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 ??

Dynamite..yes..I couldn't register as that on here(so I was told, because there already was one).
The understanding I have of it is that the C9 kimberlite is good , that more sampling has to be done and that Endiama do not want NML interfering with the process.
I said to Healy that I thought his RNS was hard to understand! He said"What...you see it as negative?" ...as if I was mad...

It was hard to understand you are right and thank you for clarifying.
Di

I think people should email him and say that they don't understand the RNS...
shanemhealy@yahoo.com

good idea takahe

takahe (and Di) thanks for clarifying - I think it's what I'd worked out for myself, but as you say Healey's RNS was so ambivolent as to induce more suspicion rather than less.

Is the plant now back to work where it should be on the alluvials - producing diamonds, God forbid?

I think I will email him on both issues.

Whaddayareckon a 10% free-carry translate into at the SP level?

sd

SD..your diamond collar is looking a long way away...I am sure you will settle for a diamond leg band the way things are going. I have emailed Shane myself. I will let you know if I have any reply.
Di

Well you are all going to be stunned by this post but I think now is the time to buy.

Here's my email for what it's worth. Did I ask the right questions? Let's see if we get any answers.



Dear Mr Healy

This morning's RNS seems to raise as many questions as it tried to give answers. It appears that the directors (Mr John Cross in particular) moved into the kimberlite area, in a (successful) attempt to drive off Alrosa, but without authorisation from Endiama - both regulator and 51% shareholder. It seems that John Cross and the senior Badenhorst brother have been fired for this aberrant behaviour. It seems that with a great deal of erstwhile absent diplomacy and good behaviour, NML may be allowed a minority share in a JV essentially between Endiama and Alrosa (most likely).

Have I got it right, or is there still something we are not being told? I think it's time for a totally clear statement from the directors to its shareholders about how they are running the company and what it's legitimate prospects are, together with a re-statement of who the directors currently are and what their, the Badenhorst's, and other reportable shareholdings currently are.

Now that the plant is no longer deployed on the kimberlite prospect, is it being re-deployed back on the alluvials where it should have been since commencing in April this year? If not, why not, or how long before it is operational again? Will this produce diamonds? Will this produce revenue? Will this produce net positive cashflow?

Sorry to bombard you with these questions, but it's time we were told everything in plain English, having watched the share price stagger from one rare RNS to another over the last 6 months, while not really knowing what you have been up to.

I assume, as you have been promoted to MD/CEO, albeit temporarily, you are trusted by Endiama to act in the best interests of the company. Could you please now extend that trust for the benefit of private shareholders as well in answering my questions with a further clarifying RNS.

Yours sincerely,

ASMITH...I think you are correct. I am not happy about this, as you can imagine...but I do strongly feel that NML would have got booted out now, if that was going to happen. Healy thinks the sp is ridicuously low and has just been heavily marked down by the MMs over the last few months, dropping it disproportionately to the selling. I said to him that there was some thought that there was a 'mystery seller' at work but he thought that was nonsense. He quoted me figures for several months (he has accurate figures, remember...)

STOCKDOG...good one! In fact....excellent...

Superb post stockdog would b interested at the response.
I hope that shareholders at least get the majority of their investments back imo they will.
Apologies for the silly posts in the past I dont want people to lose their money .

Very magnanimous of you ASMITH2...

BUYS 319K SELLS 156K but still down 26%...!!Ridiculous...The MM manipulation in these small companies is ludicrous..

Takahe,

Well I cannot see anything positive in this, in particular this part seems quite negative, IMHO.

---------------------
"With a return to exploration extensive costs reductions have been achieved. The substantial proportion of the equipment is to be maintained on standby until such times as alluvial mining is to recommence. Staff and manning levels have been reduced commensurately.

Piet Badenhorst has stood down as Mine Manager and Neels Badenhorst will take overall responsibilities for onsite operations."
---------------------

The "return to exploration" comment seems strange, as they said originally they had "temporarily" moved the "production" to the kimberlite, so I wonder why they are not returning to "production"?

And the 'production' equipment is to be "maintained on standby"?

So there isn't any production presumably, or they would have returned to it, as NML stated in their previous RNS!

This really looks poor,and I'm astonished that anyone can see this as positive.

Surely the holders can see the glaring anomolies in their various RNS statements?



Asmith2,

Nice comments, and I concur, I don't want to see anyone lose their money either, afterall we are all small private investors here trying to increase our personal security by investing in the market, which is not a level playing field at all.

I am just reporting what Healy said...they have been asked to get off the kimberlite and as part of the 'new relationship', Cross and Piet Badenhorst have been asked to leave..or so I am told....
I can't speculate on what will happen...only repeat what was said...

csmyth- 10 Oct'05 - 15:53 - 1953 of 1955


NML will NOT go bust. There is no debt and a number of people I know would write a cheque as long as it was priced right. The current price caps the stock at 2.5m pounds, which is less than a lot of shells I know. The company does have assets and isnt going under. If people want to sell that is their preogative and franly after the bad news I wouldnt blame them throwing the towel in, but the market is not rational on this stock at present and I wouldnt be surprised to see a bounce. I have seen far worse than NML come back from the dead (Thistle!!!)

takahe,

The perintnent words being "as long as it was priced right"

I do find it incredible that Shane sees that RNS as positive.

It makes we wonder what he would consider as negatrive?

I also find it incredible that they are not returning to alluvial "production", when they said they would, and nobody is even questioning it!

If they are mothballing the equipment, and laying off staff, and going back to exploration, it makes you wonder why they would ignore the 10000 carats per month they said they were going to produce.

I have been told it highly likely that NML are leaving Angola with a free carry dont know what the terms are in a jv with 2 of the major miners out there.New Millenium will be moving on as a cash shell with a free carry with Hudson and this Angola one.
Thats why Andy they are not bothering with the Alluvials they are moving on.Thats also why John Cross left as nml is departing the area and the mining scene,thats also why one of the Badenhorsts has left and the remaining Brotherr has stayed on to decommision the equipment.
NML will be left with a clean shell some cash no cash burn and 2 free carries in 2 very potential money making projects.
All this will be revealed when the jv is announced.
I have this from a good source and its all IMO And in their opinion so no accusations of psi please or the fsa or the authorities.Just trying to help with what is being said.

AS2 - thanks for the imo info - taken as expressed.

A free carry and no more management from this gang suits me fine, until I find an appropriate exit level. I suppose it's one way into a situation. ))

sd

ASMITH...well, that is interesting. He certainly didn't mention that to me when I was speaking to him this morning. Have you any evidence for your thoughts there..or are you just doing a wind -up? I can't see why they would get a free carry, if they leave...

I'd say that the MMs have changed tack and are now putting out a different story to encourage buyers.

The RNS today blew any chance of the JV story working. So now they are banking on the 'Free Carry', when there was no announcement of such in the RNS.

In my view, NML has the begging bowl out and is waiting for a few crumbs from the table. All for annoying Endiama. What could have possessed Cross and one of the Badenhorsts to take the decision to unilaterally start work on the kimberlites without informing Endiama first? I said that it was a bad decision at the time, when they did switch from the alluvials, but now it appears that they misled their partner as well.

It's very probable that Endiama were expecting to receive the revenue from the alluvials, as they had been led to believe and instead were told by Catoca that their partner was not operating as promised, but working on the kimberlite instead. They must have been furious to be deceived in this way.

I've said before that it was suspicious that they moved the 180k and started the alluvial operations in April. It maybe that Endiama was told the same and issued the alluvial mining license, only to find out a few months later that NML were doing nothing of the sort, but trespassing on the area that Catoca was exploring on behalf of Endiama. No wonder Endiama has taken away NML's right to switch back the alluvials. It appears that they have a major trust problem with the company.

In my opinion, you would be extremely lucky to see any free carry at all. It's far more likely that both Catoca and Endiama will wait a year or two, whilst they carry out drilling, bulk sampling and aerial surveys. If NML is still in existence by then, they might be given a morsel. They might be allowed to restart the alluvials on the Garimpo. They'll be lucky if they get that.

ASMITH2- any other comment on your 'rumour' of yesterday?