NML is due its interrim results now, last year it was the 28th of this month.

They are setting up a new site to explore/research/analyse and all the equipment to do this should be on site now, and drilling should start soon, all this extra news should be covered in the interims.

does anyone have any further positive views on this company ??

For the few people on this thread who have a genuine interest in NML, I post the following extract from an email to me from the PR chap:

As has been mentioned before, equipment can take upwards of 6 months to reach the site from purchase in South Africa. It was therefore seen as a
>prudent move to relocate existing equipment already on site to the
>kimberlite rather than wait 6 or more months and run the risk of the
>kimberlite falling into anothers hands. As the company has stated many
>times, New Millennium has an inferred right to the kimberlite, not a
>given one. The odds of getting the hard rock kimberlite licence are
>greatly enhanced by the company being seen to be doing work on the top,
>alluvial section of the kimberlite. This also makes it more difficult
>for a larger mining group to test the pipe.
>Therefore, rumours that the company has moved because of no diamond
>finds are unfounded and the company IS working in the best interests of
>shareholders. I assume that the shareholders would not rather see small
>production in the thousands in favour of proving up an economic
>kimberlite pipe which could yield a billion dollar business.

takahe,


"Shane will be very interested to know that he is having a dilution".

Sounds like a medical condition, lol!


thanks for posting the summmary for us

I'm not sure why it should take six months for equipment to travel a relatively short distance, it only takes three days by ship from Cape Town to Luanda, and about a week to cross Angola by lorry to the minesite.

Even if you allow seven days to truck from, say, Joburg, to Cape Town, and a week or two in Luanda docks, that time of six months seems very generous to me.

Andy..quite agree...I think he may have meant weeks..They have always had problems at the ports, getting clearance and while you might think it would be easier the second or third time..apparently it is not. Angola is very red-tape ridden . The first part of the email mentioned that SH and JC were in J'burg just now.

Anyway, you can take the negatives or the positives....what they are trying to do is a 'Petra'.. I wish them well with the venture...

takahe,

Well if they are buying brand new equipment, it may take time to construct, but I would think they will go for used, to save funds.

Angola is a very corrput country, and the "red tape" requires palms to be greased, so things can happen quickly once the "duties and taxes" have been paid!

It will be interesting to see what they announce when they return from Joburg.

Very interesting Takahe. Do you reckon we are still solvent and going to produce diamonds eventually, or are we going to slowly sink into the alluvial slime? I can no longer tell, which means I should discard my holding, but it's worth so little now, I am not sure what else I could do with it, except buy lunch.

Talking of which, I'm off out for a quick dilution!

sd

sd, just back from my dilution,seems that i'm in the same boat, can i afford to sell? no!, hoping that the corks from my dilution can plug the holes in the leaky boat.

Everyone has to make their own decisions...I have a large holding in these and am certainly not throwing them down the drain because of some derampers spouting doom and gloom, on little basis
Andy...palms may require to be greased but it is not that easy...
I have no idea why they are in J'burg..just that they are!.

This thread seems even worse than ADVFN!
I won't bother posting any more 'news'....

takahe,

In Angola, corruption, it's a stone cold certainty!

And they are one of the few countries in the world with internal customs, so there's more "greasing" to be done there!

They could be in Joburg trying to tie up a deal, a JV, or maybe to buy the required equipment, we shall have to wait and see.

Takahe,
Can you get your P R chap to confirm the time it takes to reach site, is it weeks or months , if he can get weeks mixed up with months i don't think they should let him issue any press news, LOL

tell you what..you ask him!

takahe,

You seem to be becoming somewhat uptight, i assume you must be a large holder!!!

what i cannot understand is why they would stop the alluvial mining just before they said they would report values, and future profit projections, and move the whole set up to the top of a kimberlite where they appear to have done no exploratory drilling at all!!!

and if they did this for the reasons stated by the pr guy, why didn't they at least put out what they had actually mined before the move to kimberlite mining???

have they actually mined anything yet???

And if so how many carats, have they sold them, and what were they worth???

something appears not quite right here!!!

Not to mention no reply from either NOMAD or Directors to my email. I'm sure they are busy men all, but look at the courtesy extended by many other Chairmen/CEO's/PRO's on other companies.

Being wrong in the speculative mining business is part and parcel of the game. Being arrogant about it is very dangerous.

Even having lost more than half my investment, I am contemplating cutting my losses on this one.

Anyone got any views on when we might get reliable positive news?

sd

Not to mention no reply from either NOMAD or Directors to my email. I'm sure they are busy men all, but look at the courtesy extended by many other Chairmen/CEO's/PRO's on other companies.

Being wrong in the speculative mining business is part and parcel of the game. Being arrogant about it is very dangerous.

Even having lost more than half my investment, I am contemplating cutting my losses on this one.

Anyone got any views on when we might get reliable positive news?

sd

aimtrader...not uptight about it. I am disappointed that the company have not put out any indication of what they have found so far. I have made my feelings about that quite clear to SH, as I'm sure you have, too. There is no excuse for not replying to shareholders emails, either. Their decision to pursue the kimberlite must have been taken quite a while ago, judging by the size of the holes in the ground. They didn't dig those ten minutes before the RNS!
What I assume they have been doing is getting down to the Calonda formations above the kimberlite.
The Calonda Formation is essentially a continental redbed sequence of felspathic sandstone (arkoses) and basal conglomerates (locally called gravels), with argillites (fine sands and muds) appearing in the upper part of the sequence. The thickness of the formation varies from over 30 metres to small thin pockets of sediments preserved from erosion in basement depressions. The Calonda formation comprises two main conglomerate/gravel beds; both well defined although irregularly stratified. The lower unit consists of generally rounded reddish pebbles, whereas smaller rounded white pebbles predominate in the upper unit. The lower gravel unit, varying in thickness from 0.42 - 1.10m, usually supports a higher diamond grade. The gravel itself usually consists of siliceous (predominantly silicified sandstone), Commercial quantities of diamonds occur in the basal conglomerates of this formation and result from the erosion of diamondiferous kimberlites. Ore grade deposits occur either adjacent to kimberlite or more distally where there are well developed palaeo river channels in the conglomerates.

They can mine these, within the terms of their alluvial license.
The company claim that Alrosa are looking covetously at their kimberlite and they HAVE to take the opportunity to get the chance of a JV with a major...to do a Petra.
We either believe them..or not!

ASMITH - I note that you disagree with the opinions of others on this thread, but what interests me is why your posts have to be so insulting, irrational and even a little childish?

takahe,

nice geology lesson, but we need to know whether thay have found any diamonds or not???

Strange that they stopped alluvial mining just before they were due to upate the market about profit predictions and grades!!! don't you find that strange???

is it true they havent drilled the kimberlite???

if so, how confident can you be that they will find anything without any prior drilling??

i would have thought they would have drilled first before spending large amounts of money moving so much overburden for the top.

will they need more money soon do you think???

this still looks extremely risky

Aim,

some good questions IMO.

I have not seen any anouncement by NML that confirms any drilling at all, so you have to assume they are simply "going for it" in a sh*t or bust situation.

I agree it's strange that in April the announced the commencement of mining, with a promise to update the market in June, and now they have "temorarily" transferred to the kimberlite, but have not updated the market on the results form the alluvial mining!

>Andy

I also agree that aimtrader posed some good questions. Very relevant to all that I've been claiming about NML for the past 4 months.

From what I understand, considerable news about the operations has been passed to Mclellan/Takahe by emails from the PR people/company. Theses were hinted at by the posts on ADVFN and Fillyaboots. Hence the fact that she (and WDurham) knew about the overburden being moved, but that this was not RNS'd to the market in general. This maybe something that the authorities should look into, because it suggests that the company is up to their 'old tricks' again.

If one is to believe that this overburden was removed from over the Kimberlite, then the amount of material they have relocated (180,000 cubic metres), suggests that they have been concentrating on the kimberlite for the past 4 or 5 months.

What concerns me is that the company never announced this change of focus, until the announcement at the start of June. Yet if they had been working on the alluvials over the kimberlite, they one must suppose that they had been doing so since January or February.

The fact is that they didn't announce commencement of the alluvial operation until 4 April. It's highly unlikely that they could have moved 180,000 cubic metres of material in less than two months.

You only have to check their production figures from the project summary to see that the company estimated they could only move 1.095 million cubic metres of material at 20k carats per month. So for 10k carats per month, that equates to 547.5k cubic metres per year or 45,625 cubic metres per month.

So even at full speed, it would take 180,000 / 45,625 = 3.95 months to move 180k cubic metres. So logically, in order to tell the NML shareholders that they had moved 180k in June, they should have started in February at the latest or probably even January.

Remember, they can move earth at the maximum rate from the moment they start. As most of it is overburden, it's not being processed. So there is no limitation factor, from the work up period on the processing equipment. But the facts remain, that in order for the company to have moved 180k cubic metres over the kimberlite, IMO they would have to have started this work, a good two months before they announced this price sensitive change in the focus of operations to the market. You have to wonder why they chose to hold this information from the public.

On the other hand, if this 180k had actually been moved from the Garimpo and not over the Kimberlite, then in doing so, they have actually made the artisinal miner's jobs a lot easier. These miners could be thanking God that Alrosa distracted NML's attention at the critical moment. Now that the ore has been exposed, they can get in quick and steal their diamonds whilst NML is working elsewhere.

The suggestion is that the 180k was moved from over the kimberlite, so we have to ask why they failed to announce their change of focus? But more importantly, why did the company say that they were going to release information about their alluvial extraction at the end of June, when they were already working on moving the overburden from over the kimberlite and not processing the known and proven alluvial resource?

There are just too many questions that suggest that they are not doing what they said they would do, or what the shareholders think they are doing, but doing what they want to do and "to hell with the consequences".

If they keep this up, it can only lead this high risk company to a victory or bust situation, with the odds stacked on a bust.