Australian (ASX) Stock Market Forum

MXR - Maximus Resources

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benwex said:
I can suggest a few obvious reasons:

1) the 1.5Billion that Mr Will throws around is not based on drilling results and JORC compliants.
Click to expand...

I have been a bit frustrated by Dr Wills reporting over the last couple of years, MXR has had to qualify one of its reports after a complaint about it's alluvial gold resource already (which should have rung alarm bells back then). I'm just wondering if it is time to submit another one over the iron ore it claims to have. Any advice on the following would be appreciated.

If the resource is not JORC compliant then this is no real grounds for a complaint to the ASX in itself but if MXR releases non-JORC compliant estimates in order to manipulate the share-price, which there is at least circumstantial evidence for (considering the timing of the announcement to the expiration date of the options) then is this enough to go ahead with a complaint to the ASX? The JORC is not a policing body and will not accept complaints about resource reporting.

Thanks.
 
DocWood said:
I have been a bit frustrated by Dr Wills reporting over the last couple of years, MXR has had to qualify one of its reports after a complaint about it's alluvial gold resource already (which should have rung alarm bells back then). I'm just wondering if it is time to submit another one over the iron ore it claims to have. Any advice on the following would be appreciated.

If the resource is not JORC compliant then this is no real grounds for a complaint to the ASX in itself but if MXR releases non-JORC compliant estimates in order to manipulate the share-price, which there is at least circumstantial evidence for (considering the timing of the announcement to the expiration date of the options) then is this enough to go ahead with a complaint to the ASX? The JORC is not a policing body and will not accept complaints about resource reporting.

Thanks.
Click to expand...

I recently started a thread called "Ãs this a valid occupation". I was referring to a company that seem like amateurs compared to this guy lol. There are explorers though that have no intention of mining. They just jump on the latest fad and raise money and keep themselves in well paid employment and perks. Also seems some hand over there land for free shares plus small consideration and I think because they see more value in Kevin Wills marketing rather than the land itself.:mad: So how many people these ventures are financially supporting on hype may surprise many.

If they did clamp down hard on it then exploration itself may suffer so hard to police without ruining the industry. Exploration is in itself a gamble. Just one would assume some sincerity in motivation. I have to be honest though and have seen some explorers move to mining only to become undone. So there is llittle incentive for many to actually mine when easier money can be raised by cap raising on a blue sky hype scenario.

I would love to spend hours and investigate this man as he certainly has me intrigued (mainly from the hype of FMS, was not aware of him being involved with MXR till a few days ago). I have not lost money from these stocks though so hard to get that angry about to make it a lifes work lol.

I would say just report to ASIC and ASX if you feel you have been misled by a company announcement. They would have to do some tweaking of the system if enough complaints received.
 
Things are starting to move. and about Bloody time.

Full scale production to commence at sellheim after 01 dec
and further approvals given for Bird in Hand advancement.

IMO once this mob start getting decent cash injections from bullion sales from Sellheim this should start to hopefully allow it to claw back some lost ground. But then again given the way the headless chooks are running around I doubt that its full potential will be recognised for at least 6 mths. But in my mind cash in the bank and gold bars waiting to be sold is a safer investment than some others around.

SEMPER UBI SUB UBI
 
Maximus Resources BRR radio Quarterly Report to 31st December 2008 - Mr Kevin Wills MD: http://www.brr.com.au/event/55004/focus-on-gold-production

Maximus sets out their approach to the credit crunch that may be similar to many in the mining sector. Now concentrating on their Sellheim Gold Project in QLD, an alluvial gold mine on hill slopes, and the Bird in the Hand Project in the Adelaide Hills.
Company is retrenching and cutting costs by about 80% that should keep them alive and kicking.
 
MXR just hit the bottom again (52 week low of 4 cents) and now moving off that low. I am suprised with the lack on interest in this company considering it is in the buisness of gold exploration/ production. There is gold in them hills (Adelaide and Queensland);)
 
MXR ASX Release (20 Feb) re Placement (9,666,666 shares at .03c = $290,000 before costs) “to provide funding towards the continued development of the Company’s Sellheim alluvial gold project in Queensland”.

“At Sellheim in Central Queensland, Maximus has recently combined its two gold production plants to enable increased throughput. Information on this and recent gold sales will soon be released in an ASX Announcement that is in preparation.”

Will be interesting to see the recent gold sales figures.

Let’s hope MXR has bottomed at .035c
 
and this announcement out earlier today

"NEW PLANT CONFIGURATION ENABLES PROFITABLE SELLHEIM GOLD PRODUCTION
HIGHLIGHTS
• February gold sales of 72 troy ounces will raise about $110,000.
• Gold nugget sales now total 56 for $52,560 at an average price of $1,719/ounce.
• The two plants have been reconfigured and are achieving a treatment rate of over
20 bcm/hr.
• Daily gold production plus nuggets is expected to be 6.9 troy ounces with a value of
$10,350 at current gold prices of over A$1,500/ounce.
• Operating costs during the wet season are predicted at $6,000/day."
 
big sal said:
and this announcement out earlier today

"NEW PLANT CONFIGURATION ENABLES PROFITABLE SELLHEIM GOLD PRODUCTION
HIGHLIGHTS
• February gold sales of 72 troy ounces will raise about $110,000.
• Gold nugget sales now total 56 for $52,560 at an average price of $1,719/ounce.
• The two plants have been reconfigured and are achieving a treatment rate of over
20 bcm/hr.
• Daily gold production plus nuggets is expected to be 6.9 troy ounces with a value of
$10,350 at current gold prices of over A$1,500/ounce.
• Operating costs during the wet season are predicted at $6,000/day."
Click to expand...
Nice.

72 oz a month will mean they produce 852 oz for the year.

They're cooking!!

What are they doing? Panning at Sovereign Hill?

:confused:
 
Not that it has to much implications on the MXR share price.

It actually said Feb sales were 72ounces/month not production
also states that it is expected to be 6.9ounces/day actual production
which basically equates to $10,350/day
Operational cost will be roughly $6,000/day
Profit $4,350/day

Ends up being arround 1.5mil/Year
Obviously there a few factors to take into account

They have to sell everything the mine
Currently the plant was running at 10bcm/hour
the new configuration has running at 20bcm/hour
Stage 3 configuration should be an additional 100bcm/hour
 
it has been a heavy wet season up there so you would expect the operating costs of $6k/day to reduce (perhaps substantially) as the dry season arrives in March/April
 
Well I wonder how things will go when the gold price drops along with the USD.

The expenses seem to be quite high considering that its just a backstreet operation !!!

Expecting a few more capital raisings thats for sure !!!
 
big sal said:
it has been a heavy wet season up there so you would expect the operating costs of $6k/day to reduce (perhaps substantially) as the dry season arrives in March/April
Click to expand...

At the end of the report it states that Maximus also plans to be in full production (stage 3) in the second quarter and aims to be producing 45 troy oz per day. I feel that should position them to ride out the turmoil, whilst others go under. Hopefully, it will also set them up to further the Bird in Hand deposit and the other projects (fe, uranium etc..) when things recover.

45oz's (less oops we overestimated) x gold price over the next 12 months less costs x days in production = ??????????

Any gold savvy punter care to take a stab at the numbers?
 
This one dropped of the Boards.. I was wondering If anyone was still following this extremely rough diamond (haha)

They seem to be just struggling through this market crisis with a few dollars coming in every month not to sure if it will be enough to get bird in hand up and going...

they should be getting there 100bcm plant up and running soon which would increase there daily profit.

currently though with as little as 13koz this is barely going to bring much to the kitty.. just waiting on some more canegrass reports.. something to actually confirm the 2-3billion tons of Fe...
Definetly waiting till something solid before i jump in with some large capital..
Has a good base of 3cents.. if anyone is game to trade this.
 
MXR looks to be consolidating their ventures - namely by looking for JV's with their other projects to generate revenue for their more "viable" projects given the current market conditions.

Who knows how this will pan out - I just know I should have jumped out on the excitement of the Canegrass findings however I held for the longer term - my own fault really.

If MXR can generate additional revenues by offloading some of their Uranium based holdings - Sellheim could well be a nice revenue raiser such that additional exploration can continue on Canegrass et al.

Bird in Hand I believe to be a dud - considering it's a ground water issue and the only solution to this would impact the neighboring farmers - but then again, I could be wrong!
 
Always end up watching this one, Just wondering if anyone else has noticed the more then usual buy up of this share today, with normal Max Volume floating around 2mil-3mil today has hit 11mil+ on solid share price rise aswell.

Only other thought is someone is ramping the price to get the SPP through at 2.7cents.
I guess time will tell might start watching this one and if it continues on an upward trend, could be back in the running to get that 1.7-3billion tonnes of iron ore project going :p
 
Just a quick bump for MXR, good little spike after the NRR issue and capital is ready for the ~6 hole RC program. Their target is good, it's a "one shot" type of situation but an interesting gamble. Last of the great penny dreadfuls ??

Holding some just in case
 
Expecting preliminary drill results in the next 3 weeks, hoping for a steady climb as we get closer. I have confidence in their targets, now to find out if it's worth having confidence in their competence to hit those targets.
 
For those who can't be bothered reading the release

"Massive sulphide encountered in multiple holes"

Which is code for a good result!
 

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