LEF - Lefroy Resources

[The Mint Man]

Done a search for this and couldnt find it so I thought I would start a thread up. Why?
Well I just noticed it on my watchlist jump 54%. they had a trading hault and then this Ann:

22 nd November 2006
Via electronic lodgement
APPOINTMENT OF TECHNICAL CONSULATANT AND PLACEMENT
Appointment of Technical Consultant
The Directors of Lefroy Resources Limited (“the Company”) are pleased to announce the
appointment of Corporate & Resource Consultants Pty Ltd (“CRC”) as Technical Consultants to the
Company. The primary function of CRC will be to identify quality assets for acquisition by the
Company.
The relationship will be managed by Mr. Klaus Eckhof (MAusIMM), a senior exploration geologist
who has global contacts and has been instrumental in sourcing successful projects in Australia,
Africa, Russia, South America and the Philippines.
Placement
CRC, its Directors or nominees, have agreed to subscribe to a placement for 3,000,000 shares and
3,000,000 attaching options (25 cents June 2009) to raise $600,000. The funds are to be used for
carrying out specific project evaluation and due diligence.
As part of this proposal the Company will undertake an option issue to its existing shareholders, on
the same terms and conditions, at a price of 1 cent per option, and on the basis of one (1) new option
for every two (2) fully paid ordinary shares held. CRC will act as underwriters for the above option
issue. These options are to be quoted on the Australian Stock Exchange.
Both the placement and issue of options will be subject to the successful passing of Resolution 3 at
the Annual General Meeting to be held on 28 November 2006. (Resolution 3 relates to the ratification
by the shareholders of a previous placement for 5,300,000 shares therefore reinstating the Company’s
capacity to issue up to 15% of its issued capital in the next 12 months without shareholder approval
(ASX Listing Rule 7.1)). The record date for the options issue will be released in due course.
Yours Sincerely
Malcolm James
Chairman

cheers

 

[nizar]

Nice volume as well.

 

[exgeo]

Actually I thought this announcement was kind of negative, so I was a bit mystified as to the sudden price spike. Why would they be looking for a new project if the one they've already got is so great? It's not like they're a giant company with the resources to handle many simultaneous projects. The consultant they appointed (Klaus Eckhof) seems to be the director of many other mining companies, so presumably he has good contacts in the industry.

I had a high hopes of this stock (on a fundamentals basis, not charting) but sold out when they spiked up. The subsequent drop was when the stock traded ex the subscription rights for more shares. If they drop far enough (back to the levels of pre Nov 22, around 17c) then I might be tempted again but I guess it might be a long wait.

 

[Sean K]

Trading opp on LEF imminent.

Ann out - Acquired U projects in Peru and Chile.

Not sure of their potential but looks set to break up significantly from pre open.

Depth doesn't look too hot at the moment.

Don't get caught without a chair.

 

[TheAbyss]

This one looks like it managed to go backwards on an announcement regarding uranium prospects. Is this a first fopr the U308 sector?

Not sure why it went backwards. Any ideas?

 

[chris1983]

My latest spec play is Lefroy

LEF : 62,198,501 shares
LEFO : 34,099,251 Options

Fully diluted market cap of just over 20 million.

Cash at bank = 7.6 million

8.6% stake in Torrens Energy (TEY) valued at 4.7Million A$

I actually came across this stock from another poster on another forum site and I'm happy to have a little go at it.

ACQUISITION OF URANIUM EXPLORATION PROJECTS

Lefroy Resources Limited (ASX: LEF, “Lefroy”) is pleased to announce that it has entered into an agreement that, upon completion, will give it full ownership of a package of uranium exploration projects situated in Chile and Peru. Granted title has been secured over five project areas totalling in excess of 12,000 hectares. Four of the projects are located in the Atacama region of northern Chile with the fifth project located in the Macusani district of south eastern Peru.

The Chilean projects all have demonstrated uranium mineralisation whilst the Peruvian project is less advanced. Mineralisation in the Chilean projects generally conforms to the “sandstone hosted uranium” and “calcrete uranium” classes. Previous preliminary exploration identified radiometric anomalies that have some initial follow up exploration, including trenching and sampling of mineralisation at three of the projects. The mineralisation previously discovered is shallow with simple mineralogy (dominantly carnotite) in locations with generally good logistics which would allow for a low capital cost, short lead time operation if an economic deposit is discovered. Some high grade assays recorded in the late 70’s into the early 80’s from limited sampling of three of the projects included spectacular grades up to 9kg per tonne. The sampling methodology and process is not known and although these reported assays are encouraging, they are from limited historical data which needs to be confirmed by Lefroy with a modern exploration program. A thorough ground radiometric program is planned to further delineate the anomalies with trenching, sampling and drilling to follow with a view to establishing resource estimates as soon as practicable.

This one has gone unnoticed. I picked up a small holding today. Only $2500 worth just to have an interest. Reason being is below. I didnt realise Mr Eckhof had been made a lead Technical Consultant for the company. We all know what he has done for Erongo. This is his domain. He has many connections and by reading the Acquisition announcement I think he has picked up some good grounds. The key in the announcement was

"The sampling methodology and process is not known and although these reported assays are encouraging, they are from limited historical data which needs to be confirmed by Lefroy"

I love projects with some historics onboard.

Appointment of Technical Consultant

The Directors of Lefroy Resources Limited (“the Company”) are pleased to announce the appointment of Corporate & Resource Consultants Pty Ltd (“CRC”) as Technical Consultants to the Company. The primary function of CRC will be to identify quality assets for acquisition by the Company. The relationship will be managed by Mr. Klaus Eckhof (MAusIMM), a senior exploration geologist who has global contacts and has been instrumental in sourcing successful projects in Australia, Africa, Russia, South America and the Philippines.

 

[ta2693]

I do not know why there are so much sellers on 21st MAY after a good announcement. The candle on 21st is so ugly that I am not willing to invest at the moment.

 

[chris1983]

One to watch. Directors have been buying..could be an indicator for news on the way? Not sure..but I have a small position in these so hopefully we get some good news.

 

[TheAbyss]

Lets hope so Chris. I bought at .24 and tried to sell at .305 and missed so i have held since the U announcement (caught without a chair Kennas, or was i too greedy?).

I decided to hold for a while and see how they run rather than take the loss at end Fy so will be watching and look forward to some commentary Chris.

 

[chris1983]

Lets hope so Chris. I bought at .24 and tried to sell at .305 and missed so i have held since the U announcement (caught without a chair Kennas, or was i too greedy?).

I decided to hold for a while and see how they run rather than take the loss at end Fy so will be watching and look forward to some commentary Chris.

Hope so too Abyss, Would be nice to see them go three fold and pick up a nice profit from a 2500 dollar investment. Im currently holding the oppies. They definately have the possibilty of doing this as they have very little shares on issue.

62 million head shares and 34 million oppies. Would bring the fully diluted market cap once at 60 cents to around 56 million..with 7 million at bank and shares in TEY valued at what 3 million? All you need is a bit of good news to get little spec plays like Lefroy going. IMO they allready have some good projects..and Klaus Eckhof has a tendancy of getting into stocks that run hard. LOU..currently ERN is a great example. LOU options used to be 10 cents..very similar patterns I see going on..Erongo has recently dropped off but its picking the stocks before they run that is the key..hopefully we are on a stock that is waiting to run..and run hard

 

[flyboy77]

Lefroy Resources - On the March

Perhaps the South American uranium deal is about to be finalised?

They said 6 weeks on 21 May so the timing is right......

Must be good turf to pay $1m in expenditure and issue 21m shares plus 4.8m options.....

 

[chris1983]

Yeah it looks good. Some very positive movement today. Atleast I have one of my speccies starting to perform again. Hopefully it can be backed up by a positive announcement.

 

[chris1983]

Re: Lefroy Resources - On the March

Perhaps the South American uranium deal is about to be finalised?

They said 6 weeks on 21 May so the timing is right......

Must be good turf to pay $1m in expenditure and issue 21m shares plus 4.8m options.....

I actually think the deal is a very good one. They will gain 12,000 hectares in Chile and Peru with sampling allready carried out on some of their licenses in the 70's and 80's. They had some sampling grades of up to 9kg/tonne uranium..not too shabby and good for a spec play. I think another valuable addition to the company is Mr Carl Swensson. They have more than enough money at bank to fund expenditure for a long period of time.

"Upon the completion of due diligence, the directors of Lefroy will proceed to convene a meeting of shareholders to approve the transaction. It is also planned that Mr Carl Swensson, a director of King with over 30 years of experience in mineral exploration will be appointed to the board of Lefroy. Mr Swensson was formerly Chief Exploration Geologist for Normandy Mining Limited/ Newmont and has held senior exploration positions with Bendigo Gold Associates and CRA. His experience covers a wide range of countries and commodities including Uranium, Gold, Nickel, Copper, Zinc, Lead, Tin, Tungsten and Diamonds."

Its always key to have someone with experience behind them on the board..this could be a turning point for the company.

 

[springhill]

LEF is a little spec i have taken a keen interest in recently. Lefroy are looking to take over the rights to a piece of land prospective for iron ore in Brazil. In future, if decent resource can be proven, this company could become an excellent takeover target as the parcel of land is in the midst of a number of multi-billion ton iron ore deposits held by Vale, Salinas and MIBA. Predation is a possible conclusion here. Corporate acquisitions have occured here recently as described on p2 of the link.
http://www.asx.com.au/asxpdf/20100705/pdf/31r57src2tzsyd.pdf
The rest of the link gives the terms of the agreement.

Quarterly Activities Report here,
http://www.asx.com.au/asxpdf/20100730/pdf/31rnbqz7dyhblm.pdf
Quarterly Financial Report here,
http://www.asx.com.au/asxpdf/20100730/pdf/31rnbsk67lmxfv.pdf


Would like to hear others thoughts, but looks promising. Although a 2:1 consolidation and a cap raising is in the pipeline, the intent for a 1:1 oppie at issue price of 0.1c each balances this out for holders with an eye to the future.

MC $4m
Current SP 5c
Shares on Issue 72.2m
12mth High/Low 18c/4c
Cash at Hand #3.1m
Expenses this Quarter $280k

If all the pieces fall in place LEF will enter suspension mid-this month.

 

[springhill]

Lefroy today released their FY report ending 30 June 2010.
IMO these guys are barking up the wrong tree, naturally they have to report activities on their Pampas Uranium Project in Chile, but seriously, with grades of,
2m @ 34.60ppm U3O8 from 2m
2m @ 36.15ppm U3O8 from 9m
4m @ 57.50ppm from 28m
1m @ 80.00 from 28m
and the "bonza" hit of 2m @ 488.00ppm from 21m
it's time to let this one slide, either farm out or sell the tenament.

You guys have a prospective IO deposit smack in the middle of 3 potential multi-billion tonne resource predators with rail infrastructure being built close by, if a viable resource can be proven up. So why waste money on a project that is obviously heading nowhere? Plus a lithium project that is questionable in it's viability. Conserve your cash and make it count. It is my belief this IO spec project could be something worthwhile and you are clost to securing it.
http://www.asx.com.au/asxpdf/20100820/pdf/31s0mz4t5b7hvn.pdf

 

[springhill]

Lefroy have set the ball rolling on their intended iron ore acquisition in Brazil. For those that are interested in the Share Sale Agreement and notice of AGM, at which it will be voted upon, here is the link.
http://www.asx.com.au/asxpdf/20101006/pdf/31syv920dk3tv9.pdf