RickG said:JMS in a trading halt. Placement??? Wasnt expecting one so this early. They only had a placement in July. Whats going on?
With more drilling results due soon, and with the rumours of a JV, why do this now?
And I bought some more yesterday..
MiningGuru said:Maybe it is a placement from the JV partner? Not unusual for a partner to take a stake in the company.
YOUNG_TRADER said:It is strange, JMS had made placements before and has never had to request a trading halt,
They requested one last to ann possible JV,
Without speculating too much its interesting to see that buying picked up just prior to halt, now if I were an insider I doubt I'd be buying up on news of a placement, IMO has to be more than placement, there must be some sniff of JV or something else
We'll know tomoz,
Good luck all
Rafa said:true... that is silver lining...
but 14cents... after their big announcement that drove the shares to 22cents.... far out!!!
18 to 20cents would have been a fair placement in my book.
someone needs to be shot!
YOUNG_TRADER said:Painful placement guys I know but it was with Pato's!!!!!!!
So believe me the pain was worth it, Pato's will start sending JMS info to all their Insto's (take a look at the Insto presentation JMS did, lists everything I've been saying about this stock, Iron Ore, Nickel, Gold etc)
I expect this to finally place JMS 'on the map' so to speak,
Pato's will soon release an investment view, so expect good things from now on!
Regards
Jupiter Mines (JMS) 17c
JUPITER shares haven't exactly gone into orbit, but the planets are aligning for the West Australian iron ore hopeful after strong drilling results and a $1.26million share placement.
Jupiter yesterday reported first-stage resource calculations for its Central Yilgarn project of an inferred 1.8 million tonnes (61 per cent purity).
That's based on nine holes, which doesn't make for a full round of golf but is enough to conform the deposit to international (JORC) standards.
"It's a good start because we're only a third of the way through the Mt Mason-Mt Ida zone," says Jupiter technical director Jeremy Snaith.
"The next stage is to start drilling to prove-up 5-6 million tonnes."
Jupiter's master plan is to scoop up the ore at its Mt Mason and Mt Ida sites, crush it on site and truck it 100km down the road to Menzies.
From there, it's on to the railway to the Port of Esperance and on to the boats of the grateful Chinese steel mills.
Snaith says he's confident of establishing a 700,000tonnes-a-year operation from late next year, or early 2008.
On Criterion's back-of-the-envelope analysis, that would produce a net profit of about $17 million (EPS of 24c) at current prices.
Jupiter has also reported early but encouraging results at its Widgiemooltha sulphide nickel project near Kambalda and its Klondyke gold patch near Marble Bar. We maintain our SPECULATIVE BUY call, first ascribed at 18.5c on August 4.
Jupiter's market cap of $10.5 million pales against the $67 million valuation of Golden West Resources, a Midwest producer with a similar production plan (albeit on a bigger scale).
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