http://www.galahadgold.com/
http://www.northerndynastyminerals.com/ndm/Home.asp

Extracts From Chairmans statement in last finals of 10th FEB 04
---------------------------------------------------------------
The Group was formed on completion of a transaction in which the assets of
Shambhala Gold Limited and shares in Skaergaard Minerals Corporation were
acquired by Galahad Capital plc, a company quoted on the AIM market of the
London Stock Exchange. This transaction was announced on 29 October 2003 and
completed on 23 December 2003. The name was changed to Galahad Gold plc on
completion.

Galahad is now a sizeable mining and development company which has the potential
to benefit from opportunities in the precious metals resource sector. It remains
Galahad's aim to own properties with resources containing a total of at least
50m ounces of precious metals gold equivalent. To date Galahad has acquired two
mining projects:

•A 21.9% shareholding (33.25% on a fully diluted basis) in Northern
Dynasty Minerals Limited which has the right to acquire 100% of the Pebble
project in Alaska USA; and

•A 100% shareholding in Skaergaard Minerals Corporation, which owns the
Skaergaard project in Greenland.

Your board believes that the Skaergaard project provides a highly-leveraged
exposure to any increase in the price of gold, platinum and palladium and the
Pebble project provides similar exposure to any increase in the price of gold
and copper.

FINANCIAL YEAR HIGHLIGHTS

•The acquisition of Shambhala Gold Limited and shares in Skaergaard
Minerals Corporation was successfully completed.

•As part of this acquisition, Galahad Gold plc acquired a 21.9%
shareholding (33.25% fully diluted) in Northern Dynasty Minerals Limited, a
Canadian quoted company with an option over 100% of the Pebble project in
Alaska.

•Northern Dynasty Minerals Limited recently announced that the Pebble
project contained 26.5m ounces of gold and 16.5 billion pounds of copper,
making it the largest gold deposit in North America in terms of contained
gold and the second largest copper deposit in North America in terms of
contained copper.

•The successful 2003 development programme at the 100%-owned Skaergaard
deposit in Greenland.

http://www.galahadgold.com/ggp/projects/srk/SRKConsultingReport.pdf

Further highlights since 31 DEC 03 year end.

22 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-01-22/

29 Jan 04 GALAHAD GOLD PLC Skaergaard - results of 2003 drilling and plans for 2004

30 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-30-01/

09 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-18/

10 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-23/

11 Feb 04 GALAHAD GOLD PLC Placing by Northern Dynasty Minerals Limited

07 Apr 04 DYOR TODAY DIRECTORS BUY IN!!

Galahad Gold Plc
07 April 2004


Galahad Gold plc
('Galahad Gold' or the 'Company')

Director Shareholdings

The Company has been informed that certain Directors have acquired new ordinary
shares in the Company as part of the recent placing of new ordinary shares at
12p per share. Details of their placing participations and new shareholdings in
Galahad Gold are set out below:

Director No. of shares acquired in New Percentage of issued
the Placing shareholding share capital

Ian Watson 794,633 220,877,573 39.28%

Jim Slater 468,383 63,507,133 11.29%

Mark Slater 345,491 38,611,491 6.87%

Lord Wolfson
of Sunningdale 345,491 3,661,991 0.65%

http://www.axisto.com/bbcnbc/index.aspx?config=data/galahadgold/260204/config.xml

I do not believe a word these people say - there is no way that the Pebble project is the largest gold deposit in North America.

Willo2, can you back up your comment, if so, it will be helpful to expand your view and post your -Ve or +Ve research results for all interested investors.

This company looks very much as if its SP is worth the interest of instutional investors as GLA's prospects for its Pebble Project become more certain of a growth investment. Check out the following :-

GALAHAD'S SKAERGAARD DEPOSIT IN GREENLAND RAISED TO INFERRED MINERAL RESOURCES
STATUS


GALAHAD GOLD PLC ("Galahad")Preliminary Assessment of the Pebble project, Alaska, USA

GALAHAD GOLD PLC ("Galahad")Northern Dynasty Minerals Limited listing on American Stock Exchange with symbol "NAK"

Check out this website Northern Dynasty Minerals in which Galahad holds a 35.81% interest and the following RNS released to see why this company's SP is going places! On the release of this news the SP surged 11.54% today! Lots more growth to come IMO.

Galahad Gold Plc
17 November 2004


GALAHAD GOLD PLC ('Galahad')
Northern Dynasty Minerals Limited - Drilling Report

Galahad Gold PLC (AIM:GLA) announces that Northern Dynasty Minerals Limited
(TSX Venture: NDM; AMEX: NAK), in which Galahad holds a 35.81% interest, has
released a drilling report for the Pebble project in Alaska, USA, the full text
of which appears below.

Commenting on the report, Ian Watson, Galahad's Chairman, said:

'These positive results indicate the continuity and extent of the deposit and
its higher-grade areas. Deposit mineralization is persistent over a broad area
with little internal waste. These factors and the deposit's near surface
geometry provide an ideal configuration for low cost, open pit mining.'

Enquiries to:
GALAHAD GOLD PLC
Ian Watson/Alastair King Tel: 020 7408 2002
PARKGREEN COMMUNICATIONS
Simon Robinson/Justine Howarth Tel: 020 7493 3713
SEYMOUR PIERCE
Mark Percy/Jeremy Porter Tel: 020 7107 8000

Notes to Editors:

Galahad Gold plc is an international mining development company quoted on the
AIM Market of the London Stock Exchange under the symbol GLA. It has three
current projects, all in politically safe locations:

+ 35.81% of Northern Dynasty Minerals Limited the owner of the Pebble
project in Alaska which contains the largest gold deposit in North
America and the second largest copper deposit;
+ 100% of Skaergaard in Greenland, one of the largest palladium
deposits outside South Africa and Russia; and
+ 100% of Malmbjerg in Greenland, one of the largest primary molybdenum
deposits in the world.

Galahad's attributable Inferred Mineral Resources:-

+ 20.12m ounces of gold;
+ 3m ounces of platinum;
+ 35.1m ounces of palladium;
+ 8.74bn lbs of copper; and
+ 313.2m lbs of molybdenum

These figures exclude Malmbjerg's molybdenum and the extensive vanadium and
titanium deposits in Skaergaard.

Further information on Galahad may be found at
www.galahadgold.com


The announcement below was released by Northern Dynasty Minerals Limited ('NDM')
yesterday. Galahad Gold PLC has not sought to verify any of the contents of the
press release below.

Northern Dynasty Minerals Ltd.
1020 - 800 West Pender Street
Vancouver, BC
Canada V6C 2V6
Tel 604 6846365
Fax 604 6848092
Toll Free 1 800 6672114

http://www.northerndynasty.com


DETAILED DRILLING IS CONFIRMING CONTINUITY AND EXTENT
OF GIANT PEBBLE GOLD-COPPER-MOLYBDENUM DEPOSIT

November 16, 2004, Vancouver, BC - Ronald W. Thiessen, President and CEO of
Northern Dynasty Minerals Ltd. (TSX Venture-NDM: AMEX-NAK) is pleased to
announce initial assay results from Northern Dynasty's 2004 drilling program
which has now been completed at the Pebble gold-copper-molybdenum deposit in
southwest Alaska. This core drilling program was designed in collaboration with
Roscoe Postle Associates Inc. to systematically upgrade a significant portion of
the Pebble deposit's current inferred mineral resource to measured and indicated
categories and to determine the deposit's full lateral and depth extent.

A tabulation of assay results received and compiled to date from drilling of the
Pebble deposit along with a location map are attached to this news release and
posted at
www.northerndynasty.com
. These positive results are confirming the
continuity and extent of the deposit and its higher-grade areas. Numerous broad
assay intervals compare favourably with the average grade of the resource
estimated by Norwest Corporation in February, 2004. Deposit mineralization is
persistent over a broad area measuring at least 3 kilometres east-west by 2
kilometres north-south with little internal waste. These factors and the
deposit's near surface geometry provide an ideal configuration for low cost,
open pit mining. An additional 102 drill holes within and adjacent to the
deposit are now being processed through the data logging, assaying, and quality
control/quality assurance procedure and will be reported when they are compiled
and approved. It is expected that all holes drilled in 2004 will be reported
before year end. Upon receipt of all final assays, a new resource estimate by an
independent engineering company will be commissioned, with results expected to
be reported in the first quarter of 2005. Detailed pit design work and
feasibility level mine planning will then commence.

In 2004, the Pebble project made the important transition from exploration to
detailed work to support mine development and permitting. A US$25 million
comprehensive 2004 work program has progressed according to schedule and is
nearing completion. This program is designed to collect the engineering,
environmental and socioeconomic data for the 2005 completion of a Feasibility
Study and Permit Applications for the construction and operation of a long life,
large-scale, open pit, gold-copper-molybdenum mine. Program components include
systematic diamond drilling to convert inferred mineral resources to measured
and indicated categories, comprehensive project engineering and site testing, as
well as thorough environmental and socio-economic planning, data collecting and
studies.

In addition to the 122 holes of in-fill core drilling, Northern Dynasty's 2004
drilling program also included extensive coring for geotechnical, metallurgical,
process design and exploration purposes. This drilling was directed by
specialist consultants, Knight Piesold Consulting and SRK Consulting (Canada)
Inc., Dr. Morris Beattie, P.Eng., Derek Barratt, P.Eng., and Mark Rebagliati,
P.Eng., respectively.

2004 DRILLING PROGRAM SUMMARY

Drill Hole Purpose Total Footage Number of Holes
Deposit In-fill (Core) 101,539 122
Metallurgical and Process Design (Core) 21,335 26
Geotechnical (Core) 32,502 70
Exploration (Core) 13,815 9
Total 157,614 227

Exploration holes were drilled to further delineate extensions to the Pebble
deposit mineralizing system from the Resource Lands onto the surrounding
Exploration Lands to the west, south and east. Further mineralization is
expected to be added by this exploration drilling. Mineralization is expected to
be particularly encouraging to the east of the Resource Lands, based on
preliminary assay results recently received for 3 exploration holes which have
not yet been processed through the quality assurance procedures.

An independent resource estimate in February 2004 by Norwest Corporation
established Pebble as the largest deposit of contained gold and the second
largest deposit of contained copper resources in North America, containing 26.5
million ounces of gold and 16.5 billion pounds of copper within an Inferred
Mineral Resource of 2.74 billion tonnes grading 0.55% copper-equivalent (0.30
grams gold per tonne, 0.27% copper and 0.015% molybdenum above a cut-off grade
of 0.30% copper-equivalent). The estimate also significantly expanded the higher
grade resources to 435 million tonnes of 0.49 grams gold per tonne, 0.42% copper
and 0.021% molybdenum, or 0.84% copper-equivalent above a cut-off grade of 0.70%
copper-equivalent. These higher-grade resources will facilitate rapid recovery
of capital costs during the early years of a large scale mining operation.

The Pebble deposit is located in an area of gentle terrain and moderate climate,
86 miles from ice-free tidewater in Cook Inlet. The State of Alaska's
Southwestern Transportation Plan includes a port and a road from Cook Inlet to
the town of Iliamna, located some 17 miles to the southeast of the Pebble
deposit. The Alaskan Department of Transportation and Public Facilities has
commissioned pre-feasibility level engineering studies for the port and
transportation corridor, with results expected in early 2005. Power requirements
are likely to be met via a connection to the Alaska transmission grid or an
Independent Power Producer's generator located near to the project area.
Northern Dynasty is expecting to receive responses to a Request for Proposal for
the provision of power this year.

Mark Rebagliati, P.Eng, is the Qualified Person for the Pebble Project and is
supervising the quality control and quality assurance program. Logging and
sampling is completed in Northern Dynasty's secure facility at Iliamna, Alaska.
The NQ-size core is mechanically split and samples are transported to the ALS
Chemex laboratory in Fairbanks for drying, weighing and crushing. Samples are
shipped by airfreight to the main ALS Chemex laboratory, North Vancouver, Canada
(an ISO 9002 certified laboratory) for final preparation and analysis. Gold is
determined by 30 g Fire Assay (FA) fusion with an Atomic Absorption Spectroscopy
(AAS) finish. Copper and molybdenum assays are by four acid digestion with an
Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. All samples
are also analyzed for 23 additional elements by four acid digestion ICP-ES.
Northern Dynasty includes standards, duplicates and blanks in addition to the
laboratory's internal quality control work. Duplicate samples are analyzed by
Acme Analytical Laboratories of Vancouver, Canada.

Northern Dynasty hold options to acquire from Teck Cominco American Incorporated
and Hunter Dickinson Group Inc. a 100% interest (subject to no underlying
royalty or back-in rights) in the 'Resource Lands' which host the Pebble
gold-copper-molybdenum deposit and up to a 50% interest in the extensive
surrounding 'Exploration Lands'. Together these mineral lands capture an entire
world-class mineral district hosting multiple porphyry gold-copper-molybdenum
deposits and gold occurrences. Porphyry deposits are known for their large size
and suitability to bulk mining methods. They are the world's most important
source of copper and molybdenum and also rank among the largest gold producers.

For further details on Northern Dynasty Minerals Ltd. and its Pebble Project
please visit Northern Dynasty's website at
www.northerndynasty.com
or contact
Investor Services at 604-684-6365 or within North America at 1-800-667-2114.

ON BEHALF OF THE BOARD OF DIRECTORS

Ronald W. Thiessen
President and CEO

No regulatory authority has approved or disapproved the information contained in
this news release.

The TSX Venture Exchange and the American Stock Exchange have neither approved
nor disapproved of the contents of this press release.

Cautionary Note to U.S. Investors concerning Estimates of Inferred Resources

This news release uses the term 'inferred resources'. The Company advises U.S.
investors that while this term is recognized and required by Canadian
regulations (under National Instrument 43-101 Standards of Disclosure for
Mineral Projects), the U.S. Securities and Exchange Commission does not
recognize it. There is a great amount of uncertainty about the existence, and
economic and legal feasibility of 'inferred resources'. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, except in rare
cases. U.S. investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally mineable.

This release includes certain statements that may be deemed 'forward-looking
statements'. All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, Investors
should review the Company's annual Form 20-F filing with the United States
Securities Commission and its home jurisdiction filings that are available at

www.sedar.com
.

NORTHERN DYNASTY MINERALS LTD.
PEBBLE PROJECT
TABLE OF ASSAY RESULTS

Drill From To Intercept Intercept Au Cu Mo CuEQ1
Hole
Number (metres) (metres) (metres) (feet) g/t % % %

4136 149.4 313.9 164.6 540 0.40 0.42 0.020 0.79
4136 Incl. 234.7 301.8 67.1 220 0.59 0.48 0.020 0.97
4137 32.0 381.6 349.6 1147 0.39 0.36 0.022 0.73
4137 Incl. 166.7 310.0 143.3 470 0.54 0.52 0.028 1.02
4138 39.6 303.9 264.3 867 0.42 0.31 0.023 0.71
4138 Incl. 114.0 194.8 80.8 265 0.68 0.42 0.029 1.01
4139 25.6 154.8 129.2 424 0.51 0.42 0.014 0.83
4140 6.1 200.3 194.2 637 0.37 0.30 0.014 0.62
4140 Incl. 87.5 162.8 75.3 247 0.52 0.36 0.014 0.77
4141 28.0 44.8 16.8 55 1.96 0.03 0.001 1.28
4141 142.3 163.7 21.3 70 1.28 0.10 0.002 0.93
4141 266.1 325.8 59.7 196 0.43 0.37 0.015 0.73
4142 24.4 283.2 258.8 849 0.68 0.44 0.019 0.98
4142 Incl. 24.4 45.4 21.0 69 0.50 0.61 0.044 1.18
4142 Incl. 130.8 234.4 103.6 340 1.11 0.52 0.018 1.33
4143 24.1 54.6 30.5 100 0.32 0.31 0.015 0.60
4143 134.1 197.8 63.7 209 0.40 0.36 0.018 0.71
4143 231.7 258.8 27.1 89 0.33 0.35 0.034 0.75
4144 157.0 292.3 135.3 444 0.37 0.34 0.019 0.68
4144 Incl. 222.2 292.3 70.1 230 0.50 0.42 0.025 0.88
4145 21.0 280.1 259.1 850 0.68 0.55 0.037 1.20
4145 Incl. 85.0 249.6 164.6 540 0.88 0.69 0.050 1.54
4145 Incl. 106.4 249.6 143.3 470 0.93 0.74 0.053 1.63
4146 29.3 142.7 113.4 372 0.45 0.34 0.018 0.72
4146 Incl. 69.5 142.7 73.2 240 0.46 0.38 0.022 0.80
4147 24.1 185.6 161.5 530 0.80 0.40 0.010 0.96
4147 Incl. 60.7 161.2 100.6 330 0.99 0.42 0.011 1.11
4148 18.3 78.9 60.7 199 0.46 0.38 0.019 0.78
4148 Incl. 18.3 51.5 33.2 109 0.50 0.43 0.025 0.88
4148 179.5 213.1 33.5 110 0.36 0.38 0.010 0.66
4149 171.6 473.4 301.8 990 0.49 0.46 0.026 0.92
4149 Incl. 171.6 407.8 236.2 775 0.54 0.51 0.027 1.01
4150 39.3 60.7 21.3 70 0.54 0.32 0.008 0.71
4150 88.1 241.1 153.0 502 0.42 0.32 0.014 0.67
4151 48.5 78.9 30.5 100 0.27 0.25 0.013 0.50
4152 48.5 78.9 30.5 100 0.30 0.19 0.010 0.44
4153 72.5 261.5 189.0 620 0.30 0.27 0.013 0.54
4153 Incl. 72.5 93.9 21.3 70 0.56 0.36 0.010 0.78
4154 24.1 66.8 42.7 140 0.60 0.21 0.001 0.60
4154 208.3 289.3 80.9 266 0.33 0.39 0.015 0.68
4155 185.6 310.6 125.0 410 0.42 0.46 0.018 0.83
4157 Anomalous results, 0.22% CuEQ, abandoned due to poor drilling conditions
4158 127.7 155.1 27.4 90 0.58 0.24 0.008 0.65
4158 225.6 310.6 85.0 279 0.63 0.42 0.009 0.88
4159 Anomalous results, 0.27% CuEQ, oriented geotechnical hole, abandoned due to
poor drilling conditions
4160 75.3 105.2 29.9 98 0.47 0.29 0.005 0.62
4161 48.5 85.8 37.3 123 0.52 0.33 0.010 0.72
4161 167.3 205.1 37.8 124 0.51 0.35 0.009 0.72
4162 39.3 143.0 103.6 340 0.56 0.29 0.018 0.75
4162 152.1 216.1 64.0 210 0.32 0.28 0.019 0.60
4163 22.6 212.8 190.2 624 0.42 0.30 0.011 0.63
4164 39.6 185.4 145.8 478 0.38 0.29 0.018 0.63
4164 229.3 271.0 41.7 137 0.27 0.33 0.011 0.57
4165 25.5 330.7 305.3 1002 0.48 0.32 0.015 0.71
4165 Incl. 25.5 57.9 32.5 107 0.43 0.45 0.011 0.78
4165 Incl. 266.7 330.7 64.0 210 0.75 0.30 0.014 0.85
4166 15.2 118.6 103.3 339 0.63 0.37 0.007 0.81
4167 Anomalous results, 0.28% CuEQ
4168 36.3 197.8 161.5 530 0.46 0.29 0.006 0.62
4169 27.7 228.3 200.6 658 0.48 0.32 0.014 0.70
4169 Incl. 143.0 213.1 70.1 230 0.58 0.36 0.018 0.83
4170 21.0 161.2 140.2 460 0.41 0.31 0.006 0.61
4170 Incl. 127.3 161.2 34.0 112 0.46 0.39 0.010 0.73
4171 136.9 286.2 149.4 490 0.25 0.28 0.009 0.50
4172 63.1 289.9 226.8 744 0.67 0.34 0.010 0.83
4172 Incl. 63.1 207.0 143.9 472 0.85 0.38 0.011 0.98
4173 104.9 182.3 77.4 254 0.48 0.40 0.016 0.79
4174 Abandoned, no core, redrilled as 4177
4175 145.5 214.3 68.7 226 0.23 0.29 0.023 0.56
4175 145.5 162.5 16.9 56 0.31 0.39 0.022 0.71
4175 255.4 295.1 39.6 130 0.25 0.33 0.029 0.65
4176 132.6 207.0 74.4 244 0.35 0.35 0.007 0.61
4177 83.5 134.7 51.3 168 0.48 0.29 0.011 0.66
4178 Incl. 21.3 330.1 308.8 1013 0.26 0.31 0.019 0.58
4178 48.5 124.7 76.2 250 0.38 0.38 0.020 0.73
4179 30.2 57.6 27.4 90 0.41 0.36 0.011 0.68
4180 124.7 216.1 91.4 300 0.45 0.34 0.011 0.69
4181 161.2 274.0 112.8 370 0.74 0.33 0.022 0.92
4182 24.4 307.2 282.9 928 0.39 0.41 0.031 0.83
4182 Incl. 196.6 285.9 89.3 293 0.43 0.49 0.047 1.03
4183 91.1 191.7 100.6 330 0.48 0.26 0.006 0.60
4184 30.5 216.1 185.6 609 0.28 0.31 0.027 0.64
4184 Incl. 30.5 115.5 85.0 279 0.33 0.37 0.025 0.72
4185 33.5 179.5 146.0 479 0.37 0.30 0.006 0.57
4186 28.7 151.8 123.1 404 0.40 0.51 0.035 0.96
4186 Incl. 82.0 133.2 51.2 168 0.54 0.60 0.044 1.19
4187 31.1 170.7 139.6 458 0.39 0.61 0.057 1.19
4187 Incl. 42.7 118.9 76.2 250 0.47 0.86 0.063 1.51
4188 181.5 426.4 244.9 804 0.55 0.47 0.031 1.00
4188 Incl. 216.1 368.5 152.4 500 0.65 0.57 0.032 1.16
4189 12.2 296.9 284.7 934 0.34 0.39 0.025 0.75
4189 Incl. 12.2 76.5 64.3 211 0.73 0.81 0.081 1.73
4190 12.5 96.9 84.4 277 0.55 0.42 0.023 0.90
4191 57.3 118.3 61.0 200 0.43 0.33 0.009 0.66
4192 103.3 122.6 19.3 63 0.47 0.36 0.022 0.78
4193 69.8 128.9 59.1 194 0.54 0.30 0.009 0.70
4194 18.0 320.0 302.1 991 0.30 0.31 0.017 0.59
4194 Incl. 18.0 69.8 51.8 170 0.68 0.50 0.011 0.99
4194 Incl. 277.1 320.0 43.0 141 0.36 0.36 0.027 0.74
4195 30.2 112.5 82.3 270 0.33 0.34 0.028 0.71
4196 36.3 249.6 213.4 700 0.45 0.47 0.014 0.84
4196 Incl. 66.8 249.6 182.9 600 0.48 0.49 0.015 0.88
4196 Incl. 144.8 188.7 43.9 144 0.61 0.63 0.015 1.09
4197 18.0 45.2 27.2 89 0.50 0.34 0.004 0.69
4197 79.6 228.3 148.7 488 0.27 0.31 0.011 0.55
4198 38.4 106.4 68.0 223 0.40 0.45 0.013 0.78
4198 121.0 154.2 33.2 109 0.24 0.40 0.014 0.63
4198 204.2 286.2 82.0 269 0.31 0.40 0.013 0.67
4199 25.3 37.5 12.2 40 0.47 0.39 0.003 0.70
4199 53.2 199.5 146.3 480 0.48 0.48 0.011 0.85
4199 Incl. 96.0 148.3 52.3 172 0.65 0.65 0.013 1.13
4200 23.3 264.9 241.6 793 0.31 0.34 0.012 0.60
4200 Incl. 216.1 264.9 48.8 160 0.40 0.49 0.009 0.80
4201 39.6 128.0 88.4 290 0.26 0.41 0.029 0.74
4201 Incl. 42.7 73.2 30.5 100 0.29 0.55 0.026 0.87
4202 51.8 221.9 170.1 558 0.21 0.35 0.027 0.64
4202 Incl. 51.8 81.4 29.6 97 0.21 0.53 0.031 0.84
4203 17.7 109.1 91.4 300 0.41 0.51 0.067 1.15
4203 133.5 182.3 48.8 160 0.24 0.41 0.032 0.74
4204 28.4 200.0 171.6 563 0.39 0.53 0.039 1.01
4204 Incl. 28.4 135.9 107.6 353 0.49 0.68 0.035 1.19
4205 17.7 310.3 289.6 950 0.39 0.36 0.016 0.70
4205 Incl. 44.8 78.6 33.8 111 0.45 0.48 0.012 0.83
4205 Incl. 197.2 231.0 33.8 111 0.44 0.46 0.022 0.86
4206 65.8 189.9 124.1 407 0.46 0.36 0.017 0.75
4206 Incl. 74.1 104.6 30.5 100 0.54 0.40 0.015 0.83
4206 Incl. 159.4 189.9 30.5 100 0.46 0.41 0.021 0.82
4207 33.7 395.6 362.0 1188 0.32 0.41 0.016 0.71
4207 Incl. 55.6 107.6 52.0 171 0.51 0.51 0.014 0.91
4207 Incl. 122.5 167.0 44.5 146 0.49 0.56 0.013 0.94

1 Copper equivalent calculations use metal prices of US$0.80/lb for copper,
US$350/oz for gold and US$4.50/lb for molybdenum. Adjustment factors to account
for differences in relative metallurgical recoveries for gold, copper and
molybdenum will depend upon the completion of definitive metallurgical testing.
CuEQ = Cu % + (Au g/t x 11.25/17.64) + (Mo % x 99.23/17.64)





This information is provided by RNS
The company news service from the London Stock Exchange

Who dumped all those shares after the bell and why ?

There's a few watching aldwickk.

It's back in my stockwatch for a day or two anyway. ;-)

Morning Al.

:o)

Morning Hil. ;-)

-7% to open. Big volume last Tuesdat too - haven't had chance to look at anything, but today's move interesting.

Patience Rodders.

Can't get at last Tuesday's trades. ;-((

Galahad Gold

The 29/11/04 announcement of the discovery of a new area of extensive goldcopper-
molybdenum mineralisation to the east of the Pebble deposit is of
major significance. Labelled the East Zone, this new discovery area extends
well onto the Exploration Lands and may necessitate a rethink of current
Pebble mine development plans. It will also have financial ramifications as
additional drilling work will clearly be needed in 2005 thus far the discovery
rests on assay work from only 15 drill holes.

We estimate that on a fully diluted basis and using current metal prices each Galahad Gold share is backed up by over 19 of copper, platinum group metals and gold in the ground. A massive gap is logical versus the current share price: further share issues to finance mine developments will be vital; some resources will never be extracted and/or recovered; revenues will be many years distant; and considerable mine development risks remain. Nevertheless, the divergence between this 19 and the Galahad Gold share price is considerable. Moreover, the 19 ascribes no value to the Malmbjerg molybdenum deposit, or to the Skaergaard accessory minerals, or to the groups share of NDMs silver and molybdenum at Pebble in Alaska.

We maintain our one year target price range for Galahad Gold shares of
25p-30p. On a medium term basis the upside potential could vastly
exceed this if mine risks can be overcome.

It's one that could either fly or fall over, exploration shares,
whether they are for oil or mineral/metal deposits are
risky, but for what it's worth I've got a small holding of these,
they look promising and with these sometimes that's all there
really is to go on - apart from instinct.
:>)

UK smallcap opening - Galahad Gold up on Sunday Telegraph comment
AFX


LONDON (AFX) - Galahad Gold, where Jim Slater, the veteran stock picker, and Lord Wolfson, the founder of GUS, grace the board, edged up 3/4 to 11-1/2 after The Sunday Telegraph suggested to readers that, with the shares now well off their peak of 27-1/2 pence last February, now could be a good time to buy.

fjb/ak

SP is Up 9.3% so far this morning!

Moving nicely :>)

Got in this morning and hope to stay for the long term.

This is my selection for the "UPS" this week GLA

Share	Volume	Chart	News	Various
GLA price 11.675p	Picking up for the last couple days as share price is rising also	Share price rising from support, Indicators at oversold and going higher now, MACD on the turning	Has 3 projects with minerals on early stage: a 23.4% stake on NMD, ( a potencially very large copper-gold-molybdenum deposits on Alaska ) a 100% palladium and molybdenum both in Greenland, a 26% stake on Uranco of SA plus a 76% stake in InterMoly an AIM company	Its main shareholding NWD at its high for a while 9 1/2 month, house broker estimated the shares were worth 16.3p, based on the current valuation of mineral prices and Galahad's share with medium term target price of 35p to 40p for the shares

That is how the chart is looking at the moment

Well a further move up today with some good size trades on the way

Do we have to wait another year for more posts? ;)

zscrooge

It all depends on how mean you are to this thread.

A nice rise for the end of the day, with plenty of "T" trades done early (at the start of the day) , and a few large buys by the end

I'm reading the [GLA] Annual Report and notice that there are 6 million Options about to be qualify at 1p (Nov 2006) - does anyone have a view on this, I know Options are Win-Win and normally I avoid Co's where Directors are lathering themselves with Options.
/
Any views?

I don't mind the options if the management are delivering. Not sure that this can be said of GLA with the recent InterMoly delay. The thing that concerns me most is the considerable local reistance to the Pebble mine, led (financially at least) by a wealthy fund manager who has dwellings nearby:

http://www.bristolbayalliance.com

Does anyone have any perspective on this ? T.

RNS out today on Galahad's Malmbjerg/InterMoly Project - it appears that the delay has been reversed and an alternative found to the issue of the Pre Feasibility Study.

RNS:

International Molybdenum plans to evaluate open-pit method on Malmbjerg deposit
LONDON (AFX) - International Molybdenum PLC said it plans to evaluate a
potentially lower-cost open-pit method of developing the Malmbjerg molybdenum
project in eastern Greenland.

To evaluate the potential for open-pit mining, the group will undertaking a
comprehensive Pre Feasibility Study (PFS) which it intends to complete by the
fourth quarter of this year at a budgeted cost of 2 mln usd. The 2 mln usd will
be financed by existing resources and by drawing as needed on a 2 mln stg loan
provided by its majority shareholder Galahad Gold PLC.

On Feb 6, it announced a deferral of the original feasibility study for
underground development of the project.

The company hopes an open-pit development will result in a larger-scale
production, better recovery of the resource, an improved grade control, and
lower capital and operating costs.

'The open-pit concept with no need for a 10km underground tunnel and
potentially lower capital and operating costs bodes well for the future
development of Malmbjerg,' said chief executive Graham Mascall.

'Molybdenum's price outlook remains strong given the sustained demand from
rising global production of stainless steel,' he added.

Molybdenum is mainly used as an alloy in stainless steels and in alloy steels.


newsdesk@afxnews.com jc

And a heads-up for the near future, taken from RNS of 28 October 2005.

The company hopes soon to be announcing results of a scoping study at one of its major projects.

>> Galahad Gold Plc - Skaergaard Resource Estimate
RNS Number:2836T
Galahad Gold Plc

NEXT STEPS

Galahad is now proceeding to complete a scoping study for the project on the
basis of a 35,000 tones per day year-round underground mining operation that
would produce precious metals, magnetite and titanium concentrates, initially
from the from the Palladium Zone and subsequently from the Combined Zone.
Mining of the large widths available within the Combined Zone is expected to
result in low mining costs, comparable to those that would be achieved with open
pit mining. The concentrates produced at the site will be shipped to Iceland
for further processing. It is expected that the scoping study will be completed
by 31 March 2006. <<


My comments: The Skaergaard project is one of three major projects being assessed by Galahad.

Independent resource estimates are for 1.5 billion tonnes of resource material, with a value based on long-term prices of USD 52.94/tonne. That equates to some 45 billion of resources. GLA owns 100% of Skaergaard.

The InterMoly project at Malmbjerg estimates some 950 million lbs of Molybdenum to be in place. At price estimates of $6/lb, that works out to around 2.5 billion for GLA's 78% stake.

Finally, the Pebble projects in Alaska could be worth anywhere between 5 billion to 16 billion for GLA's 21% interest, depending upon prices and how much of the Pebble site is developed.

All of this suggests that GLA is currently very much undervalued. I shall be watching closely.

As always, PDYOR, IMO, etc.

Bought this morning at 10.05p. Looking forward to results of the Skaergaard scoping study, hopefully on or by 31st March as predicted.

Excitement!! Up 0.25p today, for no apparent reason, on turnover of 2.1 million shares.

SOUL TRADER: Alot of speculation around the AIM flotation of UraMin, in which GLA has approx 17% stake!!!!!! Speculation that this was near, but quite wierd, coz you would expect that to be formally released!

Nevertheless the flotation of UraMin looks to be eagerly awaited by the big boyz in City, if so it will have a natural positive impact on GLA. Im in GLA just recerntly happy to see some movement on Friday........ I think the dip in sp was a result of InterMoly and its re-pricing......

Equity REsearch conducted by GLA suggests sp value at 35-40p!!!!!!! So lets see!

Thanks Jameel - great detective work!! Found this article on Growth Company Investor, dated October 2005:


http://www.smallcompanies.co.uk/aim/news/21943/uranium-float-seeks-40m.thtml

>> Uranium float seeks 40m
10/10/2005

Uramin, the uranium prospector backed by Galahad Gold, is likely to seek some 40 million when it targets AIM shortly.

Galahad, chaired by Canadian financier Ian Watson, has 16 per cent of Uramin, which was initially called Uranco but has changed its name to avoid confusion with another group, Urenco, in the uranium and nuclear power field. Uramin, co-founded and run by two experienced mining figures Adrian Lungan and George Roach, has rights to deposits of an estimated 100 million-to-260 million lbs of uranium in Beaufort West and Springbok Flats in South Africa and Trekkopje in Namibia -- at higher grades than Rio Tinto's long-standing Rossing uranium operation in Namibia.

Uramin has already raised 16.5 million privately in the USA from hedge funds and others at the equivalent of 41.5p. It is expected that the AIM float, with Matrix likely to be nominated adviser, will be priced at between 80p and 110p and will seek to raise about 40 million scaled back from an original target of 70 million. <<


IMHO the stake in UraMin retained by Galahad makes other uranium prospects like Vane Minerals look tiny - yet GLA's market valuation continues to lag. Can't wait for GLA to start finally catching up, as this is one of several mining stocks that seems to me to be overlooked. DYOR though.

Another little boost today - up 0.25p.

Soul trader...alot of selling acitivty with no sp moves! sp sells at 10.25!!!!! Very wierd! They could be off loading for the uramin float! MAY BE!!!!! I think i'm reading too much into it! I bought in some more and increased holding by a little...... lets see!!!!

Jameel - weird indeed; I wonder if the MMs are letting stock come into their hands, anticipating demand in the near future. I would have thought that the Uramin float would be good news for GLA, as despite the implied dilution that floating new shares brings there should be a re-rating of the Uramin SP, which would mean that GLA's stake in Uramin would hold its value. (See my earlier post #28, in which an SP is suggested for Uramin between 80 and 100p, compared with the 41.5p implied value of the stock in the private placing).

Who knows? Until Uramin publish a floatation prospectus, we're all in the dark. I haven't checked Uramin's website though - maybe there's some info out there somewhere already. Might have a gander later in the week.

hey soul trader!!!!!!!!! Good day!!!

Good day to you too, Jameel :o)


In fact, it's been a good day for all of my miners, with TMC and RDG as well as GLA all adding a few bob.

Just had a quick look at the Commodities pricings for yesterday on FT.com - nickel is now at $18,500 per tonne (or $8.39/lb), which is up 20% from when I last looked a few weeks ago. Copper is at $6630/t and April gold $620/oz. With just about everything pushing new highs on an almost daily basis, it's small wonder that the SPs are moving up too.

interestin stuff! Its extremely good news for GLA. As if sp are increasing generally then we're in the right market. And UraNim would give it some added boost! when it floats!!!!!!!!!!!!!

So GLA is definately a BUY BUY BUY! Interestingly there is nothing at all stoppping GLA to break the 15p barrier at the UraNim Launch!!!!!!!!! Any news about trading behaviour! Buys and Sells for today!! Are we still selling at 10.50p?

http://www.londonstockexchange.com/en-gb/pricesnews/prices/newissues.htm

Some info on Uramin...float is imminent"

SOULTRADER!!! Interestin article today in Mining Weekly:

Newcomer to take advantage of uranium boom
--------------------------------------------------------------------------------

After two decades of stagnation, the uranium market is once again in an upcycle, largely owing to the increasing demand for energy on a global scale.

This boom is spawning a host of newcomers to the uranium market who are eager to take advantage of the present positive market fundamentals. Similarly, owing to the fact that there is a wealth of projects and deposits investigated more than 30 years ago but left undeveloped because of the slump in the uranium market, there are many opportunities for newcomers to establish themselves in this mineral commodity sector.

One of the more notable examples of this trend is UK-based UraMin, which was established in February 2005 by a group of well-respected individuals, including John Stalker and Sam Jonah, to take advantage of this upcycle in the uranium market. Essentially, UraMin was created for the purpose of acquiring and developing mineral deposits throughout Africa, Australia and North America in order to exploit the uranium price that is rising on, what is predicted to be, a sustained basis. The company is headquartered in London but operates through its subsidiary in Johannesburg owing to the fact that UraMin has its most advanced project in Namibia and a significant number of pending prospecting licences in South Africa.

Southern African operations
Although UraMin was unable to give official comment, Mining Weekly understands that the companys operational strategy in Southern Africa has been dictated by the present fundamentals in the uranium market in that the company intends to take advant-age of the upcycle as soon as possible. It is understood that the com-pany has adopted a strategy to undertake brownfields oper- ations, rather than embarking on new exploration projects, as this will allow UraMin to get a project on line while the market is still in an upcycle.

This seems to be the philosophy behind the companys involvement with the Trekkopje uranium project in Namibia. The Trekkopje project is located in west-central Namibia, about 65 km north-east of Swakopmund and is UraMins most advanced project worldwide. The project area consists of two deposits, Trekkopje and Klein Trekkopje/Arandis, which have an estimated resource of 120,9-mil- lion/lb of uranium at an average grade of 0,013%.

The project area has been extensively explored in the past with primary drilling in mineralised areas at about 100-m to 200-m intervals along lines 400 m apart, with more closely-spaced infill drilling covering areas of better grades. Mining Weekly believes that UraMin plans to complete a feasibility study on the Trekkopje project over the next 18 months, which will be followed by construction, assuming that the results of the feasibility study are favourable. Initial capital costs for the development of the project are estimated at $181-million.

The Trekkopje feasibility study reportedly is on track for completion by the fourth quarter of 2007.

With regard to the companys activities in South Africa, Mining Weekly is aware that UraMin operates through its South African subsidiary, which is based on the joint-venture agreement between black-empowered Mago Resources and UraMin.

UraMin has a 70% shareholding in the company, while the remaining 30% is held by previously-disadvantaged individuals, making the company compliant with the BEE requirements of the mining charter. Through its 70% holding in Mago Resources, UraMin is attempting to consolidate mineral rights in the Karoo, Sutherland and the Springbok Flats regions of South Africa and, consequently, the company has applied for between 60 and 100 prospecting licences in these three areas.

Many of these applications cover known uranium deposits, which amount to a resource estimate of about 200-million/lbs.

The first of these applications went in during the second quarter of last year and are fully supported in terms of the department of Minerals and Energy (DME) requirements. It is believed that UraMin has complied with all the legal requirements in most cases, both with regard to the old- and new-order rights and, as such, there is no reason why it should not get the licences. Although, in some instances, the company is second or third in the line for these applications, it seems to remain confident that it will be granted the majority of these licences within the next few months. Although UraMin is putting a significant amount of time and energy into this application pro-cess, Mining Weekly understands that the priority of the company over the next few weeks is the imminent listing of UraMin on Londons Alternative Invest- ment Market (AIM), which will ultimately benefit the companys long-term future in the investment community.

Future Outlook
UraMin is currently undergoing a compliance listing on AIM, which is expected to be completed by the end of this month. It is understood that this listing is not a mechanism for the company to raise capital but is a means to get tradability of its equity for investors. UraMin is not listing for the purpose of raising capital at this point as the company is still using the $40-million start-up capital that was raised early last year to fund its current projects.

It is apparent that the company has all of its requirements in place for the imminent listing in that the competent persons reports (CPRs) have been done in the final form, brokers and nomads have been nominated, and all shareholders are aware that the company is doing the private placement now.

It is believed that the listing will give UraMin an opportunity to become one of the material players in the uranium industry.

However, once the listing has been completed, the priority of the company will be to prove up as much of the resource that is held by UraMin in as little time as possible. Once it has proved up reserves in the various operations, UraMin can start producing in places where the company can get maximum returns, which, at this point, is most likely to be Southern Africa.

Easy tiger!!! Hey this sp is doing nice..SoulTRader...just a flavour of things to com

Great article, Jameel. I'm looking forward to seeing what effect the UraMin float will have on GLA. My modest holding is now up 13% since I bought just over three weeks ago, so no complaints there :o)

wat u mean? 13% of ur portfolio? For me its much higher around 50%.....not sensible but once my return hits a threshold I will reduce by 1/3

fantasia!!! increased to 12p!! Any news from Level2...?????

I hope this is nothing to do with ramp mania people might be upto! It seems that UraMin float is imminent and the BIG FAT UGLY CATS of the City are all too aware. A mate of mine was saying that on Level 2 alot of sellsssss....Market makers are selling to buy up a huge load later!!! Any views welcomed????

No, 13% profit. I don't have L2, but on my online broker's website there is mostly purchase activity - most of the sales are smaller and some of the larger "sales" may be that old chestnut of larger purchases at bargain prices getting reported late and being called sales by the computer system.

Just a typical cynical caveat ...... shares like GLA are fine while on the upbeat, but if any selling gets a grip then you won't be able to shift enough or fast enough ..... watch out and don't get too greedy .... remember GLA only holds 17% of Uramin, which itself would seem to be something of an unknown quantity.

GLA have also probably moved upwards purely on sentiment - i.e. on the back of the rise in gold .... but whereas that was $525 at London close yesterday and $540 at opening today, it is now back to just below $520.

If youve had a good day please consider giving a donation to the lads dressed as Elvis racing 350 miles to the North Pole on behalf of Great Ormond Street Hospital It makes the London Marathon seem like a stroll in the park!
To donate or view how theyre getting on visit
http://www.elvispolarchallenge.co.uk/
thanks for your time

Good advice, Cynic, although for the time-frame I'm planning on holding these for, I think I should be okay unless a total catastrophe strikes. Randgold Resources is what I am hoping this one is going to imitate.

BTW I think you need to add $100 to your gold prices . . .

Cynic, thank for your advice! But the position with GLA is to top slice the profits as it rises! AND not to keep on forever!

SOUL TRADER!!!!!!!! URANIM ADMISSION DATE IS 21ST aPRIL!!!!!!!

http://www.investegate.co.uk/Article.aspx?id=200604201444087530B


ONLY ONE LITTLE HICKUP GLA HOLDING IS DOWN FROM 17 TO 11% IT SEEMS!!!!

NEVERTHELESS WE SHOULD ATLEAST HOLD ON FOR 7DAYS

SOULTRADER.... IGNORE MY COMMENTS ON GLA FALL IN STOCK!! IT ONLY MEANS THAT MORE SHARES HAVE BEEN ISSUED THUS GLA PROPORTION HAS REDUCED!........ CHRISTMAS WILL COME EARLY! JUST WATCH IT MOVE FROM MONDAY ONWARDS WHEN ALL THE SLOW INVESTORS CATCH ON"!

SOUL TRADER! FYI
AIM
20 April 2006


ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
UraMin Inc.

COMPANY ADDRESS:
Walkers (BVI) Limited, Walkers Chambers, P.O. Box 92,Road Town, Tortola,
British Virgin Islands

COMPANY POSTCODE:
n/a

COUNTRY OF INCORPORATION:
British Virgin Islands

COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN
ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:
The exploration, development and acquisition of uranium properties throughout the world

DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which it
seeks admission and the number and type to be held as treasury shares):
174,175,792 Ordinary shares of no par value at 68.5 pence

CAPITAL TO BE RAISED ON ADMISSION:
$60 million (34 million)

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:
Samuel Esson Jonah KBE, Non-executive Chairman
Stephen Roland Dattels, Executive deputy Chairman
John Stalker, Chief Executive Officer
Neil Lindsey Herbert, Finance Director
Francis Daniels, Non-executive Director
Graham Edward Mascall, Non-executive Director
James Mellon, Non-executive Director
Ian Watson, Non-executive Director

PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL
BEFORE AND AFTER ADMISSION:

Name Percentage of issued share Percentage of issued share
capital before Admission capital after Admission

Galahad Gold PLC* 16.32 11.64
Millenium Partners LLP 10.74 9.52
Fabrezan Investments Limited** 6.44 4.59
Adrian Lungan 6.04 4.31
Wellington Management Company Ltd - 4.31
Angstrom Capital Limited 5.64 4.02
Samuel Jonah KBE 4.83 3.44
Roytor & Co 8.05 3.43
Moon Capital 1.61 3.30


* Ian Watson (a director of the company) is beneficially interested in 31% of the issued share capital of Galahad
Gold PLC

** Fabrezan Investments Limited is owned by trusts, the beneficiaries of which include Stephen Dattels (a director
of the company) and members of his family


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
Dr. Morris Viljoen, 1 Sunset Ridge, Stellenbosch Place, Northcliff Ext 1, 1709, Gauteng, South Africa
Dr. Richard Viljoen, 16 Crystal Court, Centre Road, Morningside, 2057, Gauteng, South Africa
Jean Usonis, 1441 Midvale Avenue, #108, Los Angeles, CA 90024, USA
Arnold & Porter LLP, 399 Park Avenue, New York, NY 10022-4690, USA
RSG Global, Block D, Somerset Office Estate, 604 Kudu Street, Allen's Nek 1737 Roodepoort, South Africa
Regent Advisors LLC, 1330 Main Street, Unit 4, Sarasota, FL 34236, USA
Regent Mercantile Bancorp Inc, 105 Adelaide Street W., Suite 904, Toronto, ON M5H 1P0 Canada
Hargreave Hale Limited, Accurist House, 44 Baker Street, London W1U 7AL, UK
LOM Capital Limited, The LOM Building, 27 Reid Street, Hamilton HM11, Bermuda

ANTICIPATED ACCOUNTING REFERENCE DATE:
31 December

EXPECTED ADMISSION DATE:
21 April 2006

NAME AND ADDRESS OF NOMINATED ADVISER:
Matrix Corporate Capital Limited, One Jermyn Street, London SW1Y 4UH

NAME AND ADDRESS OF BROKER:
Canaccord Adams Limited, 1st Floor, Brook House, 27 Upper Brook Street,
London, W1K 7QF

DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT
THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
The admission document, which will contain full details about UraMin Inc. and the admission of its securities will
be available, for at least one month from the date of admission, at the offices of Matrix Corporate Capital
Limited, One Jermyn Street, London SW1Y 4UH and also at the offices of Stringer Saul LLP, Fifth Floor, 17 Hanover
Square, London, W1S 1HU.

DATE OF NOTIFICATION:
20 April 2006

NEW/ UPDATE (see note):
Update




This information is provided by RNS
The company news service from the London Stock Exchange

Thanks for the info Jameel - we shall see regarding the SP. By my calculations UraMin will be capitalised at 120 million at the issue price of 68.5p. GLA's holding is therefore worth just under 14 million. Could be good for GLA's SP, but the prices of these new issues are notorious for dropping off after floatation, and in anycase a company's minority interests are not always fully valued in the holding company's SP.

The full value of GLA will be realised when they start producing from their various Nickel and Moly interests, etc, and this will take a while. I'm in it for the medium term at least, so that's fine with me.

rightly or wrongly, and time will tell, i have just taken my profits here and will now sit back and watch ..... while it is possible that sp will soar on Monday with the start of dealings in Uramin, I have my doubts ...... The Uramin news is already well broadcast, and therefore imo already discounted (and more?) in GLA's sp.

no one ever went broke realising a profit, and it would not surprise me in the least to see GLA falling on Monday as the T10/20 and similar traders get out ..... if they start getting out in any numbers, woe betide trying to cash in your own holdings, for MMs may well not want to know.

CYNIC!!! UraMin - Trading symbol -- UMN!!!!!!! Its trading have a look sp has risen by aa couple of %

If GLA drops, that's a buying opportunity for me. Sooner or later I'm hoping to redirect some profits from elsewhere, and GLA will be on my shopping list. Ten-bagger by end of 2008??

Jameel, UMN's SP is currently standing at an indicative spread of 70/75p, but according to FT.com no shares have moved yet. Maybe you'd like to buy some to get the ball rolling?? :o)

(120 mil for uranium prospects awaiting exploration seems expensive to me. DYOR.)

soultrader.....wat u mean about 2008....so u plan to hold gla!!!! Ten bagger is abit optimistic? I wonder what CYNIC has to say to that? But I guess if it happens I wont be complaining? UMN not yet... GLA is better bet - as u beenfit indirectly from UMN appreciation.. risk is diversified!

Yes Jameel, this is where I have to come out of the closet and admit that I buy to hold. The logic is simple - I buy co's that are sitting on shed-loads of natural resources and wait for them to start selling the stuff. The share-price goes multi-bagger and I slice profits here and there to invest in more companies with similar potential. Short-term trading, on the other hand, looks to me to be too much like taking a bet on which way the SP will move on a given day and I think that that leads to getting caught with one's pants down.

At least, that's my plan, and in the case of NOP and SBE it has served me well so far. JKX I unfortunately missed out on, but it is a good model of what I think GLA and others could do.

Good luck anyway to those who prefer the short-term view. I just prefer the near-certainty of an investment in a natural resources company with a well-diversified set of assets, which in the current commodities market ought to come good in the end.

UMN may have started trading today, but no trades reported at all.

GLA is (a) not an oil company and JKX is, and I afraid to say (b) is not rermotely in the same quality league as JKX.

As far as I can see reading the history, GLA has a lot of bridges to mend before the market will raise them from penny-stock levels

soul trader, which other ones are u in for long term? If you dont mind me asking. I was in SEY but left in March, for issues not related to the sp at all. Even thought I bought at 19p and saw it rise, rise, rise!

View welcomed

Jameel,

I am in oil co's NOP, VOG, BLR, and miners TMC and RDG. All hopefully have bright futures ahead of them, although I must stress that many would regard some of these as very risky plays. I don't have equal holdings in them, as with the miners in particular I am concerned that the timetable may be rather lengthy before they get into production and serious SP growth. I have therefore allocated less capital to these, the idea being that others of my holdings may race ahead a bit sooner and I will transfer profits from time to time as the slower companies begin to play catch-up. I also have three or four other holdings which are just for me to dip a toe in the water; you'll see my name on the threads. DYOR.

Not sure about SEY - seems solid but I have done no research on it to speak of. The discussion thread contains some useful info though.

soul trader, ,,,,,, have u seen UMN!!!! BOy GLA will increase next week for sure.. the incresae will higher proportionately then what we saw with UMT. i mean more than 30% in the short term!

Finally some movement - forgive my scepticism! Clearly FT.com didn't publish today's chart until at the close of play. Looks like some biggies went through right before the end too.

confess I am very happy to have taken a respectable profit out of GLA today after only a few days holding ..... If I was premature, so be it, but I was concerned/conscious that sp had not moved all day and therefore may indicate that T10/20 trades and similar are likely to sell shortly, taking the sp sharply lower

SOUL TRADER!!! INTERESTIN ARTILCE ON GLA DAMPENS THE HYPE>>>> BUT ENDS ON A POSITIVE NOTE!!! market seems to value GLA at 25ppppppp

What Price Befits Galahad Gold?

By Stephen Clayson
28 Apr 2005 at 10:23 PM EDT


LONDON (ResourceInvestor.com) -- Galahad Gold [AIM:GLA], has embarked upon something of a public relations offensive this week, contending that its stock is significantly undervalued by the market. But how well does this claim stand up to scrutiny?

The companys primary asset is its stake in Northern Dynasty Minerals [TSX-V: NDM, AMEX: NAK], which stands at 23.4% fully diluted. In turn, NDMs claim to prominence is its right to purchase 100% of the Pebble Project, a potentially very large copper-gold-molybdenum deposit in Alaska that is slated to reach the bankable feasibility stage this year.




In addition, Galahad holds 100% of the Skaergaard palladium and the Malmjberg molybdenum deposits in Greenland. Both the palladium and the molybdenum resources are thought to be sizable, and the deposits both contain quantities of other valuable metals. To boot, company is considering the acquisition of further resources in politically stable locations.

Galahads Chairman Ian Watson and its Finance Director Jim Slater profess to be puzzled as to Galahads current market capitalisation of 76m, but there are multifarious reasons to suggest that the market may have valued Galahad fairly.

First of all, the three current projects are still far from certain to reach production and realise any actual profit. NDMs Pebble is generally thought to offer the greatest likelihood, but even this is not definite in technical terms, and the project may face a number of obstacles to its development, including the objections of both environmentalists and indigenous Alaskans. Some of the latter are behind the project, but some, rather ominously, are not. In addition, the projects gargantuan capital cost and logistical challenges may ultimately prove stumbling blocks. The former and its portent of likely significant dilution may also be weighing on the shares that are presently traded.

The two projects in Greenland, while promising, are still relatively early stage, and Galahad is not being particularly expeditious in progressing them further, particularly with regard to Skaergaard. The management claims that it is in no rush to develop the projects, preferring instead to wait for the commodities super cycle, in which they are fervent believers, to proceed further and improve the margins on molybdenum and palladium.

The company designates part of the rationale for its formation as providing a way to play the Chinese growth story indirectly, and its management feel that the market is not according sufficient value to the extent of Galahads leverage to this trend.

But what they fail to justify is why Galahad is more leveraged to China than many other putative and current miners of industrial & precious metals, particularly given the conjectural nature of the properties in Greenland and to a lesser extent the one in Alaska.

The management assert that analysts and the market in general have failed to take account of the effect that the industrialisation China is and will continue to have on commodities markets, but while there may be isolated pockets of ignorance, this view generally seems rather implausible.

While the existence of a sustainable strong market in many commodities is probable given the likely demand growth that will be derived from the Chinese economy over the coming decades, it is doubtful that Galahads lack of developmental urgency, for which there is scant compelling rationale, will win the company many fans in the market. Even if the projects do eventually live up to their billing, the eschewal of a rapid asset development strategy leaves tempted investors able to wait and buy into the company once its potential becomes clearer, and to do so without significant penalty.

What generally gets investors most excited is the prospect of production and consequent tangible cash flow, more so than untested potential. Though companies with little more than untested potential to their name abound in todays market, those of them with more focus and alacrity about them might just make more attractive investments than Galahad.

While biding ones time developmentally can pay dividends, unless fully justified it merely injects uncertainty into a company, and can also be read as dissimulation. In addition, the size of the deposits in which Galahad is involved makes for a very long lead time, translating to a long period before profits are realised and within which things can go awry. The Malmjberg project is the most proximate to tangible output, slated at 2.5 years away under a preliminary proposed development plan. But there are other companies in the market today that offer better prospects of timely real cash flow.

Furthermore, Galahads management say that the company would prefer to involve a proven operator in any projects reaching that stage rather than managing them internally, and while this can be a sound idea in some cases it can also add extra complications.

Galahad is likely to spin off its International Molybdenum subsidiary, which holds the Malmjberg project and a second exploration licence in Greenland that is awaiting ratification, into a separate listed vehicle that would fund a bankable feasibility study on Malmjberg. The exact nature of the deal and the stake that Galahad will retain has yet to be finalised, but a dedicated management team might allow the molybdenum business to progress more rapidly, and the funds that would accrue to Galahad from the divestment could make it more likely to make progress with its other assets, though they will also reduce the exposure of the company to any upside in the molybdenum assets.

All that said, the three projects in which Galahad is currently involved may have the potential for practicable, truly large scale exploitation. In addition, influential mining fund managers RAB Capital have a substantial stake in the company, as do the Rothschild family, and Galahad boasts Dresdner Kleinwort Wasserstein as its house broker. But these endorsements are largely meaningless without the concurrence of a greater portion of the wider market, which Galahad believes it is lacking.

There may well be more Galahad bulls out there than merely the companys own management, aforementioned notable shareholders and its house broker, the latter of which rates Galahad as a buy at anything up to 25p. Given that the share is currently trading at only 10.75p, then now may be the time for the bulls to act on the basis of their optimism.

jameel, that article is a year old now. Since then the Greenland project has hit problems, there may still be opposition to Pebble but you now have Uramin.
Difficult to judge what market cap should be with various ups and downs.
On my watchlist though.

andysmith, my apologies,,,,, it was late night didnt realise it was 2005 article......... then my previous comments stand. GLA is expected an increase way above current sp, following UMN performance on Fri!"

Interesting article all the same, Jameel. One would hope that commodities prices have now risen sufficiently to persuade management to come out of its shell. otherwise they might miss the high tide altogether.

PS Interestingly, although the current "Shares" mag's review of miners confirms the long, drawn-out timetable, it also points out the huge size of GLA's resources compared with other miners out there. The potential is huge, IMO, but I wouldn't be prepared to bet the bank on this one just yet.

Which mag is that? Soultrader.;..... what you mean 'wouldnt be prepared to bet the bank....'

PS I should have taken your line of buying UMN....regretting a little!

and though commodity prices have rocketed, i find it very hard to belive that at best there will not be a sharp correction, though the timing is now impossible to judge .... certainly prices cannot continue to go up and up ...... remember the dotcom bubble?

Jameel, Shares magazine is the mag produced by the people who own this website. Or do you mean which issue - it's the one dated 20-26th April.

By "not betting the bank" I mean not putting a large proportion of my wealth into the one stock.

I haven't bought UMN as I am concerned that it is too expensive right now and will do what most resources companies' shares do after IPO, which is to drop, drop and then drop some more. I may buy if it looks cheap enough one day (because part of my strategy involves trying to pick companies that look to be clearly undervalued), but I tend to think that pure uranium plays are limited because the deposits typically aren't big enough to create billion-pound companies and the ten- or twenty-baggers that I'd like to be investing in. Thus UMN would have to drop significantly to attract my attention. I may be wrong - any disagreements are welcome to be posted on the UMN thread I created yesterday.

soul trader. I looked at the companies u are in. It seems most of them have had their good times....other than BLR? I mean they sp's seemed to have appreciated over last 12 months

I wonder howmuch is already on the share price after the floatation of UraMIN where GLA had (17%) before the flotation,
a good rise on the 1st day of trading last Friday ...........

Daily Telegraph -- Market report - 22 Apr'06
By Yvette Essen

First day dealings began in UraMin, a mining company based in Namibia which has Sir Sam Jonah
as non-executive chairman. Sir Jonah is also executive chairman of oil and gas explorer Equator Exploration.
Shares were placed at 68p and closed at 92p.

The other stock with a good % holder NMD had a few good days lately with a rise of 6.9% last Friday and most likely looking for new highs soon by the way metal prices are going

Northern Dynasty Minerals Ltd -- TSX:NDM

--------- Intraday chart ----------------------------------- 2 month -------------------------------1 Year

Master

I made another post on the advfn forum (whodaman), in your fantasy portfolio for 2006, regarding GLA

Master RSI - thanks for the info, especially press..... You have a valid point re. UMN already in GLA's sp. But probably it was....but since umn has done really well at close, maybe there will be more in the tank for gla. see what happens this week! I am a holder of gla! so lets see

FWIW, Nickel news from today's FT.com:

Nickel rose 3.5 per cent to a record $20,000 a tonne as traders said that hedge funds were betting on disruptions to output from Incos Sudbury facility in Canada, where wage negotiations are ongoing and the current labour contract runs out in mid-May. Inco has also forecast a 10,000 tonne global nickel deficit this year compared to an 11,000 tonne surplus in 2005.

Just did a bit of a switch as I think that this is going to take a while to mature - sold half my holding at a modest profit and bought another chunk of RDG, whose price rise over the last few months has been fairly impressive.

Ouch! Results out today and the news is very mixed to say the least.

I am glad I sold all of my holding in GLA a couple of weeks ago. The Skaergaard write-off in today's results is a bit of a shocker!

I read in the results that "it is unlikely that production will commence at Pebble before 2012."

Malmbjerg (InterMoly) is also at least a couple of years away from the serious groundwork taking place, although the Pre-Feasibility Study is now underway.

I'm asking myself what GLA is planning to do for spending money, since they have little cash at present.

One plus point is that GLA's investments in other companies have appreciated considerably. Against this is the fact that these companies are also at early stages, plus the current uncertainty in the stock market.

As a current non-shareholder, this one is staying on my "watch and wait" list. The SP could get cheaper if we have a quiet summer and/or the current unsettled conditions persist and could alsotake a while to recover.

In the near term I would think that there is better value to be had elsewhere. I apologise for changing my mind, but a lot has changed in this company's prospects.

Still, WDIK, PDYOR, etc.

Strewth! Glad I at least managed to avoid this one! ..... Pal of mine was commending it to me a couple of months back ..... I recollect making and actually taking a small profit ..... What chance for this sort of stock, when quality gold shares like POG, and I am sure a bundle of SA mining stocks, take an absolute hammering.

Yup - my Ridge Mining is taking a walloping as well, although I'm not convinced it's entirely justified.

GLA will be a bargain one day. IMHO. Maybe.

Cluff Mining got a good comment in recent "Shares" mag - am watching it. SP down 25% in a month . . .

after last years shake out, this one appears to be bouncing back strongly, is that a golden cross i see two months ago...? seems to have strong momentum behind it...

BT, today's rise could be related to the fact that GLA has a stake in IMY (if memory serves), which has received a takeover bid.

Yes it's nearly wholly owned by GLA - odd then that the sp rise today is only 5% whilst IMY rose 50% - this may be the effect of punters buying an illiquid stock - better to buy GLA...glad I did, although I'm not at all sure about our Management - why did they sell-off another investment? Seems GLA is more willing to do Deals, rather than get the shovels out.