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PMH - Pacmag Metals

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kennas said:
I'd be searching for a chair about now. If you get one when the music stops, you can just get up and keep dancing....
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lol yes kennas we all know when the clocks strikes 12-midnite, everything turns back into pumpkins and mice, problem is, where are the clocks? oh well, lets go for one more dance :
 
From news.com.au

PacMag benefits from uranium find
October 11, 2006 12:29pm

SHARES in PacMag Metals Ltd gained today after the minerals explorer announced a high grade uranium zone at its Olary joint venture in South Australia.

PacMag is the manager of the joint venture and by the completion of a bankable feasibility study may earn up to 75 per cent equity in the project from Giralia Resources NL, which also saw its shares rise on the news.

PacMag's shares rose 10.5 cents, or almost 23 per cent, to 57 cents, while Giralia rose eight cents, or 22 per cent, to 45 cents a share, in morning trading.

At 1158 AEST PacMag shares were eight cents, or 17.2 per cent, higher to 54.5 cents, while Giralia was one cent higher to 38 cents.

The Olary project, which is 1200 sq km, comprises two exploration licenses for hard rock and roll front uranium deposits.

"Recent reconnaissance mapping with accompanying rock chip sampling has defined a new zone of strong uranium results on the northern Olary tenement E2939," PacMag said.

The find will tap into investor fever for uranium stock that has been recently demonstrated by a number of successful uranium company listings on the stock exchange and higher uranium prices.

The interest is being driven by declining above-ground supplies of weapons grade uranium and an international push for cleaner fuels.

Last week PacMag's shares jumped 23 cents, or 124 per cent, to 41.5 cents, after it outlined a $US25 billion ($33.58 billion) resource estimate at its wholly-owned Ann Mason project in Nevada, US.

It said the project had a resource of 810 million tonnes grading 0.4 per cent copper and 0.004 per cent molybdenum, in a 64 per cent improvement to the previous estimate.

The copper metal in the resources has an in-ground value of $US25 billion based on current metal prices, PacMag said, and there is still room to further increase the resource.

 
"Ann Mason is also of a similar size and grade to other publicly reported resources and reserves from deposits under evaluation where detailed feasibility studies are in progress such as at Aur Resources' Andacollo sulphide copper deposit in Chile and bcMetals' Red Chris porphyry copper deposit located in British Columbia (Table 2)".

Heres an interesting read on Aur Resources Andacolla Primary Copper Deposit.

Andacollo Primary Copper Deposit
The Andacollo property hosts a copper-gold deposit containing approximately 311 million tonnes of mineral resources at an average grade of 0.46% Cu and 0.15 g/t Au which underlies the supergene copper deposit currently being mined. A pre-feasibility study, carried out by Aur in 1998, indicated that this deposit could, with a capital investment of $280 million, be developed to produce 174 million pounds of copper and 55,000 ounces of gold annually for 15 years. Aur intends to update this study in 2004 to evaluate the economics of developing this deposit for production, given the positive outlook for copper prices going forward.

Andacollo Hypogene Copper Deposit A Major Source of New Copper ProductionResources:421 million tonnes
Grade:0.43% Cu, 0.13 g/t Au
Annual Production:≈ 170 million lbs Cu and 59,000 oz Au
Mine Life:21 years
Capital Costs:$312 million
IRR:>15% at Cu=$1.00/lb, Au=$400/ozStatus:

Bankable feasibility in progress•Production achievable by 2009•Production decision by March 2006

A Major Source of New Copper ProductionResources:421 million tonnes Grade:0.43% Cu, 0.13 g/t AuAnnual Production:≈ 170 million lbs Cu and 59,000 oz AuMine Life:21 years Capital Costs:$312 millionIRR:>15% at Cu=$1.00/lb, Au=$400/ozStatus:

Bankable feasibility in progress•Production achievable by 2009•Production decision by March 2006


Found the following announcement by Aur Resources saying that they will bring the mine into production. See link below.

http://www.ccnmatthews.com/news/rel...earchText=false&showText=all&actionFor=606310

One thing I havn't managed to find is the depths of the deposit.

One thing I do know is the Ann Mason resource is double the Andacolla Resource.
 
bc Metals Red Chris project is also going ahead. See link below.

http://www.bcmetalscorp.com/_resources/web_presentation_apr_2005.pdf#search=""red chris" "copper""

Pacmag has better grades from comparing the reports. It also has a larger deposit. So Pacmag have infrastucture available to them. Once again I dont know how much it would cost to dig out 97 metres of dirt

"Higher grade copper sulphide mineralisation at Ann Mason starts from 97 metres below surface, extends to a depth of greater than 880 metres and is continuous over 1600 metres of strike and 750 metres of width."

They do state in the message that the higher grade copper mineralisation starts from 97 metres below surface. Meaning from 0-97 metres is lower grade. It could still be economical to process.
 
It sure is .... Chris 97m is an OK overburden to be removed ... considering the total size of the ore body, and the overburden costs is a function of many things like equipment availability, tyres, labour etc, but certainly wont push them overbudget provided they have done their calculations right as being an ASX listed company.
 
Down to 45c now, traders stops being hit I reckon.

Buying opportunity maye?
 
Well so theres you go..... I still think this ones gunner drink you's under the table. Sure thing gave its self a bit of a boost. (very good) but what the bet that this will now go invertantly sideways for a month or so why they go looking for the find, that they were more than happy to brag about. Seen it in many stocks, certianly good news as they will rise agian but not in this instance.
 

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Well mate, you go put your hard earned into Cudeco shares, I'm sticking with PMH. And I know who'll come out ahead!!
 


Common stocky its a buying opportunity.

Gotta run theres some swamp I wanta buy!
 
Fr. other forum:

compared to other mines, such as the Phelps Dodge Morenci mine which is in production, and the Phelps Dodge Safford mine under construction, Ann Mason has great potential.

Morenci goes to depts of greater than 400metres. Like Ann Mason, these are massive centralised ore bodies, which can become mineable due to their sheer size.

PacMag will bring out its scoping study results in December, so I wouldn't be a seller until then...

Add on top of this, the focus the company wants to put on generating cash flow from their Australian Blue Rose copper project, and the very likely uranium spin off, there is huge potential on this one.

Commodities too are now entering a seasonal period of strength. India announced GDP growth of 8 percent a few weeks ago, China is growing at 12 per cent - which is most likely understated, so the demand for base metals such as copper is going to be strong, with prices likely to rise strongly into December or January.

The market has priced in that copper prices will fall over the coming years, but in light of those GDP growth figures, it is difficult to see how.

Remember, the Ann Mason copper grades were measured at USD 1.09lb copper. Last time I checked, copper was trading above USD 3.

Jim Rogers has also come out saying that most commodities will exceed the previous highs, and he is a billionaire investor.
i am more than happy to WATCH THIS SPACE
 
Theres a lot of people waiting for this one to fail. They might. Whos knows whats going to happen with any stock. They are holding pretty well atm though. They arent lacking support. The blue rose copper/gold project IMO will bring some good results. Then they have their uranium prospects.

I'll hold untill I see something go very wrong
 
In addition to the Copper Potential (soon we may be pleasantly surprised ....), some new announcement re: Uranium will send this stock to the stratosphere.....
The present price is ridiculously low considering the metal prices (copper) and especially Uranium....
 
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