CRK - Carrick Gold

someone is more confident than I... order for 500k shares @52c

Interesting... becoming substantial shareholder notice from Cross-strait Development Fund, purchasing 26.7m shares.

Perhaps not coincidentally, last week was a reduction in substantial holding notice from Elaine Carr (who inherited Frank Carr's 40-odd percent of the company when he died recently). One of the off-market transactions she reports is for 26.7m shares at 53.5c.

Maybe this will remove some of the market overhang?

In the absence of today's notice, I had been wondering who had bought the shares.

Mrs (actually Susan) Carr's reasons for selling part of her stake in the company are her own business, of course, but it must be very positive for the company for a there to be a willing buyer for such a large number of shares.
Mrs Carr still retains 13.46% of the company.

I agree that the market overhang risk is now significantly reduced - let's hope the sp can consolidate above 60c, and then go on. There is an interesting table in the recent AGM presentation, comparing CRK's market cap per resource ounce with those of its peers - it looks way undervalued on that measure.

engourageing drilling results

http://www.asx.com.au/asxpdf/20110309/pdf/41xbdw15n3wvtr.pdf

MC - $36m
SP - 26c
Shares - 140m
Options - 7.5m
Cash - $3m

Kurnalpi – Ready for Mining
•Current Resource: 6.17Mt @ 1.2 g/t for 228,800oz Au
–JORC Reserve for Brilliant Orebody of 1.09Mt @ 1.7 g/t for 59,000oz Au
•New mineralised structure discovered at Brilliant, adjacent to first pit
•More drilling to define extent of new structure

Lindsay’s – Second Open Pit
•Current Resource: 5.14Mt @ 2.0 g/t for 323,600oz Au
–Initial Probable Reserve of 664,000t @ 2.2 g/t for 42,995oz Au
•To commence open pit production after Kurnalpi
•Further success along strike and at depth

Kalpini – Resource Upgrade
•Resource increased 29% to 3.41Mt @1.9 g/t for 208,960oz Au
•Resource will be optimised, followed by selective infill drilling
•Future work to deliver initial Mining Reserve

Mt Jewell-Substantial New Resource
•Current Resource of 3.8 Mt @ 1.53 g/t for 185,600 oz Au
•Drill program to expand Resource
•Hughes and Tregurtha deposits could be much larger than currently defined
•Resource upgrade expected in current quarter
•Mining Lease Application
•Mt Jewell and Kalpini 3rd and 4th mines




Reasons to Invest
•Managed for commercial success
•Early cashflow from oxide pits
•1 million ounce Resource base and growing (500,000oz pa*)
•Expect to triple Reserves by Dec 2012
•Large exploration area in known gold province, full infrastructure
•No debt