Griffin Mining

GFM is now within 10 days of commencing production and as it has stock piled zinc ore during the mine construction period the company should be in a position to forecast with confidence that it will comfortably beat not only the brokers current forecast but also the later extrapolated projections prepared by me to reflect the prevailing higher zinc price. Those projections were for earnings of 3.33p this year and 12.1p for 2006.
The income will also facilitate a more extensive drilling and exploration programme, not just for more zinc, but also gold so there is scope for a steady and positive news flow after the 15 May production start date and the publication of their results around that time.
The shares have been overlooked by the market as the current price does not reflect the transition from pure exploration company to production/income producing status.

I think it is weird that Griffin has dropped now but then alot of people have been in this from 3p so I cannot blame them. IMHO the price will rreally start to rise on the day of the AGM ...those that have the patience will make a fortune on this share. DYOR

If the Moneyam web site Shares mag. co. index is correct then yet again they have ignored GFM. I am sure you are right, Dynamite, that this will be a great share when the Brokers start putting some forecasts together. Personally, I think they need to really move forward their drilling programme since they have only properly looked at a fraction of their licence area.
aldwickk, the wet commissioning ie trial production is happening now for two weeks; at the end of that ie mid June, they should have their first batch of saleable zinc concentrate, and presumably a bit of gold too.

Do you think the mm's are now buying stock ahead of full production? it looks like they are playing games with the price.

Another drop below 28.4p and I'll be below my starting point
and looking to average down - you may have a point aldwickk

Some fairly hefty trades there at the end-150k x 3. Seems strange with all the
news/production coming.
Sharesure, at the agm could you ask if they are confident with regards to all
dealings with chinese gov.
For example bringing profits home/out of china.....TIA....

GFM confirmed that there was nothing untoward as far as them getting production going. Their brokers view was that they were being affected by the general reluctance to get involved in mining stock; unlucky timing, but in the end profits will speak for itself in the sp.

Dibbles, have asked about repatriation of profits before and been assured that there is no problem to that; if the yuan is revalued that will inflate the figures but those in turn will be affected by the zinc price being quoted in dollars.

All: If anyone else is unable to make the AGM and wants any questions asked let me know and I'll try to get some worthwhile answers.

Nice volume/weighted buy of 500k just gone through + some other reasonable buys. Still weird that 835k buys cf 297k sells equals a lower sp!

sharesure,

And afterwards 2 x 250,000 sells, to counterbalance the 500,000 VW.

Sorry but the sells are outnumbering the buys, that's why the price is falling.

I do wonder what is causing this, as I can't see any problem with Griffin at all, and they have done their minestart and confounded the doubters.

AGM next week, and not before time IMHO, they will have to put something out to the market soon if the price continues to fall IMO.

Andy, Seems to have sorted itself out now after that, buys matching sells and a steady price; agree with you about the AGM. I think the company may be disappointed about the sp, but are also relaxed about it as they have no need to raise any money to carry on their drilling programme. It's an unusual, and enviable, position for an exploration stock to be in. Compare them with Zincox's position and you will see why. If they cannot go ahead with their plans that should help zinc prices to improve still further.

:>)

I'm not going to say it cos it may jinx it but the you-know-what
is going-you-know-where and a :>) should be a further clue!!

Feel better now; Mail on Sunday used to track this stock regularly; nice if they would do what IC and Shares mag. don't! IC didn't even have the good grace to admit it had misrepresented GFM's mining licence; still at least they know the company exists, whereas Shares mag. doesn't appear to at all!

Feel better now; Mail on Sunday used to track this stock regularly; nice if they would do what IC and Shares mag. don't! IC didn't even have the good grace to admit it had misrepresented GFM's mining licence; still at least they know the company exists, whereas Shares mag. doesn't appear to at all!

Sharesure,

IC printed a correction last week.

Oh, missed that. It must have been tucked away? Anyway, let's hope next week GFM is abit more inspiring.

sharesure,

It was near the back of the IC, on a right hand page, in a crimson/red coloured column on the extreme right hand side of teh page, with a list of the weeks events, and it was below this list.

Edit.

Page 59, column 3, 3/4 of the way down the page, last week's issue.

Andy, Thanks. Looks like GFM is headed for a better week, all buys so far, and as far as I know that isn't because of weekend press comment.

Well just 'cross' everything chaps and chappesses!
x:>)-X: (crossed bunny ears and legs!)

Crawling back up, but the low volume is a real surprise. When is the market going to catch on that this is a company that will have a PE of under 5 inside 12 months, with afully funded drilling programme over the remainder of this year thrown in for nothing. I recognise that the good gets pulled down by the bad when sentiment is against the specific sector, but this is rediculous.
Hope Friday's AGM results in a higher profile.

its cash earnings that count in these markets which are full of blue sky propositions.

But this isn't blue sky. Its earning profits from its mine now.