BDG - Bendigo Mining

[SevenFX]

BDG to Finish with nice Close UP 12.5%

Few suckers rallies b4, so perhaps watch some b4 get 2Xcited.

Perhaps all wondering where the bottom is....?????

 

[badmarty]

I dont get it either, jumped to $0.36 or 12.5% without any news with volume ofover 6,000,000 wonder whats going on behind the scenes and who's buying?

 

[Uncle Festivus]

This is all a bit out of the normal day to day trading stats. You just have to know who is advising who & who owns what shares & who is selling down shares & who is accumulating shares. Put it this way, this thread topic may be redundant soon, or will be discussed under another companies thread in the future as one of their own mines? The frenzy of consolidation continues.......

 

[Uncle Festivus]

Exploration
Exploration this quarter increased the number of discovered reefs on Garden Gully by two to four. The two new reefs (Grenfell East and Grainger reefs) appear low grade on the sections tested so far, but have large tonnage potential. Drilling on Garden Gully increased the length of the Gill reef, discovered in the March quarter, to over 200 metres. Importantly, drill results have lifted the estimated grade of the reef into the 6 – 10 g/t gold range.

The first New Chum drill section commenced into the southern end of the line testing for the continuation of one of Bendigo’s largest historic reefs: the Shenandoah Consolidated reef. Exploration in the September quarter will focus on three target areas on Garden Gully and one target area at the southern end of the New Chum line.

Production
Gold production of 5,561 oz was better than forecast. The Kangaroo Flat mine ceased production in May.

Corporate Cash in bank as at 30 June 2007 increased to $71.8 million ($68.8 million last quarter).

Gold sales of 10,469 oz at an average price of A$807/oz were achieved.

 

[Sean K]

Up to 36 with $US looking shakier than ever long term.

Anyone bottom picking?

My fingers are out of my bottom until it breaks 40, at least.

 

[BIG BWACULL]

That announcement has given my dog a real swift boot cmon, Must be that new CHUM drill Afternoon Rally up 14% with 5million traded

 

[Uncle Festivus]

State Teachers are Smart teachers?

 

[The Mint Man]

That is very interesting. Quite a chunk there! I also noticed that they made it on 7 news yesterday as one of the stocks that went up, usually a spot for the 'more popular' stocks.... dont know how I should be reading into that but still a surprise.

Cheers

 

[Uncle Festivus]

That is very interesting. Quite a chunk there! I also noticed that they made it on 7 news yesterday as one of the stocks that went up, usually a spot for the 'more popular' stocks.... dont know how I should be reading into that but still a surprise.

Cheers

You could speculate that SBM has also been topping up at these prices too. The chart looks better this time with the steady up trend from the higher low from the March low & OBV solid uptrend. Weak hands gone now, only genuine investors getting set?

 

[padd]

You could speculate that SBM has also been topping up at these prices too. The chart looks better this time with the steady up trend from the higher low from the March low & OBV solid uptrend. Weak hands gone now, only genuine investors getting set?

I doubt it. JPMorgan has been selling down it's stake for quite some time. I see this bottoming continuing for a while until they have completly sold their stake down, or until a positive announcement re: the recommencement of mining.
No need to hold onto your hats, you'll be standing still for quite a while.

 

[Uncle Festivus]

I doubt it. JPMorgan has been selling down it's stake for quite some time. I see this bottoming continuing for a while until they have completly sold their stake down, or until a positive announcement re: the recommencement of mining.
No need to hold onto your hats, you'll be standing still for quite a while.

True, but who are they selling to? If it is a straight out sale they would be taking a loss, so my guess is that they are reducing direct exposure at the same time as keeping it on the indirect books via SBM, and the teachers mob are happy accumulating at these levels too.

 

[padd]

Yep, can't disagree with any of that.
Any thoughts about price direction. I can only see positive developments from this point on, with the only negatives being the length of time they take to give an indication of their resource base or dramatically start burning cash reserves.
I am very tentative about investing in BDG again as I brought in at the 80c mark, when they made the institutional placement, and then made the announcement re; ceasing production. Not nice at all and will be hard to get serious investors on side again after a stunt like that.

 

[The Mint Man]

Yep, can't disagree with any of that.
Any thoughts about price direction. I can only see positive developments from this point on, with the only negatives being the length of time they take to give an indication of their resource base or dramatically start burning cash reserves.
I am very tentative about investing in BDG again as I brought in at the 80c mark, when they made the institutional placement, and then made the announcement re; ceasing production. Not nice at all and will be hard to get serious investors on side again after a stunt like that.

I know how you feel padd.... I bought at that level too but still holding See what happens

 

[padd]

Todays Ann. is reasonably positive.

However it's hard to be positive about any announcements from BDG. They have made fools of many investors, small and large.
First time was huge miscalculation in resources.
Second was capital raising followed by ceasing production
Third time lucky??????

Is it a light at the end of the tunnel or another train coming?

Plenty of cash in the bank with some reasonable exploration results.
Still no indication of resources. Taking their time or just holding off????

However I'm still dissappointed on the targets that the directors set for themselves. Any mention of recommencement of production, and hey presto it'll be pay day for them.

 

[AncientAntlers]

Price of Gold has been increasing steadily too, up $US11.5 at the moment to $US774.40. In my view they are being overly cautious about stating their reserves due to their previous follys. If and when (small IF in my opinion) they start production again it should rise nicely.

Im also wondering if SBM has been selling down their stake as they have just announced an equity raising plan. Or does this mean they have resisted selling their 10% stake in BDG and plan to raise all the capital they need entirely through other means. Therefore they either dont want to sell their stake in BDG as they believe in its potential, or their stake isnt worth enough to consider selling.

DISCLAIMER: I own shares in BDG.

 

[AncientAntlers]

Roughly in the last 30 mins this share has jumped from $0.285 to 0.32. Pretty big volume too compared with the rest of the day.

Dont know if this has anything to do with being close to end of trading on a friday or what?

Just under 4 million in buyers line for $0.315

 

[Uncle Festivus]

Roughly in the last 30 mins this share has jumped from $0.285 to 0.32. Pretty big volume too compared with the rest of the day.

Dont know if this has anything to do with being close to end of trading on a friday or what?

Just under 4 million in buyers line for $0.315

And that's just one buyer @ 31.5c!

If patience had a value I'd be a millionaire by now with this one. Does this classify as a 'bolt on acquisition' for SBM, some of the new funds going into an 'imminent' producer again? Why would you move the companies HQ to Melbourne if you didn't want to be close to the action?

 

[AncientAntlers]

Could it be that the recent spectacular results from nearby company GBM somehow increased BDG percieved potential?

 

[AncientAntlers]

Becoming a Substantial Holder

Recent Aqusitions by Orbis Australia Equity Fund. They now hold 5.32% of voting power and are considered a Substantial Holder.

 

[The Mint Man]

For all you long suffering BDG holders (like me) I think I have some good news for you all, up 23% ATM..
See below;

Bendigo Mining
Limited
ASX Release 15 November 2007

Spectacular assays from high grade
Gill Reef​

The final assays have been received for the Gill reef from drilling completed on
three sections over a strike of 460 metres. Gill reef is one of five reefs
discovered on the Garden Gully line, close to current mine development. Best
assays include:
•0.9 metres at 4070 g/t gold
•6.2 metres at 57 g/t gold
•6.2 metres at 5.1 g/t gold
•1.3 metres at 55 g/t gold
Rod Hanson, Managing Director & CEO comment: “These exceptional assays
reinforce our high-grade visual estimate of Gill reef, with potential for some
bonanza zones with multi-ounce per tonne potential.
“Prior to these final assays we considered the reef to be around 10 g/t gold
(+/- 2 g/t). However, the calibre of these results indicate Gill to be at least a
10 – 15 g/t gold reef.
“I’m confident about the quality of Gill, however we need to take a
conservative step-by-step approach. We plan to complete some infill drilling in
January before commencing trial mining to be absolutely confident about Gill,
but so far the indicators are very good.”

See actual Ann for more, including the table the assays and grade range estimates for all intercepts.
heres a link to the whole thing http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00783332

With POG and lead up to Christmas, this couldn't have come at a better time.

Cheers