likely stock of the future

GMX listed today.

www.goldminex.com.au

Goldminex Resources Limited is an Australian exploration company exploring for nickel copper and gold in the Owen Stanly Range, Papua New Guinea (PNG). In 1998, the founder of Goldminex commenced prospecting the comparatively unexplored terrain of the Owen Stanley Thrust Belt, approximately 160km east of Port Moresby, discovering mineralised float boulders returning highgrade gold and copper assays.

Since then, systematic exploration has identified significant mineralised showings including nickel sulphide mineralisation at Veri Veri Creek, copper-gold mineralization at Foasi South and gold-copper mineralisation at Gossan Hill. Numerous other areas with anomalous mineralisation are targeted for follow-up work. The Company holds an extensive tenement package covering approximately 250km strike length of the Owen Stanly Thrust Belt.

(RXM is also another goodie).

Was 75c per issue...up to 32.5 per cent nickel ...

Goldminex Resources

PURE exploration plays that have Papua New Guinea as their hunting ground are few and far between, despite the undoubted untapped mineral potential of our nearest neighbour.

For that reason alone, the $22 million float of Melbourne-based Goldminex Resources will be a welcome addition to ASX lists. There is a buzz around the float, which is underwritten by Bell Potter Securities and which has RBC Capital Markets as co-manager.

Maybe it has something to do with the last-frontier imagery of encountering, in jungle creeks, boulders grading more than 30 per cent nickel in early reconnaissance work by Goldminex at its Verri Verri Creek prospect. Maybe it's the interest in the high-grade copper/gold hits at the Gossan Hill property (including 21.8 metres at 8.5 grams of gold a tonne and 1.37 per cent copper from trenching) or from the Foasi project (including 8 metres at 5.5 g/tonne gold and 1.97 per cent copper from trenching).

Either way, Goldminex is certainly bringing a portfolio of early stage properties to the market that demand some serious follow-up work.

Goldminex calls the portfolio its Ogaudi project. It is based about 160 kilometres east of Port Moresby in the Central province and covers an 8500 square kilometre chunk of the Owen Stanley thrust belt — an active tectonic zone that stretches across PNG in to Indonesia and which is home to the monster porphyry copper/gold systems at Ok Tedi and Grasberg and the epithermal gold systems at Porgera and Mount Kare.

Goldminex started nearly 10 years ago as something of a hobby for veteran prospector Peter Tambanis. His sons Basil, a former stockbroker, and Steven, a former WMC geologist, head-up Goldminex's listed life. Basil is managing director and Steven the executive director. Non-executive chairman is a seasoned geologist and former Placer Pacific exploration manager, Adrian Fleming.

Importantly, Peter Tambanis will remain involved in Goldminex's listed life, primarily in community relations.

There are plenty of examples of things going wrong for miners/explorers in PNG when they haven't worked hard enough at understanding the local communities.

By all reports, Peter has won respect locally since he set about uncovering the region's mineral riches back in 1998.

http://www.theage.com.au/news/business/frontier-impression-colours-glittering-prospects-for-goldminexexploration/2007/09/30/1191090944221.html

Heavily oversubscribed....

http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=37946&sn=Detail

and the majors are sniffing around....

EVERY now and again Daily Assay comes across a junior with an amazing story to tell which makes us sit back and go “wow”.

Soon-to-be-listed Melbourne-based Goldminex is one such story.

Goldminex has tied up about 3100 square kilometres of ground in Papua New Guinea and can't turn away the high-priority targets fast enough.

The company has been picking up ground in the developing mining region since 1998 and has “discovered multiple occurrences of high grade nickel sulphide, copper and gold mineralisation”.

The most impressive - and it's a long list of good looking ground the company has exploration licences over - are the Foasi and Veri Veri prospects about 120 kilometres east of Port Moresby in the Owen Stanley Ranges.

Channel sampling at Foasi has returned results of 5m at 38.5g/t of gold while 11 float samples in the lower Veri Veri Creek averaged 9.65 per cent nickel.

Goldminex has even been studious enough to try and play down down their prospects in the prospectus, not wanting to be associated with the red hot speccy end of the spectrum.

As Goldminex managing director Basil Tambanis puts it: “We've found plenty of smoke, we just need to find the fire.”

Don't expect to get in at the ground floor on this little beauty. The $22 million float has been heavily oversubscribed and Tambanis admits that even interests associated with his family have had to be scaled back.

And before they could even go public, the majors have already been sniffing around.

http://www.theaustralian.news.com.au/story/0,25197,22568155-15023,00.html