re: gyno cology ....noddie From IRESS:QUARTZ CIRCLE: The project...

re: gyno cology ....noddie From IRESS:

QUARTZ CIRCLE: The project is located approximately 250km SE of Port Hedland, WA
and is prospective for copper, lead, zinc and gold. As at March 2005 inferred
resource was at 127Mt @ 4.1% Cu. Drilling returned 4m @ 9.3% Cu , 13.3 g/t Au
and 17.74m @ 16.1% Zn. As at March 2005 exploration budget was at $690,000 for
the first year.

Your maths is correct, and the quartz circle project, (they also have Juston Rocks and the Northhampton project) is the company's main area of focus. The previous drilling was done in '94 but like most I think the high grade chalcopyrite they announced on 24 July from hole IG 05 in recent diamond drilling could indicate a lot more copper. The sp has doubled since that ann on that punt. The next announcement is eagerly awaited by the (day) traders - IMO the market has approached this discovery reasonably cautiously and the sp (as you've indicated) presently represents the company's value on the copper at this project alone. There are other projects, AND there is also gold and zinc at quartz circle and hence plenty of room for the present sp.

Because of the small amount of shares on issue this one has great upside potential but it really boils down to a 50 50 punt. The companys placement for an extra $1.1 (IMO) could indicate the news is inconclusive for mine but, being a long term holder, I'm happy to hold and see, (I so DO love a punt though, and did top up recently - as high as 50c on the eve the announcement was due!)

GYN's shares are historically tightly held and market sentiment suggests good things, but finding a buyer for your shares will be very difficult if the announcement is negative and expect a nose dive to around 25cents. we'd all love to see a trade halt this week before a really positive announcement, however, I think the company will try and string this out for a lot longer with a lot of nothing announcements to sure up the resource before anything either way is released. But then again what would I know - I'm a biased holder with an each way bet. As usual - DYOR.

Cheers