AUZ - Australian Mines

[Atlas79]

Latest announcement:

ASX Announcement
HIGH GRADE GOLD RESULTS – WOODLINE GOLD PROJECT
Australian Mines Limited (ASX: AUZ) is pleased to announce the very
encouraging results from the recent RC drilling programme conducted at the
Woodline project located 40 km south east from Kalgoorlie in W.A.
From a limited exploration program, the results from the first 2 RC holes drilled
at Woodline since resuming exploration activities are as follows:
• 12 metres @ 6.47g/t, including 3 metres @ 19.7g/t
• 3 metres @ 7.69g/t, including 2 metres @ 10.6g/t

There's more if anyone's interested. No movement on the price despite what looks to be good news... tempted to jump in at 0.002c...

 

[blanker]

Agree, might take a punt with this. Might enter at $0.002. Or wait if it falls to $0.001 tomorrow

 

[Cink]

Trading halt regarding a proposed capital raising.

Good investment or just more $$ down the drain ?

 

[AngusSmart]

Can much be made from this stock?

seems to bounce between .001 and .002 daily.. i've never bought anything like this before but can it be sold for .002 easily? it doesnt seem to stay on .002 for too long.

there seems to be massive volume each day @ .001 also so someone is trading a bit.

 

[derty]

You can theoretically make 100% quite simply. You just need to put your $0.001 buy in at the end of the 1.3 billion queue and hope that there is enough volume for your order to be hit within 30 days. Once filled then jump on the end of the 2 billion $0.002 sell queue and see if you get hit within 30 days.

Rinse and repeat.

Fair volume today for AUZ 300M+, most through at $0.001 too. Usually volume is around the 10-20M mark (often less than 10M). You can do the maths but the answer is quite a bit more than 30 days. But as they say 'You gotta be in it to win it!'

 

[AngusSmart]

Yeah sweet, i wasnt too sure how it works since i usually am not buying anything that has such volume daily.

so in theory it might take a few weeks to get the order in and then how long till i can sell it again? similar time? or once i have it i can put for sale at .002 right away? or do i need to wait till i actually hold the share in my Portfolio

i use comsec to do my trading also..

 

[nathanblack]

Yeah sweet, i wasnt too sure how it works since i usually am not buying anything that has such volume daily.

so in theory it might take a few weeks to get the order in and then how long till i can sell it again? similar time? or once i have it i can put for sale at .002 right away? or do i need to wait till i actually hold the share in my Portfolio

i use comsec to do my trading also..

comsec will allow you to sell a share the same day that you buy it.

but beware that the volume at 0.2c is low, and it may(will) take longer than 30days for your order to be filled. and remember your order will be purged and you must start all over again at the back of the queue.

if you need money fast, then you will end up selling at 0.1c and lose on brokerage. seems like a few got tired of waiting and did just that last week.

also remember alot of the shares have been issued at 0.1c to sophisticated investors and to suppliers in exchange of payment/debt. this share is going nowhere fast. atleast it cant go any lower, so low risk, but also low reward.

 

[KMW]

Been seeing this myself with this stock, wondered about doing the same strategy, (I won't be) what ties this stock to 0.001 & 0.002? Just curious about the way this stock bounces between the 2 price figures.
What is to stop someone buying @ 0.001 and putting their sell offer @ 0.0018, wouldn't make the %100 but %80 profit would be good enough surely.


P>S, not holding any stock at this time

 

[prawn_86]

The smallest increment you can move is one tenth of a cent, or .001. So the stock can only move to .002 at a minimum

 

[KMW]

okay answers that then thanks, something I didn't know. Was actually thinking something like this might have been seen as stockmarket manipulation. Newbie learning here :

 

[KMW]

found this on the etrade site, shoulda seen it before

Price Range Price Step Increments
0.1 cent to 9.9 cents 0.1 cent increments
10 cents to $1.995 0.5 cent increments
$2.00 to $999 1 cent increments
$1000 or greater $1.00 increments

there goes that cunning plan

 

[AngusSmart]

might still give this a shot, and see what happens and will report back on how long the order took to fill and sell.

 

[jaydebono]

Anyone been using this stock? been tempted to have a punt.. they just made an announcement about their latest drillings..

 

[dan6169]

i have been watching this one for a while but hasnt been going anywhere yet prob not until they prove up there resources and then lease it out again.

 

[draw]

AUZ- Australian Mines

Can someone supply an insight as to why there would be such heavy trading shortly before the close yesterday and the commencement today?

 

[OK2]

Some good news today saw AUZ up an amazing 100% to 0.002 for a brief period. Management seem to be slowly releasing more consistant good results to the market but it will still take a big find to move this baby with investors content to take the 100% gain each time.

 

[nunthewiser]

investors content to take the 100% gain each time.

Lol it dont work that way with the depth queues but never let the facts get in the way of a good story.

Heres an idea tho . why not try it . i.e place your bid at .001 then try and sell at .002 .....

Gotta love how it gets bandied around ( not just on this thread ) that this practise is regurly possible

 

[OK2]

A very neat Chairman's address has seen the share price up today.

What does consolidating securities on a 1 for 20 basis achieve for the Company?

 

[dandd]

The consolidation now means that whereas before you could not lose money (other than brokerage) now you can. Currently trading uder AUZDA and the old 0.001 is now 0.02 and last price today was 0.021, a drop of nearly 9% from yesterday's close, albeit in only 4 trades. Plus now the next increase from the 'old' price of 0.001 is only 5% from 0.02 to 0.021. So much less chance of a quick 'get rich quick', not that it looked like there was much chance of doubling your money anyway. It will be interesting to see where this now goes from here once it is back trading under AUZ.

 

[springhill]

Two Kilometre Gold-in-Soil Anomaly at Yargarma


Australian Mines report it has completed a detailed soil sampling program at its Yargarma Project, covering
nine kilometres of a regional shear zone located within its tenement in northwest Nigeria. Results received to date demonstrate a gold-in-soil anomaly extending over two kilometres which remains open to the south.

Gold mineralisation throughout Nigeria's northwest gold fields is thought to occur largely in veins hosted within the schist belts and is commonly associated with shear zones. As such, the Company's soil sampling program was designed to test the crustal scale shear zone trending northeast through the Yargarma Project.

Field reconnaissance completed by Australian Mines prior to the commencement of the soil sampling program identified a number of historic and active artisanal gold workings within the Yargarma Project. These workings appear to be located along this northeast trending shear zone with the primary target of the local workers being the mineralised quartz veins.

Australian Mines’ Managing Director, Benjamin Bell stated, “Given we were confident of gold mineralisation being present at Yargarma, largely due to the presence of artisanal workings on our property area, we therefore wanted to complete the soil sampling survey using specifications that would enable the Company to go straight to drilling the anticipated geochemical anomalies, rather than having to go back and do further infill soil sampling.”

“The strategy of Australian Mines remains to progress into drill testing targets as quickly as possible and these latest results from soil sampling will enable just that. We anticipate first stage drilling to commence at the Yargarma priority targets in the coming months.”