Sean K
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WEZ - Westonia Mines
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Hi Kennas,
As I said before, the word is that they are going to mine ( 07 ). Straight out of the horses mouth.
12 c seemed like a pretty decent support buy, as per previous post. 40 percent up already, bonus!.
Had a walk over Edna May the other day, its pretty bloody big.
As I said before, the word is that they are going to mine ( 07 ). Straight out of the horses mouth.
12 c seemed like a pretty decent support buy, as per previous post. 40 percent up already, bonus!.
Had a walk over Edna May the other day, its pretty bloody big.
Sean K
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1. They've got under $4m in the bank so could be $$.
2. Takeover? LSG own 43%, so if they support it sure. OGD have been sniffing around Oz and PNG goldies looking for acquisitions as has LHG of course.
3. Significant new find at Edna? They said that this would be a 'company maker'.
30m market cap is pretty low for a 1.1 JORC open all over the place.......
Odds say a capital raising, but with the recent price action I vote number 3.
2. Takeover? LSG own 43%, so if they support it sure. OGD have been sniffing around Oz and PNG goldies looking for acquisitions as has LHG of course.
3. Significant new find at Edna? They said that this would be a 'company maker'.
30m market cap is pretty low for a 1.1 JORC open all over the place.......
Odds say a capital raising, but with the recent price action I vote number 3.
The spike in trading would suggest someone knows something; surely a capital raising would not cause such a lift in prices? 
They have delayed mining before hopefully they have found something to convince them to start digging.
They are exposed to the gold price as I believe they are 100% unhedged.
They have delayed mining before hopefully they have found something to convince them to start digging.
They are exposed to the gold price as I believe they are 100% unhedged.
hmm maybe its got to do with this: just a pure guess
Jamie Freed, Sydney
November 6, 2006
AUSTRALIAN, Canadian and South African gold companies are competing to buy more than $150 million of gold assets up for grabs in Western Australia.
The world's biggest goldminer, Canada's Barrick Gold, is selling its Paddington operations, including the low-grade Red Hill open pit mine, a mill, smaller gold deposits and thousands of square kilometres of exploration ground near Kalgoorlie.
The Paddington package, which one source estimated could be worth $100 million, would allow the buyer to produce more than 100,000 ounces of gold a year in the near term.
Croesus Mining, which collapsed into administration over poor hedging contracts earlier this year, is finalising the sale of its Norseman operations. It is expected to get at least $60 million for the assets, which are capable of producing more than 100,000 ounces a year.
Barrick said in its quarterly report released on Friday its board had agreed to the sale of its Paddington operations in October and was "in negotiations with certain interested parties".
It is believed that St Barbara, Crescent Gold, Leviathan Resources, Dioro Exploration, South Africa's Harmony Gold and Canada's GBS Gold have expressed interest in the Paddington assets.
Dioro managing director Rhod Grivas confirmed his company's interest, but said it did not make Barrick's shortlist. Victorian gold producer Leviathan is
probably out of the running after it agreed to a merger with fellow Victorian producer Perseverance Corp in October.
St Barbara, which bought the gold assets of failed miner Sons of Gwalia, last week said it was hunting for acquisitions to help it increase production to 1 million ounces a year by 2010.
Fat Prophets analyst Gavin Wendt said Barrick's Paddington operations would be a good fit for St Barbara. But he said Harmony would also see the purchase as a way to increase its footprint in the Kalgoorlie region.
As for the other potential bidders, Crescent specialises in low-grade deposits similar to the two-grams-per-tonne Red Hill mine that is part of the Paddington package. And although GBS is based in Vancouver, its production comes from the Northern Territory and it holds exploration ground in WA.
Mark Fisher, the mine general manager of Barrick's Kanowna operations, including the Paddington assets, said his company hoped to finalise the sale by the end of the year.
"It would give someone immediate cash flow, because it's being sold as a going concern," he said.
Barrick is selling the Paddington assets to focus on higher-grade deposits at Kanowna. It acquired the operations through its purchase of Placer Dome.
Administrators for Croesus are believed to be close to finalising the sale of the Norseman assets, which were bought from WMC Resources for $75 million in 2002.
Industry sources said the front-runner appeared to be Avoca Resources, which could use the Norseman plant to process gold from the mine it is developing at Higginsville. But Harmony, GBS, Apex Minerals and Leviathan are also believed to have expressed interest.
just a pure guessJamie Freed, Sydney
November 6, 2006
AUSTRALIAN, Canadian and South African gold companies are competing to buy more than $150 million of gold assets up for grabs in Western Australia.
The world's biggest goldminer, Canada's Barrick Gold, is selling its Paddington operations, including the low-grade Red Hill open pit mine, a mill, smaller gold deposits and thousands of square kilometres of exploration ground near Kalgoorlie.
The Paddington package, which one source estimated could be worth $100 million, would allow the buyer to produce more than 100,000 ounces of gold a year in the near term.
Croesus Mining, which collapsed into administration over poor hedging contracts earlier this year, is finalising the sale of its Norseman operations. It is expected to get at least $60 million for the assets, which are capable of producing more than 100,000 ounces a year.
Barrick said in its quarterly report released on Friday its board had agreed to the sale of its Paddington operations in October and was "in negotiations with certain interested parties".
It is believed that St Barbara, Crescent Gold, Leviathan Resources, Dioro Exploration, South Africa's Harmony Gold and Canada's GBS Gold have expressed interest in the Paddington assets.
Dioro managing director Rhod Grivas confirmed his company's interest, but said it did not make Barrick's shortlist. Victorian gold producer Leviathan is
probably out of the running after it agreed to a merger with fellow Victorian producer Perseverance Corp in October.
St Barbara, which bought the gold assets of failed miner Sons of Gwalia, last week said it was hunting for acquisitions to help it increase production to 1 million ounces a year by 2010.
Fat Prophets analyst Gavin Wendt said Barrick's Paddington operations would be a good fit for St Barbara. But he said Harmony would also see the purchase as a way to increase its footprint in the Kalgoorlie region.
As for the other potential bidders, Crescent specialises in low-grade deposits similar to the two-grams-per-tonne Red Hill mine that is part of the Paddington package. And although GBS is based in Vancouver, its production comes from the Northern Territory and it holds exploration ground in WA.
Mark Fisher, the mine general manager of Barrick's Kanowna operations, including the Paddington assets, said his company hoped to finalise the sale by the end of the year.
"It would give someone immediate cash flow, because it's being sold as a going concern," he said.
Barrick is selling the Paddington assets to focus on higher-grade deposits at Kanowna. It acquired the operations through its purchase of Placer Dome.
Administrators for Croesus are believed to be close to finalising the sale of the Norseman assets, which were bought from WMC Resources for $75 million in 2002.
Industry sources said the front-runner appeared to be Avoca Resources, which could use the Norseman plant to process gold from the mine it is developing at Higginsville. But Harmony, GBS, Apex Minerals and Leviathan are also believed to have expressed interest.
Sean K
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Hmmmmm, I've been following this because I hold CRSsleeper88 said:hmm maybe its got to do with this:
Jamie Freed, Sydney
November 6, 2006
AUSTRALIAN, Canadian and South African gold companies are competing to buy more than $150 million of gold assets up for grabs in Western Australia.
yada yada....
Industry sources said the front-runner appeared to be Avoca Resources, which could use the Norseman plant to process gold from the mine it is developing at Higginsville. But Harmony, GBS, Apex Minerals and Leviathan are also believed to have expressed interest.
AVO and PSV and recently sold DIO. Never seen WEZ's name mentioned as part of the possibilities. Roughy.- Joined
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I'd say institutional funding/sophisticated investors or a general share issue to raise funds to mine, IMHO they are going to do this finally.
As for an announcement or happenings at Edna, not a chance. Its deserted with rotting sample bags, cobwebbed transportables and filling up with water from the recent rains (on the bottom were the pump is).
Anyway............, who knows, maybe Chicken might! (SBM might buy them LMAO).
As for an announcement or happenings at Edna, not a chance. Its deserted with rotting sample bags, cobwebbed transportables and filling up with water from the recent rains (on the bottom were the pump is).
Anyway............, who knows, maybe Chicken might! (SBM might buy them LMAO).
Whiskers
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It appeared on the "experts' stock picks 2008" article on The Australian
It was picked by Fat Prophets in their 10 stocks for 2008
WEZ - price $0.08
"Remains highly leveraged play on the $A gold price. Patience was required in 2007, but we’re bullish 2008 will be the year"
The next day it went up by 24%
It was picked by Fat Prophets in their 10 stocks for 2008
WEZ - price $0.08
"Remains highly leveraged play on the $A gold price. Patience was required in 2007, but we’re bullish 2008 will be the year"
The next day it went up by 24%
Whiskers
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Thanks for that semochen.
Fat Prophets had pestered me to subscribe, but I declined.
Seems like they do have some insight/influence after all... even if only self-fullfilling prophecy.
But all it needs is a bit higher gold price and or a bit better reserves and it should get into production.
Sean K
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Yeah well ..... it's only just over a dollar from the high ......... 
But .......... the Edna pit may have just found a savior.
But .......... the Edna pit may have just found a savior.
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