take a look at gma rns out today

The rns on 11/01/06 explains a lot... feel being stuck in Algeras is a bit of a problem

I have made a bit of research today, and selected the shares on my "UPS" thread

GMA
As Gold prices are reaching new highs lately, this is a share with huge potential in the not too far future.
Prospects
GMA won the denationalization tender for a huge tract of gold bearing prospect in the Sahara, called the Tirek/Amesmessa gold project, this represents 60 km of strike length, which means the gold vein lode is 60km long
Using US$440/oz for free-market gold and a 10% discount rate, of US$112M. this equates to cash flow for GMA of approximately 3.3p per share per annum.
with curret market cap of 30M the mine at current valuations on a prospective cashflow of less than 3. For a junior mine, a 9 or 10 multiple seems more edecuate
Latest news
We calculate that the project will generate around US$29M per annum in free cash flows under our 'Long-term Case', which equates to cash flow for GMA of approximately 3.3p per share per annum
we expect the mine life to be at least 10 years, with a mixture of shallow open pits and underground mining supplying high-grade ore to the plant and producing over 100koz of gold per annum
Link ... http://www.gmaresources.plc.uk/Announcements.html#24may

from The Business today......

The Alchemist: Now is the time to add gold to your portfolio
(Newmont, Barrick, AngloGold, Oxus, GMA Resources and Galantas)
- National Grid for the defensively minded

Not yet moving but the L2 is improving as buyers are on the market

2 Marker Makers (MMMs) now at bid for only 1 at offer

From thread "UPS" yesterday......

Reason -volume buying since yesterday, the chart is on an uptrend since last year and today is moving higher from the 3 weeks plateau with L2 going blue by 3 MMs

looks good. might go in on this one in the next day or two.

Well,, I'm in as of this morning ! small time but here's hoping !

From another site...

What The Papers Say:
'Plays of the Week' in today's Shares Magazine include buy recommendations for GMA Resources

Don't know any more but it's encouraging.... probably why the share price went up a penny on the opening this morning... but strange... it went down again ?

Seen yesterday 6thJan
Buy GMA Resources at 12.5p
Says Rob Cullum of Trendwatch.co.uk

Gold explorer, GMA Resources (or Gold Mines of Algeria as it used to be called hence the initials) made its AIM debut nearly four years ago. It placed a 4 million pounds 8% convertible unsecured loan stock to allow it to clinch the deal for which it was formed: the acquisition of a 52% interest in Algerian gold-mining company Enterprise D'Exploitation Des Mines D'Or Spa ('ENOR') in return for an investment of 8.3 million pounds over three years. ENORs major shareholders at that time included the state-owned oil company, Sonatrach, Banque d'Algerie and Societe Algerienne d'Assurance. GMA holds an exploitation permit over an area of 1,400 km2 in Southern Algeria, which includes the Tirek gold mine, the Amesmessa gold deposit and a major prospect, ZITA. The initial objectives were a step-change in output at Tirek (which, since operation began in 2001 had produced, in aggregate, approximately 20,000 ounces of gold from a near-surface open pit mine), the developing of Amesmessa and the analysis of ZITA. A gold resource of approximately 1m oz had been confirmed at Amesmessa, whilst at Tirek the equivalent estimate is 0.5m-plus ounces.


Pivotal to entire scheme was money, and the expertise of Mr. Colin Ikin, the founder and initial promoter of GMA, who led it through the negotiations with the Algerian government, its initial listing on AIM, and the production of a bankable feasibility study to process 0.3m tonnes of ore a year at Amesmessa.

Well, man proposes, God disposes, an observation to which investors everywhere, religiously inclined or not, will pay rueful tribute. Mr Ikin is now history; and the company headquarters was switched from his native Australia to London about this time last year.

Mr Ikin has been supplanted by Douglas Perkins, a man of equally wide experience. A revised development plan for Amesmessa involves two gold processing systems working in concert: the carbon-in-leach (CIL) process plant will process high-grade ore from selected gold-bearing veins; while a heap-leach operation will process low grade ore. This plan will allow Amesmessa to be exploited by open cast mining techniques, with great cost and safety advantages.

The most recent audited figures, those for 2005 tabled revenue of 6.4 million pounds, a five-fold rise over three years - but with little similar progress in the P&L, which recorded a loss of over 10 million pounds. Maintenance and spare-part issues at the mining fleet caused problems, compounded by mechanical breakdowns in the plant. Together, these scuppered the hoped-for 25% increase in output, which was supposed to have commenced from the summer of 2004.
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These setbacks notwithstanding, it duly achieved the earn-in referred to in the opening paragraph (with Sonatrach now holding the 48% interest) and by May last year, expatriate personnel were at the helm of all critical areas of operations.
But Junes interim report showed that the cumulative effects of lost time couldnt be wished away. Although training had achieved undoubted benefits in working practices, it still needed modern equipment and good leadership for economic viability. For the record, turnover of 1.6 million pounds produced a 1.6 million pound operating loss.
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City support has been staunch throughout these traumas, as the raising of 8.5 million pounds more in November 2005 at 7p per share testifies, followed by 5 million pounds more at 9p in April last.

Just before Christmas, GMA issued a trading statement confirming that all major orders for the construction project at Amesmessa had been signed and that pre-shipment inspections were complete: the first substantial chunk of the ordered 40 km of pipe, the bulk of the crushing plant, the carbon plant and gold recovery, a geomembrane liner, fourteen items of Caterpillar equipment, a drill, an assay laboratory and a refurbished ball-mill; plus diesel and water-storage tanks, electricity-generators and whatever else is necessary to provide a 250-man camp. Production should commence later this year. Launch costs should be under $40m low by industry standards.

We dont have sight of the feasibility study but we know that it rests upon the price of gold remaining above $440 an ounce. The spot price of the metal is currently almost exactly $200 per ounce above that figure and we consider it much more likely to rise than to fall. I expect the US dollar to remain under pressure this year; and there is generally a strong inverse relationship between the dollar and the gold price.
We know too that less than a year ago, an ultimate production target of 100,000 oz per annum was confidently addressed. An annual income of $65m will butter a lot of bread. The gold will be sold on the spot market and GMA will receive the benefits equally in local and hard currency. The Algerian authorities have agreed to waive VAT and customs duty.

Those same Algerian authorities are keenly aware of the showpiece element, for this project represents the first modern mining investment since the mining laws were relaxed to enable foreign companies to take a greater than 50% interest in any resource enterprise. For the second largest country on the African continent, Algeria has a pretty low investment profile. But as revolutionary fervour has died away (or come under control) and with the election of the current president regarded as representing the will of the people, much of resource-rich Algeria is now recovering and developing into an emerging economy, with the high prices of oil and gas being used by the new government to improve the country's infrastructure.

GMAs chairman reckons that Algeria is the next frontier in mining and believes that making a success of the present enterprise will put GMA in a fine position with the Ministry of Energy and Mines to play a key part in the development of its mineral wealth. It certainly should GMA is the only gold miner in Algeria. BUY.

Not sure what impact this is going to have on the sp in the short term

GMA Resources PLC
24 May 2007

24 May 2007 AIM: GMA

GMA Resources Plc
('GMA' or 'the Company')

Issue of Convertible Loan Stock

GMA Resources Plc announces that it has concluded the raising of 5,700,000
through the issue of 5,700,000 nominal of 10 % unsecured convertible loan stock
2009 (the 'Loan Stock') .

Terms of the Issue

The conversion rate for the issue will be 15 pence nominal of loan stock per
Ordinary Share of 1 pence each in the Company subject to the conditions set out
below.

The option to convert shall be conditional on the passing of special resolutions
at the Company's 2007 AGM (or an extraordinary general meeting convened
immediately thereafter) (the 'Meeting'), authorising the allotment of Ordinary
Shares pursuant to the conversion rights for the purposes of sections 80 and 95
of the Companies Act 1985 (as amended). Should such resolutions not be approved
then the rate of interest of the loan stock shall be increased from the date of
the Company's 2007 AGM to 20% per annum.

The right to convert Loan Stock into Ordinary Shares may be exercised by the
holders of Loan Stock from the date of the Meeting until 30 June 2009 whereupon
any outstanding Loan Stock will be redeemed in the principal amount thereof
together with all accrued unpaid interest.

At any point following 24 May 2008 and if;

a) the mid market price of Ordinary Shares in the Company has been above 30
pence for 30 consecutive business days; and

b) for as long as the mid market price of Ordinary Shares in the Company
continues to exceed 30 pence,

the Company shall have the right to convert, on the basis of 21 days notice to
outstanding loan stock holders, all or part of the outstanding loan stock from
this issue. This option is also conditional on the resolutions mentioned above.

At any point, should over 75% of the initial loan stock have been converted, the
Company shall have the right to convert, on the basis of not less than 40 and
not more than 60 days' notice to outstanding loan stock holders, all the
outstanding loan stock from this issue. This option is also conditional on the
resolutions mentioned above.

Interest on the loan stock shall be paid on a six-monthly basis in arrears, with
the first payment to be made on 31 December 2007.

Use of Proceeds

The proceeds of the convertible loan will be used to complete the construction
of the current Tirek / Amesmessa capital projects in southern Algeria, fund
further exploration expenditures and to provide the Company with additional
working capital.

Douglas Perkins, CEO of GMA, commented:

'Construction and development work is still moving along apace at the Amessmessa
and Tirek projects, although, as experienced by many mining construction
projects today, we have had supplier delivery delays and some expenditure
increases as we progress through this phase. Further to the delays disclosed in
the announcement 31 January 2007, the directors subsequently revised the
Company's construction schedule and we are now confident that with this funding
we will be able to complete the projects in 2007. Concurrently, we are looking
at other exploration targets within Algeria and outside in order to continue to
increase our gold resources and we look forward to reporting on our progress
with this in the near future.'

News update, click here

Interesting RNS today. Do Proactive Investors still cover this stock?

seems undervalued to me compared to the other small goldminers, this could soar imo dyor of course

starting to move up nicely...

Indeed it is. Just the beginning too.

just the beginning indeed!

Exploration results any time now. I bet they're interesting.

Low grade rubbish found imho.
Wouldnt touch them with a barge pole

mine still struggling, so assume production still around 2000oz/mth which wouldn't be profitable so I am out

Not Good.