Australian (ASX) Stock Market Forum

HMX - Hammer Metals

11 July 2004
hi guys..

i made a stupid error here, i rode (mds) down in the recent decline in resource stocks.

like they say "don't fall in love"..

anyway now thats behind us...

the good news is gold is edging it's way back up again.

whilst we can't call it a certainty, things are looking much better with the price of gold..

so where do we stand with midas resources.

imo i think it's way over sold now..

we should have some resource figures in the near future, some have said it could be around the million oz.

they have nearby infrastructure (treatment plant), so they could start a low cost mining project fairly quickly.

whilst building there own treatment plant.

the above is till some time off yet, but at least we can see how things might turn out.

so at present the current share price 13.5cents, if the price of gold continues up & we get an announcement about resources. then i'd add approx 10-14cents onto the current price

management are first class..

Don Boyer..perhaps one of the best guys in the game..

LAKE CAREY: The Lake Carey SuperProject comprises the Lake Carey Project (100%),
the Linden Project (80%) and the Phantom Well Project (100%).

The Lake Carey Project: Prospective for gold and located near Laverton in WA.
Resources as at June 2003 were estimated at 6.6Mt @ 2.2g/t Au. MDS' strategy for
this project will focus on exploration, increasing the resource base and
advancing feasibility studies with a view to commencing mining. In April 2003,
drilling returned 5m @ 14.9g/t Au and 15m @ 4.83g/t Au at Fortitude. RC drilling
in December 2003 intersected 14m @ 8.17g/t Au and 5m @ 13.35g/t Au.

The Phantom Well Project: Located 5km south of Fortitude and comprising the
Stealth and Mirage prospects. Drilling in 2003 returned 3m @ 18.7g/t Au and 10m
@ 2.8g/t Au at Stealth.

Re: midas resources

MDS was mentioned to me so I've looked at the chart. Long downtrend. Only good sign is slowing in the trend and a recent reversal (from my understanding) rejecting lower prices. Not sure how far this is leveraged to the gold price, gold has rallied recently. If I was buying I'd buy at 6 and have a very tight stop just below to sell on close. No idea about the fundamentals and eitherway it's volatile at these prices. Appears to be stuck in a range and often closes below where it started, not enough confidence from the buyers.


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Re: Midas Resources MDS

One year, 8 days for a reply. That's got to be some kind of record!

This is one of those companies that is run by a good group of well respected blokes. It's got reasonable backing from the WA brokers and a good collection of larger shareholders. Cash reserves and cash burn see them lasting the better part of another year without a raising. They are spending a fair bit on exploration for a company of their size.

I agree that it seems to be finding a base and it would be good to look for an entry about 6c with a tight stop. You'd have to wonder what is going to move this company. By all accounts its just another explorer that's a long way off being a producer and there's no decent technical reason to buy it. What you're essentially hoping for is a big announcement - whether it be a new project or proving up some good grades.
Re: Midas Resources MDS

Interesting timing for this one to be picked up by ASF.

Closed at 8c today after reaching a low of 5c before news released on Friday. MDS has entered into an agreement via their wholly owned Chinese subsidiary for a 50% share in a prospective gold mine north of Beijing. MDS claims its in a fairly prolific gold field, but they are unable to release any estimates as they do not comply with JORC requirements. More drilling is planned to meet these requirements.

Might be interesting IF MDS sees an increase in liquidity - establishing even a $10,000 holding is enough to buy it up about 1-2c based on the current depth. On the flip side, being tightly held means its likely to have above par volitility.

The potential upside here lies with the chance at getting some good drilling results and eventually an initial resource estimate. The downside is that it's another explorer without an income.


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Re: Midas Resources MDS

Responded to a share price query today with their best Colonel Klink impression. Still no great volume, but it's definately going in the right direction.


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Re: MDS - Midas Resources


Hi folks,

MDS/MDSO ..... looking for a weak start this week to
test the recent lows, then a positive move from
late-Tuesday or Wednesday ..... 11-12042006 ... :)

Click here for MDS chart ..... :)

happy days




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Re: MDS - Midas Resources


Hi folks,

MDS ..... no news yet, but up 53% today !~!

See chart, in post above ..... astromagic ..... :)

happy days


Re: MDS - Midas Resources

Encouraging assay results have been received for an additional 12 Reverse Cycle drill holes with results now available for 32 of the 105 drill holes in the current program. New significant results at an 0.5 g/t Au cut off grade include:

FTRC176 1m @ 8.21 g/t Au from 31 to 32m
FTRC212 9m @ 2.47 g/t Au from 64 to 73m (including 4m @ 4.77 g/t Au)
FTRC217 6m @ 3.17g/t Au from 34 to 40m (including 1m @ 9.17 g/t Au)
FTRC220 20m @ 2.14 g/t Au from 49 to 69m (including 11m @ 3.13 g/t Au)

Closing price today = 20c


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Re: MDS - Midas Resources

Hi i bought in this morning, the charts look great on this one, and the directors just announced today a huge buy of shares.
After i bought in the price rose 4 cents to 25cents!
no sellers left nearly.
Re: MDS - Midas Resources

Yes, looks promising, may do a bit of consolidating at these levels :confused:


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Re: MDS - Midas Resources

hi, the price rocketed to 28 cents and levelled at 24 cents with 2.5 million volume traded. nice stock and i dont think we have seen the end of this one rise. :)
Re: MDS - Midas Resources

The third RC hole at Bindah (BNRC007) intersects 8m @ 10.56 g/t Au from 116m,
including 3m @ 22.37 g/t Au
The intersection is 50m vertically below the old Bindah open pit
A steep easterly plunge for the mineralisation is indicated, with the latest intersection
possibly representing the top of a new high-grade shoot.
The new shoot is open in all directions.
Results for the fourth hole located 25m north of BNRC007 are pending
Midas Resources Limited (ASX:MDS) (“Midas” or “the Company”) is pleased to report that a
significant result has been received for BNRC007, which is one of four RC holes recently
completed at the Bindah gold mine, an old open pit within the Lake Carey project area.

The latest result confirms the potential of the Bindah structural corridor to host significant gold
Re: MDS - Midas Resources

Is it just me or did anyone else regard MDS announcement today as less than thrilling? Can anyone give me any good reasons to hang onto this one?? I basically bought in because of the Terry Streeter X-factor
Re: MDS - Midas Resources

Can anyone out there who is good with charts give me an opinion on this, its my first crack at a chart? Is this even a proper descending triangle? What should i be looking for now, an increase in volume, because without it this chart doesn't mean much, right?


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Re: MDS - Midas Resources

Can anyone out there who is good with charts give me an opinion on this, its my first crack at a chart? Is this even a proper descending triangle? What should i be looking for now, an increase in volume, because without it this chart doesn't mean much, right?

I'll have a go at it, although I'm no expert. I've gone to the weekly to get a better picture. It appears to be a descending wedge, most probably due to waning interest on lack of good news, but time wise looks to be getting close to either breaking up on hopefully some good announcements or breaking down on lack of any announcements. Totally up to the company getting some good (further) drill results.


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Re: MDS - Midas Resources

Hi Brett

From PM ... I'm with Unc F on this one ... the weekly does make more sense to me too.

See the previous white candles ... the blue arrows represent spikes in volume for each.

Now the stock drifts .... let it crack the red (potential) resistance line convincingly before committing any capital


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Re: MDS - Midas Resources

Thanks D3 and Uncle F i really appreciate the help, im already holding at an average of round 11 cents, even considering topping up at this price, just its drift is driving me nuts!! D3 what does the red squiggly line represent? For my info is it better to look at weekly charts as opposed to EOD?
Re: MDS - Midas Resources

Looks vulnerable IMO, even though 15 looks like a terrific support line.

Dipping under and I would be out. If it rebounds just re-buy. Stay safe, save your capital, prevent losses...



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