Hi Tastarga Saw this stock in The Bulletin some time back after...

Hi Tastarga

Saw this stock in The Bulletin some time back after it had bolted ,

It is one of the 'Speculators' and wonder if you could give me your opinion on this stock it would be much appreciated ,

I could be wrong but even with the recent pullback it seems a bit expensive on earnings,

Reminds me a bit like Buka ,lots of wow factor built in as you are paying a premium for top management skills ?





REM. http://www.reliancemining.com.au/

RELIANCE MINING LIMITED - ORDINARY
52-Week Range: 21-85

Current Bid: 66 -Current Ask: 67
Total Class Issue: 87,325,721

Net Tangible Assets ($/share): -
Code: REM Div. Payable Date: 15/10/2003
Ex. Div. Date: - Franked Pct: 0% Earnings/Share: -36.13
Div. Rate/Share: 0 P/E: -
Market Cap (Undiluted): 58,508,233 Industry Sector: Materials
Previous Close: 65 Industry Group: Materials

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REM
3.11.04 Queenland Investment Corp buys 5.13%
5.11.04 _last purchase )Perennial value management buys 5,.4%
3.11. REM


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Latest Company Announcements

Date Issuer Announcement View

12 Jan 2004 REM Response to ASX Query re: Beta Hunt Nickel Project
8 Jan 2004 REM Appendix 3B - Options issued to employees
7 Jan 2004 REM Beta Hunt Nickel Project-East Alpha Infill Drilling Results
29 Dec 2003 REM Appendix 3B - Exercise of options
23 Dec 2003 REM Appendix 3B - Exercise of Options
19 Dec 2003 REM Appendix 3B - Exercise of options
18 Dec 2003 REM St Arnaud Project Victoria - Results of Drilling Programs
20 Nov 2003 REM Results of Annual General Meeting


September 2004 Quarterly Report
During the quarter Reliance finalised capital raising by way of placement and share purchase plan for
$3.0 million (net of fees) resulting in the issue of 8.6 million fully paid ordinary shares at $0.36.
The net cash outflow for the quarter relating to operating activities was $0.2 million.
Total available cash at 30 September 2004 amounted to $3.6 million.








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Posted 18/11/04 Posted byRobray

rem was once ghr (geographe resources)


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Profile
Reliance Mining Limited was established by former executives of WMC Resources Limited (“WMC”) with the objective of building a substantial resource company.

The Reliance team combines over 100 years experience in major mining companies with skills in geoscience, mining and finance.
The team, all of whom are shareholders in Reliance, recently held the following positions with WMC:

Dr. Stephen Twyerould, former Head, Geology & Exploration - Gold Division
Paul Chapman, former Divisional Manager - Commercial – Nickel Division
Brian Kennedy, former General Manager, Mt Keith and Kambalda
Tim Craske, former Principal Project Generation Geologist - Exploration Division
Craig Reddell, former Exploration Manager - Nickel Division
Rick Cleath, former Senior Geologist - Newmont & Barrick

They are joined by Robert Pett and Denis Rakich who have had extensive experience in project development and finance.

This team has a three pronged strategy to create wealth for Reliance shareholders.

Targeting of worldclass projects

Reliance has assembled a portfolio of world-class opportunities for exploration and development.
These projects have been derived from an intensive continental scale targeting exercise using sophisticated techniques and capitalising on the experience and expertise of our people. In particular Reliance has focused on gold in under explored areas of Victoria and Peru together with base metals in Queensland and Western Australia.
All these projects are attractive to large companies and Reliance will carry out initial exploration to add value before farming out to major companies where appropriate. This strategy exposes Reliance to exploration success from the discovery of large mineral deposits, the most important generator of wealth in the resources sector.

Mine Operation and Development

Since its formation, Reliance has been seeking opportunities to utilise it’s considerable experience in mining and project development by acquiring a mature project that will generate strong near term cash flow and provide potential for solid growth from exploration and development.

After extensive evaluation and due diligence, Reliance has been successful in its bid to acquire the Beta Hunt Nickel Project from St Ives Gold Mining Co Pty Ltd, a wholly owned subsidiary of Gold Fields Limited (subject to the terms and conditions outlined in the above ASX release). The project, located at Kambalda, Western Australia will provide strong cash flow from nickel production and has excellent potential to create further wealth from exploration and development.

Strategic Alliances

Major companies invest significant resources aimed at worldwide targeting of mineral provinces and deposits. Substantial value is created by this investment. However, if the targets generated are not explored or discoveries not developed value is eroded. This happens when targets fall outside the investment criteria set by the large companies due to their location, size, commodity focus or for other reasons.

Reliance has attempted to capture this value by pursuing strategic alliances with major companies whereby Reliance will have access to these projects. This strategy has lead to a unique exploration alliance with WMC which is providing a pipeline to new projects.

Summary

Reliance has met some important milestones in implementing its strategy for wealth creation in the mining sector, these include



recruitment of a highly skilled and experienced technical team;

establishment of an Exploration Alliance with WMC that provides Reliance with an pipeline of quality projects;

establishment of a world class exploration portfolio in Australia and Peru;

listing of Reliance on the Australian Stock Exchange Limited under the code “REM”;

success in its bid for Beta Hunt Nickel Project at Kambalda; and

raising of sufficient capital to fully implement its plans

Apart from shares held by directors and management, Reliance’s major shareholder is Golden Prospect plc which is an AIM listed resource investment company with $40 million of liquid assets.