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 ??

By the way, have you seen the latest pictures taken last week? They have added them to their website today.

Looks very hot and dry.

Anomalous1
That is not correct. The roads were built subsequent to these photographs being taken. Are you being deliberately misleading or are you just mistaken?
The main problem with getting established was that the machinery could not easily be moved for fear of damage to the machinery and damage to the ground.
Angola is very wet for some months of the year and was worse than usual this year. They undoubtedly got off to a slow start but that doesn't mean that progress can not be made quickly now. Neils and Piet are very experienced miners.
I am surprised that you have been able to take these pictures from the NML web-site. I understood they were right-protected.

I particularly like this photo:

http://www.new-millennium.com.au/gallery/index.php?p=106&c=16

how many carats?

I'm sure anomulous1 will say they are grit to melt the snow or something!

:)

mjr- I'm glad you agree with me about the roads. These photos just show the workings. Anomalous1 obviously doesn't understand much about alluvial mining.

mjr1234 - 08 Jun'05 - 17:31 - 674 of 680
Regarding the Badenhorst brothers, I would say if anything, they appear to have bought more shares.
We know they were allotted 4,126,500 each as fees, but the latest holdings rns stated they held another 4,040,000 jointly.
I can't see where this 4,040,000 came from?

You probably need to check your RNS's again. The Badenhorst deal was for 60% cash, 40% shares. The overall price was $1.26 million. The deal was supposed to be:

1. $126,000 cash
2. $504,000 in shares (at $0.10 per share) = 5,040,000 shares
3. $630,000 in cash

Since the company was short on working capital (IMO), they offered the Badenhorsts a deal they couldn't refuse:

1. $126,000 cash (already paid)
2. $504,000 in shares, 5,040,000 shares already issued and
3. $630,000 in shares (at $0.076 per share) = 8,253,000 shares

making the total Badenhorst holding 5,040,000 + 8,253,000 = 13,293,000 shares

http://www.uk-wire.com/cgi-bin/articles/200408040700065934B.html
http://www.uk-wire.com/cgi-bin/articles/200412301535399162G.html

You can see in the first RNS that it states the second cash payment was due on 30 November 2004.

If the Badenhorsts had wanted the shares, they could have agreed a different contract at the start and would have been issued 90% at $0.10 per share. This would have been 11,340,000 shares. But because the company was obviously short of funds, the company offered them extra shares to take the 90% in shares:

13,293,000 shares issued - 11,340,000 shares (@$0.1) = 1,953,000 shares EXTRA

So if you look at the original deal price of $0.1 per share, that 1,953,000 shares is worth an extra $195,300 to the Badenhorsts. All they have to do is sell the extra shares on the market and retrieve the cash.

The Badenhorsts have been very smart, as they've split the shares to make sure that they hold non-notifiable amounts. Austrialian law states that any amount over 5% has to be notified and any sale below that level (or a whole percentage point). So the Badenhorsts can sell their shares and don't have to tell anyone that they did it.

Well bully for them, then.

Now, back to the diamonds:

http://www.new-millennium.com.au/gallery/index.php?p=106&c=16

mjr, look at the afx below from november... this can be found news older than 30 days on nml on moneyam:

New Millennium forced to change shareholding meeting after CFO death threat
AFX


LONDON (AFX) - Aim-listed diamond miner New Millennium Resources has been forced to change venues for its shareholder meeting tomorrow following death threats to the company's chief financial officer, sources close to the company said.

Plain clothes City of London officers have been allegedly called in after a decision was made to move the meeting from broker Seymour Pierce's offices because of the alert.

A source close to the company said the threat to Shane Healy is believed to have come from a disgruntled small shareholder.

The miner, which has interests in Angola and Greenland, recently had a private placing at a 30 pct discount to the current share price.

rn/ec

Anomolous, thanks for the post. It seems to make sense to me the reduced holdings and no declaration. Do you think healy is taking backhanders from them too??

It would instill more confidence in the company if they kept them or bought more!!!!!

mjr
Thank you for drawing my attention to the new pictures. I particularly like the one of the diamonds. There is a copyright protection on the pictures, as I thought.
Is that a barge that is in picture 4?

It is possible to post them by copying the screen to an image file, cropping and then posting the resulting image to a website.

Cheers, legend. There's some strange people around!

legend
I take it that you are not a shareholder?

Not sure what that is in picture 4, takahe. Could be a raft or barge.

It's nice that they update the pictures...I wish they would update the shareholders. I wonder if Dr Michael Smith has visited the site? His independent report was quite extensive. Has anyone read it? Leon Daniels, the well-known geologist, has offered to look at the kimberlite for the company.

takahe - 08 Jun'05 - 18:21 - 683 of 686
Anomalous1
That is not correct. The roads were built subsequent to these photographs being taken. Are you being deliberately misleading or are you just mistaken?
The main problem with getting established was that the machinery could not easily be moved for fear of damage to the machinery and damage to the ground.
Angola is very wet for some months of the year and was worse than usual this year. They undoubtedly got off to a slow start but that doesn't mean that progress can not be made quickly now. Neils and Piet are very experienced miners.
I am surprised that you have been able to take these pictures from the NML web-site. I understood they were right-protected.

No they are not protected - enough! It's dead easy to snatch pictures from websites, even if they are protected. If NML objects, then I'll just remove them.

The roads that were built were the ones to access the site from the main roads and Saurimo. The worksite does not appear to have any proper roads at all. Just dirt tracks, well worn by the machinery.

See for yourself:


Now don't get me wrong, "Neils and Piet are very experienced miners." I agree, they have 40 years experience (according to Monroe) but there's little evidence elsewhere of this. They are certainly very good at doing deals and managed to squeeze an extra $10,000 out of NML over the price they were going to charge Monroe - inflation for you. The deal to get the extra $195,300 was a smart move and they've already sold or transferred 1 million shares, according to the RNS dated 22 April 2005
http://www.uk-wire.com/cgi-bin/articles/200504221407014182L.html

Current Badenhorst holdings:

Piet Badenhorst 4,126,500
Neils Badenhorst 4,126,500
Joint Trust 4,040,000

Total now = 12,293,000 shares
Issued = 13,293,000 shares
1 million shares transferred or sold

Sorry..I know they have built proper roads in places. Those pictures are in the mine workings.

legend290782 - 08 Jun'05 - 18:36 - 688 of 695
Anomolous, thanks for the post. It seems to make sense to me the reduced holdings and no declaration. Do you think healy is taking backhanders from them too??

It would instill more confidence in the company if they kept them or bought more!!!!!

I have no knowledge of any 'backhanders' and would be surprised if that was going on. Many shareholders suggested that the directors ought to put their money where their mouths were and buy some shares. So they opted to convert their director's fees, possibly because the company was so short of working capital.

Just recently I heard some pretty shocking news about the company. I can't repeat it because it was told in confidence, but it was bad enough that I've had to share it with both sets of regulators. It may turn out to be innocent, but then the context of the news was such that it made me extremely worried about NML.

Oh and for the others who believe that the weather is still not a problem, look at this picture again. That's a pump working to remove the rain that's collected in the workings. The float is where the end of the pump tube sucks the water out.

takahe - 08 Jun'05 - 18:49 - 696 of 697
Sorry..I know they have built proper roads in places. Those pictures are in the mine workings.

You are correct, they have built proper roads, but not at the mine site. There's no point anyway. You see, they are constantly moving the earth about. As one area is excavated, the area that was just finished is being filled with the tailings. Moving that much earth means that the soil will get everywhere. It's madness to think that you can build proper roads at the mine site.

The ore is mostly gravels and fine clays, so it soaks up the water. During the dry season it will get a bit dusty, but they do have a river nearby - the Lapi. Even though these pictures were taken during the dry season, you can still see that the ore has been or is wet. So they will encounter problems during the rainy season. Just imagine that hole filling with water during the thunderstorms. The pumps would have to be going at full speed just to keep pace.

Anomalous1
So what is your repeated point about the Badenhorst's? That they think the results are so poor that they are selling 1 million shares?
You would have to be very sure of your facts to post that on a public BB. Do you know the brothers?

takahe,

he didn't speculate a reason, you just did!

The RNS issued by NML suggest the Badenhorsts have sold 1 million shares, these are official communications issued by the company, do you doubt their accuracy?

No, my point about the Badenhorsts is that they are smart cookies and accepted the shares in lieu of cash, because the company didn't have the working capital to pay them.

They've managed to acquire an extra $195,300 in the process and by selling or transfering only 1 million shares (I don't know what price they achieved), they have managed to convert some of the shares back into cash.

I don't know them personally, but I do have contacts in the industry, so it wouldn't be difficult to find out more. From what I heard, it was the Badenhorsts that found the Lapi River project and offered it to Monroe. When they couldn't get the funds together (?), they took it to NML. NML managed to get the licenses and do the deals with the Angolan Goverment.

If anyone should benefit from the Lapi River project, it is Piet and Neils. Obviously very smart guys.