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.

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.