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GMM - General Mining Corporation

springhill

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This is exactly the setup i look for in an investment. Would like to hear others thoughts on it.
General Mining is exploring for Fe and Mn at the Shoemaker Project in the Eucla, roughly 100km + further inland from GWR. Aswell as Potash in Mongolia. Interestingly China has the worlds biggest difference between potash use and potash production. So a void needs to be filled somehow.

Current SP 10c
MC 4m
Shares on Issue 40m
High/Low 22c/8c
Cash at Hand $3.7m
Expenses this Quarter $284k

Rock chip samples so far have identified surface hematite results of between 50-65% Fe and also 21-43% Mn. First stafe drilling is planned for these targets later this year, once all approvals are granted.
GMM also have a IOCG prospective Eyre Project in WA, though this drilling program has been stopped due to wall stabilisation problems.
Has common directors with Galaxy Resources.
 

springhill

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GMM have today announced a series of drill holes totalling 1200m expected to commence in September to test for deposits of potash/lithium/potassium in their Uvs Project in Mongolia.
Limited drilling in the Uvs basin in the 50's and 60's intersected shallow potash mineralisations of up to 600m thick.
Could be one to watch.

http://www.asx.com.au/asxpdf/20100825/pdf/31s2jfxx20gntr.pdf

Disc - holding.
 

springhill

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General Mining have released an investor presentation outlining key areas of their Shoemaker IO and Mongolian projects. Enjoy.
Have seen recent moves from initial purchase price of 9.3c to 14c today, albeit on thin volume. To be expected when there is only 40m fully paid shares on issue.
http://www.asx.com.au/asxpdf/20100826/pdf/31s3w8z4x29046.pdf
 

springhill

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After a couple of days in which i noticed slow accumulation GMM, has moved nicely today. Currently @16c or up 23%, has been as high as 18c this morn. No announcement yet......
 

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springhill

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GMM riding a bullet the last couple of days. Speeding ticket yesterday, standard response. "We know nothing!" - Shultz
Taken my entry money off the table today, very happy with this one.
Look for news on some potash results IMO
 

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great run for GMM .. still trying to work out why I am not holding it as its on my watch list but I havent noticed it till today when its in the green .. Mongolia & potash what more could one want at the moment .. will keep an eye on an entry early next week but unsure of whats going on as speeding ticket states that are attempting to appoint / secure a drilling company so wouldnt be expecting any immediate results yet .. ???
 
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great run for GMM .. still trying to work out why I am not holding it as its on my watch list but I havent noticed it till today when its in the green .. Mongolia & potash what more could one want at the moment .. will keep an eye on an entry early next week but unsure of whats going on as speeding ticket states that are attempting to appoint / secure a drilling company so wouldnt be expecting any immediate results

Adobee probably no need to worry about the announcement, it will probably run on the markets excitement over potash.. like it already has!
 

springhill

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great run for GMM .. still trying to work out why I am not holding it as its on my watch list but I havent noticed it till today when its in the green .. Mongolia & potash what more could one want at the moment .. will keep an eye on an entry early next week but unsure of whats going on as speeding ticket states that are attempting to appoint / secure a drilling company so wouldnt be expecting any immediate results yet .. ?
Yep, you are right adobee, i skimmed the ticket too quickly in my suprise at GMM moving.
My bad.
After reading the FMJ, and as Magic Man said, no doubt there is speccing on potash going on here.
Time to hit some research and find anymore potential potash specs :)
 

springhill

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Looking ahead for what is instore for GMM in the next few months. They have an interesting investor presentation quoted below, page 13 states ' GMM are in talks with vendors in Mongolia and Kazakhstan on gold, copper, coal and other projects', so possible project acquisition coming up.

Drilling due to commence in May on the Shoemaker IO & manganese project.

Still no word on a drilling company appointment for Uvs project :confused:

http://www.asx.com.au/asxpdf/20110322/pdf/41xlfw528l9dxy.pdf
 
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Mongolia Potash Drilling soon for an EV of $7m

Near term share price catalysts for GMM include its planned Mongolia potash and Australian manganese and iron ore drilling programs.

Current Market Cap: $11.0M (63.0M shares inc. escrowed, price 0.18, recent placement at 0.175):
Cash: $3.6M
EV: $7.4M

This EV is tiny. Should potash be intersected this baby is going to runnnnnnn!

*Uvs Project, Mongolia (100%):

- 5 licences covering >2,000km2 in Uvs Nuur Basin
- 3 to 5 holes planned to 1,000m depth for 3,000-5,000m drilling, targeting thick intervals of bedded potash
- March 2011 Mines & Money pres said drilling to commence in May 2011
- The March quarterly stated "Preparations underway for deep potash exploratory drilling at the Uvs project in Mongolia" and "Negotiations with drilling contractors are currently underway". However, still no announcement as to the signing of a drill contractor. Hopefully a positive announcement can be made soon.

*Shoemaker Manganese and Iron Project, Earaheedy Basin WA (50%, earning up to 80%):

-The March quarterly confirmed that drilling at iron ore and manganese targets is expected to commence on 15 May. That's 12 days away.
- Stage 1 RC drilling program to include 30 holes to ~80m depth totalling ~2,500metres of drilling.
- Prospective for DSO and BIF mineralisation
- Large meteorite structure (15-20km diameter), with GMM tenement holding covering high gravity area (see slide 14 March Presentation)
- GMM 2010, 33 rock chip samples 50-65% Fe (nice grades!)
- 19 rock chips samples 21-48% Mn (nice high grades!)
- Exciting recent sampling/drilling success by neighbours including ZNC (Lockeridge) (Market Cap: $40M) could show the Earaheedy Basin to be emerging as a new global manganese basin

*New Project Generation
March 2011 Mines & Money Presentation - Active research on new project opportunities in Mongolia and Central Asia:
- GMM database on most of 6,000 occurrences & deposits in Mongolia
- talks with vendors in Mongolia and Kazakhstan on gold, copper, coal and other projects
 
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1st stage RC drilling program at Shoemaker has been completed: 30 holes totalling about 2,750 line metres have been drilled as planned.
The drill samples have been sent to independent laboratories in Perth for assaying.
http://www.asx.com.au/asxpdf/20110615/pdf/41z75gptzp6k76.pdf

How long until assay results due, 2-4 weeks maybe?
Mid July at the earliest. I am on board today, Potash next to China with extras such as Shoemaker thrown in as a bonus - great value!
 
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GMM
Just a reminder if you like to be in small caps before results, GMM has results due out tomorrow or friday (next week on off chance its delayed) for its Shoemaker project (1st stage rc drilling) which is targetting high grade iron ore and manganese.

Also at any time in July or August we are also expecting GMM to announce that their Mongolian Potash project is about to begin drilling which given the recent Mongolian frenzy should really set this share alight!

Click here for details about Shoemaker drilling.
Click here for details about the Mongolian Potash project.
Latest Investor Presentation


GMM Details:
* 63mil Ordinary Shares
* 12.7mil Options
* Market Cap @ 17c = $12.9mil
* Cash On Hand = $3.6mil
* Value of Potash & Shoemaker Projects = $9.3mil (at 17c)
* Directors own 14% of the company, will do anything they can to not dilute shares.
* Recently did a placement at 17.5c to advance Potash project.

---------------------

Definitely think this is a buy, tightly held share registry with directors who own a chunk of the company and some big upside if Shoemaker comes through in the next week, with limited downside due to the Mongolian potash drilling.
 
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GMM buys interest in Khuden Coal Deposit in Mongolia
HIGHLIGHTS
Letter of offer signed to buy an interest in coal mining
licence adjacent to the Company’s coal exploration area
at the Uvs project
• The mining licence covers the central part of the Khuden
Coal Deposit explored in the 1970s - 80s
• Adding interest in proven coal deposit strengthens the
Company’s coal exploration prospects
Uvs Basin Project
(Potash; coal & lithium brine exploration - GMM 100%)
The Company’s wholly-owned Mongolian subsidiary, Golden Cross
LLC (“Golden Cross”), has signed a letter of offer to acquire an
interest in mining license number 11617A of 51.6Ha that covers the
central part of the Khuden Coal Deposit and is adjacent to the
Company’s coal exploration area at the Uvs project (Figures 1, 2 -
refer to ASX announcement dated 27 September 2011).
The Company and a Syndicate holding the mining licence are
currently finalising the terms of a farmin and joint venture
agreement (“JV Agreement”) in respect of the mining licence and
intend the signed letter of offer to be binding on them, while noting
that the entry into the JV Agreement is conditional upon:
(a) the completion of legal, technical and regulatory due
diligence by Golden Cross in respect of the JV Agreement;
(b) the execution by the parties of the JV Agreement;
(c) any necessary approval by the Company’s shareholders to
the entry into and / or completion of the JV Agreement; and
(d) the Company raising funds to enable the payment to be
completed.
In regard to (d) above, the Company is well advanced in
discussions with a potential investor.
Buying an interest in Khuden Coal Deposit (Figures 2 to 5) should strengthen the
Company’s coal exploration prospects, which are currently focused on the prospective
Carboniferous sedimentary geology within the Company’s licence 14404X (located 1
km south of the Khuden Deposit) as well as licence 15206X (200 m west of the
deposit) that is being acquired by the Company (Figures 2 & 6 - refer to ASX
announcement dated 27 September 2011).
The Khuden Coal Deposit was discovered in 1971 and, according to Mineral
Resources Authority of Mongolia (“MRAM”) archive Open File Report 2045, was
initially explored by 503 line metres of trenching and 9 diamond drill holes (618 line
metres in total). Two outcropping and gently NNW and NW dipping black coal bearing
horizons were identified while the exploration was mostly focused on the upper
horizon comprising a single coal seam (“upper coal seam”).
Follow up exploration in 1976 was also focused on the upper coal seam and included
380 line metres of trenching and 35 diamond drill holes that totalled 1,313 line
metres and were geophysically logged (MRAM archive Open File Report 2319). Some
initial Russian category A to C2 coal resources were estimated for the upper coal
seam that varies in thickness from 3.4 m to 8.8 m (average 6.6 m) within the
resource estimate area. While no complete coal ranking analysis was carried out, the
following table provides some indicative parameters for the upper coal seam below a
5 m deep weathered zone:As part of a regional exploration program, some additional coal exploration was
carried out at a wider Khuden Coal deposit area in 1984-84 including 9 diamond drill
holes totalling 621 line metres (MRAM archive Open File Report 4477). The lower coal
bearing horizon was intersected by two drill holes south and east of the 11617A
mining licence area as well as by a trench crossing its outcropping area east of
11617A. Some Russian category P2 and P3 “prognostic coal resources”1 were
estimated for the wider deposit area including the lower coal bearing horizon.
The lower coal bearing horizon is separated by a ~60 m thick sandstone strata from
the upper coal seam and remains scarcely explored at this stage. According to MRAM
archive Open File Report 4477, there are 9 coal seams and lenses within the lower
coal bearing horizon with their individual thicknesses varying from 0.5 m to 6.0 m
and the aggregate coal thickness estimated as ~20 m.
The historical coal exploration reports as well as two independent geological reviews
commissioned by the Company in 2008 suggest the prospectivity of further
exploration at the Khuden Coal Deposit – mostly targeting the underexplored lower
coal bearing horizon. These reports also suggest the prospectivity of the wider intermountain
basin for discovering possible extensions of the Khuden coal seams. Most of
the Lower Carboniferous geology outside the deposit remains largely unexplored,
including the central part of this basin covered by shallow Quaternary alluvial
sediments. The Company’s licences 14404X and 13848X as well as licence 15206X,
which is being acquired by the Company, include some substantial exploration areas
considered to be prospective for coal.
This year the Company started some preliminary coal exploration in this area
including the compilation of all available archival data on the historical coal
exploration as well as a field reconnaissance. A dedicated coal exploration program is
being planned to be carried out in parallel with the potash and evaporite exploration
in the Uvs Basin.
A sealed highway and a high-voltage power line cross the Company’s coal exploration
area (Figure 6) that is ~200 km by highway from the Russian city of Kyzyl planned to
be connected with the Trans-Siberian Railway by a new railroad in 2014. This coal
exploration area is ~80 km by highway from the town of Ulaangom, the capital of the
Mongolian Uvs Province, where the Mongolian Government plans to build a railroad
connecting the north-west of the country with China by 2015.
Dr Boris Matveev
Managing Director
About General Mining Corporation Ltd (ASX: GMM)
General Mining Corporation Ltd is a Western Australian company with a substantial portfolio
of exploration properties in Mongolia and Western Australia. The Company is focused on
bulk commodities, namely high-margin potash and coal at the Uvs Basin project in
Mongolia, and iron ore at the Shoemaker project in Western Australia.
The Company also has some base metal and IOCG exploration properties in those
countries.
 

springhill

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I haven't looked back at GMM since i bailed out the last of my holdings before the :fan

Time to take a walk down memory lane.

GMM have secured an option to purchase the Mt Success gold project located 15 km north of Mt Magnet in Western Australia.
https://onlineinvesting.westpac.com...mpanyProfile/Announcements.aspx?stockCode=GMM

The Option has been granted by Mr Clive Humberston for an initial payment of $20,000.
The Option gives the Company an initial six month period to complete a minimum of six RC drill holes with a minimum aggregate of 300m of drilling.
The Company can extend the Option period by a further six months on payment of $20,000 and a further extension of 18 months by paying an additional $30,000. Should the Company exercise the option it will receive 100% of the Project by payment of $900,000.
The Project has been continuously held by the Mr Humberston since 1987 and has a small gold mining operation on it that is currently dormant.

A cap raising has taken place.
Capital Raising
As announced on 31 January 2012, Investmet has agreed to take a strategic stake in the Company and to assist in raising up to $1.9m through a two stage capital raising, as follows:
● Placement of a total of 20,000,000 Shares at $0.05 each (and a total of 20,000,000 free attaching unlisted Options) to Investmet and its nominees to raise $1m; and
● Non‐renounceable rights issue of 18,006,925 Shares at $0.05 each on a one for five basis (and 18,006,925 free attaching listed Options), fully underwritten by Investmet subject to an underwriting agreement being entered into, to raise $0.9m (before issue costs).
The proceeds from the capital raising of $1.9 million are to be used by the Company with its available cash of $359,768 (as at 31 December 2011) to:
● Fund the Company’s current minimum expenditure commitments of $1,288,843 (to 31 December 2012), to continue exploring its potash, iron, gold, base metals and other metals and minerals prospects in Mongolia and Western Australia with the view to the eventual development and mining of mineral resources;
● fund costs of approximately $120,000 for the capital raising, including a proposed underwriting fee of $50,000; and
● Fund $50,000 of the consideration and $63,000 for the cash backed security required for performance bonds in connection with the Company’s acquisitions of the Mercury Hill Project and Chesterfield Project respectively.



From their last quarterly.
http://www.asx.com.au/asxpdf/20120430/pdf/425z41mkgk7dtw.pdf

HIGHLIGHTS
● Due diligence continues on potential coal exploration interests at Uvs in Mongolia
● Work program recommended for Khangai Project in Mongolia
● Strategic partner secured and plans for two stage capital raising, in conjunction with acquisitions of two new gold projects in Western Australia

From my perspective, the fact they want to bring in a JV partner to continue potash exploration in Uvs, leads me to believe their faith in that project is dwindling.
How confident are they in the coal angle of Uvs? They decided to drill for potash first, so the coal must be the secondary target, again points me to lack of faith in coal. Plus they are looking at coal closer to Chinese border, so how strong is their conviction in Uvs?
From memory, Shoemaker was a bit of a turkey too.
Now 2 gold tenaments (possibly!), that's not enough to see me back in GMM.


Dear General Mining,

We had a lovely fling, it was a short wonderful time in my life where i used you to make money, unfortunately you have lost your looks and your a$$ is starting to sag a little.
For these reasons i must bid you farewell and move on to the next perky floozy.

All the best,
SH.

P.S. please stop texting me at 2am!
 

springhill

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GENERAL MINING CORPORATION SECURES JOINT VENTURE ON OYUT TOLGOI COPPER PROJECT IN NORTHWEST MONGOLIA
http://www.asx.com.au/asxpdf/20120709/pdf/4279w86pw149n3.pdf

General Mining Corporation (GMM) through its wholly owned Mongolian subsidiary Golden Cross LLC is pleased to announce that it has secured a joint venture on the Oyut Tolgoi (not to be confused with Oyu Tolgoi in the south of Mongolia) copper project, this project is adjoining licences GMM presently holds and now gives a total holding of 154,610 hectares along the Khangai / Bulnay Fault, in north western Mongolia.
Surface exploration and diamond drilling in the mid -1970's at Oyut Tolgoi outlined extensive copper mineralisation hosted in gabbroic rocks with several of the historic holes returning mineralised intervals over tens of metres down hole.
 

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