TAM - Tanami Gold

[mr. jeff]

Re: Tanami Gold

Can anyone give us an update on TAM since the 30-1 consolidation?

The previous Tanami Gold thread came to an abrupt stop in August

Cheers

Sorry no one has updated this for you yet!



Resources look good, plenty of oz's, but...



Nasty costs!
40M debt, 4.7M in cash. Might be in for a cap raising unless they are selling enough gold.
Plans to extend production to over 100kOz/year so that could drive things further.
MC $ 210M is not excessive considering their resource.
So....

Possible break, want to see it test and hold yet. If it does, look for that next level. If it doesn't hold, then it could be driven down by any cap raising to as far as 0.70.



Possible takeover of ABM resources once their JORC has been completed, negotiations currently under way with respect to Old Pirate resource and potential (toll treatment?) but TAM would need a fair wack of cash so it may be a scrip bid if it were to happen...thoughts ?

 

[mr. jeff]

Great news - hope there are holders here.



A lot of people jumped out today but if it moves above 85c, it's on. I think it will.



Will be looking for an idea of market response and actual bearing of the news on the resource totals. Looks interesting though.

 

[springhill]

GROUNDRUSH DRILLING INTERSECTS NEW ZONES OF MINERALISATION AND CONFIRMS EXTENSIONS TO KNOWN LODES

HIGHLIGHTS
Results from reverse circulation (RC) drilling has extended the mineralised strike length south of the Groundrush Open Pit with the following significant results:
• 7m @ 13.8g/t Au including 2m @ 45.5g/t (High grade Vein)
• 7m @ 4.4g/t Au including 2m @ 11.9g/t (High grade Vein)
• Visible gold logged in follow-up drilling– results pending

Ongoing success from Groundrush Resource Upgrade Program with the following results:
• 6m @ 51.5g/t Au
• 13m @ 5.8g/t Au
• 6m @ 3.6g/t Au

First pass RC drilling of the Western Dolerite (adjacent to Groundrush) intercepts significant new zone of mineralisation with the following results:
• 3m @ 4.1g/t Au
• 1m @ 47.3g/t Au
• 3m @ 2.1g/t Au

 

[Atta]

Not much chatter on here about TAM latest rights issue! Fairly big move by them with a large number of investors taking up their parcel. I'd say that overall - a cheeky move by the Chinese to increase their holding in an up and coming gold miner...? Thoughts? Still not sure how ASIC let them get away with it?

 

[Pythagerous]

Wondering if anyone has any thoughts on TAM, given they are going through another capital raising via a 2c rights issue.

 

[greggles]

Anyone know what's up with Tanami Gold? No announcements have been made by the company since 28 November but it has gapped up in three of the last four trading sessions and today has broken out on decent volume, finishing the day at 12 month highs.

No word yet from the ASX, but given the circumstances a price and volume query can't be far away.

 

[explod]

I'll bet an announcement comes out in the next 3 or 4 days. With miners in particular there'll be on the ground watchers. Wrong I know but "Been there done that" and also see it often too. But could be wrong, we'll see.

 

[explod]

That's an impressive break greggles and on fairly low volume too. The first hint four days back had some takers, lol, maybe our bush tracker.

 

[barney]

given the circumstances a price and volume query can't be far away.

….. another good call Greg

 

[greggles]

….. another good call Greg

Yes, the price and volume query reply came through but contained the usual "we know nothing" response. So it's all still a mystery. However, I'm sure it won't be too long until this particular mystery is solved.

 

[explod]

Like the action on TAM atm, good sale after the close.

 

[barney]

Like the action on TAM atm, good sale after the close.

I haven't looked real close at these guys … but their Cash to Market cap ratio is pretty spectacular …. That $28 million in surplus cash is a healthy carrot to have in the veggie patch