RMI - Resource Mining Corporation

[mobcat]

Hi Rasjta hi have not keeped tabs on RMI for a long while i cant belive how far they have fallen ,its amazing only i suppose 2 years ago and i am not BS here i remember dropping 3 million shares into depth at 10 and 11 cents and it rebounded what happend to RMI last i remember the chinese where all over it

 

[razsta]

yeah i remember that as well.Not sure what happened. Seems like they are consolidating their operations. Just a lil curious about this ones behaviour in the next 6 months.

 

[action_jackson]

This ones been on my watch list as i have been a long term holder but am starting to notice an increase in volume over the last few weeks.

Many IO plays have bounced and this one looks like its starting to kick its heals up.

 

[Gurgler]

Many IO plays have bounced and this one looks like its starting to kick its heals up.

I think you might be confusing this explorer as their focus is Nickel and Copper plus some Cobalt perhaps - but not iron ore.

Yes it is making some moves (the first of which was triggered by the 14 Sept WoWo Gap Feasibility Study Progress report:

Resource Estimate Update:
JORC Compliant Indicated Resource of 39Mt @ 1.00% Ni, 0.05% Co**
With additional Inferred Resource of 43Mt @ 1.00% Ni, 0.06% Co**
**Note: Resources are reported at 0.8%Ni Block Cut-off

Interesting, but not spectacular - yet!
This was a change from the previously dormant 12 months! Maybe it is over its WoWo woes (whoa, too much!)

 

[action_jackson]

Thanks for the clarification.. goes to show how much a company can change over a year. One of their main focuses used to be the Argyle Iron Ore Project but this looks to have been sold off earlier in the year.

Regardless a bit of share accumulation seems to be going on which is a nice change..

 

[Gurgler]

One of their main focuses used to be the Argyle Iron Ore Project ......

Ah, yes, how time flies, they sold that off in April 2008 and so little water under the bridge, since then!

 

[countryboy]

Wowo gap is getting alot of attention as they prod slowly forward towards a BFS. One stock site is very excited about the prospects of the project. Volumes and arise towards 1 c suggest people are backing this with their pocket money. Like so many other projects they will need cash and who has all the cash?

 

[Megacents]

Country Boy what about the lease renewal? This still has not been anounced and if this occurs then the next stage will be funding as the cash is getting very low.

cheers Megacents dyor

 

[mobcat]

Huge record breaking trading days yesterday and today 140M in total WOWO could be coming into play ATM keep a close eye on RMI the Chinese are all over it Sinopec own a big share of RMI and they have it for a reason

 

[asx256]

interesting stock indeed. looks like every dog has its own day!
Any way some one told me on Wednesday that after many months of BS stories behind this company directors have managed to get what they have been waiting for!
Of-course they couldn't have done it by them self's and apparently the Chinese help them along the way.(Which interestingly have loaded more shares this month)
Any way soon or later the word will get out and hopefully it will be good for RMI/RMIO.

Who knows we just might have another cap! rising from ashes

 

[mobcat]

Huge Vol again today 80M what do,s all this mean i new this was cheap just wish i would of bought more @ .5 just bought more @ .7

 

[petee]

Huge Vol again today 80M what do,s all this mean i new this was cheap just wish i would of bought more @ .5 just bought more @ .7

420K in cash.over a billion shares on issue and the WOWO gap project is a dog..in my opinion.steer clear buyers beware

 

[mobcat]

With respect Pete i think you may of left out about 2.6M LOL

Note to Appendix 5B
For the quarter ended 30 April 2010
The company conducted a Renounceable Rights Issue during the quarter which closed
on 29 March 2010. The result of the Rights Issue was that 525,227,001 new shares
and 175,075,463 new options were allotted on 8 April 2010. The total amount of
funds raised by the Rights Issue (before costs) was $2.6m and these funds were
received by the company in early April 2010.

I cant wait for tommorows trading on RMI the Vol thats presenting is huge and if we clear 0.7 tommorow 1 cent is the next step IMO and then it,s :band party time

 

[Joe Blow]

With respect Pete i think you may of left out about 2.6M LOL

Note to Appendix 5B
For the quarter ended 30 April 2010
The company conducted a Renounceable Rights Issue during the quarter which closed
on 29 March 2010. The result of the Rights Issue was that 525,227,001 new shares
and 175,075,463 new options were allotted on 8 April 2010. The total amount of
funds raised by the Rights Issue (before costs) was $2.6m and these funds were
received by the company in early April 2010.

I cant wait for tommorows trading on RMI the Vol thats presenting is huge and if we clear 0.7 tommorow 1 cent is the next step IMO and then it,s :band party time

Mobcat, I think if you're going to suggest that RMI is going to $0.01 I think you need to explain why you think it's going to $0.01.

Some additional detail would be appreciated.

 

[mobcat]

No worries JB its just a matter of Mcap relative to IGV ATM RMI,s WOWO gap project is valued by the pre fesability study @ Many 100,s of millions of dollars

I pulled this from the RMI website for you JB enjoy

In order to understand the value of the Wowo Gap Project, as part of the next stage for development and for information as RMC seeks to engage a major industry partner to undertake further work at Wowo Gap, the Board engaged Mr John Wyatt to undertake an independent valuation of the project.

The following is a direct quote from the summary of Mr Wyatts Report:

Based on the results of exploration completed to date within EL 1165, Wowo Gap, PNG together with an assessment of similar lateritic nickel/cobalt resources in Papua New Guinea, New Caledonia and Australia, the Wowo Gap Project has been assigned a current value within the range:-AUD$150M to AUD$600M and having a preferred value of AUD$168M

This valuation range was calculated firstly using what were believed to be suitably discounted net present values of estimated cash flows using information on mining costs and metal recoveries supplied by RMC.

The preferred value was selected by way of comparisons with other nickel/cobalt projects, particularly in PNG, nearby Caledonia and Australia.

Whereas the valuation date is based on current metal market conditions, the selected metal prices came from historical records over the past 20 years, between 1989 2009

According to Mr Wyatts valuation approach, the above value is based on the exploration value as opposed to an operational value, as such, an increase in the resource confidence level, may translate into an increase in overall project value.




So JB the preferred value is $168M lets call it half that say $80M divided by the current script of what 1.5B = a SP of 5.33cents so my 1 cent ST prediction is a given on spec alone IMO JB :band

 

[asx256]

Yes, plus recent trading activities and latest talk about the JV with another oversea company.
:
HINT HINT
Hope this helps (From the company website)


Zhang Chi
Non-Executive Director
Mr Zhang graduated with a Degree in Economics from the Renmin University in China in 1990. After a career in accounting and finance with the BaoSteel Group, during which he was appointed as a Director of their Hong Kong based shipping and transport subsidiary, Mr Zhang is the founded and Managing Director of the SINOM Group an enterprise with its main activities evolving from iron ore trader and operator in the Chinese steel industry to resources supplier and strategic investor.
SINOM currently has its headquarters in Hong Kong and other offices in Shanghai with a team of 30+ staff experienced in fields of: trading, ship charting, project development, and financial investment.

 

[mobcat]

Sure showed strength today RMI my screens where a sea of RED and RMI sitting up there holding it,s own @ even after a early sell down a good sign shows a backbone and a bottom, suppose if things dont go pair shape in Europe we should see 7,s and above soon enough

 

[mobcat]

Oh well we went pear shaped in Europe and i suppose we held up OK considering the the hammering the ASX has taken in the last month lets hope for some news on the license and some MT blue skys again

 

[mobcat]

Well the renewal of WOWO gap nickle project is in the bag now as of Friday nights Ann so lets see what the market thinks of our huge resource now,

Monday could be a interesting trading day for RMI lets hope for some large Vol and a bit of a run on the stock RMI do,s seem very cheap relevant to proven resources

 

[mobcat]

Opened up 25% but no Vol to follow through with a sign of the markets ATM suppose seems way to cheap ATM going to take some more on board today