Taking Stock of Last 6 month of TMR Announcements:
Continuing and regular statements of expansions and resource upgrades - Dalmacia, Mina Grande, Santa Dominga, Lichkvaz, Punitaqui, Filipina Grande, Charters Towers gold. Iberia Resources takeover promises gold from Armenia but is followed by delays and need for more research.
Reports state TMR's net assets up from $25.8 million to $167.9 million. More experts appointed in Portugal & Chile. 15m share options issued at the start of the New Year cancelled by March. TSX listing for March 2008 delayed to a ETA determined by new appointee, Mr Hicks. Nedbank Capital fund $45m debt for Lichkvaz. Board move to London away from investor access in Australia - save $350000pa?
Annual results and profit declaration sees Latitude Resources leap out & SP smashed. Institutional investors down to just 14% of TMR by April from 22% last November. 3.75m new shares issued to directors April3. Investors told Project 3000 achieved & aim now is 4000tpd. Strikes & electricity supply issues in Chile dismissed by access to a diesel generator. May1 Investor Share Purchase Plan announced to raise capital to accelerate works in Chile and @11.5c - SP falls from recent rally's 14.5c peak to 12c by May2.
TMR's May AGM proposes another issue of convertible notes following this announcement last November: “We believe the issue of convertible bonds, and the project finance facilities, will be sufficient to fund the Lichkvaz gold mine into production at the rate of 100,000 ounces of gold by March 2009,” Mr Callaghan said. I remain positive that TMR is attempting to metamorphose to a mid-tier international miner but wonder if institutions share that view.
TMR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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