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).
DNS
danae resources nl