KMN - Kings Minerals

[Sean K]

KMN is on the ropes.

Have no money in the bank and have to finance the development of SdG and further holes at Kalman.

ON THE ROPES boys.

Wonder what their play will be?

Hard to believe that they are in this situation when they're sitting on multiple billions of bucks...

Bad timing perhaps.

 

[CityMiner]

And don't forget their massive amount of Rhenium - this is so scarce some of the largest jet makers are investigating scrapping it off old turbine blades. No alternative has been found.

If they can hang in there they should be a great winner.

Doing a search for Rhenium and KMN shows up as one the large deposits !

 

[Sean K]

Desperate sellers now, tanking the price on no volume.

Down to 5.2c.

Must be looking at receivership in this environment unless a white knight comes along.

Still incredible when you think they have all that value in the ground. Incredibly bad timing you would have to think. Just in the wrong part of the cycle.

Having said that, once this recession/crash settles and the cycle turns, someone might have picked this up for a song.

What a disappointment for long term loyal buy and holders.

 

[Sean K]

I'm surprised these guys haven't made an ann that they have halted exploration and development due to a lack of funds.

They spent $3.425m last quarter and had $1.25m left in the bank. So, they must be scraping the bottom of the barrel right now.

Unless they've turned everything off and haven't told the market yet. Wouldn't surprise me.

With Mo and Cu being decimated recently it makes Kalman look less exciting.

This might be put into mothballs I'd guess until the world works it's way out of this mess and metal prices recover...

Seckold and Leitch must be feeling the pain here. They both hold around 35m shares in the company, so they've seen $35m dwindle down to about $2m. Ouch.

 

[Sean K]

This lame puppy just kicking and might have to be put down unless a white night bank rocks up momentarily.

Interesting and unusual cross of 1.5m shares at the open. Not sure if that means something. Would have when the sp was over $1 I suppose. Now, it maybe just gambling.

Interesting to see if the team can dig themselves out of this black whole of shareholder dispair...

 

[Sean K]

These guys are a joke.

'Pleased to announce'

WTF???

This is dirt.

And dirt at the centre of the earth.

 

[prawn_86]

lol they are possibly the lowest grades i have seen.

I could dig up more Cu with a shovel in my backyard, and wouldnt have to go 500m down for it.

 

[Sean K]

lol they are possibly the lowest grades i have seen.

I could dig up more Cu with a shovel in my backyard, and wouldnt have to go 500m down for it.

This is supposed to be a gold and silver project...

Under .10 g/t au and 50 g/t ag at 600m, is diabolically bad.

I say again:

'pleased to announce'

 

[Sean K]

But they should be pleased with these.

Kalman Deposit Update

The Directors are pleased to announce that final rhenium assay results have been received for all molybdenum rich intercepts within the Kalman deposit.

Highlights
• Average grade of samples assayed using a 1g/t Re cut-off is 7.8g/t Re
• Potential identified to expand the mineral resource


Third ann in as many days.

I have a feeling they're warming the market up for a capital raising.

 

[Sean K]

I'm surprised these guys haven't made an ann that they have halted exploration and development due to a lack of funds.

They spent $3.425m last quarter and had $1.25m left in the bank. So, they must be scraping the bottom of the barrel right now.

Unless they've turned everything off and haven't told the market yet. Wouldn't surprise me.

Golly, gone the whole quarter without needing to tap their piggy banks.

Surely they are out of play lunch money?

I'm still watching with interest, just for interest sake. As it's interesting that they have no interest. And no money to gain any interest....interesting.

 

[Sean K]

This little puppy has finally shown some signs of life. Starting to crawl off the floor under 10c and asking for some water. Still woofing until it breaks this sideways move probably. This is probably just market related though, and if we fall over again, could spell more time in the sin bin. Most of the other juniors with good projects have climbed well off the canvas to record some exceptional gains. This has just wollowed. To watch though for a technical position.

 

[Sean K]

This little puppy has finally shown some signs of life. Starting to crawl off the floor under 10c and asking for some water. Still woofing until it breaks this sideways move probably. This is probably just market related though, and if we fall over again, could spell more time in the sin bin. Most of the other juniors with good projects have climbed well off the canvas to record some exceptional gains. This has just wollowed. To watch though for a technical position.

Woof, woof! This must be incredibly frustrating for long term holders. As soon as there's some sign of life, it gets sold off. Obviously some current holders just waiting for the opportunity to dump their stock into any strength. They have to be shaken out at some stage. At least someone came in to buy at the lows of the days. Or, maybe San Anton just never gets off the ground? Maybe the grade is too low and metallurgical results are poor. Just not high enough recovery at high cost? And Kalman looks like a turkey compared to Ivanhoes new discovery. Not sure when KMN goes fundamentally Could be a has been. Imagine that with that much Cu,Au,Ag sitting inthe ground from surface. Amazing.

 

[Sean K]

Still following this out of interest and a laugh. Back languishing under 10c again and looking pitiful.

No advancement in either of the projects which are just sitting their in moth balls by the look.

Big recent news was that San Anton was going on to further feasability work. LOL. This started in 2006...

A new director appointed a few days ago, Robert Bell, who seems to have no experience in taking a Cu,Ag,Au,Mo deposit to mining.

Directors initial interest statement issued today.

He has committed $0.00 to the company thus far.

Holds nada.

Great interest.

I expect to see him lumbered with a few million options excisable at 9c in 2015 shortly.

 

[boomu]

Hi Kennas,

I might be mistaken but I thought he held a considerable amount through his super and co.

Director of Trustee Company and Beneficiary:
Javea Pty Ltd <Bell Family Ac> 496.000

Javea Pty Ltd<Javea Superannuation Fund> 5,909,928

Director and Shareholder in Company:
GFK Investments Pty Ltd 3,280,235

Very frustrating being a LTH, I think they will shine someday soon.

Boomu

 

[Sean K]

Hi Kennas,

I might be mistaken but I thought he held a considerable amount through his super and co.

Director of Trustee Company and Beneficiary:
Javea Pty Ltd <Bell Family Ac> 496.000

Javea Pty Ltd<Javea Superannuation Fund> 5,909,928

Director and Shareholder in Company:
GFK Investments Pty Ltd 3,280,235

Very frustrating being a LTH, I think they will shine someday soon.

Boomu

Ah, ok. I did my own limited research and didn't find a connection.

Is Bell / Javea related to Kings in any way?

I suspect yes.

Javea is some sort of real estate company from my limited check. Perhaps their owner is into buying crappy minnows in Mexico?

Technically an interesting proposition, but still sideways until that red line is broken. Until then, turkey. imho.

 

[jonojpsg]

A little bit more interest today kennas? Certainly a lot more buyers than sellers, but your chart shows pretty clearly that it's going to have some serious work to break this sideways move. Next resistance 20c then 30c if it does move?

 

[Sean K]

A little bit more interest today kennas? Certainly a lot more buyers than sellers, but your chart shows pretty clearly that it's going to have some serious work to break this sideways move. Next resistance 20c then 30c if it does move?

The first sign of breaking the sideways/downwards move is 16 ish I think. And then all needs to be re-evaluated.

Longer term, yes, 20 and 30 look very important.

I think this move is just POG related however, so we need gold to continue and probably break $1030 for KMN to break up through that lower zone.

 

[Sean K]

KMN has issued options to key staff due to the performance of their company this last year.

GRANT OF OPTIONS

The Company advises that it has granted a total of 6,700,000 options to executives and senior employees on the terms and conditions set out in the attached Appendix 3B.

The options have been issued under the Kings Minerals NL Executive and Staff Option Plan, as approved by shareholders at the 2008 Annual General meeting.

The conditions:

1. 3,350,000 options granted in
accordance with the Kings Minerals NL
Executive and Staff Option Plan, each
exercisable at $0.15 at any time
between 10 September 2009 and 11
September 2012.

2. 3,350,000 options granted in
accordance with the Kings Minerals NL
Executive and Staff Option Plan, each
exercisable at $0.20 at any time
between 10 September 2010 and 11
September 2013.


I'm not going to bother looking for who these options were granted to. Options for what? Taking the company back to where it was 1 year ago?

These idiots are just asking for some more serious investigation which I am in the position to do. Look out KMN.

 

[treeman]

KMN opening at 15 today after a long time finally breaking the 12 resistance, very interested to see where its heading

 

[Sean K]

Scoping Study out, and positive enough to proceed to a 'full' feasability study. HUH? Just how many more Feasability Studies they can do on this deposit is unclear. This was the 6th I think.

US$260M net cash flow base case for Mexican gold heap leach/CIL project
Full feasibility study to proceed

Key scoping study outcomes:
o US$260M net free cash flow before tax (unadjusted for inflation) – post capital expenditure payback
o US$82M estimated initial capital investment to be paid back in 2.25 years
o US$415 per ounce average life-of-mine operating cost after silver credits,
indicated
o Updated optimised pit results for combined heap leach/carbon-in-leach
processing of:
 69.9Mt in-pit resource at 0.66g/t gold (Au) and 13.6g/t silver (Ag)
 0.74:1 average strip ratio over 14 year mining life
 4Mtpa initial processing rate, expanding to 5.5Mtpa
 US$900/oz gold/US$15.00/oz silver metal price assumptions
o Full feasibility study will now proceed for completion by last quarter 2010
o 2011 current target for mining commencement – dependent on feasibility study outcomes.

At a gold price of US$900/oz and silver price of US$15.00/oz, resources within the pit were estimated at 69.9 Mt grading 0.66g/t gold and 13.6g/t silver, or 1.49 million ounces of contained gold and 30.5 million ounces of silver (Table 1). The conceptual strip ratio is 0.74:1. The pit optimization resources were incorporated into a preliminary mine and metal production schedule (see Table 2).

At one point this deposit had over 10m oz au equivalent.

Looks to be just too low grade in the end maybe.

Director Resignation

The Board of Kings Minerals NL has accepted the resignation of Mr Dudley Leitch as a Director of the Company due to personal reasons.

The Board would like to sincerely thank Mr Leitch for his contribution and wish him all the best for the future.

For and on behalf of the Board.

Um, this isn't just a 'director' this was the Managing Director for the past 10 years.

I think he's fallen on his sword.