Tip by Tom Winnifrith on investment website T1PS.com on 07.10.04 :
"In the mining world, Caledon Resources raced ahead by 0.75p to 5.125p after website t1ps.com upgraded its stance from "hold" to "strong speculative buy." Last time this website tipped Caledon the shares more than trebled in three months before members were advised to sell half their holdings so guaranteeing a three figure return. The website argues that the risk/reward trade-off now looks more attractive than ever and suggests that corporate activity within the subsector (Chinese gold explorers) is about to explode"
http://www.caledonresources.com//
Trades over 300,000 Shares are delayed in reporting by 1 Hour.


On fundamentals ALL exploration companies without resources can be said to be overpriced. The only assets they have which can have a hard-and-fast value assigned to them are their bank balances.
People invest in explorers because they believe that the projects/management/geo team have the potential to develop valuable mineral deposits. The share price usually reflects the market's opinion about this potential.
In the fulness of time, if Caledon discover deposits which can be proved up to contain a couple of million ounces, those that bought at 5p or even 15p will be seen to have been correct (or fortunate!) in their assessment of risk/reward.
Some details below from the recent WHI broker note on Palladex, I am not suggesting for a moment that anyone go buy Palladex this is just for comparative data where you will see the value of a company compared to it's in-situ gold.
Point is where will CDN be once they show one project is as big as they and we hope by giving an estimate by end of 2004 ?

Caledon Overview:
Caledon Resources PLC is a public company listed on the Alternative Investment Market of The London Stock Exchange (trading symbol: "CDN"). Its mission is to become the leading gold exploration company in “The Golden Triangle” of Southern China

Caledon has assembled a multi-talented, technically oriented management team - one of few with in-depth knowledge and experience in China. All members have over 15 years experience in evaluating hundreds of East Asian sediment hosted disseminated gold deposits
Advanced stage gold exploration focussed on under-explored producing gold mines in China - Exploration active on four advanced stage gold projects: Hengxian, Gaolong, Badu and Mojiang
Caledon’s primary focus: Sediment Hosted, Disseminated Gold Deposits (“Carlin-type”). Quoted from the United States Geological Survey (USGS Open-File Report 02–131): “It is likely that many of the Carlin-type Au ore districts in China, when fully developed, could have resource potential comparable to the multi-1,000-tonne Au resource in northernNevada.”

Corporate Summary
Caledon Resources PLC is a public company listed on the Alternative Investment Market of The London Stock Exchange (trading symbol: "CDN") and has been domiciled in the UK since February 2003. The Company’s primary focus is to enhance shareholder value through the opportunistic evaluation of fertile under-explored gold districts, resulting in the exploration, discovery and development of world-class gold ore bodies. The Company is currently focused on project evaluations and exploration for sediment hosted disseminated (“Carlin-type”) gold deposits situated in Southern China, although other styles of mineralisation are being assessed if they have multi-million ounce potential.

Caledon’s principal area of focus is Guangxi Province where it has negotiated joint ventures with The Geological Survey of Guangxi and is in the process of forming additional joint ventures with the Chinese National Gold Corporation.

Caledon has signed a joint venture agreement covering the Longtoushan Gold mine and 350 sq km’s of surrounding tenements in Guangxi Province as well as joint venture agreement covering various exploration areas under the control of The Geological Survey of Guangxi.

In addition, advanced exploration property acquisitions and joint ventures are being evaluated in Guangxi with The Chinese National Guangxi Gold Corporation and other joint ventures are under negotiation in Yunnan and Guizhou Provinces.

In order to exploit this opportunity, Caledon has assembled a team of geologists whose main focus over the past 15 years has been to identify and evaluate gold occurrences and deposits throughout South East Asia on behalf of several major mining companies.

Of the 300 plus gold occurrences and districts identified and screened over the years by Caledon’s team, five distinct gold districts have emerged as top-priority ranked targets, based on their geological similarities with the multi-million ounce gold districts found in the State of Nevada, U.S.A (“Carlin-districts”). The USGS has identified the so called “Golden Triangle”, consisting of the provinces in which the Company is focused (Guangxi, Guizhou and Yunna), as having similar style mineralisation to the Carlin deposits in Nevada.

To date, five highly ranked areas in Guangxi Province have been identified by Caledon’s team. Applications for mineral titles have been submitted on all five districts and joint ventures are being negotiated where applicable.

Recognising the need for foreign mining investment, in parallel with China’s entry into the World Trade Organisation, the country has adopted a number of sweeping changes that have recently been enacted in their mining legislation. In the country’s bid to attract foreign investment and mend the fractured structure of their mining industry, the Chinese government, through powers delegated to the provinces, allows foreign ownership of up to 90% in mineral titles and producing gold assets. In addition, various tax incentives exist to help foreign gold explorers and producers.

Perhaps the most relevant change recently enacted in China, involves the evolution towards complete transparency within the Chinese gold markets. Companies can now buy and sell gold on the Shanghai Gold Exchange, which quotes gold prices in line with the London Gold Fix rates. Additional mechanisms are currently in place to allow for repatriation of profits from Chinese-based, foreign-operated gold mining operations. Further enhancements are expected within the year.

The group now has all of the key primary ingredients in place in order to position the group for maximum returns.

Those key ingredients are:

highly experienced, South East Asia based technical management with proven exploration abilities,
acquisition / title lock on a number of properties hosting potential multi-million ounce disseminated gold deposits, and
an appropriate amount of financing in place allowing the group to conduct a meaningful first-pass exploration program within these districts.
Given the sweeping changes that China’s mining law has recently undergone, Caledon is well positioned to maximise gold exploration opportunities that exist in the country.

It is likely that many of the Carlin-type Au ore districts in China, when fully developed, could have resource potential comparable to the multi-1,000-tonne Au resource in northern Nevada.”

These are not my words, but the words of the US Geographical Survey or the (USGS). To read there full report on Carlin Deposits you need to go to the link -
http://geopubs.wr.usgs.gov/open-file/of02-131/OF02-131.pdf

The Projects
Hengxian Gold Mine - The Hengxian project is a classic example of a sediment
hosted disseminated gold system ("Carlin-type"), with considerable exploration
potential. At Hengxian, gold is being mined in a north-east trending zone
measuring up to 3 kilometres long and up to 800 metres wide. Gold occurs in
steeply dipping, high grade feeder structures (> 4.5 g/t gold avg.), feeding
flat-lying moderate grade (1-4 g/t avg.) stratiform zones. To date, at least
four sub parallel feeder structures have been defined. The gold mineralisation
occurs on a major regional structure that can be traced for more than ten
kilometres away from the existing workings. Access and infrastructure in the
area is excellent - Hengxian is a two hours drive from Caledon's office base
situated in the Guangxi Provincial capital, Nanning.

Previous exploration has been almost entirely focused on shallow oxide zones.
Gold resources at Hengxian are reported to be 310,000 ounces (Inferred category)
grading approximately 4.6 g/t gold - with those resources having been defined by
only a limited amount of shallow focused drilling, concentrated on the surface
oxide zones (0-60 m depth). Exploration to date has only been focused on a small
- 2.5 kilometre long - portion of the entire 10 kilometre long structure,
initiated on obvious outcropping oxidised sulphides.

Summary results from drilling conducted on Hengxian Hill by Caledon's minority
partners, Taifu Mining, defining the near surface limits of the deposit, include
the following:

Section Hole Number Depth (m) Intercept (m) Grade g/t Au
44 ZK 14 13 50.6 2.02
435 ZK 4351 25 10.1 8.0
ZK 4351 49 14.5 5.03
43 ZK 432 45 41.4 6.44
ZK 5 49 31.0 8.8
ZK 19 102 27.0 4.0
425 ZK 251 50 42.5 3.91
ZK 4255 103 29.1 6.93
ZK 4252 72 12.8 6.16
ZK 4252 90 18.6 4.02
415 ZK 152 42 20.7 3.0
ZK153 65 13.9 4.68
41 ZK 16 10 11.1 3.79
ZK 411 33 24.6 4.0

Intervals between known areas of higher grade mineralisation carry significant
disseminated gold mineralisation, typical of such gold deposits. For example,
drill hole ZK19 reported a 27 metre wide interval grading 4.0 g/t gold,
occurring within a much wider down-hole interval reporting a width of 133 metres
grading 3.24 g/t Au.

Gaolong Gold Mine - Gold has been actively mined at Gaolong by Caledon's
minority partners, Guangxi Tianlin Gaolong Gold Mine Ltd Co for over 10 years.
At Gaolong, surface and limited underground mining can be traced in a
semi-continuous manner over a strike length in excess of three kilometres, with
mining widths averaging 10 to 30 m, to a maximum of 60 m wide.

The Gaolong mine itself is ranked in the top two gold producers in the province
and has been cited by the United States Geological Survey (USGS) as having
distinct similarities to the 15+ million ounce Betze ore body situated in
Northern Nevada, USA (USGS OP 02-131).
Results from past drilling performed at shallow depths immediately adjacent to
zones being mined by the Chinese at Gaolong, are a testament to the bulk minable
nature of the Gaolong ore bodies themselves (i.e. Section #30 - 4.1 g/t over
10.8 m, 3.2 g/t over 33.4 m, 4.7 g/t / 31.3 m). The immediate extensions of
these open-ended zones will form the focus of gold exploration to be undertaken
in 2004.
In the 4th Quarter, 2003, Caledon reported results from a preliminary channel
sampling program at Gaolong, as part of the effort to identify drill targets on
the project. The following is a summary of results from this initiative:

Channel # Sampled Width Gold Grade
Channel 1 44 meters 2.5 g/t
Channel 2 10 meters 3.9 g/t
Channel 3 14 meters 2.4 g/t
Channel 4 28 meters 2.7 g/t
Channel 5 22 meters 2.3 g/t
Channel 6 12 meters 3.3 g/t

Badu Gold Mine - Small scale mining is in progress at the Badu Mine, situated 12
kilometres North East of the Gaolong mine. The Badu mining and exploration
tenements are included within the Gaolong master agreement. The GTGGML's
open-pit mining operations at Badu can be traced in a semi-continuous manner for
over four kilometres along strike, with mining widths averaging 20 to 40 m. Gold
is recovered in the heap leaching of oxide ores, with average head grades of 1
to 2 g/t gold. Caledon is aware of only 1-2 shallow drill holes having being
completed over the entire four kilometre strike length.

Mojiang Gold Mine - A letter of intent has been signed regarding Mojiang Gold
mine. Active mining has been underway at Mojiang since the late 1970s by the
Mojiang Mining Limited Company. The mining at Mojiang was based on reserves of
32 tonnes of gold (>900,000 oz) at a grade of 4-6 g/t Au. At present, the
majority of the gold mining operation is focused on gold production from open
pits and underground mining, with plant head grades consistently reporting above
4 g/t gold. To date, approximately 70% of the initial reserves have been mined.
At Mojiang, individual veins, averaging up to 12 metres wide, have been shown to
host grades in excess of 15 g/t. Individual veins sometimes exhibit bonanza
grades (in-excess of 30 g/t gold), typical of such systems. The veins are hosted
in sediments and acid volcanics, near the contact between thrusted Cambrian
sediments and metamorphosed ultra-mafic volcanics belonging to a regional scale
ophiolite complex, within the Red River Suture Zone.
Examples of diamond drill intercepts at Mojiang highlighted from the earlier
Chinese work include:

Section # Drill Hole Mineralised Intercept
Section 50 DDHZ50-6 41.62m @ 3.34 g/t
Section 51 DDHZ51-16 28.22m @ 4.89g/t
Section 52 DDHZ52-10 53.98m @ 2.72g/t
Section 40 DDHZ93-1 7.93m @ 13.67g/t
Section 40 DDHZ93-1A 8.39m @ 9.00g/t
Section 40 DDHZ94-3 12.35m @ 15.05g/t

Contact Information
London Office
18 Upper Brook Street
London W1K 7PU
United Kingdom
Tel: + 44 20 7318 5780
Fax: + 44 20 7318 5781
Stephen Dattels - Chairman
sdattels@caledonresources.com

Donal Douglas - Deputy Chairman
ddouglas@caledonresources.com
George Salamis - Managing Director
gsalamis@caledonresources.com
Manish Kotecha - Company Secretary
mkotecha@caledonresources.com

Mojiang will be a big winner if the test results hold good. Anyone know when the final drilling results will become available?

joe,
I expect some results (from the reverse circulation drilling) within a month. Full results probably late May, early June.
I have heard that tips.com has reiterated its spec buy stance. This stock is undervalued at the current price. Look at its underlying assets.

Re: News - Wednesday, March 30, 2005
Dynasty Announces 2005 Exploration Program
=======================================================================

Vancouver, Canada: Dynasty Gold Corp. (TSX-V DYG) ("Dynasty" or the
"Company") is pleased to announce the 2005 exploration programs for its
projects in North West China.

Hatu Project, Xinjiang Province
The Company has retained the services of SRK Consulting, to complete an
independent technical report under the guidelines of NI 43-101. Dr.
Jean-Franis Couture will act as the independent qualified person
("QP"). Dr. Couture is currently completing his site visit and expects
to release the report before the end of April. His report will address
Dynasty's previously released target potential of 1.0 -- 1.7 million
ounces of gold, (See Dynasty Press Release January 18, 2005) as well as
confirm the proposed exploration program.

At Hatu, the focus of this year's program will be to further define and
expand the target potential, and follow up on the anomalies delineated
by last year's surface program (See Dynasty Press Release December 13,
2004). The budget for the proposed program is estimated to be $840,000
USD. It will include additional surface sampling, a ground magnetics
survey, an Induced Polarization ("IP") survey, trenching, and drilling
of at least 10 holes.

Red Valley Project, Qinghai Province
The Company can earn up to 80% in the Red Valley project, which remains
subject to the approval of the TSX Venture Exchange. The 2005
exploration budget for the Red Valley project is estimated at $480,000
USD. The program will focus on surface sampling, trenching and
drilling, with a goal to follow-up and enlarge the previously
identified gold and trace element anomalies. (See Dynasty Press Release
March 4, 2005.)

Wild Horse Project, Gansu Province
The Company can earn up to 80% in the Wild Horse project, which remains
subject to the approval of the TSX Venture Exchange. The Company is
waiting for the award of the Business License prior to the commencement
of the 2005 exploration season in Gansu. It is expected to be awarded
in July this year. The period leading up to the exploration season will
be spent prioritizing targets within Dynasty's 13,000 square kilometer
Area of Mutual Interest, and developing the related exploration
programs. The expenses will be covered by a deposit of $50,000 USD to
hold the properties as part of the original agreement with the No.2
Institute of Geological and Mineral Resource Survey and Development
Bureau of Gansu Province.

The Company is looking forward to another successful exploration season
that will expand the target at Hatu and lead to prospective targets at
Red Valley and Wild Horse.

Dynasty is a Canadian based junior resource company focused on
acquiring, exploring and developing gold prospects in China.

ON BEHALF OF THE BOARD OF
DYNASTY GOLD CORP.
"Brian R. McEwen"
Brian R. McEwen, President

See article 31/03/05 on www.minesite.com re Afcan (& Caledon and Dynasty).

Interesting review. Bullish for CDN's involvement. I have copied below:

Minews Story
Date: March 31, 2005

Afcan Doubles Production Estimate And Starts Construction At Tanjianshan Gold Project.

March has been a busy month for Canadian listed Afcan Mining Corporation. In the first week it announced that it was doubling its production estimate at the Tanjianshan gold project in Qinghai province. In the first full year production is expected to reach 144,000 ozs at a cash cost of US$235/oz and it should rise to 155,000 ozs in the second year. The total capital cost will be US$47.7 million and this puts an internal rate of return on the project of 29 per cent based on gold at US$420/oz. The project will be mined as two pits, Qinlongtan and Jinlonggou, which will be developed simultaneously. Mining by Chinese contractors will then start first at Qinlongtan and the ore will be trucked 10 miles to Jinlonggou where the plant will be built.

The ore from Qinlongtan is mostly non-refractory and total recovery is reckoned to be 92.6 per cent, with most of this from the carbon-in-pulp oxide circuit. The sulphide ore will go through a float/roast circuit, as will that from Jinlonggou which is mostly sulphide. The plant itself will be able to handle 800,000 tonnes / year, but the crushing and grinding circuit will allow a higher tonnage to be processed. With this in mind, Afcan has purchased a SAG mill in South Africa. The mill is now being before being shipped to China together with a new variable speed drive unit. The total cost of the refurbished mill and new drive will be approximately US$2.0 million which is about US$1.5 million less than would be paid for a new mill.

More important this mill will be on site by the third quarter of this year whereas a new mill would delay the project by about nine months. These advances will be music to AIM listed Caledon Resources which invested 2.69 million in Afcan last November giving it a 19 per cent holding would rise to 26 per cent if warrants were exercised. Its aim was to accelerate development of the mine and this is certainly happening. The next step is finance and part of this will be raised from debt with Macquarie Bank of Australia mandated to put the funding together. The project has the distinct advantage of already containing a small gold mine with a leach pad, mill and roaster as well as housing for 150 people which is being upgraded and expanded.

There is also a cellular phone network and high speed internet is on site unlike large tracts of the UK. The infrastructure around the mine is excellent as grid power will be available by the end of this year 50 kms from the site and a new power station is being commissioned which will be only 35 kms away. Water is only 2 kms away and a paved road 12 kms. The environmental impact is very low as the area is barren and the nearest town is 80 kms away. David Netherway, president and CEO of Afcan, makes the point that it is the good relationship fostered with the Chinese authorities in the province, as well as the strong technical team aboard the company, which has enabled the project to move from exploration to feasibility is only two years. Most projects around the world take at least five years to get this far.

The focus is on developing the mine, but exploration is not being overlooked. At a recent board meeting the directors decided on a US$2.5 million budget this year which will be divided up into extending current ore bodies to add to resource ounces; exploring 4 exploration licences which contain 23 known geochemical anomalies; and on regional exploration. Last August Afcan signed a regional exploration deal with the Q1 Geological Brigade of Qinghai province and has already drilled some other prospects as a signal that it is not a one-mine wonder. The project now has most of its resources in the measured and indicated categories and there is plenty more to come as the corridor in the north-east, which has previously been drilled and mined, and the mineralised outcrops to the north which have yet to be drilled are not included in the resource statement issued last November.

The current reserves for the project amount to 995,924 tonnes grading 9.06 g/t at Qinlongtan to give 290,000 ozs and 5 million tonnes grading 4.07 g/t for 564,597 ozs gold at Jinlonggou. Probable reserves will have to be upgraded to proven and it is interesting to note that there is underground potential for mining, particularly at Qinlongtan where a parallel mining operations may be initiated. Caledon certainly seems to have a good investment under its belt and it will be interesting to watch progress also at Canadian listed Dynasty Gold where Caledon invested C$1.85 million in January to get a 15 per cent holding. Dynasty is not as advanced as Afcan, but it has reported a target potential of 1.0 to 1.7 million ounces on its Hatu project in northwest China. It should benefit the ratings of all three companies if Afcan hit its target of starting production next year.

The only fact is, it keeps going down.

AFCAN Mining Corporation: Final Bankable Feasibility Study Improves Return on TJS Project
09:00 EDT Tuesday, April 05, 2005



TORONTO, ONTARIO--(CCNMatthews - April 5, 2005) - AFCAN is pleased to announce that the Bankable Feasibility Study for the Tanjianshan Gold Project in China (the "TJS Project"), that was filed on Sedar (www.sedar.com) on the 4th April, 2005, shows an improved return from the results announced in a press release filed on the 4th March, 2005.

The new results show an improvement in the return, a lowering of the cash and total costs but an increase in the capital costs. The improvements were gained by a thorough review of all the costs in the model:

Capital cost US$50.2 million up from US$47.7million
- including pre
stripping of US$8.0 million
Production 140,000 ounces -
year 1
155,000 ounces -
year 2
Total production 842,000 ounces
Processing average
recovery 89%
Gold price US$420/ounce (un-hedged)
Mine life 8 years

Cash operating cost US$226/ounce down from US$233/ounce
Total operating cost US$245/ounce down from US$263/ounce
(including a 4.5% royalty)

Return on TJS Project (pure equity basis):
Pre-tax NPV (5%) $US 64.2 up from US$58.9 million
IRR 32% up from 29.0%
Payback 2.6 years


RSG Global Pty Ltd, the independent consultants that compiled the study in conjunction with AFCAN and other consultants, have advised that the TJS Project is viable and have signed off on the ore reserves.

The President/CEO David G Netherway stated: "This is great news for the TJS Project as it is now much more robust with the new numbers. We will continue to improve these numbers as we go forward to construction. The detailed design has commenced and the SAG mill has been purchased and about to undergo refurbishment. Note also that the TJS Project will not be affected by the increase in the cost of oil, as the TJS Project will be connected to the main electricity grid in China."

For further information on the TJS Project and to consult the illustrations, tables, figures and appendices referred to in the Bankable Feasibility Study for the TJS Project, please visit the link on our website: http://www.afcan-mining.com/shareholder_news_02.html

The information in this press release is based on information compiled by John Hearne and Harry Warries who are Members of The Australasian Institute of Mining and Metallurgy.

Messrs. Hearne and Warries have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Qualified Persons as defined in National Instrument 43-101. Messrs. Hearne and Warries consent to the inclusion in this press release of the matters based on their information in the form and context in which it appears.

AFCAN is an emerging gold producer in China and owns 85% of the TJS Project at Tanjianshan in Qinghai Province. A Bankable Feasibility Study has been completed on the TJS Project, detailed design has commenced with construction starting shortly. There are an additional 23 anomalies on the licence area of 341 km2 that are being explored. AFCAN growth is focused on exploration and development of its advanced projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

AFCAN Mining Corporation
David G Netherway
President-CEO
+1 (416) 360-3404
or
AFCAN Mining Corporation
Benoit La Salle
Chairman
+1 (514) 744-4408
info@afcan-mining.com
http://www.afcan-mining.com

From minesite.com

Stop Press
Date: April 07, 2005

Possible Suitors Circle Afcan Mining As It Approaches Gold Production In China.

A month is a long time when a mine is in the final few furlongs before coming into production. Oft times the news is bad with plant components going missing, or contractors failing to keep up to schedule. In the case of Canadian listed Afcan Mining it is good news as the bankable feasibility study for the Tanjianshan gold project in China shows an improved return from the results announced at the beginning of March. And just to hammer the point home David Netherway, president and CEO of the company, was at our 22nd Minesite Mining Forum yesterday to have a chat to various fund managers.

The new results show an improvement in the return, a lowering of the cash and total costs but an increase in the capital costs. The improvements were gained by a thorough review of all the costs in the model. The increase in capital costs is not too painful - only a modest US$2.5 million - and this includes pre-stripping costs of US$8 million. Cash operating costs are down from US$233/oz to US$226/oz and the point is made that the project is not vulnerable to a rising price of oil as electricity is available from the main electricity grid in China.

David Netherway claims that Afcan will continue to improve these numbers as the project goes forward to construction. The detailed design has commenced and the SAG mill has been purchased and about to undergo refurbishment.

As a result of all this the pre-tax NPV on the Tanjianshan project has risen from US$58.9 million to US$64.2 million which is a long way north of the current market capitalisation of the company. This has not gone unnoticed in the industry and a number of companies have been showing interest in Afcan. It would be sad if a pre-emptive bid was made before the rating gave a true reflection of the achievement in getting the project to this stage. Shareholders must hope that Caledon, with its 19 per cent shareholding - and more if warrants are exercised - helps to mount a robust defence so that maximum value is obtained.

DRILLING TO START ON MT KAKOULIMA, GUINEA

Afcan Mining Corp. mobilized a geological team on March 20, 2005, to the Mt. Kakoulima project in Guinea, West Africa, in preparation for a planned 5,000-metre drill program to explore favourable Ni-Cu-PGE targets along the basal contact of the Kaloum igneous complex (KIC).

The project is held by FNX Afcan Guinee SARL, a Guinea company which is 100 per cent owned by Afcan Mining. On Feb. 4, 2004, Afcan signed an option agreement with FNX Mining Company Inc. on the Mt. Kakoulima Ni-Cu-Co-PGE exploration project in Guinea, West Africa, entitling FNX to earn a 100-per-cent interest in the project, subject to a 3-per-cent net smelter return to Afcan. To earn its interest, FNX is required to spend $2.4-million (U.S.) on exploration over a five-year period, and produce a feasibility study or expend a further $2-million (U.S.) on exploration. Maple Minerals Corp., in turn, entered into an agreement with FNX to acquire 50 per cent of FNX's interest in the project by financing the initial $2.4-million (U.S.) of exploration. To date, Maple has provided FNX with $1.4-million (U.S.) in exploration finances. Reference is made to news in Stockwatch on Feb. 10, 2004, for a description of Maple's option to earn a 50-per-cent interest in the Mt. Kakoulima project. The project area covers approximately 295.5 square kilometres and is located 30 kilometres from Conakry, the capital of Guinea. FNX is the operator of the project.

The focus will be to follow up on the disseminated sulphides intersected during the autumn, 2004, phase 2 drill program, further define the geometry of the KIC basal contact and locate possible massive Ni-Cu-PGE sulphide traps. Drilling is expected to commence on April 7, 2005, and will be conducted again by Boart-Longyear. A geophysicist from Crone Geophysics will be on the site for the duration of the drill program, to conduct downhole geophysical surveys as each borehole is completed. FNX plans, co-ordinates and supervises the exploration program.

The KIC is approximately 60 kilometres long, of which the property licence covers 30 kilometres of the contact on the north and south margins. Phases 1 and 2 of the exploration program were successful in defining and confirming the initial concept that the basal contact of the KIC dips into the centre of the intrusion with variable steepness. This is interpreted as a feature favourable for the concentration of sulphides. Other features consistent with productive Ni-Cu-PGE sulphide-bearing mafic-ultramafic intrusions are the local occurrence of disseminated sulphides hosted within basal breccias that contain evidence of wall-rock contamination of the intrusion.

Drilling in phase 3 will begin on the south side of the KIC contact (south grid) to further define in three dimensions a large, five-kilometre-wide mapped embayment-like feature. Depending on results, the second half of the phase 3 program is planned for the north side of the KIC contact (north grid) to explore favourable geometric targets along the basal contact and to follow up on disseminated sulphides intersected during the phase 2 drill campaign. North Grid diamond drill holes AF0007 to AF0012 intersected disseminated sulphide mineralization at the base of the intrusion over a 1.6-kilometre strike length. Reference is made to news in Stockwatch on Feb. 14, 2005, for assay results for the first 11 drill holes.

Whats holding the CDN price back then ? I think its their history of issuing new shares.

CDN has been coming back well the last few days. China threatening to batter the US$ by buying gold may have something to do with it. Also getting closer to a drilling update, while Afcan is still rumoured for a takeover bid. British Bulls had this as a confirmed buy yesterday. All helps.

Certainly does - thanks for the info iturama.

British bulls are all chart based, they change their buy/sell/hold results nearly every 5 days , charts don't work very well with shares like CDN.

agreed aldwickk but it all helps wherever it comes from.

Very pleased to see CDN rise this week, I need this to continue to go above 6p because I go into profit.goal.

Just topped up with 50k at 4.62p

I also hold CDN, its a share to top up on and watch for 2006, IMO.

this is dirt cheap...classic CDN volatility and well oversold. I may have a few myself if I can get on early tomorrow.

I went against one of my golden rules, never try & catch a falling knife, it looked too cheap... bought in @ 4.16 I have already some shares @ 6p so average out around 5.25.I hope I don't regret it.goal.