AEX - Acclaim Exploration

[CanOz]

I can't find the notice on the trading halt.....anyone see it?

 

[Sean K]

Can't see the trading halt yet?

If there is, it could be extraodinary news about the drilling at DD. Good or bad.

They only had 2.2mil in the bank at last cash flow statement, maybe a placement.....

Just good news I hope.

 

[CanOz]

I don't think it was a trading halt.....just didn't trade for a while. There was no announcement when it came back either.

 

[snopig]

I cant see any halt! There may have just been a quite period.

 

[snopig]

Denny Dalton Update

ACCLAIM EXPLORATION N.L.
ABN 99 009 076 233
31 August 2006
Companies Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
Sydney NSW 2000
Denny Dalton Project– Market Update
Acclaim Exploration (“Acclaim”) is pleased to announce that the first 20 diamond drill holes on the Denny Dalton exploration project have now been completed. The company had initially anticipated the drilling would run until the end of September.
Acclaim and it’s geological consultants, Caracle Creek International Consulting Group (“CCIC”), are pleased with the progress of the drilling and the quality of the core recovered. Samples of the core are currently being assayed by SGS Lakefield with cross checks to be conducted by Setpoint Laboratories to verify results for Quality Assurance and Quality Control. Upon receipt of the final cross checked results, CCIC will prepare a report for Acclaim to be released to the market.
The next phase of the exploration programme by CCIC will be full geological modeling of the area utilising the historical data combined with the new drilling data to create a basis for future resource calculations.
Work by company consultants is continuing on the conversion of the “old order” prospecting permits to “new order” prospecting rights. Meetings with the South African Department of Minerals and Energy have taken place to ensure a smooth conversions process.
The Denny Dalton Project is situated at the southern most end of a major Precambrian basin in which deep erosion has stripped away the cover rocks and exposed the units of the Pongola Super Group. This Pongola basin is compatible in size with the Witwatersrand but about 300 million years older. The Pongola rocks are estimated to be 3.1–2.9 billion years compared with the Witwatersrand which spans 2.75 – 2.5 billion years. Mineralisation at Denny Dalton occurs as shoots of gold and uranium concentrations within conglomerate beds at the base of the Mozaan Group. These conglomeritic beds outcrop over a strike area of approximately 4km with the Mozaan Contact Reef (MCR) the principal economic horizon lying unconformably on the Insuzi Lava Formation. Previous stratigraphy above the MCR, have shown to have economic potential both for gold and uranium.
Yours faithfully
Neville J Bassett
Secretary
Suite B 150 Hay St Subiaco Western Australia 6008
Telephone: + 61 8 9388 8436 Facsimile: + 61 8 9388 8450

 

[moses]

So why did it drop 5% today?

 

[havingfun]

So why did it drop 5% today?

Now if we new the answer to that where would the fun be??????
This place will kill ya...

 

[Sean K]

So why did it drop 5% today?

Because the ann was lame. No upside, just the usual. Their last few anns have just been all about logistics and administration: 'site ready to be drilled', 'rig about to arrive', 'rig arrived', 'toilets overflowing' etc etc.

When they ann some positive results from these samples, and they rejig the resource estimate to say there's twice as much ore as previously estimated, then it might go up a couple of %.

Patience required here. No need for cartwheels and somersaults like over on the EXT thread.

 

[rederob]

Patience required here. No need for cartwheels and somersaults like over on the EXT thread.

Uranium was priced at $31/lb in September last year and its $48.50 today.
One needs not have a rocket science qualification to know that if AEX's drill results were 50% worse than expected, the company would still receive more $$$ for its resources than a year ago.
For the commodity newbies, the longer this spins out the better.
This is because when we get to a bankable feasibility study, it will be costed at the prevailing uranium spot rate.
And if the BFS gets the nod, then offtake agreements will be at the prevailing rate of higher.
My understanding is that BHP gets less than $20/lb for their uranium from Olympic Dam (not 100% sure so will check over the weekend), and that this price is locked in until 2008.
I am very comfortable with AEX taking as long as they like to put news out to the market.

 

[Brissydave]

Gotta agree with Redrob ... re time taken is OK ... and with Kennas regarding the level of .. shall we say BS over at the EXT thread.

I am holding both AEX and EXT .... I just have more faith in AEX ... the old results being confirmed and even expanded will produce a fantastic rise in SP ... so I will be patient.

Cheers ... Dave

 

[56gsa]

Been following this for a while but don't hold, some questions:

• drilling results soon to be released will be on 20 holes - but past history shows low grades (max 0.149% U) so will these excite?
  
  will drill results include the gold grades - this seems to be the extra bonus for DD if they can prove up the 2.5Moz
  
  EV for AEX is about $1.60 which is very low (actually second lowest on my list to MTN) - what are the perceived risks - some on this thread seem to think management aren't up to it?

with the combined U/au JORC resource certainly seems to have potential if they can progress things

 

[kariba]

Been following this for a while but don't hold, some questions:

• drilling results soon to be released will be on 20 holes - but past history shows low grades (max 0.149% U) so will these excite?
  
  will drill results include the gold grades - this seems to be the extra bonus for DD if they can prove up the 2.5Moz
  
  EV for AEX is about $1.60 which is very low (actually second lowest on my list to MTN) - what are the perceived risks - some on this thread seem to think management aren't up to it?

with the combined U/au JORC resource certainly seems to have potential if they can progress things

Good questions!

Low grades .... as long as they can keep it above 0.35% it will be economical based on the shallow nature of the deposit (approx 30m) & the gold by-product.

Management .... despite negativity of some, have done nothing wrong! From their vision in picking up the DD project till now. They have been upfront, regular reports, got a good geologist, employed a world renowned company to assist then on the ground in S Africa

What the market wants is: 1] Confirmation of the historical drill results 2] confirmation that it is an economical project 3] Possible extension to the deposit

Until then it has marked down the s/price accordingly. So the qustion is:A] Do I wait for the confirmation & then join the mele, buying at MUCH higher prices? Or: B] Do I take a position now at low prices, with potential higher gains, but also higher risk?

regards

 

[56gsa]

thanks kariba - presume you mean 0.035%?

just trying to get a sense of the short-term upside which seems to be more on progressing the BFS - as you said to demonstrate its economics - drill results would need to be above the historic data (which i guess if they chose the first 20 holes sensibly they may be?!)

seems to have develop strong support at 4 cents so may try and pick up some under 4.

 

[Rustaf]

Lots of fun today! Has anyone got any news on the impending announcement?

Thanks.

 

[xice]

amazing eh..on no news too.
traded something like 26 million today, up ~20%

 

[Freeballinginawetsuit]

amazing eh..on no news too.
traded something like 26 million today, up ~20%

Been quite on the thread on this one, a bit concerned I'd jumped in to early on the 21/8.

Today's volume was very encouraging, I hope this confirms the bullish sentiment on the T/A last month.

No announcements today or anything, could indeed be something up!, here's hoping!.

 

[Ken]

i heard whispers of a take over proposition in a share trading meeting that i attended last week....

Non announcement trading always means something is up.

 

[Sean K]

i heard whispers of a take over proposition in a share trading meeting that i attended last week....

Non announcement trading always means something is up.

Any detail on the whispers Ken?

Great vol on AEX last week. Good to see it hovering around $0.05 again. Perhaps news is due on the DD drilling, and it's good!

 

[Sean K]

Must be something going on here. Last 3 trading days, substantial increase in volume and broken through strong resistance around $0.05. Looking good for fellow AEX holders.

My guess is imminent news from DD drilling confirming previous resource estimate.

Chart looks good for rise back up to $0.06. Might find some selling there, but on news could clear it.

Go AEX!

 

[Sean K]

Up 18% on huge vol of 34mil.

Now at $0.058, knocking on $0.06. Clears $0.06 and into 3 year highs. Anticipate some selling now unless DD is bigger than previously reported. Let's hope so!