EKA are expecting to mine 3.8 million lbs of Molybdenum this year. For the more sceptical amongst you, read this to confirm:

http://moneyam.uk-wire.com/cgi-bin/articles/200412150700023844G.html

They own the mine and the molydbenum in it has been independently varified as stated in the announcement linked above.

Molydbenum currently trades at around $38.50 per lb, you can check this at:

http://www.monterrico.co.uk/s/MetalPrices.asp

so do the sums 3.8m x $39.25 = $149m = 82m

Eureka Mining's market cap is 26m

In 2006 they expect to pull over 10,000 tonnes (20m lbs) of Moly out of that mine.

On top of all that they have recently aquired a mine in Russia with estimated contained metal of 3.32 million tonnes of copper, 3.26 million
ounces of gold and 98.9 million pounds of molybdenum. They hope to complete the feasibility study for this one in 2006:

http://moneyam.uk-wire.com/cgi-bin/articles/200501130700033169H.html

Difficult to say in this market. It could be dragged down in any further sell off of small miners.

Another good day tallsii

News of this share is starting to get around in a small way. I saw a post on www.iii.co.uk where some people were rating it. It will be interesting to see what happens between now and the AGM.

morning Siiiiii

i think you are to something here...am putting my portfolio together and looking very closely at this one. what is the big news we are waiting for to potentially rerate this stock?

It is difficult to say until a sucessful feasibility study is confirmed in June.

cheers. but i assume we are hopeful about this study...

The delay is an issue, but fingers crossed.

Great day +7.5p thats 5 days of rises

Yes something appears to be happening.

Their website has been updated.

the word is getting out?

Eureka Mining PLC
11 May 2005



EUREKA MINING PLC ('the Company')

Significant shareholding

The Company was notified on 10 May 2005 that Man Financial Limited had acquired
an interest in the shares of the Company resulting in a total holding of 598,917
Ordinary Shares of 1p each in the Company. This represents 3.38 per cent. of the
issued share capital of the Company.

From what we can guess this holding of around 750k is either Man the hedge fund, Man spread trading the spreadbetter or GNI the CFD provider. Either way it is an entity that is prepared to put a fair amount of cash into this little prospect.

Tallsiii

Moly is now up to $37.50 per pound!!

Copper fell for a bit but read that its expected to go up again. Very big buys today but no rise.

Just released:

LONDON (AFX) - Eureka Mining PLC said its chairman Kevin Foo and chief executive David Bartley have increased their stakes in the company.

In a statement, the company said Foo bought 23,500 shares at 1.27 stg each, raising his total holding to 2.70 pct while Bartley bought 123,840 shares at the same price.

He now holds a 1.69 pct stake in the company.

newsdesk@afxnews.com

Cheers, Madison

Does that preclude any news for the next 3 months though?

The price seems to be moving off the back of the director buying.

a nice mondat morning for you!

very strong gains off relatively low volume. I think those that are in are in for the medium term now and small buy volumes are likely to see the prices rising significantly from now on.

Whats your view tallsii

It probably won't be long before the SP gets back up to its previous peak.

I think the rises on small volume are due to the fact that miners in general are coming back into favour.

The real gains should happen later in the year when actual production is occuring and there is a definate sale price for the moly. Production of anything more than 2m lbs with a moly price of anything above $20 per lb should easily double the SP.

17-May Buy Kevin A Foo 127.00p 23,500 29,845.00
17-May Buy Jonathan S Barrett 127.00p 7,830 9,944.10
17-May Buy Malcolm James 122.00p 61,000 74,420.00
17-May Buy Malcolm James 127.00p 47,000 59,690.00
17-May Buy David Bartley 127.00p 123,840 157,276.80