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It Should Be Gold Fund - January 2012
Posted by ShareCrazy on Jan 20, 11:08 AM in It Should Be Gold Fund
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Would have liked to heard a lot, loy more about Ascot, given the % in the Fund it represents.
— steve Jones · Jan 22, 11:36 AM · #
Hi
See comment on sharecrazy blog up today (sunday)
t
— tom · Jan 22, 04:41 PM · #
Dear Tom,
As an investor in the Gold Fund, I was pleased to listen to your views in the January “It should be Gold Fund,” on some of the companies within the fund and the outlook for optimism for 2012 and beyond. As you say, we have taken a few hits, but I have always believed in the skill of the managers, namely yourself and the team, and now is not the time to give in to the doubters and follow the herd out of small gold companies .
However, I would be interested to hear your views on today’s announcement, which I have extracted from the Interactive Investor (3iii) site:-
Norseman Gold
Shares in Norseman Gold plummeted more than 20% as it confirmed that Tulla Resources Group would assume management and operational control of the Norseman Gold Project’s entire site with immediate effect.
The decision arose after Tulla entered into an agreement to subscribe for AU$10 million (£6.8 million) of convertible loan notes in Norseman Gold. However, Norseman Gold will retain ownership of the mine and equipment and oversee manager performance.
The Norseman Gold Project has a current resource inventory of 3.4 million ounces of gold at an average grade of 4.7 grams per tonne (g/t). About 80,000 ounces of gold were produced from just two mines in 2009.
“I believe that with Tulla’s assistance we can stabilise the operation and then start to build production, profitability and in turn shareholder value,” stated chairman David Steinepreis, stressing that the mine had “significant potential”.
Additionally, the company announced a further AU$3 million equity placement to “further strengthen the balance sheet to implement new strategy”.
Norseman also updated investors on its production for the quarter ended 31 December. Gold production for the quarter was 10,658 ounces at a net direct cash operating cost of AU$1,673 per ounce gold. Cash balances stood at AU$16.6 million.
Shares in the company have lost almost 90% of their value over the past year.
End of extract.
Keep the faith!
Yours sincerely
Roger Parr
— Roger Parr · Feb 16, 05:10 PM · #