DNS danae resources nl

Danae Resources. Could be a flyer soon.

  1. 97 Posts.
    I've been closely watching DNS lately, and bought in during July after in started its rise from the beginning of that month. It's gone from 3.2c to 5.8c since then.

    I think the mention of a meeting due at the end of August is important. This particular part of their last 4th Quarter report at end of July could be the reason for the interest:-


    02/08/02 N/A DNS N/A Fourth Quarter Activities & Cashflow Report N/A

    DANAE RESOURCES NL

    DEVELOPMENT ACTIVITIES

    ZARMITAN GOLD PROJECT UZBEKISTAN

    STATUS OF JOINT VENTURE:

    As reported in the March 2002 Quarterly Report, the settlement of the
    documents required to formalise Danae's interest in the Zarmitan Gold
    Project experienced further delays in April, following the Uzbek
    Government's decision to liquidate one the two Uzbek partners to the
    proposed joint venture.

    The change involves the entity Uzalmazzoloto, to be replaced by Navoi
    Mining and Metallurgical Combine (Uzbek State Mining Company). Navoi
    is the largest producer of gold (approx. 80 tonne) and uranium
    (approx. 2,000 tonne) in Uzbekistan, and employs approx. 60,000
    people, operating from five major and several minor centres. This
    change was officially recognised in a Decree of the government issued
    at the end of April 2002, and provided Navoi with a two month period
    in which to effect the transfer of assets from Uzalmazzaloto to
    Navoi. This transfer process was completed by the end of June 2002.

    Danae held an initial meeting with the senior management of Navoi in
    mid June 2002 and arranged to meet again once Navoi had fully
    reviewed the preliminary feasibility study on Danae's plan to develop
    the Zarmitan project, and had fully reviewed the draft joint venture
    agreement and associated documents, being the draft decrees and
    charter fund arrangements.

    In early June, the Uzbek Government released a general Decree
    nominating a number of projects seen as a priority for development.
    The Zarmitan project was one of the projects highlighted, adding
    further confidence that the matter is to be completed in the near
    future.

    A recent meeting with the Head of Navoi, Mr N Kurchesky, has
    confirmed that a further meeting will be held with the senior
    management of Navoi in late August to discuss the proposed
    development strategy, and formal documentation. A small technical
    team of relevant specialists in geology, mining, and processing will
    represent Danae at this meeting, in addition to corporate and legal
    representatives to address documentation.

    Other meetings held during the quarter under review included several
    meetings with the Governor of the Samarkand Region (in which the
    Zarmitan project is located), who remains particularly interested and
    supportive. The Zarmitan project will be the largest single
    development in the region, which is the second largest province in
    Uzbekistan. Meetings were also held with the Head of the Department
    of Foreign Investments, and the Deputy Prime Minister who is
    designated as the minister in charge of the Zarmitan project for the
    government. Each of these meetings saw a positive reaction to the
    development of the project and for the contribution to be made by
    Danae and its major shareholder, the Multiplex Group (who are
    themselves well known and highly regarded in Uzbekistan).



 
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