PNN - Power Minerals

prawn_86 said:

LOL so out of all the co's that are trying/close to being able to start a mine what makes this one so special?

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There's quite a few racing to be next. I don't think these guys have applied to mine yet, but I think AGS has. To be corrected.

Mike Rann suggests AGS is closer by my interpretation of these comments.


Mr Rann said that in the meantime, one of the new uranium mines which is scheduled to begin operating by 2010/11 is the Crocker Well Uranium Project 400 km north of Adelaide which is 60 per cent owned by China’s Sinosteel and 40 per cent by PepinNini Minerals Ltd.

“I am meeting with Sinosteel today and I am told they expect to export between $100 and $200 million of uranium a year from their South Australian operations.

“Another of our big projects expected to begin operating before Crocker Well is Four Mile, a rich high grade 3.9 million tonne uranium deposit near the existing Beverley mine.

“Joint Venture Partners Alliance Resources and Quasar Resources have recently announced that they will mine the Four Mile deposit from 2010, subject to necessary regulatory approvals.

“Other projects include uranium deposits at Mt Victoria and Crockers Well, copper and gold at Kalkaroo and Carrapateena and iron ore at Wilcherry Hill, Wilgerup, Bramfield and Hawks Nest.

“Some of these projects have been backed by investment from China, including a heads of agreement between Tonghua Iron & Steel Mining and IMX Resources to process exports from Cairn Hill and Sinosteels’ partnership with PepinNini to develop the Crocker Well uranium deposit.

PNN is now in a trading halt to raise capital by way of a share placement of up to 8 million ordinary shares to sophisticated or professional investors. See company announcement today. So why did the company pay that one off dividend lat December?

panikhide said:

PNN is now in a trading halt to raise capital by way of a share placement of up to 8 million ordinary shares to sophisticated or professional investors. See company announcement today. So why did the company pay that one off dividend lat December?

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Panikhide - Dividend was paid in Dec 2007... not last year! I'm not a tax expert but understand it was using franking credits aqcuired as a consequence of the Tax Liability resulting from profit on the sale of 60% of Curnamona Project to SinoSteel.

Lostinaus said:

Panikhide - Dividend was paid in Dec 2007... not last year! I'm not a tax expert but understand it was using franking credits aqcuired as a consequence of the Tax Liability resulting from profit on the sale of 60% of Curnamona Project to SinoSteel.

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Sorry - time flies. 2007? Was it really that long ago? Seems like it was only yesterday that I was savouring that sweet little gift. Have I reached 100 characters yet?

Oh well,

On todays ann their will be no mine ,not fin viable so down the shares went by over 30% but look at this as an opportunity to buy imo. Still have some good ex per so might see a bounce back. Went in and now hold at .22c,a spec that could make me look fantastic or a putz.


neck on the line !

The chart looks a bit ugly, but I started accumulating these a few weeks back ...


Logic behind that is simple .......

They are hovering around all time lows ..... no one left to sell:

They have some excellent tenement holdings.

The management are frugal.

They recently announced Iron Ore grades as follows for their Robinson Range Project

26 metres @ 61.2% Fe from a depth of 20 metres,

10 metres @ 53.9% Fe from a depth of 2 metres to the base of
hole at 12 metres. (intersection includes an interval of 4 metres @ 57.5% Fe from 4
metres

45 metres @ 59.7% Fe from a depth of 6 metres to the base of
hole at 51 metres. (intersection includes an interval of 39 metres @ 61.1% Fe from 12
metres to base of hole),

Also 4 metres @ 53.6% Fe from 16 metres to base of hole at 20 metres,

45 metres @ 51.3% Fe from 12 metres to base of hole at 57
metres including 6 metres @ 59.5% Fe from 16 metres),


These are seriously good looking results


Late November they announce the appointment of new Director ... Mr Wei Sun

Mr Sun is a resource investment analyst with over 10 years experience in international trade and the resource industries of China, Canada and Australia. He is currently employed as General Manager Overseas Minerals Investment with Shanghai Fosun Minerals Investment Management Co., Ltd.

Fosun are the largest privately owned conglomerate in China ..... and three of their main business segments are ...

Steel, mining, and financial services and strategic investments

Current market cap of around $7+ million with around $4 million in cash ..... even allowing for some dilution through a cap raise, this is about as low risk as a Spec gets in my opinion ...... time will tell

Updates must be close, as the drilling at Robinson Range and Curnamona should be back in full swing ..... Possibly Musgrave as well, assuming they have the new drill.

Been a long time between drinks for poor old PNN, but I won't be surprised to see this gap to the upside once more results from "Robinson" start filtering in ....... serioulsy good looking grades

If it doesn't get a lift before the end of the week I'll take it in the tipping comp .....

Updating the latest news with PNN.

They have just entered a trading halt regarding cap raising.
http://www.asx.com.au/asxpdf/20120625/pdf/42711rk7sr3chf.pdf

High Grade Copper and Gold Results for Surface Samples Collected from the Santa Ines Project
http://www.asx.com.au/asxpdf/20120615/pdf/426v6f5wskzvy4.pdf

Sample Cu% Fe% Au g/t Ag g/t
1 21.7 26.4 0.91 34.9
2 13.7 23.7 0.17 17.5
3 10.6 10.8 0.12 1.6
4 1.7 8.0 - 3.4

There is no evidence of any modern exploration work having been undertaken at Santa Ines and no historical data is available.

New Priority Drill Targets Identified by SkyTEM508 Survey over Musgrave Tenements
http://www.asx.com.au/asxpdf/20120612/pdf/426ryh6m7ypc0m.pdf

A total of 14 strong electromagnetic conductive responses have been identified from the survey data. These new SkyTEM508 anomalies, which are likely due to bedrock sources interpreted as possibly representing massive magmatic Ni-Cu sulphide accumulations, will be investigated and prioritised for drill testing by PepinNini's onsite diamond drilling operations.

Revised Mineral Resource Estimate for PNN Area C Robinson Range Iron Ore Project
http://www.asx.com.au/asxpdf/20120606/pdf/426p8yzy4tld02.pdf

As manager of the Robinson Range Joint Venture, PepinNini Robinson Range Pty Limited is pleased to announce a revised Mineral Resource Estimate reported to JORC standards for PNN Area C as follows;

MillionTonnes CutOff%Fe DensitySG Fe% SiO2% Al2O3% P% S% TiO2% LOI%
17.7 45 3.6 49.7 13.3 8.5 0.06 0.04 0.29 5.4
4.3 52 3.8 55.2 8.5 6.5 0.06 0.05 0.21 4.7

Robinson Range Iron Ore Project Drilling Program Update
http://www.asx.com.au/asxpdf/20120514/pdf/4267bhql3j32mh.pdf

Highlights include;
♦ 24 metres @ 64.2% Fe from surface and 15 metres @ 60.7% Fe from a depth of 56 metres in borehole RC12RR082,
♦ 57 metres @ 56% Fe in borehole RC12RR075 from a depth of 3 metres, (intersection includes an interval of 33 metres @ 61.8% Fe from 25 metres),
♦ 27 metres @ 58.6% Fe from a depth of 7 metres in borehole RC12RR076,
♦ 39 metres @ 58.7% Fe in borehole RC12RR077 from a depth of 27 metres, (intersection includes an interval of 30 metres @ 60.8% Fe from 29 metres),
♦ 23 metres @ 55% Fe in borehole RC12RR078 from a depth of 45 metres, (intersection includes an interval of 12 metres @ 61.3% Fe from 46 metres),
♦ 2 metres @ 55.1% Fe from a depth of 4 metres, 14 metres @ 55.4% Fe from a depth of 10 metres and 38 metres @ 55% Fe from a depth of 28 metres in borehole RC12RR068 (intersection includes an interval of 20 metres @ 60.2% Fe from a depth of 36 metres).

Will wait for the cap raising terms before making my mind up either way on this. Just another crab in the bucket, or more? Grab samples are of interest, but if you know what you are looking for it's probably easy to grab the rocks that will give you best results.
What are your thoughts Barney, or others?

springhill said:

Updating the latest news with PNN.

Will wait for the cap raising terms before making my mind up either way on this. Just another crab in the bucket, or more? Grab samples are of interest, but if you know what you are looking for it's probably easy to grab the rocks that will give you best results.
What are your thoughts Barney, or others?

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Hey Spring, Been a real disapointment poor old PNN. They have what looks like some good projects and reasonable results, but the SP keeps getting hammered. Until some serious players get involved I reckon it will just waffle around. The Cap raise will tell us something .... If the major shareholders get involved with some reasonable cash, it would be a good sign.

One thing .... management don't bleed the Company dry with exhorbitant salaries like many Specs. Norm Kennedy has the Co. structured to run on very small amounts of cash with its JV arrangements etc . I have contacted him a couple of times and he replies quickly. He is still positive about their prospects, but realisitic about the difficulties of Specs in the current financial climate.

I still hold a handful but let most of them go when it started to nosedive a while back. I agree ... wait till the Cap raise and let the dust settle and see who's left standing

Announcement out re cap raising.
http://www.asx.com.au/asxpdf/20120628/pdf/4272zmjc8rtq4y.pdf

PepinNini Minerals Limited (Company) is pleased to announce it will be inviting all eligible shareholders to participate in a pro rata non-renounceable entitlement issue to raise up to $1,913,653 through an offer of up to a maximum of 59,801,666 shares (Entitlement Issue or Offer).

The funds raised by the Entitlement Issue will be utilised for:
• Drill testing of priority nickel copper sulphide targets identified from the recently completed SkyTEM survey at the Musgrave Province Project, South Australia
• Ground geophysical surveys and drill testing of copper/gold targets at the Santa Ines and Chivinar Projects, Salta Province Argentina
• Reconnaissance mapping, surface sampling and drilling of the Queensland tenements.
• General working capital
• Expenses of the Offer

The Entitlement Issue is being offered on the basis of two ordinary fully paid shares (New
Shares) for every three ordinary fully paid shares (Shares) held in the Company on 9th July
2012 (Record Date) at an issue price of 3.2 cents per New Share.

Also out investor presentation.
http://www.asx.com.au/asxpdf/20120628/pdf/4273fq05rtfc2q.pdf

Gives a good point form summary of projects.

Musgrave – Nickel/Copper – NW South Australia
10 tenements covering 9,601 km², exploring for world class Ni-Cu sulphide mineralisation
JV alliance with Rio Tinto in 3 tenements
New EM drill ready targets identified following 1,300 kms of SkyTEM surveys – drilling to commence in July 12 through to Dec.12
Curnamona – Uranium/Base Metals/Magnetite – NE South Australia
40% interest in 5 tenements covering 3,778km², in JV with Sinosteel
JORC compliant resource of 11.66 Mlbs Uranium - BFS on hold awaiting improvement in A$ Uranium price
Significant Braemar Ironstone Magnetite potential as well as Rare Earths and Base Metals potential
Sinosteel committed to spend $2.5m for evaluation of other minerals – more than 30 Gold and Base Metal targets – drilling in progress
Robinson Range – Iron Ore – Western Australia
PepinNini is the operator for 7 tenements covering 700km² - 50% interest in 3 tenements and 40% interest in others
JORC Inferred resource of 18MT @ 50% Fe, 4MT @ 55% Fe, DSO grades, low phosphorous
Exploration is ongoing with Resource and other Prospect definition drilling for Q3 + Q4 subject to JV
Nth Queensland – Copper/Gold - Woolgar Goldfield / Georgetown Inlier
100% in 14 tenements covering 1,086km² - high grade thin seam gold / silver discoveries
Evaluation of the viability of thin seam mining to be undertaken before additional drilling to define a JORC resource.
Argentina – Copper/Gold/Silver – Salta Province
100% in 7 tenements covering 280km²
Santa Ines lies between BHP’s giant Escondida Cu-Au porphyry and the Lindero Gold porphyry (2.2Moz Au)
Surface samples include up to 21% Cu 26% Fe 0.9g/t AU and 34.9 g/t Ag
Surface geophysical surveys and drilling planned for Q4.

Sold the few remaining shares I had left on the back of the cap raise.

Large share register dilution at 3.2 cents will probably put the brakes on any SP appreciation for a long time unless they can dig up something special.

For the sake of a couple of million dollars, I would rather have seen them chase one of their JV partners, Sino steel or RIO for some cash to tide them over.

Lack of forsight and bad timing by management in my view. Raising capital at the lows is often the beginning of the end for Specs ...... Will keep an eye on their progress, but I'd say a hard road ahead in the short to medium term.

On a positive note, theoretically I guess the SP can't get too much lower!

Drilling Commences at North Dome Rock

A drilling program of approximately 2,000 metres in 10 reverse circulation boreholes has commenced at the North Dome Rock Prospect located within EL 4239 held by the Sinosteel PepinNini Joint Venture in the Curnamona Province of South Australia. The drilling is designed to investigate an under-explored Cu-Co ±Au ±U anomaly identified approximately 1 km north of the historic Dome Rock copper mine. The drilling program is being managed by Sinosteel PepinNini Curnamona Management on behalf of the Joint Venture partners Sinosteel Corporation (60%) and PepinNini Minerals (40%).

barney said:

...
Lack of forsight and bad timing by management in my view. Raising capital at the lows is often the beginning of the end for Specs ...

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Might be stuck between a rock and a hard place!

burglar said:

Might be stuck between a rock and a hard place!

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Maybe so Burg ....... Its never a good sign when a Company has to dilute the share register heavily just to keep the doors open. Lots of micro/small caps in a similar position at the moment I'd say.

PNN actually have some interesting projects going and may weather the storm better than some due to the management being frugal, but I really can't see much SP appreciation in the short term.

Drilling Commences to Investigate SkyTEM508 Anomalies – Musgrave Province, SA.

A drilling program of at least six diamond core boreholes has commenced within the Cooperinna Block of EL 4587 to investigate priority 1 anomalies identified from recently acquired SkyTEM508 data flown in March, 2012. The new SkyTEM508 anomalies are interpreted as likely due to bedrock sources representing excellent drill targets for massive magmatic Ni-Cu sulphide accumulations.
Statutory approvals and heritage clearances have been obtained for up to 14 boreholes to be drilled to test 9 anomalies over 3 separate areas. The initial six boreholes will be drilled to depths of between 100 metres and 250 metres. Additional holes will be drilled depending on encouraging results being obtained from the initial six boreholes.
Drilling operations will be undertaken by PepinNini drilling personnel using the Company owned drilling rig.

springhill said:

Drilling Commences to Investigate SkyTEM508 Anomalies – Musgrave Province, SA.

A drilling program of at least six diamond core boreholes has commenced within the Cooperinna Block of EL 4587 to investigate priority 1 anomalies identified from recently acquired SkyTEM508 data flown in March, 2012. The new SkyTEM508 anomalies are interpreted as likely due to bedrock sources representing excellent drill targets for massive magmatic Ni-Cu sulphide accumulations.
Statutory approvals and heritage clearances have been obtained for up to 14 boreholes to be drilled to test 9 anomalies over 3 separate areas. The initial six boreholes will be drilled to depths of between 100 metres and 250 metres. Additional holes will be drilled depending on encouraging results being obtained from the initial six boreholes.
Drilling operations will be undertaken by PepinNini drilling personnel using the Company owned drilling rig.

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PNN

burglar said:

PNN

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19th Oct
PNN rose 107.5% today to close at $0.083 on a near massive Sulphide find.

Anmar said:

19th Oct
PNN rose 107.5% today to close at $0.083 on a near massive Sulphide find.

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ASX Report:
http://www.asx.com.au/asxpdf/20121019/pdf/429hccr9nnhzyg.pdf





Disclosure: I do not hold.

Fine rise, yesterday and today, on the back of latest reports.





Disclosure: I hold.

Up 25% today, mine are up for sale!