interesting article...., page-3

Burundi news damps Argosy investors' ardour

Rebecca Lawson
Thursday, 26 April 2007

INVESTORS have wiped off more than 30% of Argosy Minerals' share price in trading this morning after the company announced it was "pleased" with discussions taking place with the Burundi Government in relation to its Musongati nickel project.

In a brief statement this morning, Argosy said it had met with senior members of the government to discuss the "best way forward to complete exploration and feasibility studies on the [Buhinda] deposit".

"The efforts in Burundi included a visit to the Musongati site where the technical advisers examined the core storage facilities and existing sampling shaft on the Buhinda deposit," Argosy said.

"Discussions remain ongoing and at this stage it would be premature to speculate on the outcome."

MiningNews.net was unable to reach representatives from Argosy, who are currently overseas.

Shares in Argosy plummeted from $1.205 to a low of 83c before settling at 93c in trading this morning.

Since the company first announced in early March that it would send a delegation to Burundi following the improved political situation, Argosy's share price has been on a significant upward climb from 10.5c to yesterday's close of $1.205.

Argosy was forced to declare force majeure on the project in Burundi on several occasions due to civil unrest in the African nation from 2000 onwards, including in August 2004 when Tutsi refugees were massacred by Hutu militia and the political situation deteriorated severely.

The Musongati nickel project, which has a non-JORC compliant laterite resource of 185 million tonnes grading 1.31% nickel, 0.08% cobalt and 0.2% copper, is also prospective for platinum, palladium, rhodium and gold.