody much, not sure the takeover was the right way to go, maybe JV out some of those Gold Tungsten and even Iron projects? 

I'm sure ADY would be keen to get access to more ore for their nearby production operation


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## Wysiwyg (23 May 2008)

Pager said:


> I did the Bpay thing last night so I'm with YOUNG_TRADER and just hope any large placement is at a higher price than the retail or to a large player.
> 
> Last thing this stock needs is a large dilution of its shares, if its a large placement at 11.5 cents then don't think its SP will be going higher in a hurry, may even see it dip below 10 cents and a bit of an exodus with tax loss selling.
> 
> Fingers Crossed




This is one of the primary reasons the share market is difficult at times.Our future success is in the hands of someone else.
I was surprised a company representative telephoned me to see if I was going to take the 11.5c offer up and if I would like to suggest to the management any changes to implement. 
Li`l me answered no on both counts.With my paper valuation at less than half now I think it is public perception, rather than company action, so I feel helpless in that regard anyway.Still reasonably optimistic though.


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## farout (24 May 2008)

laurie said:


> Nice one Hugh pulled a rabbit out of the hat just a week away when the spp ends  might find uranium in a few days time! sorry for the sarcastic remarks it just seems like the good old days with SMO
> 
> cheers laurie





I think Laurie is on the money. Note the trading halt finishes the day after the SPP closes. No doubt he is hoping to catch a few more SPP punters, looking for that piece of positive news. I'm still optimistic.


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## davicta (24 May 2008)

Article link:
http://www.businessspectator.com.au/bs.nsf/Article/Tamaya-Resources-trading-halt-EW3D7

Reports that TMR requested a trading halt "pending an announcement on a material placement". What could that mean?


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## prawn_86 (24 May 2008)

davicta said:


> Article link:
> http://www.businessspectator.com.au/bs.nsf/Article/Tamaya-Resources-trading-halt-EW3D7
> 
> Reports that TMR requested a trading halt "pending an announcement on a material placement". What could that mean?




It means that a placement of a material, or large, size is going to be made to someone. Usually an investment company or bank, but could also be to someone like Xstrata or a major miner etc.


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## ROE (24 May 2008)

Hope it's good news and see some SP movement upward  I been very patient with TMR and had just give them the extra 5K in SPP.


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## Wysiwyg (27 May 2008)

Fund raiser. 

*Tamaya raises $20 million through placement of securities*

Tamaya Resources Limited (ASX: TMR) has raised $20 million through a placement of securities
with institutional and sophisticated investors.
The placement, by way of the issue of 173.9 million shares at 11.5 cents per share and 86.96 million
attaching options (being one option for every two shares issued), was undertaken by lead advisor
BBY Ltd and Claymore Capital.
The terms of the options are:
a) exercise price of 15 cents per share;
b) expire on the date 24 months after their issue date;
c) will not be listed on ASX; and
d) subject to ASX Listing Rules prevailing from time to time.
The Company has also raised funds through a Share Purchase Plan (“SPP”). The SPP closed on
26 May 2008 and the total amount raised will be announced following the processing of all
applications by the share registry.


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## Pager (27 May 2008)

Raised an additional $20 million at 11.5 cents with so called sophisticated investors ????????????? (Who are they ?) 

Obviously im not one of them otherwise I would also get a 2 for 1 option attached exercisable at 15 cents which us Retail investors who subscribed to the SPP (unsophisticated) didn’t 

Can’t see this setting the stock going higher but would like to be proved wrong.


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## prawn_86 (27 May 2008)

Yeh very disappointing in my eyes.

Good to raise the cash, but managements credibility is slowly falling.

How can they get the same issue price and a free option at 15c??

15c is a joke, the price was above that the other day. 30c or 40c and i wouldnt have been that annoyed.

I think i will be exiting at a loss today, too much opportunity cost on this one now


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## qlksvr (27 May 2008)

Why the heck would they need a trading halt for a piece of news like that? 
I think there will be alot of annoyed investors out there today


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## ROE (27 May 2008)

Yeah where the hell is retail investor 15 cents option in SPP? who are the institution holder and so called sophisticated investor, look like they get a free ride at the expensive of the retail investors.


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## Pager (27 May 2008)

If this information had been available i would not have subscribed to the SPP 

Why it needed a trading halt and why they never gave existing shareholders the 2 for 1 option is very wrong IMO, also to issue the options at such a low price is a mystery to me


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## alanding (27 May 2008)

feel like be fooled.
the stock has been diluted.
unfair the Invest institute get option at 15C.


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## prawn_86 (27 May 2008)

I sold on open.

I dont like to hold shares where i dont agree with management. Off to my next one...


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## YOUNG_TRADER (27 May 2008)

I like many were dissapointed with this placement,

Sometimes management can be so damn daft!

But the fact is the company has a ridiculous amount of Gold and Copper JORC and thus just having a guess I'd say takeover value would be 20c-25c

It looks like a tasty target at current SP levels so I'm gonna hang around here for a bit


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## AstroGirl (27 May 2008)

*Re: TMR - Tamaya Resources SPP*

Hi guys

If all the unsophisticated investors   complain about missing out on the options before the upcoming AGM, they might just reconsider.

email and ph contacts on website
http://www.tamayaresources.com


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## farout (27 May 2008)

Good luck Astrogirl - however I think your breath will be wasted trying to change their set ways. I'm going to hold for the time being, and know a couple who are accumulating at this point in time.


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## prawn_86 (27 May 2008)

farout said:


> Good luck Astrogirl - however I think your breath will be wasted trying to change their set ways. I'm going to hold for the time being, and know a couple who are accumulating at this point in time.




My biggest concern is that the stock can now be massively manipulated with all those options.

15c is not much of a strike price, and personally i value TMR at well over 15c. But now if the sophisticated investors want to hold the proce down, once its over 15c all they have to do is exercise some oppies and then sell them etc etc.

Poor effort by management imo


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## rub92me (27 May 2008)

prawn_86 said:


> My biggest concern is that the stock can now be massively manipulated with all those options.
> 
> 15c is not much of a strike price, and personally i value TMR at well over 15c. But now if the sophisticated investors want to hold the proce down, once its over 15c all they have to do is exercise some oppies and then sell them etc etc.



That wouldn't be a very sophisticated move.: I think they would only consider converting the options if they're well in the money (i.e. shares trade at 20 cent plus). The options didn't cost them anything so imo they're more likey to wait and see how high the price can go before converting, 
And of course converting the options would bring in extra funds for TMR so it's not all bad. I don't hold at the moment, but looking for an entry if it were to dip to 10 cents.


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## jim ray (29 May 2008)

this stock is really starting to frustrate me!!! ive held the stock for over a year now and bought into the ssp with the view of long term! 
i just think it is time for the directors of tmr to start rewarding it loyal shareholders who have been with the company though its down times. thats why those options to the sophisticated investors has me annoyed! At only 15 cents! you r kidding!
Anyway i hope the annual report is good news! cause i believe their profits should be up dramatically!


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## Wysiwyg (29 May 2008)

It will be interesting to see if 11.5c holds as rock bottom.In the future I can see them dressing Lichvaz up to sell and concentrating on Chile.LME copper stocks still low.


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## ROE (29 May 2008)

Sank below the SPP price today, what a waste of money buying in SPP 
all because of that dodgy 15 cents option


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## Pager (29 May 2008)

Does anyone know if what TMR have done is OK ?.

To me it seems shareholders have been not given all the facts when they announced the SPP, should they not have suspended it and informed shareholders of there intention to give an institution and some so called sophisticated investor a tranche of shares with options but the current shareholders wouldn't get this ?.

They suspended the shares only 2 days before the announcement but surely this changed the whole SPP ?

Seems us long term shareholders (unsophisticated is how TMR must see us)types were misled


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## Wysiwyg (29 May 2008)

Pager said:


> Does anyone know if what TMR have done is OK ?.
> 
> To me it seems shareholders have been not given all the facts when they announced the SPP, should they not have suspended it and informed shareholders of there intention to give an institution and some so called sophisticated investor a tranche of shares with options but the current shareholders wouldn't get this ?.
> 
> ...





I believe the 11.5 c SPP for present share holders would have been rock bottom.Obviously there are many pithed about the orchestration of the announcements and have voted with their shares by releasing them.

Now ye can buy them for even less than the SPP and THAT is an insult to anyones intelligence and sophistication.


----------



## jim ray (29 May 2008)

I think the spp was an absolute disgrace!!!
the price dropped to .10 cents today!
What is management doing? they dont inform us about the other side to the spp and then once the shares are issued the shares drop to 10cents. i love tmr!!!
They better do something good soon, because at the moment i am so angry!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! And i also bet everyone else out there are too!!
They dont want angry shareholders!!!!!!!!!!!!!!
where is the confidence?

Do we agree?


----------



## Pager (30 May 2008)

Never done it before but i emailed Tamaya about my disappointment with them , here is there reply which still doesnt satisfy me as to why the shareholders never got the option, if anything it muddies the water in that respect as if they needed to raise additional funds, possibly in the future then an option with the SPP may well have come in handy  

anyway here it is

On behalf of Tamaya Resources, thank you for your feedback.



I have attached a copy of the Chairman’s Address from the Tamaya AGM held in Sydney on 28 May 2008 for your information.



The statement includes discussion of the company’s decision to undertake a share placement in addition to the SPP.



In summary, whilst it was extremely pleasing to receive the support of some shareholders through the SPP, the company was only able to raise approximately $10 million through this process.



The placement allowed Tamaya to raise over $30 million in total at a time where the company needs this level of funding to advance its aggressive plans for 2008-2009.


----------



## bvbfan (31 May 2008)

I thought Hugh was a smart guy, I stand corrected after this.

Any moron would see it as a better option to drill out the Iberian assets and get a gold stock premium than a base metals one.

Makes me sick because I only ever took interest because of the sellout board at Iberian accepted a crappy offer.

Wonder where IBR would be now.

And reading the announcement seems they don't know what to do with IBR assets now.

Way to go Hugh to earn that 300K+ you are probably on.


----------



## 77mark (31 May 2008)

gold is bound to crash...and make some poor people....it is not realsitically worth over 100% than it was a little while ago


----------



## farout (4 June 2008)

How low can this baby go?

I ended up selling out the other day at 11.5c . Put my money to work in GLX.

I'll look at getting back in if it manages to come down to 7/8c.

And to think I picked this for the tipping competition. Don't listen to me!


----------



## qlksvr (13 June 2008)

What a dog of a share. It closed at 9.9c yesterday. Im glad I didnt buy into the SPP. Sorry to those of you who did, you have been well and truely ripped off.


----------



## Wysiwyg (13 June 2008)

qlksvr said:


> What a dog of a share. It closed at 9.9c yesterday. Im glad I didnt buy into the SPP. Sorry to those of you who did, you have been well and truely ripped off.





The company announced the institution capital raising (+15c options) after the SPP. This was orchestrated for reasons unknown but they chose the lose-lose situation for the moment.I wonder why.


----------



## tulasi74 (17 June 2008)

Wysiwyg said:


> The company announced the institution capital raising (+15c options) after the SPP. This was orchestrated for reasons unknown but they chose the lose-lose situation for the moment.I wonder why.




The sophisticated investors who got the options are probably insiders who know an announcement about a big find is pending. The cheapest way to get exposure to such a find is of course options. Prior to the SPP they did make an announcement about a find of low grade iron ore I think. What if it is better than they announced? The patient investors will be rewarded. This is just a gut feeling so pls DO NOT RELY on it.


----------



## Wysiwyg (17 June 2008)

tulasi74 said:


> The sophisticated investors who got the options are probably insiders who know an announcement about a big find is pending. The cheapest way to get exposure to such a find is of course options. Prior to the SPP they did make an announcement about a find of low grade iron ore I think. What if it is better than they announced? The patient investors will be rewarded. This is just a gut feeling so pls DO NOT RELY on it.




Yeah it doesn`t add up.If I knew the low was now I would buy some more shares to lower my 29.5c average.Although i get the feeling there are a lot of disgruntled holders still around waiting to `payback`. 

Stocks reflect the general personalities of the holders.At the moment .... pithed.


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## N1Spec (17 June 2008)

I think the share price performance of TMR and indeed of most mid-tier resource companies is a reflection of the cost pressures the sector is currently experiencing. Energy and labour cost are skyrocketing and its not being helped by the high AUD.

There have been many articles in the media about small/medium resource companies being threatened with extinction due to spiralling cost.

Until this is ratified somehow, you will see the share price come under further pressure.

I know for a fact TMR's OPEX is disturbingly high, does anyone know what is there projected OPEX in the future?? I think its currently $2.5p/lb..... someone correct me if im wrong. They better bring that down below $1.50 or im afraid the SP isnt going to go anywhere for awhile.

Cheers


----------



## Wysiwyg (17 June 2008)

N1Spec said:


> I know for a fact TMR's OPEX is disturbingly high, does anyone know what is there projected OPEX in the future?? I think its currently $2.5p/lb..... someone correct me if im wrong. They better bring that down below $1.50 or im afraid the SP isnt going to go anywhere for awhile.
> 
> Cheers




Yes, in comparison to peers it is high.They are only small so efficiency is paramount for survival. Gloom and doom.

Costs

"Total C1 cash costs were *US$2.39 *per lb payable copper, an increase of 2 cents per lb payable copper on the December 07 quarter. The increase reflects the impact of industry standard cost increases, largely power, the weakening of the US dollar (which accounts for TMR receipts) against the peso (which accounts for operational expenditure) and increased development during the period."

"*Industry consensus supports the view of a significantly increased cost base in general going forward*. TMR management is focussed on C1 cash cost reduction, including the appointment of specialist external consultants, through improvement in recoveries, grades and consumable and head count reduction following standardisation at the 3000 tonne per day production level."


----------



## Tristo (15 July 2008)

Hitting 6c today for a new low.  Yikes.  Need some good and possibly wonderful quarterly results to stem the blood flow and get her going back upwards.


----------



## Big_Daz (15 July 2008)

They need a good result to restore some of the faith they lost from their shareholders in the SPP....that and the ovious downturn in the market (especially for small caps) have really hurt this company. 

Long term holder...


----------



## goldmandane (30 July 2008)

Whythe hammering today? The production report didnt look too bad to me, infact quite posititve!

And it looks like they have reduced costs a bit too. Any ideas anyone?


----------



## Big_Daz (30 July 2008)

I couldn't see aything too negative from the report although I only had a quick skim over it. Although they had significant +ve gains in alot of their production for the 1/4, I remember their March figures being dissapointing so don't read those numbers as being outstanding! 

Sure compared to last quarter but in the schemes of things it has had a pretty rough time of it this financial year.


----------



## Snakey (30 July 2008)

I thought it was positive too.
Some people expecting positive figures in the report bought up before to sell on good ann. buy the rumour sell the fact. But in these markets going long on anything is dangerous. Over panic sold IMO. Great stock and great out look. copper still getting good prices. Yet trading way of highs. Grab a few before close and tipped it for the stock comp


----------



## goldmandane (31 July 2008)

Being pummled again earlyy I stayed out of it yesterday. Either the shorts have got hold of this, or there is some inside news


----------



## ROE (31 July 2008)

this is my Freddie Mac and Fannie Mae sub-prime stock  

This is the dog of all dog for me from 17 cents to this low.


----------



## qlksvr (1 August 2008)

How low can you go, :bonk: trading at 4.6c today, this is getting ridiculous. Wouldnt be suprised now to see them go to 2c like they were during the old smo days. Might be a good buy then


----------



## goldmandane (1 August 2008)

Looks like the poor Iberian resources report released todayt has had a lot to do with the big drop of late. Must be insider trading dont you think considering its gone down so much in the days elading up to todays release.

Could be good value in this one, as I think the chilean operations are pretty good, but I am not sure how much of the company is made up of iberia and this could be a severe drainer on their balance sheet. Will look later, internet connection is too slow at the moment to bother.

Lucklily I've stayed out of his one so far.


----------



## tulasi74 (4 August 2008)

Low today of 2.6 cents.  OMG.  Holding all the way from 26 cents.  Not a good buy at all.  I applaud all those who did not touch it at 11 cents.


----------



## prawn_86 (4 August 2008)

Either there is something that ordinary punters dont know, or this is one of the craziest examples of panic selling i have ever seen!

Down nearly 40% on no news. NTA is about 14c per share (mining equipment and the like). Currently producing with pirces at about $3/lb and costs (high) of about $2.25/lb.

What the hell is going on here? Surely it will hit a bottom soon...

And i have this for my yearly pick...


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## rub92me (4 August 2008)

prawn_86 said:


> Either there is something that ordinary punters dont know, or this is one of the craziest examples of panic selling i have ever seen!
> 
> Down nearly 40% on no news. NTA is about 14c per share (mining equipment and the like). Currently producing with pirces at about $3/lb and costs (high) of about $2.25/lb.
> 
> ...



Yes, I would expect those 'sophisticated' investors and loyal holders that took up the SPP to ask some serious questions now. Unless they've not told us about some hidden monster / production cost surprise this looks overdone.


----------



## prawn_86 (4 August 2008)

Also, how/why can a stock drop 40% in a day on no news and not get a speeding ticket...?

If something shot up like this then it would get a query


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## alanding (4 August 2008)

The first thing I want to say is: I made a loss at this after sold it @ 11.c which I bough @ 33.5.
Second is that I am so happy about the decision. otherwise
I felt be cheated when I was asked to buy some "discounted" **** while some "sophisticated" investor bought at lower price.


----------



## qlksvr (4 August 2008)

alanding said:


> The first thing I want to say is: I made a loss at this after sold it @ 11.c which I bough @ 33.5.
> Second is that I am so happy about the decision. otherwise
> I felt be cheated when I was asked to buy some "discounted" **** while some "sophisticated" investor bought at lower price.




I bet you those 'sophisticated' investors dont feel so sophisticated at the moment. I am extremely suprised that the asx has not given it a ticket, if they gained 300% in a week they would be all over them.


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## matt1987 (4 August 2008)

top work for the aus fin review smart investor magazine - tmr was one of their top 10 stocks for 2008, and this was when the sp was 20c

hugh callaghan is a smart man so something has to give sooner or later, either he'll do a runner or the current scrapping of ibr operations is the start of his major turn-around plan.

any opinions?


----------



## prawn_86 (4 August 2008)

This time last year, TMR was also one of Macquarie Small Cap Funds top 10 holdings.

They have a profitable mining operation, NTA of 16cps, prospective exploration potential, about $30mill in the bank, MC at these price around $60 mill. Go figure....

Perhaps a takeover is on the cards...?


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## Trader Paul (4 August 2008)

Hi folks,

TMR ... figure next week will reveal some VERY negative sentiment
by traders, with 3 negative cycles slotting into place:

       13-18082008 ..... 3 significant cycles to bring more negative news.

            01092008 ..... negative spotlight on TMR

       02-03092008 ..... minor and positive cycle

       05-08092008 ..... 2 minor time cycles, with some positive news

           02102008 ..... 2 minor cycles bring TMR into a positive light.

..... and technically, it looks like we may be headed into a V-bottom,
on the TMR chart, too ..... 

More later

 have a great day

     paul



=====


----------



## N1Spec (4 August 2008)

prawn_86 said:


> This time last year, TMR was also one of Macquarie Small Cap Funds top 10 holdings.
> 
> They have a profitable mining operation, NTA of 16cps, prospective exploration potential, about $30mill in the bank, MC at these price around $60 mill. Go figure....
> 
> Perhaps a takeover is on the cards...?




highly doubt a TO is on the cards, the SP doesnt refelect that though. I think you will find its getting hammered because of Iberian. The SP getting smashed is a vote for incompetant managment forking out $100m to buy IBR and doing nothing with it. They really need to make their intentions clear about IBR and do it quick before there is any sign of a recovery.

I for one think this company has alot of potential, a 13,000tpa copper producer and with some cost controls will be quite profitable at current CU prices. They have shown they have made some mistakes with mine design but were quick to fix it... ie. project 3000, now they are on to project 4000 and im confident that too will be achieved.

Cheers


----------



## ROE (4 August 2008)

Game over man...game over 
Cant believe this **** .. how low can it go  ...cant it hit zero hahaha


----------



## Pager (4 August 2008)

I sold all my original stake after the SPP fiasco at 12 cents, but kept the SPP issued shares at 11.5 cents.

In hindsight should have dumped the lot, this stock has been such a huge disappointment, unless a miracle is worked even going back to double figures is a long way away.

And those sophisticated shareholders must be cursing themselves, not to mention the legions of unhappy shareholders not just with the share price but the whole way they handled the SPP and have been running this business.


----------



## Aargh! (4 August 2008)

I hung on to this one for too long and got out at 10 cents with 30k loss.

I used to be a believer in TMR who and Hugh got big thumbs up from Smart Investor and Money magazines. 

I wouldn't go near this one again even if there was a reversal.


----------



## tulasi74 (4 August 2008)

Aargh! said:


> I hung on to this one for too long and got out at 10 cents with 30k loss.
> 
> I used to be a believer in TMR who and Hugh got big thumbs up from Smart Investor and Money magazines.
> 
> I wouldn't go near this one again even if there was a reversal.




10 cents and a 30k loss.  WOW.  Wish I knew when to pull the plug on this one.  I was the idiot that had a good gut feeling a while ago when everyone was bagging the stock. 

The way copper price is heading, there must be those that are thinking that their Chilean operations is not profitable either.

I will sit on them for a little bit longer to reduce losses but am getting ready to take a big hit on these.


----------



## Fisherman99 (5 August 2008)

Me too (30k)...  :3 cents? - This is the SP for a company after a lot of bull****ting their investors... They bought IBR, after some months it seems they want to get rid of it, they announce a loss and further writedowns...:mad After selling the Lichvaz plant and the new IBR-report we have to accept, that there won"t be any gold-mine in the near future. Is it possible to trust such a company? 3 Cents seems to be cheap - but does anybody know, what kind of surprises they still have for us?  What is a small high-cost copper miner with a lot of liabilities worth?


----------



## prawn_86 (5 August 2008)

Fisherman99 said:


> What is a small high-cost copper miner with a lot of liabilities worth?




Well, considering there are explorers without JORCd reserves out there with MC over double what TMR is, you would think that 3c might represent fair value at least. But we know the market is an irrational beast.

Im wondering if after a bit of slicing and dicing, if the co was sold off in parts, it ust be close to (if not more than) the value of the current MC.

Watching with interest


----------



## prawn_86 (5 August 2008)

Ann out this morning stating the co position with its operations.

It seems that nothing too much has changed, except for what was already known re: the armenian assets.

Cu grades, mine and plant production are all in an upward trend.

Could it just have been panic selling? Lets see what the market says today...


----------



## ROE (5 August 2008)

with the SP movement today I got an extra ball so the game is not yet over 
and the pinball machine still kicking


----------



## prawn_86 (6 August 2008)

Up about 80% since the intraday low on Monday of .026c. Anyone else catch the knife? 

It was just massive panic selling obviously...


----------



## Aargh! (6 August 2008)

prawn_86 said:


> Up about 80% since the intraday low on Monday of .026c. Anyone else catch the knife?
> 
> It was just massive panic selling obviously...




Explain how it was obviously panic selling? Sorry to pick a Mod up on providing some sort of analysis 

Yes its up hard since the intraday low but let me put that into perspective... It's only up 6% of last years high. Barely impressive. Like they say being there once makes it easier to be there the second time.

To me TMR have made some very poor decisions (IBR). Management still appears ambivalent.


----------



## prawn_86 (6 August 2008)

Over the long term it sure has been sh1te (i would know, its y pick for the yearly comp  )

The reason I think Monday was panic selling is the fact that it dropped 40% on no announcement, and now with the benefit of hindsight, it is confirmed, due to the rise it has had since then. Unless this is just a dead cat bounce...


----------



## tulasi74 (7 August 2008)

Volume on Monday was 33 million with VWAP of 3.32 cents. Since then it has been 10.8 mil VWAP 3.63, 10.2 mill VWAP 4.44 and 12.2 mil VWAP 4.30.  Maybe whoever sold the 33 mill bought it back slowly.

I bought 150k at 3 cents and quickly dumped it at 3.9 cents to reduce losses.  Maybe I should have bought more and held a little longer and i would have come close to breaking even.

Hindsight is a wonderful thing.  Not sure how much you can place on technical analysis for a specie like this but it might rebound from here to 10 - 11 cents in about 6 months based on technical analysis.  No basis for the 6 months..it could happen in one day when they report.

Tulasi


----------



## Fisherman99 (8 August 2008)

Did somebody notice that some directors got fired? My opinion is, that this selling was overdone - panik or watever.  I found the last balance-sheet of IBR now (http://www.iberianresources.com/reports/financial.php) - the assets are 47 Mio., the liabilities 17 Mio. If there won"t be other nasty surprises, the writedowns on IBR won"t ruin TMR, nor the liabilities. On the other hand, TMR is going to sell the IBR-plant - additional cash for TMR. This year a loss, reduced shareholders equity - next year even better profit for TMR on increased copper output and reduced costs, if the price for copper remains stable. But anyway - it looks like a case for the police, the should start investigations - this thing really smells like fraud. And Mr. Hugh L.J. Callaghan should retire, too, because or he"s involved or he was stupid enough, to pay 120 Mio. for nearly worthless tenements... Anyway, his fault, he damaged the company and destroyd our money.


----------



## Fisherman99 (13 August 2008)

I just found another copper-miner, Capstone Mining Corp.. Their Cozamin mine in Mexico has started an expansion to 3,000 tpd. Here some quick facts (2. Q.): 

Capstone:
*Mkt Cap:  247.35M *
Copper cash costs for the quarter were $0.90/lb of copper 
Copper grade (%)  1.66
Copper recovery (%) 88.9           
EPS 0,15 $

Tamaya:*Mkt Cap:  37.39M *
Copper cash costs for the quarter were $2,25/lb of copper 
Copper grade (%)  1.17
Copper recovery (%) 72,7           
EPS Loss

This is another prove, that TMR has some work to do:

1. (most important): get rid of the old management, oust "Mr" Hugh L.J. Callaghan. He is to blame for the damages and losses and he is responsible for the actual SP, too. 

2. increase the copper recovery

3. reduce cash costs

4. restore credibility => oust Callaghan


I think this company has alot of potential, if they get rid of their incapable management - but the SP will remain low until restoration of credibility. TMR is now a kind of "fallen angel"...


----------



## HighTemplar (16 August 2008)

Tamaya is cash rich with about 30 million after issuing 300 million new shares at 11.5c. At the current market price, the market cap of the whole tamaya is only ~43 million. Although they would need the cash for operations, a share buyback would stabilize prices.

The way i see it, since they issued new shares 4:1 for iberian. if i recall the 2007 annual report, they issued abt 500 million shares for iberian back when they took over 86%. Hypothetically, hence if they bought 500 million back at these depressed prices of abt 4 cents, the writedown for iberian would be more like 20 million, much less than the 108 million theoretical value. of course, there arent that many shares available on the open market and the price wont remain at 4 cents.

Tamaya itself is still profitable. The writedown is massive but it would probably be once off. Sure copper prices will decrease but the % extraction is increasing. Eps for 08 excluding the writedowns should be abt 0.5 cent, considering just a month ago copper was at its highest price. 0.5/3.1 which is todays close share price is a pre tax rough rate of return of abt 16%. 

Moreover, iberian isnt exactly broke. they still have more assets than liabilities even after impairment. tamaya doesnt have debt obligations til 2010, thats a long time to go for things to work out.

the stock is way depressed. why panic? even after severe writedowns and impairment, the company will remain a going concern.


----------



## Big_Daz (20 August 2008)

Heartening sign we saw in today's announcement...big Hugh bought $4,500 worth of his price depleted stock.

But none-the-less...seeing directors purchase their own stock is a positive sign all be it only a small number.


----------



## prawn_86 (21 August 2008)

Yes the directors have also copped a hammering on this one.

I can remember they bought about $300k between them when the price was above 25c.


----------



## tulasi74 (29 September 2008)

Does anyone know why this stock is tanking?  I am guessing it has something to do with falling copper prices?

If anyone knows any other info, would be greatly appreciated.

Tulasi


----------



## Wysiwyg (29 September 2008)

tulasi74 said:


> Does anyone know why this stock is tanking?  I am guessing it has something to do with falling copper prices?
> 
> If anyone knows any other info, would be greatly appreciated.
> 
> Tulasi




This company has got the mockers on it.If it coudn`t sustain a honest share price with "historically high" copper prices then if the copper price breaks down to US$2 / lb. ,  what hope have we got.35c to .014c is a good indication of a negative culture evolved within the Tamaya circle.Though a breach of 10c indicated that.

p.s. I would like to know why it is despised too but don`t expect any truth because that will remain hidden.


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## prawn_86 (30 September 2008)

Theres your answer Wysiwig...

Suspension from quotation due to discussions with creditors.

IE - BROKE! And to think i picked this for the yearly tipping comp...


----------



## Wysiwyg (30 September 2008)

I am  and have vented my ness quietly and in a controlled manner.I now feel much better though out of pocket by $18000.I`m sure there are worse off.This is the second time in my life I have been shafted by a white African and am wondering what connection that is.I hate sly people.

The end.


----------



## Bushman (30 September 2008)

Wysiwyg said:


> This is the second time in my life I have been shafted by a white African and am wondering what connection that is.
> The end.




BHP is also run by a 'white African'. 

I am assuming the other sly white African is Andrew Scott?


----------



## Wysiwyg (30 September 2008)

Bushman said:


> BHP is also run by a 'white African'.





Being a blue chip and dominant business his "accountability" would be first and foremost in mind.We hope.

Callaghan and co. showed they have poor due diligence ability and poor business operation expense control.


----------



## rub92me (30 September 2008)

prawn_86 said:


> Theres your answer Wysiwig...
> 
> Suspension from quotation due to discussions with creditors.
> 
> IE - BROKE! And to think i picked this for the yearly tipping comp...



I don't fully understand this. According to their announcements they paid off their debts and should still have about 15 million in the bank. Unless there was some shareprice related trigger in their placement that they haven't told us about.


----------



## Big_Daz (14 October 2008)

What is our opinions on the announcement today?

JORC...can anyone enlighten me as to the meaning of this?


----------



## Aargh! (14 October 2008)

Big_Daz said:


> What is our opinions on the announcement today?
> 
> JORC...can anyone enlighten me as to the meaning of this?




Get a trash can, put all of your cash in it, add something flammable and set a match to it. It just means something more to be broken up when it finally goes belly up.


----------



## urbanmike (14 October 2008)

Do any of these suspensions and talking to creditors end up with shares retrading? Is there really no chance of any monies coming back to shareholders?


----------



## Pager (14 October 2008)

Sad to think only a few months ago this mob did a share placement at 11.5 cents that apparently was going to make all the difference and secure the company's future 

They even had shareholders including myself complaining that the so called "sophisticated investors" got options with there shares but the average Joe didnt 

Not sure how those "sophisticated investors" are feeling right now if and that's a big IF they were still holding this stock when it suspended or had they got out keeping their option ?, do hope the authorities investigate transactions in this company's shares and who was behind them.

Although the money i have most likely lost in this company is small and the share market can be a dangerous place especially with this type of company, i do feel very misled and cheated by these people at Tamaya.

*rant over*


----------



## prawn_86 (28 October 2008)

prawn_86 said:


> Theres your answer Wysiwig...
> 
> Suspension from quotation due to discussions with creditors.
> 
> IE - BROKE! And to think i picked this for the yearly tipping comp...




Worst fears confirmed today. VA appointed due to low CU prices and not being able to repay debt.

And to think i told my old man to buy this  He's not gunna be happy with me...


----------



## Rough_Trade (28 October 2008)

This was not a surprise. 
What is more suspect was the high volume traded the day before the trading halt


----------



## prawn_86 (28 October 2008)

Rough_Trade said:


> This was not a surprise.
> What is more suspect was the high volume traded the day before the trading halt




And once again ASIC will sit on their hands as always and not do a thing about it. Because to them small caps dont matter and it is the place where corporate criminals can go about their business without fear of the 'dreaded wrath' of ASIC


----------



## trinity (28 October 2008)

Rough_Trade said:


> This was not a surprise.
> What is more suspect was the high volume traded the day before the trading halt
> View attachment 25224




So people knew and everyone sold out before the less sophisticated investors find out the next day???


----------



## Big_Daz (28 October 2008)

Damb...it does sting!

Just have to put this down as a lesson I will not do again!

The beauty of a stop loss...and hindsight.

Still doesn't stop you from being angry at big Hugh...however can't blame him for the copper price bottoming out...


----------



## N1Spec (28 October 2008)

Not the end yet but its looking grim.
The only thing that can save them is if they can sell their Iberian assets pronto and/or CU prices shoot back up over $3.50 p/lb (in a hurry I might add).


----------



## laurie (29 October 2008)

So if TMR goes belly up is that considered a capital loss as far as the ATO is concerned !

cheers laurie


----------



## bliimp (31 October 2008)

laurie said:


> So if TMR goes belly up is that considered a capital loss as far as the ATO is concerned !
> 
> cheers laurie




Depends on your definition of "belly up" ... a receiver's definition of "belly up" ... and the ATO's definition of "belly up"!

I got caught up some years back with the collapse of Pasminco ... Waited nearly 2 to 3 years with no ability to realise a tax loss ... until I utilised the services of  www.delisted.com.au ... check them out ... they provide a useful service



Check out the section "We Buy Worthless Shares" .... 


_31 Oct 08 

THIS FACILITY IS NOW CLOSED - IT WILL RE-OPEN AGAIN IN 2009 FOR 2008/09 TRANSACTIONS

Please email us to admin@delisted.com.au if your transaction can't wait until then.

deListed pays a nominal amount of $1 for each parcel of worthless shares. Our Administration Fee for this service is $81 for one parcel and $56 for each additional parcel. If you wish to sell your worthless shares, the fee (net of the nominal amount of $1) is therefore $80 for one parcel, $135 for two parcels, $190 for three parcels, and $245 for four parcels. Shareholders or brokers wishing to process more than four parcels should contact us initially at admin@delisted.com.au . Brokers should also note that we will circulate our next annual list of appropriate companies on or about 30 April 2009. 

Shareholders wishing to sell worthless shares are required to take the following steps:

Step 1 - Read our  Financial Services Guide and Product Disclosure Statement.

Step 2 - Complete the Parcel Details for each parcel of shares you wish to sell. (we prepare all the documentation and send it to you for signature)

Step 3 - Make payment by credit card of $80 for one parcel, $135 for two parcels, $190 for three parcels, or $245 for four parcels_.


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## JPC_ASX (3 November 2008)

> deListed pays a nominal amount of $1 for each parcel of worthless shares. Our Administration Fee for this service is $81 for one parcel and $56 for each additional parcel. If you wish to sell your worthless shares, the fee (net of the nominal amount of $1) is therefore $80 for one parcel, $135 for two parcels, $190 for three parcels, and $245 for four parcels. Shareholders or brokers wishing to process more than four parcels should contact us initially at admin@delisted.com.au . Brokers should also note that we will circulate our next annual list of appropriate companies on or about 30 April 2009.
> 
> Shareholders wishing to sell worthless shares are required to take the following steps:
> 
> ...




please clarify?
I have 2 parcels of TMR - atm worth a combined measley $150. I can sell both for $2? Plus pay $135 admin fee? So im paying somebody to buy them effectively. Why dont I just leave them as is and save the $135? Am I missing something here??


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## jet328 (3 November 2008)

JPC_ASX said:


> Why dont I just leave them as is and save the $135? Am I missing something here??




The idea is that you have now disposed of your shares & hence can include it on your tax return. 

eg. this FY you made $50k on BHP & lost $30k on TMR (both held less than one year)  = $20k gain

whereas if you hold onto the shares you will have to pay 50k CGT


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## JPC_ASX (4 November 2008)

jet328 said:


> The idea is that you have now disposed of your shares & hence can include it on your tax return.
> 
> eg. this FY you made $50k on BHP & lost $30k on TMR (both held less than one year)  = $20k gain
> 
> whereas if you hold onto the shares you will have to pay 50k CGT




OK I see. Thanks for clarification jet. So sell and claim capital loss. I'll give my accountant a call!
No possible chance of TMR recovering?


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## anindya_becit (6 January 2009)

Hi there :

just wondering whats happening with this one? I have got few shares from this comp ... and in my porfolio it's showing as $0.00. Also no data is shown online about TMR by my online broker!!!

Anyidea what to do with this? Would be great if I can get some advice! Please help me

Thanks in advance!


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## Wysiwyg (6 January 2009)

anindya_becit said:


> Hi there :
> 
> just wondering whats happening with this one? I have got few shares from this comp ... and in my porfolio it's showing as $0.00. Also no data is shown online about TMR by my online broker!!!
> 
> ...




Best contact the Tamaya company directly matey.Do you know their phone number?It is the best way to know by directly speaking to the company.And don`t stop until they tell you what you want to know.


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## ormond (6 January 2009)

anindya_becit said:


> Hi there :
> 
> just wondering whats happening with this one? I have got few shares from this comp ... and in my porfolio it's showing as $0.00. Also no data is shown online about TMR by my online broker!!!
> 
> ...



Looks like the end.

Tamaya appoints receivers 
30-October-08
Written by Staff Reporters

Two days after placing itself into voluntary administration, Tamaya Resources Ltd has today appointed receivers. 

The company advised today that it had appointed Michael Ryan and Peter Allen as receivers and managers of the assets and undertaking of the business and its subsidiaries, which include former West Perth resident Iberian Resources. 

Last year, Tamaya gained a controlling interest in Iberian from a failed takeover attempt. 

The company went into administration following the collapse of copper prices which had made it impossible for it to repay loans and operate its Punitaqui mine in Chile.


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## Wysiwyg (30 March 2009)

Shareholders in Tamaya Resources will be disappointed to read that we will receive NO compensation after asset sales.

*Remember the company directors name please.*


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## Pager (30 March 2009)

One of the most disgusting things ive seen happen 

They have a capital raising and tell shareholders it is to secure the future of the company then 2 months later its in administration, during the lead up to which massive amounts of shares change hands 


What have ASIC, the ASX or any government agency done ?, as far as im aware F#ck all, no investigation, no please explain to the company its management or directors.

The investing Public were completely shafted from what i can see  then let down by the powers that allegedly be, something very very dodgy went on with Tamaya from the share placement in which so called "sophisticated investors" got an option attached to there shares were as anyone else didnt to the sudden collapse after massive volumes of shares changed hands.


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## Wysiwyg (30 March 2009)

Pager said:


> What have ASIC, the ASX or any government agency done ?, as far as im aware F#ck all, no investigation, no please explain to the company its management or directors.



You have prompted me to seek further explanation.I was informed there will be an ASX announcement giving details next week and after reading these details I will investigate further.The sale price attained for assets will be the foremost of my scrutiny and then explanation on director whereabouts (occupation wise) and my rights to a percentage of asset sales.Is Punitaqui still operating and why did the company fold up so quickly?

*The write-down of $141 million for the Iberian assets **reduced equity and induced a technical loan default*.This forced them into voluntary administration.(reference The Ugly) 

Why didn`t they sell some or all of the Iberian assets and maintain Chile assets?????? It would have been evident they bit off more they they could chew.Bad business decision when "knowing" they couldn`t manage both.
By choosing to write-off the assets they knew it would fold the company up.Drop it and run.Saw the markets tanking and bailed out.Can anyone see that is what happened?

Can`t prove it but I know who they are.


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## ormond (30 March 2009)

Wysiwyg said:


> You have prompted me to seek further explanation.I was informed there will be an ASX announcement giving details next week and after reading these details I will investigate further.The sale price attained for assets will be the foremost of my scrutiny and then explanation on director whereabouts (occupation wise) and my rights to a percentage of asset sales.Is Punitaqui still operating and why did the company fold up so quickly?
> 
> *The write-down of $141 million for the Iberian assets **reduced equity and induced a technical loan default*.This forced them into voluntary administration.(reference The Ugly)
> 
> ...




Not an expert in this field but i would have thought shareholders may have a case against TMR and a class action could be looked at through a litigation funder such as IMF-IMF Australia.
Lots of cases against incompetent directors have been settled this way recently


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## jamesd (18 April 2009)

ormond said:


> Not an expert in this field but i would have thought shareholders may have a case against TMR and a class action could be looked at through a litigation funder such as IMF-IMF Australia.
> Lots of cases against incompetent directors have been settled this way recently




I agree mate, we have been dudded by big old fat Hugh....there must be a come back such as a class action...there's a lot of people out there who were mislead. I'm in for one, anybody else what to strike up a dust storm in the blokes face?


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## matt1987 (20 April 2009)

i was lucky enough to not buy any shares in the purchase plan a few months before the company went into administration. however, since i obviously lost the entirety of my investment due to a bunch of dodgy directors, i would definately be interested in investigating ways to make those who were in the wrong accountable for their actions.


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## JackC (1 May 2009)

bliimp said:


> Depends on your definition of "belly up" ... a receiver's definition of "belly up" ... and the ATO's definition of "belly up"!
> 
> I got caught up some years back with the collapse of Pasminco ... Waited nearly 2 to 3 years with no ability to realise a tax loss ... until I utilised the services of  www.delisted.com.au ... check them out ... they provide a useful service
> 
> ...





No need to bother selling the useless shares now. This should do it as far as the tax man is concerned!
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00949218


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## Wysiwyg (1 May 2009)

JackC said:


> No need to bother selling the useless shares now. This should do it as far as the tax man is concerned!
> http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00949218





So did you hold any shares JackC? I think the management cut and run cheaply in this instance. What do you think?


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## Pager (1 May 2009)

JackC said:


> No need to bother selling the useless shares now. This should do it as far as the tax man is concerned!
> http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00949218




Thanks for posting this.

Well at least i can write off my investment when i do my tax return.

I still hold the view that the shareholders were misled especially before the capital raising that was meant to secure the company's long term future.

Bast@rds IMO the directors and senior managers of this company.


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## Big_Daz (4 May 2009)

very dissapointed how this one turned out...what's more IF the directors did act dishonestly ect they will never be bought to head...liquidators need someone to back the investigation and fat chances of anyone putting up the funds.


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## Wysiwyg (13 May 2009)

*I can`t believe they took everything*!

The $20 mil. capital raising in May 2008 would have been to appease the creditors is my thinking. They claim the capital was for Punitaqui copper mine in Chile. I still believe TMR fed share holders a pack of lies. Reading Callaghans interviews now, it is easier to see he was a great car salesman. 

Disappeared without a trace as far as internet searches go.

This deal went through in May.



> New shares under the SPP will be issued at 11.5 cents per share, a 12% discount to the closing share price on 30 April 2008 and 15% discount to the volume weighted average share price for the 5 trading days to 30 April 2008. Shareholders will incur no brokerage costs.




Some jouno. building up Hugh Callaghan (ex Rio Tinto and Xstrata) 



> Former Rio Tinto and Xstrata executive Hugh Callaghan has wasted no time since coming on board in June to sort out the group's copper production interests in Chile and the long-term future of its gold exploration interests at Charters Towers in north Queensland.
> 
> The copper interests have been turned around in the past two quarters, and in the September quarter posted earnings before interest and tax of $4.29 million. Under Callaghan's expansion plans for the operation, there can be a case mounted to suggest the group's share price reflects an earnings multiple a couple of years out of no more than two times.
> 
> The market is going to want to see successive quarters of production/profit reflect that potential before building too much into the group's share price. *But few who saw Callaghan in full flight last week at the Melbourne Mining Club's "Cutting Edge" seminar came away with any doubts that he means **business*.


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## JackC (18 May 2009)

Wysiwyg said:


> So did you hold any shares JackC? I think the management cut and run cheaply in this instance. What do you think?




I did lose a few grand on this one but I guess thats the way it goes with these speccy stocks. Had been on my watchlist for ages & watched it come down loads before jumping on before the end when I saw some signs of a potential recovery. How wrong was I! Nevermind, will just make me more savvy next time round hopefully...

Cheers, JC


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## jamie1333 (25 July 2010)

Did anyone notice the quarterly report released on the 23 Jul 10? It indicates a possible relisting onto the ASX, what does this mean for shareholders? Is there even such a thing as shareholders for this company?  My etrade account does not even list this company on my portfolio anymore


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## Wysiwyg (25 July 2010)

jamie1333 said:


> Did anyone notice the quarterly report released on the 23 Jul 10? It indicates a possible relisting onto the ASX, what does this mean for shareholders? Is there even such a thing as shareholders for this company?  My etrade account does not even list this company on my portfolio anymore



I don't know for sure but that reads like shareholders at time of liquidation will be given the opportunity to buy new shares to re-capitalise the company. That is the old shares are gone and new shares will need to be bought. I can't see anyone getting their original shares reinstated for free. The loss was lodged with the taxation department so that is another reason why I don't think shareholders at time of liquidation will be reimbursed.

Please prove me wrong.


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## Stevob (14 October 2010)

As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).
I conducted some research, and found that the proceeds of the Lichvaz Gold mine in Armenia (Sipan Gold LLC)(which was quite a valuable asset of Iberian Resources (acquired by TMR)) was quoted by the liquidator as not expected to be significant. See this see http://www.infomine.com/index/pr/Pa750035.PDF[/url]
I have visited the mine, and know some of the previous management, and this does not ring true at all. My wife is Armenian, so we go over there quite a lot.
I find it a strange coincidence that Ernst and Young in Sydney (Keiran Hutchinson....surprise surprise, he hasn’t returned my e-mail) were the Liquidators, and the company that supposedly purchased this asset were a company based in the free-zone in Dubai called Terranova Overseas Company http://biz.yahoo.com/e/100415/gbgd.ob10-k.html[/url] is a wholly owned subsidiary of Terra World see http://www.svcresources.com/images/outcome_of_Board_Meeting.pdf a company based in India see the next website, that lists among its partners Ernst and Young Australia in a customer relationship http://www.terraworld.in/partners.htm.
This appears to be a conflict of interest in selling liquidated assets to a company that does not constitute a commercial arms length transaction.
I am very disappointed in this type of behaviour and I hope someone else can further invstigate. The whole dealings of TMR stink, and the directors should be prosecuted.
I wonder if there are people still reading this blog? I have sent this to ASIC, and have been advised that it has been passed on to a "relevant officer" about two months ago.
As soon as I find out who it is, I suggest that all the people on this blog start sending that officer messages. They just might get into action.


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## laurie (14 October 2010)

Wysiwyg said:


> The loss was lodged with the taxation department
> 
> Please prove me wrong.




Where is the link for that I'm still waiting to claim a capital loss

laurie


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## dougit (15 October 2010)

Sounds very dodgy. I am reading the post by the way. Thsnks for the research. being a shareholder of TMR



Stevob said:


> As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).
> I conducted some research, and found that the proceeds of the Lichvaz Gold mine in Armenia (Sipan Gold LLC)(which was quite a valuable asset of Iberian Resources (acquired by TMR)) was quoted by the liquidator as not expected to be significant. See this see http://www.infomine.com/index/pr/Pa750035.PDF[/url]
> I have visited the mine, and know some of the previous management, and this does not ring true at all. My wife is Armenian, so we go over there quite a lot.
> I find it a strange coincidence that Ernst and Young in Sydney (Keiran Hutchinson....surprise surprise, he hasn’t returned my e-mail) were the Liquidators, and the company that supposedly purchased this asset were a company based in the free-zone in Dubai called Terranova Overseas Company http://biz.yahoo.com/e/100415/gbgd.ob10-k.html[/url] is a wholly owned subsidiary of Terra World see http://www.svcresources.com/images/outcome_of_Board_Meeting.pdf a company based in India see the next website, that lists among its partners Ernst and Young Australia in a customer relationship http://www.terraworld.in/partners.htm.
> ...


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## mamaal1965 (18 October 2010)

No response from neither ASIC nor E&Y? - happy to support you on this as should as many former TMR shareholders as possible - "the wheel that does the squeaking is the one that gets the grease" !!!


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## trinity (18 October 2010)

Hi,

Ex-shareholder as well.  StevoB, to whom in ASIC did you post your letter to? Am happy to support as well.

Thanks.


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## Wysiwyg (19 October 2010)

Stevob said:


> As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).



It's all over mate. I made the capital loss last financial year. The liquidators are under no obligation to get the best price for any asset hence a "fire sale" is how the assets are sold. The financial "system" screws people over legally but what gets me is the rapid departure and disappearance of big talking Hugh Callaghan. Bad manager. Gold is at US$1300 and the Lichvaz (Armenia) and Montemor (Portugal) mines would have done well. 

Asset wise, the Montemor (Portugal) assets were sold to Australian Iron Ore PLC. While Lichvaz has a connection with Calder Resources and BacTech Mining Corporation. 



> On October 28, 2008, due to the unprecedented collapse of copper prices, Tamaya Resources Limited was put under Voluntary Administration. On January 2, 2009, Iberian Resources Portugal was sold to Australian Iron Ore PLC.



Note the "unprecedented collapse of copper prices" was for all of about 6 to 8 months. What a pi$$ poor excuse and not the real reason.



This is the delisted stocks site and it has a link to the declaration of no investor reimbursement. I wonder if Callaghan off-loaded his shares beforehand??????


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## tyson1 (25 November 2010)

The above isn't entirely true. 
The Liquidator is a fiduciary of the company and owes fiduciary duties to the company, its creditors and members.
The Liquidator has a duty to act honestly (s.181 of the Corporations Act), act in good faith and avoid a conflict of interest. Notably the Liquidator cannot profit from their position, directly or indirectly, other than remuneration for work done (Re Timberland Ltd (1979) 4 ACLR 259). This is also supported by s.182 of the Corporations Act. You might have a case through the above, although it may have to be initiated by ASIC (I'm not law expert) under S.536.

My two cents, I'm not a shareholder.


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