Griffin Mining

GFM is now within 10 days of commencing production and as it has stock piled zinc ore during the mine construction period the company should be in a position to forecast with confidence that it will comfortably beat not only the brokers current forecast but also the later extrapolated projections prepared by me to reflect the prevailing higher zinc price. Those projections were for earnings of 3.33p this year and 12.1p for 2006.
The income will also facilitate a more extensive drilling and exploration programme, not just for more zinc, but also gold so there is scope for a steady and positive news flow after the 15 May production start date and the publication of their results around that time.
The shares have been overlooked by the market as the current price does not reflect the transition from pure exploration company to production/income producing status.

A rise of 2.25p today is a start but doesn't adequately reflect what the share price should be at this stage in the company's life. It is still well over-looked by the market.

Strange day though......
Down & quiet all morning then a sudden rush of buys.....
News brewing hopefully....

Dibbles,Have you been a holder of GFM for a long time? I have been trying to find out where the 15% stake which was sold by RAB hedge fund went. It was sold about a month ago and appeared to have been sold at a premium to the market price. That would seem to make a decent platform on which to a takeover which must be something that GFM is vulnerable to now that all the hard work has been done. Anyone getting hold of GFM at current levels would be getting it far too cheaply; its surprising that their brokers are not doing more to publicise just what a gem of a company this will now be in a sector otherwise littered with hopefuls.

Sharesure

Been holding a few months....
Haven't a clue about RAB's holding personally but on another bb they seem to
think it found a more than willing buyer....
The takeover rumours have hit the press a couple of times so i suppose there's
no smoke without fire etc. but GFM have a good relationship with local gov.
that might not appreciate new partners..imho.
It was suggested that 55p was turned down by directors to a previous approach
but where this information comes from is anyones guess...

THIS INFORMATION WAS PUT ON IN MAY LAST YR IN MAY2004 TWO RIVAL GROUPS WERE WANTING APR 50P PER SHARE (IF YOU SEARCH LIST SHOULD FIND IT)WAS TOP OF LAST LIST.

PARKIN

Was this information fact or more rumour?

According to one of the err.. 'enthusiasts' on advfn

"Page 9 Financial Mail.

Big Letters.

Griffin's debut in the black.

Rumours of a take-over bid soon from Ivanhoe "

There's a lot of ramping going on over there but if this is true then it ought to bolster the price.
Apparently the same poster says E K is shorting GFM and may get burnt.

Slightly off topic - I heard some posters get paid up to 28 per post to ramp or deramp shares - I wonder if this is just an internet myth or based on fact?

brian,

where did you hear that please?

I could do with 28 per hour! (only kidding)

I agree with the ramping comment from ADVFN, one guy is predicting 2.50 per share! LOL!

Clearly there is good potential upside here, and a bidder would have to offer a premium, but that's all, they are hard nosed businessmen, not charitable institutions.

Tomorrow may be interesting.

I don't know about 28 a post but the fact that a fund manager was recently
done for posting false & misleading information for his own gain proves how
far some will go imho.....

As far as today's news article goes, i don't doubt we will be on many vultures
radars but i wonder whether this is recent information they have heard or just
a re-hash of past rumours?

E K is shorting GFM , he may have done it in the past but would he short it now of all times.

http://hometown.aol.co.uk/coopbluechip/myhomepage/business.html

That's a link to the news that the black bird put up.

As for the 28 a post for rampers I think I heard it on a radio programme?

The talk about takeover swirled about almost a year ago by the Sunday Telegraph when the share was sitting about 27p the figure quoted was anything upwards of 50p! I brought into the sock not long after as a long term punt. the shares then where shorted in Germany for months until they hit the 16p mark.

I held my nerve and eventuallt sold out my position when they where at an all time high of about 37p I felt they looked full value with house broker price tag of 27p.

The rumours will probably come through but its worth noting that about 9 out of 10 deals never come through. Im gonna get back into this stock when it hits 30p again on the basis of its credentials! Buyinh at 30p is a sure way to make money in a few days the way this one bounces....It still is a very lucrative takeover due to the price of Zinc and the fact that every element of drilling to production went to plan (very unusual) tomorrow should be interesting, i really hope I get a chance to get back into this one incase a 50p bid does emerge.

I'd love to know who had that 15% stake.

I don't think we'll have long to wait. The Mail/Sunday Mail have long been fans of GFM and have been remarkably reliable in terms of timing of announcements! Anyone would think they have an inside track although this time round the Resultys are known to be ready for publication! I haven't seen their comment today; did it say more than has already been posted?
What is urgently required is a company broker forecast update. The forthcoming results would provide that opportunity and the drilling results/gold assays need to be in plain English, ie not requiring a Geology degree. If they don't use this moment to do so maybe GFM will need to consider seriously that now is the time to change their broker to an organization more suited to their new status.

Griffin Mining Ld
09 May 2005

GRIFFIN MINING LIMITED
9 MAY 2005


GRIFFIN MINING LIMITED

PRELIMINARY STATEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2004

Griffin Mining Limited ('Griffin' or the 'Company') has today published its
results for the year ended 31 December 2004.

The Company recorded a profit for the year to 31 December 2004 of $398,000
compared to a loss of $20,000 in 2003.

Foreign exchange gains of $939,000 were achieved on foreign currency deposits in
2004 compared to $476,000 in 2003, whilst interest income increased to $507,000
in 2004 compared to $90,000 in 2003. Operating costs in 2004 increased to
$1,048,000 (2003 $586,000) as a result of increased activity with the
development of the Caijiaying zinc gold mine in China. Shareholders' funds
increased from $13,365,000 at 31 December 2003 to $29,336,000 at 31 December
2004, with the benefit of the profit for the year, a placing of 35,000,000 new
ordinary shares, and the exercise of options and warrants over 7,100,000 new
ordinary shares, to raise a total of $15,630,000 after expenses. With completion
of these capital raisings, which fully fund construction of Griffin's zinc gold
mine and processing facilities at Caijiaying, exploration and development costs
incurred to date of $6,419,000 have been reclassified as tangible fixed assets
in accordance with International Financial Reporting Standards. Further
expenditure of $10,037,000 was incurred in constructing the mine and processing
facilities to 31 December 2004. Dry commissioning has now commenced and
construction costs are in line with that estimated in the feasibility study
produced in August 2003.

Mladen Ninkov, Chairman commented as follows:

After a long, arduous and frantic 7 years, having weathered the doom merchants
and scaremongers, the Company stands ready to deliver on its promises with
completion of construction of the Caijiaying processing facilities and the
development of the underground mine workings at Caijiaying. As we go to press,
dry commissioning has begun at Caijiaying and, by the time of the Annual General
Meeting of the Company, full production should have commenced. To our
knowledge, Caijiaying will be the first foreign owned and built, new hard rock
mining operation in China in over 100 years.

The last 7 years have shown management to have made some significant and
positive decisions. The Company now has a project almost in production with no
debt on its balance sheet, no hedging commitments and substantial cash balances.
This is a unique and extremely strong financial position for the Company to
find itself in. The Company is not hampered by penury commercial bank
covenants, nor the need to pay interest on any debt and has not been hamstrung
by the obligation to sell forward its base and precious metals production.
Significantly, the Company was able to avoid the need to appoint an EPCM
contractor to build the Caijiaying facilities on a 'fixed price' contract basis,
a usual requirement of bank financing. Instead the Company itself has
controlled the building of Caijiaying due to its strong balance sheet position.
The cost savings to shareholders have been substantial.

This does not mean, of course, that the Company will rest on its laurels. The
Company operates on the well known expression, 'If you are not moving forwards,
then you are moving backwards.' However, unlike so many other mining companies,
the success of Caijiaying will not be dissipated by leveraging into an unwise
acquisition or joint venture. Caijiaying still has enormous, untapped
potential.

In the first instance, the Company will immediately start examining the
viability of expanding its production to 150% of its planned first year
throughput. That will be a primary focus of the Company. Secondly, a huge
amount of ground within the Company's licence areas at Caijiaying require both
primary and secondary exploration for precious and base metals. That also
remains another primary focus of the Company. Thirdly, the Company will
continue to investigate, conduct due diligence and make calculated decisions on
any future mining acquisitions. These may occur anywhere the management
believes it can find extraordinary value with a project which can weather a
commodities downturn and provide the necessary shareholder returns. Inevitably,
our first country of interest has been, and will remain, China. Although we
have examined many acquisitions in China, none has yet met the mining,
metallurgical and financial criteria we have set for the Company. The Company
remains optimistic that such a project will be offered in due course following
the commissioning of Caijiaying.

Further information

Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited

Philip Davies Telephone: +44(0)20 7953 2000
Charles Stanley & Company Limited


Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).

Very positive statement...does anyone know when the AGM is???

The AGM is usually around the beginning of June. I did hear that it might be on the Friday, 10th June. I am confident that this year's AGM will provide much more information on the real value of what GFM has found and a timetable for drilling in new areas, particularly the southern end where they have already indicated there are richer gold deposits.

What a perverse market we're in. GFM's recent good news is rewarded with a weakening share price. This stock was plagued with shorting problems eminating from Frankfurt some time ago. It would be unjust if they were to be hit again by the same misleading information.Maybe when further drilling results come through that will catch out any shorters if they are trying the same again..

Just found out that the AGM is planned for the morning of Friday, 10th June in the West End. Expect the Board to announce more news then on both increasing production quicker than originally planned and the programme for assessing the gold reserves in the south of the permit area.

Another week and still Shares mag. ignores this stock! That's in spite of the company going into production this week.

sharesure, you sound as exasperated as a few of us did on the seo thread this time last year. then , just when you give up hope of ever getting a mention , tim freeborn does his fillyaboots full page spread!!!!

No doubt they will jump on-board once the sp doubles......
Strange how many sells their were today considering how close we are to minestart though each to his/her own strategy.......

bosley, I hope that you are right! But hasn't Tim Freeborn left to join Evolution?
dibbles, in my view it'll only double when the brokers do their stuff with giving proper updates to their forecasts. The last ones were based on lower finds, a lower zinc price and lower production target. If they don't produce something soon I reckon there will be plenty of calls at the AGM on the 10th June for them to be replaced by a more pro-active firm with maybe more clout with institutions. My concern is someone making an opportunistic bid for them and getting away with it. I still don't know if the company is aware of who bought the 15% RAB stake. The turnover suggests it is not being/has not been sold in the market.

yes he has , sharesure , and he has taken his tip with him. he is still very bullish on seo.

I've tried getting Shares mag re interested but they just won't play. They don't even factually report news from GFM, it's as if the company doesn't have a quote! Maybe a share tip sheet will pick them up, they need more exposure since they are too cheap on their current fundamentals.

Whats happening with GFM......we have now passed date when production should have started, but not a word....not a RNS from them sating few days delay or anything......im getting worried....if there's problems with component machinery, i wish they would tell us......it's just the silence.........

I am sure we will hear something soon as the chairman said in his statement ' All that remains now is for the market to understand and value the unique project and position Griffin has in China. We await the day.'

I think that day will be upon us very quickly :-)
Di

I hope you are right....lol

Report & Accounts were in yesterday's mail. No new information other than confirmation that everything is going according to plan. Wet commissioning which is going on at the moment involves putting the stockpiled ore through the system to test and produce their first zinc and gold (what a by-product to have thrown in for nothing!)
The Annual Statement mentioned that a lot more drilling is now going to happen over the next few months; that should produce some good newsflow as I think they are already confident that the existing gold finds will be enhanced by drilling further south in the same area + there is the olanned drilling between the various zones to confirm that they are linked.

all,

Yet another mining junior falling on lack of news, and yet, on paper, this looks like a strong hold/buy IMHO.

I has been waiting to take a position, buy every time I contemplate buying, it drops again!

I can only think the market is awaiting confirmation of full production before re-rating this stock.

At this price, it looks like a buy to me.

It has really strong support near 30p it bounces right off it towards 35p, im trying to time this one as well but, its a great long term buy IMO

1.1m Broker buy should kick this off to a good start on thursday. It cannot stay so overlooked for long

Andy
What are you waiting for then! Buy!

http://Griffin Mining

http://Griffin Mining ">

Tried to paste British bulls buy recomendation.

Aldwickk, that link didn't work; what did they reckon on timescale and value?

British bulls are chart based, only for short term traders.

Is this finally a good time to buy? Well, it depends. First check what happened at after hours trading and future values. Then, follow the next session very carefully and be on your toes. This candlestick pattern is a bullish one, but we have to see whether it will be confirmed or not.

Do you see a gap-up at the market open? Do you see a white candlestick forming with a higher close at the session's end? Shortly, is it a nice bullish day? If so, place your buy orders and open new long positions. The market is now on the bull side.

But, be careful, also. If you see a gap-down when the market opens, or if the session closes with a bearish sentiment producing a black candlestick characterized by a lower close, do not challenge the market. Ignore the BUY-IF alert. Cancel the buy orders and cover any new long positions that you might have opened. Bears are still in control.

[MOTTO OF THE DAY]
Buy only if the bulls are in charge
Forget about it if the bears surge

Thanks for the Bullshare piece. Shares magazine still did not report this company in spite of their results being issued before press date. Suspect they cannot ignore them next week and if their conclusions on Zincox are to be believed and they comment in a concistent way then they are certain to rate this a strong Buy at the current level. Anyone going to the AGM on 10 June in London? Might be well worth it.

Surely this sp should not be going down. The company confirms all that they said would happen has or is happening within the timescale and budget. It would be perverse if this company got caught up in any shake-out of exploration companies, particularly since it is a now fully funded producer with the cashflow to carry out any more exploration from its own resources.

Sharesure this is a crazy price for Griffin but it seems to me that it is being pushed up and down for short term traders. I think this is just a buying opportunity and I have just topped up again. Hopefully this will be the last time that Griffin sees this price. Once production starts it should really fly.
Di

Looks like the major ramper on advfn is now deramping under his other guise (tourtured soul) - I'm undecided whether to pull the plug myself - chart looks non too good!

Sod the charts and the derampers...Griffin has been the only miner to my knowledge that has kept its promises todate. Have patience it will not stay below 30p for long. The potential is huge.
Di

Do you mean Raven ?

Aldwick there are so many Derampers on Advfn it is like a mad house reading the posts on there for any stock...not worth reading except occasionally some one gets hold of proper info.
Di

Reassuring to hear from you all and know that there are others who rate this stock; I have no intention of selling my shares unless there is some big change in the news, either with the company or China. The chairman has always claimed that on the basis of what they originally found the value/share was 100p. But since then they have improved their find and the zinc price has gone up; it defies logic that the sp remains so flat even if the chairman's view is ambitious.
I heard a comment that local Chinese are prepared to pay a considerable premium for local supplies of zinc to save the cost and logistics of importing it so there should be an instant and easy cashflow from the processing now happening. The company's broker seems to be very pedestrian in getting the company the recognition it deserves. Maybe a weekend paper will do the job for them.

The Investors Chronicle made a mistake stating Griffin had no gold licence. They got it wrong. I spoke to Griffin and they said they have a gold licence. The IC said they would print a retraction this week.

GFM (along with many others) appears to be suffering from forced selling by the hedge funds.
It seems they heavily invested in commodity related AIM funds months ago, however a fortnight ago they (or some of them) were badly burnt in the corporate bond market when GM's bonds were downgraded, forcing them to raise lots of cash in the market. To do this they had to sell some of their recently aquired AIM stock - hence the fall in AIM stocks across the board as the mm's knew they had them by the short and curlys.
The question for GFM holders now is just how badly the hedge funds are burnt and whether they will have to continue their dumping of stock. Not an easy call for us retail investors who will only find out a fortnight or so after the boys in the City!

Well Brian...I can see how that would affect GFM's price but any day now we are gong to hear that full mining production has started so I woul have thought that the Hedge funds will opt to dump other longer term mining stocks. Either way the price will rise once mining commences IMHO
Di

Hopefully!
I guess it's a testament to GFM's quality that it hasn't fallen further as the hedge funds have apparently been forced to sell their best quality AIM stocks first. (The crap stuff was marked down too fast by the all knowing mm's and the only buyers of the rubbish were short sellers closing and some unfortunate Bulletin Board readers).

1 mil trade gone through as unknown - very interesting !!

We know that RAB sold their 15%, but do we know who's got it ?

No but I wish it was me :-(

When I talked to GFM recently they stated that everything was on track for production but actual date was delayed by approx. one week, presumably to fix minor bugs in the plant. Not a bad record to miss by such a small margin.
As for the Investor's Chronicle comment re the gold licence, it really makes you wonder how they do their research to get such an elementary comment wrong!
I have had bad experiences following their mining predictions, so let's hope that their rating of 'fairly valued' is also wide of the mark, but on the pessimistic side. If Shares mag.'s assessment of Zincox is anything to go by they must view GFM a strong buy; there should be a write-up tomorrow following the results published last week.

Sharesure,

I really don't think the journos research every share, they wouldn't have time, they simply digest information given to them by brokers, analysts, and the PR guys IMO.

That is why a lot of the articles are similar, because they had the same source.

Shares Mag seems to have avoided commenting on GFM yet again in spite of the Results last week. Maybe they don't cover the mining sector anymore! Anyone else feel like writing to editor Jeremy Lacey to ask why no mention of them. I am sure they could write a more accurate and believable appraisal than Investor's Chronicle managed, but how long before they get around to it!

Sharesure,

Shares Magazine certainly DOES cover the mining sector, as an example, see today's edition, page 34!
"The Prospector" is a regular, and good, weekly column IMO.

There are thousands of shares on the LSE, Shares Magazine can only mention a fraction each week, as can the IC.

To expect them to feature Griffin over others that may also have good results or equally interesting stories, may be asking a lot. Maybe you should be asking why Griffin's PR guys aren't pushing the story more?

The IC comment that I saw was in the results section, and was only a small comment, of one sentence, certainly not an article.

Which IC was the appraisal you refer to in please?

It would appear that minestart is already priced in, so on that basis a Shares article won't help raise the price, as a negative comment in the IC last week didn't lower it either.

Andy,

Even with minestart already priced in , when it starts you are going to get a lot of retail investers buying in, and profit taking if it moves up , but also mention in the press, and there is always a bid lurking in the background,that 15% RAB holding might be with one now.

aldwick,

Well Oxus minetstart was an anti climax, and with the current soft market sentiment, I wouldn't bet on a flood of retail buys, it MAY not happen!

re Rab's 15%, yes it would be interesting to see where that went.

Andy, I accept that Shares cannot cover everything. Where I take issue with them is how they seem to get locked on to some, mentioning those time after time, and ignore others. Agree with you re GFM's PR team/consultants and their Brokers ineffectiveness. I guess the company must be considering making some changes some time soon if that doesn't improve.
The IC results bit of last week was inaccurate over their comment about GFM's mining licence; what I find odd is that they made that mistake but apparently they are to publish a correction tomorrow. GFM's price has weakened this week although that may have more to do with hedge fund activities than any lack of press comment.
I'm happy to lock these away and wait for them to start making their profits, unless the chairman makes any comments at the AGM on the 10th June which change my mind.

Sharesure - I hope you're not suggesting any shenanigans amongst Shares journos - As the whole world and his dog knows financial jounalists are as honest as the day is long! As, of course, are all those involved in 'The City'.

Definitely not! Just some times it gets tough keeping the faith.

Sharesure,

I guess they are like us in that we focus on certain companies/sectors, as there are simply too many to take in otherwise.

I also think they are part of the financial 'industry', and will of course have friends in PR companies and brokers, so may be more aware of certain companies than others.

The IC printed an error (not too uncommon in the media IMHO) and after a shareholder pointed it out, apparently they will print a correction, which seems reasonable to me.

I once pointed out an error to Shares, and they didn't print a correction!

If there is value in Griffin, (and I think there is), it will out, regardless of press comment, or even the lack of it, IMO.

Andy, Agree with your comments. I expect GFM will likely come alive when they start drilling more areas and find more reserves, as the news that they will be actually producing zinc and gold as of next week seems to have been taken for granted. As far as value is concerned, if zinc stays at the current price level or they manage to sell at even better rates on the local market then the PE will in a very short time, (like 12 months?) be under 5, possibly as low as 3, which can't be bad. But until then......

Sharesure,

Well they are up 0.5p already today!

I was reading the 2004 annual report last night, and it does look good, I have to admit.

Andy, If the hedge fund shake-out has now run its course that should enable GFM to steadily improve; it just doesn't look like this share is going to achieve its proper level overnight unless, of course, there is a bid; despite the rumours some time ago that doesn't look like its just round the corner, does it?
Are you going to the AGM on the 10th? I know some of the other shareholders who are going; this year should be better attended and hopefully the company will have some more to say about the increased production target and drilling programme.

How is any exploration upside to be shared betweeen GFM and the Chinese Government?
The present value of the after tax profits stream depends on among other things the exchange rate. Can anyone enlighten me on these 2 matters? If the Chinese realign their ccy, would it not massively reduce GFM's profits? Thanks.

nobull, The first 3 years proceeds are 100% to GFM; after that the Chiese kick in for 40%, so it really is an incentive for GFM to maximise revenue asap rather than slowly build up. As for how they deal with future finds, ie do they get a further 3 years at 100% on those finds, that is a question I want to get answered at the AGM.
As far as currency appreciation, if the yuan is revalued, 5%?, then that would lower the repatriated funds. As all their costs should be in local currency, and if they sell locally, which seems likely as China is a net importer of zinc, then it shouldn't affect the costs/revenues of the actual mine, in my opinion.
Interested if anyone has any different thoughts on this.

Thanks sharesure for your answer. By exploration upside I meant anything that is as yet undiscovered. I see GFM has exploration licences that cover a bigger area than that for which they have a mining licence for. The best scenario from GFM's point of view is a finders keepers one (they keep everything they find in proportion to the shareholdings held by GFM and its local, Chinese partner in the joint venture subsidiary that owns the licences. The worst is GFM is paid a fixed salary or fixed rate of return regardless of what it finds. I am a bit wary about investing in this, although I sure would like to ask Mr. Ninkov a few Qs at the AGM. Would not the latter scenario be possible by setting adverse terms for the mining licence after all the exploration expenditure has been incurred? I have no view on whether the current share price at 29.5p or thereabouts adequately discounts the expected cash flows from the production figures they want to achieve as quickly as poss. (for the reason you outlined). I am interested in whether there really is substantial exploration upside in this stock or not. The geology sounds good, but China needs the money for its people too much to be giving it all away to GFM, does it not? I haven't a clue about the outlook for zinc other than it hasn't done much in sterling terms. The gains in $ on the LME zinc contract don't amount to much for UK based investors?

Nobull, The question you raise is a good one; if you aren't able to get to the AGM on the 10th I'll ask it for you. Up 'til now Mladin Ninkov/Roger Goodwin have been good at getting the right terms for GFM. They have the incentive of some quite highly priced options to ensure they don't miss out on opportunities.
If you cannot wait til the 10th Roger Goodwin, FD, is usually forthcoming if you call him.

Now Griffin really begins!!!;

Griffin Mining Ld
31 May 2005

Griffin Mining Limited



31 MAY 2005



DRY COMMISSIONING SUCCESSFULLY COMPLETED

&

COMMENCEMENT OF WET COMMISSIONING

OF CAIJIAYING PROCESSING PLANT


Griffin Mining Limited ('Griffin or the 'Company') is extraordinarily pleased to
announce that dry commissioning of the Caijiaying processing plant has been
successfully completed and wet commissioning has commenced with initial
production of zinc concentrate expected in mid June.



Mladen Ninkov, Griffin's Chairman, commented on these developments as follows:


'The Company has fulfilled its promise to its shareholders and the market by
commissioning, what the Company believes, is the first new foreign owned and
operated mine to be constructed in the Peoples Republic of China in the modern
era. This was achieved on time and on budget. The scale of this achievement
cannot be exaggerated. I congratulate all those who contributed to this
outstanding success including the long term shareholders, financial advisors,
consultants, contractors, government authorities, management and the directors.'





Further information



Mladen Ninkov - Chairman Telephone: +44(0) 20 7629 7772

Roger Goodwin - Finance Director

Griffin Mining Limited



Philip Davies Telephone: +44 (0) 20 7953 2000

Charles Stanley & Company Limited



Hugo de Salis Telephone: +44 (0) 20 7242 4477

St Brides Media & Finance Ltd



Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).

Further information on Griffin Mining Ltd is available on the Company's web
site:
www.griffinmining.com



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

Dynamite, Let's hope so. They deserve success. Just hope they don't encounter the attention of shorters trying to upset what should be a good run from now on. Are you going to the AGM on the 10th June?

Excellent news, everything on track ( I think one week delay is assumed after todays RNS?
I follow the stock on ADVFN, this is quite a decent thread too and doesnt suffer from the spate of non-GFM related posts on ADVFN of recent times.
Hedge Funds - no way of knowing if GFM were affected by them. Whatever, I have been buying over the last few weeks. In the 2nd Quarter china's growth remains over 9% for the year. ZINC remains a growth story and reserves continue to reduce.
IF! the stock has been attacked by a hedge fund, I believe that recent run on AIM stocks has been completed. The FT last week also said as much and the Hedge Funds had found equilibrium. IF so, and IF GFM were affected, you are looking at a deppressed price for a solid stock. all IMO of course and PS I see absolutely no enidence of Simon K ( Evel K) shorting GFM, Sinon's way is usually to announce his presence so you'd probably know it. HE's never posted.
H.

Hectorp,
That's reassuring re shorters; my concern was a repeat of last year's Frankfurt stock exchange debacle when the sp took a big hit. I would buy more in GFM but apart from being reasonably well represented in it I need to sell other things first.
GFM had confirmed to me there had been a one week delay for minor snagging issues; that is inevitable. What the company now seriously needs is a reliable broker update and, if possible, a few more new drilling successes; I guess the latter will come over the summer when they get the results from their newly acquired rigs which will be doing more work on the gold area + trying to establish with certainty the link between the various zones, partic. 2 & 3.
I am hoping that the AGM will be the time for a great deal more information on production targets + drilling programme.

Sharesure...I wish I could go to the AGM but never mind...I am sure it will be good. Griffin have consistently met all their targets and are set to make a lot of dosh. The agm should hold furtehr good news me thinks.
Di

Dynamite, I'll post anything I find out which is new from the AGM.

Thanks SS

This is weird. Not one buy recorded on the trade record, all sells bar one not known; and the sp rises a fraction. What is happening?

Weird indeed Sharesure - Normally you would feel that the MMs are collecting but the spread is not large enough to put off ordinary buyers. Any educated views out there ?

Absolutely none I'm afraid...
However, are these 'buys' and 'sells' being observed on stockwatch?
Only they don't always reflect, I've not long sold some RRS and it
was down as a 'buy'presumably as the bid was better at that time.

Just ticked down - probably my fault sorry - Jone will however, be a good month IMHO

Would be interested to know why you did sell if you are prepared to say. You are among a great many others today; according to the ticker there was only one buyer which is a little surprising given the company's confirmation that production is underway. I'm concerned that I have missed something; on the basis someone always knows something more, in this case about 50 others if the Trades are correctly being reported!

Oakapples, whatever you were going to post didn't get there.

Sorry I have nothing useful to say (probably as usual) but I do have faith in this company and am a indefinate hold

Oakapples, Had assumed that when you blamed yourself for the tick downwards you had been one of the sellers. This sp is behaving very oddly unless the company is being bad-mouthed somewhere else. I still find it odd that Shares mag. does not even report its annual results let alone offer a view while at the same time providing space for many more smaller cap or higher risk cos. If they are monitoring this thread maybe they would like to say why.

Sorry again - see now where you are coming from - Was taking the blame for drawing attention to the fact that there had only been one buy and a multitude of sells - felt the market had not noticed until we pointed it out !! lol
Much agree about Shares Mag - it hasn`t dropped through my door yet - so may be to-day is the day - probably not or we would already have lift off

The nearer it gets to full production the lower the share price goes, How long does wet commissioning take ?

I think it is weird that Griffin has dropped now but then alot of people have been in this from 3p so I cannot blame them. IMHO the price will rreally start to rise on the day of the AGM ...those that have the patience will make a fortune on this share. DYOR

If the Moneyam web site Shares mag. co. index is correct then yet again they have ignored GFM. I am sure you are right, Dynamite, that this will be a great share when the Brokers start putting some forecasts together. Personally, I think they need to really move forward their drilling programme since they have only properly looked at a fraction of their licence area.
aldwickk, the wet commissioning ie trial production is happening now for two weeks; at the end of that ie mid June, they should have their first batch of saleable zinc concentrate, and presumably a bit of gold too.

Do you think the mm's are now buying stock ahead of full production? it looks like they are playing games with the price.

Another drop below 28.4p and I'll be below my starting point
and looking to average down - you may have a point aldwickk

Some fairly hefty trades there at the end-150k x 3. Seems strange with all the
news/production coming.
Sharesure, at the agm could you ask if they are confident with regards to all
dealings with chinese gov.
For example bringing profits home/out of china.....TIA....

GFM confirmed that there was nothing untoward as far as them getting production going. Their brokers view was that they were being affected by the general reluctance to get involved in mining stock; unlucky timing, but in the end profits will speak for itself in the sp.

Dibbles, have asked about repatriation of profits before and been assured that there is no problem to that; if the yuan is revalued that will inflate the figures but those in turn will be affected by the zinc price being quoted in dollars.

All: If anyone else is unable to make the AGM and wants any questions asked let me know and I'll try to get some worthwhile answers.

Nice volume/weighted buy of 500k just gone through + some other reasonable buys. Still weird that 835k buys cf 297k sells equals a lower sp!

sharesure,

And afterwards 2 x 250,000 sells, to counterbalance the 500,000 VW.

Sorry but the sells are outnumbering the buys, that's why the price is falling.

I do wonder what is causing this, as I can't see any problem with Griffin at all, and they have done their minestart and confounded the doubters.

AGM next week, and not before time IMHO, they will have to put something out to the market soon if the price continues to fall IMO.

Andy, Seems to have sorted itself out now after that, buys matching sells and a steady price; agree with you about the AGM. I think the company may be disappointed about the sp, but are also relaxed about it as they have no need to raise any money to carry on their drilling programme. It's an unusual, and enviable, position for an exploration stock to be in. Compare them with Zincox's position and you will see why. If they cannot go ahead with their plans that should help zinc prices to improve still further.

:>)

I'm not going to say it cos it may jinx it but the you-know-what
is going-you-know-where and a :>) should be a further clue!!

Feel better now; Mail on Sunday used to track this stock regularly; nice if they would do what IC and Shares mag. don't! IC didn't even have the good grace to admit it had misrepresented GFM's mining licence; still at least they know the company exists, whereas Shares mag. doesn't appear to at all!

Feel better now; Mail on Sunday used to track this stock regularly; nice if they would do what IC and Shares mag. don't! IC didn't even have the good grace to admit it had misrepresented GFM's mining licence; still at least they know the company exists, whereas Shares mag. doesn't appear to at all!

Sharesure,

IC printed a correction last week.

Oh, missed that. It must have been tucked away? Anyway, let's hope next week GFM is abit more inspiring.

sharesure,

It was near the back of the IC, on a right hand page, in a crimson/red coloured column on the extreme right hand side of teh page, with a list of the weeks events, and it was below this list.

Edit.

Page 59, column 3, 3/4 of the way down the page, last week's issue.

Andy, Thanks. Looks like GFM is headed for a better week, all buys so far, and as far as I know that isn't because of weekend press comment.

Well just 'cross' everything chaps and chappesses!
x:>)-X: (crossed bunny ears and legs!)

Crawling back up, but the low volume is a real surprise. When is the market going to catch on that this is a company that will have a PE of under 5 inside 12 months, with afully funded drilling programme over the remainder of this year thrown in for nothing. I recognise that the good gets pulled down by the bad when sentiment is against the specific sector, but this is rediculous.
Hope Friday's AGM results in a higher profile.

its cash earnings that count in these markets which are full of blue sky propositions.

But this isn't blue sky. Its earning profits from its mine now.

I think I got barred for a few days for saying that all Financial Journalists were as honest as the day is long earlier in the thread - I suspect some control freak thought I was being ironic and stopped my log ins for seven days!

brianboru : Sensitive lot! Now you are back have you any views on GFM's lack of appeal? It's crawling back up oh so slowly , having skidded down all too quickly the other week. There are plenty of crap exploration stocks around which won't ever make a profit, and will more than likely go bust after a few cash calls; this one looks to be one of a very small number that should succeed in style. Or have I missed something?

I remember being in JKX some time ago watching the sp bounce around 40p.
They came out with good results and dropped to 36p & I started to wonder if
the market knew something I didn't.
Eventually I moved on and for no particular reason they flew.
I don't know when these will fly but this time I'll still be here when they do
as I'm sure they will sooner or later.

Sharesure

As you kindly offered to take any questions to the agm I'd be interested to
know with regards to the co.s recent comments on being on the lookout for other
opportunities/aquisitions are they:-
1. Only talking about China..

2. Looking for further exploration licences or actual working mines.TIA.

RPT 1,231 Low risk = 100 Very high = 700
BFC 594
PET 584 Reuters risk grades,
SEO 378
CDN 358
CEY 236
GFM 202
JKX 159

dibbles, will ask your questions. They were meant to have a deal going with the Indian state owned exploration business when there were plans to privatise it about 18 months ago. The gov. shelved it, but I'll find out if that is now not ever going to happen.
I have had stocks that the moment you turn your back on them, they fly. It's perverse! I just keep wondering if I have missed something on my research of GFM since I haven't uncovered anything that would suggest they will do anything other than produce profits from now on. I accept that there are always the political risks, ( I reckon reduced due to China being in the WTO and also hosting the Olympics, so wanting to show everyone that they know how to be part of the international community) and mining risks generally, but this mine is not that deep or in an unstable geological area.

aldwikk, where did your risk scale come from and was ZOX on it as they are in zinc production so would provide a benchmark?

ZOX 182 Risk grade. http://investing.reuters.co.uk/stocks/quote.aspx?symbol=zox

That's interesting that ZOX is regarded as slightly less risky. I thought they had still to build their smelting plant (raising further funds to do that?) cf GFM who haved achieved that and are now producing. I guess it is time to wait for events to unfold at their own pace, but unless there is some factor out there which I have missed in my research GFM still looks to be the better bet both in terms of timing and level of certainty.

Not one 'buy' today. Does anyone know if this stock is being bashed somewhere?

SEY risk- 164 ... @ only 16p!!!

Tempted to say so what, this thread is about GFM! Mining/exploration stocks generally seem to be no ones' favourite at the moment, but that just gives buying opportunities; in the end profits will drive the price up to the more appropriate level for those stocks that are worth investing in. there is a silver lining to the recent shake-out; alot of rival projects requiring funding will not proceed, driving up base metal prices for those able to meet the demand.

It's still one of mine although I wish it would get some real
publicity somewhere on it's prospects alone. No sign of Brian...???

aldwick,

thanks for that site, my three main shares have a risk rating of 215, 164, and 157!

GFM's PR team and their brokers have not helped much. apart from a bullish report from Chas. Stanley last December they appear to have resigned themselves to believing that they cannot do more; it leaves GFM's mgt. very exposed to an opportunistic bid at a price probably none of us would agree reflects the company's existing worth, let alone its potential.

450k x trade at 29p near the end of day..
I know most trades but not sure of an x trade, can anyone help?

Is it a cross trade from seller to buyer?

p.s.- Sharesure, thanks for that, lets hope they send you home from the agm
full of confidence.

X = Agency Cross where a buyer and seller are matched by the broker resulting in single price.
At 29p might bode well for tomorrow;

Optimism yesterday was obviously misplaced; GFM down a further 1p today seems to be without friends at the moment. I cannot see why, and neither has anyone been able to tell me anything untoward. Their PR team and brokers have alot of answering to do at the AGM, after all the mgt have done all they should do, the smelter is processing ore for the completion of the wet trial next Tuesday and after that it is into production of a commodity the Chinese need and currently import. So where is the problem which causes s/hers to want to move on elsewhere? I wish someone could tell me what I have not factored in.

What time is the AGM ?

aldwickk, 10.30 at 1 Greek St. just off the south-east side of Soho Sq. The building is called The House of St. Barnabas-in-the-Square. Hope to see you there. Usually there are as many shareholders as mgt. and advisers so there is plenty of opportunity to ask all the questions you want either during the meeting or before and after. Whether this year's meeting is better attended than previous ones, we'll see. It should be, if only because GFM has reached a crossroads from being totally exploratory to a mix of exploration and production. If you can't make it but want some questions asking, let me know tonight. Otherwise hope to see you there.

sharesure,

See you tomorrow!

Andy.

GRIFFIN MINING LIMITED

10th JUNE 2005

UPDATE ON PROGRESS AT CAIJIAYING


At the annual general meeting held today the Chairman, Mr. Mladen Ninkov, gave a
report on the progress of the development of Caijiaying. The Chairman reported
that both dry and wet commissioning had now been successfully completed and that
production was to commence next Wednesday, 15th June.


Furthermore, the Company has successfully contracted to drill 18,000 metres of
exploration drilling with a reverse circulation ("RC") drill rig to test the
extension to the zone III ore body and to test the epithermal gold anomalies at
Caijiaying. The RC drill rig is currently on route to China. To the Company's
knowledge, this is the first time an RC drill rig is to be used in China for an
exploration programme.

Further information

sounds good....Griffin could easily be a big miner on the stock market in a few years time...definitely worth holding for the long term rather than a quick profit.
:-)

Still not sure why the share price is so low on the news today, I was to late to ask Andy & Sharesure to ask them at the AGM why they thought the price was still low and do they know yet were the RAB holding ended up, been told the Chinese have it.

I should think someone at the meeting will come up with those
questions Aldwickk as I'm sure a lot of shareholders will want
those answers - I would hope so anyway..

Can't wait to see the photo's of the finished smelter.

Here's a post from Rayrac on Advfn....

Just got back home from the agm, very bullish and another 4 weeks and all should really start to motor, from the chairmans own mouth!!

The Chinese are paying them over the 'odds' for their zinc...$1,700. That's way over the LMM. They are desperately short of the stuff and it's not going to improve longer term, huge gap in the supply of zinc on the way.

2p up people! :>)

Here's another post from Rayrac on Advfn.....

'I don't quite understand what the chairman meant, but he quoted the cost basis of running an Aussie zinc mine and the Caijiaying mine, something like $100,000 to $1,000 (Caijiaying) per year, don't quote me on that, but it was something like that. (did anyone else go to the meeting?)

They have a licence that covers ALL metals.

The cost of labour is extremely low and stable compared to the rest of the world. The cost of labour should remain stable because of the demand for jobs.

The tailings dam is massive and should last for 5 years, they are in the process of building the second one, in total will last for 10 years.'

All,

Just arrived home from the AGM, VERY intersting, well worth the trip IMHO.

Have to rush out, but will update later.

I attended the Griffin Mining AGM today, and was very pleased with what I heard.

From memory, the bullet points were;

The chairman is VERY bullish about the next four weeks, as well as the longer term. He is extremely confident of a rerating for the SP.

The share has been shorted, and is oversold.

Griffin have a licence to mine all base metals, including gold, up to 3% of total weight of the base metals mined, provided it's as a result of base metal mining.

Griffin DO NOT have a licence to mine gold as a precious metal!

Griffin have a JV with a local Chinese partner (required by law) to explore for gold, with a 90:10 split in favour of Griffin. This partner is effectively a government department, and as such no problems are anticipated in acquiring a gold mining licence, should a comercially viable orebody be found.

Griffin are confident that gold will be found, and mined, and the principal activity will become gold, rather then zinc mining, in the future.

Such is the demand for, and defecit suppply of, zinc, Griffin are being bid up to $1700 per ton, (LME$1,300!), and the buyer will pay in advance, and pick up from the factory gate!

By not having to deliver to the buyer, Griffin save $24 per ton.

The processing plant has been over engineered so that production can double utilising the present facility, and increase further beyond that, upon expenditure of around only $1 million.

Griffin are evaluating other projects with the Chinese government, which were cherry picked by the goverment in the past, and as such are high quality.

The mine will be featured in a MOS article in a couple of weeks time, and will feature all aspects of the mine, and it's workers, and will show a favourable account of Griffin's activities in China.

Mine visits are possible, if requested in advance of course!

Overall, I was VERY impressed with the management and the project, and I feel confident the SP will rise in the next few months as the word spreads.



Griffin Mining AGM Powerpoint Presentation;

http://www.griffinmining.com/gmnews20050610.htm

Andy, sorry to not have met you there today. I agree it was really heartening hearing what Mladin Nincov, chairman, had to say. I have started a new thread tonight to replace the earlier one I started to reflect the latest news.

Sharesure,

Yes I was hoping to meet you too!

I sat in the second row, 3/4 to the left as you faced the table, jacket off as too hot, where were you?

new thread looks good, reflects the new status of the company IMHO.

Andy, I was sandwiched between a friend (the one who asked most of the questions - perhaps too many - although being an ex mining director from Canada he does have years of experience) and the company's broker. That was slightly embarassing as I was the one calling for his firm's and the PR firm's replacement. Catch up with you another time. Will have to agree a recognition system!