Traded suf a lot but not always well ... tended to be better at catching the bottoms than at recognising the tops ... mostly i 'sold some too early and some too late', as der Kaiser would say ... but if you get one side right you've got it half-way beat, and thanks to teevee's influence i caught lots within inches of the '00 bottom on the changes of management et al, really loaded the truck, this thing made that year for me, with help from little else
Today it's playing with its 50-day as resistance, might top out there for the moment, hard to say ... lots of cash flow coming with this outfit though, proven competence at exploration, millions of ounces of platinum in reserve ... big negative is political risk, which is truly scarey but has been somewhat overly discounted imho
yqr.v - news out yesterday on russ's Conquest, Jerooy delayed [and appearing threatened as well?] ... the kyrgyzstani deal is kind of pie in the sky imho, nice if they get it, a big yawn if they don't, as long as they don't spend much money before losing it ... i like yqr for canadian properties, like the one right beside Goldcorp's East Zone ..... here's the release -
' Conquest of Jerooy looking less likely as study
delayed
Conquest Resources Ltd
YQR
Shares issued 30,771,139
Aug 16 2002 close $ 0.20
Wednesday August 21 2002
News Release
Mr. Terence McKillen reports
CONQUEST RESOURCES LTD: JEROOY MINING LICENCE STATUS,
FEASIBI ...
Completion of the bankable feasibility study on Conquest Resources'
two-million-ounce Jerooy gold project in the Kyrgyzstan originally scheduled for
September, 2002, will be delayed.
Conquest has the option, dependent on the results of the feasibility study and
exercisable by March 31, 2003, subject to regulatory approval, to acquire a
67-per-cent interest in the Jerooy project through the purchase from Oxus Mining
PLC of a 100-per-cent interest in the project holding company Norox Mining Co.
Ltd. for $7-million, payable $3.5-million in Conquest shares and $3.5-million in
cash. The Kyrgyz State Mining Co. JSC Kyrgyzaltyn holds the remaining
33-per-cent interest in the project.
Under the terms of the share sale, option and joint venture agreement with Oxus
previously reported in Stockwatch on May 2, 2002, Conquest has agreed,
subject to certain conditions, to finance in stages up to $1-million to complete,
amongst other things, a bankable feasibility study and thereby acquire up to a
15-per-cent interest in Norox. To date, Conquest has earned a 7-per-cent
interest in Norox.
Wardell Armstrong & Associates PLC of the United Kingdom was appointed to
undertake the feasibility study and substantial progress has been made toward
completion of the technical parts of the study. An audit of the reserves completed
by Wardell Armstrong confirmed a minable reserve for the open pit of 1.3 million
ounces and an underground resource of 680,000 ounces of gold (as previously
reported in Stockwatch on July 8, 2002). The report proposed an open pit
followed by an underground mine. Wardell Armstrong has also finalized the open
pit and underground mine design, optimized the production rate and mine
production schedules, finalized the process and plant design, completed paste test
work and design, and evaluated various tailings disposal options. The financial
aspects of the study, including the capital and operating costs, remain to be
completed.
However, as previously announced, in June, 2002, the government of the
Kyrgyzstan published an annulment of the mining licence for the Jerooy project
issued to Talas Gold in March, 2000, apparently because of delays in the
completion of the feasibility study and because development of the project had not
commenced. Talas Gold, which is 67 per cent owned by Norox and 33 per cent
by Kyrgyzaltyn, was granted the exclusive right to develop the Jerooy gold
deposit pursuant to a joint venture agreement dated Sept. 9, 1998. Conquest has
been advised that Norox considers the purported annulment of the licence invalid
since the completion of the feasibility study was dependent upon the introduction
of various tax arrangements, which have not yet been forthcoming.
Conquest has now been advised by Oxus that on Aug. 5, 2002, the Kyrgyz
government adopted a resolution on measures for the acceleration of the
development of the Jerooy gold deposit and ordered the state agency on state
property and direct investment to search for an investor capable of quick
development of the Jerooy deposit and to make proposals for the development of
the Jerooy deposit for consideration by the government.
At the same time, the joint venture agreement with Kyrgyzaltyn continues in full
force and effect and is unaffected by the annulment of the mining licence.
Conquest has been advised that Norox continues to seek an amicable resolution
to this matter by way of good faith negotiations in accordance with the terms of
the joint venture agreement. Kyrgyzaltyn has confirmed in writing to Oxus and
Norox its willingness to "carry on negotiation in the spirit of good will" and is ready
to consider "all suggestions in an attempt to find a solution for settlement of the
existing situation." Kyrgyzaltyn has appointed delegates for such negotiation and
the parties have agreed to a deadline of Oct. 19, 2002, to conclude such
negotiation. Conquest understands that if a mutually acceptable agreement is not
reached by Oct. 19 then Norox will seek a resolution under international
arbitration as provided in the joint venture agreement.
Under the circumstances, Norox has ceased further work on the Jerooy project
until these issues are resolved and has informed the Kyrgyz authorities that the
feasibility study due for completion in September will not be delivered.
Terence McKillen, president of Conquest, said today: "Conquest holds an option
to evaluate the Jerooy project and purchase a 67-per-cent interest via the
acquisition of Norox. Completion of the feasibility study is an important part of this
evaluation. Until the issues surrounding the mining licence at Jerooy have been
resolved, Conquest will not undertake any further work on the feasibility study.
"The exercise by Conquest of its option to acquire Norox will be dependent on,
amongst other things: the outcome of the negotiations between Norox and
Kyrgyzaltyn; the negotiation of a satisfactory foreign investment agreement,
including terms of a new licence agreement, with the Kyrgyz authorities; and
regulatory approval."
Conquest is also carrying out exploration in Ontario on its Red Lake gold
property, strategically located in the heart of the Red Lake gold camp,
immediately adjacent to Goldcorp's high-grade Red Lake mine, and on its Aurora
gold property, located in the Detour gold camp, on which earlier high-grade gold
intercepts will be followed up by drilling later this year.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com ' |
