CMR - Compass Resources

[lioness]

Can someone else comment here?

Looks like it is making a recovery back to $1.50 as it is making higher lows and higher highs(on the daily).

MACD weekly about to cross. Looking good this week for another leg up.

Any other comments.:

 

[oldblue]

I only have a passing interest in CMR, having considered it at various stages during the past year or so, but recovery back to $1-50 seems to me to be an optimistic call at this early stage.
I would want to first see a bit more technical evidence and preferably some recovery in the prices of metals.

 

[lioness]

oldblue,

I am looking at slow stochastics, MACD, ADX, DMI-/+ and rising RSI.

All have turned positive, so back up to fill the gap at 92 cents first and then back to 1.50 resistance over the next 3 months is realistic in my view.

Anyone else care to disagree??

 

[Family_Guy]

Was just having a look thru some pages and found this. Now 20c. I never liked charts, much, but i reckon you'd be throwing those charts out that you used, Lioness??

Anyway, i jumped on at 20c, just in case.

 

[lioness]

Was just having a look thru some pages and found this. Now 20c. I never liked charts, much, but i reckon you'd be throwing those charts out that you used, Lioness??

Anyway, i jumped on at 20c, just in case.

Yes family guy, don't remind m. I bought at 60 and thought I was doing well.

You bought right on support there, perfect timing.

This one is ready to move up big. Dines(from the Dines report recommended buying this as majorly undervalued.

Good Luck.

 

[Family_Guy]

Lioness, sold out at .25 last week and considering buying back in atm it's .18. Had some announcements today, some goodish and some badish, but cash conservation seems a major priority.

 

[dmagnus]

I would be leaning towards badish... with the delays in the production and the debt looks pretty high risk.

 

[lioness]

I would be leaning towards badish... with the delays in the production and the debt looks pretty high risk.

Nice downramp dmagnus. When commodities return which may not happen until mid 2009, CMR will be back. Just leave them in the drawer for 6-12 months. Commodity cycle haveing a rest but not dead. With all these copper mines closing, supply will dry up real soon.

 

[Family_Guy]

Nice downramp dmagnus. When commodities return which may not happen until mid 2009, CMR will be back. Just leave them in the drawer for 6-12 months. Commodity cycle haveing a rest but not dead. With all these copper mines closing, supply will dry up real soon.

Here's hoping. I got on again after i posted last and out again today......i like this one.....it cn cycle for as long as it wants.

 

[Motogoon]

Nice downramp dmagnus. When commodities return which may not happen until mid 2009, CMR will be back. Just leave them in the drawer for 6-12 months. Commodity cycle haveing a rest but not dead. With all these copper mines closing, supply will dry up real soon.

Actually i think dmagnus is being pretty realistic with this stock, last broker report i read did rate it as a buy but with super high risk, they suggested its on the cusp of make or break & you could either make a bunch of $ or lose the whole lot.

I got out at a buck twenty & thought that was bad, too much of a gamble for me to get back in now, even at .20c

 

[Bushman]

Whoosh - voluntary administrators appointed even though it had $9m in the bank.

Equity markets have not capacity to take on further commodities risk. It will be the first of many no doubt.

 

[prawn_86]

you could either make a bunch of $ or lose the whole lot.

Well at least the brokers were right for a change You would have lost the lot...

Are you stuck with them Lioness?

 

[doogie_goes_off]

I sold at 15c on capital raising news, counting my lucky stars, I hope they can trade out of it, but copper stockpiles are pretty big.

 

[h0ng]

go for gold or go for bust....I guess I went bust with this one (bought at 19c). Now just waiting to hear in a months time what the administrators have concluded about CMR.

 

[michael_selway]

go for gold or go for bust....I guess I went bust with this one (bought at 19c). Now just waiting to hear in a months time what the administrators have concluded about CMR.

Yeah and director buyign doesnt mean too much sometimes

http://news.smh.com.au/breaking-news-business/compass-resources-in-administration-20090129-7sg8.html

Compass Resources in administrationJanuary 29, 2009 - 11:54AM
Junior mineral explorer Compass Resources Ltd has called in the administrators despite having $9 million cash in the bank.

The company has appointed Steven John Sherman, Darren Gordon Weaver and Martin Bruce Jones of Ferrier Hodgson as voluntary administrators.

The move comes after Compass said on Tuesday it was reviewing among other things "the current price for metals, delays encountered in full metal production commencing from the Browns Oxide Plant (in the Northern Territory) ... and the current debt and cash position of the company".

It said at the time that while its financial position was suitable to continue trading in the short term, it planned to conduct a capital raising to meet working capital requirements.

Compass listed on the Australian stock exchange in 1987 and aimed to have three mines in production by 2011.

Its core focus was the Rum Jungle mineral field in the NT.

thx

MS

 

[dmagnus]

I would be leaning towards badish... with the delays in the production and the debt looks pretty high risk.

Yeah, I win =)

 

[njacko]

Anyone know the status on CMR? I see they are suspended from trading and I received a CHESS statement saying my stock had been removed from the register. Does this mean I can realise a Capital Loss? I can't seem to find anything on this.

 

[p1ct1sh]

From something I read in "Northern Territory News"

I found the below article in "Northern Territory News". So what is the current status of the Batchelor mine that Compass was bringing on?

Three mines to restart

NIGEL ADLAM

September 11th, 2009

THREE Northern Territory mining ventures that collapsed because of the global financial crisis are to restart, Chief Minister Paul Henderson said yesterday.

He listed the projects in his speech to open a major oil and gas conference in Darwin yesterday. They are:

THE mineral sands mine on the Tiwi Islands. Stirling Resources has bought the assets of collapsed miner Matilda Minerals for $4.8 million and says it plans an open-cut operation soon.

The mine used to produce 59,000 tonnes of concentrate a year.

THE Pine Creek gold mine.

Collapsed gold miner GBS has been sold to Canadian miner Forbes & Manhattan, which plans to reopen at least some of the five pits.

Forbes & Manhattan has formed a new company, Crocodile Gold, to run the mining operation.

Chief operating officer Grant Davey yesterday said mining should restart within six to eight week.

THE copper mine at Batchelor.

Compass Resources went into administration in January after running out of money to operate the Brown's project, 110km south of Darwin.

The company was given a $72 million cash injection by Chinese company HNC Resources.

Mr Henderson told SEAAOC at the Convention Centre that there were many other big mining projects in the pipeline, including a phosphate project on the Barkly Tablelands that could support several hundred jobs.

Meanwhile, Resources Minister Kon Vatskalis told the Mining the Territory conference - which is running in tandem with SEAAOC - that exploration spending in the Territory last year was more than $146 million.

He said the NT Government had committed $14.4 million over four years to the Bringing Forward Discovery program, which offers incentives to companies to search for minerals in underexplored parts of the Northern Territory.

 

[jamesy]

I believe Ferrier Hodgson are working on behalf of Compass resources/creditors etc. Go to their web site for lastest. My layman understanding is that they may not be winding up company and may be holding out for up to 2 years to see what options are available. Eg sales of mine or restart up is feasible. Hope so, so can get some $ back on investment.