michael_selway
Coal & Phosphate, thats it!
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kennas said:
This is so true
Do u think its a FA or TA technique? or both? or neither?
thx
MS
AUM - Australian Mining Investments
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This is so true
Do u think its a FA or TA technique? or both? or neither?
thx
MS
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From http://www.miningnews.net/StoryView.asp?StoryID=62031
CuDeco share price cut in half
Michael Vaughan
Monday, July 17, 2006
AFTER 10 days in limbo, CuDeco (the re-named Australian Mining Investments) has emerged from its trading halt and reclassified almost 60% of its 59 million tonne resource to an "exploration target", which has slashed close to 60% off the company's share price by midday.
Drilling at Australian Mining Investments' North Queensland copper projects
CuDeco said the new, inferred 25Mt resource for the Las Minerale prospect at its Rocklands project incorporates mineralisation over a 600m strike length to a vertical depth of 250m.
The company has drilled over a strike length of 500m to a depth of 200m but has "extrapolated 50m along strike to the northwest and southeast and a further 50m in depth" in the new resource.
The superseded 59Mt resource estimate was based on an area extending over a strike of 950m to a depth of 375m, based on interpretation and extrapolation by CuDeco.
The extra zone was interpreted as an inferred resource by CuDeco for a number of reasons.
Firstly, the company said its experience in the Cloncurry region of northern Queensland has demonstrated shear hosted mineralisation, as evident at the Rocklands project, generally continues to significant depths greater than 600m.
In addition, bedrock drill samples and ground magnetics have indicated to CuDeco the magnetite alteration trend that hosts the Las Minerale resource continued for a further 900m.
Due to the chemical anomalies not being continuous, only half of the 900m continuation was included, pushing the interpreted strike length up by 450m to 950m.
As a result, CuDeco has reinterpreted part of the inferred resource into a new exploration target of 40-50Mt at Las Minerale, coming from depth and strike extensions outside of the current 25Mt inferred resource.
CuDeco maintains Las Minerale has a potential strike length of 3km and a likelihood of multiple parallel shear structures. The company still believes the three deposits at Rocklands – Rocklands, Double Oxide and Las Minerale – are blending into one large project.
MiningNews.net was unable to contact CuDeco chairman Wayne McCrae as he is currently onsite in Cloncurry.
The exploration target is said to have the same grade characteristics as the 25Mt Las Minerale resource which is 1.57% copper, 818 parts per million cobalt and 0.2 gram per tonne gold. Based on a copper price of $US3.15 per pound, a gold price of $500 per ounce and a cobalt price of $15 per tonne, this grade equates to a copper equivalent grade of 2.04%.
A 60,000m drill program at underway and CuDeco said it is in the process of negotiating the services of other rigs, including a diamond core rig to drill holes deeper than 500m at all three deposits.
An updated resource estimate for the Double Oxide zone is expected by early August.
For the record, in its mammoth 28-page release, the company provided the location and true width of all 14,500m of drilling conducted at Rocklands since November last year.
Shares in CuDeco were down $3.86 (54.7%) at $3.25 by midday.
CuDeco share price cut in half
Michael Vaughan
Monday, July 17, 2006
AFTER 10 days in limbo, CuDeco (the re-named Australian Mining Investments) has emerged from its trading halt and reclassified almost 60% of its 59 million tonne resource to an "exploration target", which has slashed close to 60% off the company's share price by midday.
Drilling at Australian Mining Investments' North Queensland copper projects
CuDeco said the new, inferred 25Mt resource for the Las Minerale prospect at its Rocklands project incorporates mineralisation over a 600m strike length to a vertical depth of 250m.
The company has drilled over a strike length of 500m to a depth of 200m but has "extrapolated 50m along strike to the northwest and southeast and a further 50m in depth" in the new resource.
The superseded 59Mt resource estimate was based on an area extending over a strike of 950m to a depth of 375m, based on interpretation and extrapolation by CuDeco.
The extra zone was interpreted as an inferred resource by CuDeco for a number of reasons.
Firstly, the company said its experience in the Cloncurry region of northern Queensland has demonstrated shear hosted mineralisation, as evident at the Rocklands project, generally continues to significant depths greater than 600m.
In addition, bedrock drill samples and ground magnetics have indicated to CuDeco the magnetite alteration trend that hosts the Las Minerale resource continued for a further 900m.
Due to the chemical anomalies not being continuous, only half of the 900m continuation was included, pushing the interpreted strike length up by 450m to 950m.
As a result, CuDeco has reinterpreted part of the inferred resource into a new exploration target of 40-50Mt at Las Minerale, coming from depth and strike extensions outside of the current 25Mt inferred resource.
CuDeco maintains Las Minerale has a potential strike length of 3km and a likelihood of multiple parallel shear structures. The company still believes the three deposits at Rocklands – Rocklands, Double Oxide and Las Minerale – are blending into one large project.
MiningNews.net was unable to contact CuDeco chairman Wayne McCrae as he is currently onsite in Cloncurry.
The exploration target is said to have the same grade characteristics as the 25Mt Las Minerale resource which is 1.57% copper, 818 parts per million cobalt and 0.2 gram per tonne gold. Based on a copper price of $US3.15 per pound, a gold price of $500 per ounce and a cobalt price of $15 per tonne, this grade equates to a copper equivalent grade of 2.04%.
A 60,000m drill program at underway and CuDeco said it is in the process of negotiating the services of other rigs, including a diamond core rig to drill holes deeper than 500m at all three deposits.
An updated resource estimate for the Double Oxide zone is expected by early August.
For the record, in its mammoth 28-page release, the company provided the location and true width of all 14,500m of drilling conducted at Rocklands since November last year.
Shares in CuDeco were down $3.86 (54.7%) at $3.25 by midday.
Realist
Billie Jean is not my lover
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michael_selway said:
A true FA does not buy on rumours, they buy on facts only.
It is a TA theory for sure.
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$3.50 now
looks like the buyer step in now
looks like the buyer step in now
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going for $4 mark
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There was a strong rally in the whole market, and seems logic that there might be a rebound tomorrow, will AUM rebound as well, i.e a strong last trade? 
ALFguy
Trading gives me a headache
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stockmaster said:There was a strong rally in the whole market, and seems logic that there might be a rebound tomorrow, will AUM rebound as well, i.e a strong last trade?
Wasn't quite a rebound for AUM but held ok near end of trading.
Got in just before close!
Now that we've had the expected rollercoaster, I'm hoping it'll stabilise tomorrow and we'll see a little more of the buyer confidence we saw before the halt.
I'm wondering if all future announcements from AUM are likely to be scrutinised in the same way?
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ALFguy said:
I bought js be4 a close too, but not a lot because i was fear for a only drop tomorrow because it didn't rebound towards the end, though i believe the share is relatively undervalued, and has a strong potential to get over $6. An interesting day tomorrow!.
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Almost halved the expected drill results, not good news for holders, hence the drop today.
I don't reckon AUM will go much higher, till more solid results come to hand, if at all.
Too much speculation and way over-hyped share price!
I do not hold.
I don't reckon AUM will go much higher, till more solid results come to hand, if at all.
Too much speculation and way over-hyped share price!
I do not hold.
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stiger said:Did you miss out?
Did you get out?
stockmaster said:
Undervalued relative to what?
Anybody prepared to prescribe a valuation to 'extrapolated resources'?
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Now that the ambulance chasers are bringing together the aggrieved to organise a 'post fall put-option', who will they sue?
a. AUM - they have about a million in the bank
b. Wayne - he has a few more millions than AUM
c. The Australian - plenty of dough and questions to answer
d. The $25 target broker - would assume he is set at cheap prices
Anyone prepared to give the ambo chasers a fat retainer to chase down their gambling losses?
a. AUM - they have about a million in the bank
b. Wayne - he has a few more millions than AUM
c. The Australian - plenty of dough and questions to answer
d. The $25 target broker - would assume he is set at cheap prices
Anyone prepared to give the ambo chasers a fat retainer to chase down their gambling losses?
WELL ,WELL !! the sheep have been shorn!! its Posieden ALL OVER AGAIN !!
OOOHH somebody should do something & help me cause I was STUPID! its called the Stock Market DUNDERHEADS!
NEVER GAMBLE, NEVER PLAY WITH WHAT YOU CANT AFFORD TO LOSE!
No Gain no Pain, POOR BASTARDS cant help feeling SORRY for them!
Try CBH or BMX a little slower however at least their PRODUCING SOMETHING ! ( A QUOTE FROM MY DEAR OLD DAD) GOOD LUCK!
OOOHH somebody should do something & help me cause I was STUPID! its called the Stock Market DUNDERHEADS!
NEVER GAMBLE, NEVER PLAY WITH WHAT YOU CANT AFFORD TO LOSE!
No Gain no Pain, POOR BASTARDS cant help feeling SORRY for them!
Try CBH or BMX a little slower however at least their PRODUCING SOMETHING ! ( A QUOTE FROM MY DEAR OLD DAD) GOOD LUCK!
michael_selway
Coal & Phosphate, thats it!
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jollyfrog said:WELL ,WELL !! the sheep have been shorn!! its Posieden ALL OVER AGAIN !!
OOOHH somebody should do something & help me cause I was STUPID! its called the Stock Market DUNDERHEADS!
NEVER GAMBLE, NEVER PLAY WITH WHAT YOU CANT AFFORD TO LOSE!
No Gain no Pain, POOR BASTARDS cant help feeling SORRY for them!
Try CBH or BMX a little slower however at least their PRODUCING SOMETHING ! ( A QUOTE FROM MY DEAR OLD DAD) GOOD LUCK!
Aum will drop back to where around where it started just before the news, eventually and soon u tihnk?
thx
MS
BSD said:
For those who have not read the story, here it is
http://www.smh.com.au/news/business/share-plunge-draws-lawyers/2006/07/17/1152988471791.html
Share plunge draws lawyers
Barry FitzGerald
July 18, 2006
CLASS action specialists are circling Wayne McCrae's CuDeco, formerly Australian Mining Investments, which has fallen with a thud after being forced to admit it seriously overstated the size of its Rocklands copper discovery in outback Queensland.
More than $340 million was wiped from the company's market value yesterday in a savage response by investors to the admission that instead of containing 59 million tonnes of copper mineralisation in the official inferred resource category, Rocklands - at this early stage of exploration - would be lucky to have 25 million tonnes of mineralisation.
Mr McCrae stopped well short of making an abject apology, saying only that he apologised for "any inconvenience and concern this situation has caused shareholders". There was some concern yesterday all right - the company's shares taking a battering.
The shares plunged $3.55, or 50 per cent, from $7.11 to $3.56, with $7.11 being the last sale price ahead of the ASX's suspension on July 5. The shares briefly touched $10 on that date, valuing the company at close to $1 billion - a level reached after Rocklands was heavily promoted as a major discovery by the company, its associates and sections of the print media.
The exchange suspended the stock while an independent expert it appointed vetted the company's announcements on Rocklands to ensure they complied with the strict listing requirements for the reporting of mineral discoveries. That process led to yesterday's dramatic downgrade.
Lawyers specialising in class actions are on the case, looking to mount a damages claim for as much as $30 million for investors who bought shares before trading was suspended.
The Australian Securities and Investments Commission is also continuing to investigate trading in the company's shares before its suspension, including allegations of short-selling.
Slater & Gordon has been one of the first class action specialists to move on the company. It said shareholders who "invested in the wake of the company's positive announcements and are now looking at a loss are rightly concerned by recent events". "Whether they have a legal claim against the company is something we're strenuously investigating."
Slater & Gordon said the more than halving of the company's resource estimate for Rocklands was a "very significant development and calls into question the accuracy of the company's statements in recent weeks".
Slater & Gordon partner Lisa Nichols said companies had a duty not to mislead their shareholders and the public and also had a legal obligation to keep the market properly informed.
Shareholders in Australian Mining Investments last week approved a name change to CuDeco - the banner under which yesterday's revised resource statement on Rocklands was made. CuDeco admitted 34 million tonnes of its claimed 59 million tonne inferred resource at Rocklands should have been classified as "target" mineralisation.
An inferred mineral resource is meant to have reasonable prospects for eventual economic extraction under the reporting code and as acknowledged by CuDeco, it is the category with which there is least confidence. A target resource is something less again and could otherwise be described as educated guesswork.
CuDeco said while it had some reasons for believing in the full 59 million tonnes inferred resource estimate, it now conceded that part of it - the now missing 34 million tonnes - should be classified as a "target" under the reporting code.
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