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 ??

legend290782,

It is quite simple.

The company has already begun mining from ALLUVIAL deposits. This is the 10k/20k cts per month being talked about.

In addition to this, the company is applying for a licence to mine some KIMBERLITE deposits, as detailed in a previous RNS.

It is these deposits which they are talking about in todays RNS.

Have a read of their website which is full of detailed information on the various projects:
http://www.new-millennium.com.au

NMR was incorporated in 1996. The corporate strategy of the company is to enhance the shareholders' assets by:

1. Developing the Lapi Diamond Projects alluvial deposits in Concession C9, at an initial rate of 10,000 carats per month, and to vigorously explore and develop kimberlite pipes, known to host diamonds on the concession.

2. Establishing a sound financial and operating base for the company; and

3. Acquisition and/or development of other diamond bearing areas, or of income producing projects (either as owner operator or in joint venture with suitable partners)

The only thing not right about this company is its ludicrously low market cap!

Thanks for prompt response mjr.

It was the alluvial and kimberlite that threw me..

Legend there are loads of threads about NML on advfn. They are very positive on there about todays RNS

My take on the fund raising is very positive. First, it confirms that they do not need more funding for mining the alluvial deposits. Second, the confidence that the kimberlite sites are worth early exploration. Third, the fact that an investor is prepared to stump up 0.5million. The question might well be asked as to why now when the price could rise with an RNS on positive production. I suspect the funding has been in the pipeline since the London visit. A month or two can make a lot of difference if they are poised for the exploration. No doubt management have learnt not to rely on the sp; even positive production forecasts may still be treated with caution. But Dynamite is rarely wrong and I'll back her against the sceptics!

Eric

legend,

Well it finally confirms what has been said for ages, they were short of funds, and had to raise capital.

Once again I don't like the style of NML RNS, everyone knows they needed the cash, but they are saying it's only for kimberlite exploration, which I don't buy. To be fair, EPD also raised funds recently, ostensibly for Finland, not Lesotho, yet admitted buying equipment for Lesotho afterwards, and that minestart has been delayed too!

It's no disgrace to admit you're short of funds, most explorers run low on funds, even FDI raised money recently, and I prefer to see them being honest.

They did well to raise at 4p, which should act as a support level, so limited risk at this price, IMO, although I wouldn't buy whilst the spread is so large.

I see that although the price is "up", the bid remains at 3.5p.

Actual spread is something like 3.8/4.8 (last time I checked), but admittedly still a bit large.

Whats going on MMs?

Bit strange, as it puts buyers off, and also puts sellers off. Don't they want to make any money?

Sometimes they play games i.e. raising offer price so NML will appear on big winners and people buy in as they think there is a story.

I know a trader at merrills quite well - in the short term they will try anything. If there are buyers close to the end of trading.. he won't move the price up till the following morning. I have no idea why.

I would be more confident if the bid price went up though. Having said that, mms bidding higher than 3.8 for stock. Not been any very large sales in a while.

I want to see some REAL evidence before i buy into this. I watch it every day though.

Andy, I spoke to someone that knows an analyst on FDI - he is very bullish indeed about them over the next 2 years... I don't hold any but are watching them too.

Legend,

Very interesting, thanks for that.

I believe FDi has the potential to develop into a mid tier miner in due course, and I have a long term holding.

Im sure you won't be disappointed andy. I have only heard good things i am pleased to tell ya!!

Good volume today.

Hard to tell what are buys/sells though.

Online quotes 4.08/4.42, so even though most trades look like sells, must be a buy in the system as bid is well up today.

mjr1234,

Comdirect are currently 4.03 - 4.25, so I reckon the 75,000 is a buy, and the rest are probably sells.

Can buy for 4p again - BARGAIN!

Yes but why can you buy at 4p again things that seem a bargain that are too good to be true usually are!!

4p gone now - 4.25p to buy..

Yep but still down and red and the bid back in the tank at 3.5p - Quite Pathetic to say the least.

mjr / asmith,

it looks they moved the bid down as soon as a few sells had gone through.

They moved the offer up from 4p to 4.25p on 50k of buys.

They moved the bid down on 250k+ of sells.

mjr,

exactly, it's still a problem, and only one buy at 4.25p. then back to 4p offer again.