BDG - Bendigo Mining

constable said:

volumes slowed up too, today still hasnt cracked 1 mill units whereas last 3 days have been 6mill,6mill,5mill, so it would seem 2nd shakeout has just about run its course.

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amazing what can happen in 1/2 an hour ....volumes doubled and buyers @ .355 and sp should crack .36 any minute now!

Constable
Looks like you spoke too soon! turnover now 2.4 mill

well up 3 cents in 30 minutes hmmm looks like a runner to me!!!

maybe another share raid, SBM building there stake

rico01 said:

maybe another share raid, SBM building there stake

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No, not so...ED said today....that BDG will have to demonstrate to SBM that what was said about their Goldposition is so....ED is now chalenging BDG to show SBM that where they are mining is indeed the right place...he said SBM will NOT wait 2 years but the issue has to be adressed now....also Ed said BDG has a 8km goldbearing deposit..and will want them to start mining where the GOLD is....Ed said ,this is not a walk in the park....looks like management will get a hurry up from SBM...patient wearing out.....

chicken said:

No, not so...ED said today....that BDG will have to demonstrate to SBM that what was said about their Goldposition is so....ED is now chalenging BDG to show SBM that where they are mining is indeed the right place...he said SBM will NOT wait 2 years but the issue has to be adressed now....also Ed said BDG has a 8km goldbearing deposit..and will want them to start mining where the GOLD is....Ed said ,this is not a walk in the park....looks like management will get a hurry up from SBM...patient wearing out.....

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but this following article is saying different story.
http://www.smh.com.au/news/business...ig-gwalia-deeps/2007/01/22/1169330827283.html

Earlier this month St Barbara moved its headquarters from Perth to Melbourne and spent $17.2 million purchasing a stake in troubled Victorian miner Bendigo Gold.
St Barbara managing director Ed Eshuys yesterday said he had yet to meet the company's management but reiterated St Barbara would not insist on board representation.

this article was reported one week ago.

constable said:

well up 3 cents in 30 minutes hmmm looks like a runner to me!!!

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Somewhat Nice day for BDG, given it's recent non-performance.

If this is a retracement reversal (a weak one at that), then a good entry would be bet 40c-42.5c.

Should it pass the 50% danger zone which would be above 46.5c, safe profit would be at 53c with full extension of 100% being 59c.

Early days though.
SevenFX

Feng said:

but this following article is saying different story.
http://www.smh.com.au/news/business...ig-gwalia-deeps/2007/01/22/1169330827283.html

Earlier this month St Barbara moved its headquarters from Perth to Melbourne and spent $17.2 million purchasing a stake in troubled Victorian miner Bendigo Gold.
St Barbara managing director Ed Eshuys yesterday said he had yet to meet the company's management but reiterated St Barbara would not insist on board representation.

this article was reported one week ago.

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THAST is OLD news..ED now said...his patiens is running out and the situation will have to be adressed NOW...as a 10% shareholder SBM will be able to change a lot of things as they can make it rather hot for management......and that will be good for BDG and SBM...things are hotting up and I would not want to be in the management position in BDG ,as, ED said it will not be a walk in the Park...but the acid is coming into play...about time these people got a hurry up....all in todays news....and further there is a 8km identified Gold Reef...and ED is asking why they are not mining where the GOLD is ? logical I thought

Just found the news from the following website:
http://bendigo.yourguide.com.au/det...lass=general&story_id=551990&category=general

Tuesday, 30 January 2007

Show us the gold
SHARON KEMP

ONE of Bendigo Mining's largest stakeholders has delivered a stern warning to those now in control of the embattled company.

St Barbara Mining chief executive Ed Eshuys has demanded Bendigo Mining demonstrate the potential it has previously stated and told The Advertiser he was keen to inspect the company's operations in the near future.

St Barbara Mining pounced earlier this month when Bendigo Mining shares plummeted after the company announced plans to suspend gold production, shed 150 jobs and farewell leading executives, including long-standing managing director Doug Buerger.

The Bendigo company had yielded less gold than expected in the previous three months, after earlier conceding that it had overestimated the reserves of gold it expected to extract from the first stages of its mining operation.

St Barbara spent $17.5 million to buy 10per cent of Bendigo Mining shares, and while Mr Eshuys believes the company has potential, his reserves of patience do not appear to be unlimited.

Asked if St Barbara would observe Bendigo Mining's progress for the next two years, he said: "Our interest will be more immediate than that".

Shareholders would "demand" Bendigo Mining "demonstrate the potential of the operation", he said.

Mr Eshuys was the former chief geologist for Joseph Gutnick, and was instrumental in bringing the famous Bronzewing gold mine in Western Australia into production.

With St Barbara, which operates in Western Australia, relocating its headquarters to Victoria earlier this month, he is likely to have a close interest in Bendigo Mining.

He reiterated yesterday that St Barbara was not interested in a takeover, explaining that he had not been asked, nor did he want, to take a seat on the company's board. But he also indicated he would not necessarily take a passive role as a shareholder. He said his interest in the Bendigo company and its ability to shore up gold reserves was immediate and not in two year's time.
Mr Eshuys said it "won't be a walk in the park" for Bendigo Mining to demonstrate gold exists at the underground mine in the quantity it claims.
But he said Bendigo Mining had the potential to be long-life and low-cost operation. With $66 million in its bank, the Bendigo company was equipped to demonstrate that potential, he said.

"I don't know if they have been clear enough given the decisions they made," Mr Eshuys said."One of the best places to look for gold is where there is gold already."

Bendigo Mining had 8km of underground gold-bearing reefs as part of its tenement holding and had to choose the right point at which to drill.

Mr Eshuys questioned the company's decision tostart mining at the southern end of the reefs, at Kangaroo Flat, which is the less prospective end.
"The company needs a renewed focus about the best place to be," he said.
"It won't be a walk in the park"

One more:

http://www.theaustralian.news.com.au/story/0,20867,21138150-23634,00.html

Bendigo Mining (BDG, 34c), has suspended production altogether as it works out whether the fabled old timers left any gold after all.

Given Bendigo has spent $300 million on the mine - the company's only asset - it's an awkward time to be having second thoughts. So much for becoming a one million ounce a year producer. With its slashed market cap of $168 million, Bendigo is being valued as a gold explorer with an impressive disused shaft: an ideal aquifer to solve the township's water woes. HOLD for the fire sale.

Just found out the ownership from BDG's web.
http://www.bendigomining.com.au/our_investors/ownership.htm

As at 31,Jan,2007,

Substantial Shareholders
JF Capital Partners 66.8 million shares: 13.7%
St Barbara Ltd 49.5 million shares: 10.0%
Black Rock 46.0 million shares: 9.3%

Top 20 Holders Ordinary Shares %
281,633,861 56.85
National Nominees Limited 64,063,473 12.93
St Barbara Limited 49,534,000 10.00
Westpac Custodian Nominees Limited 46,934,647 9.47
ANZ Nominees Limited 21,914,547 4.42
HSBC Custody Nominees (Australia) Limited-GSCO ECSA 19,334,219 3.90
J P Morgan Nominees Australia Limited 11,088,289 2.24
Citicorp Nominees Pty Limited 10,887,296 2.20
Naiko Investment Pty Ltd 10,600,000 2.14
HSBC Custody Nominees (Australia) Limited 6,650,467 1.34
HSBC Custody Nominees (Australia) Limited - A/C 2 5,597,231 1.13
Cogent Nominees Pty Limited 4,197,648 0.85
Ceramic Oxide Fabricators Pty Ltd 3,726,623 0.75
Naiko Investment Pty Ltd 3,726,623 0.75
Neweconomy Com Au Nominees Pty Limited 2,444,429 0.49
The University Of Melbourne 1,974,470 0.40
Mr Song Song Zhang 1,900,000 0.38
Mleq Nominees Pty Limited 1,791,457 0.36
Queensland Investment Corporation 1,732,360 0.35
Comsec Nominees Pty Limited 1,702,331 0.34
Mt Stephen Craig Jermyn 1,500,000 0.30

Anyone got an idea as to why BDG has had a run over the last few days.
Wed-1.43%
thur- 4.23%
today- 5.47% at the moment (10:37am)
this is 11% over the last 3 days.
Is something going on that I dont know about?

cheers

Signs of accumulation today with the uneven bid/ask still buying into 39.5, and hitting 40 right now. I think this might be the pattern until the next ann ie someone has an agenda to buy into the dips & accumulate at these cheap prices. Pressure from SBM to produce may pay dividends sooner than people think.

The Mint Man said:

Anyone got an idea as to why BDG has had a run over the last few days.
Wed-1.43%
thur- 4.23%
today- 5.47% at the moment (10:37am)
this is 11% over the last 3 days.
Is something going on that I dont know about?

cheers

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Could it be that someone has woken up to the fact the BDG have bult and own a processing plant as well as a lot of undrilled areas? they spent millions on that plant and infostructure and if they come back with a positive on the drilling where will the price go? SBM is pushing them to drill more and with something like $60mill in the bank they can drill quite a lot of holes to find the run of the reefs.

I agree techbuy, & the price action the last 3 days suggests someone is willing to accumulate under 40c at least. Repeated sells at 39.5 fails to dampen the enthusiasm. I wouldn't be surprised to see it finish above 40 today at least to prove the point?. Quietly going under the radar with small daily percentage increments? And good volume too.

Still on my watchlist and saw this is slowly drifting back again. Management doesn't appear to be in a hurry to inform sorely disappointed shareholders how the execution of the new 'strategy' is going. I thought it was difficult to see how they could stuff this up anymore from a PR perspective, but they're certainly trying!

Yes, in the absence of an ann the sp will drift with the pog, but generally down as people lose interest in a quick play. I had a small poke at it when trying to get past 40c but got out at 39.5 when that looked like failing. Tech analysis pretty much useless in these situations so we all wait for the next ann, hopefully they have worked out where to dig this time

It is now down to $0.345 is this the time to get more?

read this from an interview 16/2/07 with MD & CEO Eduard Eshuys.
http://www.corporatefile.com.au/documents/OB/Gwalia Deeps & Bendigo Strategy 16.02.07.pdf


St Barbara acquired a 10% stake in Bendigo Mining immediately following a
downgrade in production and resource expectations at the Bendigo mine. What is your strategy with Bendigo? Where and how do you see St Barbara adding value to Bendigo and your respective shareholders?

MD & CEO Eduard Eshuys
In terms of historical levels of production, the Bendigo goldfield is Australia’s
second largest goldfield after Kalgoorlie and the seventh largest in the world.
For this reason St Barbara has been studying and researching Bendigo for the past 18 months. I have also personally been considering the region for the past 5 years.

It was this background that enabled St Barbara to move decisively to acquire the 10% on market over 3 days at a weighted average price of 34.8 cents per share, after Bendigo had announced its own downgrade from miner to explorer.

The acquisition of the 10% stake in Bendigo provides St Barbara with a strategic interest in this important gold region, and opportunities to increase the value of its investment in the event of exploration success.

There clearly is a need for Bendigo to establish JORC compliant reserves. This can be achieved only if a thoroughly disciplined approach is adopted and executed.
The established underground infrastructure and processing plant will only have value for all shareholders if this occurs.

St Barbara’s 10% holding in Bendigo has created the opportunity for St Barbara to participate in any improvement in Bendigo’s performance, and to possibly increase or divest our interest. We will assess these options over time and are under no pressure to make an immediate decision.

corporatefile.com.au
You have stated that the key to reserve definition success at Bendigo is to increase the level of drilling on tighter (40m) centres. Bendigo is a vein-hosted variegated coarse gold deposit with largely predictable repetitive reef structures at depth.
What difference would drilling at closer spacings make on your understanding of the likely economic potential of the orebody? Is spending more money on
intensive exploration the most prudent strategy in this type of mineralised
environment?

MD & CEO Eduard Eshuys
Bendigo’s work on underground development and infrastructure has established the platform for exploration and drilling from underground.
The geology, reefs and lines of reefs have been recorded in detail from past
production up to the 1920’s and exploration in the 1930’s and again in the 1980’s by Western Mining.

The predictability of the reefs has been established. An estimate of 11 million ounces as an Inferred Resource has been made by Bendigo.
Detailed drilling on 40–50 metre intervals of the mineralised reefs and associated structures may allow Indicated Resources (and potentially reserves) to be established. More money therefore needs to be spent on intensive exploration to achieve these outcomes.

More from BDG
http://www.corporatefile.com.au/documents/OB/Update on Bendigo Strategy SEV5 PDF 23.02.07.pdf
if you can not get there with this link try this one.

http://www.corporatefile.com.au/default.asp?mode=main

A director just notified he bought 150000 shares for his super @33.5 cents
There's still hope yet