on the point of consolidations and the reference to cuo (copperco) . there is a quantum difference between gda and cuo. there was a story behind cuo, and a quick look behind some of the names, would give some indication. it seems that a person by the name of Robert Champion de Crespigny, crops up somewhere. Robert Champion de Crespigny, was the person who took a penny dreadful, AMAD, and tRobert Champion de Crespignyurned it into NORMANDY, which was eventurally bought out for $4.3bn several years ago (and one wonders what the worth of the company would be these days). Robert Champion de Crespigny, and associates put some lunch money (several millions) into a company called buka minerals, which had been sitting on the copper deposit at lady annie - and these were subsequently merged into copperco blah blah blah. the reality is, is that if a company aquired a copper doposit of 5 m tonnes at 1.75% copper, and this was developed then at todays prices, it is going to be a good money spinner, and increase shareholder value
some poster, has mentioned the failings of gda over the years - which would suggest polar extremes between the management of copperco (and the people behind its formation), and gondwana
the track record for consolidations for gda have been a dismal failure. not a dismal failure for the company per se - but for the shareholders - as the company itself, lives to fight another day.
keep in mind, that Robert Champion de Crespigny put HIS MONEY into the company from http://www.theage.com.au/articles/2004/02/20/1077072840391.html?from=storyrhs
"The former mining magnate and a group of investors effectively took control of Buka Minerals at a special meeting in Melbourne yesterday.
The outgoing chairman, Tom Klinger, told the meeting the company's share price had hit a seven-year high since Mr de Crespigny announced his plans for Buka last year.
Under the deal, unanimously approved by Buka shareholders, Mr de Crespigny and the investors, who include well-known businessman Ron Walker, have taken a 30.5 per cent stake in the company through a cash injection of $6.5 million. ...... It would also maximise the value of both Buka's Lady Annie copper project - a pre-feasibility study has been completed into a copper cathode operation producing 13,000 tonnes a year - and its 25 per cent interest in the Lady Loretta zinc, lead and silver project, he said."
watso is confident, that as an pure exploration play, the consolidation will be of negative value for shareholders. it will not be till the company shows that it has something of value, before there will be any SUSTAINED increase in the share price.
as watso has previoulsy mentioned, the previous exploration at parker range had been targeted to find large depostis, but now the exploration strategy is for "small foot print" deposits - which watso presumes means small, but high grade. it will take the discovery of several (and a lot more than just two or three) "small footprint" discoveries, before the market will take much notice. even modest sized orebodies (500,000 tonnes at a grade of 2 to 3 grammes will be uneconomic).
the company easily spends $500,000 per quarter with very little drilling - so just wait till the company starts to have a bit of fun, and does some drilling - the current funds will be exhausted by the end of the year - and the company will be back to making more and more placements. the directors know what they have to do, to keep the company alive, after all they do collect director fees.
sadly watso threw out his book, which gave the recorded production of the old mines which are indicated on the maps - but it would be safe to presume that they were all not much more than scratchings in the ground, but there would have been a state battery somehwere (most likely at marvel loch), where the ore could have been treated
comment has been made "If the yellow boxes are operating mines, the centenary raw data looks like a bonanza for gda as far as gold in Rarker Range goes."
the yellow boxes are certainly not operating mines, but may have been scratchings in the long distant past - however the area which includes the great victoria mine, is probably held by st barbara mines, and somewhere in their rports, they probably have mentioned the historic production of these "mines" a google search, indicates these to be "mineral occurances" as distinct from "historic mines" some referecnces are made to "open pit" (probably not much more than a few shovel loads) and "underground" - which could mean, chasing a relatively small reef, several 10's of meters underground.
a lot of the scratchings in the area, would not have amounted to much more than this type of operation
http://users.tpg.com.au/sxgold/piefinch.htm
which would not have been much more than toe prints
GDA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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