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.

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.

with you all the way S.H

i think there is more to it. i did some googling and sprott asset management has substancial share holding in both companies VGM and CZC. sprott and zinc both listed on toronto sx. sprott also operates in securities advicsiory. wondering- is it possible for VGM to have dual listing on AIM an TSX with sprotts help. and if so what effect it would have on sp???
other point going back to skyhigh 229 post... if you looked at ANDM which has ok very little share issue to VGM. ANDM plan to produce 15000onc of gold by end of 2010 and ANGM trades at 8.5p. it looks like VGM is way undervalued???

From the Daily Mail yesterday...something very pos+ could be about to happen to the SP ? (dyor)......

Market comment:

Nosy buying amid talk of an imminent development helped Vatukoula Gold Mines edge forward 0.18p to 2.28p.

Effectively put on the investment map by Martin Hughes in January when the shrewd Toscafund boss revealed he had bought a stake and said the shares could rise ten-fold, Vatukoula could be about to update the market on progress at its gold mine in Fiji.

http://www.dailymail.co.uk/money/article-1259026/MARKET-REPORT-BG-shares-gush-BHP-rumour.html

fantastic website one of the best out there well done VGM

http://www.vgmplc.com/operations/

who give a flying f about the artistic merits of a web site?!

morning cynic nice to see your in a better mood today ;-)) i think when the news come out on monday then a lot more people will what to research the company web site

http://business.timesonline.co.uk/tol/business/markets/article7069236.ece

dabbled here once, and managed a small loss ..... out of both POG and RIO as of thursday/friday (but shall buy back eventually), so currently just holding CEY as a gold play .... but shall def buy AGB fist thing monday

cynic AGB LOL who the f##k are they ? what i will say to you is , take a look at GRL........ do your home work its very very under valid in a big way , some good news was out a week ago or so ,...and now there waiting for Joc report ...on a well known gold belt ...let me no what you think cynic i think you be happy with what you find CEY overrated..

GRL is far too small for me .... i only use cfds and they need cap of 10m+

typo - it's ABG is the barrick gold vehicle that is being floated in london on monday morning

the trend is a friend in need cynic and it looks like ABG could need your money more then it need you.... sort tem could do well with your money but i fill that this would be long tem , would love a piece but funds all but tired up. my view think your do well long tem

very happy to take a quick profit in ABG!

5.75p per ordinary share has been set is that correct ? i think your money would do better in GRL but well see one month from today 20/03/10, should realy keep this too VGM post As i feel this will do better then both.

5.75! .... sorry, but not remotely interested in GRL

but from various press stories, looks as though you guys should have a jolly time tomorrow

Yes cynic your right on this occasion.........and here one of them press stories

Gold mine quadruples sales

By Mark Leftly


Sunday, 21 March 2010

Vatukoula, a gold miner that is listed on the Alternative Investment Market, is expected to announce a near doubling of its sales tomorrow.


For the second quarter of its financial year to the end of February, it is likely to announce that it sold more than 15,000 oz of gold. In the previous three months, it sold 8,826 oz.

The increase means that the Vatukoula mine in Fiji will have made net earnings of around 4.6m for the quarter, up from less than 1.3m in its first quarter.

The company is led by its chief executive, David Paxton, a former mining sector analyst. David Lenigas, the executive chairman of the Lonrho African investment empire, is a director.

Ultimately, the company aims to produce at least 100,000 oz a year at its Fijian mine as the result of a major drilling and redevelopment programme.

Vatukoula's shares closed at 2.2p on Friday, down 3.93 per cent on the start of the day's trading. The company is valued at more than 80m.