John and All, More news yesterday.
Looks like they are trying to deflect the down trend with news. I read this quickly (and perhaps because I haven't had my coffee yet) but I spotted a reference to "Voisey Bay type of deposit". Sounds like a buzz word to me.
Regarding, the past messages refering to problems in Panama. It's not new, and I believe that Tiomin has released news describing the problems and what they are doing about it. In the following release the bottom describes their cash position. I may be wrong but its descreasing pretty quick and I thought that they needed the cash to progress with payments on the Panama Project.
I think that the price drop may have to with the long term belief that copper will go down in price as new smelters and expansions come on line. Even with the low cost production TIO plans on, it must degrade the profit potential. On the other hand it could be the players riding this stock for 30% gains ($2.50 to 3.50) every couple of months.
Just my opinion
Long on TIO
Mark D
Here is the release
NICKEL COPPER VALUES IDENTIFIED, EXPLORATION PROGRAM TO CONTINUE ON THE ANNIC PROJECT
TSE, ME Symbol: TIO
TORONTO, June 17 /CNW/ - Tiomin Resources Inc. is pleased to announce
that exploration work completed so far by SOQUEM on the Annic and the
Annic-Fortin projects confirmed their potential for nickel, copper and cobalt
mineralization within or in close spatial association to anorthositic
complexes and related lithologies. The 13-hole drilling program, totalling
1,800 meters, showed that all the EM conductors tested are associated with
sulfides although no major sulfides were outlined to date.
Two specific sectors have been targeted for a follow-up exploration
program this year. The first sector is a 25-km-long conductor axis on the
northern rim of the Bert‚ anorthosite (22K/16 area). Surface showings and
drilling indicate the presence of nickel mineralization (1.30% nickel over 2.1
meters). Only a short section of the prospective horizon has been explored
during the first phase. The other sector is within the 22 N/08 and 22 N/09
areas on the eastern shore of the Manicouagan reservoir. An area of coincident
favorable gabbronorites, numerous EM anomalies related to sulfide and lake
sediment anomalies need to be prospected and drilled. Drilling in March of
1997 confirmed the presence of sulfides anomalous in nickel and copper in
these two sectors.
Tiomin and SOQUEM comprise the first exploration team to conduct
extensive exploration for nickel/copper/cobalt mineralization of the Voisey's
Bay type on the Quebec North Shore. SOQUEM is managing the exploration phase
of this project.
The proposed program for the remainder of 1997 includes an evaluation of
the potential of the two priority areas, especially over 236 new claims staked
in early 1997 following additional helicopter EM/Mag surveys. The objectives
for the summer program are to verify by geological and geophysical means the
most promising areas, and to define and drill targets.
Tiomin has no long term debt and approximately $13.5 million in cash
(fully diluted $46.5 million). Tiomin has approximately 35.5 million shares
outstanding (fully diluted 49.2 million shares). Tiomin is currently
completing a feasibility study on the Cerro Colorado copper project in Panama,
in-fill drilling and detailed metallurgical works as part of the
prefeasibility study on titanium-bearing mineral sands deposits in Kenya and
Quebec, as well as exploring for nickel in a joint venture with SOQUEM in
Quebec.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
%SEDAR: 00002437E
-30-
For further information: please contact Tiomin at (416) 350-3776: Marie-Claude Malo, Investor Relations, ext. 233 or J.C. Potvin, President, ext.
227. Tiomin's Fax number is (416) 350-3570 |
