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ATE - Atherton Resources

Joe Blow

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Mungana Goldmines (MUX) is a new Australian gold company seeking to raise up to $76 million via an Initial Public Offering (IPO) and listing on the Australian Securities Exchange (ASX). The assets – located in the Chillagoe region, 150km north west of Cairns in North Queensland – are currently owned by established ASX-listed mining company Kagara Ltd and will be acquired by Mungana Goldmines as part of the impending IPO.

http://www.munganagoldmines.com.au
 

UMike

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Mungana Gold Mines

Mungana Gold Mines
http://www.munganagoldmines.com.au/
The gold rights in two key projects are intended to be transferred to Mungana Goldmines Ltd prior to the IPO:

Red Dome, with total Measured, Indicated and Inferred resources of 40.1Mt @ 0.79g/t Au, 0.30% Cu
Mungana, with Indicated and Inferred resources of 32.2Mt @ 0.81g/t Au, 12g/t Ag, 0.19% Cu
26.0 Mt of additional unclassified mineralisation across both deposits


Key Investment Highlights
Existing defined resources
  • 1.85 million ounces of gold, 180,000 tonnes of copper and 13 million ounces of silver already defined in resources
  • Capacity to increase defined ounces at existing deposits through in-fill drilling
Medium-term development opportunity
  • Opportunity to commence development at conclusion of in-fill drilling and two year BFS targeting a resource capable of sustaining production at over 150,000 ounces of gold and 60,000 tonnes of copper concentrate per annum
Well positioned for further regional discoveries
  • Gold rights allow Mungana access to explore for gold in the highly prospective Chillagoe region
  • Potential for Mungana to access gold resources identified by Kagara
Strong balance sheet
  • Post the Offer, Mungana will have significant cash to deliver on its strategy and objectives
Proven leadership team
  • Experienced Board and managing director with over 100 years' collective experience in the gold sector and 60 years collective experience in mining operations
Supportive Shareholders
  • Kagara (through Mungana Pty Ltd) to retain ~59.0% shareholding in the Company.
  • Guangdong Foreign Trade Group Limited to acquire an interest of 16% in the Company. The Foreign Investment Review Board has confirmed that it has no objections to this acquisition.
Relationship with Regional Partner
  • Ongoing relationship with Kagara under the separation agreements will give Mungana access to Kagara's operational resources in the Chillagoe region

Trading today.

Disc - Holder.
 

Tanaka

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Re: MUX - Mungana Goldmines

MUX seems to be holding it's issue price, small rise today in what was a down day for most stocks, does anyone know when they will start pulling the gold out of the ground?
 
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Re: MUX - Mungana Goldmines

MUX seems to be holding it's issue price, small rise today in what was a down day for most stocks, does anyone know when they will start pulling the gold out of the ground?
Hooley Dooley, they only listed 2weeks ago. There is such a thing as a drilling programme which will take years.

They could be lucky. Yeah all the best to the co. But my understanding says there are much better gold cos out there and there are hundreds.
 
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Re: MUX - Mungana Goldmines

It will take a few years to get to production status. However if the gold price jumps considerably there are a few low grade stockpiles which they could bring on line quite quickly.
 

UMike

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Re: MUX - Mungana Goldmines

It will take a few years to get to production status. However if the gold price jumps considerably there are a few low grade stockpiles which they could bring on line quite quickly.
Dunno about that.

They say they have at least 18 months of drilling, aprox 100,000 meters of holes.
 
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Re: MUX - Mungana Goldmines

Feasibility study is planned for 2012 with first production hopefully in 2013.

In the circumstances, I don't think I'd be factoring the current PoG too heavily into any decision to invest in this one!
 

springhill

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Re: MUX - Mungana Goldmines

MC - $45m
SP - 28c
Shares - 160m
Options - 15m
Cash - $16.5m

Major Shareholders

– Mungana Pty Ltd (Kagara Ltd) 97.5m
– GGHG (China) 25m
– Prosperity Steel (Singapore) 13m

• Attributable JORC compliant Resources of 3.2 million ounces of gold, 273,000 tonnes of copper and 35 million ounces of silver.
• Targeting production of approximately 180,000 ounces of gold, 10,000 tonnes of copper and 1.5 million ounces of silver per annum with long mine lives

TUNKILLIA PROJECT (Earning 70%)
• Controlling interest in JV with Helix Resources
• New gold province discovered in 1996
• Resource of 803koz Au, 1.6mozAg
• Earning to 70% this year with A$6m budget
• Strong probability of exploration extensions
SCOPING STUDY RESULTS
• Production of 492,000 ounces over 6 years
• Low Capital of A$114m
• Cash costs of ~A$983/oz.
• Throughput rates of 2mt per annum
PREFEASIBILITY
• 7,000m infill and extension RC and diamond drilling targeting proposed pit
• Update of resource statement
• Site infrastructure
• Mining and processing options and plans
• Advancement of regulatory approvals

TARCOOLA GOLD PROJECT
• Purchased July 2012
• Initial payment of $0.75m
• Decision to mine $0.5m
• First Production $1m
• 60km north west of Tunkillia
• Historic production of 77,000 Ounces at 37.5g/t Au
• Potential to contribute additional 20,000 ounces per annum of production through proposed Tunkillia plant
• Perseverance Deposit
• Initial high grade open pit potential with historic drill holes of
- 34.3m @ 26.2 g/t Au
- 21m @ 62.2 g/t Au
• Further high grade underground potential with historic holes of
- 6m @ 43g/t Au
- 4m @ 14.7g/t Au
• Initial Drilling planned in September quarter 2012
• JORC Resource in December quarter 2012
• Further drilling following

MUNGANA PROJECT
• Red Dome Open Pit produced 1Moz Au, 4.3Moz Ag, 35kt Cu from 1985 -1997
• Resource of 2.7moz Au, 273kt Cu, 34moz Ag
• Red Dome and Mungana - 3km apart
• Both on Granted Mining Leases
BFS STAGE 1 HIGHLIGHTS
• Production of approximately 100,000oz of gold, 10,000t of copper and 1.5Moz of silver per annum achievable
• Mine life of at least 10 years
• Cash costs of A$883/oz.
• Throughput rates of 4mt per annum
• Total Production, ~1moz Au, 100kt Cu, 15moz Ag

RED DOME
• Successful operational history 1985 -1997, producing 1 million ounces of gold
• Large up front open pit at 3mtpa
• Dewater pit as mining progresses
• Utilise pit water for processing
• Underground mining once pit fully dewatered
• Decline either from Mungana or base of pit once completed
 

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Re: MUX - Mungana Goldmines

... including 1.3m @ 1566.4 g/t


Suddenly holding.
 
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Re: MUX - Mungana Goldmines

... including 1.3m @ 1566.4 g/t


Suddenly holding.
Imagine my surprise, when I looked up the Price of Gold.

:eek: It is in freefall, down US$38 in the latest session.:eek:
 
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Re: MUX - Mungana Goldmines

• JORC Resource in December quarter 2012
Mungana released more drilling results today.
I thought them pretty ordinary.
Waiting for the JORC now.

When I saw the stupendous intercept, I rushed of to acquire a position.
The POG then fell dramatically, so decided to quit them.
Had a partial fill while in the money.
Realising I am very lonely (in terms of liquidity), I took a further partial fill at a small loss.
Now I am stuck with a few.

Argh ... the lessons life throws at us!
 

System

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On August 10th, 2015, Mungana Goldmines Limited (MUX) changed its name and ASX code to Atherton Resources Limited (ATE).
 
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