Red Leopard Holdings (RLH) Rumoured imminent approval from US Bureau of Land Management to reopen the Idora Tunnel.
Hecla is not only the largest and one of the lowest-cost U.S. silver producers, but also a growing low-cost gold producer. It is the oldest precious metals mining company in North America.
hecla-mining.com
MINING: RED LEOPARD HOLDINGS (LON:RLH): TUNNEL APPROVAL IMMINENT
Rumoured imminent approval from US Bureau of Land Management to reopen the Idora Tunnel.
Red Leopard has obtained a substantial amount of historic data from around the Idora Mine claims.
Red Leopard also looking at projects in Chile and facilitated the sale of two properties for which it received $25,000 in cash and 300,000 shares in Cougar Minerals Corp (TSX-V)
Simon Michaels steps down as a non-executive director.
7,291,666 shares have been issued in lieu of directors fees (£43,750).
7,575,000 shares issued in a private placement to raise $75,000.
NORTHLAND UK VIEW: Red Leopard is continuing to work with the US Bureau of Land Management in regard to its plans to reopen the Idora Tunnel for exploration purposes at its projects in the vicinity of Shoshone County, Idaho. Once these plans have been approved, the Company will look to commence exploration immediately. The Company has also been examining projects in Chile and generated some cash by the facilitating the sale of two projects.We expect a rerating on confirmation.
The objective of the round-up is to highlight a
number of stocks we have seen and to be open about
our thoughts and views. In addition we will highlight
a few companies we are particularly keen on and
explain why, but provide details only of the previous
month’s news. Further information is available from
your Beaufort Securities broker upon request.
September News
Red Leopard Holdings announced interim results for
the six months ended 30th June 2013. Operating loss
stood at £80,977 versus a loss of £92,096 during the
same period last year. The company acquired the
entire issued share capital of Red Leopard Mining Inc.
for £600,000 by the issue of 33.3 million new
ordinary shares at a price of 1.8p per share. RLM is a
special purpose vehicle holding 205 unencumbered
claims (covering a total land area of 3,546 acres) in
the vicinity of Shoshone County, Idaho, US. This area
is well known as the premier silver district in North
America, with total production to date of around 1.2
billion ounces of silver and substantial lead, zinc,
copper and gold. The claims are situated adjacent to
two former major producing mines, the Hercules and
the Interstate Mines, each now owned by Hecla
Mining Company Inc., one of the largest silver
producers in the US. Red Leopard Holdings also
placed 70 million new ordinary shares at 0.5p per
share to raise £350,000 to fund the first stages of the
work programme including a review of existing
historic data and available data of nearby mines and
prospects, and other sampling studies. The company
also confirmed the appointment of Mr. Stuart James
Adam and Mr. Howard Mattes Crosby as finance
director and non-executive director, respectively on
the Board.
Our view: The Board approval for the RLM
acquisition, hosting a number of claims located in
highly productive Shoshone County, is likely to be
beneficial for Red Leopard. The strong productivity for
metals like silver, lead, zinc, copper and gold as
displayed by the neighbouring Coeur d’Alene mining
district, owning the Interstate Mines, increases the
probability of similar success being replicated at the
current site. The recent issue of shares worth about
£350,000 would provide a major financial backbone
for the exploration work to be carried out at the well.
In view of the huge upside potential from RLM
acquisition, strengthened cash flows from the equity
issue, along with the addition of highly
knowledgeable and experienced professionals into
the team, we are optimistic that the company could
generate material gain for its shareholders, going
forward. We, therefore, retain a Speculative Buy
rating for this stock. |
