Couldn't see a thread for vgm following the transition from rvd and now producing gold at Vatukoula in Fiji. Looking to ramp up to a rate of 110,000 oz per annum by mid 2009 with current rate of production probably a little over 60,000 oz per annum.

Making good progress towards their targets.

Keep the faith mickey! ;o)

hi kim another good day today 90m + shares traded ..its looking more and more intesting... lots of institutes buying now i feel still if anyone no how to make money they do ........like to have a penny for every share they have on vgm

Hi Kim something to look forward tomorrow

Miner to reveal extent of new gold reserves discovered in Fiji

By Mark Leftly


Sunday, 24 January 2010
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Gold Prices Soar in 2010
Free report detailing why the priceof gold is about to sky rocket.
MoneyMorning.com/Gold_Prices




Vatukoula is expected to announce a bumper find of gold tomorrow.


The miner, which is listed on the Alternative Investment Market, wants to expand its main asset, the Fijian mine of the same name that produces 40,000 ounces a year. Its chief executive, David Paxton, is expected to tell the market the company drilled 10 holes in the area, all striking gold.

Shares closed at 2.39p on Friday, down nearly 4 per cent on the start of trading.

RNS to that effect micky!

RNS Number : 0291G
Vatukoula Gold Mines PLC
25 January 2010


25 January 2010 AIM: VGM


Vatukoula Gold Mines plc
("Vatukoula" or "the Company")

Exploration Drilling Results

Vatukoula, (AIM: VGM), the Fijian gold producer, is pleased to announce the initial results from its exploration programme targeting an economic resource suitable for surface mining.
Highlights:
Drilling has identified multiple mineralised structures
Structures interpreted to be open along strike and depth
Selected drill hole intersections include:
MA 738 - 5.35m at 5.97 g/t of Gold
MA 740 - 6.03m at 2.06 g/t of Gold
MA 743 - 2.85m at 5.38 g/t of Gold
MA 747 - 1.45m at 6.57 g/t of Gold
In September 2009 Vatukoula announced that it had begun the surface mining and treatment of near surface oxidised gold mineralisation, and had begun a 10 hole diamond drilling exploration programme near the Korowere hill area targeting the near surface extension of the President Dyke and associated gold mineralisation. All 10 holes have now been drilled under this programme. The drilling results are given in Table 1 below.
Initial drilling intersected multiple mineralised structures around old surface operations specifically around the President Dyke where mineralisation remains open along strike and at depth.
In addition to the current drilling programme, historical surface mapping and drill intercepts will be used to develop an exploration programme to delineate the extent of the mineralisation with a view to estimating a Mineral Resource and possibly a Mineral Reserve for the oxidised mineralisation. Any such resource (and/or reserve) statement prepared in respect of the oxidised mineralisation will be announced if and when completed.
Success in these investigations would lead to a review of all Vatukoula's leases in the wider region for potential oxidised mineralisation and its possible inclusion in the long term mine plan of the Vatukoula Gold Mine.
Importantly, the Mineral Reserve and Mineral Resource estimate announced on 13 January 2010 excludes any oxide material that is presently being evaluated in this exploration programme.

David Paxton, CEO of Vatukoula Gold Mines commented - "We are pleased with the results of the oxide ore exploration to date which have confirmed management's belief in additional near surface gold mineralisation; if this is proved, and is of sufficient scale and grade, it will add to the production profile of the Mine. This exploration work has progressed well and is in conjunction with our continued production of gold from existing operations. Management recognises that it is important to maintain our efforts in increasing production from existing reserves, whilst also exploring the potential to grow the reserve base. We look forward to reporting on our gold production for the quarter in March."
Qualified Person Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. Kiran is the Finance Director of Vatukoula.

Enquiries:
Vatukoula Gold Mines plc
David Paxton + 44 20 7016 7861
Kiran Morzaria

W.H. Ireland Limited
David Porter + 44 20 7220 1666
James Joyce

Arbuthnot Securities Limited
John Prior +44 20 7012 2000
Edward Burbidge

Bishopsgate Communications
Michael Kinirons +44 20 7562 3395

Thought this would jump higher and quicker than it has....take over prospects got to better than last time. imo

Slow and easy is the way I like it! :o)

As the RNS is now available on MAM I've removed the Table 1 Drilling Results, hadn't realised how much space it took up!

.

Kim!!!! lol

i'm actually out of these now, but were i a holder, i would be quite concerned that trading volume is pretty low (55m to date) and sp has scarcely moved despite the trumpeted rns

i'm actually out of these now, but were i a holder, i would be quite concerned that trading volume, by recent standards, is relatively subdued (55m to date) and sp has scarcely moved despite the much trumpeted rns

buy orders show up as sell

Vatukoula Gold Mines posts an inaugural gross profit of 1.4m for the year to the end of August.

This compares with a loss of 0.6m in 2008.

Total revenues for the group increased to 18.8m - up from 3.8m last time.

The firm said the improved performance was due to the increase in production and a higher average gold price received of $881 per ounce plus major advances in its ongoing production ramp-up at the Vatukoula gold mine with output totalling 33,757 ounces (2008: 12,847 ounces).

Chief executive David Paxton said: "We continue to believe that this mine can produce 100,000 ounces of gold per year and we believe that the expenditure on significant new machinery and mine development will prove to be a solid long term investment."


http://moneyam.uk-wire.com/cgi-bin/articles/201002261601567827H.html

I'm back in and hopeful, started to rise last thing.

I think this is an interesing play on the gold price.
Clearly gold has a long way to go yet with all the fiscal problems in EEC and the rest of the world.

BIG POP TODAY!!

Wow! nice RNS..onwards and upwards... I'm in from 1.1p & more @1.4p so v happy with today's results...will continue to hold for a good while yet..best is still yet to come I feel! (imho)

From another BB.....

Apparently there is a gold company (African) listing shortly on a valuation that values the reserves(on a per ounce basis) at 4 times the current VGM valuation! This will further put VGM on the fund managers radar!

Be interesting to see the next round of broker updates when the're released.

last buy was @ 1.47p for 180,000 looking good for monday should be some nice reading on sunday . have a graet weekend to all

Yes I have seen predictions like this come unstuck. CDN's share price surged from 15p - 1.35 on a similar prediction of new hardware producing more output. It didn't happen - having said that the sp was re-rated and settled at 45p. A takeover is also very possible. I dont see the price of gold losing its shine any time soon so I suspect the only way is up!! By specialone1

This rec sent to my inbox a few mins ago from GE&CR ..I'll settle for a doubling from here that'll make an eventual 3bagger for me.

Final results for the 12 months to 31st of August 2009 were released on the 26th of February with the highlight being the booking of the companys maiden gross profit of 1.4 million. This profit came on the back of the company producing 33,757 ounces of gold, up 163% on the corresponding period in 2008, and at an average gold price of $881 per ounce.


As operations underground were at various times interrupted and expanded, Vatukoula began sourcing additional ore from an easily accessible low grade waste dump. Believed to have in excess of 200,000 tonnes of material at a grade of 1.75 g/t gold, the companys processing plant required minor modifications to accept the waste dumps oxide ore. Further in-situ oxide material has since been discovered at surface which the company will be treating in due course.


On the 10th June 2009 Vatukoula signed a memorandum-of-understanding with The Fijian Sugar Authority for the future purchase of power from their proposed Bagasse power project at the Rarawai Mill. Alternative power sources are also being evaluated with the relevant authorities as Vatukoula seeks to augment, if not replace, its diesel powered electricity generators.


Revenue increased from 3.8 million in the 12 months to 31st August 2008 to 18.8 million for 2009. With higher production and lower operating costs, the company generated its first gross profit of 1.4 million a marked improvement on the 0.6 million gross loss incurred in 2008. However, this profit was eliminated by higher administrative (3.1 million vs 1.3 million) and depreciation & amortisation costs (3.9 million vs 0.8 million), a 2.7 million provision for doubtful debts and 1.1 million in share based payments, with the result being a pre tax loss of 10.0 million (loss of 4.1 million in 2008). The loss per share rose by 43% to 0.43p from 0.30 in 2008. Aside from a 0.51 million convertible loan, Vatukoula was debt free and held cash and cash equivalents of 1.09 million as at 31st August 2009 (2.25 million at 31st August 2008).


Post balance sheet date, Vatukoula has been busy with further upgrades, updates and exploration. The company embarked on a capital expenditure programme to acquire refurbished underground equipment including an additional five underground dump trucks and six underground loaders, more reliable power generating capacity and spare pumping capacity. The programme, funded through the 11 million raised in September and October, is generating tangible results with not only higher production levels achieved, but lower operating costs through economies of scale.


Meanwhile, an independent assessment of Vatukoulas reserves and resources was carried out by AMC Consultants with the result being a decrease in total gold to 4.3 million ounces, but a greater understanding of, and confidence in, the resource.


The company established a Social Assistance Trust to support previous employees of the Vatukoula mine unable to find work since its closure in December 2006. Vatukoula will pay F$6 million (approximately 3 million) into the fund during the next 5 years and, in return, will receive various concessions and exemptions from the government.


Finally a 10 hole exploration programme was initiated around the President Dyke, an historical surface mine site.


Vatukoula is targeting the production of 60,000 ounces of gold in the 2009/10 financial year, ahead of an annualised production rate of 100,000 ounces of gold by the beginning of 2011. Cash costs for 2009/10 are expected to be between $550 and $600 per ounce, while long term, with the implementation of alternative power sources and higher total output, we expect cash costs to continue trending down. Management has done a commendable job of modernising the Vatukoula gold mine, but are under no illusions as to the work ahead. We retain our confidence in the companys ability to deliver on its goals and thus reiterate our stance of speculative buy with 4p target price.