on the move, page-2

Think it is anticipation of more high grade results. Could also be due to the fairfax article today. Goldminex normally doesnt get much press so this could be helping

GOLDMINEX'S Papua New Guinea-focused exploration effort has shown all the promise in the world since the Melbourne group listed on the stock exchange in October 2007.

But none of the promise indicated by preliminary exploration work has been seriously tested by the drill bit. That is about to change, with a busy and potential rewarding four months of drilling now under way at the group's extensive ground position in the Owen Stanley Ranges, a couple of hundred kilometres east of Port Moresby, and at the Awari prospect in the Southern Highlands.

This is the program that punters have been waiting for, including the former Queensland coal baron Ken Talbot. His Talbot Group Investments holds 20.7 per cent of the stock.

Before the global financial crisis hit last September, Goldminex shares reached $1.77 a share. Last Friday the stock closed at 77c for a market capitalisation of $51 million, against which Goldminex was holding cash of $22 million. It needs the healthy bank balance as exploring for ''elephants'' in PNG is an expensive business as the terrain is as rugged as it comes. Three prospect areas will be tested - Gossan Hill and Kemani in the Owen Stanley Ranges, and Awari in the Southern Highlands. At Gossan Hill, a shear-hosted gold-copper vein system is the target. Trenching over the geochemical anomaly returned encouraging results, including 2 metres grading 55.4 grams of gold a tonne and 2 metres grading 40.7 g/tonne of gold in another trench.

A buried geophysical target, believed to be 200 metres below Gossan Hill and the possible source of the overlying mineralisation, will also be drill-tested. The rig then heads off to Kemani, a shear-hosted gold-copper target where trenching returned some impressive gold-copper values.

At Awari, a second drill rig will chase up promising results from trenching which exposed the Anomaly Hill shear zone over a strike length of 480 metres. Limited drilling by a previous explorer returned a 7.7-metre hit grading 11.4 g/tonne of gold.

Awari is 45 kilometres north-east of Barrick's 660,000 ounce-a-year Porgera goldmine, an operation that still has more than 7 million ounces of gold in reserves.

http://business.smh.com.au/business/goldminex-gears-up-for-a-result-in-png-20090823-ev26.html