tastarga....., page-11

re: tastarga/meerkat - answer!!!! Well I read the post too - and had visitors on a GREAT Melbourne Sunday afternoon (Dont get many!!) so have left my reply till my leisure - Some people DO have a life meerkat

Now - to my reply to Tastarga & you posts:

I know some have blatantly ramped this stock as happens to many stocks. Power to them! I personally read what I want & do my OWN research before I buy, so have no problems with such posts. What does concern me is fear mongering & distortion, however well intended. So what of Tastarga's comments?

The warning is OK, I think with any speculative stock, BAR NONE, there is significant risk. I very much include ADY! However, I have concerns over some comments made:

1] "within days the issue miraculously turns into ...... an iron ore project. Strange?"
2] and the snide comment re: "cheap mining opportunities happen(ing) over night"

And from yourself Meerkat:

3] "ADY was talking about peddling salt, next thing you know......whammo...."
4] "So ADY's whoosh came as a bit of a surprise to me, and surprise in the market"

Now guys, get real! Just for the record, ADY FIRST informed the market about future IRON ORE deals when FMG was 45c, and IRON was still something you pumped - not invested in!!

IMO these statements are wrong & misleading implying 'rabbit-out-the-hat' pulling conjurers. In fact, lets take a look at this ‘sudden, miraculous, turn into a prince, fairytale' shall we?

ASX ANNOUNCEMENTS:
MARCH 29, 2004: "MEMORANDUM OF UNDERSTANDING" Company begins investigation of iron ore opportunities - Contents: self explanatory

APRIL 19, 2004: "DISCUSSIONS WITH CHINESE RE IRON ORE" - Contents: self explanatory

APRIL 27, 2004: "SIGNS AGREEMENT FOR IRON ORE STOCKPILE IN CHILE" - Contents: self explanatory

APRIL 28, 2004: "CHILEAN IRON ORE INFERRED RESOURCE 24 MILLION TONS" - Contents: self explanatory

APRIL 29, 2004: "THIRD QUARTER ACTIVITIES REPORT" - Contents: 'Due dilligence to begin'

MAY 21, 2004: "EL TOFO DUE DILIGENCE PROGRESS REPORT" - Contents: self explanatory

JULY 1, 2004: "MANSHAAN IRON & STEEL ORDER" - Contents: self explanatory

JULY 30, 2004: "FORTH QUARTER ACTIVITIES REPORT" - Contents: 'Directors visit Chile etc'

AUGUST 18, 2004: "…..CHILEAN IRON ORE UPDATE" - Contents: '4 NEW projects being examined'

OCTOBER 29, 2004: "FIRST QUARTER ACTIVITIES REPORT" - Contents: 'Iron ore investigation continues'

OCTOBER 29, 2004: "CHAIRMAN’S REPORT" - Contents: 'Iron ore customers on the ready'

JANUARY 31, 2005: "SECOND QUARTER ACTIVITIES REPORT" - Contents: 'We are now ready to commence negotiations with the vendor'

Seven days later the company goes into trading halt & the deal is announced. Hell, if all this was a “SURPRISE” to the market – then I suggest people do more research before they invest, or give up now! No “fairy tale” here guys, just damned hard work! Numerous investigative trips to Chile, due diligence, testing of samples, trips to China to sew up iron ore sales contracts, all of which are in reports spanning TWELVE MONTHS!!! C’MON!!

By extension, the implication is that ADY has dropped the Rincon Solar project in favour of iron. If you look back, while all the above was being done, re: iron ore, massive work, expense, and reporting was being done re: Rincon Solar, with the company in February still referring to it as its “chief asset” and, “key project.”

TASTARGA’S other blatantly flawed & misleading comment:
5] “They were meant to raise $50m in convertible notes for a salt project-within days the issue miraculously turns into something around $10-20m on an iron ore project. Strange?”

ASX ANNOUNCEMENTS:
JULY 30, 2004: "FORTH QUARTER ACTIVITIES REPORT" - Contents: Under ‘Key Objectives for the Quarter’ – “Commence preliminary discussions with investors in the convertible note issue and joint venturers to obtain UPTO A$50 million to develop the Rincon Solar AND JAPONESA (iron ore) projects.” And in another report: “BETWEEN A$10 and A$50 million….”
And finally:
FEBRUARY 9, 2005: "PLACEMENT OF $20M CONVERTIBLE NOTES" - Contents: “Admiralty Resources …has placed AUD$20 million …. And has confirmed the FIRST payment of A$10 million …..The funds will be allocated as PREVIOUSLY MENTIONED to the Rincon Solar AND IRON ORE projects”

So Meerkat, you asked for a reply and here it is. I don’t mean to have a go at Tastarga, but his report is definitely not, how did you put it: “balanced and informative”


By the way I am on record as buying in at 12c - I have since taken profits selling half my holding, but have bought more on the dip & will look for further opportunities. Tastaga, as I mentioned, I am not blind to the risks, I have tight stops, but at current levels I am virtually free carried.

cheers