Phoenix Gold - PXG [Archive] - Page 2

JBmurc

18-04-2012, 05:52 PM

Things are now starting to look pretty messy for Pheonix.

I wonder if Jon Price still believes there is support and buying? If he does, then he needs his head checked.

Not holding any shares but a small parcel of options, which seems to take a kicking every time the main sp falls.

JB, next time price bounces I think I am gonna get out and move on from this so called "investment", as its quite difficult to wear 2 hats so to speak. (Mr. P used to bag me heaps for doing this, which is understandable) plus this is not really a Liquid stock however no doubt after eventually getting out, the price will rocket upon upgrade :P

Yes the go-slow isn't much good to the fearful marketplace ...PXG has all the factors to be re-rated...once the large exploration program bears the fruit we know looks to be round the already sizable resources,along with cash-flow toll treatments...all about timing an it seems currently the market has gone very cold on PXG....has become a bottom draw investment for me ..did sell 60k @10c to invest in a better ST play

I see Simon Lee is the major underwriter of the 1c KMC raising,he also holds a large position in PXG ......so maybe a PXG/KMC merge maybe still concerning some holders

soulman

18-04-2012, 06:57 PM

Definitely Drill. I exit PXG in disgust a few weeks back for 22 and now seem in hindsight a good move.

Also JB, by the time PXG gets re-rated, gold price might be falling off the cliff.

I have offloaded all my gold stock.

JBmurc

18-04-2012, 07:41 PM

trackers

18-04-2012, 08:33 PM

only hold a very few pxgoa's, these guys really need to toll process some ore or announce some super dril, results...simply growing their jorc over time isnt cutting the mustard anymore. These guys were cranking out the wins last year but theyve dropped the ball

steve fleming

18-04-2012, 10:24 PM

Gee you guys are pretty harsh on Management.

If you look at what they have acheived over the last 6 weeks:

2 research reports commisioned
International road show
Further consolidation of key Kalgoorlie Tenements
Significant Castle Hill resource extension
underwriting of options.

They have hardly been going on a go slow - in fact i would say they have been very pro-active, at a time where the entire sector is getting hammered

Peter Strachan is generally very astute when it comes to junior goldies (he was very long GOR/EKM under 10c and SLR under 50c among others) and he rates PXG very highly.

Might be a good time to buy a quality cashed up company in an out[of-favour sector

drillfix

19-04-2012, 02:51 AM

Well, maybe so a bit hard Stevo, but there are a few things that just dont add up.

As in some thoughts that I had previously posted with regards to JP's comments on the SP.

Sure he is a better gold miner than a stock commentator saying things like insto's buying and small sellers, as this does not seem to be the case from what many of us see. There has been some larger sellers that continually and obviously want out, and they have been respecting a level of exit, but now it seems to be becoming desperate, or I hope it does not eventuate to that.

What we shareholders need in times like this is management to stand up and say, show, explain, why when and how this fantastic company will prevail so it can attract investment rather than waiting for a Glory Moment down the track whereby who knows what the pog will be by then.

Anyway Stevo, I am sure something will come together again for the co, but it is very sad to watch this fall to pieces, which it is exactly doing at the moment!

I would write to Jon (again) but he also copies and pastes emails and does not give rational explanations to falls or declines but rather suggestions things which are quite off the mark (IMO) yet I would like to hear what he has to say if others email him asking their concerns.

steve fleming

19-04-2012, 10:08 AM

Hi drilly, if he said institutions are buying then that sounds like a pretty silly call.

However, you can't blame him for what PXG are doing - PXG are doing what they have always said they were going to be doing. That is consolidating fragmented tenements in a prospective region, building resources and taking advantage of early cash flow opportunities while they build up their resources to its feasible to have a standalone mill. This is exactly what they continue to do as far as i can tell.

Remember this company was only formed 18 months ago.

Both Veritas and Strachan speak very highly of Management - at the same time the research reports are evidence that Managenment are trying to get their story out.

http://www.phoenixgold.com.au/investor-centre/research-reports.aspx

I would so much rather be an investor in a company where Management just consistently does what it says it would do and focuses on its long term strategy, rather than tries to pump the share price for short term gain just to keep shareholders happy.

This obviuosly is not very good for traders, but everyone has different investing styles i guess

drillfix

19-04-2012, 03:16 PM

However, you can't blame him for what PXG are doing - PXG are doing what they have always said they were going to be doing.

This obviously is not very good for traders, but everyone has different investing styles i guess

Hi Steve,

I can agree with you about what PXG are doing, and there is nothing wrong with that so I do not blame them for that.

On the other hand, yes to me, there have been some contradicting remarks about the sp, hence Jon certainly makes a better gold mine manager than he does an analyst that is for sure.

With regards to trading, well, I never got into this stock to sit here and trade it. I thought I would be able to hold long term for this particular stock, however what I previously said was, because I am a trader this is making it very hard for me to wear this Long Term Hat so to speak. Especially when the shareprice starts to collapse as it has.

As always, time will tell!

JBmurc

23-04-2012, 07:44 PM

Dear All

Please find attached our march Quarterly report and Appendix 5B.

In a nutshell we have:

· $6.6m cash in the bank
· 2 drill rigs operating – Castle Hill, Catherwood supergene zone drilling, Blue Funnel pit validation drilling, drilling now at a new highly prospective target we have named Telegraph close to Castle Hill. Then on to Red Dam, Broads Dam followed by greenfields drilling at Ora Banda following the Enterprise trend. Combining Resource extension drilling, infill drilling for Reserves and greenfields drilling for new discoveries. Results cycle is 6-8 weeks starting last month so we’ll have results from Catherwood, Castle Hill, Telegraph, Red Dam and Braods Dam in the June Qtr
· 4 pre feas studies underway – Castle Hill Stage 1, Carbine North, Red Dam and Burgundy.4 projects in close proximity that can deliver +5 year mine plan.
· Resource modelling nearing completion – Castle Hill, Broads Dam, Burgundy. Once peer reviewed, a Total resource upgrade will be released this Qtr
· Catherwood Gold mine approvals received. Development decision delayed waiting for Govt approvals and third party review of BFS. Supergene drilling may well increase ozs and grade. Third party negotiations well advanced, decision on development will be made this Qtr.
· Stockpile treatment also delayed awaiting Misc license approval from Govt to haul material to third party mill. Haulage will commence this Qtr and we have defined further higher grade older stockpiles that will be treated. Cash from these expected in June Qtr, cash from Catherwood in the Sept Qtr.
· Acquired further ground at the right price, Carricks tenements link up Broads Dam and Castle Hill. We are not actively looking at further acquisitions for the moment but will assess opportunities as they arise.

We remain intently focussed on delivering on our promises ( 2.5m oz Resource and +500koz Reserve by Dec12, generate cash from stocks, Catherwood and Blue Funnel, acquire where there is value). We failed to meet our deadline on Catherwood with delays with approvals and third party operators taking additional time to assess the project. Treatment of stockpiles has also been slow going with approvals to haul from govt and Shire taking time. This hurdles are nearly behind us and June and Sept Qtrs will deliver the outcomes.

MD-jon price

---------------------------------------------------------------------------------------

yes on track overall(should have some good ann going on from here toll treatment/drill results) but nothing on toll treatment !! only 44k is sales costs of production 136k for the Qtr and 502k for year (costs of production for the year 136k)

So it cost more to toll treat than we made ?? this Qtr
or most likely we stopped the toll treatment early in the Qtr and looking at the year to date which would mean per oz we had costs in the 400's per oz (136k costs) or am I missing something doesn't make sense ...

Overall didn't spark any interest from the market but I think it will hopefully before the years out

Good admin costs to exploration & evaluation & production for a good size team ..shows the guys aren't just there for the paycheck but really want the funds to be spent on driving PXG higher through the drillbit/toll treatments

(have seen some micro's with near the same admin to E&E usually always overseas operation's heaps of business class flights etc)

got the PXGOA today i sold

drillfix

23-04-2012, 08:41 PM

got the PXGOA today i sold

I dont really quite follow you JB, did you get the PXGOA today that you bought? or sold?

JBmurc

23-04-2012, 09:30 PM

I dont really quite follow you JB, did you get the PXGOA today that you bought? or sold?

sorry brought back the 50k @9c I sold at 10c ....

drillfix

23-04-2012, 11:38 PM

sorry brought back the 50k @9c I sold at 10c ....

Ahh, I see (bought).

Starting to wish it were me who sold at 10c now so buy it back up to 10c will ya JB...lol :P

tricha

24-04-2012, 01:01 AM

Ahh, I see (bought).

Starting to wish it were me who sold at 10c now so buy it back up to 10c will ya JB...lol :P

I can not see the point of owning a gold mining company that does not have a processing plant.

What it means is, you are at the mercy of the ones that do own the plants.
Once Norton have done a bit of drilling. I doubt that they will have any spare capacity.

I guess what it means, PXG will have to fork out a couple of hundred million, to get established properly.

JBmurc

24-04-2012, 12:30 PM

I can not see the point of owning a gold mining company that does not have a processing plant.

What it means is, you are at the mercy of the ones that do own the plants.
Once Norton have done a bit of drilling. I doubt that they will have any spare capacity.

I guess what it means, PXG will have to fork out a couple of hundred million, to get established properly.

Well PXG is a Exploration company not a producer with a target 2.5moz resource by DEC this year..any toll treatment will be small earners for PXG to fund more exploration.. NGF may not want PXG but as the shallow gold resource grows in the heart of Gold country
its not going take long before a bigger player wants a piece

Also on PXG having to spend hundreds millions to see production well I know CVR didn't have to spend anywhere that amount to get their basic Heap leach operation up in running with a crushing plant for the fines....

One of the major PXG holders Simon lee is working on taking a very large stake in KMC who do have some plant ...

tricha

28-04-2012, 02:27 PM

Well PXG is a Exploration company not a producer with a target 2.5moz resource by DEC this year..any toll treatment will be small earners for PXG to fund more exploration.. NGF may not want PXG but as the shallow gold resource grows in the heart of Gold country
its not going take long before a bigger player wants a piece

Also on PXG having to spend hundreds millions to see production well I know CVR didn't have to spend anywhere that amount to get their basic Heap leach operation up in running with a crushing plant for the fines....

One of the major PXG holders Simon lee is working on taking a very large stake in KMC who do have some plant ...

I hope you are right for your sake JBmurc, It's not my cup of tea, even at this price.

I was looking for all the profit numbers from all the toll treating, all I find is a hand out for more money.

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=569834

JBmurc

28-04-2012, 08:32 PM

I hope you are right for your sake JBmurc, It's not my cup of tea, even at this price.

I was looking for all the profit numbers from all the toll treating, all I find is a hand out for more money.

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=569834

yeah no worries come december... I may well agree with you... if it not at least 40c by then I won't be happy ....don't know whats going on with the toll treatment ..

tricha

29-04-2012, 12:50 AM

yeah no worries come december... I may well agree with you... if it not at least 40c by then I won't be happy ....don't know whats going on with the toll treatment ..

hmm, no transparency, more money has been lost in gold companies, than the railroad.!.

JBmurc

29-04-2012, 02:31 PM

hmm, no transparency, more money has been lost in gold companies, than the railroad.!.

yes by far one of the riskiest sectors to invest in 90% of the time it's cash-flow issues PXG has 6.5mill in the bank enough to drill there permits well to late next year add in any positive cashflow from toll treatment of non-core gold reserves should well keep the cash balance healthy...goal 2.5moz DEC this year 3moz mid next year

drillfix

02-05-2012, 06:15 PM

JBmurc

02-05-2012, 07:34 PM

What this co needs is consistent continuous results flowing in. After all, thats why they are drilling, plenty of it, so why not just keep the results flowing and updating the market?

JB, you are a dead give away trying to get out of the options. Or is that you trying to accumulate? :P

LOL yeah ok got a few at 9.4 trying my luck(might reduce to 50k) only as I really like the look of PGI so trying to balance my PM plays out with me decreasing my CVR position I'd like some more in a days away gold producer

drillfix

03-05-2012, 12:23 PM

Well JB, sorry to duck out the door in front of you today but had to get a small parcel of PXGOA out at market.

Long term I no doubt will miss a bit of a ride but re-doing a hopefully new strategy and approach.

Now that I have exited my position then no its likely the stock will soon probably run!

Will be taking short term positions only in these upcoming markets (which I should have done before)(better yet taken profits), and as too will also review my long account positions I still hold.

Cheers~!

JBmurc

03-05-2012, 12:55 PM

right didn't see the open so you must of placed at 9.3 but bids mean you get out at 9.4 ....yeah PXG will prob announce 50g/t 25m strike now LOL well I hope something good to move the SP still going have 350k of the opts for the longer term ..PXG still is one of the best PM explorers round.... planned 500k reserves by DEC at current Gold value that'll be 825mill USD IGV

JBmurc

08-05-2012, 04:28 PM

All

Please find attached our latest drill results from Castle Hill.

This is the last of the lateral extent drilling for 2012 with the next round focussed on replicating the resource below the current resource model.

Castle Hill can’t be underestimated. The gold system is 6kms long, up to 500m wide and has the potential to become a + Moz resource in the first 80 metres from surface. If we can replicate the ounces per vertical metre at depth, it will become a mutli million ounce system.
It is the newest unmined classic Goldfields gold camp to be discovered and we are now working up the first stage of development.

More drill results to come from Catherwood, Blue Funnel and Telegraph and negotiations are in the final stage on cash generation from stockpiles and small mine development pending road haulage approvals from the Mines department.

Plenty happening with strong news flow over the next 5-6 months.

Kind Regards,
Jon Price

------------------------------------------------------------------
looks good even though grades are mostly low some really good widths and best of all it's no deeper than 80m

Entrep

08-05-2012, 05:09 PM

Holding tight here

JBmurc

14-05-2012, 05:33 PM

Please find attached our latest announcement on the Kintore gold project acquisition.

This acquisition is by far the most important acquisition to date and a deal Phoenix has been very eager to complete for some time.

A private vendor has been working on the project for over 5 years and spent millions of dollars on this key part of the Kintore tonalite on the Kunanalling shear zone. The data set for the project is very impressive but the vendor didn’t consider generating a JORC compliant resource as he intended to mine it himself privately.

It will form part of the Castle Hill project that is on its way to 1 million ounces from the first 80 metres and still growing.

We are now completing all the QA/QC work required to deliver a maiden Resource for the project.

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd
73 Dugan St Kalgoorlie WA
PO Box 100, Kalgoorlie WA 6430
M 0418 919 947 P 08 9021 2704 F 08 9021 3393
E jprice@phoenixgold.com.au
www.phoenixgold.com.au

JBmurc

15-05-2012, 10:20 AM

Phoenix Gold managing director, told Proactive Investors today the company could potentially deliver a maiden Resource for the soon to be acquired Kintore Gold Project by the September quarter without any further drilling. The upshot to this is Phoenix could pay a less than $5/oz purchase price.
Phoenix Gold’s (ASX: PXG) acquisition of the Kintore Gold Project is a strategic move to become a mid-tier gold developer and producer in the medium term.

The company has entered into an agreement to wholly acquire the Kintore Gold Project, which adjoins its 10.99 million tonne at 1.6 grams per tonne for 559,000 ounces of contained gold Castle Hill project in Western Australia’s goldfields region.

Highlighting the potential to define a major new gold camp in the region, ongoing drilling continues to extend the Castle Hill gold mineralisation, which is open in all directions.

Earlier this month, Phoenix Gold identified new broad zones of mineralisation with assays demonstrating continuity between previously defined systems.

Highlight intercepts from the drilling program included 52 metres at 1.38g/t gold from 40 metres, including 12 metres at 2.54g/t gold.

Mineralisation at Castle Hill is defined over a strike length of 5,000 metres and width of 500 metres, and remains open at depth and along strike in both directions.

Earlier drilling covered mineralisation down to a very shallow depth of 70 metres but with additional testing demonstrates its emergence as a very large, near surface gold project.

Meanwhile, Kintore – which comprises three mining leases and four prospecting licences – has been comprehensively drilled over the past five years but a JORC Resource has yet to be estimated.

Phoenix’s geologists have demonstrated that Kintore is the northern most point and potentially the most well-endowed of the Castle Hill gold system given the data they have seen.

Jonathan Price, managing director, told Proactive Investors it is all part of the same structure and the company had been trying to consolidate the area since its IPO.

The acquisition is in line with Phoenix’s strategy to re-consolidate landholdings on two of the most well-endowed shear zones in the WA goldfields.

“The continued consolidation of this region is fundamental to our strategy of developing a significant mid-tier gold developer and producer in the medium term,” Price said.

“We look forward to completing the technical work at Kintore to deliver a maiden Resource to add to our growing Resource base.

“Kintore becomes part of the large Castle Hill gold system that is now emerging as a significant and very large new gold camp in the WA Goldfields.”

Next steps

Phoenix has undertaken a detailed assessment and is in the process of completing logging, down-hole surveying, re assaying and data validation.

Price said with Kintore, Phoenix has a large resource extension and the company is targeting the delivery of a maiden Resource in the September quarter of 2012 without any further drilling.

If this is the case, the upshot to the acquisition is Phoenix could have a less than $5 per ounce purchase price.

Consideration

Phoenix will acquire Kintore for A$800,000 to be settled via a combination of cash and shares.

The company will make an initial upfront cash payment of $25,000 followed by a $375,000 payment on the completion of a formal sale agreement.

Phoenix will also issue 1.6 million shares at a price of $0.25 each and has agreed to a $30 per ounce production royalty on ore produced from the Kintore tenements.

Aggressive growth

Phoenix Gold has aggressively grown its gold resource base to 1.68 million ounces since listing on the ASX in December 2010, a 182% increase from initial acquisition.

The company owns extensive landholdings on the highly prolific Zuleika and Kunanalling shear zones located to the northwest of Kalgoorlie in Western Australia and is targeting continuous gold production in 2012.
Phoenix's EV/Resource valuation of less than $13 per gold ounce appears slight compared to a peer average which could be considered around $50.
The company is targeting a Resource of 2.5 million gold ounces by the end of 2012, with a Reserve goal of 500,000 gold ounces.

CMo

21-05-2012, 03:44 PM

Latest ann.... http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=PXG

and latest from Jon Price...

Please find attached the latest announcement detailing the results of the latest drilling at Catherwood.

We always knew the upper supergene zone would outperform the geological model for Catherwood but did not expect such consistent high grades and widths.

We believe this will change the economics of Catherwood considerably with stage 1 delivering positive net cash much earlier in the mine life. The capital cost to commence is estimated at $600k so this becomes a much more attractive mine to develop.

The highlighted grades are spectacular but have a look at the results table at the consistent tenor. This southeast region of the mine is also open.

Drilling continues at our newly discovered Telegraph project 2 kms east of Castle Hill and maiden Resource estimation work at Kintore is on schedule.

Results from Blue Funnel will be finalised shortly with the mining of the remainder of Blue Funnel pit looking like the second development in the small mines (cash generation) pipeline.

Stockpile sale to a third party mill also remains on track with haulage expected to commence this Quarter. Awaiting on permits to truck.

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd

JBmurc

22-05-2012, 05:49 PM

PXG looking real good now if we can get some life back in the PM sector I really think PXG have a clear path to a massive re-rate

JBmurc

23-05-2012, 11:43 AM

Phoenix Gold Limited (PXG) - SPEC BUY

Event - Solid drilling improves economics for a near term mining scenario

• Impressive drill results at the company's Catherwood gold project.
• Catherwood is a small scale mining project that can deliver significant near term cash flow for the company.
• Highlighted intersections outside the current 27koz resource envelope include: 25m at 4.14g/t, 17m at 3.66g/t, 12m at 4.18g/t, 10m at 4.06g/t, 2m at 18.02g/t and 22m at 1.45gt.
• Importantly all intersections were from less than 20m of the surface.
Impact
• PXG will now incorporate the latest drilling into un updated resource model which is expected to significantly improve the project's economics. A BFS completed on the project in late 2011 indicated that ~$15m in free cash could be generated using a PXG owned and operated mill assuming a gold price of $1500/oz. Given the mill is yet to be constructed, negotiations with nearby third parties are well advanced and we expect to see a decision to mine in the September Q.
• PXG is reviewing its mining options for the deposit with a view to maximizing cashflow. We see a mining and toll treating agreement under PXG management or the sale of the right to mine as the most likely scenarios. Initial indications are that mining the deposit in 2 stages will improve up-front positive cashflow, especially given the latest near surface results.

CMo

28-05-2012, 01:01 PM

New Ann. on keeping the cash flowing...

http://www.asx.com.au/asxpdf/20120528/pdf/426hsp6pplbhz5.pdf

Dear All

Please find attached our latest announcement regarding the Blue Funnel mining study.

Blue Funnel is an unfinished pit at 3.5g/t that can be started quickly and cheaply to generate cash.

Drilling has identified extensions to the south and further drilling is planned to identify further extensions.

The deeper drilling beneath the pit and along strike is also planned to target the underlying structures and search for the next large underground.

Our aim is to monetise the stockpiles, Catherwood and Blue Funnel over the next 12-18 months to fund the bigger picture of 2.5Moz resource, +500koz in Reserve and 5 year + mine plan at +100kozs per annum.

Kind Regards,
Jon Price

JBmurc

05-06-2012, 12:01 PM

yes AUD gold only $130ish of it's all time high ...current $1678oz

-PXG market value is currently 21mill .....Now I'm 90% confident the PXG will have a JORC over 2.5moz(maybe even closer to 3moz) DEC this year only 6months away...if the SP stays the same we won't even be valued at 1% of the JORC gross gold value
maybe even at low as half a percent of JORC gross value if they still hold a good amount of cash (likely) and get closer to 3moz

JORC reserves will be real bait for a predator 500-750koz likely DEC12
my low side fair value 10% of the gold price for the reserves =83mill (57cps)
upside 750k =86cps .....doesn't include cash

Maybe optimistic numbers to see PXG valued at 10% of it's gold reserves within 6-8months in the current fearful market.,,but certainly backs up my reason to keep holding ..

Joshuatree

06-06-2012, 08:23 PM

JBmurc

07-06-2012, 08:36 AM

JB on a diff subject ,are you a prof investor with clients and if so how does that work and would you be int in showing your returns? disregard if not relevant and good to see you onboard with PGI<RED very similar value wise.

just help a few mates out in total we prob have 1.5m-2m invested ...returns not very good of late ,,think that could change very quick
with a good amount of funds in PM sector thats well sold off..within the last 8yrs of had three that have broke my target 100%p.a
worse down 30-40%p.a high risk/high return

trackers

18-06-2012, 11:43 AM

Damn, these are some excellent grades...

 RED DAM NOW STANDS AT 3.4 MILLION TONNES AT 2.1G/T FOR 229,000 OUNCES1
 ADDITIONAL DRILLING DATA INCORPORATED INTO GEOLOGICAL MODEL
 SIGNIFICANT VALIDATED DRILL RESULTS INCLUDE2:
o 5 metres at 53.05g/t Au from 32 metres including 1m at 116.57g/t Au
o 12 metres at 20.29g/t Au from 105 metres including 4m at 44.63g/t Au
o 14 metres at 8.27g/t Au from 97 metres including 3m at 21.24g/t Au
o 14 metres at 4.84g/t Au from 148 metres
o 5 metres at 13.07g/t Au from 132 metres

....

The Company’s total Resource now stands at 29.8Mt at 1.8g/t Au for 1,738,000 oZ (Table 2) with further resource upgrades at Castle Hill expected in the June Quarter 2012.

http://www.stocknessmonster.com/news-item?S=PXG&E=ASX&N=593358

JBmurc

18-06-2012, 05:39 PM

yes very good drill results some of the best I've seen in Aussie..I see JP is over here at the moment meeting with Forbar and todd corp
has all the makings of a major gold producer 100k-150koz 4-5moz+ resource if they don't get taken-over first..which I think they will

denpal

18-06-2012, 10:00 PM

Yes, this is a very solid result. We just have to hold until gold sector sentiment changes later this year. Margins should improve with a subdued oil price and POG in AUD over $1600.

JBmurc

20-06-2012, 06:22 PM

depth looking good for a move over 20's next week brought a few at 17c,,,,, big 3mill trade today....maybe big kiwi buyer

JBmurc

21-06-2012, 11:22 AM

40174017

no going take much till move back into the 20's

FarmerGeorge

21-06-2012, 09:50 PM

40174017

no going take much till move back into the 20's

Have been a buyer of these over the last little while. Like them a lot and I'd like you to be right on this JB. On the other hand I think we've both seen 'walls' like this melt in the blink of an eye - prefer to focus on the resource potential, which (I think!) has some more staying power.

JBmurc

22-06-2012, 08:06 PM

Have been a buyer of these over the last little while. Like them a lot and I'd like you to be right on this JB. On the other hand I think we've both seen 'walls' like this melt in the blink of an eye - prefer to focus on the resource potential, which (I think!) has some more staying power.

yes of course ...PXG should keep us informed on the large drilling program underway having the bidder depth is a very short term picture still add good drill results + strong bid depth to weakness in the offers =strong surge in SP 10%+ have seen it happen doz times before ...another to watch is MPO..seen it and brought at 44c day later high 40's-50s
personal I'm a fan of T.A of depth...I wish I followed it more aka like in SSN massive walls of seller depth that just keep building just before ann next minute - -30%+ biggest one day fall in the history of SSN...on average news

T/A of depth of course is for very short term outlook ....

JBmurc

25-06-2012, 11:25 AM

CASTLE HILL GOLD PROJECT GROWS PHOENIX’S RESOURCES TO OVER 1.8 MILLION OUNCES OF GOLD
Highlights
 CASTLE HILL RESOURCE GROWS BEYOND 650,000 OZ  PHOENIX’S RESOURCES INCREASED 208% SINCE 2010, NOW EXCEED 1.83M OZ  OVER 90% OF CURRENT RESOURCE IS SHALLOW, WITHIN 80 METRES OF SURFACE  SELF FUNDED PRE-FEASIBILITY STUDIES COMMENCED CASTLE HILL AND BROADS DAM  EXCELLENT METALLURGY AND CLOSE TO MAJOR INFRASTRUCTURE  FURTHER RESOURCE GROWTH EXPECTED FROM 50,000 METRE DRILLING PROGRAMME
AND DETAILED DATA REVIEW OF NEW PROJECTS Overview
Phoenix Gold Limited (ASX: PXG, “Phoenix”) is pleased to advise that its Total Mineral Resources have increased to 32.4Mt at 1.8g/t Au for 1.835 million ounces (Table 1). This represents an increase of 208% since initial project acquisition in 2010.

Castle Hill is fast becoming the latest large scale gold discovery in Western Australia’s Gold fields and we have barely scratched the surface.

JBmurc

06-07-2012, 08:07 PM

Becoming an attractive takeover target
Corporate M&A action is heating up in the gold space evidenced by the recent St Barbara and Allied Gold merger. Closer to home, Norton Goldfield (NGF) recently received an indicative $212m takeover offer from Chinese group Zijin Mining Group Ltd. With depressed equity valuations and increasing costs miners are being forced to pool resources.
PXG is bound to step into the takeover limelight of major miners given its growing resource base and suppressed equity price. Currently trading on an EV/Resource of $10/oz the company is one of the more attractive takeover targets given its project location, capital structure and metallurgy. The sector average for gold companies is $108/oz which offers PXG considerable room for re-rating.

http://www.phoenixgold.com.au/media/31742/patersons%20pxg_04072012.pdf

JBmurc

10-07-2012, 05:12 PM

Like I was saying awhile back PXG prime for a move up hit 24c 26% up on it's high today--- 22c currently
If PXG reach their planned 2.5moz resource by DEC and the market values it at $20oer oz they should command a 40c+ SP

http://www.proactiveinvestors.com.au/companies/news/30724/all-that-is-gold-does-shine-asx-listed-phoenix-gold-vector-resources-augur-resources-30724.html

CMo

06-08-2012, 02:04 PM

Latest from PXG... More excellent results.

Dear All

Please find attached our latest drilling results at the exciting new Telegraph project for your information.

Excellent drill results were received across a 1.7km strike length with follow up drilling planned.

Telegraph sits adjacent to our large Castle Hill project where the mill is likely to be constructed and could add significant ounces to the production profile.

This is a new area with little to no work done. Follow up drilling is planned for later this year.

Plenty to come on the news flow front:

· A further Castle Hill and Total resource upgrade including the Kintore acquisition
· Commencement of haulage and processing of historic stockpiles to both Paddington and Greenfields mills
· Results from deeper drilling at Castle Hill
· Details of the development of our first mine, the Catherwood gold mine
· Results of the conceptual mine studies for Castle Hill stage 1 and Broads Dam

Please feel free to contact me with any queries.

Kind Regards,
Jon Price

CMo

06-08-2012, 02:05 PM

Results include:

8 metres at 19.68g/t Au from 136 metres including 1m at 133.46g/t
4 metres at 11.80g/t Au from 39 metres
2 metres at 21.38g/t Au from 30 metres
1 metres at 23.47g/t Au from surface
3 metres at 6.96g/t Au from 160 metres
7 metres at 2.74g/t Au from 72 metres

CMo

22-08-2012, 04:15 PM

Up to 2.24million ounces now... share price still lagging, but over the past few weeks showing signs of life.

denpal

22-08-2012, 06:01 PM

Up to 2.24million ounces now... share price still lagging, but over the past few weeks showing signs of life.

Yet another great result. Share price 23c now. OA's just aren't there in volume. I still hold these.

Looks like a cup and handle breakout here on the heads, if it confirms.

CMo

22-08-2012, 09:42 PM

Yet another great result. Share price 23c now. OA's just aren't there in volume. I still hold these.

Looks like a cup and handle breakout here on the heads, if it confirms.

Yeah, still hold here too... unfortunately we've seen quite a few promising starts snuffed out. Would be great if we could break away from the low twenties and gain a bit of momentum towards the thirties. It would certainly be a nice end to the week if this continues to pick up.

JBmurc

23-08-2012, 12:02 PM

deeper drilling started in may should get results next month good result's would back up JP view they should be able to at least double resource at depth i.e 4.5moz resource this of course doesn't include other prime areas Red dam,Telegraph,Kintore Gold Project which have huge exploration upside ...

PXG value

Zijin Mining Group found great value in NGF paying in total round 220mill
of course NGF had a plant and a gold resource of some 5.9moz

PXG is valued low 30mill and IMHO will command at least a 4moz resource within 12-24months

If Gold continues north of $2koz

And Zijin wanted to grow NGF reserves be a far quicker cheaper to take out the neighbors and get a resources base north of 10moz

1moz reserves x 100per oz =100mill and that would be dirt cheap buying and increase my opts value by 160k+

FarmerGeorge

23-08-2012, 10:54 PM

Have bought in the past and have picked up more of both the heads and the OA's in the past few days. Don't think I'm quite as exposed as you JB Murc but am getting there! If we could get a valuation anything like $100 oz I'd be a happy (happier) farmer but I won't hold my breath for the re-rate it's tough to know the timing on these things. Continue to like what I see from the resource point of view though.

JBmurc

26-08-2012, 05:03 PM

Article in the Kalgoorlie Miner Saturday Aug 25.

Phoenix Emerges as takeover target. By Jarrod Lucas

Phoenix Gold continues to emerge as an attractive takeover target as the Kalgoorlie-based explorer reached a major milestone this week, growing the resource at its flagship Castle Hill project beyond one million ounces.

(some key points from the article)

* In two years Castle Hill has grown its resource by 40% to 1.05Moz
* Patersons said the company is a compelling t/o target due to its growing resource and suppressed equity price
* Jon Price is aware of investor interest. " There are envious people looking over the fence at us. We would never not talk to people, but the value has to be there for shareholders. "
* Phoenix's total resource 41Mt at 1.7g/t for 2.24Moz, a fourfold increase since listing
* Castle Hill is fast becoming the latest large-scale gold discovery in WA and we have barely scratched the surface
* Last week African-focused Carbine Resources became the second largest shareholder
* Phoenix has identified 400,000oz at Kintore. " The recent Kintore deal will give us near complete ownership over the large gold system and is clearly demonstrating its multi-million ounce potential, " Mr Price said
* " Our focus is now squarely on growing this resource below the current 80m "
* Phoenix aims to reach a mineral resource of 2.5Moz by December
* Diamond Drilling results are expected in two to three weeks

Aotea

26-08-2012, 07:45 PM

JBmurc

27-08-2012, 03:19 PM

Well JBM, you have been saying for an age that these guys are a solid takeover target, so good call there. Picked up another 30,000 a month ago, so pretty happy with where they are heading. Am going to buy a new dredge in December, so just may toss that cash into the OA's in the interim...

yes would be a smart move,,, got a 10.5c av on the 10th biggest holding of OA's am confident we'll see PXG head shares get to a price that will give huge leverage to the OA i.e 60c heads =35c OA's

JBmurc

11-09-2012, 12:29 PM

DIAMOND DRILLING RESULTS CONFIRM RESOURCE UPSIDE AT PHOENIX’S CASTLE HILL GOLD PROJECT
HIGHLIGHTS
 Maiden diamond drilling intercepts significant mineralisation below the current Resource
 Significant drill results include:  33m at 3.2g/t Au from 189m
 12m at 6.2g/t Au from 109m  39m at 1.65g/t Au from 159m  13m at 4.5g/t Au from 172m  21m at 1.83g/t Au from 128m  18m at 1.9g/t Au from 125m
 Results indicate mineralisation continues at depth and remains open in all directions  New drilling expected to significantly increase current Resource well beyond 1M ounces  Conceptual mining studies on existing Resource well advanced including standalone
processing plant at Castle Hill.

---This study, along with other studies being completed on Phoenix projects within a 15km radius of Castle Hill, will also assess the economic viability of the construction of a standalone processing facility plant at Castle Hill.
Castle Hill has the potential to be a near surface large scale open cut mine with moderate to low strip ratio processed by conventional milling with excellent metallurgical recoveries all within 50 km of Kalgoorlie.

And it's still open in all directions !!!!

trackers

11-09-2012, 01:51 PM

very very nice grades continuing at depth here, awesome. Nearly got some more cheap options the other day, had a big order in the 7's, but only got 10% of my order :(

JBmurc

11-09-2012, 02:08 PM

Dear All

Please find attached the results of our first deeper diamond drilling programme. Drilling went down to 200m and intersected some spectacular widths and grades.

We can now clearly demonstrate that Castle Hill’s multi million ounce potential with grade improving with depth and remaining open in all directions.

This is a very large gold system and we have defined up to 3,000 per vertical metres in Stage 1. Easy open cut mining and conventional milling with 4 other projects with in 15km.

Castle Hill is certainly living up to its name as our flagship and company making asset.

We will release a full geological summary shortly showing a lot more detail on the project and are now looking ahead to double the Resource at Castle Hill and push the total resource to 3-4M oz.

Kind Regards,
Jon Price

CMo

12-09-2012, 05:04 PM

JB - You'll be a happy fella with the rise today!

PXG to 28c (+7.5%) and PXGOA up to 11c (+37.5%)

JBmurc

12-09-2012, 07:10 PM

JB - You'll be a happy fella with the rise today!

PXG to 28c (+7.5%) and PXGOA up to 11c (+37.5%)

yes very happy camper with the 12c OA close up 50%

denpal

12-09-2012, 07:16 PM

yes very happy camper with the 12c OA close up 50%

Hey JB you've been on these a while as have I, over a year now. Nice to see the goal-kicking continuing and ounces continuing to be proven up at a pretty good rate. I've only got the OA's and quite a few of them too. Will be nice to get into the 30's in due course on the heads, letting the OA's get into the high teens.

If you know of any other long-dated goldie options let us know. They're hard to find as so many have expired now.

JBmurc

12-09-2012, 07:25 PM

Hey JB you've been on these a while as have I, over a year now. Nice to see the goal-kicking continuing and ounces continuing to be proven up at a pretty good rate. I've only got the OA's and quite a few of them too. Will be nice to get into the 30's in due course on the heads, letting the OA's get into the high teens.

If you know of any other long-dated goldie options let us know. They're hard to find as so many have expired now.

yeah don't know of any other opts that are as good as the OA's ....CVR is well worth a look ..just yet another undervalued goldie that will
awaking with the right ann's

My target is for the OA's to be north of 40c min before they expire

CMo

12-09-2012, 10:02 PM

What is the exercise price of the pxgoa?... is it 25c?

denpal

12-09-2012, 10:09 PM

What is the exercise price of the pxgoa?... is it 25c?

Yes, Nov 2014.

JBmurc

12-09-2012, 10:18 PM

What is the exercise price of the pxgoa?... is it 25c?

yes so are currently in the money some 4c ...wasn't that hard to buy as low as the 7's awhile ago..that would be only 3c for more than 24 months to run ..then when you see the results from the PXG to date !!....the.future looks very bright ..add the talk on CNBC round more M&A in W.A gold fields round NGF takeover (next door to PXG's growing massive deposits of Gold 5moz+ likely IMHO) ....wouldn't be getting my opts for under 30c in the ST

steve fleming

13-09-2012, 10:02 AM

Update from patersons yesterday:

Phoenix Gold Limited (PXG) - SPEC BUY
Event - Resource set to grow towards 4Moz in 2013

Phoenix Gold (PXG) today announced significant intersections from its Castle Hill gold project near Kalgoorlie. The diamond drilling was the first phase of a program designed to test the continuity of mineralisation at depth, below the current resource envelope which is only delineated within 85m from surface.
Continuity of the mineralisation exceeded expectations with the most impressive intersections of the 3,167m program including:

33m at 3.2g/t from 189m
12m at 6.2g/t from 109m
39m at 1.65g/t from 159m
13m at 4.5g/t from 172m
21m at 1.83g/t from 128m
18m at 1.9g/t from 125m

The broad intersections with robust grade confirm the company's geological understanding of the controls on mineralisation at depth. This proves the multi-million ounce potential of the Castle Hill gold project and we expect to see significant resource growth going forward as deeper drilling is incorporated into the resource model.

Impact

PXG's current total gold inventory is 40Mt at 1.7g/t for 2.24Moz with the flagship Castle Hill gold project accounting for 21Mt at 1.5g/t for 1.06Moz. Latest intercepts confirm the multi-million ounce potential of Castle Hill which importantly looks to be improving in grade at depth and remains open in all directions.
Resource upgrades are expected by the end of the year. PXG has a long standing CY12 resource and reserve target of 2.5Moz and 500koz respectively which we believe will be eclipsed with ease. Based on the current drilling schedule we expect to see resource upgrades at Castle Hill, Broads Dam and a maiden resource at the newly discovered Telegraph deposit by the end of the year which should see total resources approach 3Moz.
Resource growth toward 4Moz in 2013. In light of ongoing drilling success we feel comfortable that PXG can achieve further resource growth in 2013. We expect resources grow toward ~4Moz and reserves toward ~1Moz in the next 12-18 months which will underpin funding and development discussion for a standalone milling facility. The well-endowed nature of the region offers plenty of blue sky potential beyond the aforementioned 4Moz and PGX will aim grow resources within a 15km radius of the proposed processing facility at Castle Hill.
Initial mining studies are well advanced and demonstrate robust economics. Stage 1 of Castle Hill is shaping up as low strip, open cut mining operation amenable to conventional milling given the favorable metallurgy of the deposit.
A full geological summary of the Castle Hill project will be available in coming weeks which will demonstrate the robustness of the deposit as a development proposition. The long-section shown in Figure 2 demonstrates the typical nature of the orebody which is characterized by broad lower grade mineralisation combined with high grade lenses. We highlight that the incorporation of drilling at depth will likely improve this scenario and support the construction of a processing facility at Castle Hill.

JBmurc

14-09-2012, 06:54 PM

WOW ...sellers scared off to 3.2c ......and to think you could have brought truck loads 16-17c not all that long ago

A poster on HC was in contact with MD-JP sounds like there's huge interest from the bigger end of town to get good size
holding's in PXG ,,but JP has been telling them to go on market ...

denpal

19-09-2012, 08:19 PM

Nice day at the office.........

JBmurc

19-09-2012, 11:01 PM

yes and the OA's still look cheap with the heads @ 35.5c meaning at 13c for the opts +25c ex=38c only 2.5c for 24months leverage what a steal.....
put my mate on PXG holding some 400k last purchase 17c think av round 23c ...

denpal

20-09-2012, 04:22 PM

OA's finally seeing some sensible value 14.5c.

Aotea

20-09-2012, 05:21 PM

JBmurc

20-09-2012, 09:58 PM

Hell yes...am loving the rise of PXG. Have bought a range of parcels, but the last of AUD$12k only a month ago is up 78%!!

Great to see and will be one of the 2013 stock picking comp leading pics one suspects...

Yes I certainly need the boost PXG CVR CCU driving me in the right direction ...KRE,SSN not so good

Aotea

21-09-2012, 05:36 PM

KRE is killing me too. They are grossly undervalued in my book and a bounce sometime is immanent so hold on...

JBmurc

02-10-2012, 09:01 PM

How about that 40c not all that far away with a 36c close ....

Aotea

03-10-2012, 05:31 PM

After that there isnt a lot stopping it push on to 50c with this momentum. My OA's have an average price of 8.1c so very happy.

JBmurc

13-10-2012, 06:25 PM

Can't believe the pull back on the OA's(nov14) they in the money some 10.5c leaving on 2.5c for over 2yrs of time value (1.25c per year LOL) ...dirt cheap might have to buy back the ones I sold @ 15c .. leverage is much better than the heads

denpal

16-10-2012, 05:18 PM

There's been solid buying today on the heads. Suppose it could go back to 30c, before the conceptual mining study is released in a couple of weeks time or a bit later. That's my pick, the 38.2% fib.

JBmurc

16-10-2012, 06:39 PM

There's been solid buying today on the heads. Suppose it could go back to 30c, before the conceptual mining study is released in a couple of weeks time or a bit later. That's my pick, the 38.2% fib.

yes buyers happy to set-up an soak up even the larger sell orders of late ,,,which is a good sign ....planning to buy more opts at these levels

trackers

17-10-2012, 03:28 PM

Study looks good. $130mil capex, $840/oz opex for 100k p.a output.

Payback of 1.5years @ $1600/oz ($80mil p.a free cashflow)

JBmurc

17-10-2012, 11:03 PM

Study looks good. $130mil capex, $840/oz opex for 100k p.a output.

Payback of 1.5years @ $1600/oz ($80mil p.a free cashflow)

yes bring on 2014 .....been selling heads for near 80% profit going to re-invest in the opts crazy bargain at these levels ,,,can buy near twice the amount and get the extra leverage for free ...higher risk but after the study report one can see the profit numbers are huge to investment needed...also many are picking lower AUD interest rates so should lower the high AUD in turn lifting AUD gold price

JBmurc

18-10-2012, 08:30 AM

Dear All

Please find the link below to the latest announcement on our 5 years conceptual mine plan. It gives everyone a sense of capex, opex, production profile and development pathway.

In a nutshell, we are looking to build at 1.7mtpa mill ( nearly identical to Regis’s Moolart Well mill), an ‘add-on’ 1.2mtpa heap leach plant ( with common crusher and gold recovery circuit) to cash in on the lower grade halo material at Castle Hill ( if the mining cost is spent regardless, this option makes a lot of cash) at Castle Hill and truck the higher grade material from Broads Dam 15kms on existing haul roads.

The study only includes 5 projects and these are all within 15km of Castle Hill. No deeper resources below the 85m have been included yet as we are updating the resource model now. We have at least 5 advanced projects outside this radius to add in and Castle Hill will continue to grow.

With capex at $131m, cash opex at $840/oz and production averaging over 100koz pa, it is a good start.

Approval has been given to progress to definitive study and this will include all core projects and the deeper resources at Castle Hill, Broads Dam and others.

Drilling results will also deliver new resources so I believe the project will only improve from here.

To view the announcement, please click below

http://asx.com.au/asxpdf/20121017/pdf/429fk16cb6vrw5.pdf

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd
73 Dugan St Kalgoorlie WA

JBmurc

18-10-2012, 12:59 PM

some bigger boys on the sidelines just sold the last of the heads .36 ....150k etc big boy come out soaked them up and was after another 490k but within minutes pulled the Bid ..playing games here

Now hope some OA sellers come to the party and help me build a bigger position

CMo

18-10-2012, 09:04 PM

Well, what to make of the Trading Halt?... Major Capital Raising.

I await the Tuesday opening with interest and hope that it's at a decent premium.

JBmurc

18-10-2012, 11:25 PM

Well, what to make of the Trading Halt?... Major Capital Raising.

I await the Tuesday opening with interest and hope that it's at a decent premium.

REQUEST FOR TRADING HALT Phoenix Gold Limited (Phoenix or Company) requests a trading halt pending the
finalisation of a major capital raising.
Phoenix would like the trading halt to last for two days, being Friday 19 October and Monday 22 October 2012.
The Company expects to complete the capital raising during this period and announce the completion to the market on Tuesday so that the Company’s securities can be reinstated on Tuesday morning 23 October before the commencement of trading.
The Company is not aware of any reason why the trading halt should not be granted.

-----------------------------------------------------------------------------------------------------------

Poster on HC was saying awhile back... in talking with JP that PXG was getting major interest from many bigger investor/insto's wanting on board JP reply was buy on market ....this was back when the SP was trying to break 20c....looks like a deal has be struck
for a "MAJOR CAPITAL RAISING" 5mill-- 10mill ? 20mill? @ 35c ?? Overall think it will be positive ...PXG mgmt have been best I've ever invested with I don't think it's going change any time soon
too good a offer for Cash to pass up

JBmurc

18-10-2012, 11:35 PM

China’s interest in WA gold is heating up
Thursday, 18 October 2012
Lauren Barrett

A FLURRY of merger and acquisition activity is occurring in Western Australia’s gold sector and with the gold price continuing to rise, the race for the Chinese to snap up majority interests in more Aussie gold doesn’t seem to be abating anytime soon.
Gold, commonly referred to as the safe-haven commodity, has been trending upwards in price over the past few months while other commodities, such as copper and nickel, fall in price.

At the beginning of the year the gold price was hovering at around $US1500 an ounce.

But now, with spot gold edging above $1700/oz, punters are predicting gold will hit $2000/oz in 2013.

At a time when iron ore, coal and nickel companies are struggling against the drop in prices and a slowdown in China, the prediction for gold has juniors and mid-tier gold companies extremely optimistic for the future.

http://www.miningnewspremium.net/storyview.asp?storyid=9639765&sectionsource=s0

JBmurc

23-10-2012, 12:04 PM

Dear All

The latest announcement and investor presentation links are below.

After a lot of discussion and feedback from shareholders and investors, the Board made the decision to raise $20m through a placement to national and international institutions at 30 cents. Although a 13% discount to our last trading price, it is equivalent to our 60 day VWAP price. The placement was heavily oversubscribed and closed in 1 day.

Why did we do this? – Castle Hill and Broads Dam have exceeded all expectations. Castle Hill is now an extremely large gold camp open along strike and at depth and is likely to contain 2 to 3 very large open cut mines. Broads Dam has the potential to host high grade open cuts followed by large high grade underground systems and we have 2 priority targets needing to be drilled out. Every drill hole that has been put in to both these projects have delivered excellent results. The more we drill, the more we find.

All the feedback we have received is that we have 2 major gold projects in the making and, even though we could self-fund another $5m drill program as we have done over the last 2 years, it wouldn’t be enough to fully understand how big these projects can be. We would be only scratching the surface and not doing the resources justice. We also need to complete the BFS and we want to leverage off the high gold price and get it completed as fast as possible. We want to be in a position where we have 4moz in resource including 1moz in reserve so the economics of building our own mill are clear and easily justified. We also need to be exploring our other high priority targets at Ora Banda and Zuleika North to grow the resource further.

The Share Purchase Plan was decided on the ensure all shareholders had the opportunity to participate and at the same price as the institutions. More details on the SPP offer will follow.

I believe, with these funds, a tripling of the drilling activity and completing the BFS quickly is in all our interests and the best way to transition to developer and producer in the shortest possible time. Drilling prices, lab prices, labour are all coming down so we will get more metres drilled for our dollar and stretch our funds further. Our aim is to drill over 200,000 metres in the next 12 to 15 months. Income from stocks, Catherwood and eventually Blue Funnel will supplement this raising and ensure we are in good shape for the coming year. In Dec Qtr 2013, we aim to be in a position to make an investment decision on building our mill and developing our larger projects.

Due to the excess demand in the raising, the founding directors sold a portion of our options for 3 reasons. These options expired in December and I could not afford to exercise them, I needed to fund a tax debt and the options will now be exercised bringing funds into the business. The balance of the proceeds of the sale will be reinvested into PXG placement shares subject to shareholder approval.

Please feel free to respond with any queries.

To open the announcements, please click on the links below

Capital Raising announcement

http://asx.com.au/asxpdf/20121023/pdf/429ky3zdg12s5g.pdf

Investor presentation

http://asx.com.au/asxpdf/20121023/pdf/429ky76nyqnj8l.pdf

Kind Regards,
Jon Price

soulman

24-10-2012, 01:35 AM

A nice early get at 30. I got a few for 30 and has sold that lot.

A few other goldies doing the cap raising with the likes of RDR and BNR.

CMo

20-11-2012, 12:16 PM

Dear All

Please find our latest announcement by clicking on the link below.

We commenced our 217,000 metre $20 million drilling program on 8th Nov with Castle Hill stage 1 the first area. CH stage 2 will follow and then the rig will move to Red Dam. Early next year we will have up to 4 rigs operating, 2 RC, one diamond and an aircore. Over 100,000 metres will go into Castle Hill to fully define how big this system is. Depth and lateral extension drilling will combine with infill and sterilisation drilling to convert as much as possible to Reserve and prepare an area for the mill and associated infrastructure.

Over 40,000 metres, including a lot of diamond drilling will go into Broads Dam with Red Dam the priority. Red Dam has the potential to become a high grade open cut and underground mine supplementing mill feed and lifting the average feed grade to 2g/t. Drilling companies are offering very competitive rates given the general slowdown, labs are turning around assays in record time and high calibre staff are available to manage the accelerated programme and complete the Definitive Feasibility Study.

A big year planned next year to say the least. We are continuing to sell stockpiles and Catherwood development will begin in Dec with Blue Funnel, Nazzarris and Boundary mines ready for development. This will generate at least $8.5m and , together with the placement and SPP, put us in great shape to push beyond 4 million ounces in Resource and approach 1 million ounces in Reserve inclusive.

We will be releasing a maiden reserve and an upgraded resource in Dec as promised with new drilling results released in January and on a 6-8 weekly basis thereafter.

To view the announcement, please click on the link below:

http://asx.com.au/asxpdf/20121120/pdf/42b9qlw4v4f57s.pdf

Kind Regards,
Jon Price

JBmurc

27-11-2012, 12:34 PM

SOLD All out of the rest of my PXGOA today purely because I'm happy to take 14c while the heads are doing nothing would like to buy back in after some ST trading in the likes of PGI , MSR , OXX hoping to be back into the OA's in the new year

trackers

27-11-2012, 01:34 PM

I wanted to do the cap raising but only hold OA's and they're ineligible :( The heads will prob drift around that mark anyway.

Glad they're drilling over xmas and putting that money to good use

JBmurc

27-11-2012, 01:41 PM

I wanted to do the cap raising but only hold OA's and they're ineligible :( The heads will prob drift around that mark anyway.

Glad they're drilling over xmas and putting that money to good use

yeah I'm sure we will see the resource base increase nicely

what's your view on MSR trackers ...looks likely to take up the CVR altyntas deal going from their presentation doing the numbers will be great earner for them ....

Disc -buying MSR sold OA's

trackers

27-11-2012, 02:20 PM

JBmurc

27-11-2012, 02:36 PM

MSR looks pretty onto it - I watched their pres the other day - sp has doubled in a couple months?

Not so for our poor cousin CVR... tough times atm with CVR and PGI huh :(

Keen to see how fast they can get atlyntas up and running; with an aggressive drill programme and going the toll treatment option 12-18months is a while really (compared to how fast operators like PXG can get a toll treatment op up and running)

Yes thing is CVR talk of within 12months.... MSR 12-18m ....major earner for both MSR,CVR yes be great if it was much sooner but I think they really need to get a more defined resource,transport to get the best possible Toll deal is my understanding which is what MSR will be doing spending 2mill...all will be known before Xmas if it's all going ahead ...if so I'm sure it will be good for their S/P's

soulman

29-11-2012, 06:24 PM

Cap raising closed today. Their AGM is on today as well. PXG shares on low volume getting a tickle. Chart looks good.

I have applied for their SPP at 30 cents.

FarmerGeorge

29-11-2012, 07:28 PM

Have been a buyer while it's bumped around 30c and also have applied for SPP. Really like what's happening here and I don't know if I'd be able to to time it well to get in at the optimal moment so just doing it now.

Have also picked up a few KGM (formerly CRK) - anyone else have a view on those guys? Might start / resurrect a thread if this rain keeps up and I can't get outside...

CMo

03-12-2012, 03:24 PM

Trading Halt whilst they get drill results verified. :)

soulman

03-12-2012, 04:18 PM

Trading Halt whilst they get drill results verified. :)

Yep CMo, let's hope it's a good one because that will be my only sunshine in a piss poor 2 weeks.

The PXG SPP will be my sunshine (get out of jail cards) depending on the allocation. I have applied for the max. What about you CMo?

CMo

03-12-2012, 07:03 PM

soulman

03-12-2012, 07:34 PM

Sadly, the funds were not there for me to participate. I'm pretty happy with my purchases from 24c down to 18c earlier in the year and still holding OA's from 10.5c

It would have been nice to top up though at 30c as I don't think we'll see that price for a while now (if ever!!). Just love the way Jon Price and the team keeps news coming and then delivers every time. Hopefully it's more of the same this time.

Those were nice entries there CMo.

Sadly for me I haven't done too well on PXG. Holding on seems to be the best strat here. Lucky to have the opportunity to participate in the SPP.

For other gold coy, RDR and SXG seems pretty cheap too but I guess everything is based on momentum.

CMo

03-12-2012, 09:08 PM

Those were nice entries there CMo.

Yeah, well the 24c was my initial entry back in early 2012 and had to watch it slide progressively down to 16 (i think). Since July, momentum as you mentioned seemed to come along and things have gone great since. Managed to average down on the way back up and then picked up the OA's for a bit of a change and partially based on JBmurc's bullishness.

Not holding any other goldies at the moment but will look into RDR and SXG. Ta.

soulman

03-12-2012, 10:23 PM

RDR and SXG are 2 stocks I traded before and in the watchlist. Glad to sold all my SXG for a loss at 4.3 cents last week. Both have a fully owned processing plant already that have 10's of millions of dollars of value.

trackers

05-12-2012, 03:26 PM

Well after my failure with selling down oppies to fund conversion then realising too late that I was ineligible for SPP as an option holder (oops, should have known...) back in today to the heads. Awesome results at at Castle Hill at depth

---

From: Jon Price [mailto:JPrice@phoenixgold.com.au]
Sent: Wednesday, 5 December 2012 11:55 a.m.
Subject: Latest drilling hits significant mineralisation at Castle Hill

Dear All

Please find below the link to our latest announcement relating to drill results from our Castle Hill project

3 key things to keep in mind with the results. The widths are spectacular, the grade increasing and this hole is in an area where mineralisation of this quality was not expected. This 94m result at 2.6g/t from 88m could potentially be a higher grade ore zone that bridges 2 ore zones at Castle Hill stage 1.

These assay results are from 7 of 11 holes. More to come from stage 1 and drilling at stage 2 (10,000m) is well underway and we hope to release more results in early January.

This December, we will have the updated Resource and maiden Reserve to come.

Castle Hill continues to exceed expectations and will grow and, I believe with these results, the grade will climb.

To read the announcement, please click on the link below:

http://www.asx.com.au/asxpdf/20121205/pdf/42bqydwz44h360.pdf

Kind Regards,
Jon Price

--

Looking forward to seeing what resource these hits at depth add to the resource (currently over 1mil oz to 80 meters only)

FarmerGeorge

05-12-2012, 07:35 PM

I thought this all looked pretty good - but down a cent on the day. Any ideas or some insight into the results that I am missing?

soulman

05-12-2012, 08:19 PM

I thought this all looked pretty good - but down a cent on the day. Any ideas or some insight into the results that I am missing?

FG, I think the big factor is the sell down by the SPP subscriber.

The drilling result is not all that specs IMO.....

Maybe it will kick on from tomorrow. I have lighten a bit.

FarmerGeorge

06-12-2012, 07:02 AM

Ah of course, not sure how I missed that small factor!

Would be nice if it did kick on but we may need to wait for updated res ource / erve

FarmerGeorge

10-12-2012, 06:32 PM

Resource update has given PXG a wee spike. Unsure how sustainable it is given we're heading into xmas/NY and have a whole years worth of drilling ahead - however the EV / Ounce story might gain traction and see more of a push through. Picked up a few more today.

trackers

07-02-2013, 04:27 PM

Topped up at 25c today... Pretty happy given that is a 20% discount to recent highly oversubscribed cap raising....

Castle Hill drill results pending and updated JORC resource next month

yabster

07-02-2013, 08:10 PM

bit concerning re the weakmess though Trackers- hope results turn it around.

trackers

08-02-2013, 10:46 AM

Yeah share price graph looks like most resource companies after they've done resource delineation / feasibility, and are moving on to funding - But PXG resource delineation has only just begun - as you say, hopefully a lot of good results to come + JORC growth and maybe even some toll treatment thrown in?

JBmurc

08-02-2013, 08:20 PM

well didn't expect to see PXG down at these levels again,,, might have to put a cheeky bid in on the OA's

tricha

08-02-2013, 11:38 PM

well didn't expect to see PXG down at these levels again,,, might have to put a cheeky bid in on the OA's

Good play JB!

JBmurc

13-02-2013, 09:54 AM

Good play JB!

Yes even good explorers can get smashed ...so many good Gold stock getting driven downwards,,,,glad to have shifted more funds towards the Oil & Gas sector now only holding CVR,PGI (both been smashed as well)

ynot

04-04-2013, 07:50 PM

wow. gold smashed today. I thouht i was being clever last week picking up PXGOA at 0.10 Today 0.065 !

JBmurc

04-04-2013, 09:48 PM

wow. gold smashed today. I thouht i was being clever last week picking up PXGOA at 0.10 Today 0.065 !

!!!!! .065 they got to 20c not long ago ....geezz I need to buy some ...4moz end of the year right next door to the chinese own NGF that talked of buying more good assets....

Entrep

27-06-2013, 01:56 PM

Been in and out of this several times, and it just keeps going lower. Will be under 10c soon. Crazy!

JBmurc

27-06-2013, 02:20 PM

Been in and out of this several times, and it just keeps going lower. Will be under 10c soon. Crazy!

Yes like the rest of the resource sector ....fundamentals thrown out the window replaced with FEAR ....same is happening with my biggest Gold holding PGI got a $1320oz hedge in place for the gold production this year and half for the next two years ...and nil tax till all costs are made back thanks to the pro mining Government ....lower AUD also lifting their forward EPS toward SP ....very crazy indeed

JBmurc

08-07-2013, 08:45 PM

Dear All

Phoenix will be participating at Diggers and Dealers this year and will have the booth and a 25min speaking spot on the Tuesday at 410pm.

In addition, we will be holding site tours each day as per below:

Monday 1pm-4pm
Tuesday 0900m – 12pm
Wed 1pm – 4pm

The site tour will include current drilling at Castle Hill, Mining at Blue Funnel and drill core at the core farm.

If anyone is interested in joining the tour, please email Kristy Alman at KAlman@phoenixgold.com.au and nominate which day.

Kind Regards,
Jon Price

Managing Director
Phoenix Gold Ltd
73 Dugan St Kalgoorlie WA

yabster

30-10-2013, 04:24 PM

Nice quarterly - sp getting a good bump. DFS on track for December.

JBmurc

21-08-2014, 07:51 PM

Now looking back couple years ago I sold the last of my PXGOA holding @ 14c (25c ex price)=39c

Yesterday I brought back in @13c (should have waited another day !!) 12c close today

Hard to believe -- Gold of course a major driver of the SP over the last couple of years being round $1600oz AUD to at present $1380
PXG planned AISC $950-$1000oz AUD

From June Qtr report

HIGHLIGHTS
• Total Resources of 3.80 million ounces of contained gold1
• Total Reserves of 1.16 million ounces2
• High grade drilling results received from Castle Hill Stage 2
• Long term milling agreement executed with FMR Investments
• Staged development plan progressing, mining to commence in September Quarter
• Entitlement Offer completed raising A$4.3 million, together with additional shortfall placement of $4.7 million subsequent to Quarter end
• Total funds raised, including successful institutional Placement in March, of A$16.8 million, fully funding staged development and transition to sustainable gold producer

arc

25-08-2014, 11:25 AM

I agree.
Looking at other players in the field there appears to be some behind the scenes activities going on. ASL and MAH have both sprung into life and there has been talk about others using this "down-time" to purchase more digging rights for upcoming expansion.

JBmurc

23-10-2014, 02:24 PM

Pouring first gold from the Kintore West open cut is a milestone for Phoenix Gold as it progresses development of the Castle Hill Stage 2 Project in Western Australia. The mine is the first of four mines that will produce 85,000 to 90,000 ounce of gold over an initial two years and generate net cash of A$10 million - A$12 million

Buying more @ 9.3c

JBmurc

16-01-2015, 12:51 PM

.Good Gold surge last night ...PXG profit margin est heads
towards $600oz AUD
yet the market values reserves at only $40-45oz AUD ...how much do you think a predator would put on the same Gold reserves in such a prime location ?
From 1994-2004 Gold M/A boom many majors were paying even more than the gold price Vs the reserves of gold ... just a few from the "ResourceStocks" mag

-Barrick brought homestake 2001 gold $273oz Acquistion cost as % of spot 117% !!!!!

-Tamami brought Coyote 03 gold $392oz ----- 77% of spot

there was like 60-70 major M&A from july 94-Nov 03 the average Acquistion cost 94% of spot av. gold !!!

Now of course today Gold sector is nothing of the 94-04 period ....even though Gold moved much higher M&A values didn't keep up ....

PXG has 1.1moz Gold reserves and growing .... If we only take 20% of spot gold for PXG Gold reserves we get $343mill AUD I'm guessing most if not all of the M&A of the 94-04 period would have included producing Gold mines ...so lets take of 100mill from the value ..

243mill sounds fair to me ?? 60-65cps ?

JBmurc

13-02-2015, 06:16 PM

I see OBS is being offered 180mill for their 2moz high grade west african deposit ....PXG 4moz lower grade but far better location in the heart of the Gold fields only worth $36mill

Anyone on here selling not happy with PXG getting 6mill more cash @10c

soon enough we will have three income streams ....really about the worst time to exit

slimwin

13-02-2015, 09:25 PM

Not selling, but a long way to go to break even...

JBmurc

13-02-2015, 10:04 PM

Yes my fair T/O value PXG at AUD Gold price is in the mid 50c ....next round of drill results should give us a good boost if the grades are higher be good to see the mill grade over 2g/t(currently1.7g/t) ... think it will all come together here very soon and see 2015 as a great year to be holding PXG

Worth a read-http://www.visualcapitalist.com/global-gold-mine-and-deposit-rankings-2013/

slimwin

14-02-2015, 08:19 PM

How do you come to that value though JB?

JBmurc

14-02-2015, 09:38 PM

How do you come to that value though JB?

Well I took PXG JORC Gold reserves gave them a 20% value at present Gold price then removed 100mill for CAPEX to see PXG producing the planned 100koz p.a ... then divided the amount by the amount of shares (this is revised down on the new 6mill raising)

I gave nil goodwill or cash at bank value .....so thats way I give mid 50's fair value

Of course you could say maybe PXG Gold reserves/operation is only worth 10% or 30% of the present Gold value (less 100m etc)

To put into perspective from 1997-2004 the average value of the over 80 odd Gold miners T/O & mergers was 70% value Gold reserves to Gold price (resource mag Aussie)

JBmurc

17-02-2015, 07:03 AM

Geologic Resource Partners LLC is a privately owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity and fixed income markets across the globe. The firm employs fundamental analysis to make its investments. It primarily invests in precious and industrial metals and energy minerals equities. The firm was founded in 2004 and is based in Boston Massachusetts. Geologic Resource Partners LLC operates as a subsidiary of GRI Holdings LLC.

These guys just moved themselves back to the top of the shareholder position in PXG with another 16.4mill brought in the CR

Now who has taken up the other 33.6mill shares ? Should find out soon enough .... Isn,t Zijin NGF as they announced a downward change to their holding position ..

Very interesting times ahead here

Daytr

17-02-2015, 09:07 AM

Hey JB, what profit do you think they will make off those reserves? You need to use this number with a conservative gold price & then divide by production years & multiply by a realistic p.e. & then discount the number back at say 8% to get a today value. That's a basic valuation model. It would be interesting how it compares with your number. Cheers Daytr.

Well I took PXG JORC Gold reserves gave them a 20% value at present Gold price then removed 100mill for CAPEX to see PXG producing the planned 100koz p.a ... then divided the amount by the amount of shares (this is revised down on the new 6mill raising)

I gave nil goodwill or cash at bank value .....so thats way I give mid 50's fair value

Of course you could say maybe PXG Gold reserves/operation is only worth 10% or 30% of the present Gold value (less 100m etc)

To put into perspective from 1997-2004 the average value of the over 80 odd Gold miners T/O & mergers was 70% value Gold reserves to Gold price (resource mag Aussie)

JBmurc

17-02-2015, 11:37 PM

Yes using your pricing method and giving only 8% value would put PXG's value not much higher than current -9.7c say round 12c-14c etc but then using that method I think many miners would be seen as overvalued ..... PXG will release the next 11,000m of drilling results this Qtr ...I understood they are drilling in a pretty sweet spot so likely to see that JORC reserves increase as will as further in-fill drilling converting Resources 4moz to Reserves 1.16moz

I do plan to give the MD a call this week

Daytr

18-02-2015, 08:04 AM

Well there is always upside, i.e. geology & gold price or downside obviously, but as a valuation this shouldn't be considered.
What do you mean by 8% value?
The 8% should be the interest rate used to discount the future cash flow.
So if its a cashflow in 5 years, compounded in today's dollars its worth around 50% of the future cashflow.
I think if you redo it that way, it sounds like the valuation will come out a lot higher.
The cashflow needs to be free cash flow, i.e conservative production costs & capex deducted from the future revenue produced.
Let me know how that looks.
Cheers Daytr

JBmurc

18-02-2015, 11:50 AM

From JORC Gold reserves PXG will have least 11yrs 100koz p.a production(personal think they will extend the mine life much longer) ,,,, projected AISC $970oz I personal believe a $600 margin over the 10yrs is being very conservative ...so that of course gives us 660mill AUD free cash-flow ...(If you discount 8% = $607,200,000AUD)

If the full raising is done PXG will have round 430mill shares ....taking the discounted amount then giving it a 20% value comes to--- 28cps

..Now many see PXG as a Take over target thats why I gave them a value to the Gold as reserves less CAPEX needed for production.. history has shown many predators use the JORC reserves to base ones value(As I seen from my old resource mag article) ..I think that will be the case here for PXG as they are surrounded by Gold Miners I'm sure would love to add to their reserve base ..like NGF of course the truth of actually AISC can be completely different at DFS may state like PGI and many other recent start up PM's over the last decade.....

More than welcome to throw your valuation into the ring Daytr ....personal I seen low target 28c to 55cps (the latter more likely once PXG is producing larger amounts of Gold at target AISC)

Daytr

18-02-2015, 11:57 AM

JBmurc

18-02-2015, 01:20 PM

The discount of 8% needs to be compounded for each year so it will be a lot lower than that.
i.e. a 5 year forward cashflow would be approximately halved & a 10 year cashflow about 15% of the future value.
Understand?

Also you need to take into account a development time frame, i.e. when will the cashflows actually occur.
So if its a 10 year mine life & takes 2 years to develop, the last year of cashflow is actually in 12 years time.
I would also cut off the cashflow at about 7-8 years out no matter what the reserves state as this is what they call tail risk.

All in all though I think you will find it values the company a lot higher than its valued by the market.

Yes one can get all very detailed but I've yet to see many exact analyst values come in mostly there way off the mark ...I'm more than happy to see your own expert valuation from the numbers If you like ....personal I'm happy enough with my rough number

In PXG case they will in a short time frame have three income streams through tolls deals and now after the CR buying a 2.3mtpa heap leach facility to treat the lower grade ore ...

JBmurc

18-02-2015, 01:21 PM

JBmurc

18-02-2015, 01:39 PM

Phoenix Gold (ASX:PXG) will use funds raised from the current share purchase plan (SPP) and the recent A$5 million oversubscribed placement to complete the purchase of the St Ives heap leach processing facility.

The SPP will close on Tuesday 3rd March 2015. Shares are priced at A$0.10, which is the same price as the placement.

The heap leach facility is a key part of Phoenix’s development strategy, enabling the treatment of stockpiled lower grade ore mined from Castle Hill and surrounding projects.

The facility will be relocated to the wholly-owned Castle Hill, which has the potential to become a multi-million ounce gold mine.

In July 2014, the company had agreed to acquire the 2.3 million tonne per annum St Ives heap leach processing plant located near Kambalda, 70 kilometres south of Kalgoorlie from St Ives Gold Mines Pty Ltd for $2 million.

The heap leach processing plant consists of a 3 stage crushing plant, agglomeration drum, overland conveyors and stacking equipment, full gold recovery circuit and all associated infrastructure and spare parts.

The plant will enable treatment of stockpiled lower grade ore mined from Castle Hill.

Current Indicated and Inferred heap leach resources for Castle Hill and its surrounding projects stands at 58.34 million tonnes at 0.6 grams per tonne for 1.1 million ounces of gold.

Como Engineering have been commissioned to deliver a detailed engineering study to bankable level for the relocation, refurbishment and re-commissioning of the processing plant.

Worley Parsons have been commissioned to redesign the heap leach pads to integrate with the plant.

Analysis

Phoenix Gold’s acquisition of the heap leach plant from St Ives Gold will provide additional cashflow by giving the company a development pathway for lower grade ore from the Castle Hill project.

This will complement the milling of higher grade material from the Kintore Pit through FMR Investments’ Greenfields mill as well as the development of the flagship Mick Adams/Kiora and Wadi open pits with Norton Gold Fields (ASX:NGF).

Upcoming catalyst:

The updated heap leach feasibility study integrating the plant into the leach pad is on track for delivery in the March quarter 2015.

Daytr

18-02-2015, 05:32 PM

Of course JB each to their own, however that's how others i.e. stock brokers etc will value the potential, so its handy to know as its all about what value others place on the project as that's what the market will see as value.

JBmurc

18-02-2015, 11:04 PM

Well the largest S/H,s and other major investor certainly see PXG a good place to park their funds throwing another 5mill into the tin

Daytr

19-02-2015, 07:55 AM

And I agree its under valued especially now with the AUD behaving like a commodity currency.

JBmurc

01-05-2015, 03:49 PM

EVOLUTION MAKES STRATEGIC INVESTMENT IN PHOENIX GOLD
Evolution Mining (ASX:EVN) (“Evolution”) is pleased to advise it has reached agreement with Phoenix Gold
Limited (ASX:PXG) (“Phoenix”) regarding a strategic investment and partnership. Under the agreement
Evolution will subscribe for up to 105.9 million new shares in Phoenix representing a 19.9% shareholding.
Phoenix is a Kalgoorlie-based gold exploration and development company with a highly prospective
tenement holding located in very close proximity to the 1.5Mtpa Mungari processing plant.
As announced to the Australian Securities Exchange on 20 April 2015, Evolution has entered into a binding
agreement with La Mancha Group International BV (“La Mancha”) to acquire 100% of La Mancha’s
Australian operations – which include the Mungari processing plant, the adjacent high-grade Frog’s Leg
underground gold mine and the White Foil open-pit gold mine. The agreement with La Mancha is subject to
certain conditions1
including approval from Evolution shareholders.
The Phoenix tenement package adjoins La Mancha’s Australian operations and covers a significant strike
length of the highly prospective Zuleika Shear and the Kunanalling Shear (see Figure 1 on following page).
Many of the exploration targets developed by Phoenix, on its tenements, are geologically similar to the
Frog’s Leg mine and the White Foil mine.
Evolution’s Executive Chairman, Jake Klein, commented:
“The close proximity of the Phoenix tenements to the newly built 1.5Mtpa Mungari
processing plant provides obvious synergies and further strengthens our position in this
important region following the proposed La Mancha transaction. In addition, we see benefit
in sharing the geological knowledge between our discovery teams to increase the probability
of success in this world-class gold camp.”

Disc -PXG currently my biggest holding

babymonster

01-05-2015, 10:03 PM

I am happy to hold it as well. Hopefully it can push up to 10c shortly

JBmurc

01-05-2015, 11:47 PM

Dear All

Please find attached our latest announcement regarding a strategic alliance with Evolution Mining.

The Zuleika shear in the gold fields has always been some of the most exciting gold ground in the country but has been expensive to explore. The area has become hot property with many deals completed to gain a position, NST, MLX, EVN to name a few.

Phoenix has over 15kms of strike relatively untested and this alliance will enable us to accelerate exploration in the area on the back of an intensive geological study in conjunction with the University of WA. Evolution is a unique fit as they complete the La Mancha transaction with a new 1.5 Mtpa mill and our interlocking tenure. The synergies are clearly apparent by the attached map.

Evolution will invest up to A$9 million in Phoenix and will become a 19.9% shareholder subject to shareholder approval. 60% of the funds will be used to explore the Zuleika gold projects and planning has commenced on drilling programmes from priority targeting work completed as part of the UWA study. They bring financial and technical capacity and we look forward to commencing the search for the next high grade discovery.

Phoenix also remains focussed on finalising and executing the Norton JV over the development of the Mick Adams and Wadi open cut projects and pursuing the financing for the heap leach development.

I look forward to updating you further on all these initiatives over coming weeks

To view the announcement, please click on the link below:

http://www.asx.com.au/asxpdf/20150501/pdf/42y9b27g4xj6c0.pdf

airedale

05-05-2015, 04:11 PM

EVN is looking good since the Announcement. Has broken through resistance at $1.

JBmurc

05-05-2015, 10:55 PM

EVN is looking good since the Announcement. Has broken through resistance at $1.

Yes Got a great deal IMHO near on 20% of PXG ...they pretty much got Gold reserves for $40oz AUD(on their percent position)

Also great for PXG having a major gold producer Mgmt/Geo's on board to help PXG into strong Gold production/larger reserves ....EVN I'm sure they will continue to build their position in PXG into a controlling stake ...51% etc

--- longer term a final Scrip takeover offer once PXG is really making fat profits....

JBmurc

08-05-2015, 07:07 PM

Phoenix Gold (ASX:PXG) managing director Jon Price has stepped down from his position with effect from today.

Non-executive chairman Dale Rogers has assumed the role of executive chairman while company secretary Ian Gregory has been appointed an independent non-executive director.

“Despite the disappointing performance of the Kintore mine, the recently announced strategic alliance with Evolution Mining Ltd and the inherent future value of the Licence to Mine and Ore Sale Agreement with Norton Goldfields, leaves Phoenix well placed to maximise value from both the Kunanulling and Zuleika gold shears,” Rogers said.

Earlier this month, the company announced the strategic partnership with Evolution Mining (ASX:EVN) that includes a $9 million investment through a subscription of 105.9 million PXG shares at an average price of $0.085, an 18% premium to the 10 day VWAP.

This will enable accelerated exploration of Phoenix’s highly prospective Zuleika shear gold projects in Western Australia.

The first tranche of 44 million shares at $0.075 each to raise $3.3 million has been completed.

Shareholder approval will be sought at a General Meeting in June 2015 for the second tranche of about 61.9 million shares priced at $0.092 each.

slimwin

08-05-2015, 10:27 PM

I wonder why? Didn't think he was that old and it's kinda his baby.

trackers

10-05-2015, 11:28 AM

Haven't been in PXG for a while but Jon Price is my favorite CEO out of all the shares I've been in - Solely for his frequent, no bull****, email updates in everyday conversational format - Really enjoyed those and its a shame that sort of thing doesn't happen a lot more

JBmurc

11-05-2015, 09:31 PM

Yeah who's know maybe the next few anns will give as a clue to why JP left in such a hurry ...maybe a real breakdown with other mgmt ..a push from EVN or NGF ?? Kintore performance ......I also will miss his style of dealing with S/Hs very frank honest approach

JBmurc

22-06-2015, 01:01 PM

ZIJIN ANNOUNCES ITS INTENTION TO MAKE AN ALL CASH TAKEOVER BID FOR PHOENIX GOLD CONDITIONAL UPON THE EVOLUTION TRANCHE 2 PLACEMENT NOT PROCEEDING
 Zijin intends to make an off-market takeover offer for $0.10 per Phoenix share valuing Phoenix at $47.0 million
 Zijin has executed a pre-bid agreement with Phoenix’s largest non-interested shareholder1 Geologic Resource Partners LLC and now holds a 17.9% relevant interest in Phoenix (details of the relevant interest set out below)
 The Zijin Offer is considered clearly superior to the proposed Evolution Tranche 2 Placement but will only be presented to Phoenix shareholders upon the proposed Evolution Tranche 2 Placement not proceeding
 Phoenix’s four largest non-interested1 shareholders have already indicated their intention to vote against the proposed Evolution Tranche 2 Placement. As such, Resolution 2 is highly unlikely to proceed
 Phoenix shareholders are urged to vote down the proposed Evolution Tranche 2 Placement at the General Meeting scheduled for Tuesday, 23 June 2015

Daytr

22-06-2015, 02:14 PM

Yep agree JB, far too cheap & I would say it will be rejected.
If the board are doing the right thing by shareholders they will reject it smartly as well.

JBmurc

24-06-2015, 10:26 PM

China moves to Stage 2 of its great gold grab
Posted on June 23, 2015 by Robin Bromby
China has a two-stage gold domination plan. Stage 1 is well advanced with the domestic accumulation of gold rising rapidly, both through importing the metal and banning the export of gold mined within China. Stage 2 is to buy as many gold deposits abroad, and this week we saw another move in this direction.

First, where is Stage 1 up to? Does China’s central bank really have gold reserves of between 25,000 and 30,000 tonnes of gold – which, even at the lower figure, would have given Beijing reserves greater than the other seventeen largest reserves holders put together, including the U.S., the IMF, the European Central Bank, France, Italy and Germany? That’s the view of Alasdair Macleod, a member of the London Stock Exchange since 1974 and who is now a frequent writer on the subject of sound money.

Just last month the Russian newspaper Pravda quoted “unconfirmed reports” that China had 30,000 tonnes of gold and added: “If this is true, it means that China will be capable of bringing down the U.S. dollar in an instant”, referring to the oft suggested idea that Beijing is aiming to have the yuan as the world’s prime reserve currency.

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That China is buying and hoarding gold seems beyond doubt. Even the Bloomberg news service recently assumed the Chinese central bank has 3,150 tonnes. That’s roughly triple what Beijing admits to: it has never updated its 2009 announcement that it had 1,054 tonnes.

But there is another strand to this story: China not only wants to acquire the largest gold reserve in the world, it also seeks to control the mines that produce the metal, so ensuring future supply. Just as Beijing has maintained dominance in rare earths, antimony, tungsten, molybdenum and other key metals, so it wants to dominate gold. But there is a difference: with all those other metals, China has substantial resources within its borders, but that is not the case with gold. So it has to achieve dominance by acquiring mines overseas.

According to the U.S. Geological Survey, China mines 15% of annual gold output but has only 4% of the world’s known gold still in the ground. Estimates vary as how long it will take, but within the next decade Chinese production is going to plummet.

This explains why Zijin Mining, China’s largest gold producer, has been so acquisitive. The company this week unleashed a takeover bid for Australia’s Phoenix Gold (ASX:PXG). This company has a reserve of about 1 million ounces; more importantly, that gold lies near the Paddington, Western Australian gold plant owned by Norton Gold Fields (ASX:NGF) which is 90% controlled by Zijin (and the other 10 per cent of shareholders are now in the process of being bought out). Last month Zijin bought (from Barrick Gold) a half share in Porgera gold mine in Papua New Guinea.

According to The Wall Street Journal, Zijin owns 49.5% of a gold operation in Democratic Republic of Congo, 21.3% of Canada’s Pinnacle Mines (and 9.% of Ivanhoe Mines and Pretium Resources, the latter operating in British Columbia), and controls mines in Kyrgyzstan and Tajikistan. (That’s in addition to the more than 82 tonnes of gold the company mines in China each year.)

The trend has been there for anyone looking. For example, in the period of a month in 2013 the following developments were reported:

One: Japanese newspapers were reporting that China’s yuan was increasingly being used for trade settlements — in the first half of 2013, China settled 2.05 trillion yuan ($334.8 billion) of its trade transactions in its own currency. That’s a 16.1% slice of all trade by China. To by-pass the U.S. dollar, China had been concluding currency swap contracts with other countries, including Australia, Brazil, Russia, Iran and Britain (the Bank of England being the first top central bank to allow currency swaps with the yuan). Beijing also created a new oil wholesaling structure that would bypass the petrodollar. As one commentator remarked, this was the first time in 40 years there had been a challenge to the dollar’s hegemony.

Two: A South African business newspaper reputed for its coverage of the mining industry said Chinese companies were on a buying spree for gold projects.

Three: In June 2013, 106.4 tonnes of gold was imported by China through Hong Kong. So, in month, China imported more gold than Canadian mines produced in a year. In the first six months of that year, Chinese imports totalled 706 tonnes: that was the annual combined production from the No. 2 through No. 4 gold producing countries in the world — that’s equivalent to a whole year’s mining in Australia, the U.S. and Russia. And on top of China’s own production, the largest in the world.

Four: The Bangkok daily The Nation concluded: “China is apparently preparing to adopt a pending gold standard”. It also reported that “speculation is widespread that it could be holding between 7,000 and 10,000 tonnes, surpassing the U.S. (official reserves of) 8,113 tonnes.

All you had to do was join the dots.

- See more at: http://investorintel.com/technology-metals-intel/china-moves-to-stage-2-of-its-great-gold-grab/#sthash.7oIPDrFN.dpuf

JBmurc

26-06-2015, 06:42 PM

Phoenix Gold, which has rebuffed Zijin’s bid, says it favours Evolution Source: News Corp Australia
Takeover target Phoenix Gold has talked up its relationship with potential suitor Evolution Mining, noting that Evolution represents a better fit for Phoenix’s assets than rival bidder Zijin Mining.
Phoenix yesterday decided to cancel a proposed share placement to Evolution hours before its shareholders were due to vote on the alliance and share issue, clearing the way for an effective auction of the gold explorer.
China’s Zijin on Monday formally lodged an unsolicited 10c per share offer for Phoenix, valuing the target at $47 million. The offer was conditional on the Evolution placement not being approved at yesterday’s meeting.
Phoenix executive chairman Dale Rogers told The Australian the company had decided to cancel the proposed Evolution placement rather than defer the vote after discussing the options with Evolution.
“Realistically, simply deferring it would have introduced a level of doubt and perhaps uncertainty that we didn’t see any point of having,” Mr Rogers said.
“We would rather it be simple and clean so people know what’s going on.”
Proxy votes released after the meeting showed that the Evolution placement would have been narrowly approved, although the numbers did not include a substantial package of shares that Zijin could have potentially voted against the deal.
The move to scrap the placement clears the way for a potential auction of the company, with Phoenix having already dismissed Zijin’s offer as too low.
Zijin is aiming to process gold from Phoenix’s ground through its nearby Paddington mill.
Evolution is the obvious counterbidder, given it already holds just over 9 per cent of Phoenix and recently bought the Frog’s Leg goldmine and processing plant next to Phoenix’s ground.
Speaking at yesterday’s shareholders’ meeting, which saw advisers to Zijin and Evolution outnumber actual Phoenix investors, Mr Rogers said the Phoenix board had viewed Evolution’ alliance proposal “very favourably” and had “a great deal of respect” for Evolution and its board.
Mr Rogers said Phoenix’s relationship with Evolution remained “very strong” and Frog’s Leg represented the natural destination for ore from Phoenix’s deposits.
“The tenements fit together hand in glove, they literally wrap around each other, they are the closest milling solution to our reserves and resources, they’re half the distance that the Paddington mill is, and (Frog’s Leg) is also the newest mill in the region,” Mr Rogers said.
He said Phoenix had already had other parties approach it in the wake of Zijin’s 10c bid on Monday. “It is evident the bid was on the low side and people have taken that view,” he said. “We haven’t had to work the phones, they’ve been calling us.”
Shares in Phoenix fell 0.8c to 10.2c yesterday.