GMR 0.00% 0.8¢ golden rim resources ltd

what 2010 brings

  1. 2,668 Posts.
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    From time to time comments in these posts swing wildy one way or another and the facts are forgotton so I will list a few:-

    * the fundamentals for GMR remain strong - nothing has changed

    * the company is fully cashed up for the foreseeable future as a result of the institutional placement that raised approx $4.6m

    * I assume there may only be a modest take up under the SPP - maybe $500k to $1m

    * cornerstone investor - PAL - wishes to retain its majority 13% to 15% shareholding - this will see them invest somewhere between $400k to $800k under the proposed 13c issue

    * total new funds raised will thus be around $6m+

    * drilling at Falun is progressing (albeit slower than we all wish) and results achieved are as expected - we shouldn't expect every hole to show 11m @ 61g/t - you only get those figures at the Mint

    * drilling at Falun is to verify previous drilling results and to determine the extension of the ore body

    * drilling at Mali has commenced with several additional targets identified as a result of the recent aero magnetic survey work

    * three areas in Mali are ready to be explored - Sepola, Sanso and Farada - much work needs to be done and it will take time - a resource of 162,000 oz has already been confirmned at Sepola - the hard work is in front of us to increase that resource - if under 1m ounces the option is to toll treat using established facilities nearby - if above 1m we will need to consider establishing our own plant

    * the gold price remains strong - higher than 12 months ago despite the strength of the A$

    * the company is still busy assessing other opportunites including looking for additional attractive mining areas - either in its own right or via the J/V

    * the Fiji leases are to be sold and funds obtained will add to the kitty - even if only nominal

    * GMR has the benefit of a strong, interested and cash backed cornerstone partner that can open up opportunities not normally available to a small ASX explorer in its preferred region of Africa

    * management has a proven track record in the mining industry and is in for the long term - they have a substantial interest in the company and the drilling program is being conducted in an orderly & professional manner - it takes time

    * once the 13c SPP is out of the way, my view is that the overhang of sellers who were unwilling or unable to take up the SPP offer will gradually dissipate

    * there will always be sellers - let's face it those of us who particiaped in the last fund raising at 3c just a short seven months ago have done well with a 400%+ increase in share price

    So in summary, the message is "nothing has changed" - the future remains positive for long term holders and the potential reward for shareholders during the next 12 months remains solid.

    Best wishes to all holders for a Merry Christmas and a fruitful 2010.
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