PRU - Perseus Mining

[jman2007]

Gees

You always prove to be with outstandng knowledge (like Kennas, Kauri and few others_ but with an elephant like memory to remember what this Miner to say with shovel

Haha!...

Better than having a memory like a goldfish Miner, I along with all other small investors am hoping the PRU story ends with a golden elephant!

jman

 

[flyboy77]

New PRU Corporate Presentation

http://www.perseusmining.com/aurora/assets/user_content/File/Investor Presentation April 09.pdf

Also kennas, it would appear the Gammon Lake (or whatever they now call themselves) Capital Gold takeover is now off the table.

I think the Capital Gold shareholders thought the price was way too cheap!

 

[flyboy77]

Also some interewsting broker research on the Adamus Res (ASX code:ADU) web site showing comparative valuations on the West African miners.

In particular, the Clarus report - p7, Exhibit 4 and the paragraphs thereabouts....

oops, the Clarus report has been taken down!

 

[Sean K]

Re: New PRU Corporate Presentation

http://www.perseusmining.com/aurora/assets/user_content/File/Investor Presentation April 09.pdf

Also kennas, it would appear the Gammon Lake (or whatever they now call themselves) Capital Gold takeover is now off the table.

I think the Capital Gold shareholders thought the price was way too cheap!

The presentation mentioned can be heard with commentary from the MD an BRR

http://www.brr.com.au/event/56790/partner/theaustralian

 

[flyboy77]

You beat me to it kennas!

http://www.brr.com.au/event/56790/p...hana-day-mr-mark-calderwood-managing-director

Coupple of stand out comments and a few highlights:

1. Expecting a big increase in in pit resources this month i.e. April (remembering by definition no 'reserves' can be defined until the BFS);

2. Expecting to grow Tengrela (Sissingue) to 2m oz + within a year. Not presently doing any drilling at Ayanfuri.

3. Ayanfuri expected to be on line by mid 2011, Tengrela a year later.....

4. Ayanfuri likely to be amped up from 4.5mtpa to 6mtpa within a few years of first production.

5. Exceptional IRRs means the projects are very bankable (ditto the < 2 yr payback period on BOTH projects)

6. By 2012, PRU anticipating 300,000 oz per annum generating a cash surplus of USD130m (~AUD180m) PER ANNUM using USD 850 gold. (I stilll think Sissingue will be a 200k oz p.a. producer but they are basing it on the current resource only which is sensible)

7. Biggest undeveloped gold project in West Africa NOT owned by a gold major or mid tier and has "obviously attracted attention"!

Go PRU.

 

[Sean K]

6. By 2012, PRU anticipating 300,000 oz per annum generating a cash surplus of USD130m (~AUD180m) PER ANNUM using USD 850 gold. (I stilll think Sissingue will be a 200k oz p.a. producer but they are basing it on the current resource only which is sensible)

Interesting that the projected cash coming in in 2 or so years is around about the same as their present MC. Obviously there will be some dilution due to raising Capex, but on the sum of it makes it look cheap at these levels. As long as POG doesn't do a complete floppy. Need about $850 to hold up well I think. Gold bulls will say that's in the bag, but never say never imo.

 

[flyboy77]

Newmont seeks acquisitions, Boddington nears output

--------------------------------------------------------------------------------
http://www.industrysearch.com.au/News/Newmont_seeks_acquisitions_Boddington_nears_output-37796


3/04/2009 - Global gold mining giant Newmont is cashed up to pursue acquisitions and says the $US2.9 billion ($A4.12 billion) Boddington gold project in Western Australia is on track to start production in mid 2009.


Newmont Asia Pacific assistant regional vice-president Philip Stephenson said that despite tight credit markets the company last year raised $US1.7 billion ($A2.4 billion) to fund acquisitions.

"That strengthened our balance sheet, which was in pretty good shape anyway, and helped position us to take advantage of further opportunities hopefully this year," Stephenson told the Paydirt Gold Conference in Perth on Thursday.

However, Stephenson would not divulge details on potential acquisition targets.

"We've got a number of things on our radar screen and obviously can't elaborate on that," he said.

"We'll just monitor the situation and if an opportunity arises that we think is attractive, we'll see what we can do."

 

[flyboy77]

Interesting that the projected cash coming in in 2 or so years is around about the same as their present MC. Obviously there will be some dilution due to raising Capex, but on the sum of it makes it look cheap at these levels. As long as POG doesn't do a complete floppy. Need about $850 to hold up well I think. Gold bulls will say that's in the bag, but never say never imo.

The issue of dilution is far from "obvious"...... me thinks they'll get gobbled up before then.

In any event, from experience, the greater part of the Ayanfuri will be project financed i.e. debt funded and MC has already stated that Tengrela can be funded (the equity component) out of cashflow from Ayanfuri.

 

[exgeo]

Charts from recent BGF research report (dated 16/3/2009). BGF have raised money for PRU in the past I think.

 

[jonojpsg]

Alright, let's get serious here. With the following in mind and assuming some discounting

Notable deals in 2008 were Kinross Gold’s acquisition of Aurelian Resources for $1.2 billion, equal to $86 per ounce of gold in the ground, Barrick Gold’s all cash US $1.7 billion bid for Rio Tinto’s stake in the Cortez joint-venture in Nevada, paying an equivalent of $287 per ounce of gold in the ground,

Resources 7Moz
Value $50/oz in ground (BIG discounts to those deals above)

Takeover value would be US$350m as compared to todays close US$100m.

Surely there has to be some major rerating of PRU over the coming months? Unless as kennas says the POG goes backwards rapidly Although I can't see that happening with everything as bad as it is.

 

[flyboy77]

Perseus Mining - on move today

up 8.5% to 76.

The upgraded in pit resource numbers are due THIS month, perhaps sooner than I had thought?

Mark C. has already flagged the the improved numbers will see significant upward revisions....

All the selling looks like it is falling away and the buyers are now paying up.

 

[flyboy77]

exgeo, how do you post jpg files or the like?

Been trying to figure this one out for a while now....

cheers.

 

[Miner]

exgeo, how do you post jpg files or the like?

Been trying to figure this one out for a while now....

cheers.

I believe there is a restriction of sizes of different kind of files. So if your jpeg file exceeds the limit then you will not be able to download.
the rule is same for any attachments.

One way to get over if you think the size is within the limit and still you are unsuccessful then consider to send to our administrator who is normally very helpful to load it for you.

 

[Sean K]

I believe there is a restriction of sizes of different kind of files. So if your jpeg file exceeds the limit then you will not be able to download.
the rule is same for any attachments.

One way to get over if you think the size is within the limit and still you are unsuccessful then consider to send to our administrator who is normally very helpful to load it for you.

You need to just save your file as a GIFF file. They are much smaller than JPEGs etc. If you don't know how to do that, open up MS Paint, (you should have it), go to file, open, find your picture, then 'save as' and you have choices of the type of file you want it to be. Make it a GIFF file. You lose a bit of quality, but it will be much smaller.

 

[jman2007]

Well so far up around 17.5% over two days,

What do you think kennas, could this be the beginnings of a market re-evaluation that has made PRU look so cheap on a peer comparison?

More importantly, what are some of the technical indicators we need to look out for to confirm the breakout, and can it maintain this momentum I wonder?

I think from Mark C's brr broadcast, we are due some 'substansial' news sometime this month, which if not today will have to mean next week cos there aint much of the month left!

Cheers
jman

 

[Sean K]

Seems to be going very well intra day. Seen a couple of non taxi driver trades go through. For a real break probably needs an EOD close above this red line for a start, but that bottom red line break looked important too. Nice break up there, on increased volume. 70 ish should be some decent support on a correction. Damn, wish I had have been watching more closely around the 30c mark. What a terrible oversell that was. Surprised a low ball takeover didn't come in, in retrospect. Surprised one hasn't even now...

 

[shag]

well we have a trading halt, late fri arvo, after a decent rise.....
makes u suspect its not about them going bust or such.
good to see these things don't just jump out at u, and the SP appreciation gives u some warning...

 

[Boggo]

Popped up in my scan last night, been waiting for a convincing break above the $0.835.

(click to expand)

 

[jman2007]

well we have a trading halt, late fri arvo, after a decent rise.....
makes u suspect its not about them going bust or such.
good to see these things don't just jump out at u, and the SP appreciation gives u some warning...

Makes you wonder if they weren't reading this thread doesn't it? :

I would say that M. Calderwood's mates and a few of those 'independent' Resource Modeller's may be having a few Friday arvo drinks today.

I suspect these revised numbers for Ayanfuri will be using the newly revised gold price of $850/oz, compared to the $750/oz (from memory?) price used for all the old pit shells. If this is correct, then a very large number of extra tons are suddenly going to be pulled into the pit shells, which is going to have a very, very substansial impact on the final revised Resource Statements - hence the Trading Halt I'm guessing.

jman

 

[flyboy77]

http://www.brr.com.au/event/56790/p...hana-day-mr-mark-calderwood-managing-director

MC says to expect a "very very large percentage increase in our pit resources..."

Guess we'll find out Monday.