PRU - Perseus Mining

[exgeo]

The third biggest no brainer on the stock exchange after BRM and GIR a year ago.

So what's your current no-brainer? In my spreadsheet of around 100 junior gold's, Carrick is one of the cheapest with a decent sized resource, in terms of market cap/oz's gold.

 

[Miner]

So what's your current no-brainer? In my spreadsheet of around 100 junior gold's, Carrick is one of the cheapest with a decent sized resource, in terms of market cap/oz's gold.

Mate

I did not follow this CRK or Carrick (like imitation from Barrick !!!).

Interestingly Ian Burston is the Deputy Chair but JP MOrgan unloaded tons of this share from their portfolio by 7 % spreaded over two days.

http://www.asx.com.au/asxpdf/20100617/pdf/31qwg384xd7cd1.pdf
Sorry off the topic for PRU.

 

[GumbyLearner]

Kennas

Do you think there could be any geo-political instability now that PRU have divested their stake in Manas and the US are pulling out of Kyrgzstan?

Do PRU still have assets in Kyrgzstan?

Just wondering considering the current conflict occurring in that part of the world?

 

[Sean K]

So what's your current no-brainer?

No no-brainers on my list at the moment, otherwise I wouldn't be 100% cash. Longer term PRU probably still holds value. AND at $1.5b with about 3m oz potential 5m + high grade and PRU $900m with 7m oz potential 10m + ish low grade is food for thought. CNT also double PRU mc, and similar story. But, no longer no-brainer material like it was under $1.00.

 

[Sean K]

Do PRU still have assets in Kyrgzstan?

Just wondering considering the current conflict occurring in that part of the world?

Just their holdings in Manas I think Gumby. Not following that at all really. The political situation in Ivory Coast is probably of more interest to PRU.

 

[Slipperz]

Back in today.

Not much of a sock draw trader but for a long term goldie PRU will do me.

Lets see where we are in a few quarters.

 

[Sean K]

Back in today.

Not much of a sock draw trader but for a long term goldie PRU will do me.

Lets see where we are in a few quarters.

Not anywhere near as 'cheap' as it was some time ago. MC approaching $1b isn't it? eeeek!

I'm looking elsewhere for a bargain now, that could be multibagger potential. PRU has had it's day and is turning into a M&D stock. Almost a long term investment. If that's your thing. Unless there is a capitulation again.

Still cheaper than some other goldies, like an AND, but I think they are well overcooked.

2c

 

[jancha]

Not anywhere near as 'cheap' as it was some time ago. MC approaching $1b isn't it? eeeek!

I'm looking elsewhere for a bargain now, that could be multibagger potential. PRU has had it's day and is turning into a M&D stock. Almost a long term investment. If that's your thing. Unless there is a capitulation again.

Still cheaper than some other goldies, like an AND, but I think they are well overcooked.

2c

Kennas
Have followed & traded PRU in the past & profited as you have by the sounds of it.
Im also looking for something to follow & invest in the way of a Gold explorer or producer.
Not asking for advice as i'll do my own research but what if any multibaggers are you looking into atm?
Understand if you dont wish to share.

 

[Sean K]

Kennas
Have followed & traded PRU in the past & profited as you have by the sounds of it.
Im also looking for something to follow & invest in the way of a Gold explorer or producer.
Not asking for advice as i'll do my own research but what if any multibaggers are you looking into atm?
Understand if you dont wish to share.

I don't have anything on the radar at the moment. Maybe because I'm not looking very closely, or because I think the market is fully priced across the board, especially for junior goldies. They were absolute bargains at the bottom of the crisis when we all thought they'd go under. Nice and easy in retrospect, as we are lemmings, but really, so many companies trading under NTA at that time and the average pe around 7 or something. Was a once in a generation opportunity to find multi baggers in the resource sector. I'm not sure if we will see that again in our time. I can only hope.

 

[Slipperz]

Not anywhere near as 'cheap' as it was some time ago. MC approaching $1b isn't it? eeeek!

I'm looking elsewhere for a bargain now, that could be multibagger potential. PRU has had it's day and is turning into a M&D stock. Almost a long term investment. If that's your thing. Unless there is a capitulation again.

Still cheaper than some other goldies, like an AND, but I think they are well overcooked.

2c

The market seems to be agreeing with you. Nothing quite like buying at the top of the market is there

Loaded up at 2.30 this week and then again at 2.20 so I'm averaged at 2.30.

Hopefullt the POG won't go off the cliff every other day next week and we'll be back on track.

Looking forward to the mid year resource upgrade result

 

[Sean K]

The market seems to be agreeing with you. Nothing quite like buying at the top of the market is there

Loaded up at 2.30 this week and then again at 2.20 so I'm averaged at 2.30.

Hopefullt the POG won't go off the cliff every other day next week and we'll be back on track.

Looking forward to the mid year resource upgrade result

PRU still a good long term play if geoecopolitical situation maintains trend. If the world gets out of financial mess, and we all start hugging, then gold will be smashed and likewise, gold companies. Place your bet!

 

[Sean K]

I am very surprised and dissapointed at the resource 'upgrade' at Sissingue. They have upgraded the um, grade, but I was expecting the overall ounces to be up around the 1.5m mark. I'm confused.

NEWS RELEASE
19 JULY 2010
SISSINGUE MINERAL RESOURCE UPGRADE TENGRELA GOLD PROJECT, IVORY COAST

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce an upgrade to the Sissingue Mineral Resource at the Company’s Tengrela Gold Project in Ivory Coast.

Highlights include:
Mineral Resource at 1g/t Au cut-off:
Measured and Indicated: 9.8Mt at 2.5g/t for 782,670 oz (37% higher in grade than 2009) Inferred: 3.4Mt at 1.7g/t for 184,500 oz
Mineral Resource at 0.5g/t Au cut-off: Measured and Indicated: 15.2Mt at 1.9g/t for 914,550 oz (43% additional ounces) Inferred: 7.2Mt at 1.2g/t for 274,200 oz
The application of high grade cuts (grade capping) to the assays reduced the reported Mineral Resource grade above a 1g/t Au cut-off by 32%.
Drilling is continuing on infill, extensional targets and on other prospects at the Tengrela Project.
Definitive feasibility study on track for completion late October 2010.
Optimisation studies suggest significantly higher grades in early years than previously thought.

I might need to look into it more..

 

[jonojpsg]

I am very surprised and dissapointed at the resource 'upgrade' at Sissingue. They have upgraded the um, grade, but I was expecting the overall ounces to be up around the 1.5m mark. I'm confused.



I might need to look into it more..

I'm with you on that one kennas! When I saw under 1m I was a bit shocked - obviously the top cut method has had a pretty significant impact on the really high grade core that's there...in the order of 2-300koz from what I saw, which would put it closer to the 1.2Moz. Still below what we thought would come out

The improved grades for the early years of production though IMO makes for a more likely takeover - if PRU can be producing 450koz/annum @$500ish that's a nice little free cash flow of $225m/annum by 2013 assuming $1000/oz which is pretty conservative. Slap a multiple of 6 on that and that's a 50% premium on current MC.

Oh well, wait and see as usual.

 

[Sean K]

Interesting to see Kinross take Redback Mining for $7.1b. Very similar story to PRU really, but about 3 years more advanced and a couple of million more ounces, that PRU will eventually catch up on I reckon.

$7.1b!

PRU current EV is about $820m.

If they don't issue any more shares, and resources grow to match Redback, and if they were valued at $7b, the sp would be about $16.50.

Nice uptrend, creating some resistance around the $2.50 area. Just keeps going really. Good support just above $2.00.

All dependant on POG staying steady and market non implosion of course.

 

[Sean K]

Good results continue. The infil will add to Reserves and Step Out to the total ounces.

I'm confounded as to how they are staying independant with such resources and into development when POG is looking so strong for the immediate to mid term.

NEWS RELEASE
17 August 2010

EXPLORATION UPDATE
Significant intercepts from Ghana and Ivory Coast Projects

Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update on the Company’s gold projects in Ghana and Ivory Coast.

Highlights include:
The 30,186m drilled in July, including 10,469m of core, is a Company record.
Significant intercepts from step-out drilling at Abnabna-AF Gap, Fobinso and Fetish on the Central Ashanti Gold Project (“CAGP”) in Ghana included 93m at 3.1g/t and 21m at 4.2g/t Au from Fobinso, 7m at 19.2g/t Au from Fetish, and 41m at 3.1g/t, 95m at 1.4g/t and 13m at 5.5g/t Au from Abnabna -AF-Gap.
Other infill drill results from the CAGP in Ghana included 82m at 3.8g/t, 119m at 2.5g/t and 75m at 1.7g/t Au from Esuajah South and 36m at 3.2g/t Au from Chirawewa.
Anomalous results from drilling on the Dadieso and Kwatechi licenses in Ghana included 8m at 13.5g/t, 12m at 4.0g/t and 10m at 3.8g/t Au from Dadieso and 10m at 3.0g/t Au from Kwatechi.
Significant deeper core drilling results on the Sissingue deposit on the Tengrela Gold Project in Ivory Coast included 23m at 2.7g/t, 39.7m at 2.2g/t and 6m at 8.0g/t Au.

 

[jonojpsg]

Good results continue. The infil will add to Reserves and Step Out to the total ounces.

I'm confounded as to how they are staying independant with such resources and into development when POG is looking so strong for the immediate to mid term.

My sentiments exactly kennas They are hurtling towards 10m oz AND producing upwards of 400koz a year within 3 years - should make them a plum target Might be time to jump on for that 30-50% TO premium...

 

[eddyeagle]

All time high close of $2.52 today on big volume - great stuff.

I'm liking the chart.

If you look back at 2009 it spent about 7-8 months (feb - sep) fluctuating around the 80c mark before going on a 10 week rampage and doubling in price. It then spent another 7-8 months (oct -june) consolidating around the 1.80 mark (albeit with a bit more volatility) but I hope this consolidation has set the tone for another solid leg up! September could be interesting!

 

[Sean K]

All time high close of $2.52 today on big volume - great stuff.

I'm liking the chart.

Very nice break through that $2.50 level and then just ran away. Is that an evening star? $2.50 should be good support to the downside from here.

Congrats to PRU holders, what a run.

 

[Boggo]

Weekly chart looks even better kennas.

PRU, AVO and IAU have been/are recent standout stocks seemingly regardless of what the rest of the market is doing.
.

 

[Sean K]

Weekly chart looks even better kennas.

PRU, AVO and IAU have been/are recent standout stocks seemingly regardless of what the rest of the market is doing.
.

How about that drop during the GFC? If I'd have been following this more closely before then I might have had a few more chickens running around the coop.