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.

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.

I think I got barred for a few days for saying that all Financial Journalists were as honest as the day is long earlier in the thread - I suspect some control freak thought I was being ironic and stopped my log ins for seven days!

brianboru : Sensitive lot! Now you are back have you any views on GFM's lack of appeal? It's crawling back up oh so slowly , having skidded down all too quickly the other week. There are plenty of crap exploration stocks around which won't ever make a profit, and will more than likely go bust after a few cash calls; this one looks to be one of a very small number that should succeed in style. Or have I missed something?

I remember being in JKX some time ago watching the sp bounce around 40p.
They came out with good results and dropped to 36p & I started to wonder if
the market knew something I didn't.
Eventually I moved on and for no particular reason they flew.
I don't know when these will fly but this time I'll still be here when they do
as I'm sure they will sooner or later.

Sharesure

As you kindly offered to take any questions to the agm I'd be interested to
know with regards to the co.s recent comments on being on the lookout for other
opportunities/aquisitions are they:-
1. Only talking about China..

2. Looking for further exploration licences or actual working mines.TIA.

RPT 1,231 Low risk = 100 Very high = 700
BFC 594
PET 584 Reuters risk grades,
SEO 378
CDN 358
CEY 236
GFM 202
JKX 159