PXR - Palace Resources

hey I think you are right some news should come soon... I think we are still waiting on some news about the Tanami project from memory, but I could be wrong need to review this baby again...

Motion was a bit unsure as the volume isnt that substantial and the heads hadnt moved but now there is some volume on the heads.Still not very substantial.Unless the work was done prior to Christmas i wouldnt have thought there was any reason for this move as presumably even miners close down for Christmas-that said another 25K on the heads has gone through so could be something up.Greggy you still got an interest and direct line to the company

Oh dear.

Here's a classic failure of the uranium bubble.

It looked good for a few seconds before 'poooof!'.

Their last quarterly was a page long and spoke about 'JV's' and "investment opportunities'.

WTF are they smoking?

Going through $400k a qtr doing nothing, and had $500k in the bank, as at 31 March. They are a dead duck I feel.

Nice chart too.

kennas,
what are you doing ?
The last post for PXR was Jan 2008, I dont get yr point.
PXR where dead in the water in late 2007, nothing has changed., so you are a year out

DAZT49 said:

kennas,
what are you doing ?
The last post for PXR was Jan 2008, I dont get yr point.
PXR where dead in the water in late 2007, nothing has changed., so you are a year out

Click to expand...

These guys are still listed on the ASX and this is a stock market forum. I thought I'd make a comment about a stock.

And I said, a good example of the uranium bubble. There's probably still a few that will totally implode like this.

Fundamental buyer beware.

Comment over.

agree,
still a few to fall over when funds run out.
PXR projects have potential, but they will never have the money to get to square one.

I have been watching PXR as a potential coal play for some time now. Information has been scant up to this point, but i am backing the guys in charge and am sure information should be due shortly.
They haven't released their quarterly yet, but this is from their previous quarterly (released 31st Jan).

As alluded to in the September 2010 quarterly report, the directors formally announced
their intention to acquire an Indonesian coal asset.
The details of the proposed acquisition, which is subject to shareholders approval, are
as follows:
• By way of acquisition of a 100% interest in Primecity Holdings Pty Ltd
(“Primecity”), Palace is set to acquire a 75 per cent stake in extensive coal
exploration projects in the West Papua province of Indonesia;
• The tenements cover approximately 1,970km² in an under-explored region and
which extend right up to an existing natural deep water port currently used for
timber exports
• Numerous coal outcrops can be seen on the leases to be acquired by Palace
• A team of geologist have been on site to collect samples for metallurgical test
work
• The transaction is subject to due diligence at the absolute discretion of Palace as
well as shareholder and relevant regulatory approvals to be considered at a
General Meeting. The due diligence on the tenements, title and the respective
target companies has been initiated and is currently ongoing.
Palace has also announced that it has been informed by Primecity that Primecity has:
• Entered into a Memorandum of Understanding (“the MOU”) with the Regional
Government of Manokwari on the 28th of November 2010;
• The MoU secures the Regional government’s support for Primecity to exclusively develop a dedicated coal terminal at the port of Mumiwaren.
• A Scoping Study on the port at Mumiwaren highlights its suitability for a
beach/barge/ship operation. This location holds the most promising potential to provide
safe mooring for the vessels necessary for the export of coal, as well as commercial an
recreational fleets in the Manokwari Regency.
• The Scoping Study concluded that a conceptual port design of a coal handling
terminal for export, including the necessary support facilities, utilising approved
port-marine infrastructure is capable of being developed. This conceptual port is
to consist of an integrated world-class open access port ultimately capable of
exporting a minimum of 10Mtpa of coal products, together with the option of
investigating ramp-up options of 2Mtpa moving to 5Mtpa and then to 10Mtpa.
• The MoU was executed jointly by the Bupati of Manokwari, Inspectorate of the
Regional Government, Head of Transportation, Communication and Informatics,
Head of the Department of Forestry and Head of Environmental Affairs Agency.
Discussions are underway with West Papuan authorities to upgrade the port to a
bulk-loading port that has an unimpeded navigational lane to the Pacific Ocean.

Will update if information arises from this quarterly.

Recently released quarterly was basically a carbon copy of the last one.
I am noticing increased interest and volume today, plus someone just snapped up 600,000 PXROA plus buyers increasing their OA bids. I'm starting to think there may be something in the wind, they are well due for some news.
Time will tell, keeping a close eye on it.

must admit I had lost touch with the company, even tho I hold a small parcel, bought at IPO so I am well down!!

Hi folks,

PXR ... price up, volume up last week, with another
positive time cycle expected, this coming week ...

Looking at the chart, below ... a breakout may be imminent ..... !~!

have a great week ahead

paul



=====

Trader Paul said:

Hi folks,

PXR ... price up, volume up last week, with another
positive time cycle expected, this coming week ...

Looking at the chart, below ... a breakout may be imminent ..... !~!

have a great week ahead

paul



=====

Click to expand...

Yes, Paul probably to keep your prediction right, PXR rose by 10% on Friday.
But why PXRO did not move at all towards north ?

Let us see what monday brings under Wall Street result.

PXR have appointed a Nick Clark as Managing Director, Clark speaks both Bahasa and Mandarin, and has worked extensively in China and the US.

Could this be a minor sign things in Indonesia are finally starting to move in the right direction? Linguistic abilities and contacts line up with PXR's ambitions to be a coal producer in the region.

http://www.asx.com.au/asxpdf/20110818/pdf/420grbcn94xcs9.pdf

Re: PXR - Padang Resources

Haven't looked at PXR for a long time but seems, it has pretty much hit rock bottom. They have announced today they have passed on the West Papuan and West Sumatran Projects, and committed to the Paser Project.
http://www.asx.com.au/asxpdf/20120619/pdf/426xlmmxmrc3pf.pdf

On the 18th they announced key they had verified key permits necessary to commence mining at Paser.
http://www.asx.com.au/asxpdf/20120618/pdf/426wg022qkl1n3.pdf

Cash on hand at the end of this quarter should be around $1.1m, but the concern for me is these guys are paying themselves $370k a quarter for not alot of result.

Bad luck for all the options holders who are going to cop it on June 30 too.

Re: PXR - Padang Resources

PXR have released a geological report on Paser.
http://www.asx.com.au/asxpdf/20120628/pdf/4272v5s5rlc17y.pdf

Highlights
• Interpretation of geological data identifies 3 potential coal seams varying in thickness from 0.4 – 3.4 meters;
• Drilling program to define a mineable resource to commence shortly

Re: PXR - Padang Resources

Looks like commercial possiblities.
Dont know how they will finance any mine tho.

Re: PXR - Padang Resources

Appointment and resignation of Chairman
The Board of Directors of Padang Resources Limited (ASX: PXR) (Padang or Company) are very pleased to announce the appointment of Mr Peter Woods OAM as a non-executive director and chairman of the Company. Outgoing former chairman, Guy Le Page, will remain on the board as a non-executive director.
Mr Woods has had extensive Board and political experience in both the public and private sectors, nationally and internationally. He is a Justice of the Peace, Bachelor of Arts, Master of Letters and has a Certificate in Commercial Mediation. He is a Life Member of the Australian College of Educators and a Fellow of the Australian Institute of Company Directors.
His Directorships and political representation have included:
• Chair of the NSW Local Government Superannuation;
• Director of Chifley Financial Services;
• Director of Hawkesbridge Private Equity;
• President of the Local Government Association of New South Wales (of which he is now Patron);
• President of the Australian Local Government Association and Director; and
• Member of the Council of Australian Governments (COAG) and a member of numerous Ministerial Councils.
Peter Woods received the Order of Australia Medal in 1995, the Outstanding Service Medal in 2002 and was recognized with the conferral of the title “Emeritus Mayor” for long and distinguished service.
He has extensive experience in Asia-Pacific and throughout the World and following his service as Secretary General of United Cities and Local Governments (Asia Pacific), Asia Pacific President and World Vice President of the International Union of Local Authorities and a ten-year term as a Director of the Commonwealth Local Government Forum and considerable United Nations work, he was appointed as Ambassador for UCLG-ASPAC, a position he continues to occupy.
The board of directors also announce the resignation of Mr Anthony Short as a director of the Company.
The Company would like to take this opportunity to thank Mr Short for his commitment and service to the Company during his period of directorship.


That CV is all well and good, but is this the type of qualifications that are required for a prospective miner?

Re: PXR - Padang Resources

Padang Completes Acquisition of the Paser Project, East Kalimantan and Advances to Mine Plan

● Shareholders approve acquisition of 70% interest in the Paser Project;
● Drilling program to test for near surface coal targets to commence shortly.

Padang Resources announce that it has received Shareholder approval to proceed with the acquisition of a 70% interest in the Paser Project, East Kalimantan and will now move to settlement.
With the necessary approvals in place, the Company is committing to the acceleration of a drill program to be followed, subject to results, with a mine plan.
Interpretation of previous surface mapping, resistivity surveys and drilling has highlighted a number of near surface coal targets. The proposed drill program will be designed to confirm coal quality and the depth, thickness and spread of coal seams below surface.

Next steps
Padang will keep shareholders informed of any material developments regarding the mine plan for the Paser Project. Further, the Company continues to review additional projects that meet investment criteria within Kalimantan and in particular the Paser Region.

Re: PXR - Padang Resources

Alpha Securities report on PXR, take it with a grain of salt, a lemon wedge and a lot of tequila if you are a long suffering holder.
http://www.padangresources.com.au/files/files/36_Padang_Resources_4th_Draft_-_4_September_2012.pdf

Re: PXR - Padang Resources

Investor presentation
http://www.asx.com.au/asxpdf/20120904/pdf/428hss5xgss2dn.pdf

Re: PXR - Padang Resources

On January 21, 2013, Padang Resources Limited changed its name to Palace Resources Limited.