MMC - Marengo Mining

Ruprect · 3 May 2007

Re: MGO - Marengo Mining

Thanks for your research YT.

I bought a small parcel of these this morning, i think it closed well after stalling around midday.

Some reasonable sized sellers heading up to 40cents, but they wouldnt last long if the "company completes a revised resource estimate in the next few days, which Marengo hopes will come in around the 500 million tonne mark at a copper equivalent grade of about 0.5 per cent" as referred to by the West Australian on Monday.

An announcement probably isnt far away based on that prediction, and what looked like solid accumulators today.

I hate the phrase, but do have to agree, post 40cents its def blue skies!

Ruprect · 4 May 2007

Re: MGO - Marengo Mining

A speeding ticket yesterday hasnt dampened this one at all - holding very firm today.

A lot of punters waiting on the expected announcement shortly. If all the speculation is right, next week might prove very interesting.

chicken · 4 May 2007

Re: MGO - Marengo Mining

Bought in at 37.5c......after reading re PNG...this share looks intresting and with a listing in north America coming up could easly do well...looking good to me...using gut feeling here..as PNG pension fund invested..I have been up there and when its on it really will be on...this could be one of them...my spec investment...

Ruprect · 4 May 2007

Re: MGO - Marengo Mining

This is rocketing now - big purchases, just took out 300k of shares at 39cents in one big hit. 200k for sale at 40c, if it gets through that, there appears to be little resistance.

YOUNG_TRADER · 4 May 2007

Re: MGO - Marengo Mining

Ruprect said:
This is rocketing now - big purchases, just took out 300k of shares at 39cents in one big hit. 200k for sale at 40c, if it gets through that, there appears to be little resistance.

Its through,

Rising very strong indeed, maybe a little too strong unless news comes out soon?

I am taking some profits here and there.

Ruprect · 4 May 2007

Re: MGO - Marengo Mining

Hard to pick whats going on.

Question is, how long after a speeding ticket can they make a sensitive announcement? Ive seen it done a day later in the past.

I guess we know something is due to come out in the next week.

The buy orders were very large though, and so close together, likely to be the one source.

Pat · 4 May 2007

Re: MGO - Marengo Mining

Will it hold 40 cents on close? Buyers running out a little after the big buy up.
Monday is so far away.
I was in yesterday at 37 cents.

Ants · 4 May 2007

Re: MGO - Marengo Mining

Damn went away from the computer to make a roll for lunch today I decide to sit at the table instead of the bloody computer and it spikes. I was just saying to my7 girlfriend how it would be greast to have a little watch feeding me live updates so I could get awy from the desk, no kidding!Still holding at a sensible price range. Any thoughts?

surfingman · 4 May 2007

Re: MGO - Marengo Mining

Yesterday afternoon there was some good late sales, I'm guessing today the same will happen with very good volume today also.

I am undecided to sell now, or to hold for short term maybe another month or so, then there may be a possibility of increase in resource size.

Ants · 4 May 2007

Re: MGO - Marengo Mining

Sell depth is still extremly thin. With that said I think this one still has a lot left in it. Those were some big buys that went through.

YOUNG_TRADER · 4 May 2007

Re: MGO - Marengo Mining

Having bought my MGOO at 8c (about 1 month ago) I had no problem in taking some profit at 16c-19c

There is still lots of potential here but it has been running hot and we're in MAY, any other period and I'd sit and wait for JORC but MAY gets me all

Pat · 4 May 2007

Re: MGO - Marengo Mining

Looks like it would of held at 41 cents till someone dumped 70k of shares at 38.5 cents.
I think buyers look a little weaker with sellers coming on.
No news is bad news.

Ruprect · 4 May 2007

Re: MGO - Marengo Mining

I dont know, the buy side looked like that for most of yesterday and today. There were two big trades that i could see today, 300k at .39 and 200k at .40, quite possibly the same buyer. Then it was a frenzy to .46 before pulling back.

The West Australian article on Monday pointed to news in the next fortnight, so we might reasonably expect something next week.

I think the big trades point to something interesting, so im quite hopeful.

vert · 4 May 2007

Re: MGO - Marengo Mining

yes it would have held 0.41 but i was on a t+1 trade and went out at the wrong time and missed the mad rush to 0.46 , i was hoping for some buyers to come back at the end of the day but no luck so i dumped on the close. sorry guys but i still made a profit and will be watching very closely next week.

surfingman · 4 May 2007

Re: MGO - Marengo Mining

vert said:
yes it would have held 0.41 but i was on a t+1 trade and went out at the wrong time and missed the mad rush to 0.46 , i was hoping for some buyers to come back at the end of the day but no luck so i dumped on the close. sorry guys but i still made a profit and will be watching very closely next week.

Same happened to me, went to uni to learn about investment came home and wished i never left the house, lecture was average but there's always Monday, those big sales going through gives me a little more faith.

Ruprect · 4 May 2007

Re: MGO - Marengo Mining

vert said:
yes it would have held 0.41 but i was on a t+1 trade and went out at the wrong time and missed the mad rush to 0.46 , i was hoping for some buyers to come back at the end of the day but no luck so i dumped on the close. sorry guys but i still made a profit and will be watching very closely next week.

Lol, no worries Vert! I thought it might be someone who had to get out. Glad you made a profit. I assume you were able to get out of some of them a bit higher than 38.5?

If those same big buyers are there next week, or if we see the expected announcement, the mad rush might well start again.

Pat · 5 May 2007

Re: MGO - Marengo Mining

Good onya Vert

I hope we see some good volume early Monday and bring it back above 40.
37 cents seemed to be a base Thursday and Friday, I think if it falls under 37 cents SP will snap back into the bollinger bands... around 32-33 cents.

Need some news to keep up momentum, run hard to 46 cents and I missed it too. Oh well

happytown · 7 May 2007

Re: MGO - Marengo Mining

the following commentary accompanied a chart (not attached) from last weekend fairfax paper, by chartist regina meani (the chart appears to pre-date late last weeks price action),

mm is a diversified metals company with high quality copper, molybdenum and gold deposits in png. a trend path established in 2003-04 saw the price rise from 8.2c in dec 04 to 34c by aug 05. a similar momentum build-up may see more churning between 24 and 32c before breaking higher towards 40c, 55c and potentially as high as 80c. the risk would be a break in trend through 21c.

cheers

Pat · 7 May 2007

Re: MGO - Marengo Mining

I'm out @ 42.5 cents this morn. I'm still too impatient. ann still pending, bet it's out tomorrow now that I sold and a run to 60 cents. Good luck guys

Ruprect · 7 May 2007

Re: MGO - Marengo Mining

Announcement is due out mid may according to the website - "Resource update due mid-May 2007.", so that suggests something in the next week.

Marengo also made yet another presentation at the Asia Miner conference in Sydney today, to add to their presentations recently in London and Canada.

I think the big buyers late last week might indicate that the resource upgrade is substantial. We shall see soon if they are right!

MMC - Marengo Mining

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