# KMN - Kings Minerals



## Lachlan6 (10 October 2005)

Like this chart (daily). Has just broken resistance at 23.5c on big volume. Next short term resistance at 26c and from there the old high of 34c. Jumped up above both 21 and 30 day ma's so should start trending back up now and well supported by On balance volume. Going to pick up some today. anyone else with thoughts? Cheers, lachie.


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## imajica (25 July 2006)

Very quiet on this forum! I thought people would have heard about their new discovery!! looks like it could be an 'olympic dam' style uranium mineralisation.

http://www.theaustralian.news.com.au/story/0,20867,19856749-643,00.html


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## zeezee1962 (3 August 2006)

Got in at .18 for 30000 sold 20000 at .37 but now think maybe should of kept them


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## GRIZ (20 October 2006)

Could anyone please explain what just happened. Did someone just sell their stock at wrong price? Why do i have red trades (course of trades)? I haven't seen anything like this before. thanks. ps what do you think of the company?


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## ALFguy (20 October 2006)

Very strange, not seen anything like this before.

There has however been an announcement saying All trades @ 11:24, 11:25 are at dispute with Governor's.

I have no idea what this means.

Also, there is already a KMN thread, so this needs to be moved there.


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## imajica (6 November 2006)

their Mexican project has an in ground value of $8 billion

their Queensland tenements are down the road from CDU's Rocklands discovery - looks to be a similar form of mineralisation - could be massive

do some research, could be huge


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## imajica (6 November 2006)

this one is starting to gain some interest, what's everyone's opinion on this one?


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## imajica (6 November 2006)

up 18% today on good volume

people are starting to become aware of the solid fundamentals of this one!


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## imajica (7 November 2006)

their Kalman prospect near MT ISA is currently being tipped as a massive deposit, similar to others in the area such as: Rocklands


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## imajica (9 November 2006)

letter from the chairman of Kings Minerals to shareholders (says it all really) - notice how he describes the MT ISA project as "significant"    

Chairman's Letter 

Dear Shareholders, 

I am happy to say that the confidence I expressed in my letter to you last year was well placed and the Company has 
continued its success in the progression of exploration and development in Mexico as well as identifying a significant 
project in the Mt Isa Region of Queensland. 

The San Anton Project has developed from a resource of 5.6 million ounces of gold equivalent at the end of 2005 
through to an 11.09 million ounce gold equivalent and still growing resource at the end of 2006.   

The decision to transfer ownership of the San Anton Project to a Canadian listed corporate entity and for the Company 
to retain control through that corporate vehicle should be a positive for shareholders. 

Fundraisings undertaken since balance date leave the Company in a very strong financial position to concentrate efforts 
on the exploration and development of the Mt Isa Project. 

I look forward to writing to you again this time next year to detail further success. 

Sincerely, 






Norman A Seckold 
Chairman


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## imajica (12 November 2006)

TSX listing should occur soon which should further add to shareholder value

when we recieve a JORC compliant resource for their Kalman deposit - we should see some fairly pronounced share price appreciation


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## Sean K (12 November 2006)

Well done to you guys holding this one for the past few months. What a winner. 

I have had a cursory glance at the last few reports and company presentations and am surprised I haven't seen this in the news. 

(sorry I haven't been following this thread!   )

Cerro Del Gallo, Mexico (51% with Goldcorp 49%): *11 m oz gold equiv. Inground value $8 bil.*

Calman, Mt Isa, amazing intersections of Cu, MoS2, Au, U3O8, open along strike in all direction and depth, potential 'world class' deposit.  

Check the company web site to see what could be in store at Calman:

http://www.kingsminerals.com/ 

Running strongly and looks to be set to power further ahead imo. Formed a small pennant and started breaking Friday. Not confirmed really, but my initial target from here would be about $0.80. 

I'm not holding (yet).

Damn it! I'm trying not to buy anything at the moment!


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## imajica (13 November 2006)

preliminary projections indicate that Kalman deposit
contains:

40 million tonnes @ between 1-2% copper eq.

if you average that out we have a contained resource of around 600,000 tonnes of copper eq.

= around 5.6 billion dollars worth (aussie dollars)

comparison with CDU's Rocklands project

25 million tonnes @ around 1.6-2 % Cu eq.


the numbers speak for themselves really

info retrieved from here:

http://www.kingsminerals.com/Documents/Mining Investor Sept.pdf


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## imajica (15 November 2006)

up 10% already on the back of new drill results

massive gold mineralisation identified

get on board people


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## Sean K (15 November 2006)

I'm in at $0.69 on the run....


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## Sean K (15 November 2006)

With these new results they could have up to 15m oz au!


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## GreatPig (15 November 2006)

I got in a couple of weeks ago at 54 cents.

GP


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## Sean K (15 November 2006)

GreatPig said:
			
		

> I got in a couple of weeks ago at 54 cents.
> 
> GP



Good work! Why didn't you tell me to buy it then GP?    I've been watching but have just thought it had gone too hard and there would be a pullback....  
Looks extremely promising. Not much volume pushing it really. When the market realises the potential of this........well, perhaps they'll be bought out before then.


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## GreatPig (15 November 2006)

Well as typically happens to me, I'm happy to see KMN up over 10% right now, but it's compensated for by UTO being down about 9% right now too 

And I was watching it pretty closely after the big drop back on the 7th, but fortunately it's picked up again rather than continued to fall.

GP


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## Sean K (15 November 2006)

Market cap is climbing considerably - $255m ish...

Has anyone looked into the listing of it's stake on the TSX? Was supposed to happen in Nov. I was reading about it in their Sep Qty report and it's all Chinese to me.


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## imajica (16 November 2006)

KMN will list its interest as a reverse takeover of Andaurex

they will be controlling shareholder

TSX stock ticker: AWX


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## vert (16 November 2006)

Has broken previous high of 0.70, can it go on with it?


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## Sean K (16 November 2006)

Hitting more fresh highs.....

Anyone buy this before May??


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## Sean K (16 November 2006)

From the past month of trading; 20 up days, 9 down or sideways. ish.  Incredible run.


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## Sean K (20 November 2006)

Had a bit of a pause, expectedly. Just when I bought in.   

Shown some buying support the past 2 days closing off its lows which is a good sign. Still, turning over slightly. Would like to see another big day to push it through $0.70. I can see the long term value in this so I'm giving it a pretty long leash. Still would be happier with it continuing to climb exponentially. Still drilling, so hopefully some more good anns to come...


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## imajica (21 November 2006)

current bid vs sell comparison

top 3 bid/sell

bid=250000 vs sell=55000


should see some nice upward movement


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## GreatPig (21 November 2006)

Must be one of Chicken's cappers at work... 

GP


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## imajica (22 November 2006)

strong preopen again - looks like this one will be bullish until we get the updated resource estimate from San Anton

they have already defined 11.09 million ounces of gold eq. in Mexico - their updated estimate might be closer to 15 million ounces

drilling at kalman will also prove up a targeted resource of about 40 million tonness at around 1.5% cu eq


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## Sean K (22 November 2006)

imajica said:
			
		

> strong preopen again - looks like this one will be bullish until we get the updated resource estimate from San Anton
> 
> they have already defined 11.09 million ounces of gold eq. in Mexico - their updated estimate might be closer to 15 million ounces
> 
> drilling at kalman will also prove up a targeted resource of about 40 million tonness at around 1.5% cu eq



I'm with you on the increased resource estimate imajica. With those last results we'll be looking at something quite spectacular. This has got to be on the radar of the majors looking for large high grade resources to bolt on. Not many other 10 m oz + resources in the world in a mining friendly environment like this.


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## Sean K (24 November 2006)

Consolidating which is good to see.   Right where I bought it.   Sorry guys, I must have put the breaks on it. Or was that GP?   

This is long term good for KMN and represents a possible buying opportunity IMO really.


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## imajica (24 November 2006)

totally agree! should track around these levels for a while and then push ever higher when we receive  an upgraded resource estimate for San Anton - I predict a huge re-rating when a JORC compliant resource is defined at Kalman


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## Caliente (24 November 2006)

morning imajica, I picked up my parcel at .675 to give myself a position in Gold asides from the OX. 

just ballpark, what timeframe do you think Kalman will be defined?

(ps - fascinating posts on JML! Always a good read ^_^ )


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## imajica (24 November 2006)

Good afternoon Caliente! you have made a wise decision buying into KMN - the fundamentals are just too good

upgraded estimate at San Anton should be announced either before Xmas or just after

I would say a good time frame for a defining of the resource at Kalman would be around January/February

a little patience is required with this one - have a feeling it will emulate Bolnisi Gold's success - their market cap is around 885 million

KMN still has a long way to run - in a years time I could see a realistic share price between $2-3


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## Sean K (24 November 2006)

imajica said:
			
		

> a little patience is required with this one - have a feeling it will emulate Bolnisi Gold's success - their market cap is around 885 million
> 
> KMN still has a long way to run - in a years time I could see a realistic share price between $2-3




The only difference is that BSG have just 3-4 m oz equiv au in the ground. This could have up to 15 m oz au IMO. More upside here at the moment. 

(I hold both)


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## GreatPig (24 November 2006)

kennas said:
			
		

> I must have put the breaks on it. Or was that GP?



I don't think this one was me. I'm already up over 28%.

GP


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## Sean K (29 November 2006)

Bit of resistance at $0.73. Very happy with the consolidation over the past week, but will be more happy for a push on through $0.75.


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## imajica (29 November 2006)

couldn't resist and topped up today. the consolidation at the moment is presenting a huge buying opportunity. 

next month we should have an updated resource estimate for San Anton = it has been expanded from 11.09 miilion ounces of gold to a figure much higher - could even eclipse the 15 million ounce mark.

In January/february we should also have a resource estimate for Kalman - 

current conservative estimate is around

40 Million tonnes at between 1-2% Cu eq

comparison with CDU rocklands deposit

25 million tonnes @ 1.63% cu eq


CDU's market cap is almost double that of KMN's and they don't have a 51% share in a  15 million ounce gold deposit on the side


DYOR


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## Sean K (30 November 2006)

imajica said:
			
		

> couldn't resist and topped up today. the consolidation at the moment is presenting a huge buying opportunity.
> 
> next month we should have an updated resource estimate for San Anton = it has been expanded from 11.09 miilion ounces of gold to a figure much higher - could even eclipse the 15 million ounce mark.
> 
> ...



_Long term_ good call mate, even if there is any short term weakness it's going to be very, very valuable in 1-2 years. The chart is starting to show a very bullish flag to me. (It's almost an ascending triangle) Good sign. Personally will be in for more when the uptrend continues. (Could be argued that it hasn't really stopped) Signal will probably be when the MACD turns, or break through $0.73. MACD should probably start  converging on the up just before that happens, unless it happens in a couple of hours....

I hadn't really considered the cu deposit in making my decision on this stock. The gold is enough for me.   Will have to look into that in more detail...


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## imajica (30 November 2006)

kennas the deposit near Mt Isa has the potential to be a monster - more holes need to be drilled to fully determine the extent of the mineralisation - will either be as big or bigger than rocklands with a more favourable strip ratio


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## GreatPig (30 November 2006)

I got a sell signal for this yesterday and am out today at 69 cents.

Visually I think it's showing signs of temporary weakness and has strong RSI divergence.

I'll keep an eye on it though and see what develops. Expect it to be breaking $1 next week 

Cheers,
GP


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## Sean K (30 November 2006)

GreatPig said:
			
		

> I got a sell signal for this yesterday and am out today at 69 cents.
> 
> Visually I think it's showing signs of temporary weakness and has strong RSI divergence.
> 
> ...



Cheers, GP. That's my signal to top up. Thanks!    kennas


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## imajica (30 November 2006)

wonder why its been sold down a bit today? the fundamentals are just too good to sell out of these too cheaply


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## Caliente (30 November 2006)

yes, it's dropped back to my purchase price... the momentum will return... soon enough.


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## GreatPig (30 November 2006)

I could see this one potentially dropping back into the 50s before taking off again.

I'll undoubtedly be wrong though 

Cheers,
GP


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## imajica (1 December 2006)

Bolnisi Gold / Kings Minerals Comparison

BSG - Market cap - 885 million approx

KMN - Market Cap - 255 milllion approx

-both companies have significant projects in Mexico

KMN (San Anton resource) - 11.09 million ounces gold and rising

BSG (their major find) - 3.1 million ounces of gold eq

KMN's Kalman deposit looks set to be huge as well

is KMN undervalued compared to its similar stablemate BSG?

I believe so!

as always DYOR and always put your money on fundamentals and not hype


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## Sean K (1 December 2006)

imajica said:
			
		

> Bolnisi Gold / Kings Minerals Comparison
> 
> BSG - Market cap - 885 million approx
> 
> ...




Absolutely undervalued atm. Perhaps a bit longer from production holding them back atm.


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## imajica (3 December 2006)

drilling at San anton will be completed by 14th December

with a resource upgrade estimate in early February

Pre-feasability and pit optimisation to occur as early as April


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## Sean K (3 December 2006)

imajica said:
			
		

> Bolnisi Gold / Kings Minerals Comparison
> 
> BSG - Market cap - 885 million approx
> 
> ...



Just need to clarrify that the 11 m oz, is 11 m oz *gold equiv* also. I think there's just 4 m oz au, then the silver and copper, bringing it up to the 11 m oz equiv mark. Just a minor point.


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## imajica (3 December 2006)

sorry did forget to mention that! really doesn't make any difference as it is au eq. ie - identical in ground value

whats ur prediction for the resource estimate at San Anton  Kennas?


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## Sean K (3 December 2006)

imajica said:
			
		

> sorry did forget to mention that! really doesn't make any difference as it is au eq. ie - identical in ground value
> 
> whats ur prediction for the resource estimate at San Anton  Kennas?



With those last drill results you'd have to think somewhere between 13-14 m oz au equiv. Conservative. Bit of a pluck really. Just looking at the grades and where the holes are compared to the rest of the site. I'm no resource modeller. Wish I was, would be swimming in it at the moment..


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## Sean K (7 December 2006)

GreatPig said:
			
		

> I got a sell signal for this yesterday and am out today at 69 cents.
> 
> Visually I think it's showing signs of temporary weakness and has strong RSI divergence.
> 
> ...



Got a buy signal yet GP?

I think that it'll go off at about the green circle, or earlier. Why? I'm not sure, but I have this itch between my shoulder blades which is always a good sign.  

Stochastics looks like buy to me, just about to hit trend line, BB converging, the base of the consolidation was about $0.67 and a couple of nice happy candles. Would be noice to see a hammer tomorrow, on vol. Volumes way off!!  

Can some of the rampers on the EVE and INL thread please come over here!!!?? Please.


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## GreatPig (7 December 2006)

kennas said:
			
		

> Got a buy signal yet GP?



Strictly speaking, no, but one of my algorithms does signal a buy today.

When I say no I mean because I use a few different algorithms but the scanner only picks one at a time based on certain criteria. While this one does indicate a buy, the scanner is not picking it today so it doesn't show KMN as a buy.



> I have this itch between my shoulder blades which is always a good sign



You got a formula for that indicator that I can use in AmiBroker? :

Cheers,
GP


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## Sean K (11 December 2006)

Good ann from KMN confirming more great grades in the drilling results in Mehico. 

Revised JORC first qty 07. So, not too much of a wait.

Up a coupla % on the news, maybe hopeful of cracking $0.725 resistance soonish.


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## Sean K (11 December 2006)

GreatPig said:
			
		

> Strictly speaking, no, but one of my algorithms does signal a buy today.
> 
> When I say no I mean because I use a few different algorithms but the scanner only picks one at a time based on certain criteria. While this one does indicate a buy, the scanner is not picking it today so it doesn't show KMN as a buy.
> 
> ...



Should have taken the itchy shoulder indicator GP.    Never fails.

Got another buy signal now?


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## KIWIKARLOS (11 December 2006)

are you anticipating a pull back in the next week or two. It is an expensive stock for me short term as im a little fish but im always looking for medium to long term prospects.

Its being strong today


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## Sean K (11 December 2006)

KIWIKARLOS said:
			
		

> are you anticipating a pull back in the next week or two. It is an expensive stock for me short term as im a little fish but im always looking for medium to long term prospects.
> 
> Its being strong today



Not now Kiwi. Only if POG gets smashed.


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## Sean K (11 December 2006)

Hopefully $0.725 support going forward.


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## GreatPig (11 December 2006)

kennas said:
			
		

> Got another buy signal now?



No, just the one mentioned before, although one algorithm never generated a sell in the first place so is still indicating hold.

Looks promising again, but I don't have any spare cash at present and am trying not to trade for a few days so that Etrade will _finally_ release the HIN to NAB!

Cheers,
GP


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## Sean K (14 December 2006)

My scratch has gone.   

False break. 

Back at $0.69. 

Consolidation continues..............

Rest.


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## Sean K (18 December 2006)

Ouch

Down almost 10%. Feeling pain in between my shoulder blades. Not a good sign!

Buying opportunity, or selling necessity? 

Where did you get the sell signal from GP? Damn good one!


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## Sean K (18 December 2006)

Down 15%. Any ideas? 

One trade (I think) at 14.22 of nearly 400K shares went through...That's a lot of dough for any small time investors/traders...

Since it broke $0.75 just a few days ago, it's just being smashed. 

   

The facts haven't changed. This thing is sitting on a massive resource!


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## Sean K (18 December 2006)

kennas said:
			
		

> Down 15%. Any ideas?
> 
> One trade (I think) at 14.22 of nearly 400K shares went through...That's a lot of dough for any small time investors/traders...
> 
> ...



I suppose someone buying 250K at $0.59 is positive.....


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## GreatPig (18 December 2006)

kennas said:
			
		

> Where did you get the sell signal from GP? Damn good one!



For once 

My system brought it up. I don't know exactly what it's based on, but some combination of moving averages, ATR stops, and one or two other things. It's calculated automatically by the program.







Also interesting to see where it closed today using Fib.






May be ready to bounce back, but a bit early to say I think.

Cheers,
GP


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## Sean K (19 December 2006)

GreatPig said:
			
		

> For once
> 
> May be ready to bounce back, but a bit early to say I think.
> 
> ...



This stock needs to be swabbed. Or shot. Down 12% one day, opens down 5% and then ends up 7%.   

It was running so nicely too until I bought it. Sorry guys!


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## Sean K (23 February 2007)

Anyone still own this? 

Just thought I'd put out a reminder to anyone interested. I'd expect another ann shortly on drilling at their key projects which really look good. 

Key project (IMO) - San Anton, Mexico:

5.6 m oz au equiv.
Open all over the place with recent drilling hitting significant intersections.
Revised estimate due first qtr this year.

Seems to have found a base at 58/60 cents. Bit of resistance at 65, but a break though here might signal a return to the upward trend. Might have to wait for 70 + for that to be confirmed, but MACD is telling us the momentum is back up. 

(holding)


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## jonohall (24 February 2007)

Hi could someone please tell me what charting software was used in the above posts?

cheers

noob


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## Sean K (25 February 2007)

jonohall said:
			
		

> Hi could someone please tell me what charting software was used in the above posts?
> 
> cheers
> 
> noob



No software Jono. Just artwork in MS Paint.

The chart is from Big Charts. You can choose a miriad of indicators to include. (ie, MACD, Stochastics etc)


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## Sean K (2 March 2007)

Into the All Ords today. That's ok for an explorer. 

Support holding around .56/57 ish, but still descending triangle. Needs some higher highs....indicators say it's turning up.


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## Sean K (21 March 2007)

I don't like picking bottoms, but anyone think we're there yet? I'd really like to see this make some higher lows before buying back in but I've got a damn itchy finger...

I have only just seen their last resource upgrade from 13 Mar ann at Cerro del Gallo in Mexico and it comes in at a lazy 10.19 m oz au equiv. Not many deposits over 5m let alone 10...It's a 50% ish JV so take half of that. They're now doing some more definition drilling. PFS due in the second Q. When's that...Apr-Jun...

MACD still telling me it's turning, but no higher high yet. Needs to crack 65. I suppose if I believed in the fundamentals I'd just buy the damn thing!


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## Sean K (11 April 2007)

Posted the chart in the breakout thread as it's definately moved from the downward trend. Now has to crash through 70 ish which might be hard. 

Posting here right now not just because of the rapid move, but the MACD and Stoch and breakout on vol are pretty bullish signs IMO. 

Fundamantals no change. PFS due this quarter. 

(holding)


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## Sean K (16 April 2007)

I daresay, something's going on here. Fundamantals no change. It's sitting on 11 m oz au equiv in Mexico.

Chartwise this has been an excellent example of a break out with significant follow through. Now at 91 cents. 

Maybe too late to take advantage of this run. Might depend on what's going on!


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## Sean K (16 April 2007)

I have a feeling this breakout could be in relation to the Kalman Project at Mt Isa which had recently recorded some good drill intersections, with some essays pending. There is a company presentation being delivered on 19 April, which seems to be focussing on this project.

The project is located in the Mt Isa Inlier south of the Mary Kathleen deposit and is prospective for Cu, Au, U3O8, and Mo.

Last drill results below and map of Kalman.


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## Sean K (19 April 2007)

I'm going to the company presentation tonight. Hopefully the food's OK, and they don't go soft on the vino.

Interesting they list uranium as one of the first commods in the list from Kalman. This has been a minor part of their exploration in Mt Isa to date. 

Anyone else going let me know and we can meet up.


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## Sean K (20 April 2007)

Very interesting presentation last night. While San Anton was discussed the MD, Dudley Leitch, really focussed on Kalman and what he is sure will be a world class Moly mine in the furture. Their tenaments in Mt Isa cover 40km length of the Pilgrim Fault which happens to hold the Mary Kathleen deposit and Tick Hill which supported MIM for years. The region also has occurrance of Haematitie which has drawn significant Chinese interests.

From Kalman the first drill program results included:

329m @ 0.46% Cu, 0.23% MoS2, 0.22g/t Au, 0.01% U3O8 for (2.51% Cu Eq)
73m @ 0.22% Cu, *0.43% MoS2*, 0.13g/t Au, *0.09% U3O8 *for (4.96% Cu Eq)
339m @ 0.54% Cu, 0.11% MoS2, 0.29g/t Au, 0.02% U3O8 for (1.79% Cu Eq)

He specifically made mention of the results highlighted as very significant.

The project is open along strike in both directions and depth. 

As a comparison, he compared these results to the Henderson Mine (Phelps Dodge) near Denver Colorado, which is arguably the worlds richest Mo mine.

Hendersons: 
Reserves around 160 mt @ 0.35% MoS2 (no other sig metals)
Mineralisation startes at 1000m below surface
Ore zones are generally 5-30m thick.

Kalman early holes:
73m @ 0.62% MoS2 Eq
329m @ 0.31% MoS2 Eq
Mineralisation is within 20m of surface.

Compare the thicknesses and % MoEq.

Also compare with other Poly mines like Olympic Dam:

OD:
374mt @ 2.1% Cu, 0.07% U3O8, 0.08g/t Au, 4.5g/tn Ag, for 3.6% CuEq

Kalman:
73m @ 4.96% CuEq (incl 0.09% U3O8)
329m @ 2.51% CuEq

OD lies with a structural corridor with local heat sources and haematitie associated with the mineralisation, aged around 1.5b years. Kalman is on a similarly mineralised fault, ages 1.5b years.

He urged us to compare Kalman with another project being developed by 'Blue Pearl' which is a pure Moly play and currently has a market cap of about $2b. I need to look into this comparison, to see why this is so important. Will update.


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## Sean K (20 April 2007)

I should also add to say that I asked whether they had done any radiometrics over the tenement and he said that this had already been done by the QLD government a while ago. (not sure why). He said that the radiometrics will be released around June and that he had the opportunity to view them. Apparantly, they looked 'pretty hot'.  Not a big fan of U in QLD atm, but long term, it might be a significant factor for them.


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## Sean K (23 April 2007)

I'll keep this monologue going for a little while.  

Has consolidated since the significant break out and has found 90 cents to be resistance. Has formed a dodgy pennant and looks like it might push though. Maybe too early to say, I would have expected much more consolidation between 75 and 90 no mans land.


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## jooooooles (24 April 2007)

I too went to the presentation for Kings and was extremly impressed. I love the technical analysis keep up the good work.

When i queried Dudley on the NZ Geologist's report that Kalman had a resource of 40Mt @ 1.5 % Cu EQ (4-5 billion in ground value of the top of my head did the maths a while ago) he was cautious in giving an answer. I suspect that this will be easliy acheivable and i would speculate that it in fact could me more around the 60-75Mt mark.

We should have a JORC resource for Kalman in August. When this is released to the market Kings will surely explode. The grades at Kalman are better thatn CDU's Rockland project.

In regards to SNN - have you heard the rumour that Goldcorp is on target for a takeover. Not sure if it is SNN exactly - have a look at this article http://biz.yahoo.com/seekingalpha/070417/32528_id.html?.v=1

Dudley reckons that SNN will be mining in 2 years time. The recovery rate of gold / copper / silver at Mexico is about 90% according to Dudley who also said that this is a conservtaive assesment

Here are some links to some intesting articles on Moly that you might find useful. This holds the key in creating value for Kalman in my opinion. The future is looking bullish for molly and I think the local market is still not fully aware of its uses and value. 

http://energy.seekingalpha.com/article/31994

http://www.mineweb.com/mineweb/view/mineweb/en/page39?oid=18739&sn=Detail

http://www.imoa.info/FileLib/IMOANews_01-07.pdf


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## Sean K (7 May 2007)

While the Moly at Kalman has been of most interest recently, the San Anton Project is still chugging along and it looks clear that they will have more than one mine working the region down the track. Scout drilling west of the main project (probably around where my red circle is on the map) has just pulled in some pretty good interesections. 

SP looks to be heading towards another break from the short term consolidation. At 88 cents atm.


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## Sean K (7 May 2007)

Now breaking up out of that consolidation. Few trades over 90 cents. Not sure if it will hold though. A few 100K + trades which is good to see. Some more serious accumulation. Could be a potential breakout I suppose, but the consolidation period it's that long so it's not really outstanding.


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## Sean K (8 May 2007)

It did end up breaking up yesterday to all time highs probably because this ann was in the air.

Outstanding intercepts of Moly, the 'metal of the 21st century.'

No uranium intercepts in these unlike previous drilling which is disappointing. It was south of the tennament that supposedly held the richer uranium zones. 

Match price 97 cents from preopen, hopefully momentum will take it over the psychological $1 mark. Otherwise I anticipate some consolidation here. 

Any Moly experts have an opinion on these grades?


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## jooooooles (10 May 2007)

These molly grade are absolutely massive and mindblowing. One you have to remember though that there is 60% actaul Mo (molybdenum) in every part MoS2 (molybdenite)

So the grades would be as follows;

329 m @ .31% MoS2 = 0.18 %Mo
73 m @ .43% MoS2 = 0.25 %Mo
330 m @ .54% MoS2 = 0.32 %Mo
48m @ 1.13% MoS2 = 0.67 %Mo

Latest annoucement:-

5 meters @ 1.48% MoS2 = 0.88% Mo + 2.18% Cu
48 meters @ 0.48% MoS2 = 0.28% Mo
90 meters @ 0.29% MoS2 = 0.17% Mo

Go and compare the grades with Blue Pearls (TSX) Phelps & Dodge 2 of the biggest molly producers in the world. Go and have a look at their previous annoucements and compare the holes/grades. 

Go an compare with the grades with Molly Mines (MSL - ASX) - They have a JORC Resoruce of 400Mt @ "0.06% Mo"

Not worried about the U one bit - espeically with the Queensland factor. 

What is very exiciting as well is the iron @ Mt Philip. We haven't received any assyas from this little gem have we?


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## Sean K (10 May 2007)

Looks like it's just me and you on this jooooles. 



jooooooles said:


> When i queried Dudley on the NZ Geologist's report that Kalman had a resource of 40Mt @ 1.5 % Cu EQ (4-5 billion in ground value of the top of my head did the maths a while ago) he was cautious in giving an answer. I suspect that this will be easliy acheivable and i would speculate that it in fact could me more around the 60-75Mt mark.



I remember him mentioning this at the Melbourne meeting and he also compared Kalman in terms of CuEq to CDUs potential deposit and it's market cap. He reckoned that Kalman would be more valuable that Rocklands, but KMN was only really being valued on San Anton. When I looked at the analysts reports on KMN they were practically saying the same thing. There's hardly any value in KMN attributed to Kalman and it could be a company maker in itself. Plus, they have 11m oz AuEq in Mexico!!!



jooooooles said:


> These molly grade are absolutely massive and mindblowing. One you have to remember though that there is 60% actaul Mo (molybdenum) in every part MoS2 (molybdenite)
> 
> So the grades would be as follows;
> 
> ...



I haven't done the comparison between this and Blue Pearls, or Moly Mines but I will. He was mentioning Blue Perls to us actually and encouraged us to compare. It's worth billions isn't it? Is he saying that Kalman has the potential to have the same tonnage?

You've mentioned Moly Mines. I thought they had 469Mtns at Spinifex Ridge, not 400Mt? Close enough.  Market cap is about 80K shares x $4.75 = $380m. 

Kalman's grades are much better but there's a big difference in potential resource there. 40Mt to 400Mt? Am I right there?

Kings is currently about $370m with two world class potential projects. 

A bit of consolidation once again which would be expected just at the psychological $1.00 level. It's not quite overbought at the moment, but I wouldn't be surprised if there's more consolidation short term.


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## jooooooles (11 May 2007)

Yes your right i was meant to type + 400Mt (wasn't exactly sure of the top of my head MOL resoruce)

As to the amount of tonnage, your exactly right, this is the key to Kalman. We have no idea of what kind of tonnage there is, when this becomes more clear we will have a better understanding of what it worth. The grades are huge, there are visible signs of molly is the assays.

I tried calling the company this week, except I was informed Dudley was in Mexico & that Tony McDonald no longer works for the company. 

I wouldn't expect to much of a consolidation, still results pending from the lab I beleive. Wait till we get these out and there is some volume traded. If there anything like previous announcements it only set to reasure me that Kings is sitting on a monster...


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## Sean K (21 May 2007)

Kings have just appointed two new key players to the management group to take their 2 projects through to development. This was ann'd on Friday and the market seemed to think it was OK lifting the sp a few %. 

We're currently awaiting further assey results from the ongoing drill program at Kalman. With 2 diamond and one RC rig operating the results should continue to flow. I have a lot of expectations on these results confirming that Kalman is a significant deposit and will turn into a large scale development. 

The GM is currently in Canada I believe doing a roadshow to get further interest from the Canadians who seem to appreciate Mo a lillte more than us. Perhaps a listing in Canada will do the trick, although the Mexican operation is already there. 

Market cap $370m is becomming a little more heady, but with $7b in the ground at San Anton at current gold prices, there might be still some room to move if Kalman comes up as a 40Mt + Mo deposit as aimed for. 

Consolidating now between .95 and 1.05, awaiting further results perhaps.


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## Sean K (25 May 2007)

Profit takers have come in here, but not much volume supporting downward push. Hitting support at 87 ish. Should pause here, or bounce pending market crash etc. Awaiting asseys on the last 2 drill holes at Kalman that had visual MoS2. Hopefully we get something like 0.5% Cu and 0.3% MoS2.


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## Sean K (31 May 2007)

kennas said:


> Profit takers have come in here, but not much volume supporting downward push. Hitting support at 87 ish. Should pause here, or bounce pending market crash etc. Awaiting asseys on the last 2 drill holes at Kalman that had visual MoS2. Hopefully we get something like 0.5% Cu and 0.3% MoS2.



Bounced extremely well off support, and headed back up to all time highs now. For the minute. Some singularly good trades gone through the past 2 days, and notice yesterday's white candle on a down day.  Perhaps news is in the air. Perhaps Dudley's road show in Canada got interest? Perhaps I'm ramping? LOL


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## jooooooles (5 June 2007)

Broke the resistance at $1.05 late this afternoon and soared to $1.09 by close... If we can break the $1.10 mark which is heavily banked up by sellers we should see another run!


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## Sean K (6 June 2007)

Jooooles, I think you can ramp this all you like because we are the only two reading this thread. LOL  Cool it a bit buddy, you're making me excited!

Hit another all time high today and I'm hoping it finishes with another strong close. This last hammer looks pretty bullish, and sets it up well for tomorrow. Again. Volume off a little today though...

The chart of this has been almost text book in places for opportunities to enter. It's had several breakouts from triangles/pennants and has conformed to support lines to some degree. Not all charts go like this though! 

Patiently waiting now for more results from Kalman and San Anton. I suspect further Kalman results next. It's their turn. 

Waiting for another opportunity for a low risk entry. 

Probably needs some more consolidation soon....


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## Sean K (7 June 2007)

kennas said:


> Patiently waiting now for more results from Kalman and San Anton. I suspect further Kalman results next. It's their turn.



More Kalman results just ann. My crystal ball is working. LOL 

These results extend strike a further 350m. That is going to eventually add quite a bit to the JORC to be completed this year. Once again though, no uranium mentioned here, while in past results there has been significant hits. Odd. Must ask them about this.

Interesting note here that they've completed 2 holes into Mt Philp, targetting Iron. 

Waiting assays now from this and also hole K29 which was drilled to test the mineralisation above K23.  

What do you think of these results Joooools?


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## Sean K (7 June 2007)

More drill results out on the K29 drill hole, and while they confirm the continuation of the resource the grades aren't what I was hoping for. Been looking for about .3% MoS2. The .18% is OK I think, but from 204-265m there's little trace. Some decent Cu hits though. I'm sure Kings were hoping for better Moly grades there as they're flying this more as a Moly deposit than Cu, Au, or U3O8. Still, the deposit is expanding. 

I've sent an email to the company asking for some guidance of when the first JORC might be expected. They were also supposed to have a forth rig on site by April, and why isn't there any uranium mentioned here? Must be drilling an area with none perhaps kennas!


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## jooooooles (7 June 2007)

Kennas,

I was extremely excited about the first announcement and a little dissapointed about the 2nd announcement. 

Considering they mentioned that there were visible signs of molly from K29 I was expecting higher grades than what was reported. Don't get me wrong I have the upmost faith in this one and so do the punters by the looks of things. Noticed how the buy side and risen and filled the gaps between 1.00 and 1.07 over the last week? I think it will consolidate around the 1.10 mark for a while - seems we are banked up by a few sellers here - but if this is broken it could go for another run.

Having said that the strike from K23 is massive. The Uranium is an interesting one - I don't know where it has gone - not really bothered though but would be interesting to find out. 

The results from K 23 199 metres @ 0.16% MoS2 = .096% Mo - These are more than respectable grades - not as good as previous announcements but more than econimcal (Do a comparisson with MOL / QOL)

And I think they have 4 holes awaiting assays from Mt Phipilp K24,25,26,27 as well as some pre collar RC ones south of K23

If you get a response back from the company Kennas can you please post it or summarise it here? Have sent a few emails latelt but it seems ever since Tony McDonald left the company they have been a bit slack replying and Dudley is always on the road or overseas...

In terms of JORC - would be expecting that around July - August. Make no mistake we will more than likely see a mine at Kalman and this was confimred with Dudely when he did the road presentations a few months ago

Lets not forget the following results which we already know

K17 - 221 metres @ 0.10%MoS2 Eq or 0.80% CuEq

K18 - 119 metres @ 0.13%MoS2 Eq or 1.02% CuEq

K19 - 329 metres @ 0.31%MoS2 Eq or 2.51% CuEq

K20 - 339 metres @ 1.13%MoS2 Eq or 9.02%CuEq

In regards to re entry point - everytime this one dips down to 1.05 - 1.06 I have seen it quickly climb back to 1.10 - there shares are tightly held by many investors imo.

Cheers

Julian


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## Sean K (13 June 2007)

More San Anton drill results out at the Cerro del Gallo deposit which has a current inferred resource estimate of *11.09m oz au *equiv. 

These results are significant in that it will extend the resource even further and proves that it is still open at depth and along strike. Further upgrades should be expected. While the grades seem low to me, this is a massive resource.


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## Sean K (21 June 2007)

Joooles you still there? Knock knock! 

I'll just continue our little discussion between ourselves here with a chart update. 

Not sure if I like what I see here. Could be falling over at $1.10, but is really fighting to hold above $1.00. Each time it drops down a buyer or two come in to lift it up EOD, creating little tails on the candles. Would mean good support if there was more volume, but it hasn't been big. Also, I see a head and shoulders formation occuring on the way up, which if true would give a downward target of about 90 cents which happens to fall on the 90 support line as well. Could find ourselves in the green circle on a pull back/consolidation. Might be tenuous. Perhaps I'm seeing things!  The divergence on the MACD is giving me nightmares! 

Anyway, what's next? What ann is comming next? My guess is.....The fe drilling results from Mt Isa.


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## jooooooles (24 June 2007)

Kennas - no need to panic here. One thing to remember Kings is not a trading stock for day traders and it never has been. Next announcement will be iron ore assays - if these are strong we could well see a rise as the market has gone crazy for iron ore lately. I think we are seeing some goods signs and it is managing to hold at these levels. Yeah I too look at the depth and I have to admit it looks a bit scray sometimes but nothings changed. When it was 55-65 cents it would always go for a bit of a dip and looked like it could drop 25% easily all that had to happed is someone decided to dump a large parcel - but it never happened.  On several occassions it has looked at dipping and breaking down to mid 90s and that too hasn't happened. I still think there is a lot of off screen buys just waiting to get in. I

Early in the week on close someone snapped 160k package at 4.10 pm who took 97-98-99-100 cent lines all in one hit. And also got to remember when it was hovering around 1.10 alot of large buys went through. 

Emailed the company earlier in the week with a couple of questions yet to get a reply though. Keep you posted

Jooooooles


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## Sean K (13 July 2007)

kennas said:


> Not sure if I like what I see here. Could be falling over at $1.10, but is really fighting to hold above $1.00. .....Also, I see a head and shoulders formation occuring on the way up, which if true would give a downward target of about 90 cents which happens to fall on the 90 support line as well. Could find ourselves in the green circle on a pull back/consolidation. ......



Damn, I hate it when I'm right! Well, when the charts are right. Just touched 90 cents, and a man with any funnnymental conviction would top up. I tend to only buy things going up unfortunately. Or, is this really that good? Help me Jooooools, help me....!!!! 

With more results pending, including the fe drilling, and the bull crashing through the sub prime loan crystal shop, I might just nibble a few more. 

MACD diabolical. Stochastic oversold. :dunno:


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## jooooooles (13 July 2007)

Getting absolutely smashed at the moment on low volume. People are getting impatient I suspect some more hold ups with the assays maybe I don't know. Have tried contacting the company more than 5 times throgh email and phone over the last 3 weeks and not 1 reply. Extremely fustrated at the moment bout to give up on them


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## Sean K (17 July 2007)

kennas said:


> Damn, I hate it when I'm right! Well, when the charts are right. Just touched 90 cents, and a man with any funnnymental conviction would top up.



Interesting ann out yesterday regarding Kalman, which is going to be followed up with more anns later this week. Rhenium has been identified in significant amounts in the drill holes already tested which adds another dimension to the project. All past samples are going to be retested for Re and other rare metals to factor into the resource estimate by the sounds. Sounds pretty positive to me.

Bounced well off 90 support.


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## Sean K (19 July 2007)

kennas said:


> Interesting ann out yesterday regarding Kalman, which is going to be followed up with more anns later this week. Rhenium has been identified in significant amounts in the drill holes already tested which adds another dimension to the project. All past samples are going to be retested for Re and other rare metals to factor into the resource estimate by the sounds. Sounds pretty positive to me.
> 
> Bounced well off 90 support.



More anns expected this week, so watch out. The MD telegraphing these is interesting, and I would expect them to be very positive. (Why say this if they were bad?  ) 

So, anns about Kalman, and 'other' updates may be the fe drilling assays, or more from San Anton.


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## doogie_goes_off (19 July 2007)

Yes Rhenium is a valuable metal, however you need very high grades for it to become an economic factor.

Say you have 0.2% Mo (which is a high grade for a pure Mo deposit)

and 60ppm Re (which is much higer than average grade, they probably took it from their highest grade sample)

Thats a ratio of 0.002 to 0.000006 = 333 to 1

so you need the price of Re to be 333 times that of Mo for it to have the same equivalent value whereas its more like 133 times ($4000 lb/$30lb) and that's assuming that this is a repeatable grade.

OK so I'm using lots of fuzzy figures but basically Re is valuable because it's rare, they need to prove it is consistently of good grade ie: 20ppm plus in the ore zone to make it worthwhile exctracting it.

Hope this doesn't confuse thing too much, but basically it is not that significant IMO, however the market may like it more than me (this usually happens when I ignore it)


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## Sean K (20 July 2007)

kennas said:


> More anns expected this week, so watch out. The MD telegraphing these is interesting, and I would expect them to be very positive. (Why say this if they were bad?  )
> 
> So, anns about Kalman, and 'other' updates may be the fe drilling assays, or more from San Anton.



Well, if the ann released this morining is the ann (s) about Kalman and other information, then this is positively false advertising. Pretty damn ordinary unless they come out with something else before the end of play. Almost deceitful.  ASIC should be on their @rse! I wait to be corrected.


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## BigJohnny (21 July 2007)

Hi,

Recent artilce on rhenium industry from Mineweb.net

http://www.mineweb.net/mineweb/view/mineweb/en/page504?oid=23676&sn=Detail

Demand for rhenium at breaking point
Demand for rhenium is growing fast as environmentally friendly aeroplanes become more popular. Some traders believe the rhenium price will reach $10,000 per kg in the coming months as the global deficit worsens. 

Author: Pratima Desai
Posted:  Thursday , 19 Jul 2007 

LONDON (Reuters Life!)  -  

Very few people have even heard of rhenium, but the rare metal with an ultra-high melting point is becoming a vital part of the aerospace industry and one of the most expensive commodities in the world.

Rising demand for faster and more environmentally friendly aeroplanes has meant demand for rhenium, which helps engines reach higher temperatures and consume less fuel, is rapidly outstripping supply and producing a global deficit.

This deficit is very unlikely to be reversed and rhenium prices, which have surged 700 percent to around $8,000 per kg in just 18 months, will stay sky high.

"In aero engines, rhenium is only a tiny constituent, but it is an essential one," said Anthony Lipmann owner of trading company Lipmann Walton.

"If you can raise the temperature it means you burn fuel more efficiently, save money and reduce the emissions in the atmosphere."

The metal -- discovered more than 80 years ago -- has been a boon to those seeking to reduce carbon emissions from energy use and demand has jumped.

Prices started to climb in 2005 when the deficit started to grow as demand from aero engine makers accelerated.

Some traders think prices will hit $10,000 a kg in the coming months.

SUPERALLOYS

Rhenium came to attention as early as the 1980s when engine makers discovered that nickel-base alloys containing 3 to 6 percent rhenium were able to withstand more heat and so they designed aero engine to improve performance.

Major users include aero engine makers such as UK's Rolls Royce and U.S.-based General Electric and Pratt Whitney, a division of United Technologies.

Rapid expansion in the airline industry and higher spending on military aircraft in the United States could widen the deficit and fuel further price rises over coming years.

The civil aircraft sector expects orders for more than 20,000 aeroplanes over the next 20 years, while the U.S. Joint Strike Fighter project is expected to involve more than 3,000 aircraft.

Rhenium has the second highest melting point -- 3,186 degrees Celsius -- of any metal after tungsten, allowing alloys to endure temperatures of up to 1,500 Celsius.

The metal's use in aeroplane engines and land based power turbines has grown along with the need to cut carbon emissions and cut costs as jet fuel prices have surged by around 300 percent since early 2002 to around $730 a tonne.

"Nickel-base superalloys for the aerospace and industrial gas turbine are the largest market for rhenium metal, accounting for about 60 percent of world demand for the metal," said Steven Munnoch, managing director at recycler and refiner Avon Metals.

Demand for rhenium last year was estimated at between 60 and 69 tonnes against supplies of between 58 and 64 tonnes. Supplies included 15 tonnes of stockpile from one of the world's top producers, Kazakhstan.

SILVERY WHITE

"Supply of rhenium is very much limited and I would expect there to continue to be a supply deficit as it will be difficult to significantly increase production," said Niel Cahill, deputy head of sales and logistics at copper miner Kazakhmys.

The deficit last year on the surface looks quite low at around five tonnes, but it was probably larger as the Kazakhstan stockpile was sold to a merchant in the United States, who appears to have rationed sales, traders said.

If that stockpile no longer exists then the deficit this year will be at least 20 tonnes, possibly more.

Rhenium is not mined for itself, but is normally recovered as a byproduct of molybdenum sulphide concentrate after it has been separated from copper. Most is sold on long-term contracts.

The largest producer is Chile, which is also the world's largest copper producer. Other producers include the United States, China, Russia, Poland, Armenia and Uzbekistan.

The silvery white metal is also used in refinery catalysts to make lead free gasoline.

This application in the early 1980s helped push prices to above $3,300 a kg, but prices slipped as Russia sold off its stock of the metal.

"Rhenium's use as a catalyst is as important now as it was in the 1970s," Lipmann said.

New demand for rhenium is likely to come from technology that converts gas to liquid. Analysts say billions of cubic feet of gas in Africa, Russia, Asia and the Middle East are lost annually because there is no economic way to transport it.


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## Sean K (1 August 2007)

BigJohnny said:


> *Demand for rhenium at breaking point*
> 
> Demand for rhenium is growing fast as environmentally friendly aeroplanes become more popular. Some traders believe the rhenium price will reach $10,000 per kg in the coming months as the global deficit worsens.



Thanks Big Johnny. (I assume you can back that name up)

I was disappointed in the quartely that they didn't give guidance on an initial JORC for Kalman. I was told by the MD it would be Sep, but with this rhenium analysis and further testing it might blow out so they can get it into the JORC. Should be a very interesting JORC with Mo, Cu, Au, U3O8, Rh all in decent qualtities included in the estimate. Pretty unique and a true polymetallic deposit. I think this project is still relatively flying under the radar, (as seen by the number of posters on this on chat sites  ).

Interesting they're ramping the rhenium aspect of the deposit now. Is it really that good, or are they diverting attention from poor drilling to come perhaps. I'm ever the skeptic! 

Here are the points from the ann on rhenium and those values found in K23. Pretty deep! Hopefully shallower drilling picks it up closer to surface! Also, note that they're forecasting quite a number of releases this month in regard to Kalman and rhenium.


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## Sean K (2 August 2007)

I had one that went up yesterday!! Whooohooo! LOL. How sad  

KMN actually went up 2% for whatever reason. Wasn't just an EOD swing on light vol either which is positive. Still trending sideways and drifting slightly lower by the look of this. 85-90 looks like good support though. Was concerned on the dip below 90 on Monday...but it showed some grit.

Even though I have a long term view on this, I'll ditch it if support is broken, and wait till the dust settles to re-enter.


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## Sean K (3 August 2007)

MD is on a roadshow now and I just picked this off the presentation. I'm not sure how they come to these figures because I have not seen any drilling results from Mt Philip, but this puts another string in the bow. How do they say 50-60% fe when there's no drill results? From previous surface samples?


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## YOUNG_TRADER (3 August 2007)

kennas said:


> MD is on a roadshow now and I just picked this off the presentation. I'm not sure how they come to these figures because I have not seen any drilling results from Mt Philip, but this puts another string in the bow. How do they say 50-60% fe when there's no drill results? From previous surface samples?




Hey Kenna,

Not sure how they have come up with those grades, but its important to distinguish between +55%Fe ore and Sub 55%Fe Ore as I think 54%-55%Fe is the lower cut off for DSO Haemetite Operations

Anyway if its 4km long 100m wide and 100m deep that gives 4,000x100x100 = 40m Assuming a density factor of 3 = 120Mt's now they say 50%-60%

So a very rough possible target size is 120Mt's @50%-60%Fe

But I must stress the 54%Fe-55%Fe cut off factor, so its important to know how much is above this, also without drill intercepts etc this is just pure speculation, but at least it gives you an idea fo the upside


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## jooooooles (13 August 2007)

According to Dudley - density is between 2.4 - and 2.7 tonnes per cubic metre for Kalman............


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## Sean K (14 August 2007)

jooooooles said:


> According to Dudley - density is between 2.4 - and 2.7 tonnes per cubic metre for Kalman............



I think YTs numbers are in relation to Mt Philp haematite. Did he mention that?

So, Kalman: 1000 x 400 x 150 x 2.55 = 153 Mt. At about 2.5% Cu equiv perhaps? 

Got any other numbers but those? I've just guestimated them off the strike from the map, and a broad average of the drilling grades. I'll be happy with half that for an initial JORC. Did he give a time frame for release?


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## jooooooles (14 August 2007)

Think we will have to wait until after Christmas for a JORC - 1st quarter of 2008......................


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## Sean K (16 August 2007)

Scoping study update on CDG. Poor timing. 

Not sure if Mr Market liked it anyway, and I'm wondering whether mining 1 g/t au equiv is reasonable or not?

Thoughts?


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## jooooooles (16 August 2007)

The leaching technology they have at the moment mining 1.0 gram / tonne is not an issue at all. Would have loved to been that person who picked up a parcel at 56 cents today. I think there is more carnage to come...


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## Sean K (21 August 2007)

kennas said:


> I think YTs numbers are in relation to Mt Philp haematite. Did he mention that?
> 
> So, Kalman: 1000 x 400 x 150 x 2.55 = 153 Mt. At about 2.5% Cu equiv perhaps?
> 
> Got any other numbers but those? I've just guestimated them off the strike from the map, and a broad average of the drilling grades. I'll be happy with half that for an initial JORC. Did he give a time frame for release?



Kings has been decimated during the correction, along with other developers/explorers I suppose. If I had have had my trading hat on with this I would have saved a few Soles on paper. Instead, I've bought more.  I'm going to lose a ton on this. : LOL.

I've been trying to anticipate a value for Kalman on the likely JORC they bring out early next year. (They're being a bit tardy if you ask me) 

They're claiming in situ value per tonne at Kalman of $1251. I have no idea how much of the current strike they are going to JORC, so I'll assume three lengths of strike; 300m, 600m and 1km using depth at 400m and width 150m. If anyone thinks these are too generous, sing out.

300 x 400 x 150 x 2.55 = 45.9 Mt x $1251 = $57,420,900,000
600 x 400 x 150 x 2.55 = 91.8 Mt x $1251 = $114,841,800,000
1000 x 400 x 150 x 2.55 = 153 Mt x $1251 = $191,403,000,000

The deposit is still open along strike and depth. 

This can't be right. I must have the dimensions of the strike incorrect. Perhaps the grades they are using here are generous for the overall deposit?

Can someone check that for me? Might have to be you, Joooles, LOL. Cheers.


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## YOUNG_TRADER (22 August 2007)

YOUNG_TRADER said:


> Hey Kenna,
> 
> *Not sure how they have come up with those grades, but its important to distinguish between +55%Fe ore and Sub 55%Fe Ore as I think 54%-55%Fe is the lower cut off for DSO Haemetite Operations*
> 
> ...




Hi Kennas, 

The HUGE RISK here is that they quote the grades as being 50%-60%Fe and Like I have said 54% Fe is really the cut off for Heamatite Operations so if its below this cut-off the ore is not that valuable, its like having a Copper deposit grading 0.75%-1.5%Cu, clearly being at 1.5% makes a huge difference as sub 1% is uneconomic save for huge operations

Cheers


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## exgeo (23 August 2007)

August 13, 2007

Kings Minerals Is The Latest Sprinter From The Seckold/Leitch Stable


The best stories do not necessarily start at the beginning, so let’s simply go back to last summer when the ASX listed company, Kings Minerals , announced that it had entered into a joint venture over the Pelican property near Cloncurry in Queensland on what is known as the Mount Isa Outlier. This added to its existing Kalman project to give it a tenement position amounting to 1,474 sq kms which covered around 40 kms of strike length of the highly prospective Pilgrims Fault. Not a lot of attention was paid to this at the time as those in the know were watching Bolnisi Gold and Palmarejo Silver & Gold, two other companies in the Norm Seckold /Dudley Leitch stable, following rumours that they might be takeover targets.
Bolnisi was Norm’s original baby and it had a hard life in Georgia until one day light dawned and he took it off to Mexico where it acquired the Palmarejo gold-silver project  in the Temoris district of Chihuahua, Mexico. By September 2004 he was claiming that the Mexican project was a company maker and it is not hard to see why. An intercept  of 15.3 metres had just been announced which graded 19.6 g/t gold and 943 g/t silver. This hole was unable to penetrate the mineralised structure  completely due to zero water circulation and broken quartz,  but  the last half metre of this hole  assayed 113 g/t gold and 5,810 g/t silver. Even more significant  a 0.75 metre intercept in the bigger sample graded 233 g/t gold and went off the scale of the assay method used  at more than 10,000 g/t silver. This hole  intercepted the structure  50 metres down dip and 40 metres along strike from a previous hole  which  returned 27.5 metres at 16.3 g/t gold and 1,247 g/t silver. 

If that project had been in Australia the Bolnisi share price would also have gone off the scale, but it didn’t. In fact it hardly moved at all so the thought germinated in Norm’s mind that it might be wise to spin –off the Mexican interests. No sooner said than done and a reverse was organised  into a small Canadian  shell. North Americans fell in love with it very quickly as Mexico is on their doorstep and earlier this year the mid-tier producer Coeur d’Alene mines made a successful offer for both  Bolnisi and Palmarejo. At the time the Canadian company described Bolnisi’s activities as  all being  Mexican precious metals operations with an existing portfolio of projects, which include the Palmarejo silver-gold project (including Trogan), Chihuahua; the Yecora gold-silver project, Sonora; and the El Realito gold-silver project, Chihuahua. The Georgian activities had gone, but Norm’s prediction had been proved right as the stake  it retained in Palmarejo  Silver & Gold Corporation was certainly a company maker. 

Back to last July when Kings Minerals announced that it was proposing a reverse takeover of  another Canadian company, Andaurex Industries. The prize was a 51 per cent interest held by Kings Minerals  in the San Anton silver project in Guanajuato, Mexico  which Dudley Leitch, who had been working in that country  since 1992, had acquired a year or two earlier from the well known Canadian gold producer Goldcorp.  By this time brighter readers should be shuffling in their seats and muttering “Haven’t we  heard this story somewhere before?” Dead right. It looks like a dead ringer for Bolnisi/Palmarejo and if it pans out there must be money to be made. 

Australian investors will still have their eyes on the  tenements north of Mary Kathleen, and well they might. The recent drilling results  from the Kalman project were very promising with intervals of  329 metres grading  0.23% MoS2 (molybdenite), 0.46% copper, 0.22g/t gold and  0.01% uranium. Another 73 metre interval  assayed 0.43% molybdenite, 0.22% copper, 0.13g/t gold  and  0.09% uranium . The mineralization is open along strike in both directions and at depth  and Kings Minerals has identified many more immediate targets from geological and geophysical surveys. Add to this the fact that rhenium is also on the menu and if  it is added to the value of a tonne of rock using  average grades for copper and molybdenum it  is almost doubled to  A$351/tonne. 

This value will be firmed up when more results are announced over the coming weeks  which will include re-assaying for rhenium. Meanwhile Kings Minerals has  developed a resource of 10.19 million ounces of  gold equivalent at San Anton, with some US$15 million being spent on the area to date. Last month results were announced from an additional eight holes drilled at the Empalizada prospect which is  1.8kms west of the Cerro del Gallo gold-silver-copper deposit on the San Anton  project. The best intersection was 4.6 metres averaging 428 g/t silver and 3.5 g/t gold and a vein system was confirmed more than  100 metres in width. 

Norm Seckold is starting to make statements such as “we expect to develop a very large mine at San Anton over the coming years” Not a million miles from what he said about Palmarejo nearly three years ago. And it should be no great surprise as the silver-gold grades intersected at Empalizada are typical of the Guanajuato district which has recorded production of 1.1 billion ounces of silver and 6.5 million ounces of gold from epithermal veins. Maybe he is even in line to develop two new mines of Kalman keeps coming.

<- Back to: Minesite


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## Sean K (24 August 2007)

exgeo said:


> This value will be firmed up when more results are announced over the coming weeks which will include re-assaying for rhenium.



Assays have been dragging the past few weeks. Probably a good thing considering the market. 

I'd expect a capital raising shortly too. Expect it on the back of an ann and hopefully it's done at a good price, or they allow retail to get in at a discount.


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## Sean K (12 September 2007)

kennas said:


> Assays have been dragging the past few weeks. Probably a good thing considering the market.
> 
> I'd expect a capital raising shortly too. Expect it on the back of an ann and hopefully it's done at a good price, or they allow retail to get in at a discount.



Good ann out...now the cap raising?? 

Further good drill results extending Kalman to 700m depth, and still open below and along strike. Significantly, they may have identified a fault which has shifted the strike to the north out to the east potentially extending the deposit by 1500m or so. 

If this deposit goes out to 2000x200x700 + with these grades, then it might have a future. 

Add to that POG breaking up with SdG to come into production in the coming 2 years and it's looking prospective. 

SP still struggling though.


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## Sean K (12 September 2007)

kennas said:


> If this deposit goes out to 2000x200x700 + with these grades, then it might have a future.



Actually, the deposit already is 1000m, so if you add the 1500m to it and use my previous width of 150m and the new depth of 700m it gives us:

2500 x 150 x 700 x 2.5 = 656,250,000 tns.

It's still open at depth and along strike. 

Any thoughts on these figures? Any disputes? Am I being too generous?

Is this a ramp?  LOL.


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## Sean K (9 October 2007)

Well, finally an ann with some results but it's mostly just 'assays pending' - once again. 

They do claim visible Mo and Cu in just about everything (even their stool samples) but who cares? Get the damn results out!!!

In regard to Re, I have a dreaded feeling this is going to be a white elephant.....hope my bad intuition is wrong. Latest ann - no mention of Re.

One very annoying thing is that I have contacted the company via email several times the past year to seek additional information, or clarrification of an ann, but have received NO feedback. No even a 'sorry, you are insignificant, please don't bother us busy people' response.....

Now, having said that, in relation to Kalman, what the heck is going on with the sp of KMN compared to it's San Anton project (35% ish of 11.09m oz au). By my calcs, just on San Anton, they have a market cap to oz au equiv of $67. This is thereabouts for a gold developer. (ave seems to be between $50-80) San Anton is going into the final stages to BFS and producing within maybe 18 months.....

This means that Kalman is not factored in to it's current market cap at all. 

On to the chart, after what must have been a positive announcement, they've made another higher low! Whooohoo! LOL 

Breaking through the resistance around the green circles, red downward and horizontal resistance lines will provide some confidence that the market thinks this is a goer. I'll be looking again around the blue circles..... 

Still some work to do to be trending up again....


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## CRISCO (14 October 2007)

Hey Kennas, 
Have been reading your posts on this stock for over a year now and have appreciated some of your insights. I have held this stock since it was 8c and seen many ups and downs over its journey. "All we need is just a little patience". Perhaps the company is not responding to you because you have become a serial pest, let them run the company and you can play with your charts: Dont forget San Anton is a monster deposit. Cheers.


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## Sean K (16 October 2007)

These are due from Kalman:

21 Sep ann:



> Six drill core samples are nearing completion of mineral liberation analysis at JKtech with a report due next week.




8 Oct ann:



> The Company expects to be able to present results of re-assaying of some pulps for the rare metal Rhenium in the next few days, followed by a synopsis of metallurgical investigations undertaken by JK Tech once validated.




Due I say! 

Due!

Plus a whole pile of assays awaited from Pelican, which by their lastest ann and drilling map, is actually Kalman...


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## Sean K (16 October 2007)

Can anyone explain this anomaly:

*BSG* - Gold Silver developer set for production later this year or early next
Owns 75% of the Palmarejo Project in Mexico
3.1m oz au equiv in 2 deposits, high grades from surface
75% of 3.1m = 2.35m oz au equiv
Has some prospective exploration targets
*285m shares on issue @ $2.83 = $806m *
Plus $50m in cash
Market cap to oz au = $262

*KMN* - Cu/Au/Ag developer just completed PFS
Owns 72% of TSX listed SNN which owns 51% of San Anton Project in Mexico
(Goldcorp holds 49%) - So, they effectively own 35% of the project.
11.09m oz au equiv, grades ok, open pittable
35% of project = 3.88m oz au equiv
Has numerous other potential Au/Ag targets at San Anton
Also has Kalman in Mt Isa shaping to be a very large Cu/Mo/Au/Rh/U project 
*380m shares @ $0.66 = $250m*
Hardly any cash left. 
MC to oz au = $65




Is the discount to BSG just because of stages of development?


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## Sean K (26 October 2007)

kennas said:


> These are due from Kalman:
> 
> Due I say!




And I am freakin out about this H&S. Surely not possible? 



Perhaps the rhenium is being swept under the carpet at the lab?


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## jooooooles (2 November 2007)

POG  $780.00 US / ounce

Rhenium$4200.00 US / pound

There are 16 ounces in 1 pound 

Rhenium = $262.00 US / ounce

Conversion factor: 3 grams Au = 1 gram Re

PPM (Parts per million) = grams / tonne

From this we can conclude the following value for Re grades as per the last announcement from Kalman...

Hole    Dpth (m)   Re (g/t)  AuEq (g/t)
K-1	62	3.8	1.3
	26	9.1	3.0

K-4	47	1.4	0.5

K-17	115	1.6	0.5
	20	2.7	0.9
	7	7.5	2.5

K-18A	119	1.3	0.4
	15	3.9	1.3
	24	3.7	1.2

K-19	329	3.4	1.1
	48	16.1	5.4
	24	0.1	0.0
	81	4.4	1.5
	5	32.2	10.7
	27	7	2.3

K-20	17	0.1	0.0
	4	4.4	1.5
	7	0.3	0.1
	73	6.5	2.2
	2	17	5.7

K-21	3	0.2	0.1
	9	2.2	0.7
	5	4	1.3
	21	3.8	1.3
	54	0.2	0.1
	16	0.7	0.2
	4	0.6	0.2
	4	0.2	0.1
	8	1	0.3
	10	0.1	0.0

K-23	12	3.4	1.1
	3	7.5	2.5
	211	1.6	0.5
	2	18.8	6.3
	4	6.4	2.1
	2	11.3	3.8
	3	7.3	2.4
	9	15.4	5.1
	21	0.6	0.2
	13	2.2	0.7

K-29	52	1.4	0.5
	21	3.4	1.1
	3	13.2	4.4
	6	0.2	0.1

K - 42	2	1.2	0.4
	2	0.8	0.3
	2	0.1	0.0

AuEq was worked out by divind Re by a factor of 3

Some of those are huge in my opinion considerng the Re down there is a bonus really...

Like 6 metres @ 3.0 g/t Au Eq,  
329 metres @ 1.1 g/t Au Eq, 
48 metres @ 5.4 g/t Au Eq, 
5 metres @ 10.7 g/t Au Eq, 
73 metres @ 2.2 g/t Au Eq,  
2 metres @ 6.3 g/t Au Eq, 
9 metres @ 5.1 g/t Au Eq

Also form the 1/4 - looks like a capital raising is on the cards. Cash in the bank is 2 million, projected cash burn is > 4 million for the next quarter? Where is the money going to come from?

Also looks like some big dumpers were out in force, down 10% ouch!


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## jooooooles (2 November 2007)

That post didn't quite come out properly. To work out how much the Re is worth divide it by 3 and that will give you an AuEq grams / tonne


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## Sean K (7 November 2007)

jooooooles said:


> Also form the 1/4 - looks like a capital raising is on the cards. Cash in the bank is 2 million, projected cash burn is > 4 million for the next quarter? Where is the money going to come from?



They're probably out with their hats now. Probably going to issue shares around the 50c mark I'd guestimate which is ordinary. I'm sure they would have preferred to be raising money around the $1.00 mark, where the sp was a few months ago.

I'm not sure what the financial situation is for SNN. I thought they had only budgetted up to the end of Oct for San Anton....

Mt Isa is definately going to need some funds to take it forward.

The management team must be wondering what they're doing. KMN is back where it was a year ago, and they've taken BSG from $3.40 to $2.70, while POG and POS are running to all time highs.....

I have just San Anton rating them as a Oz Au to MC comparison of $56. Not many developers lower than that! 

The thing that troubles me is that they keep on coming out with what sound like good results. 

24 Oct:



> *Kalman Cross Sections Show Considerable Upside*
> On 19 October 2007, partial drillhole results were released for the Company’s exciting Kalman Prospect.
> Subsequently, cross sections have been prepared for Sections 5400 and 5635 illustrated on the attached figures.
> 
> ...




Then they came out with the Re ann that did zip....


They have now mentioned in a few anns that the Kalman strike they are drilling is 1000m x 700m and the widths seem to conservatively 100m, so the initial JORC should be about 175 Mt at xx grades. 

I've done a quick run through 35 of their drill results to try and get an average grade of Cu, Mo, Re and it comes to something like: 

0.46% Cu, 0.32% MoS2, 5.43% Re

Of course that doesn't take into consideration widths, so maybe that's pointless. 

Even though I have been extremely disappointed with the sp performance and the tardiness of the company in advancing these 2 projects, I still see significant potential. Note the potential tonnage and grades above to the biggest Moly mine in the world, from one of Kings presentations:



> •The Henderson Mine (Phelps Dodge) near Denver Colorado is arguably the richest Mo
> mine known:
> • reserves around *160 Mt @ 0.35% MoS2* (No other significant economic metals)
> • mineralisation starts ~1,000m below surface
> • ore zones generally 5 – 30 metres wide




My calcualtaions have Kalman at *175Mt at 0.32% MoS2* plus the other metals.....What the hell am I missing here?? 


On Cerro del Gallo, they have completed some expansion drilling around the deposit and the assays are pending. From the Qtly:



> To date a total of 9 diamond core holes and 12 RC holes have been completed, with assay
> results still pending.



Will be very interesting how much they can expand the 10.19m oz au equiv from this drilling program. There were 3 or 4 drill holes completed to the SW and one of them intersected native copper, so it could increase the resource base quite a bit.


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## Sean K (8 November 2007)

Beautiful downtrend here. Woof. 

Support at 55 ish, and maybe we'll see a descending trangle breakout. 

I'm clutching at straws.


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## Sean K (9 November 2007)

Another 'good' ann and the sp goes......no where. 

These Mo grades really are world class. Compare to the Phelps Dodge grades mentioned above.


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## Sean K (9 November 2007)

Just out of interest, I've decided to compare MOL to KMN in terms of Moly potential.

Moly Mines are in the final stages of financing to push on to mine construction and development at Spinifex Ridge.

MOL have about 80m shares fully diluted @ $4.45 = $356m mc
They have 314Mt@.06 Mo for 194Kt contained Mo.
This is almost a final resource estimate...

By my rough calcs KMN (may) have:
370m shares @ .60 = $222m mc
They currently may have 175Mt@.32% Mo for 560Kt contained Mo. (by my pluck)

The deposit is open along strike and depth...

Then, then have 30% ish of 10.19m Oz Au equiv in Mexico going into development.

This is vexing me.


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## lazyfish (9 November 2007)

Hi Kennas,

I think 0.32% MoS2 is only around 0.192% Mo. Regardless if your calculation is correct, a world class deposit indeed.


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## bvbfan (9 November 2007)

I'm buying up Moly stocks but I'd like to see more drill results. One hole doesn't instill much confidence.

BTW MOL has about 270K tonnes of Moly and I think targetting about 11K tonnes per year of Moly production.

I was waiting for mid 50's to in. Have to wait and see if this correction happens soon


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## Sean K (12 November 2007)

lazyfish said:


> Hi Kennas,
> 
> I think 0.32% MoS2 is only around 0.192% Mo. Regardless if your calculation is correct, a world class deposit indeed.



AZS announce a *significant *upgrade to their Moly prospect with the results below.

AZS goes up 10%.

Then check the first pass drill holes from KMN underneath.

 

The story of my life.


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## Sean K (14 November 2007)

jooooooles said:


> To work out how much the Re is worth divide it by 3 and that will give you an AuEq grams / tonne






jooooooles said:


> 6 metres @ 3.0 g/t Au Eq,
> *329 metres @ 1.1 g/t Au Eq*,
> *48 metres @ 5.4 g/t Au Eq*,
> 5 metres @ 10.7 g/t Au Eq,
> ...




Joooles, what you have said here is correct by my understanding. At the current Re price, KMN have come through with the above Au equiv results, *just on Re.* I don't know any gold miners coming up with 329m @ 1.1 g/t. Maybe LGL at Lihir?  

This does not include the Mo, Cu, U that is also contained throughout the deposit.


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## jooooooles (23 November 2007)

bvbfan said:


> I'm buying up Moly stocks but I'd like to see more drill results. One hole doesn't instill much confidence.




One hole? Maybe you need to go and visit the announcements from the last 2 years of drilling at Kalman!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


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## jooooooles (23 November 2007)

I posted this on another forum - but what is todays announcement @ 3.08% MoS2 worth in AuEq? This is what I came up with.

3 % MoS2 strike is huge, its frickn monsterous. I have never seen a molly company yeild higher assay results than that. That is an absolute huge find and its still open at depth (assays pending)

Great find !!!

According to my calcualtions thats about AuEq 50 g/t - but do please check and confirm.

3.08% MoS2 = 1.85% Mo 

Mo = US $ 33 / pound
Au = US $ 770 / ounce = US$12,300 pound

1 part Mo = 370 parts Au ($ value)

1.85% Mo = 18,500 ppm = 18500 g /t

18500 / 370 = 50

Therefore 6 metres @ 3.08% MoS2 = AuEq 50 grams / tonne!!!


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## Sean K (24 November 2007)

jooooooles said:


> I posted this on another forum - but what is todays announcement @ 3.08% MoS2 worth in AuEq? This is what I came up with.
> 
> ....
> 
> According to my calcualtions thats about AuEq 50 g/t - but do please check and confirm.



Yep but it was only a few meters:



> *Kalman Drilling – Partial Drillhole Intercept Update*
> 
> The Company is pleased to announce that a series of assays has been received from ALS Townsville.
> 
> ...




They are still great Mo grades and as you say, and the company amplifies, *open at depth*. They have the mineralisation down to 700m now and there seems every chance this will be extended.

JORC before the end of the year too! Hope this isn't delayed.... 

sp, still languishing.


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## jooooooles (24 November 2007)

That's the same as 100 metres @ AuEq 3g / tonne! Excuse me!


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## Sean K (24 November 2007)

jooooooles said:


> That's the same as 100 metres @ AuEq 3g / tonne! Excuse me!



That does sound good.  Wonder if the market is ever going to wake up!!

What's your pluck for the initial JORC Joools?

I'm going for about 130Mt@2% Cu equiv.


A reminder of some of the early holes:

329m @ 0.46% Cu, 0.23% MoS2, 0.22g/t Au, 0.01% U3O8 for (2.51% Cu Eq)
73m @ 0.22% Cu, 0.43% MoS2, 0.13g/t Au, 0.09% U3O8 for (4.96% Cu Eq)
339m @ 0.54% Cu, 0.11% MoS2, 0.29g/t Au, 0.02% U3O8 for (1.79% Cu Eq)

kennas


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## jooooooles (25 November 2007)

The figures i've come up with tend to suggest that the deposit is easily over 100 MT. Grading who knows. I'd guess around the 3.5 % CuEq. Lot of gold credits, since gold is having a nice run atm this will boost the CuEq up. The Re will have a large impact too.


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## tech/a (25 November 2007)

kennas said:


> Down 15%. Any ideas?
> 
> One trade (I think) at 14.22 of nearly 400K shares went through...That's a lot of dough for any small time investors/traders...
> 
> ...





Just following  and looking at some history.
Thought Id post this up in the hope that it may help some in the "Timing" of and the analysis of this current move.

The charts are from a year ago. When Kenna's posted that in quotes.The analysis can be performed on the chart now.


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## lazyfish (25 November 2007)

kennas said:


> That does sound good.  Wonder if the market is ever going to wake up!!
> 
> What's your pluck for the initial JORC Joools?
> 
> ...




I am getting 39MT for just the Mo Mineralized zone. _This is just the Mo Zone_, and the Cu-Au zone is significantly larger, at least on section 5635.

My calculations based on the 2 available cross sections (excluding possible northern extensions)
Section 5635, cross sectional area for Mo Mineralized zone = 13061m2
Section 5400, cross sectional area for Mo Mineralized zone = 13386m2
Strike (without northern extensions) = 1093m.

Volume = 1093 * (13061 + 13386) / 2 = 14453285 m3, using density of 2.7, we get 39MT of Mo. The Au-Cu zone should be larger than the Mo zone, so I think it's unlikely that we will see below 100MT, unless they are using a very high cutoff. Possible northern extension should also add significant upside.

Please DYOR.


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## Sean K (28 November 2007)

lazyfish said:


> I am getting 39MT for just the Mo Mineralized zone. _This is just the Mo Zone_, and the Cu-Au zone is significantly larger, at least on section 5635.
> 
> My calculations based on the 2 available cross sections (excluding possible northern extensions)
> Section 5635, cross sectional area for Mo Mineralized zone = 13061m2
> ...



What's the average grades of Mo you think we can apply for IGV lazyfish?

Yes, the Cu/Au halo is much much larger by the cross sections. 

Any chance of you applying those magic forumlas to the cross sections to 700m?

Chart wise, just a little descending triangle formed to 55 long term support. 

I am confounded to the lack of interest. Perhaps it's a turkey?


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## doogie_goes_off (28 November 2007)

Haven't been following this one, but something to consider (from a geologists point of view) is that moly tends to form at the periphery of these systems so it would be foolish without drill results to assume the moly grades continue at depth, but the Cu-Au grades will probably increase and this is the critical part, because if you go deep you are talking underground mining and grades need to be high. The main thing is how much is open pittable and what are the grades? because this is where the cash flow comes from to make these things viable. Companies have a tendancy to drill deep to increase their inferred resources, but with this style of deposit it is a little irrelevant, the big potential is already proven by a couple of deep holes, they need to get significant indicated resources near surface. KNM looks like a winner, it may just mean I have to research this one properly. I hope all holders get 100Mt plus!


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## doogie_goes_off (28 November 2007)

I just did a real rough estimate on the moly intersections and came up with 33Mt so I'd say the other estimate was on the mark. The question will be how much extra tonnage is in the Cu-Au zone? 100% more?/200% more? Both seem feasible looking at the sections. It may well go close above 100Mt, but unless they can prove good grade continuity and project this down a bit below drilling, say 100-150m then i'd lean towards a figure 80-100Mt. Only time will tell and prove me wrong!


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## Sean K (30 November 2007)

I've been rambling on about how KMN is probably fairly valued on San Anton, and no value was placed on Kalman, but I may have got it wrong.

SNN (70% owned by Kings) have just released a presentation (thanks joooooles) which includes a breakdown of San Anton's value to SNN and MC to Ox Au Equiv comparisons.

As you can see by this, SNN looks to be pretty undervalued on this scale, and by association, Kings is as well. 

*WHY AM I PRESENTING THIS INFORMATION AND NOT KINGS?*


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## Sean K (30 November 2007)

As expected - Placement. At 55 cents. 

To who, no one knows. Even the company by the look of it.

As not expected, not on the back of a good ann. 

Surprisingly, stock goes up a coupla %. 



Where's my rights issue KMN?


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## exgeo (30 November 2007)

Is it that surprising that the stock goes up once it has money in the bank? Money isn't lying around for any fly-by-night outfit to pick up at the moment, post credit-crunch and so on. Now they have it, one source of uncertainty - future funding - is removed.

Perhaps the mystery buyers after casting an eye over the company decided that it looked so good that they should go to market and buy some more? The 55c issue price would tend to put in some support at that price. That often seems to be the case in my experience. Also they announced that they are bringing in another rig which will increase newsflow- another positive for this kind of stock as regular newsflow tends to keep people interested - so long as it's good news of course.


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## Sean K (3 December 2007)

exgeo said:


> Is it that surprising that the stock goes up once it has money in the bank? Money isn't lying around for any fly-by-night outfit to pick up at the moment, post credit-crunch and so on. Now they have it, one source of uncertainty - future funding - is removed.



 I'm not sure if they have the money yet. Wouldn't they have said who the placement was with, or to who, etc...



exgeo said:


> The 55c issue price would tend to put in some support at that price. That often seems to be the case in my experience.



 Yes, totally agree, and by the look of the chart 55 looks like just a little support. 



exgeo said:


> Also they announced that they are bringing in another rig which will increase newsflow



Yes, good they're organising a diamond rig, but I'd wait till it's on the ground before getting excited. They've promised rigs before and nothing has come of it. 


Chart wise, that floor at 55 is the bottom af a great descending triangle, will be nice to see it break out of the range to the upside. Please.? I live in hope.


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## explod (3 December 2007)

kennas said:


> I'm not sure if they have the money yet. Wouldn't they have said who the placement was with, or to who, etc...
> 
> Yes, totally agree, and by the look of the chart 55 looks like just a little support.
> 
> ...




Well I like it now so have gone in today.   I believe the gold price will climb this week.  The rhetoric last week on wall street held back a lot of the very bad reports.  The truth will begin to be absorbed this week.  But we will see.

Nice chart now:-


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## Sean K (5 December 2007)

kennas said:


> Chart wise, that floor at 55 is the bottom af a great descending triangle, will be nice to see it break out of the range to the upside. Please.? I live in hope.



Looks promising, but I'm not going off the wagon till I see 70 positively broken. Then, I'll be backing up the CUB truck.  LOL.


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## explod (5 December 2007)

kennas said:


> Looks promising, but I'm not going off the wagon till I see 70 positively broken. Then, I'll be backing up the CUB truck.  LOL.




You can order the truck, looks pretty broken to me.   Should be blue skies now.   Nice for Christmas in fact.


----------



## Sean K (5 December 2007)

explod said:


> You can order the truck, looks pretty broken to me.   Should be blue skies now.   Nice for Christmas in fact.



LOL.  

I hate calling things in the middle of the day. Been made to look foolish too many times.  I will put out a warning order however. 

Some info I've stolen from HC (thanks jooooooles)



> New mineral exploration company, Syndicated Metals Ltd, which controls a portfolio of assets including advanced base metal projects in the Mt Isa region of Queensland, is set to make its debut on the Australian Securities Exchange in mid-December under the Code: SMD after closing its IPO early and substantially oversubscribed.
> 
> Syndicated lodged a prospectus offering 24 million shares at 25 cents each to raise $6 million in early November 2007. On listing, Syndicated will have 57.35 million shares on issue with a market capitalisation of approximately $14.3 million at the IPO share issue price.
> 
> ...



I'm digging up a map with the ELP for interest sake.


----------



## Sean K (5 December 2007)

kennas said:


> I'm digging up a map with the ELP for interest sake.



It's the Pelican tenament. I was wondering who owned the other bit of it. They've had some good drill results in the past there, hopefully we get a few more Kalman type intercepts. Will be interesting to see how the listing goes.


----------



## Sean K (5 December 2007)

Nice last hour. A nice change for KMN holders after 6 months of downward slide. Looks comparitive to the jump in April so far. Would be happy if that follow through happened again.


----------



## imaginator (6 December 2007)

Kennas,

Does this breakout mean you are going in to buy? 
Its 0.745 this morning, now 0.78, volume 85,000.

Now 0.8 over 100,000 volume traded. Its moving fast!


----------



## Sean K (6 December 2007)

imaginator said:


> Kennas,
> 
> Does this breakout mean you are going in to buy?
> Its 0.745 this morning, now 0.78, volume 85,000



I've been buying it all the way from 55 to $1.00 and back to 55. 

Bought a few on the close last night and more on the open today. 

PS, someone selling 250K at 81 will be a bit of a wall, unless it's a ploy, but I don't normally go for those manipulation ramps...


----------



## lazyfish (10 December 2007)

kennas said:


> What's the average grades of Mo you think we can apply for IGV lazyfish?
> 
> Yes, the Cu/Au halo is much much larger by the cross sections.
> 
> ...




Hi Kennas, sorry, I don't really know how to estimate that . Though I think at 700m the strip ratio might be too high to go open pit, given the shape of the mineralized zone is pretty 'thin' along strike. But of course this depends on the grade and I could be very wrong


----------



## Sean K (11 December 2007)

lazyfish said:


> Hi Kennas, sorry, I don't really know how to estimate that . Though I think at 700m the strip ratio might be too high to go open pit, given the shape of the mineralized zone is pretty 'thin' along strike. But of course this depends on the grade and I could be very wrong



No drama LF, it's a very hard one to guestimate with what we have really.

Other news, SNN are taking on the costs for the 07/08 program.

KMN have announced this as 'pleasing' news, but I'm not too sure about that. 

Goldcorp choosing NOT to participate and reduce their interest is something other than 'pleasing' to me.


----------



## refined silver (11 December 2007)

Hi Kennas,

Bought some today after doing a fair bit of DD. I agree the news today could be read either way, would have to check out Goldcorp's finances, project line etc, to maybe if there was any reason for not participating.

Re the earlier comparisons with BSG. A couple of points are:

1. On a numbers basis the BSG/PJO.V was one of the highest valuations around and many questioned its value. However it seems the reason is the quality of the project. It will mine at 14moz/a Ag Eq at first and then 17moz Ag Eq, and after Au credits at a cost of 41c/oz Ag. In other words its very low cost, very high production volume and theerfore very good cash flow. When CDE were searching for take-overs, they basically found the PJO.V project was the best new Ag project in the world fullstop. SO they merged. Thats quite a compliment from one of the biggest Ag miners in the world to say your project is the best one in the world.

2. Grades were exceptional, some came out >10kg/t Ag and had to be re-assayed using a different technique. I remember reading overseas chat sites when these grades came out, and most people were saying, how ridiculous, another pump and dump, scam promotion etc, yet these were real.

3. BSG always had plenty of cash, it finished its Georgia gold mine and then sold it and got another $40m, so it was always well-funded, never needing to raise cash

4. The BSG project is 70%Ag, 30%Au, which is very appealing for PM investors. The KMN is 50%Au, 25%Ag, 25% Cu (at current prices) so significantly 

5. The project is well advanced. BSG were doing the unprecented of actually constructing the mine while the feasibility study was still underway, so sure they were of its viability! It also has more exploration potential. 

This is just a few reasons why so few people understood BSGs valuation (and still don't)

Having said that, I also like the look of KMN (thanks for your posts) and so have bought in. Time will tell!


----------



## Sean K (12 December 2007)

refined silver said:


> Hi Kennas,
> 
> ............
> 
> ...



Yes agree with your comparisons here RF. Thanks. San Anton still looks undervalued on the surface on a general comparison, for whatever reason. Hopefully just because it's undervalued....


I'm not usually one to commentate on depth and stock manipulation but it always intrigues me when there are unusually large orders placed in the depth. A couple of interesting bids include the buy on top of the pile 289000@.78 and the sell a little down the list 250000@.81. Those bids are higher than the last years average turnover I think.


----------



## Sean K (17 December 2007)

First JORC for Kalman is due this week. They have been stating they have drilled the deposit 1000m x (up to) 600m depth, and I've been assuming that this will be the basis for the JORC. The rumour of a 60Mt @ 1% Cu equiv mentioned in the papers a few weeks ago means to me that they may not be using the entire depth to get that JORC. That's if the rumour was true. The 3rd diamond rig should be on site now drilling to 2000m, which could bring exciting results on the true depth of Kalman. One of the last drill holes finished with 6m @ 3.08% MoS2 open at depth assays awaited which is an incredible grade for Moly. The deposit looks to expand at depth so drilling below 600m could see the potential of the deposit expand markedly. Or not, of course.  


From the 30 Nov placement ann:



> Proceeds of these funds will be used to accelerate resource definition at the company’s exciting Kalman Project in the Mt Isa area. *A third dual purpose RC/Diamond core drill rig capable of core drilling to 2000 metres depth will be on the tenement area early December this year.*
> 
> The 3 rigs and possibly more subject to availability will also drill test the northern and southern as well as depth extensions at* Kalman which currently has a drill tested strike length of 1000 metres and to a depth of up to 600 metres.*
> 
> Many prospects have been identified, some are drill ready and others await receipt of rock chip assays from the lab. *The first resource estimate for Kalman will be released before the third week of December this year*.


----------



## imaginator (17 December 2007)

sheet! Whats happening to KMN. Its 0.7 now after they release more shares today.

TIme to sell and run???
Whats the price of the new shares they released???



kennas said:


> First JORC for Kalman is due this week. They have been stating they have drilled the deposit 1000m x (up to) 600m depth, and I've been assuming that this will be the basis for the JORC. The rumour of a 60Mt @ 1% Cu equiv mentioned in the papers a few weeks ago means to me that they may not be using the entire depth to get that JORC. That's if the rumour was true. The 3rd diamond rig should be on site now drilling to 2000m, which could bring exciting results on the true depth of Kalman. One of the last drill holes finished with 6m @ 3.08% MoS2 open at depth assays awaited which is an incredible grade for Moly. The deposit looks to expand at depth so drilling below 600m could see the potential of the deposit expand markedly. Or not, of course.
> 
> 
> From the 30 Nov placement ann:


----------



## jooooooles (17 December 2007)

Placement was at 55 cents. Wouldn't panic the spread is high and tightly held. Don't let that fool you with small parcles going through. There is solid support at 70 cents


----------



## Sean K (17 December 2007)

imaginator said:


> sheet! Whats happening to KMN. Its 0.7 now after they release more shares today.
> 
> TIme to sell and run???
> Whats the price of the new shares they released???



Placement was at 55 cents. Time to sell and run? I think if you think the market is going to crash completely then you should be in cash if you have a short term horizon. If not, and certain companies related to particularly valuable commods are in a zone of rapid growth, such as developing a gold mine with 11m oz au equiv, and a Cu/Mo/Re/Au/U mine with potentially 200Mt + at 1% + Cu equiv, then it may be a longer term opportunity. Depends on your individual situation.


----------



## jooooooles (17 December 2007)

What would I know? Absolutely nothing - support at 70 just got smashed..................................


----------



## Sean K (17 December 2007)

jooooooles said:


> What would I know? Absolutely nothing - support at 70 just got smashed..................................



 Hasn't gone below 70 yet but I agree there should be some there. I'm always hesitant to call S&R intra day because that is where most of the emotion is played out and is not reflective of more considered positions. Still, in perspective, it's run from the bottom at 55 very hard and this could have been anticipated. I certainly believed 80 ish was hard work as posted. I think a lot of the short term sentiment now will lie not only in market direction but any perceived positives and negatives from Kalman. The market will tell us this week. Risk/reward play in the short term, but longer term I still see this as a valuable company. Just not sure how to put a figure on it without a JORC and more guidance on Kalman.


----------



## Sean K (18 December 2007)

This is prospective (sorry, a bit long):

Ann out....



> 18 December 2007
> 
> *Exploration Discovers New Copper-Gold±Molybdenum, Mount Isa Project
> Highlights*
> ...




The tenaments at Mt Isa are looking to hold quite a few deposits by the look. The prospects to the south along the Pilgrim Fault are what really grab me. These could easily be folded into any PFS/BFS around Kalman if they have a similar type of mineralisation profile. 

Hopefully we have a positive ASX day for the announcement.


----------



## shaunm (18 December 2007)

I could see this happening. It has gone from 62.5 cents to 73 cents in the space of 5-10 minutes. I was so close to throwing $10k in but have just been spooked by the last 2 days.


----------



## Sean K (18 December 2007)

Crikey, up 6% on that ann after the pre open. Didn't expect that. It's now created a big gap in the spread so I'm not sure if this short term bullish can be maintained in this twitchy environment. Still, obviously a good thing, for the minute


----------



## imaginator (18 December 2007)

:







kennas said:


> Crikey, up 6% on that ann after the pre open. Didn't expect that. It's now created a big gap in the spread so I'm not sure if this short term bullish can be maintained in this twitchy environment. Still, obviously a good thing, for the minute




all I can say is........... ARRRRRRRRRRRRRGGGGGGHHHHHHHHHHHH should have bought it at 625 this morning!

now its 73

BUt luckily I didnt sell this morning at 625, if not it would been a double whammy!


----------



## Sean K (18 December 2007)

imaginator said:


> : BUt luckily I didnt sell this morning at 625, if not it would been a double whammy!



imaginator, I have done exactly this before , we all do it I reckon. So, you still probably have some dues to owe! :

I want to look into this ann a little more because it may have some very significant implications for the economics of Kalman. If Kalman runs into the deposits identified to the south, then this could be an incredible strike at significant depth, which is still open.


----------



## doogie_goes_off (18 December 2007)

Plenty more detail required in the coming months about exploration, but it now has what I look for - resources and exploration upside, jumped in at 63.


----------



## Sean K (19 December 2007)

doogie_goes_off said:


> Plenty more detail required in the coming months about exploration, but it now has what I look for - resources and exploration upside, jumped in at 63.



Yeah, it's a nice combination. Still a long way to mining anything yet. If San Anton gets the thumbs up it'll take a year ish to put in the infrastructure to start digging, although being a hill and open pit with roads everywhere shouldn't be that long perhaps.



Another ann out after the close with an update on drilling at Kalman:



> 18 December 2007
> 
> The Manager
> 
> ...




I'm still getting my head around Mo grades and implications for the economics of a project but I know anything over .2% is very good. 

Might be worth comparing the potential for Kalman to the richest Mo mine in the world. This is from an early Kings presentation:



> The Henderson Mine (Phelps Dodge) near Denver Colorado is arguably the richest Mo mine known:
> 
> • reserves around 160 Mt @ *0.35% MoS2 *(No other significant economic metals)
> • mineralisation starts ~1,000m below surface
> ...




As an Australian comparison, MOL is probably a good benchmark. 

MOL has Proven and Probable Reserves of 314.6Mt @ 0.061% Mo, 0.092%Cu, and 1.7 g/t Ag. 

I'm pretty sure that is MoS2, so compare the grades to Kalman.


----------



## jooooooles (19 December 2007)

Kennas 0.06% Mo = 0.10% MoS2

edit: So, this indicates that the grades at Kalman are very good.


----------



## doogie_goes_off (20 December 2007)

What a great resource - just goes to prove that the market is a fool.

1 tonne = 2204.6 pounds
27800 tonnes of moly x 2204.6 = 61.3 million pounds of molybdenum
1 pound of molybdenum = $US 30
$US value of molybdenum in the ground 30*61.3million = *1.84 billion dollars US worth of molybdenum in the ground*Do I have this right?
172,200 tonnes of copper x $US 6000/tonne = 1.032 billion dollars US worth of copper in the ground
250,600 oz of gold x $US 700/oz = 0.175 billion dollars US worth of gold in the ground
Total in ground value > 3 billion dollars US, divide that by ~400 million shares equals about $7.5 US a share

I'd say KMN are undervalued by around $2 a share, but that's only my opinion DYOR

*Watch out for the takeover of KMN*

*Note - just realised that they only own 70% of one part of the resource so these figures will be approximately 15% too high.


----------



## doogie_goes_off (20 December 2007)

Rhenium grades could add significant value to the deposit, 

Average grade of rhenium should conservatively be around 0.4ppm according to their graph

0.4ppm = 0.4 grams per tonne

49.7 million tonnes x 0.4 grams per tonne = 19.88 million grams

1 gram = 0.032 ounces

So 19.88*0.032 = 0.636 million ounces

Rhenium price = $900 US an ounce

therefore 900/oz*0.636 million oz = 572 million dollars US *(another half billion of value perhaps?)*

What else does the market want? A miracle.


----------



## prawn_86 (20 December 2007)

Doogie,

Companies are usually calued at approx (very rough guide) 5 - 10% of their in ground value. 

So with an IGV of $8 per share you would expect 80c as a conservative estimate. 

Obviously there are many many numerous exceptions. Point is that you wont find an explorer valued at the full price of their in-ground resources


----------



## doogie_goes_off (20 December 2007)

Clearly this is true, however the estimate would not include all the current drilling to date and we just had some great hits, this is a world class moly resource and it wont take long before someone notices it and wants a piece of the action.


----------



## Sean K (20 December 2007)

I'm very disappointed with the JORC. 

My numbers to get to the tonnage were obviously way off. The only differences should have been the width and depth they used for the JORC which were slightly lower than my assumptions at 600m depth and 100m width, but even using their numbers I get a different total tonnage.

1000 x 500 x 90 x 2.5 = 112.5Mt

Obviously this is not how you work out a tonnage for this particular deposit. 


I agree with Prawn that MC should be around 5-10% IGV but there are plenty of examples where this is not the case. Boys on HC have a total IGV for Kalman and San Anton of US$7b which gives us somewhere between US$350-$700, which is well above the current $250m ish...

Here is joooooles numbers (thanks)



> KMN - MARKET CAP @ 67.5 CENTS = $266 MILLION
> 
> Current in ground value @ Kalman
> 
> ...




Doggie, I think you're close with what you say here, but as I said above there's numerous companies not conforming to the IGV theory, for whatever reason. Perhaps it's just time?



doogie_goes_off said:


> What a great resource - just goes to prove that the market is a fool.
> 
> 1 tonne = 2204.6 pounds
> 27800 tonnes of moly x 2204.6 = 61.3 million pounds of molybdenum
> ...


----------



## doogie_goes_off (20 December 2007)

Resource estimation that meets JORC is not a simple width x length x depth but it will get you in the ball park i would have thought that 80Mt would have been possible at an inferred category. It looks like they have run two "grade domains", one for copper and one for the higher grade moly, i'd guess that the lower than expected tonnage is due to the copper zone not contributing as much as I expected. If grade is king then Kings Minerals are living up to their name. Note there is an inferred/indicated resource out for DGR's project today too. Better grades, moly only, smaller tonnage, worth a look.


----------



## imaginator (20 December 2007)

Whats going on with KMN today??

I thought .675 was cheap, and it closed at .595?

What the-----------------------------

Hey I see a double top forming, anyone scramming?


----------



## doogie_goes_off (21 December 2007)

Wow 52c that's turning into a bargain, Mr Market is very confused! buyers are drying up. Time for some accumulation.


----------



## Sean K (21 December 2007)

doogie_goes_off said:


> Wow 52c that's turning into a bargain, Mr Market is very confused! buyers are drying up. Time for some accumulation.



Panic selling. I'm still holding. Have a longer term view. Getting undervalued just on San Anton now. Check the MC to resource comparisons I posted earlier.


----------



## doogie_goes_off (21 December 2007)

Some smart cookie snapped up 150K @ 54c, there was a small flurry there for a moment, certainly a bargain at the intra day low of 52c IMO.


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## Sean K (21 December 2007)

doogie_goes_off said:


> Some smart cookie snapped up 150K @ 54c, there was a small flurry there for a moment, certainly a bargain at the intra day low of 52c IMO.



Well, I hope he was a smart cookie, doggie.  But, the market has spoken in regard to the Kalman JORC. The rumour of 60Mt @ 1% Cu equiv was not met and she's been punished accordingly. I'm trying to turn my mind to 30% of San Anton and 11m oz au equiv (expanding) with Goldcorp to ease my mind...


----------



## doogie_goes_off (21 December 2007)

With regard to copper equivalents, I wouldn't be so worried if I was you, OK the tonnage was down but using the $6000/t for Cu, $30/lb for Mo (longer term prices) the copper equivalent grade would be pretty high:

1 pound = 0.00045359237 tonnes
therefore Moly price per tonne is 30/0.00045359237 = $66138 per tonne

as a ratio this makes the moly grades approx 11x the Copper equivalent 

So: Copper equivalent = 0.35% Cu + 0.06x11 Copper equivalent input from moly OR 1.01% copper equivalent and that doesn't even include the input for gold and rhenium values.

So all we missed out on was a bit of tonnage which must be there because it's open in two directions and there's been recent drilling with good moly results.

I'd say the market just does not understand moly and this is why KMN, QOL and DGR are all undervalued IMO. Hold those KMN kennas, put them in the bottom drawer.

*Note this is not financial advice, you can sell them if you want to!


----------



## Sean K (21 December 2007)

doogie_goes_off said:


> With regard to copper equivalents, I wouldn't be so worried if I was you, OK the tonnage was down but using the $6000/t for Cu, $30/lb for Mo (longer term prices) the copper equivalent grade would be pretty high:
> 
> 1 pound = 0.00045359237 tonnes
> therefore Moly price per tonne is 30/0.00045359237 = $66138 per tonne
> ...



LOL  Fingers crossed the drilling to 500m + increases the tons and the Re adds a significant kick. Hopefully that new rig on site finds the deposit widen further at depth.


----------



## Sean K (22 December 2007)

Director buying $50K worth after the JORC is a bit encouraging. 

I'm trying to put some things in perspective at the moment because I have quite a large chunk of this now and have not sold any, so I provide the following as some upside ideas:

Firstly, I think there are some imminent assays on the extention drilling at San Anton due. In the southern aspect they hit native copper, so perhaps if they get some really high grades and all the holes have mineral then SdG could be expanded from the current 11m oz au equiv....

Also at San Anton, exploration/scout drilling continues. It's a highly prospective area for a decent silver discovery I think. 

At Kalman, drilling is continuing and with the new rig on site drilling to 500m ++ to 2000m, then there's potential for the deposit to be expanded significantly. It does widen at depth. 

The Re assays have not been added to the JORC. As they correspond to the Mo we can assume that that is going to add a LOT of value to the IGV. That news would be nice about now!!

Now, downside:

San Anton drilling turns up dirt.
US recession turns into depression.
POG/POS/POC get smashed to obvilion.
Kalman has no depth extention.
Re grades turn out to be miniscule.
Kalman is too thin and deep a deposit to mine economically.
Exploration at Mt Isa finds dirt.
US attacks Iran who launches a nuke at Israel who launches a nuke at Iran and Russia backs the Arabs who go to war with the world.  

Lets hope for the upside....


----------



## Sean K (9 January 2008)

Market's forgotten that this is half a gold company with a 35% ish share of a 10.19m oz au resource - expanding, and with numerous other systems at San Anton to host potential economic resources. While all the other goldies are swimming upstream, KMN just lays back and is getting washed away. Once again, it's now significantly undervalued, just on SdG as shown earlier...


----------



## Sean K (17 January 2008)

Kings recently released some more good Mo assays at Kalman which were duly ignored by the market. Since the unexpectedly low tonnage resource was released it's been smashed and has now followed the general market down for whatever reason while gold and gold stocks went north. 

Technically, you may say that sitting just below 55 cents is concerning.


I wonder where the exploration drilling assays at San Anton announced in the June 07 Qtly and the Sep 07 Qtly is at?


----------



## bvbfan (21 January 2008)

I originally bought for the Moly exposure but surely the silver in Mexico is also got to be worth a punt.

Seems the Mexican projects are a little better (prospective should I say) grade/tonne wise from my little research


----------



## Sean K (21 January 2008)

bvbfan said:


> I originally bought for the Moly exposure but surely the silver in Mexico is also got to be worth a punt.
> 
> Seems the Mexican projects are a little better (prospective should I say) grade/tonne wise from my little research



I orignially bought for San Anton in Mexico and Mt Isa was a bonus. I still think it's undervalued just on San Anton and the SdG project. It's low grade (around 1 g/t) but it's an open pit hill, they just have to scrape it away. Plus they're doing expansion drilling so the 10.19 m oz au equiv may climb. This will be through the copper credits. It looks like the silver gold internal is surrounded by a large copper halo that they are currently drilling. They hit native copper in one hole to the south, so it could be much larger. The strip ration at SdG is apparantly very good, so for feasability it looks like it will be a mine. Plus the PFS was on much lower commod prices. If they had a PR Manager (which they obviously do not) then they'd have an announcement out detailing this stuff, but it's up to us amateur investors to do the promotion for them.


----------



## Sean K (23 January 2008)

I'm losing patience. 

Ann out yesterday as follows:



> *San Anton Expansion Drilling Update*
> 
> *Highlights*
> 
> ...




Good strikes.

However,

Someone better at interpreting grades might want to comment, or correct me, but I believe I have higher levels of Ag, Au, and Cu stuck under my running shoes! 

How can they be 'highlights'.


----------



## Sean K (6 February 2008)

kennas said:


> And I am freakin out about this H&S. Surely not possible?
> 
> 
> 
> Perhaps the rhenium is being swept under the carpet at the lab?



I revise that target to this one which is technically more acurate. Bankrupt. 

And where is that Re in the resource estimate?

Under the carpet with the uranium I guess...

I still have no reply from my Dear Dudley letter.....


----------



## exgeo (6 February 2008)

I have also sent a mail to Kings, noting the fact that the only reference to the Rhenium in the* "Kalman Copper-Molybdenum-Rhenium-Gold deposit"* (this line copied from the recent quarterly report) is in the name! This is the only place the word Rhenium appears in the qtly. No reference to "assays still outstanding" or anything else that would reassure me. Not very impressed, and even less impressed when companies don't respond to shareholder enquiries. In my experience, most companies respond to shareholder enquiries pretty quickly.


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## exgeo (6 February 2008)

_Reply from the company to my email of this morning:_

Jim

Thanks for your email.

KMN’s share price has fallen at the same time and broadly in line with the ASX junior mining sector generally –  so it appears unlikely KMN’s share price fall was related to the non-mention of rhenium in the resource statement – or anything fundamental about KMN itself. Seems more probable that KMN has simply suffered from the flight to defensive positions and profit taking – and given its strong run up late last year its a prime candidate for the latter..

As for rhenium – it wasn’t covered in the resource position announced 20 Dec 07 because it requires separate (and costly) assays - which the company elected not to perform for the resource statement. That’s not a comment on the level of rhenium in the ground – but more that any mining at Kalman is likely to be scoped on the basis of Molybdenum (Moly) and copper/gold resources – rhenium might then be assayed for, sometime down the track - in case it could add a premium to mine returns. The company previously flagged that Kalman has rhenium associated with its Moly – because that is known and may be part of the economic potential for the company. Shareholders should know this. But it is currently felt, for the purpose of establishing if Kalman could be a mineable resource bases, that it is more prudent and therefore appropriate to focus on Moly, Copper and Gold for now. 

Feel welcome to call me on 61 7 3252 0122 if you have further questions...

Rgds

Greg Germon

Investor Relations Manager
Kings Minerals NL


----------



## Sean K (12 February 2008)

exgeo said:


> _Reply from the company to my email of this morning:_
> 
> Jim
> 
> ...



exgeo thanks for this information.

Has the mid-tier resource sector really gone down 65%? 
Anything else with 10m oz au + equiv JORC gone down 65%



In regards to the Re, the company must be joking that this hadn't become part of their plans for Kalman, or that uranium wasn't a significant part of the project.

I have some headings from announcements and presentations:

Apr 07 Presentation:
"Copper-Molybdenum-Gold-Uranium Deposit" 
"Early intersections suggest a lot of value will be in Molybdenum and Uranium within a Cu-Au-Mo-U mineralising halo." 

Aug 07 Presentation:
"Molybdenum / Copper / Gold / Uranium
Rhenium Metal Spectacular Grades"
"In April, we said there was “more to come” and since then the presence of high grade Rhenium has emerged at Kalman."

Jun 07 Qtly:
"Highlights
At Kalman:
Rhenium metal indicated to occur in high grades by world standards associated with Molybdenum at Kalman."
"During the quarter the Company became aware of and announced the association of the rare transition metal Rhenium with Molybdenum in the Mo, Cu, Au, U polymetallic Kalman Project."

Sep 07 Qtly:
"Highlights
At Kalman:
High grade molybdenum-rhenium within a broad copper gold mineralised zone."
"Encouraging results from Kalman confirm it is shaping up to become a major polymetallic deposit containing zones of high grade molybdenum-rhenium"

Dec 07 Qtly:
"During the quarter the Company announced an initial Mineral Resource Estimate for the Kalman Copper-Molybdenum-Rhenium-Gold deposit."

(what the? where's the rhenium, and when did uranium not become part of the plan? - last mentioned Aug 07, just a few months ago....)


They have been blabbing on abour Re and how valuable it was for months and leading us to believe this was part of the resource estimate (also saying it was going to be 700m, but nevermind) and now it's 'too expensive' to be assayed? I'm not just a little confused....


On another matter, I note with interest that in their 07 Annual Report released on 28 Sep stated that there were 18 drill holes into the Dolores target at San Anton with 'assays pending'. Must be lost in the mail. Or, perhaps they'll just appear in the next annual report like the Mt Philp haematite drill results. Full disclose, except if the results are bad....

I am also curious as to what's happened to the visable native copper strike to the south of CdG. 

Aug 07 Pres:
"(Native) Copper occurs over 40metres in drillhole SA-291"

They came out with the assays in January which are listed below. Hole SA-291 has 'native copper' in it? WTF??


----------



## Sean K (24 February 2008)

Seems to have stopped frefalling and turned around.

Anyone go to a presentation and get a better feel for what's happening?


----------



## Sean K (14 March 2008)

Turned around just as easily and sitting precariously around long term support around 40, next stop possibly 30. 

No need to remind people who read this thread of the fundamentals of San Anton. It's GOLD, I should mention. 10.19 m oz au equiv of it. Which has a current IGV of...... $10,190,000,000

So, that's a good reason for its sp to be closing in of 1/4 of it's highs.

Oh, then add in the next Olympic Dam at Kalman for some real amusement.

Did anyone read the Rhenium announcement. They've got loads of the stuff in the high grade Moly core of the deposit, but who would know. No media. No layman speak. No broker research. The Directors are too busy pissing their BSG winnings up against the wall to worry about promoting this company.


----------



## morton_mains (14 March 2008)

Kennas
Just spent an hour detailing Mr L.'s positive investor presentation and it lost it on preview... I will redo tomorrow.
Yeah its hard to figure KMN price as it does have so much going for it. The $1B IGV for Kalman and $13B for San Anton seems to be safe.


----------



## morton_mains (15 March 2008)

Investor presentation by Mr L. – was upbeat. They do main updates in cities twice a year. The handout was positive. I didn’t know KMN have a part time investor relations Mgr now so maybe more ann.s? 
Anyway some notes I made as well as things I heard… I will respect it being hearsay and label it as “estimates”, obviously getting to hear it off record I’d like to respect that.

SAN ANTON
It big on silver! .. and he is understandly bullish on silver (CXC).
There are other very good prospects around Cerro del Gallo. 
Opportunities around eventual ownership look likely to trigger more interest.. big players always on lookout for large mines, plus they are cashed up. And why wouldn’t they be looking at the $11B. Anyway in short term there’s ownership to consider…will SNN go for 100% (makes them more attractive as target) as they are in box seat to got to 100%.
Mr.L compared Cerro del Gallo favourably with Palmarejo. 
The project has favourable setting – mining friendly, nearby infrastructure, low costs.
Low strip ratio estim. 0.57:1
Looking at capex $200-$400M, producing estim 400,000t of Au equiv.
Next 2 months Resources (small upgrade) & Metallurgy. Scoping study estim Aug08.


KALMAN
Supposedly $1B+
Very compact area. Maybe will be the Crown Jewel because of its high grades Moly, Rh I suspect some fondness because of the geology and compactness that makes it a sweet plum.
Cash at bank $11M looks set aside for Kalman – burn rate $1m month. 

Rhenium – only 30tons p.a. demand – yes that’s pretty microscopic, but  supply 20tons p.a. and its very valuable. I asked ballpark what it would be worth. Estim circa $500m. They have had XYZ (well known aircraft engine maker – Rh used to alloy engine parts to allow high temperatures that means fuel saving up to 30%) call to ask for details when production available. Grade is high. 

Moly – grade also world class. Unusually visible in core samples. 

Don’t hold breath for word on U. they are deliberately taking a quiet stance on this work. But really..can’t see how it could upstage the Mo,RH.

All in all pretty positive, but not "Ra Ra!".
MrL was certain that BOTH will be mines. 
Banks already calling and with Board experience it would be a done deal to get it.

My small punt on a share that has Rh, which although down 50%, yikes!, looks good to accumulate for next 2-3 years target. 

Only worry will be general markets, which may discourage explorers getting to production should credit get too tight or lower expectation of price mutliples. At this stage, yes KMN looks very undervalued.

He mentioned they had a lot of phone calls in Jan. from investors who were concerned around market correction - seems many were leveraged with margins - so may be another reason for support not coming back into price.


----------



## Sean K (25 March 2008)

kennas said:


> Turned around just as easily and sitting precariously around long term support around 40, next stop possibly 30.



Golly, 30 could really be on the cards here. Seen a couple of big sells go through recently, one today pushing it down. Must be either people not believing, or needing cash, or expecting other opportunites. Or, maybe just a flight to safety with the speculative end of the markets caving in...

I'd have to revisit this around 30....


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## Sean K (27 March 2008)

KMN are on the ball again in the PR department. Their major project in San Anton has a research note completed by Haywards, and I have to find it on HC from another holder who found it God know's where. (thanks joooles)

These guys have absolutely ZIP idea how to promote their company.

http://www.sanantonresourcecorp.com...Haywood_Junior Mining Universe_March 2008.pdf

They need a lesson off Andrew Drummond!


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## Sean K (1 April 2008)

kennas said:


> Golly, 30 could really be on the cards here. Seen a couple of big sells go through recently, one today pushing it down. Must be either people not believing, or needing cash, or expecting other opportunites. Or, maybe just a flight to safety with the speculative end of the markets caving in...
> 
> I'd have to revisit this around 30....



 Hooley dooley, the MC to oz au comparison here must be getting pretty damn low for a developer. They wouldn't want to get an analyst or 2 over to Mexico and check out San Anton though. No siree! No need for an analyst report on almost 11m oz au sitting inside a hill waiting to be dug out. I can only assume that there's some problems with the metallurgy that warrant a further scoping study on top of the other studies before going to pre feasablility and then perhaps another scope or 2... Hey KMN!!!! Au and Ag are at record prices!!! Move on!! And Cu is worth a bob or 2 as well..... 

If it's not economical now, then start pegging another old mining region. 

(end rant)


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## Sean K (12 April 2008)

This company has been led about by some of the most incompetent criminals on the planet!!!



> *Opes Client A's missing millions*
> 
> Michael West
> April 12, 2008 - 10:52AM
> ...




No wonder us mug punters, investing on misinformation, have NO hope.

It's perhaps why the sp has been heading south for a year too!!!


----------



## GoHardHomie (12 April 2008)

kennas said:


> This company has been led about by some of the most incompetent criminals on the planet!!!
> 
> 
> 
> ...




Good find Kennas

I can only hope that the $15mm worth of stock contained no King shares or i'd have to contemplate that Norm isn't working in the best interests of the company.

It will be real interesting to hear what stocks make up the $15mm


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## refined silver (13 April 2008)

kennas said:


> This company has been led about by some of the most incompetent criminals on the planet!!!
> 
> No wonder us mug punters, investing on misinformation, have NO hope.
> 
> It's perhaps why the sp has been heading south for a year too!!!




On the other hand, if Seckhold had so much with Opes and got nervous and got out, it actually shows a bit of sense.

KMN thought it seems were held by many other Opes holders, and so has been sold down pretty relentlessly.


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## doogie_goes_off (13 April 2008)

It's hard to imagine that ASX listed company shares can "go missing", this would seem to indicate that the industry is under-regulated and I agree that Norm has shown some nous to get out, however he must have been a bit dumb to get involved in the first place, just shows that the exec's are driven by greed. A good rule is never give more than 10% of your investments to anyone else to look after/manage. Once you have built up a portfolio of shares a 10% rule is a good one too. I have a little over 15% of my shares in KMN which is rather annoying because it has left me exposed but I'll grin and bare it for the moment. KMN is still fundamentally sound. Maybe new directors are required at the next AGM? remember if you hold shares your vote counts! Question - If the shares are missing can the holders still vote at the AGM and would that help locate them??? Do we need a special general meeting???


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## refined silver (13 April 2008)

doogie_goes_off said:


> Once you have built up a portfolio of shares a 10% rule is a good one too. I have a little over 15% of my shares in KMN which is rather annoying because it has left me exposed but I'll grin and bare it for the moment.




If thats 15% of your portfolio now is KMN, was it 40% before?? Or if it was 15%, at least now surely its under 10%

(I have a small amt too)


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## GoHardHomie (13 April 2008)

When its written that $15mm of stock goes missing what does that really mean?
I thought all the holdings are kept on a computerized register, the holder is either sponsored by the company itself (SRN) or sponsored by the broker (HIN). 
Its not like you can get a paper certificate and hide it under your bed with no one knowing about it - can you?


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## refined silver (14 April 2008)

The $15m "lost" shares, are 3.5m CXC shares that weren't returned to Seckhold after he paid out his margin loan before Opes went bust. Hence Seckhold is suing as he's not unsecured creditor with no title to the shares, they should have been returned.

http://www.theaustralian.news.com.au/story/0,25197,23534545-601,00.html


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## Sean K (14 April 2008)

refined silver said:


> The $15m "lost" shares, are 3.5m CXC shares that weren't returned to Seckhold after he paid out his margin loan before Opes went bust. Hence Seckhold is suing as he's not unsecured creditor with no title to the shares, they should have been returned.
> 
> http://www.theaustralian.news.com.au/story/0,25197,23534545-601,00.html



Well, I take it back about the 'criminal' comment. My reading of this is that Norm has pretty much done the right thing, apart from not paying the orignal load back in a more timely manner. Although, you could say that he was trying to take a shortcut to converting the options and shouldn't have put himself in the position in the first place. Just how those shares were 'lost' though must make you wonder.


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## GoHardHomie (14 April 2008)

Glad to hear my dark suspicions that Norm was loaning his shares out proved to be wrong in light of the facts 

Now hoping my top up @ 0.30 of a week ago is close to the low.


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## Sean K (15 April 2008)

GoHardHomie said:


> Glad to hear my dark suspicions that Norm was loaning his shares out proved to be wrong in light of the facts
> 
> Now hoping my top up @ 0.30 of a week ago is close to the low.



If TA and S&R has any merits then you'd expect 30 to be close to the bottom, maybe 20. See chart above, not much has changed. However, perhaps in this environment, 'probabilities' count for zip. 

Back to levels not seen since prior to Kalman was dicovered and the initial resource at San Anton. Both still expanding and anticipated production in 10/11**. 

Just how they have turned this sp upside down I do not know. Of course, it's the general market. 

(**that means 2110/11 for those not accustomed to KMNs ability to get results out on schedule).


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## doogie_goes_off (15 April 2008)

OK, it would seem from the media that Norm's no dummy (apologies Norm). I don't like to believe everything that's in the media but my suspicion is that the ANZ are the ones in the wrong, I'll happily give Norm another go if his mode of operation is as forthright and proactive as his (presumably correctly quoted) interview with the Australian. I'll still be holding while there are resources in the ground of the known dimensions, the fundamental look good to me.


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## Sean K (4 May 2008)

Hooly dooly, touched .23! eeeeek! 

What are these goose ´s doing? 

Maybe just too much negative sentiment for them to break the drought. 

Crap initial JORC on Kalman, Norm _losing_ (literally) gazillions through the Opies thingo, and God knows what SNN are doing with San Anton. I mean, how long does it take to do yet another scoping study, on another scoping study to go to God knows where? 

Potential bottom at .20 looming....


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## farout (4 May 2008)

Bit of a downward roller coaster kennas, I sold my KMN off at $1 even. So at the current price it's starting to look an interesting proposition again


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## nick2fish (5 May 2008)

Jeez, does anyone know what went on today with Kings. Was sitting on -4% and right on the bell went up to +4% and vol was 14,498,208. I was thinking KMN might bottom at 0.20 but it looks as if support was found sooner... Oh well strap in and hold tight


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## farout (5 May 2008)

That's about the amount Opes Prime was still left holding, not certain but I guess ANZ has finally sold their remaining 13 million stake in KMN.


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## nick2fish (6 May 2008)

Always a good sign to see directors making on market purchases of their own company shares ( so long as its with their own money ) But I don't see this as a reason for a 40% jump over 2 trading days and over 18 mill vol. Ah well ignorance is bliss


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## refined silver (6 May 2008)

nick2fish said:


> But I don't see this as a reason for a 40% jump over 2 trading days and over 18 mill vol. Ah well ignorance is bliss




Check out the drop beforehand, that explains it. It hasn't always lived at 23c!

Fortune favours the brave.


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## Sean K (7 May 2008)

Any clues on that jump. No insider info from Angel Falls. he, he 

Have to assume some good drilling results, or someone taking a strategic stake you think?


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## Sean K (25 May 2008)

kennas said:


> And I am freakin out about this H&S. Surely not possible?
> 
> 
> 
> Perhaps the rhenium is being swept under the carpet at the lab?



Yes, possible. Holey crap!

This was a disaster for me. Good tax right off though I suppose. 

I am calling a bottom here. 

Surely!

Surely!!!!!


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## Sean K (29 May 2008)

Incredibly, it's back down at the 'bottom'. I am so tempted to thrown a few at this falling knife, it's killing me. Maybe knife is a bad analogy for this one. It's more like cancer, slowly eating shareholder value away, until there is nothing left. I'm flabbergasted.


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## Sean K (29 May 2008)

Just as it looked like it had seen a bottom some punter clears about 15 lines of buys and dumps 400K ish. I wonder if it's the same player just trying to get out of the stock, or someone who knows San Anton is a turkey, and Kalman is a myth?


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## Sean K (29 May 2008)

kennas said:


> Just as it looked like it had seen a bottom some punter clears about 15 lines of buys and dumps 400K ish. I wonder if it's the same player just trying to get out of the stock, or someone who knows San Anton is a turkey, and Kalman is a myth?



And then, someone just dumped about 2m stock taking out 20 or so lines.

Something dodgy doing on here folks.


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## PhoenixXx (29 May 2008)

kennas said:


> ...some punter clears about 15 lines of buys and dumps 400K ish...




i should have read your posting first before i jump into this bloody pool 
Bottom? I wish...


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## farout (29 May 2008)

Interesting, very interesting.

Glad I didn't jump in a while back. Someone is trying to prop it up with a 1mill buy at 19.5c. End of day value should tell a story.


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## Sean K (29 May 2008)

I still think the bottom is in.

Perhaps the selling was the last of the Opies stock to be distributed.

Has held up ok since that buyer unloaded. 

Bloody hope so!


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## YOUNG_TRADER (30 May 2008)

Kennas I reckon buying KMN at current levels seems like a no brainer,

I've picked up a few

20c seems like very strong support so downside would appear limited around 22c-23c but it has a long way to go to get back to its $1+ days


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## j4mesa (30 May 2008)

as a techie, I would not do anything yet to this share.....
it's a  head and shoulder pattern
also it is a counter elliot wave 5.....at the moment.....


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## panikhide (3 June 2008)

kennas said:


> I still think the bottom is in.
> 
> Perhaps the selling was the last of the Opies stock to be distributed.
> 
> ...




Kennas

Why do you think this is at bottom? Are you maybe willing a bottom because you are trying to regain previous losses made on this stock? I can't see anything on the chart that would suggest the sellers have anything but control at the moment.

Having said that - maybe I will try to buy in at 0.20 if it looks like that will find support.


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## Sean K (3 June 2008)

panikhide said:


> Kennas
> 
> Why do you think this is at bottom? Are you maybe willing a bottom because you are trying to regain previous losses made on this stock? I can't see anything on the chart that would suggest the sellers have anything but control at the moment.
> 
> Having said that - maybe I will try to buy in at 0.20 if it looks like that will find support.



I hope not willing a bottom.  Around 20 is very long term support. Normally I would wait for the downtrend to break. ie, see some higher lows and highs and breaking downtrendline resistance, and maybe key horizontal resistance, but the fundamentals are compelling enough to warrant a stab at near bottom for me. Two significant JORCs to be expanded. It should be rated higher IMO, but I think is under an large amount of negative sentiment that will eventually be broken. I sold out at .40 ish on the way down, and am back in for just a few at .23. I'm taking a punt on a higher probability that it will turn around, than collapse. And perhaps my hand will get bloody, but willing to take a punt at this stage.


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## refined silver (3 June 2008)

YOUNG_TRADER said:


> Kennas I reckon buying KMN at current levels seems like a no brainer,
> 
> I've picked up a few
> 
> 20c seems like very strong support so downside would appear limited around 22c-23c but it has a long way to go to get back to its $1+ days




I agree - a no brainer buy at these levels on fundamentals. Problem is there a few other no brainers out there, and I don't have funds for them all.


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## panikhide (4 June 2008)

Someone just dumped a few shares. There were purchasers who got in at 0.20.  Now there are very few buyers left. Is this really the bottom I wonder?


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## Sean K (4 June 2008)

panikhide said:


> Someone just dumped a few shares. There were purchasers who got in at 0.20.  Now there are very few buyers left. Is this really the bottom I wonder?



4 year chart says yes, but they sometimes don't tell the real tale. Like the BDG chart a while ago. eeeek! 

The difference is that this company has a long term au/cu/ag deposit in Mexico which has gone through multiple FS for development, and is not dependent on undergaround mining techiques and bonanza intersections. It's low strip, regular grade ore sitting inside a hill, waiting for a spade or two. It will be mined. Give me another au/ag/cu mining company developing at this au equiv to mc level. There are none. Well, maybe CTO.

I would discount Kalman right now, they spoke crap there, and continue to.

How does 1000m x 90m x 500m x 2.5d = anything less than 112,500,00Mt??

Or, maybe....wooooof!!!


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## panikhide (4 June 2008)

panikhide said:


> Someone just dumped a few shares. There were purchasers who got in at 0.20.  Now there are very few buyers left. Is this really the bottom I wonder?




Or then again, maybe not. The buyers have come back in. Maybe 0.20 will form some resistance. What this company needs is a positive announcement.


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## Sean K (4 June 2008)

panikhide said:


> Or then again, maybe not. The buyers have come back in. Maybe 0.20 will form some resistance. What this company needs is a positive announcement.



The problem with this company is that they produce great anns (except for recent grades at SA) and then have failed to follow through. 

It's like they have just sat back on their BSG success and not really put in any effort here. 

Really. 

It's making me wonder what they do on a day to day basis. 

Perhaps the BSG thing has pre occupied them?

I am now couting on the BSG finalisation, and Norm sorting out his really ordinally investment decisions, and strong holders taking over stock for this to go anywhere. We really need some long term investors to now take up a decent placement.

Come to think of that, please, someone with the time and effort, please, come in and take a decent stake in this lame dog and turn them around. 

They have the assets for someone with some motivation to make a decent turnaround.


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## Sean K (17 June 2008)

This company has an MC of about $90m and have about 70% of  a major Cu/Au/Ag project in Mexico: open pit hill, low strip ratio, great infrastructure, well financed, ready to rock:



> *Cerro del Gallo Mineral Resource Update*
> 
> The Directors are pleased to announce an updated mineral resource estimate, including a significant increase in tonnes and contained metal for the Cerro del Gallo copper-gold-silver deposit at San AntÃ³n, Guanajuato State,
> central Mexico. The updated mineral resource estimate now contains 654 thousand tonnes of copper, 4.5 million ounces of gold, and 202 million ounces of silver.
> ...




I'm a bit busy right now, but will do the numbers on what an IGV of 654 kt Cu, 4.5 Moz Au, and 202 Moz Ag is in a little bit.

Then they have a Mo, Cu, Au, Re, U project developing in QLD.


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## YOUNG_TRADER (17 June 2008)

woof woof is the comments I'd say on this one Kenna,

I bought thinking it had bottomed only to see it fall through 20c support to hit 17c, however saying that it did rebound back above 20c, 

I think the company has no doubt lost alot of credibility and shareholders look like they just want out, 


anyone got a band aid for my hand? I tried to cacth a falling knife for a trade :


----------



## Max_ob (17 June 2008)

YT. . . 


I take no joy from this trade not being a winner for you (yet) . . . however it indicates to me that you are still like one of us mortals. . . .(of course, that is until KMN takes off into outerspace)


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## Sean K (18 June 2008)

Yep, one sick puppy from it's highs around $1.00. There was a lot of expectation on Kalman around that time and they produced something well under the bar. I still can't work out how 1000m strike x 500m depth x 90m ave width, x 2.5 density gets anything under 112 M tns.  The company obviously hasn't used their advertised dimensions for that initial JORC. Anyway, it's still open so I assume will be upgraded and the Re will be included in the next JORC. 

San Anton IGV to be looked at. The initial scoping study made it look economical, but not sure why they progressed to another one. Musn't have done enough metalurgical test work in the previous one (if any?). Will be interesting to see how SNN goes on the TSX, it's been smashed the past year.

Anyway, I've caught the knife, no damage yet. Have 000 in the phone on speed dial though.


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## Sean K (18 June 2008)

kennas said:


> This company has an MC of about $90m and have about 70% of  a major Cu/Au/Ag project in Mexico: open pit hill, low strip ratio, great infrastructure, well financed, ready to rock:
> 
> I'm a bit busy right now, but will do the numbers on what an IGV of 654 kt Cu, 4.5 Moz Au, and 202 Moz Ag is in a little bit.
> 
> Then they have a Mo, Cu, Au, Re, U project developing in QLD.



Ok with Cu @ 8250 tn, Au @ $880 oz, Ag @ $17, current IGV of San Anton:

Cu = $5,395,500,000
Au = $3,960,000,000
Ag = $3,434,000,000

Total = $12,789,500,000 IGV

Current MC about $80m

Wonder how much they will be able to produce and at what costs to make this take shape. 

Still, I agree with YT, at this stage WOOF!


----------



## doogie_goes_off (18 June 2008)

Also holding knives, hopefully will get to throw a couple by Aug/September when this one recovers.


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## Sean K (19 June 2008)

kennas said:


> Ok with Cu @ 8250 tn, Au @ $880 oz, Ag @ $17, current IGV of San Anton:
> 
> Cu = $5,395,500,000
> Au = $3,960,000,000
> ...



And, to put the $ into perspective. $12.8b into gold at $890 = 14.34m oz au equiv. 

KMN effectively own 47% of this which comes to 6.7m oz au equiv. To get a rough value, oz au to current MC = $11.9. 

I think this is quite absurd for an explorer with an advanced JORC, an initial scoping study and another due in the next quarter to take it through BFS and development. On average I think developers sit around the $60, while producers are above $100. 

Not many deposits like this sitting unmined at the moment, less Tampaken. Surely it's going to progress? 

However, I still can't make heads or tails out of the sp/mc pressure. Very unloved. As always it makes me concerned that it's unloved for a reason. Perhaps metallurgical test work proves it's not economic? That can be the ONLY thing that will not take this forward to mining I feel.

I'm only in for a few at the moment but have an itchy trigger finger on the numers above.

WOOF!


----------



## Sean K (19 June 2008)

Oh, I forgot to add in the value of Kalman initial JORC.

The Inferred Mineral Resource estimate contains a total of 172,200t Cu, 27,800t Mo and 250,900oz Au. (Mo @ $78 kg, $7800 tn)

On current prices that is:

Cu = $1,420,650,000
Mo = $216,840,00
Au = $223,301,000

Total IGV = $1,659,820,100

In gold oz = 1,864,966 oz au equiv

Now add in to the previous oz au equiv for San Anton:

6.7m oz au equiv
+
1.85m oz au equiv

= 8.55m oz au equiv

New MC to oz au equiv is:

8.55m oz into $80m MC = *$9.35 an oz au equiv* 

Kalman upgraded JORC expected in the coming months which will reduce it even more. 

The market isn’t factoring in much value to this company right now.

But again, maybe for a reason…..what?


----------



## prawn_86 (19 June 2008)

kennas said:


> But again, maybe for a reason…..what?




Everyones too busy chasing the latest 'hot' sector, or stocks with MCs below $20 mill 

Or the reports have been doctored and they actually dont have anything! LOL


----------



## Sean K (21 June 2008)

Seems the information above is incorrect. The Mo price per ton needs another zero. 

So, IGV and mc to oz au equiv for KMN is actually:

San Anton: 6.7m oz au equiv

Kalman:172,200t Cu, 27,800t Mo and 250,900oz Au. (Mo @ $78 kg, $78000 tn)

On current prices that is:

Cu = $1,420,650,000
Mo = $2,168,400,000
Au = $223,301,000

Total IGV = $3,812,351,000
In gold oz = 4,283,540 oz au equiv

With San Anton:

6.7m oz au equiv +
4.3m oz au equiv

= 11m oz au equiv

*MC to oz au = $7.27 *


----------



## Sean K (27 June 2008)

kennas said:


> *MC to oz au = $7.27 *



Those figures may be for a reason, which I have discussed previously, but at sub 20c, on the sum of all fears, is compelling.

Another sign of a turnaround here with a higher low, but this has occurred all the way down.

Can't see how the IGV can not form a base at some point, which should have been some time ago.

On the known resource, I think the cheapest explorer/developer in the market.

Potential bottom, as shown, potential breakout from downtrend in light green circle, breakout about strong circle.


----------



## doogie_goes_off (27 June 2008)

Yes this has become very cheap, accumulated a few a 22c which averages my buys more like 25c, so I'm expecting it to sneak above this by the time the upgrade the Kalman Resource.


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## doogie_goes_off (27 June 2008)

A Strange sell pattern of just under 60 shares being sold at 23.5 holding the price back??

12:46:51 PM 0.235 59 13.87   
12:42:29 PM 0.235 57 13.40   
12:38:37 PM 0.235 56 13.16   
12:37:14 PM 0.235 55 12.93   
12:36:53 PM 0.235 56 13.16   
12:36:35 PM 0.235 58 13.63   
12:36:17 PM 0.235 59 13.87   
12:36:13 PM 0.235 14,717 3,458.50   
12:36:13 PM 0.235 25,000 5,875.00   
12:36:13 PM 0.235 8,000 1,880.00   
12:36:13 PM 0.235 1,594 374.59   
12:33:26 PM 0.235 56 13.16   
12:33:23 PM 0.235 5,000 1,175.00


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## YOUNG_TRADER (27 June 2008)

YOUNG_TRADER said:


> woof woof is the comments I'd say on this one Kenna,
> 
> I bought thinking it had bottomed only to see it fall through 20c support to hit 17c, however saying that it did rebound back above 20c,
> 
> ...





Well the bounce came and my hand was so sore after I thought I'd caught a falling knife,

I'm out for a small profit on a really ****e day, can't complain 

Kenna fundie wise it looks good but technically the fact it broke well below 20c after I bought spooked the crap out of me

Good luck


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## blehgg (27 June 2008)

doogie_goes_off said:


> A Strange sell pattern of just under 60 shares being sold at 23.5 holding the price back??
> 
> 12:46:51 PM 0.235 59 13.87
> 12:42:29 PM 0.235 57 13.40
> ...




Yea I saw this in TNG today too.. ~ alot of mini buys ramped the price up 20% lol ~

I wonder if its just bots messing around before financial year ends

Glad I bought a small parcel of KMN on close yesterday arvo ~ 21c ~


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## PhoenixXx (27 June 2008)

YOUNG_TRADER said:


> I'm out for a small profit on a really ****e day, can't complain




Me too...sold at opening. Driven by 'fear' after last night's tumble...
Anyway, Happy enough to make some profit...having fallen below 20ct drove me nuts


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## Sean K (30 June 2008)

kennas said:


> Those figures may be for a reason, which I have discussed previously, but at sub 20c, on the sum of all fears, is compelling.
> 
> Another sign of a turnaround here with a higher low, but this has occurred all the way down.
> 
> ...



Might have caught the knife by the handle. Up 23% Friday to 26c and potential breakout territory.

It's still barking though IMO, until that harder green circle above 30 is met. Might have missed the big gains by then however. Or, saved your bacon. RR.


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## panikhide (30 June 2008)

kennas said:


> Might have caught the knife by the handle. Up 23% Friday to 26c and potential breakout territory.
> 
> It's still barking though IMO, until that harder green circle above 30 is met. Might have missed the big gains by then however. Or, saved your bacon. RR.




Kennas - congratulations for picking this as a break out. I hope you did well out of it. I unfortunately was  too concerned about getting my fingers burnt after the stock dropped to 17 cents and stayed away from it.

Can I get you to explain a little more clearly what you mean above? Are you saying that you think there will be no support at these levels until that harder green circle above 30 is met and that you expect a bit of a plunge if it is not met?


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## Sean K (30 June 2008)

panikhide said:


> Kennas - congratulations for picking this as a break out. I hope you did well out of it. I unfortunately was  too concerned about getting my fingers burnt after the stock dropped to 17 cents and stayed away from it.
> 
> Can I get you to explain a little more clearly what you mean above? Are you saying that you think there will be no support at these levels until that harder green circle above 30 is met and that you expect a bit of a plunge if it is not met?



Well that was short lived. What an amazing turnaround intraday on huge volume for this. Someone still trying to unload the stock perhaps. I didn't see course of sales so no idea. Perhaps some bad news is in the wind. They should get a please explain for that I think. 

The two circles are just above resistance at 25 and 30c. Breaking those is the key to starting a new up trend. Failing at these levels and it's still going sideways and down. Not necessarily plunge, just directionless.

It's till barking. 

Looks like it's still barking.


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## Sean K (3 July 2008)

I reckon this was the same joker as yesterday proping up the bid side to make it look strong and then pull it on the open.

We will see.

Great recovery from 17 c just a few days ago.

Drilling results and revised JORC from Kalman due.


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## blehgg (3 July 2008)

he didn't pull 

or he forgot too  ~ ended up going through 

10:06:05 AM	0.290	254,452	73,791.08


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## Sean K (4 July 2008)

Amazing grades:



> The Directors are pleased to announce a highly significant intersection from ongoing drilling within the Kalman deposit located within the Mt Isa project.
> 
> Highlights:
> 
> ...




WTF!!!

8m at 23% Cu!!!

That is off the scale. 

And this is the exploration target.

Confused as hell..


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## Sean K (4 July 2008)

kennas said:


> Amazing grades:
> 
> 
> 
> ...



This is massive IMO.

Please excuse me while I get my teath off the floor.

1% Cu is usually good.

23%!!

Geeez!!!!!!!!!

This company must be really in the dog house!!!!


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## prawn_86 (4 July 2008)

kennas said:


> This is massive IMO.
> 
> Please excuse me while I get my teath off the floor.
> 
> ...




Perhaps they will release a clarification saying it was actually 2.34%. Wouldnt that just endear them even more to the market


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## Sean K (4 July 2008)

OK.

I am very confused.



> *Kalman Drilling Significant Intersection*
> 
> The Directors are pleased to announce a highly significant intersection from ongoing drilling within the Kalman deposit located within the Mt Isa project.
> 
> Highlights Massive chalcopyrite intersection in drill hole K-106A of 7.65m @ 23.4% Cu, 0.51g/t Au, 20g/t Ag from 581.65m




7m at 23% Cu?

Plus other credits....

Perhpaps I have NFI?

Incredibale intersection.


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## alankew (4 July 2008)

Meanwhile at the nearby Xstrata site the miners on site are compalining about low water pressurelol


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## TheAbyss (4 July 2008)

It is not a typo that is for sure. Spoke with the company today to confirm things for myself. 

The rest of the assays results for kalman Sth out in a few weeks which, with any luck will give an indication of a pretty decent resource. No way the rest will be at 23% (i wouldn't mind) but even if they are 3-5% which is what they are thinking, then we are looking at something pretty decent.

Positive is that they will be able to derive income down to 400 metres or so on the previously known 50mt rsource which is about to be revised also prior to going full underground to get at the good stuff.

They are fast tracking an internal scoping study prior to committing to a green light but the signs are very good. They will need to do something soon though as they have $7m in the bank and are spending $1m a month in costs so watch them move fast.

Of course should an investment bank get involved on the back of the good mexican study then this will relieve the pressure somewhat.

The revised resource announcement due to adding in the uranium could see this stock turn the corner on the back of good announcements which is what it takes.

1. Further assay results Kalman Sth
2. Revised resource announcement
3. Mexican announcements - investor plus highlighting things like good strip ratios etc to increase the NPV
4. Kalman Nth is going to deliver some value which KMNB own 100% of

Watching with interest.


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## dubiousinfo (4 July 2008)

Well that explains the jump in price.

I want to be one of the people that get to hear about the news and get set a few days before its released.  Its not like ASIC cares


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## Sean K (5 July 2008)

Call be a skeptic, or logical negativist, but are KMN doing the ramp thing again with the cartoon they produced with the last ann.

The deposit seems to be widening quite significantly under the initial resource estimate. 

Yet, they only have one assay result, as shown.

Perhaps the 'deposit' outlined is further visually identified mineralisation.

If it is, then the initial JORC might be upgraded a tad. A tad. 



It's deep, but 23% Cu!!!

Cripes.


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## TheAbyss (5 July 2008)

When i spoke to them they said that they could see the huge vein of copper in that assay so rushed that particular test. So in a form it is a ramp i guess but if you see it why wouldnt you prioritise that?

Rest of the assay results are 2-3 weeks away so we shall see. They didnt see anything else that looked like 23% but i will settle for anything that makes it worth progressing to defining a resource worth further progression.


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## Sean K (5 July 2008)

TheAbyss said:


> When i spoke to them they said that they could see the huge vein of copper in that assay so rushed that particular test. So in a form it is a ramp i guess but if you see it why wouldnt you prioritise that?
> 
> Rest of the assay results are 2-3 weeks away so we shall see. They didnt see anything else that looked like 23% but i will settle for anything that makes it worth progressing to defining a resource worth further progression.



I'm a little skeptical of these guys due to their past ramping. 

For eg, intitial Kalman JORC was a third ish of their continued projections. 

Or, maybe I just didn't look at it conservatively enough.

Whatever, that intersection (23% Cu, WTF!!) is off the reservation. 

If they get 1% over that cartoon projection then they are sitting on an incredible resource. 

Like maybe 10 times their initial JORC, at a pluck.

Never seen anything like that intersection before, although I'm just relatively  new to this game.


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## cariemas (7 July 2008)

With the massive 'ramping' down in the past due to the financials (credit crunch, forced selling from margin loans and opes prime selling of 20m shares), Kings shares are way oversold.
I think we can handle a little bit of good news with this new discovery.
The financial aspect has darkened the increasing promising fundamentals of this share for fall too long.


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## Sean K (11 July 2008)

One of the reasons why this has been punished is because San Anton (TSX:SNN) has been smashed. All time lows. What looks to be happening at the moment is some stabilisation, and maybe even a potential bottom forming. Too early to tell. 

What the price weakness has done however is make SNN look very cheap on a peer comparison with other explorers and developers.

I've taken this off their most recent presentation. As you can see, undevalued compared to peers, but maybe for a reason. Grade is the issue I feel, along with gold recovery. Stip ratio is very low however, half of many others. 

KMN need SNN to start picking up a bit.


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## Sean K (16 July 2008)

kennas said:


> One of the reasons why this has been punished is because San Anton (TSX:SNN) has been smashed. All time lows. What looks to be happening at the moment is some stabilisation, and maybe even a potential bottom forming. Too early to tell.
> 
> What the price weakness has done however is make SNN look very cheap on a peer comparison with other explorers and developers.
> 
> ...



SNN still tanking on the TSX. I am at a loss to why it's been punished when it has such a project going into development. Or, perhaps it's not going into development. Perhaps the SS being conducted determines that the grade is too low and metallergical studies are crap. 

The failure of KMN at 30 c major resistance is bad darts and is telling me something, although it is still making higher lows and highs. So far.

From left field a _potential_ reverse H&S forming up. Left field...


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## Sean K (29 July 2008)

kennas said:


> The failure of KMN at 30 c major resistance is bad darts and is telling me something, although it is still making higher lows and highs. So far.
> 
> From left field a _potential_ reverse H&S forming up. Left field...



I'm out of this for the minute while the market goes pear shaped. Looks to be tracking sideways now, and not down and the suspect H&S could be in play. 30 major resistance.

Must be an ann out soon with the additional assays from Kalman. I'm still amazed at that copper intersection, but just holding off till the market settles. If it settles.


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## Sean K (30 July 2008)

kennas said:


> Must be an ann out soon with the additional assays from Kalman. I'm still amazed at that copper intersection, but just holding off till the market settles. If it settles.



Their quarterly activity report should be out today that may give some clues to current drilling at Kalman. 

Lots of assays due that surrounded that 34% copper intersection, and they were going to drill down dip from that intersection immediately (7 Jul) to see if it extends. If it does, could be a watershed for the project. 

As I said above though, I'm out for the minute waiting for confirmation of direction change, or stability anyway.


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## Sean K (1 August 2008)

kennas said:


> Their quarterly activity report should be out today that may give some clues to current drilling at Kalman.
> 
> Lots of assays due that surrounded that 34% copper intersection, and they were going to drill down dip from that intersection immediately (7 Jul) to see if it extends. If it does, could be a watershed for the project.
> 
> As I said above though, I'm out for the minute waiting for confirmation of direction change, or stability anyway.



Well, not surprisingly, they have failed to get any new assays out, that were drilled ages ago. Yes, the labs are busy, blah blah blah.... Nothing new in the quarterly.


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## Sean K (16 August 2008)

They still haven't got those assays out! The lab must receive their samples and see 'Kings' written on them, and automatically put them to the back of the pile. They would have to be the slowest at getting any assays out on the entire ASX, and TSX!

Back down to it's long term bottom, and I have to have a nother look at them for a trade. 

They are specifically drilling under that 34% Cu intersection to see if it continues. If it does, then could be a nice bounce. If not, well, can it go much lower? I suppose in this market aything's possible. 

So, with the other assays due, extention of that intersection being drilled and resource upgrade imminent, I might put some on 5 red....


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## Sean K (22 August 2008)

kennas said:


> They are specifically drilling under that 34% Cu intersection to see if it continues.




Well, they haven't managed to get any other results out except for the entire drill hole that hit the 34% Cu intersection somewhere down near the core.

Good hole whatever the case.

I'm sure the market in this environment will shrug.


*Kalman Drillhole K-106A Significant Intersection*

The Directors are pleased to announce the complete results for drillhole K-106A that includes the highly significant massive chalcopyrite intersection previously announced on 4 July 2008.

Highlights

K-106A 232m @ 1.33% Cu, 0.50g/t Au, 0.06% MoS2 from 548m
including 7.65m @ 23.4% Cu, 0.51g/t Au, 20g/t Ag from 581.65m
including 51m @ 1.07% Cu, 0.69g/t Au, 0.25% MoS2 from 667m
including 59m @ 1.11% Cu, 1.24g/t Au from 718m


*232m @ 1.33% Cu, 0.50g/t Au, 0.06% MoS2*

Haven't the time to put that into au equiv for comprehension but it looks pretty decent.


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## doogie_goes_off (10 September 2008)

For those without KMN on your list you missed an upgrade in resource at Kalman (Mt Isa). The gold content is ... yawn, but the Molybdenum component is seriously impressive. Even at a ten year average price ($35k/t), the open cuttable Moly alone is worth $1 billion and Re is about half that but not sure of supply/demand constraints. Copper grades are OK and compliment the moly pretty bloody well. Once they have some metallurgy I think this one wil run, it's a buy and put in the bottom draw job for me whilst the market takes a dive.


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## shag (21 October 2008)

kennas
do u think kings can survive in this monetary environent?
like will a lot of these smaller ompanies have a rights issue to gain cash?(hnr are doing one soon-a fat profits pick).
hell you think that if the field has some near 50pc copper then it should be a big resource.
i like how aus has so many good mineral prospects, unlike new zealand where there are very few onland. nz has the southern basin tho which could be one of the last large energy finds in the world.


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## Sean K (27 October 2008)

A lot of explorers/developers may fail shag, or turn into dot coms, or biotechs.... 

It's hard to tell how much further the financial crisis has to run, and how much demand is going to slow (stop) for resouces.

SdG is pretty advanced, open pit, low strip ratio, Mexico, so opex shouldn't be too much to handle. 

Kalman on the other hand might be initially open pit to get to the close to surface Moly and Re, but looks like it'll have to be underground. The current intersections they're promoting are 6-700m depth. They'll have to improve the grades I think for it to be economic. Just a pluck though... 

A while ago I threw up a chart with this H&S identified and said 'impossible'. 

I also called a bottom at 17c I think..

One fugly chart here, like most of the sector I suppose. 

At 12c I'm tempted to take a punt and dirty the fingers, but who's to know in this environment. I'm feeling much more content with cash in the bank at the moment...


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## Sean K (28 October 2008)

kennas said:


> Ok with Cu @ 8250 tn, Au @ $880 oz, Ag @ $17, current IGV of San Anton:
> 
> Cu = $5,395,500,000
> Au = $3,960,000,000
> ...




Now $10b ish IGV at SdG with Kalman looming.



kennas said:


> At 12c I'm tempted to take a punt and dirty the fingers, but who's to know in this environment. I'm feeling much more content with cash in the bank at the moment...



Cripes! Now trading at 10c.

400m on issue at .10: MC down to $40m...

With IGV of $10b .... 

They went through $4m last quarter and had $4.6m left in the bank so raising on the cards. In this environment, with sp hammered, eeeeek! 

Couldn't imagine a takeover coming when the likes of OZL are sitting there saying eat me.


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## Reealjrd (1 November 2008)

Seeing the volume of shares on friday it seems as on Monday the market will be down. But cannot say what issues come in the market and were it can take it. But it seems as the Monday market will be down.


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## Sean K (13 November 2008)

KMN is on the ropes.

Have no money in the bank and have to finance the development of SdG and further holes at Kalman.

ON THE ROPES boys.

Wonder what their play will be?

Hard to believe that they are in this situation when they're sitting on multiple billions of bucks...

Bad timing perhaps.


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## CityMiner (13 November 2008)

And don't forget their massive amount of Rhenium - this is so scarce some of the largest jet makers are investigating scrapping it off old turbine blades. No alternative has been found.

If they can hang in there they should be a great winner.

Doing a search for Rhenium and KMN shows up as one the large deposits !


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## Sean K (21 November 2008)

Desperate sellers now, tanking the price on no volume.

Down to 5.2c.

Must be looking at receivership in this environment unless a white knight comes along.

Still incredible when you think they have all that value in the ground. Incredibly bad timing you would have to think. Just in the wrong part of the cycle.

Having said that, once this recession/crash settles and the cycle turns, someone might have picked this up for a song. 

What a disappointment for long term loyal buy and holders.


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## Sean K (23 November 2008)

I'm surprised these guys haven't made an ann that they have halted exploration and development due to a lack of funds.

They spent $3.425m last quarter and had $1.25m left in the bank. So, they must be scraping the bottom of the barrel right now. 

Unless they've turned everything off and haven't told the market yet. Wouldn't surprise me. 

With Mo and Cu being decimated recently it makes Kalman look less exciting. 

This might be put into mothballs I'd guess until the world works it's way out of this mess and metal prices recover...

Seckold and Leitch must be feeling the pain here. They both hold around 35m shares in the company, so they've seen $35m dwindle down to about $2m. Ouch.


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## Sean K (1 December 2008)

This lame puppy just kicking and might have to be put down unless a white night bank rocks up momentarily.

Interesting and unusual cross of 1.5m shares at the open. Not sure if that means something. Would have when the sp was over $1 I suppose. Now, it maybe just gambling. 

Interesting to see if the team can dig themselves out of this black whole of shareholder dispair...


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## Sean K (16 December 2008)

These guys are a joke. 

'Pleased to announce'

WTF???

This is dirt.

And dirt at the centre of the earth.


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## prawn_86 (16 December 2008)

lol they are possibly the lowest grades i have seen.

I could dig up more Cu with a shovel in my backyard, and wouldnt have to go 500m down for it.


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## Sean K (16 December 2008)

prawn_86 said:


> lol they are possibly the lowest grades i have seen.
> 
> I could dig up more Cu with a shovel in my backyard, and wouldnt have to go 500m down for it.



This is supposed to be a gold and silver project...

Under .10 g/t au and 50 g/t ag at 600m, is diabolically bad.

I say again:

'pleased to announce'


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## Sean K (17 December 2008)

But they should be pleased with these.

*Kalman Deposit Update*

The Directors are pleased to announce that final rhenium assay results have been received for all molybdenum rich intercepts within the Kalman deposit.

Highlights
• Average grade of samples assayed using a 1g/t Re cut-off is 7.8g/t Re
• Potential identified to expand the mineral resource


Third ann in as many days.

I have a feeling they're warming the market up for a capital raising.


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## Sean K (22 January 2009)

kennas said:


> I'm surprised these guys haven't made an ann that they have halted exploration and development due to a lack of funds.
> 
> They spent $3.425m last quarter and had $1.25m left in the bank. So, they must be scraping the bottom of the barrel right now.
> 
> Unless they've turned everything off and haven't told the market yet. Wouldn't surprise me.



Golly, gone the whole quarter without needing to tap their piggy banks.

Surely they are out of play lunch money?

I'm still watching with interest, just for interest sake. As it's interesting that they have no interest. And no money to gain any interest....interesting.


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## Sean K (11 May 2009)

This little puppy has finally shown some signs of life. Starting to crawl off the floor under 10c and asking for some water. Still woofing until it breaks this sideways move probably. This is probably just market related though, and if we fall over again, could spell more time in the sin bin. Most of the other juniors with good projects have climbed well off the canvas to record some exceptional gains. This has just wollowed. To watch though for a technical position.


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## Sean K (12 May 2009)

kennas said:


> This little puppy has finally shown some signs of life. Starting to crawl off the floor under 10c and asking for some water. Still woofing until it breaks this sideways move probably. This is probably just market related though, and if we fall over again, could spell more time in the sin bin. Most of the other juniors with good projects have climbed well off the canvas to record some exceptional gains. This has just wollowed. To watch though for a technical position.



Woof, woof! This must be incredibly frustrating for long term holders. As soon as there's some sign of life, it gets sold off. Obviously some current holders just waiting for the opportunity to dump their stock into any strength. They have to be shaken out at some stage. At least someone came in to buy at the lows of the days. Or, maybe San Anton just never gets off the ground? Maybe the grade is too low and metallurgical results are poor. Just not high enough recovery at high cost? And Kalman looks like a turkey compared to Ivanhoes new discovery. Not sure when KMN goes fundamentally Could be a has been. Imagine that with that much Cu,Au,Ag sitting inthe ground from surface. Amazing.


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## Sean K (31 August 2009)

Still following this out of interest and a laugh. Back languishing under 10c again and looking pitiful. 

No advancement in either of the projects which are just sitting their in moth balls by the look.

Big recent news was that San Anton was going on to further feasability work. LOL. This started in 2006...

A new director appointed a few days ago, Robert Bell, who seems to have no experience in taking a Cu,Ag,Au,Mo deposit to mining.

Directors initial interest statement issued today.

He has committed $0.00 to the company thus far.

Holds nada.

Great interest.

I expect to see him lumbered with a few million options excisable at 9c in 2015 shortly.


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## boomu (31 August 2009)

Hi Kennas,

I might be mistaken but I thought he held a considerable amount through his super and co.

Director of Trustee Company and Beneficiary:
Javea Pty Ltd <Bell Family Ac>                            496.000 

Javea Pty Ltd<Javea Superannuation Fund>        5,909,928

Director and Shareholder in Company:
GFK Investments Pty Ltd                                 3,280,235

Very frustrating being a LTH, I think they will shine someday soon.

Boomu


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## Sean K (7 September 2009)

boomu said:


> Hi Kennas,
> 
> I might be mistaken but I thought he held a considerable amount through his super and co.
> 
> ...



Ah, ok. I did my own limited research and didn't find a connection.

Is Bell / Javea related to Kings in any way?

I suspect yes.

Javea is some sort of real estate company from my limited check. Perhaps their owner is into buying crappy minnows in Mexico?

Technically an interesting proposition, but still sideways until that red line is broken. Until then, turkey. imho.


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## jonojpsg (7 September 2009)

A little bit more interest today kennas?  Certainly a lot more buyers than sellers, but your chart shows pretty clearly that it's going to have some serious work to break this sideways move.  Next resistance 20c then 30c if it does move?


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## Sean K (7 September 2009)

jonojpsg said:


> A little bit more interest today kennas?  Certainly a lot more buyers than sellers, but your chart shows pretty clearly that it's going to have some serious work to break this sideways move.  Next resistance 20c then 30c if it does move?



The first sign of breaking the sideways/downwards move is 16 ish I think. And then all needs to be re-evaluated. 

Longer term, yes, 20 and 30 look very important. 

I think this move is just POG related however, so we need gold to continue and probably break $1030 for KMN to break up through that lower zone.


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## Sean K (16 September 2009)

KMN has issued options to key staff due to the performance of their company this last year.

*GRANT OF OPTIONS*

The Company advises that it has granted a total of 6,700,000 options to executives and senior employees on the terms and conditions set out in the attached Appendix 3B.

The options have been issued under the Kings Minerals NL Executive and Staff Option Plan, as approved by shareholders at the 2008 Annual General meeting.

The conditions:

1. 3,350,000 options granted in
accordance with the Kings Minerals NL
Executive and Staff Option Plan, each
exercisable at $0.15 at any time
between 10 September 2009 and 11
September 2012.

2. 3,350,000 options granted in
accordance with the Kings Minerals NL
Executive and Staff Option Plan, each
exercisable at $0.20 at any time
between 10 September 2010 and 11
September 2013.


I'm not going to bother looking for who these options were granted to. Options for what? Taking the company back to where it was 1 year ago? 

These idiots are just asking for some more serious investigation which I am in the position to do. Look out KMN.


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## treeman (25 September 2009)

KMN opening at 15 today after a long time finally breaking the 12 resistance, very interested to see where its heading


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## Sean K (5 March 2010)

Scoping Study out, and positive enough to proceed to a 'full' feasability study. HUH? Just how many more Feasability Studies they can do on this deposit is unclear. This was the 6th I think.



> *US$260M net cash flow base case for Mexican gold heap leach/CIL project
> Full feasibility study to proceed*
> 
> Key scoping study outcomes:
> ...




At one point this deposit had over 10m oz au equivalent. 

Looks to be just too low grade in the end maybe.



> *Director Resignation*
> 
> The Board of Kings Minerals NL has accepted the resignation of Mr Dudley Leitch as a Director of the Company due to personal reasons.
> 
> ...



Um, this isn't just a 'director' this was the Managing Director for the past 10 years. 

I think he's fallen on his sword.


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## refined silver (12 March 2010)

Down 30% today.

Half yearly financial report out today. You know its not good when the first ten pages are re-iterating all the mineral resources at various projects.

Lost $2.9m last year in various expenses. $600k in the bank.  

A new financing anyone???


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## Sean K (13 March 2010)

refined silver said:


> Down 30% today.
> 
> Half yearly financial report out today. You know its not good when the first ten pages are re-iterating all the mineral resources at various projects.
> 
> ...



And I think that $600k will be needed to buy Dudley's parachute. Unless PM's, Mo, Re and Cu explode, this company is cactus.


----------

