re: up 19% today
worth looking at...maybe too late atm but worth watching for entry at lower price. This run was waiting to happen as was oversold and recent media coverage has impacted.
----------- todays Courier news article:
"He's all fired up – for platinum" James McCullough 25jan06
JOHN Kaminsky proudly displays a plastic bag full of little grey rocks and excitedly declares he is holding two ounces of arguably the most expensive metal on the planet.
His bag of platinum rocks is worth $US2000 ($A2666), the precious metal now commanding $US1000 an ounce, nearly double the price of gold.
Mr Kaminsky has also just joined the ranks of the most exclusive miners in Australia – those seeking to mine platinum on a commercial basis.
Mr Kaminsky, a good mate of Liberal Party heavyweight Michael Kroger who once toiled alongside beer baron John Elliott and Geoff Lord at Elders in Korea, has recently devoted his attention to a fledgling Queensland company called Rimfire Pacific Mining.
Mr Kaminsky has a diverse background.
He once with Mr Kroger listed one of the few Australian companies on the US Nasdaq exchange, a Melbourne software group called Moldflow which experienced its American bourse debut in 2000.
Rimfire has reinvented itself countless times.
The company has been involved in mining everything from gold and nickel to diamonds and now, platinum, but Mr Kaminsky is convinced that, this time, the rewards are real. Rimfire, which has recently undergone a large management and board change, is the only explorer in the country actively looking for platinum in a market dominated by South African and Russian companies.
Both countries account for 91 per cent of global production.
However, Rimfire is later this week poised to begin a drilling program at its Fifield deposit near Parkes in NSW which it hopes will place the company on the world map.
In the face of the normal banter expected from junior miners such as Rimfire, platinum exploration is starting to attract some serious players in Australia.
Xstrata, which snapped up MIM, has stated it is keen to join the stampede into the iron ore industry, with platinum and nickel high on the shopping list of the Swiss-based miner.
For patient Rimfire shareholders the latest diversification is long overdue.
The share price has crept between 1.7¢ and its current price of around 3.5¢, a far cry from the 20¢ issue price of the float of the group back in 1997.
"We believe the dynamics for a mine are great," Mr Kaminsky said yesterday. "All we need is the deposit." ----------
RIM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
