AZM - Azumah Resources

[CapnBirdseye]

Must be pretty decent for a 2-day halt, I'd would expect more than was previously aluded to.

The MQG increase was a bit of a pointer to something good, I more than doubled my holding yesterday based on this. A bit of luck there, lets see how it pans out.

Arr.

 

[happytown]

the trading halt is due to azm about to ann a significant resource upgrade, it says so in the 2nd ann this morning re the trading halt, most likely the inclusion of a jorc resource estimate for the Julie prospect

 

[Chargin8]

Sorry for the OT but where do I see this information you are talking about? The news section on the Azumah website has nothing.
Where do you see its a 2 day halt and when does T2 start?

Im pretty new to all this..

 

[CapnBirdseye]

Great word significant, hard to quantify. In this case, with the trading halt I'm assuming it really is going to be significant.

The second ann today from AZM says normal trading will resume following an announcement on Thursday.

 

[Sean K]

Sorry for the OT but where do I see this information you are talking about? The news section on the Azumah website has nothing.
Where do you see its a 2 day halt and when does T2 start?

Im pretty new to all this..

Company websites are known to be tardy with noting the announcements.

You should go through the ASX site.

Or your on line broker.

Sounds like you don't have one of those so ASX.

http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=azm&timeframe=D&period=W

 

[Sean K]

And on the back of this they are asking for some 'incentive' options.

I can't see much incentive there, can anyone else?

26c exp in 2013? HUH??

 

[Chargin8]

Im with Commsec, but wasnt looking in the right spot, they have a "news" section for each stock but thats empty. Its under announcements which I should have clicked to seeing everyone here referring to "ann"'s. Its all there.

So going on the "buy orders" that can be seen on sites like commsec, can you guage where the price might leap to when its trading again?

I see buy orders for this stock at a range all the way to 31c right now. What are those guys basing that on, do they know something we dont..?

Company websites are known to be tardy with noting the announcements.

You should go through the ASX site.

Or your on line broker.

Sounds like you don't have one of those so ASX.

http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=azm&timeframe=D&period=W

 

[CapnBirdseye]

As for the bid prices, the bidders don't know any more that you do.

They just want to be at the front omf the line at a particular price. No doubt most of the bids will gave been moved at some time during pre-open once an announcement has been made. If you want to know the opening price, it can be worked out fairly easily, but as I said bids will likely change a fair bit leading up to the open.

We'll find out Thursday.

As for the options, like shooting fish in a barrel. A few at 50c and 70c would have seemed reasonable too. Nothing like setting your targets low. Saying that, the incentive is still there I guess.

Could turn round quickly this one. From what I remember azm weren't looking to go to production any time, just to sell ontheir reserves - anyone know otherwise?

 

[CapnBirdseye]

Of course I'm talking rubbish. Last report said looking for production start around end of 2011.

Must stop replying to threads on my iphone without checking my facts.

 

[Chargin8]

Well the news is out and looks like trading has started, I thought it was halted until Thursday though?
29c right now. Im trying to decide whether to sell now or wait a bit.


AZUMAH BOOSTS RESOURCES TO OVER 1.1 MILLION OZ GOLD MAIDEN 350,100oz MINERAL RESOURCE AT JULIE.

• JORC reported Mineral Resource of 4.9Mt @ 2.2g/t gold for 350,100oz for Julie prospect – 1.0g/t gold cut-off
• Open in all directions
• Nearly 60% in JORC Indicated category
• 100% of resource above 80m vertical depth
• Maiden JORC resource for adjacent Collette prospect expected by June 2010
• New project-wide 40,000m RC and RAB / Aircore drilling campaign to commence immediately -excellent opportunity to increase resources
• Feasibility Study progressing in line with schedule

 

[happytown]

...

The second ann today from AZM says normal trading will resume following an announcement on Thursday.

...

We'll find out Thursday.

...

...

I thought it was halted until Thursday though?

...

read the wording of the ann

... Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Thursday, 25 March 2010 or when the announcement is released to the market.

it never stated that the ann would be released on Thursday

this is as per ASX Listing Rule 17.1.1, see Note as follows

Note: ASX Market Rule 16.4.2 says that a trading halt can be applied for a period not exceeding the commencement of trading on the second trading day following the day on which it is requested.

that is the reason for the wording of the ann, all trading halts are worded in this way

the trading halt will be lifted (in almost all instances) after the ann is released which can be anytime prior to the commencement of trading on the second trading day following the day on which it was requested - note if the co wants the trading halt to continue, the trading halt becomes a suspension of trading

here the trading halt was requested on Tuesday and the ann released on Wednesday (today) and the trading halt was lifted a short time after the release of the ann today

having said that, nice ann

 

[Sean K]

Well, they made it over the 1m oz mark which is excellent, but xpected. Been saying it for months with the addition of the Julie deposit, non JORCd at 300k. A slight surprise to the upside for me with another 100k over the magical 1m.

As far as time to production, anyoneknow how long it takes to go through PFS DFS extra FS, BFS, development, construction (a millis not easily put together), initial mining, ironing out the problems, until they actually can produce an ingot. Don't count your chickens.

In my opinion now, best thing would be a decent takeover offer from someone nearby with skills in developing a mine in W Africa and a bank roll.

 

[shag]

hi guys
been on 'holiday' after kennas went west 4 a bit.
i sold half of this holding 4 a change, some from 10c buy, expecting it to slump back post announcement. to me this statement wasnt really news and nothing flash. maybe the seminars got a few bods keen, or else the stock has finally got traction post the 1mill club entrance.
ideas anyone....
seems its got a few white candles now tho.

 

[Chargin8]

Well I bought at 23.5 and sold at 33.5, a day after the announcement. Seemed to me it found a peak on the first day after the halt and then relaxed so as soon as it got near that peak again I sold.
With the down trend in the gold price, the USD strengthening slightly I didnt think there was much more to be had, currently Im fairly happy with 33.5 but it seems there still might be some upward movement to be had..

 

[shag]

to me that 2.5mill omarket trade was a bit sus. who drops a lazy mill on a speccie unless they know something, ie broker imminent upgrade.
by graph, i cant see how this can b sustainable, esp. with kennas funnies doubts in the past.
could just b my sellers remorse....
seems like the rapid breakout from 10 to 20ish, before it dropped back a bit 4 some time.

 

[Sean K]

could just b my sellers remorse....

Tell me about it shag. What a time to come back to reality.

A 4c rise today for 10% is amazing when you think the stock actually hit 4c at the low last year. Incredible.

Mr market's factoring in plenty of upside in AZM and POG maybe. And, I guess risk is back in the game to drive explorers/developers higher on not too many fundamentals.

Maybe the old $30 an ounce for a W African explorer needs to be changed to something around the $60 an ounce.

 

[shag]

gry has been having a big run too over the last three weeks, on no news apparently, so somethings up. something clearly changed as it was in the kennel for sometime prior to this long run.
interstingly pru has not moved much.
like you imply, maybe africa has got traction in the mainstream, but with gry i've been waiting for a belated announcement.

 

[Sean K]

The old tiger is licking his wounds on AZM and GRY shag. I had quite a bit of money in these from around the bottom and added along the way up till I decided the world was fvcked. That was months ago.

 

[CapnBirdseye]

Surely AZM is looking pretty over-valued right now. I got out today at 0.485.

I don't see the next upgrade living up to some obviously very high expectations.

I do plan to get in again soon, but I'm expecting it to drop off a bit.

EV/oz of about $74 atm.

 

[Sean K]

I missed the 6 April ann regarding Collette. Looks like it could hold a few ounces but how many is a dead pluck at the moment.

Management starting to ramp a bit I feel.

"Multimillion ounce" Bit early to be calling that one I think. I suppose there's 2m ounce potential, which is multi...hm

ASX Release
Tuesday 6th April 2010

Azumah set to increase resources after more strong drilling results

Regional exploration program intensified in push to establish multi-millionounce
gold inventory to support 100,000 ounce-a-year-plus production profile

More excellent drilling results pave way for maiden resource estimate at
the Collette deposit including;
20m grading 7.43g/t gold from 76m (ACORC070)
Drilling underway to extend the interim 350,100 ounce Julie resource
Drilling underway to extend resources in 750,000 ounce Kunche-Bepkong
district
Lycopodium appointed to scope Feasibility Study
Influential Canadian broker Clarus Securities puts Azumah on its global watch list

And I've got no idea who Clarus is, or why that's so significant really. Looks like just a small investment firm to me.

http://www.clarussecurities.com/

hmm