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 ??

Andy, Dynamite

Totally agree with KMR now i have had a look at them properly. If they retrace back to the 34/5 level I will definately buy. I got told about them at 33p. Potential upside is very big.

The good news for you guys is that the broker that told me about them has a relative very high up at charles stanley... who have been buying lately...if i heard right. I was drunk at the time though!!

Andy, pdx storming along nicely...

Still not convinced about these di, am always watching with interest though. Does anyone know what has happened with the supposed investigation????

Thanks

>Legend290782
According to the last contact, the investigation is still in operation. A further declaration will have to be made by the directors to correct previous oversights.

Director Declaration

RNS Number:8767Q
New Millennium Resources Ltd
06 September 2005


New Millennium Resources Ltd (the 'Company')

Re Director Shareholding

This announcement corrects the announcement of 22 April 2005 stating directors'
shareholdings. In that announcement David Johnston and Azizi Yom Ahmad were
incorrectly reported as holding 1,333,080 and 3,919,630 ordinary shares.

David Johnston held 1,883,080 ordinary shares on that date and still holds that
number, representing 1.1 per cent. of the Company's issued share capital.

Azizi Yom Ahmad held ordinary 6,919,630 shares on that date and still holds that
number, representing 3.9 per cent. of the Company's issued share capital.




This information is provided by RNS

My patience is wearing ever so thin these days, now I'm down over 50% of my original investment - luckily never got in very deep. Today's tick up is accompanied by micro volume.

The chart tells me we are on a one way ticket to extinction currently.

Whilst certainly not joining the bashers, if anyone has any comfort to offer, I could use a little right now. I can't believe the company has no news to tell, even if it's only Shane Healy's diary, it would be something.

sd

Hi stockdog..a very dubious source but posted today onADVFN..

VENOMOUSVIPER - 16 Sep'05 - 08:28 - 5418 of 5434


But dont worry I have news of this turning blue within 2 weeks Im expecting 6p by the time of the interims.Patient and beleagured shareholders should be able to enjoy a bit of well earned blue and pis buying in here and not selling.
What a refreshing change this will be.

In a second post, he claims to expect news imminently. I don't necessarily believe him ,but he usually takes the opposite stance.

stockdog,

I'm sorry to hear about your loss with NML.

At least you were sensible enough not to have had such a large holding, and you clearly recognise the importance of position sizing, it really is so important, especially with high risk AIM stocks, in order to avert potential disasters! (I know from hard previous experience!)

I wish I could sound optimistic with regards to NML, but I sold after the meeting with the management last year, for a number of reasons, in particular I felt they weren't going to meet their stated objectives, nor did they seem to have the experience that I was hoping they had.

Going forward from here, I think they need funds, and they will either need to sell an asset, such as one of the Greenland ones, or borrow, or issue more stock, at a discount to market price (IMHO).

An alternative scenario would be if they were able to aquire a JV partner, or they could be taken over by reverse takeover by a company looking for an easy route into an AIM listing.

I think it's in the air as to what may happen, and I can only suggest you contact the company for clarification of their present position and circumstances.

Thanks, Andy

Yes, reverse takeover by a proper business would be my good - I wouldn't mind EPD doing it, even though they have not performed so well, I have more confidence they will come good at some stage. They could be quite a good fit.
sd

also thanks takahe - the name doesn't sound to promising, as you say normally of the opposite persuasion, but he just might be right!
sd

stockdog,

Well I sincerely doubt whether it will be EPD, as thay are busy with minestart in Lesotho, and they have their own finances to sort out, as they have experienced some delays too.

To be quite honest, the only realistic JV would be a miner such as Petra/BHP, already nearby in Angola, and where economies of scale could come into play.

The favourite possibility seems to be a company not already quoted in London buying out NML in order to gain their AIM listing, saving time and legal costs.

Stockdog...as you know, the direction the company has taken is high risk/high reward. I have made my feelings on the matter clear, as I have said here, before, to the company.If they pull it off, good on them...if not, they are back to the alluvials and will be short of dosh.Healy is trying to do a Petra and I wish them good luck with it.I hope they have good judgement, as well as good luck!
It's that Aussie gambling streak!!

Or they have access to information gathered in the past. Either way the kimberlite is a likely source for the alluvials as I remember. Maybe it's not as much of a 'gamble' as some assume............

High risk...........very high reward if it comes off.

Certainly worth a punt at least?

stringy,

They don't, as yet, have a licence to mine the kimberlite.

Only around 1% of the kimberlites in the world are commercially viable, so it certainly IS a gamble, IMHO!

Worth a punt?

IMHO, Not until they have financed IMO, as dilution is possible, even likely I would think, and the recent weakness suggests a placing could be discounted, so patience may pay off for anyone considering a gamble.

Personally I think there are better AIM diamond juniors around, albeit offering less potential reward, but certainly offering existing PRODUCTION, and therefore, less risk.

My personal favourites are Firestone Diamonds (FDI), BDI Mining, European Dimaonds (EPD), and Mano River.

Andy,

Watching EPD very closely. Undervalued imo.

I believe this kimberlite will be shown to be diamond bearing. I don't have the figure for the ratio of diamond bearing kimberlite to economically viable kimberlite to go on though. The ratio you've provided I am aware of.

Only have a small stake here. Tempted to top up but it would break my rules of risk exposure and i have only ever done that to my cost so far.

stringy,

Very wise! (IMO)

The kimberlite may well be diamond bearing, and even commercially viable, but as yet, nobody has a licence to mine it, and others are watching with covetous eyes apparently!

I agree EPD looks undervalued, although i'm currently out until they too sort out their finances, which I believe they will.

stockdog, stringy,

I have extraceted a couple of paragraphs from a post on another BB, that emphasise the risk involved here IMO.

---------------------------------------

September 16, 2005, 13:45

De Beers, the diamond giant, says it wants to move quickly to sample potential diamond bearing rocks in Angola. It has, nonetheless, warned that it will take years to begin production, less than a month after re-opening its office in the war-torn country. "It's very difficult to say how long it's going to take," Charles Skinner, the general manager of De Beers Angola, has said.


The country's rivers contain massive alluvial diamond deposits that have been washed over several millennia. However, geologists have yet to find major gem deposits in shafts of volcanic rock, known as kimberlites, that originally carried the stones up from where they are formed deep underground.

Drilling rigs

De Beers is bringing in several large exploration drilling rigs to begin sampling the kimberlites, but first they will have to dig through some 200m of sand, Skinner said. Aircrafts with special detection systems are looking for more kimberlites, he added. "Normally, only one in 100 kimberlite pipes is a mine," Skinner said. "But in Angola, it's probably a lot higher. The rivers are flush with diamonds and they must have come from somewhere."

---------------------------------------

"However, geologists have yet to find major gem deposits in shafts of volcanic rock, known as kimberlites"


I would imagine some Petra holders may find that statement interesting!

Does anyone have a figure for the ratio of diamond bearing to commercially viable kimberlite sources?

I'm sure I found it once but can't remember the figure........not being lazy, just time at a premium at the mo.

stringy..this article gives it as 1%
"kimberlite is a likely source for the alluvials "...lol..sure you understand this business ?

De Beers, the diamond giant, says it wants to move quickly to sample potential diamond bearing rocks in Angola. It has, nonetheless, warned that it will take years to begin production, less than a month after re-opening its office in the war-torn country. "It's very difficult to say how long it's going to take," Charles Skinner, the general manager of De Beers Angola, has said.

De Beers, which is 45% owned by London-listed miner Anglo-American, pulled out of Angola in 2001 after the government demanded it renegotiate its concessions. Skinner said De Beers is moving fast to complete exploration in its concession area. "You've got to build a team from scratch. But if I have anything to do with it we're going to do it in record time," he said.

Rising global diamond prices, limited supply and the end of Angola's 27-year civil war, has sent exploration companies flocking to Angola. Already sub-Saharan Africa's second-largest oil producer, Angola is also seen as potentially one of the world's biggest gem producers.

The country's rivers contain massive alluvial diamond deposits that have been washed over several millennia. However, geologists have yet to find major gem deposits in shafts of volcanic rock, known as kimberlites, that originally carried the stones up from where they are formed deep underground.

De Beers holds a concession to explore 3 000sqkm of Angola's diamond-rich north east, all the government would allow it to keep out of a pre-2001 concession totalling 66 000sqkm. Skinner was, however, optimistic that De Beers would find what it was looking for. "We went for the area where we knew we had 50 kimberlites," he said.

Drilling rigs
De Beers is bringing in several large exploration drilling rigs to begin sampling the kimberlites, but first they will have to dig through some 200m of sand, Skinner said. Aircrafts with special detection systems are looking for more kimberlites, he added. "Normally, only one in 100 kimberlite pipes is a mine," Skinner said. "But in Angola, it's probably a lot higher. The rivers are flush with diamonds and they must have come from somewhere."

It would probably take two to three years to complete surveying the concession area and then another two years or so to clear the sand to create a firm base for mining operations, Skinner added. "Nobody has ever done this before," he said. "No-one's ever gone looking for, or tried to mine, kimberlites under 200m of sand. We'd love to find some shallower, but until we do we're stuck with what we've got."

De Beers will own 49% of exploration and mining operations and the rest will belong to state diamond firm Endiama. Battle damage and neglect has left Angola's road and rail network all but destroyed, leaving communities isolated, food shortages rife and commercial agriculture in ruins.

If De Beers found a mine, it would likely have to help rebuild the road network to the diamond rich Lunda provinces, Skinner said. "Oil is basically an offshore industry," Skinner said. "It's mining that is going to contribute most to the development of Angola's interior." - Reuters

Stringy,

It is extremely low, Botswana has a higher chance of success, and the article above suggests Angolan kimberlites have a better chance too.

takahe,

I suggest you read my question again.

I have already stated that I'm well aware of the ratio of commercially viable kimberlites to non.

My question was what percentage/ratio of DIAMOND BEARING kimberlites are commercially viable.