Perhaps rather against the agenda and wishes of those who do not want private investors to make money – indeed, those who want to make money out of their misfortune, shares of Eurasia Mining (EUA) bounced back 47%. This came in the wake of news that Veles International had bought 27.4m shares off Alexi Churakov – a sale that was reported by Mr Churakov in accordance with Takeover Panel rules. The key message here was and is “in accordance with Takeover Panel rules,” especially the word “takeover.” The other point to note was that those with a strong enough constitution, did have the opportunity to buy the shares at half price in the January sales.
Sticking with the mining sector, and there was also a revival for recently invigorated Wishbone Gold (WSBN) given the new focus for the company is now on its Australian assets. In particular, on January 13 the company said that a high resolution aerial magnetic and radiometric survey had been completed on its Red Setter Project. At the time the company said that analysis of the data would take 2-3 weeks, and two weeks on we saw shares of Wishbone rise 14%.
Also going against the recent gloom in the junior mining space was metals processing group Jubilee Metals (JLP). It said that it had registered new institutional investors onto its share register, including Jupiter Asset Management Limited which now holds 3.65%. Indeed, institutional investors in Jubilee have now reached 45% of the total issued capital. Shares of Jubilee rose 5%.
It has been the case that copper-gold group Xtract Resources (XTR) activities regarding its Bushranger project drilling programme. The latest is that the rig was moved from the first down-plunge hole and the new hole was sited offset from strike to intersect the deposit at a target depth of about 450-500m. The company said it was currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone, and will continue to report results as the hole advances over coming days.
Given the way that shares of Ridgecrest (RDGC) became somewhat indisposed (no doubt due to someone sneaking to the (regulatory) teacher regarding traders making money – again), it was left to Conduity Capital (CCAP) to be Shell of the Day. Fans of the stock described it as being the “cleanest” shell around, with its low market cap, and decent investors getting on board, including Nicholas “Pires” Lee. Stephen Jones has TR1’ed his way up to 5% in recent days.
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