CUL - Cullen Resources

[imaginator]

Hi Kennas,

what is your take on CUL at the moment? Lst time yous aid if drop below 11 with volume may be a good time to buy more?

 

[YOUNG_TRADER]

HLX moved up strong on the back of AQA becoming a substantial holder as it put confidence into the potential of HLX,

My guess is AQA realise that there's good potential to expand Catho Well, as shown in recent drilling and as there will be a a new JORC soon, they took the placement now rather than wait for new JORC as once expanded JORC is out you'd expect the SP to be much higher, much much higher

Interersting to see that they took the maximum amount of shares that they could, ie 15%

 

[Sean K]

Hi Kennas,

what is your take on CUL at the moment? Lst time yous aid if drop below 11 with volume may be a good time to buy more?

I thought support was somehwre between 10 and 11 I think, but I was hoping for a break from a pole and pennant formation, which failed so I didn't take a punt.

From here I don't know where it could be going.

 

[shinobi346]

It's interesting to see how the market has reacted to this and pushed the price up. Afterall, the shares have been diluted. I guess investor confidence in a company is key.

I wonder where this leads.

 

[YELNATS]

HLX moved up strong on the back of AQA becoming a substantial holder as it put confidence into the potential of HLX,

Hi YT, I guess you're referring to CUL not HLX.

Let's hope CUL can hold onto and improve on the better price today.

 

[Jimminy]

Hi YT, I guess you're referring to CUL not HLX.

Let's hope CUL can hold onto and improve on the better price today.

No, he is referring to HLX. AQA did the same thing and bought into a jv partner with the API project. AQA bought a swag of HLX shares on-market prior to the options offer.

 

[speccie_magee]

Several key announcements are also pending this month, so perhaps buyers are building in anticipation...

Can anyone tell me if we are going to see any of these key announcements before Christmas?? Do you think the results from Forrestania would have much impact on the SP or are investors just going to wait for the Catho Well upgrade to be released? I'm fairly new to trading but have been holding this for a little while. I am impressed with the amount of diverse projects they have underway as well as their choice of JV partners. Hope this one goes a long way....

Cheers

 

[speccie_magee]

Anyone notice the large volume this morning.... The SP is already up 13%. Announcement soon?? Lets Hope so

 

[KIWIKARLOS]

AQA now owns directly or indirectly 45% of the company see the ann this morning. I would say that might have something to do with it

 

[TERRAIN]

Where did you get 45%... i read more like ~13%

Goodluck to all CUL holders....This stock has been good to me this year...

 

[KIWIKARLOS]

read the ann today there is three sets of 72 mill shares all related to AQA. Ones is AQA resources the other is AQA steel anfd the other is a bloke with 20% voting rights of AQA

 

[independent]

No you are wrong my frd.

AQA have bought 72 million for $7.2 million cash input.

Director has got 2.5million shares.

If you READ the details it clearly says that aqa steel limited as the "registered holder" for 72 million shares. The others have the rights to the shares also...

They own just over 13% of CUL .......

I wouldnt be surprised to see them buying more on the market....plus maybe another investor buying them up. Look what happened to HLX as yopung trader has pointed out!!.

Not saying CUL will do what HLX has done but AQA have an eye it seems for a good investment. I have been buying plenty of cul of late.

I was based on s/s but now i have joined here for a change.

good luck.

 

[zt3000]

I counted aprox three seperate 1 mill plus orders today .. SP had a strong finish ... one was almost 2 mill in one hit ie $300k ... sizeable parcle IMO

Catho Well results may be due soon ... could explain the scramble to get in?

Dunno my guess is as good as anyones I guess

 

[OK2]

it has gone a little quiet on CUL, ended the day at .155 and no announcement

this is turning into great theatre. about now US markets would be due to dive again as has happened on the two previous occasions that CUL has began a rally.

when was the last market collapse leading up to Christmas if ever and what sort of sp move will bring on a speeding ticket?

 

[independent]

Well it finished at 16 as it goes.....on its high for the day.

Now that AQA have taken a position this has either sent out buy signals to various brokers or AQA are still buying more on the market???

For AQA to show confidence in CUL showed me the way to buy in huge.......

No idea on announcement but my faith is in AQA!!!

By the way if the s/p goes the same way as HLX then i will be a very happy chappy.

(mods) i hope this post is ok....cheers.

 

[independent]

By the way guys....have you seen RHI??? share price is taking off also.....maybe a connection????

Young trader do you have any further thoughts???

Enjoy your day guys....oh and girls to be P.C correct

 

[independent]

just nicked this off nobby on h.c



RHI market cap is $143m - there are only 27m shares on issue so its very thinly traded.

CUL market cap is currently $89m - with 555m shares on issue.

CUL have 30% of the Mt Stuart JV...

On 16 May 2007, the West Pilbara - Mt Stuart Joint Venture announced to the ASX an initial Resource Estimate for its Catho Well Channel Iron Deposit (CID) of 68Mt @ 55.38% Fe. The Catho Well CID is one of five separate iron resources in the West Pilbara Region; centred approximately 50 kilometres southwest of Pannawonica, in which API has an interest

which gives them 20.4mt @ 55.38%.

The following is an update from RHI from the 4th of Dec, in which they discuss their project JV with Aquila, which is in the same area, and gives an insight into how projects in teh area are shaping up...



Red Hill Iron Ltd Update November 2007

Red Hill Iron was listed in February 2006 with a pre float NTA of $6.7 million. With

approximately 40 million shares on issue it now has a capitalization of approx $160

million and has cash on hand of around $9 million.

This appears to be an amazing appreciation of value in a very short time but it simply

reflects the substantial exploration success of our endeavours with our joint venture

partner in defining substantial iron ore deposits at Red Hill as reported in

announcements to date

Red Hill Iron is essentially a one project company focussed entirely on its tenements

which run along the western margin of the Hamersley Basin of Western Australia. The

iron ore project is carried out in joint venture with API Management Pty Ltd –a company

linked to the Australian listed Aquila Resources Ltd.

Huge strides have been made in less than 2 years towards completing a Pre-feasibility

Study that envisages a 15 to 20 million tonne per year Channel Iron Deposit (CID)

project railing ore to the coast. While API have large holdings in the West Pilbara in

addition to our joint venture, it is clear that the Red Hill project resources are central to

their iron ore ambitions and are likely to provide a very significant, if not dominant,

proportion of the ore supply, particularly in the first decade. The Pre-feasibility Study

budget is over $20 million and this work is expected to be completed in the first half of

next year. Credit is due to the API team for their extraordinary efforts in bringing this

project on with such efficiency.

The project is based on the series of iron ore accumulations or CID’s that were formed

during the Tertiary geological period in drainage channels that carried iron westwards

from the Hamersleys as acid rains eroded the iron rich lateritic regolith. The target style

mirrors the Robe River Deepdale deposits to our immediate north which provide the ore

for the Robe River Iron Associates operations around Pannawonica. At those

operations, both outcropping CID in mesas up to 60 metres high and totally buried CID

occur .To date, our exploration has focussed on the more obvious mesa targets. The

new ore reserve calculations that are anticipated to be ready for release first quarter

next year will be based on the first 18 months of drilling of these mesas. We believe that

there is exciting potential for future reserves to be defined within extensions to these

mesas but, more particularly, as buried CID and there is already evidence that deep

canyon incision may have occurred within the project area.

Our joint venture with API is a way for us to exchange project equity in order to secure a

competent exploration team and relieve Red Hill Iron of any exploration or capital

expenditure during development. Under the terms of the agreement, we are borrowing

these funds which are repayable only out of 80% of our share of any future mine

revenue. At production, project ownership will be 80% API 20% Red Hill Iron.

Importantly, should capital costs, operating costs or iron ore prices appear unfavourable

3

at the point of commencing production, we can elect to exchange our project interest for

a 2% FOB royalty and cancel any repayment requirements.

This May, the joint venture announced an initial resource of 135 million tonnes grading

58.5% iron but this only related to the first four CID mesas to be drilled and drilling has

been ongoing through much of this year. We anticipate an expanded resource

statement for release first quarter next year.

All other aspects of the Pre-feasibility Study work are advancing efficiently. Diamond

drilling to provide core for detailed evaluation of the mineralogy of the deposits is almost

complete and preparations for a test pit at the Upper Cane deposit are well advanced.

Metallurgical work is moving forward with a bulk sample prepared for sinter testing.

Concurrently, Red Hill is continuing with its gold and base metal work on the project in

which API has no interest. These programs are being carried out on our own ground as

well as on tenements in joint venture with Cullen Resources Limited. The Project area

lies to the north of the Paulsens gold mine. Our tenements cover the postulated down

dip potential of the Merlin gold system where we understand Newcrest plans deep

diamond drilling.

Our Exploration Manager, Tim Boddington is currently on site with an RC drill testing a

substantial gold target. We have done an enormous amount of work this year in

evaluating the region for gold and base metals and I would like to thank our own staff for

their efforts. It is not an easy area to work in and they have not had the infrastructural

backup available to our friends at API doing the iron ore work.

 

[RedHerring]

AQA ups their stake in CUL via BT.X Pty Ltd ...

5,701,000 @ 14.5 and 935,772 @ 14.5 on 12 & 13 Dec

This has probably been raised elsewhere but there would appear a relationship between VALE (CRVD) and AQA, and with AQA having the largest JORC compliant iron ore resources in the Pilbara, anyone else have a feeling that perhaps VALE may become a big player in WA against RIO, BHP and FMG by a move on AQA and their JVs??

 

[imaginator]

AQA ups their stake in CUL via BT.X Pty Ltd ...

5,701,000 @ 14.5 and 935,772 @ 14.5 on 12 & 13 Dec

This has probably been raised elsewhere but there would appear a relationship between VALE (CRVD) and AQA, and with AQA have the largest JORC compliant iron ore resources in the Pilbara, anyone else have a feeling that perhaps VALE may become a big player in WA against RIO, BHP and FMG by a move on AQA and their JVs??

Will all these imply CUL to go up higher soon?

Ive been watching CUL for some time, but havent really entered in a trade.

 

[Jimminy]

take your pick - HLX, RHI, CUL, AQA - they are all going up.....

AQA buying actually is the cue to all this. Someone has been buying AQA for the last few months now. Expect a form 603 (becoming significant holder) soon. Then watch the fireworks.

CUL will drag HLX & RHI higher.