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Re: MTN - Marathon Resources

Anyone taking up the offer to buy Pheonix Copper? I'm still looking into the tenaments but so far it looks like a nice parcel of land MTN is relinquishing in the Burra region of SA. No money in return but I guess they don't need any in the immediate future with their last cap raising completed not too long ago. What they get in return for EL3164 is 750k shares and 750k options so one can only hope they are confident this new company won't tank soon after launch.

The other tenaments Phenix Copper will have in the Burra region look interesting (old copper mines + close to infrastructure) but is also very close to a town. Some parts are also unavailable to further exploration.
 
Re: MTN - Marathon Resources

Phoenix Copper doesn't look too bad but I guess my concern is the uranium sector and specifically MTN. Anybody any thoughts about why there is so little action in the uranium sector?
 
Re: MTN - Marathon Resources

prs said:
Phoenix Copper doesn't look too bad but I guess my concern is the uranium sector and specifically MTN. Anybody any thoughts about why there is so little action in the uranium sector?
Click to expand...


Even with the attraction (?) of the Phoenix Copper IPO, today MTN dipped well below the psychological $2.50 mark, going down to $2.30 and finishing at $2.42. Six months ago I would have thought this a brilliant buying opportunity, but now I'm not so sure.

As an original buyer of MTN sub-$1 and then a subsequent seller, for the moment I'll continue to watch and wait.
 
Re: MTN - Marathon Resources

This is still looking rather tenuous, been following this stock to try and see a suitable entry point, but just watching and waiting for now. Doesn't seem to be able to sustain any basline level of support which is rather worriesome.
 
Re: MTN - Marathon Resources

Golly geepers, perhaps this won't be a mine. What the heck is happening to MTN??? They have a high grade U deposit of considerable tonnage in the U state of Oz! Perhaps something that we are not prevey too??

This is one occasion where following the techinicals could have saved you a packet...
 

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Re: MTN - Marathon Resources

Hey Kennas... Its been a while since I've posted something with any substance about anything... I blame work... The sad reality is MTN really doesn't have much to look forward to anymore... imo... Their biggest hurdle is and always was the environment... The air changed in Augusts major correction, before it seemed like we would breeze through the red tape because of an amazing run and everything would be ok. After the correction people started to realize that they had to pick near definite producing companies because speculating on MTN's inherited stinky red tape is a big risk... People were expecting more from Mt Gee in regards to its deposit and Namibian based U companies are favorited nowadays...

MTN's action to me is not surprising... having said that they probably will go for a huge run just because I have that kind of luck with words
 
Re: MTN - Marathon Resources

agree with both of you.... MTN has been a raging sell since it broke thru blue uptrend line in kennas's chart, then the major supports at 5 and then 4... The market doesn't lie... a share is worth what it is worth!

This was one of my favourite stocks... its time may come again, cause they have the resource... but its a matter of the conditions in the energy market at the time.

Most of Asia and the rest of the world still need Uranium, even if Australia doesnt... but people will mine what is easiest to mine first...

BMN is the standout in that area.... dig it up, process and sell...

My only other exposure to Uranium in Oz is PNN.... its my tip to be the next new U mine in Oz (expansion by the incumbents excluded), target of 2010.

If the uranium conditions demand new mines and higher spot prices.... MTN WILL come back into the picture.
 
Re: MTN - Marathon Resources

Insider, I see an incredible kick to MTN's prospects in the future: The day they ann that the SA Govt is going to allow mining at Mt Gee. How will anyone know that? Maybe get to know the secratary in Mike's office....
 
Re: MTN - Marathon Resources

kennas said:
Maybe get to know the secratary in Mike's office....
Click to expand...

Nah can't be bothered... : besides didn't Buttermere want to buy up at $3.58 or so... Where are they now? MTN would jump significantly if Mining was officially allowed at Mt. Gee but I suggest it'd be best to wait for that announcement...
 
Re: MTN - Marathon Resources

I see our rock singing pollie as the biggest threat to uranium mining in Australia at the moment. Do you remember his dissappointment outside the Labor Party national conference when Labor supported new mining federally in Australia? He was discusted! Labor do support new mines (on policy now anyway).....we'll just have to wait for it. At least SA do support from a State point of view unlike WA (and who knows what is going on up here in Qld now that backflipping Pete has gone).
I used to hold MTN too. The fact that they are sitting on some sort of nature reserve and their entry may be some way distance from there to mine was the comment from one of the Eureka reports was what made me stay way clear of them (meaning the entry to the mine would be tricky). I see AGS (Alliance) as being a good potential miner as they just have the nice grade. I don't own at present.
 
Re: MTN - Marathon Resources

what is this?
a super dead cat bounce?
maybe the cat is powered with energizer lithium.
just kidding.
but i just can't imagine after a drop of 10% to 1.80 now back to 2.50.
so lucky those who entered at 1.80.
 
Re: MTN - Marathon Resources

I was looking at Kennas' above chart on Friday morning. I decided that unless there was some unwinding of the environmental and political challenges facing Marathon to get a mine started in Australia, albeit SA, that the technical interpretation was - descending triangle, target being base minus height, 2.50 minus 1.50, equalling downside target 1.00. However with previous resistances at about 1.30, this was the more likely new support.

I didn't and still don't, see the challenges unwinding quickly, so nobody more surprised than me to see it run up 20% going into the close. No announcement came during the day that I saw. The historical price action shows several unsuccessful attempts to find the bottom. Don't want to rain on anyone's parade, but unless some positive news comes out soon, I think powerkoala might be on the right track.

It has to be remembered though, Marathon are sitting on a quality high grade U resource. When/if the time comes that they can dig it up, they will make a lot of money.
 
Re: MTN - Marathon Resources

prs,

Here's my response to your question re MTN under your "Uranium Thread" that I made towards the end of last year, not sure whether you saw it or not. I still haven't changed my opinion of this company. Fundamentally, nothing seems to have changed. Remember, this is just my own opinion, other members may not agree with it. I know you have a significant stake in MTN, just bad luck that the market sentiment swung against you....


My response...

 
Re: MTN - Marathon Resources

Prs
Man, I feel bad for you to be in this position, there's nothing worse than losing sleep over the stock market...... But I wonder why you stuck a significant portion of dough in a Uranium Company when the the sector is cold as ice atm, even without the credit crunch.... Was this a tip from a friend, etc??????

In my humble opinion, there is zero chance of MTN getting their mine up and therefore I think they are only worth their cash backing, which last time I checked was pretty low. I say this because of the following reasons

1. The deposit is in an extremely politically sensitive area and anyone with knowledge of South Australian politics has said from day one they are doomed.
2. The project would require significant capital, which the current management quite simply doesn't have the expertise to acquire in a good debt market, let alone the way it is now; and
3. If you needed any other reason, just look at the chart. The stock is in a major downtrend, suitable for short selling not going long.....

I can't tell you what to do with holding, you will have to decide that yourself - but do I think MTN will recapture it's highs, not in my lifetime.....

Cheers and all the best
 
Re: MTN - Marathon Resources

Go Nuke said:
Oh and it gets worse for MTN......

From the Australian today....

http://www.theaustralian.news.com.au/story/0,25197,23064530-5005200,00.html

Dumping drill cores of Uranium is not so good in a National Park:nono:
Click to expand...


Not sure the article says the dumping was in a national park, only that it was found nearby to the Arkaroola Wilderness Sanctuary resort. If it was found on MTN's tenement, makes you wonder why the resort's owners were on MTN's ground (trespassing?) and what they were looking for?

Nonetheless it appears the method of disposal of the drill cores wasn't correct.
 
Re: MTN - Marathon Resources


Reece55 and others
Thanks for your comments. I guess I'll just have to ride this one out now as I'm below what I paid for the shares. I would have thought that with the JORC this Coy has and the way their management appeared to be leading the coy that even though their tenement is in a sensitive area, with a bit of Gov't support, they'd have a future. I hope like all get out that the sp climbs around $4 'coz I've certainly leaned yet another lesson in life.
Thanks again guys.
 
Re: MTN - Marathon Resources

Well

As if it couldn't get any worse for MTN, release today stating that an internal investigation and audit of Exploration procedures is underway following the discovery of the inappropriately disposed of sample bags. Couldn't have come at a worse time imo....

jman
 
Re: MTN - Marathon Resources

Wow..from around $6.50 to a low of .87c in roughly 6 months.

I used to dream of owning MTN when it was on the way up....now I'm so glad i don't hold any
 
Re: MTN - Marathon Resources

Go Nuke said:
Wow..from around $6.50 to a low of .87c in roughly 6 months.

I used to dream of owning MTN when it was on the way up....now I'm so glad i don't hold any
Click to expand...
I held for too long actually as I believed in the funny's too much. The company and it's managers are in deep doo doo by the look. Luckily at the time I was just playing technicals as there was some unertainty in Mt Gee. ie, A Red Footed Booby Reserve, or something... On the other hand, the company were reporting one of the best resources in the country with huge potential to expand. Then, they brought out downgrades. Who brings out a downgrade when the resource is supposed to be developing through resource expansion drilling that was hitting great widths and grades?? My appologies for being so bullish early on. I hope I never led anyone astray. I always call it as I see it, even with stocks I own.
 
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