GTM - Giants Reef Mining - Aussie Stock Forums

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  1. #1

    Default Gtm

    What do you think of the prospects of Giants .. i've heard several imes that their going to rise however...

    Giants reef Mining.. sorry guy's cant post chart..?


  2. #2
    Pigs In Space GreatPig's Avatar
    Join Date
    Jul 2004

    Default Re: Gtm

    Allow me....

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  3. #3

  4. #4
    Pigs In Space GreatPig's Avatar
    Join Date
    Jul 2004

    Default Re: Gtm


    Based on the chart only, I would say it's still just oscillating up and down over about a 2 cent range, falling on average, with no sign of any positive breakout from that.

    If it was me at the moment, I'd only be looking for short trades from the bottom of that 2 cent range to the top. A 1-2 cent gain on a 7 cent share is not a bad return.

    Of course this is just my observation, not any sort of recommendation.


  5. #5
    Join Date
    Sep 2004

    Default GTM

    any body know about this company? gtm ,

  6. #6

    Default Re: GTM Giants Reef Mining

    Giants Reef seeks cash in limbo

    Rebecca Keenan

    Tuesday, May 10, 2005
    ANXIOUS Giants Reef shareholders are none the wiser this morning with the company extending its voluntary suspension from trading on the Australian Stock Exchange amid speculation it is garnering support for a major capital raising to restructure the company.

    MiningNews.net understands Giants Reef is seeking to raise around $18 million. It's believed the $18 million capital raising would clear the company's debts of around $9 million and allow it to close out its hedge position for 2005-06 at a cost of another $2-3 million.

    The company reported a shocking March quarter when it produced 8053 ounces of gold at cash operating costs of $749 /oz. Production was impacted for 11 days by a damaged jumbo.

    The quarter compared poorly to the December 2004 quarter when 22,994oz were poured at costs of $301 /oz.

    Giants Reef warned grades would fall to about 9-10 grams per tonne gold with operating margins similarly squeezed. It was forecasting production of 18,000-20,000oz in the June quarter.

    The company's hedging position sees 13,020oz forward sold for the 2004-05 financial year, 47,805 for 2005-06, and 31,610oz for 2006-07.

    Cash stood at $710,943 at the end of the March quarter

    Shares in Giants Reef last traded at 2.5c.
    Last edited by RichKid; 13th-July-2005 at 03:02 AM. Reason: changed thread title

  7. #7
    PlanYourTrade > TradeYourPlan RichKid's Avatar
    Join Date
    Jun 2004

    Default Re: GTM Giants Reef Mining

    Bad News for GTM fans:

    Giants Reef slashes NT gold resources
    SMH July 12, 2005 - 9:05PM

    Troubled Northern Territory gold miner Giants Reef Mining Ltd says there is only 71,900 ounces of gold resources at its flagship Chariot mine - less than half what it had previously estimated.

    Reserves were also drastically reduced to 30,400 ounces, down from 140,300 ounces.

    The mine was estimated to contain 215,200 ounces of gold in the resource category in one large lens of mineralisation.

    Giants Reef conducted further drilling and discovered the mineralisation was broken up into more than 20 separate lenses.

    It had been mining at the project since last year and had once hoped to produce 100,000 ounces a year of gold.

    As previously reported the mine will now be closed in the current quarter.

    It has also previously warned the closure would affect a $16.25 million facility it has with ANZ Bank.

    Giants Reef shares have been suspended since early May and last traded at 2.5 cents.

    My posts are not recommendations (even when I rave about something). Always rely on your own research & judgement.

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