CDU - Cudeco Limited
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I agree with you with regards the strike would effect the share price of other suppliers of copper,what i dont get is how it effects those who are simply walking over copper 500m below ground,with no chance to sell any on inflated copper prices relating to the strike.
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Yes, I think we can expect an announcment within the week!
I copy and pasted this from another site
I think this is a very important read:
Note sections about "only scratching the surface, and "only done about 15,000 metres of drilling, the driller is contracted to 60,000 metres"
Strike length is currently 950mtrs -0 indicates will likely now be 1.5kms!!! etc
It's good stuff, read and share your thoughts but I think this is gold (I mean copper
Exploration continues at CuDeco's Rocklands project
By Vicki Wilson
Friday, 25/08/2006
Copper explorer CuDeco has confirmed its original claims on the strike length of its Rocklands deposit near Cloncurry.
The company released new exploration results on Thursday August 17, and chairman Wayne McCrae says they've extended the strike of the mineralised zone to 950 metres. That's 50 metres more than what they inferred in the first place.
CuDeco shot into the limelight last month when it discovered rich veins of copper at the Rocklands site near Cloncurry in north-west Queensland.
Shares increased thirtyfold following news of the find and trading was halted at the company's request.
The Australian Stock Exchange expressed doubt over the size of the deposit, so CuDeco had to re-categorise the resource downwards before opening up again to the trade.
Now, a month later, Mr McCrae says they've proven their original extrapolations.
They're still drilling along their Las Minerale zone of mineralisation and he says it keeps on getting bigger.
"We've really only scratched the surface at the moment. We've only done about 15,000 metres of drilling, the driller is contracted to 60,000 metres, so I guess at this stage we've only drilled a quarter of it, and it may prove that we've only drilled a tenth of it. It just seems to be getting bigger and we're finding new things."
"We have about 100 targets that we haven't even started on yet, and at this stage we're just probably going to get a strike length to about one and half kilometres on Las Minerale, and then we're going to put some deep holes in under Rocklands which adjoins, and some deep holes under the Double Oxide as well.
"We'll probably finish the drilling for this next resource statement that we're going to bring out around mid September, so probably about the end of September we'll have a new resource - copper, cobalt and gold - and that will be in the category of measured, indicated and inferred."
So just how significant is this deposit at Rocklands?
Gavin Wendt, a senior resources analyst with Fat Prophets in Sydney, says it could prove to be much bigger yet and explains that it's not all about size.
"Mineralisation is one thing, having an economic ore body is another and there are a couple of important things. One, particularly the grade and how that's going to stack up. Secondly, I guess, the metallurgy and so far we haven't seen any mentions by Wayne or the company in regards to the metallurgy of the deposit."
"The company has been using cobalt as a by-product or as a secondary metal that they claim that they could extract in order to boost the overall recovered grade of the deposit. At this stage we don't know whether that is the case, whether they can successfully extract the cobalt so, if they can't, you know it would reduce the recoverable grade of the deposit and detract from the overall potential economics of the project."
Mr Wendt says the company might not have done any metallurgical test work yet.
"I think we'll get an idea over the next couple of months as to how this thing is all going to hang together".
In ABC news on Monday August 21 it was reported that law firm, Slater and Gordon, is investigating the possibility of suing copper explorer CuDeco.
When CuDeco first released news on its discovery in early July, its share price jumped from $3 up to $10 a week after the announcement.
A spokesman for Slater and Gordon says lawyers may launch a class action to recover investor funds lost when the share price later dropped.
Wayne McCrae says CuDeco had nothing to do with the stock's price.
"It was basically caused by market sellers selling short into the market - in other words selling stock they don't have and having to buy it back. What happens if the market keep moving forward then those short sellers have to get into the market and buy it back at a higher price so that was purely forced by short selling - it was completely of their own doing."
"When the stock market starts to move, it's basically outside the control of the company."
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pharaoh said:Don't say I didnt warn anyone
Anyone else in, or just get on today?
Gotta be a good week of upward trading on the sp one would think
Go you good thing
Got more yesterday morning,seems its only me and you,maybe too many got burnt last time.They still seem interested in the EXTs @ 8c .Each to their own
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I got in at $3.40 and $3.08, so enjoying this ride too. Be interesting to see what happens!
I wonder if the SP will push up towards $7.11 that it was at when it went into Trading Halt since it seems likely that the ann will confirm everything previously claimed plus more...
Unlikely to hit those giddy heights again I guess... but you never know!
Enjoy!
I wonder if the SP will push up towards $7.11 that it was at when it went into Trading Halt since it seems likely that the ann will confirm everything previously claimed plus more...
Unlikely to hit those giddy heights again I guess... but you never know!
Enjoy!
feeding_the_fire said:
If the previous is confirmed and possibly more to come , those 'giddy heights' of 7.11 made CDU grossly undervalued[we only have 70mil shares , 100mil if u count options] makes a huge difference to eventual price.....we shall see
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Keep in mind the old saying: Buy the rumour ...sell the fact.
It may be that the best prices are found in the runup to the announcement & the SP actually falls after the annoucement.
It may be that the best prices are found in the runup to the announcement & the SP actually falls after the annoucement.
