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Placement was at 55 cents. Wouldn't panic the spread is high and tightly held. Don't let that fool you with small parcles going through. There is solid support at 70 cents
Placement was at 55 cents. Time to sell and run? I think if you think the market is going to crash completely then you should be in cash if you have a short term horizon. If not, and certain companies related to particularly valuable commods are in a zone of rapid growth, such as developing a gold mine with 11m oz au equiv, and a Cu/Mo/Re/Au/U mine with potentially 200Mt + at 1% + Cu equiv, then it may be a longer term opportunity. Depends on your individual situation.sheet! Whats happening to KMN. Its 0.7 now after they release more shares today.
TIme to sell and run???
Whats the price of the new shares they released???
What would I know? Absolutely nothing - support at 70 just got smashed..................................
18 December 2007
Exploration Discovers New Copper-Gold±Molybdenum, Mount Isa Project
Highlights
• Copper-gold mineralisation traced for ~1km at Trafalgar
• High grade copper±gold values reported from Scalper
• New copper-gold zone discovered at Serendipity
• Copper-gold-molybdenum mineralisation found south of Kalman
The Directors are pleased to announce the first round of highly encouraging geochemical assay results (Figure 1) from a reconnaissance exploration program in the Mount Isa tenements which commenced in October 2007.
The regional exploration program consisted of ground checking a number of selected conceptual targets considered prospective for copper-gold±molybdenum mineralisation and historic prospects using surface rock
chip geochemistry as a first pass screening tool for prioritizing exploration targets for further work. This regional exploration program has identified a number of areas prospective for copper-gold±molybdenum mineralisation throughout the Mount Isa project area.
Secondary copper mineralisation in the Trafalgar area has been traced over a strike length of 970m. The length of this structure is similar to that at Kalman. The old Trafalgar mine is covered by a small mining lease held by a third party and is excluded from the Kings tenement. The zone of secondary copper mineralisation at the old Trafalgar mine extends south of the mining lease boundary for at least 520m and north of the mining lease boundary for at least 50m. Rock chip samples from shallow prospecting pits and trenches along the secondary copper zone extending south of the mining lease boundary assay up to 11.6% Cu and 1.00g/t Au, while on the north side of the mining lease boundary assay values up to 4.9% Cu and 0.46g/t Au are reported from dump material of an old shaft. Sampling of sulphide-rich material from the dump of an old shaft along the southern extension of the Trafalgar copper zone returned assay values of 4.5% Cu and 0.67g/t Au.
At Leesa, near Trafalgar, assay values of up to 3.8% Cu and 1.11g/t Au are reported. Highly anomalous copper-gold mineralisation has also been confirmed at several other historic prospects, including Scalper and Big Pearl. Anomalous copper has also been reported from an ironstone 10km north of Kalman (un-named 2 prospect of Figure 1).
At Scalper a gossanous zone has been traced over a strike length of 70m with rock chip assays up to 8.5% Cu and 1.95 g/t Au. The gossanous zone is up to 5m wide. Sampling at Big Pearl has yielded values of up to 7.1% Cu and 1.45 g/t Au from dump material adjacent to old shallow pits prospecting poorly outcropping secondary copper mineralisation. -2- 18 December 2007 Reconnaissance exploration south of Kalman has identified a new zone of copper-gold mineralisation named Serendipity and another un-named copper-gold-molybdenum prospect.
At the newly discovered Serendipity prospect located 5.4km south of Kalman rock chip sampling returned values up to 3.4% Cu and 2.98g/t Au. Sampling at an un-named prospect having a number of geological similarities to Kalman and located 2.7km south of Kalman yielded rock chip assay values of 7.4% Cu, 3.38g/t Au and 600ppm Mo. The alteration mineralisation system is exposed in a small area on a low hill.
The Trafalgar, Leesa, Big Pearl and Scalper prospects occur within tenure owned 100% by Kings Minerals, while Serendipity, un-named copper-gold molybdenum prospect, Pelican and Pelican West, are located in an area subject to a joint venture in which Kings is entitled to earn a 70% interest.
The reconnaissance exploration program is continuing and further results will be reported upon the receipt of assay results.
The Company still expects to release the first resource estimate for Kalman by the end of this week.
Yours sincerely,
KINGS MINERALS NL
Dudley R Leitch
Managing Director
Crikey, up 6% on that ann after the pre open. Didn't expect that. It's now created a big gap in the spread so I'm not sure if this short term bullish can be maintained in this twitchy environment. Still, obviously a good thing, for the minute
imaginator, I have done exactly this before: BUt luckily I didnt sell this morning at 625, if not it would been a double whammy!
Yeah, it's a nice combination. Still a long way to mining anything yet. If San Anton gets the thumbs up it'll take a year ish to put in the infrastructure to start digging, although being a hill and open pit with roads everywhere shouldn't be that long perhaps.Plenty more detail required in the coming months about exploration, but it now has what I look for - resources and exploration upside, jumped in at 63.
18 December 2007
The Manager
Company Announcements Office
Australian Stock Exchange
Via Online Electronic Lodgement
Kalman Drilling Update
Highlights
• Continuity of the molybdenum mineralisation confirmed by initial 50m infill drilling
• Significant high grade molybdenum mineralisation intersected includes:
43m @ 0.27% MoS2 from 200m in K-56
53m @ 0.61% MoS2 from 255m in K-58
16m @ 0.31% MoS2 from 191m in K-59
24m @ 0.24% MoS2 from 239m in K-61
The Henderson Mine (Phelps Dodge) near Denver Colorado is arguably the richest Mo mine known:
• reserves around 160 Mt @ 0.35% MoS2 (No other significant economic metals)
• mineralisation starts ~1,000m below surface
• ore zones generally 5 – 30 metres wide
Kalman early down hole drill results:
• 73m @ 0.62% MoS2 Eq
• 329m @ 0.31% MoS2 Eq
• mineralisation starts within 20 metres of surface
KMN - MARKET CAP @ 67.5 CENTS = $266 MILLION
Current in ground value @ Kalman
CU US 3$ POUND
MO US 33$ POUND
AU US 800$ OUNCE
VALUE @ KALMAN IN GROUND = US$3.36 BILLION
MEXICO
10 Million Ounces AU EQ (SNN OWNING 66%, KMN OWWNING 73% of SNN)
= US $3.8 BILLION
TOTAL IN GROUND VALUE OF KINGS MINERALS RESOURCES > US$ 7 BILLION
What a great resource - just goes to prove that the market is a fool.
1 tonne = 2204.6 pounds
27800 tonnes of moly x 2204.6 = 61.3 million pounds of molybdenum
1 pound of molybdenum = $US 30
$US value of molybdenum in the ground 30*61.3million = 1.84 billion dollars US worth of molybdenum in the groundDo I have this right?
172,200 tonnes of copper x $US 6000/tonne = 1.032 billion dollars US worth of copper in the ground
250,600 oz of gold x $US 700/oz = 0.175 billion dollars US worth of gold in the ground
Total in ground value > 3 billion dollars US, divide that by ~400 million shares equals about $7.5 US a share
I'd say KMN are undervalued by around $2 a share, but that's only my opinion DYOR
Watch out for the takeover of KMN
*Note - just realised that they only own 70% of one part of the resource so these figures will be approximately 15% too high.
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